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Day trading guide for Tuesday: Indian stock market fell sharply for the fifth consecutive session on Monday, falling more than the other Asian markets. NSE Nifty crashed 468 points and closed at 17,169 whereas BSE Sensex tanked 1545 points and closed at 57,491 levels. Bank Nifty index nosedived 626 points and closed at 36,947 levels. After opening on a weak note, the market continued with declines for the whole session. Intraday upside recoveries in between were used as sell on rise opportunity for the day. According to stock market experts, technically this pattern indicates a selling climax in the market and this reflects ongoing sharp downside momentum in the market.

Day trading guide for stock market today

Speaking on Day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near term trend of Nifty is sharply down. The placement of important support and the formation of selling climax type candle pattern on Monday could be hinting at a possibility of bottom reversal in Nifty around the crucial support of 16900-16800 levels in the next few sessions. Confirmation of bottom reversal could open a quantum of an upside bounce from the lows."

Echoing with Nagaraj Shetti views; Ruchit Jain, Lead Research at 5paisa.com said, "Nifty has corrected sharply on the back of short formations in the index. FII's have been selling in cash segment as well as in the index futures segment since last few sessions which have resulted in selling pressure. The index has tested the 17000 mark, which indicates that markets are likely to be volatile in the near term and hence, traders should trade cautiously and avoid aggressive positions."

On his suggestion to stock market traders today; Ruchit Jain of 5paisa.com said, "INDIA VIX, which measures the implied volatility rose sharply to 23 mark. Although, this is not an alarming level as of now, it certainly is a sign of higher short term volatility ahead of the global and domestic events. Hence, traders should avoid aggressive positions and look for cues from the global markets and options positioning for the coming monthly expiry."

Day trading stocks

Sharing day trading stocks to buy today; stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President at IIFL Securities — recommended 4 stocks to buy today.

Sumeet Bagadia's day trading stocks to buy today

1] Voltas: Buy at CMP, target 1220 to 1230, stop loss 1160

2] Cipla: Momentum buy at CMP, target 920 and 930, stop loss 865

Anuj Gupta's day trading stocks today

3] State Bank of India or SBI: Buy at 485, target 525, stop loss 460

4] GAIL: Buy at 135, target 152, stop loss 124.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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