Daily restore from sql server transaction log
Is it possible to just restore the daily transaction log? 


As you already pointed out, restoring just the transaction log is NOT possible you have to either restore full backup or full and differential backup to restore transaction log backups. 


  Does it mean on everyday in order to restore the daily transaction log we have to first restore the full dump and leave the db in NORECOVERY mode and restore all the transaction logs before current day and leave the db in NORECOVERY mode?


Yes. Are you aware about transaction log shipping this might suit your requirement.