Selecting Scrips For Intraday Trading (My way)

Hi fellow TJians,

This is my way of selecting scrips for day trading(cash market) purpose, Others input are also preferred.

Step 1: Open Nseindia.com

Step 2: wait till 9.25 am (9.30 prefered)

Step 3: (Optional) u can either check which indice is trending by clicking the button seen left side of the market watch in nseindia.com home page. Also u can identify which sector is moving than major indices and also able to view line chart of those indices.

Step 4: select equity stock from live market ---> Live Watch

Step 5: By selecting from drop down menu in view select the indice u wish to trade (For eg Nifty 50,Nifty Next 50,Niftymidcap 50). I prefer FO stocks from Others which contain 172 scrips in the drop down. On top of window it also shows how many scrips are advancing and declining or unchanged. By clicking the %change button, one can select advancing/declig

Step 6: If Majority of the stocks ie above 60% of stocks is advancing then i look for long setups so i will look to gather the stocks which is trading 1.5%(2% prefered for momentum trading :) ) above previous day closing and is added to market watch.Vice versa for shorts.

Step 7: Then plot it on the charting software and look for good setup to go long/short as per trading plan.

Step 8: scan FO stocks every 30 min and add/delete the scrips that do not meet 1.5% above/ below criteria.

I hope this post will be a help for some one who is struggling to find a good momentum scrip to easily select the scrip and trade the momentum :) :)

If some one have other great ideas for selecting a scrip for intra day trading pls post...

Thanks N Regards

njoy Trading

Aj

Selecting Scrips For Intraday Trading (My way)