What type of homework you do for selecting the intraday stocks? Can you please share that here for the benefit of the trading community?

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What type of homework you do for selecting the intraday stocks? Can you please share that here for the benefit of the trading community?

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I have prepared a watch list of stocks and I select stocks to trade next day out of those predefined basket of stocks. The advantage I have is that I can define my stop loss and improve my odds. As a beginner choose two best stocks from each sector and focus on a narrow list of stocks.

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Good suggestion…i am already following this rule..

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great

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On what parameters you select the stock? Do you select the stocks previous night?

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I select stocks on my predefined parameters.

yes, I select stocks a day before. Even my stop loss and quantity to trade are predefined,

regards,

mvp

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Though I am not a day trader, I like identifying stocks which have the potential to move up, and share with others, which has helped me learn quite a lot. At the end of each trading day, after the markets close, I check the following information, to arrive at a few possibilities for next day.

  • A check of indices which did well or otherwise, to get a feel of the trend from Bloomberg.

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  • A quick check of stocks which are hitting 52 wk highs and 52 wk lows on BSE.

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  • End of the day report from Stock Edge on certain parameters - High delivery percentage and quantity and a few pre-defined/customized scans.

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  • A look at the market movers for the day from the Marketsmith report.

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  • Then with my limited knowledge of technical analysis, I check the charts of select companies - on various time frames. I use a certain base strategy shared by Rachit Jain (50H-15L-15C strategy) but with my own modifications and a few more indicators (though redundant) for deeper conviction.

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But, after all this also, I don’t trade regularly. I am more of a long term investor and spend time identifying stocks and sectors which have the potential to give good to great returns over longer time periods. I spend time reading and analyzing Company annual reports and information/news/regulations, to understand the possibility of a large out performance in the future.

Have been able to pick quite a few such investments, which are also good for daily trading - Bajaj Finance, Tata Consumer, Titan, Deepak Nitrate, Laurus Labs, L&T Technology Services, Tanla Solutions and more…Have shared all of this info on my twitter handle over the last 1 year and still continue to do so.

As FYERS has its own community page now, I would be sharing all of that information here itself, on a continuous basis (but no stock tips please).

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Thank you,
Can you give the example of the predefined parameters and after how do you scan them?

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Thank you for the elaborate answer.

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Hint: I never keep a stock to go long tomorrow if it is Green Today and vice versa

regards,

mvp

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There are two ways for day trading:

Make a stock list of 5-10 stocks and trade them whenever you find opportunity. This method could be slow but very promising as you would not over trade and trade best opportunities.

Next method is to filter out best stocks for intraday. You can use Fyers scanners for this purpose. In this momentum trading you might tend to over trade. So you should have control over your nerves to protect yourself. Top gainers and losers are the best to catch momentum.

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can u elaborate more on fyers scanner bro

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There are many scanners.

Open=high/low, top gainers/losers, exceptional volume stocks, stocks at day’s /week/months/52week high/low(live)

U can also make ur own scanner. There are lot of extra features which u will have in fyers one desktop platform.

Ex u can chose to trade in top intraday gainers or losers.

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MARK HIGH AND LOWS OF PREFERRED STOCKS

MARKS PIVOTS AND KEY R/S LEVELS FOR NIFTY AND BANK NIFTY

GO THROUGH ALL IMPORTANT NEWS .

WHEN THE MARKET OPENS, I TURN ON THE LIVE SCANNER AND PICK UP VOLUME BUZZERS FOR 30 MIN TRADE.

FURTHER, POST 10 AM, I TURN THE LIVE SCANNER TO NEW LOW/NEW HIGH TO SEE A POSSIBLE ENTRY/EXIT.

AROUND 11 AM, I USE PRICE ACTION WITH VOLUME ANALYSIS TO ENTER OR EXIT STOCKS.

I DO NOT TRADE AFTER 11.45 TILL 1 PM.

I JUST FOLLOW AND READ FEW RESEARCH REPORTS TILL 3.30 PM .

END OF THE DAY.

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Just turned a full-time trader. If it were upto me, I have just 1-2 instruments on my scanner and these remain constant most of the time.

Parameters I have for choosing are:

  • If stocks, must be in Nifty 100 universe and also trade on the F&O segment. I trade just the cash market and do not do options or futures if it is a stock.
  • Must have a lot of volumes - be among the top 10-20 by volumes.
  • I am sector agnostic, but I usually choose the ones that are trending. So for the moment, I am watching the pharma sector with intent. One of the stocks I watch day in, day out is Dr. Reddy’s. Now you may ask, why only Dr. Reddy and not any other stock? Answer is simple- I am a Hyderabadi and I have a soft corner for something from my own hometown :slight_smile:
  • The idea behind having only 2 stocks for day trading on my radar is simple- I do not want to stress myself with trying to choose which stock I would want to trade. As it is, trading involves considerable amount of strain. I’d like to minimize it.
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