After showing gradual weakness amidst a range of movements in the last four sessions, the Indian stock market displayed sharp weakness on the opening trade of Tuesday, as escalating tensions over Ukraine and fresh regulatory scrutiny on China’s tech sector drained investors’ nerves. NSE Nifty closed 114 points lower at 17,092 whereas BSE Sensex shed 382 points and closed at 57,300 levels. Bank Nifty index plunged 313 points and closed at 37,371 levels. According to stock market experts, the current market pattern indicates the comeback of bulls from the lower levels.

Day trading guide: What global cues signal

Suggesting intraday traders to keep an eye on global triggers; Ruchit Jain, Lead Research at 5paisa.com said, "The rising tensions between Russia and Ukraine have perplexed market participants and have resulted in increased volatility. It’s the global news flows, which are dictating the market movement as of now, and hence one should avoid aggressive positions and trade with proper risk management."

On what kind of opening one can expect today at Dalal Street; Anuj Gupta, Vice President at IIFL Securities said, “As SGX Nifty has opened on the higher side whereas Dow Jones Futures are also in the positive zone, which signals that investors are expected to start discounting Russia Ukraine crisis. So, Indian stock market today may open on the higher side as short covering is expected in intraday session."

Day trading guide for the stock market today

Speaking on intraday trading tips in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near term trend of Nifty continues to be weak. Having tested the crucial supports of 16,800 levels again, one may expect a minor upside bounce in the coming session from current levels or from slightly lower levels. As per the pattern of lower tops, one may expect Nifty to tumble again from the highs of 17,300 to 17,400 levels in the next few sessions."

Sharing crucial range and important levels in regard to Nifty and Bank Nifty; Sumeet Bagadia, Executive Director at Choice Broking said, "Immediate support for Nifty is placed at 17,000 whereas strong support for Nifty 50 is placed at 16,850. For high-risk traders, the small intraday range for Nifty today is 17,000 to 17,200 while the broader range of Nifty today is 16,850 to 17,300. Similarly, the small intraday range for Nifty Bank today is 37,300 to 37,700 whereas the broader range of Bank Nifty today is 36,800 to 38,000 levels."

Day trading stocks to buy today

Sharing intraday trading stocks for Wednesday, share market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta of IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.

Sumeet Bagadia's day trading stocks

1] NALCO: Buy at CMP, target Rs120 to Rs124, stop loss Rs108

2] Housing Development Finance Corp or HDFC: Buy at CMP, target Rs2550 to Rs2600, stop loss rs2350

Anuj Gupta's intraday stocks to buy today

3] Adani Wilmar Ltd or AWL: Momentum buy at CMP, target Rs360, stop loss Rs290

4] Hindalco Industries: Buy at CMP, target Rs560, stop loss Rs475

Avinash Gorakshkar's day trading stocks for Wednesday

5] Kotak Mahindra Bank: Buy at CMP, target Rs1890, stop loss Rs1810

6] Mahindra & Mahindra or M&M: Buy at CMP, target Rs890, stop loss rs835.