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This was an interesting answer written by one of our frequent forum users, Srinivas. Quoting his method:

“The information that I use to take a Nifty futures intraday trade:

Nifty close to previous close, immediate levels Nifty could test, Nifty 3 day trend, 5 day trend, 14 day trend, 30 day trend, the more holistic the view the better, a note of crucial trend support and resistance levels, a note of support and resistance levels formed in the first one hour of the market, weight of the index, VWAP for intraday trend analysis, RSI/Stochastic for reference of possible overbought/oversold regions, price action/candlestick patterns/ema crossover for trade entry/exit, proper risk management(position sizing, trailing stoploss, definitive target), a ear to important announcements as well.”

He’s also mentioned a step by step explanation on how he identified and executed intraday trade opportunities in Nifty Futures on 13 Nov 2017 based on the above points. The steps along with the thought process behind it and a chart explanation of trade entry and exit points is explained on this TradingQnA.