Intraday trading can be a profitable approach to only if you are equipped with real-time analytics which assist your decision making. Trading is competitive to begin with. So in the absence of realtime analytics you can become extremely handicapped and unable find profitable opportunities. It’s the equivalent of trying to fight a war without weapons. Tracking all the stock fluctuations on your watchlist manually is practically impossible. You could feel frustated for having missed opportunities. Manual observation has the following disadvantages:
• Lack of processing capabilities
• Lack of multitasking ability as the data flow is immensely high
• Lack of Time and speed
In the intraday timeframe the opportunity window lasts only a few hours at max. So if you’re late to discover trading opportunities, you will miss the bus. At Fyers, we understand that traders in India have suffered primarily because of a lack of a good trading platform and features. This tool that I’m going to discuss will allow you to:
• Track stocks based on your bullish/bearish views
• Find opportunities in stocks with maximum intraday volatility
• Filter stocks based on Index, Industry groups etc.
• Get to know which stocks are moving most in different groups
• Filter based on several other criteria
• Get a pleasant visual interface
As mentioned before in another post, stock screeners can make your trading activity more efficient and fruitful if used the right way. We are focusing extensively on giving traders tools like these that matters most to their profit and loss account. With the most advanced features available in comparison with any other trading platform in India, I strongly recommend you try it out.
Click on “Tools” in the main menu and select Intraday Recovery/Fall as shown in the image.
Intraday Recover/Fall – When you arrive here, you can see that you can track stocks which have had:
• Highest Recovery
• Highest Fall
These results depend on which index you select. In the example above, we have chosen Nifty 50. But you could choose from over 30 different stock indices, above 18 different industry groups and underlying F&O Scrips. As you can see, it is very easy to track the Intraday Recovery and fall based on the the maximum moves in scrips.
How to use this for intraday trading?
Let’s say that you are bullish on the stock market and looking for opportunities to buy large stocks which have potential for a large intraday move in the in the Nifty 50. You can immediately get a list of stocks which have so far had a large move. So for example, you can now immediately analyze stock trends of:
• Adani Ports
• Bharti Airtel
• M&M etc.
You can further drill down to find intraday trading opportunities in these stocks by taking a look at their individual stock charts, check their support and resistance levels, add indicators like RSI, Stochastics, MACD, Bollinger Bands etc. and use your method for technical analysis of stocks which are shortlisted. Likewise, if you have a bearish view on the stock market, you can find opportunities to go short on the stocks which will show up based on your selection of the index.
Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.