Dear Ravi Lodhiya,
Your 5 question might be the content of a whole Day Trading Guide Book!
So obviously you are experienced. Answering all your qu would require a whole new thread.
If you really d'not have much experience as a Day Trader , little advice for you:-
1. 'anyone can be master day trader' is completely wrong assumption bcoz anyone can not be successful in any profession. Just like any one cannot be an Artist, Doctor, Engineer, Businessman, Player etc bcoz, it requires different abilities in brain to succeed in different profession.
Trading is all about Speculation with money management & risk management using fundamental & technical analysis, so it is a very difficult profession. Also trading is more difficult bcoz, Stock Market Trading (Specially Day Trading) is a Zero sum game. Here Success:Failure ratio is 1:9 pretty bad comparing to other business(2:8 almost).
Day Trading is more risky than any other form of tradings(Swing Trading/Short Term Trading) bcoz there are more noise in short time span(fast changes in direction). For example more entry & exit in smaller time frame charts (1min/2min/5min/10min used for Day Trading) than longer time frame charts(30min, hr, day, week used for swing trading/short term). For quicker entry exit(multiple trades in day trading) requires quick changes in money management, risk management, averaging strategy according to market trend. Stress & excitement(greed & fear) also very high for day trading. Definitely not anyone can be master day trader only a few. But the good thing is anyone can try to find out.
2. At first you can try positional trading with 3 lot Mini nifty futures(Answer of qu2). Mini Nifty bcoz it is just mirror of Nifty(Nifty is the answer of your qu.3). 3 lots is because u can average your wrong trade & get out break even or minimum loss, don't buy/sell 3 lot at once. U can start with 80K trading capital for trading 60units(3unit mini nifty max).
3. Whenever u used to positional trading, look for short time span profit(try to reduce the time of ur positional trades slowly with small time frame charts(said above).
4. Tools for Trading:-
Daily Charts from
http://www.icharts.in/charts.html
Live 2min/5min/30min Charts from
http://www.google.com/finance?q=NSE:NIFTY
[Later You can use Amibroker with free import of EOD by GetbhavCopy, can manually edit Nifty Futures Data also]
Most imp indicators are EMA/MA, Stoch, MACD & RSI enough for tech analysis.
Pivot Table & Fibonacci Retracement also useful tools.
Some imp MA: 20-50-100-200, EMA: 5,8,13,21,40,89,117,233,400 etc.
Stoch (5,3), (15,3), (14,5).
MACD(12,26,9),(6,13,5)
Change the numbers and experiment to find suitable strategy according to your mind (There are many).
Please Note: A strategy shared with everyone would no longer be a profitable strategy in a Stock Market which is a zero sum game, all clever traders know that, bcoz all ppl can not profit same time. So the scope is limited here.
Hope, you will find the right strategy with your hard work.
Tech analysis is very difficult as Same setup (with candle-ema-indicators) gives different indications when applied to different time frames.
For example short term 2min/5min chart may be bullish while 30min or daily chart may be bearish.
Synchronizing different time frames with mind is very important, unfortunately there is no rules. It comes with real life experience(in hours of live market).
5. It seems you are confident enough to establish as day trader. My advices as a day trader:-
increase your live market watching time, paper trade as a real trade(add or subtract Mtm loss instantly in papers too from fixed capital). All markets are same whether its NSE/FTSE/DOW.
Whenever possible paper trade with Index FTSE/DOW after market. I have lively paper trade another 2 markets live for full 3yrs when I was a beginner. You can learn 3 times faster by doing same.
If u interested use following link too whenever possible,
http://www.google.com/finance?q=INDEXFTSE:UKX
http://www.google.com/finance?q=INDEXDJX:.DJI
Whenever u successfully trade with NSE INDEX & paper trade another two with same tech system it'll give you tremendous confidence. Slowly shift Mini Nifty to Nifty(Capital & Risk Management would be proportionate according to units). Nifty is one of best Day Trading Instruments too bcoz it is diversified & liquid has less volatility too.
Best Wishes to you and all future day trader here in this nice forum. :thumb:
Happy Trading.:clapping:
, the attached picture would be sufficient to understand it more precisely. 
