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The ways of selecting stocks for intraday
Most of the professional traders are equipped with high-end screeners and have a good command over indicators.
Most of the professional traders are equipped with high-end screeners and have a good command over indicators.
These screeners are very expensive but reliable and give several benefits to technical analysts. They will be able to use multiple indicators simultaneously for the purpose of analysis.
This aids them in stock selection specially for intraday, but for those who do not have a screener -- on what basis is the stock selection based. Let us look into this.
One can log on to NSE India website and can check for the pre-open market session between 9 am to 9:15 am. The pre-open market gives an idea about the Nifty level and the number of advances and declines.
If Nifty is in negative and declines are more then we select stocks for selling. If Nifty is in green and advances are more then we opt for buying stocks. So, in stock selection you need to follow the trend and follow the Nifty too.
Most of the stocks will follow Nifty because Nifty the index is a collection of 50 stocks. Select stocks in which there is no gap up or gap down.
To be on a safer side it is better to avoid gap up and gap down stocks. Select a stock and compare it with the previous days close price and you would know whether the stock is in upside or down-side.
Remember, here we are not trading because this is a pre-open market session and we are using this data only for the purpose of screening.
As we know that the market is highly volatile during the first 15 minutes it is extremely important to place selling and buying orders using only bracket order.
Whenever you take a trade try to make a profit of at least one per cent. Bracket order helps in capital protection and minimises loss.
Based on your risk appetite it is always better to follow a trailing stop loss because the initial stop loss generally hits. On an average for every three to four trades you are bound to have at least one loss and three profits.
If you follow the above strategy for stock selection for intraday you would be in a profit range.
(The author is a homemaker who dabbles in stock market investments in free time)
