Can we set system restore to create a restore point automatically once a day?
I believe you can using the system scheduler.
I like Comodo Time Machine but its beta & I dont run beta on my production system however stable they are.
You don't want to run beta, but have no problem testing malware on your main system?

Any free similar software like Comodo Time Machine?
I understand this works well.
Toolwiz Time Freeze. I haven't used it though.
Can we recover files by searching through restore points in windows system restore similarly like in CTM?
I believe it's all or nothing with restore points.