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I can't think of any reason why tape reading doesn't work in indian mkt (for that matter in any trading market). That is the basic foundation of price movement i.e. fine balance of demand supply.. Forget the exchange, it works in our vegetable market too.
What you are refering by order book is not tape.. order book = non-executed orders waiting in the queue.. whereas tape = executed or filled orders.
There is difference between them. Orderbook is manipulated everywhere (by market maker or by smart algo-trading computers), but the print on tape is about actual traded price which can't be manipulated. Tape is the fastest way to get the price feedback. In otherwords you can very well say that you are trying to decipher a chart that prints more than 5 to 10 bars per second. 1 minute chart becomes higher timeframe here.
Happy trading.
What you are refering by order book is not tape.. order book = non-executed orders waiting in the queue.. whereas tape = executed or filled orders.
There is difference between them. Orderbook is manipulated everywhere (by market maker or by smart algo-trading computers), but the print on tape is about actual traded price which can't be manipulated. Tape is the fastest way to get the price feedback. In otherwords you can very well say that you are trying to decipher a chart that prints more than 5 to 10 bars per second. 1 minute chart becomes higher timeframe here.
Happy trading.