Ajeet Sir, How do you manage to follow BN, Nifty and so many other stocks??
Do you have a program where you set alerts etc or you monitor them manually?
Hi
see whatever I am writing here, are my personal views only
first of all I divide my work in 2 phases:
First phase is pre market, where you have to calculate levels with help of
50 EMA, 200 EMA, Normal Pivots (Daily & weekly) etc
I write them on paper and put alarms or notifications on terminal (I use 3 terminals) where no need to watch as it will automatically catch attention by poping up whenever you touch particular level
Nowadays I do above setup in amibroker .....
Second phase: watching continuously running market.
The more you have, the less you can use....
so I pay attention only on support and resistances, may be they are static or dynamic.... by dynamic I means to say that they are just formed
Like today, on 3 min graph, watch ITC, it showed double top at exactly same height so as it broke first top I immediately bought for up move but as it was unable to sustain I immediately changed my mind and sold which resulted in good profit today.
There were many bad trades today as well but I try to result green everyday and this is how..... Never stick to pre assumptions
Nowwhich stock to choose..... See commonly we know that there are fixed weights given to stocks of Nifty in Nifty but NO i think its not right
Let me explain..... it changes day to day
How?
Its determined by traders mood for that stock
Like ITC today.... For every rise in nifty, itc rose accordingly but every fall in nifty it magnified it 3 times so it means for fall in nifty its main contributor today
So i will short nifty acc. to itc or I will short itc acc. to nifty.... but only today
similar stock is ONGC today
and M&M for rise in nifty.... which u can see I bought early morning but due to fear I got out and see now where it is now
(Check my trades for today)
For choice of stocks.... its duty of my friend to watch cnbc awaz from 7am daily and to watch what they are saying and for which stock.... DONT LISTEN to TIPS they are giving, just nifty stocks which will influence more Nifty today.
Then trade as per levels....
see charts
Hope i cleared some doubt.....