Following strong global cues, key benchmark indices of Indian stock market ended in positive territory on Friday. Nifty 50 index gained 456 points and closed at 16,266 mark whereas BSE Sensex shot up 1534 points and closed at 54,326 levels. Nifty Bank index surged 960 points and closed at 34,276 levels. Broad market indices like the BSE Mid Cap and Small Cap indices gained less, thereby underperforming against Sensex and Nifty. However, volume at NSE were lower than recent average but advance decline ratio is sharply positive.

According to stock market experts, the daily timeframe of the Nifty indicates that the index has made a double bottom around the 15,735 levels and rallied sharply on Friday. A move above the recent swing high of 16,400 could lead to further upsides in this week.

Day trading guide for stock market today

Speaking on intraday trading strategy on Nifty today, Subash Gangadharan, Senior Technical & Derivative Analyst at HDFC Securities said, "While we remain open to further pullback rallies in the very near term, we must remember that the intermediate trend remains down. The bears would gain more control once the recent intermediate low of 15,735 is broken. Till then enjoy the rally till it lasts."

Sharing major levels in regard to Nifty 50 today, Ruchit Jain, Lead Research at 5paisa.com said, "In our view, the recent activity in the Nifty where it has taken support several times as it approached 15700-15800 and has faced resistance around 16400 has changed the trend from down to sideways. The index has formed a broad range of 15700-16400 where we can see multiple supports and '20 DEMA’ hurdle on the higher end i.e. around 16400. Since the short term trend has now changed to sideways, the next directional move will now depend on a breakout beyond the mentioned range and hence, traders should look for either side breakout in the coming week. A move above 16400 could then lead to a decent up move towards 16800 while a break below 15700 would resume the downtrend."

On Nifty Bank index, Ruchit Jain of 5paisa.com said, "On the bank Nifty index, the '20 DEMA’ resistance is placed around 34740 and a move above that is required to see a deeper pullback in the short term. Looking at this week’s movement, we advise traders to wait for a clear breakout from the above mentioned range and then trade in the direction of the breakout."

Day trading stocks

Speaking on intraday stocks to buy today, stock market experts — Rajesh Bhosale, Technical Analyst at Angel One Ltd; Mehul Kothari, AVP — Technical Research at Anand Rathi and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 5 stocks to buy today.

Rajesh Bhosale's intraday stocks for today

1] Torrent Pharmaceuticals: Buy around Rs2665, target Rs2810, stop loss Rs2590

2] Amara Raja Batteries: Buy around Rs529, target Rs555, stop loss Rs516

Mehul Kothari's day trading stocks to buy today

3] Axis Bank: Buy around Rs675, target Rs705, stop loss Rs655

4] Voltas: Buy around Rs975, target Rs1015, stop loss Rs955

Avinash Gorakshkar's stock of the day

5] Cipla: Buy at CMP, target Rs1040, stop loss Rs950.