My Trading strategy for Nifty and Bank Nifty Futures trading on 31st Aug., 2020
Rules:
Chart : candlestick 5m chart.
Indicator : Stocasticrsi ( values 60,30 )
NIFTY
Draw Two horizontal lines on the 5m candle stick chart, at 11705 and 11610.
Buy if the candle closes above 11705 and indicator is above 60, keep stop loss lowest low of the previous 4 candles, book profit 20 points.
Sell if the candle closes below 11610 and indicator is below 30, keep stop loss highest high of the previous 4 candles, book profit 20 points.
Please note: No trade if the price is with in the two lines. If open price is out site the line wait the price to come in side and break the line.
Bank Nifty
Draw Two horizontal lines on the 5m candle stick chart, at 24665 and 23950.
Buy if the candle closes above 24665 and indicator is above 60, keep stop loss lowest low of the previous 4 candles, book profit 100 points.
Sell if the candle closes below 23950 and indicator is below 30, keep stop loss highest high of the previous 4 candles, book profit 100 points.
Please note: No trade if the price is with in the two lines. If open price is out site the line wait the price to come in side and break the line.
The following data may help the traders to take some trading ideas for the next few days.
Bullish Stocks as per my scanner
IBVENTURES CHOLAFIN CONCOR TECHM IBULHSGFIN ZEEL CYIENT PNBHOUSING PRESTIGE CANFINHOME SUNTECK BAJFINANCE AVANTIFEED ADANIENT TRENT HDFCBANK JUBLFOOD |
Bearish Stocks as per my scanner
BAJAJ-AUTO BHARTIARTL BRITANNIA DABUR GODREJCP HDFCLIFE ICICIPRULI JUSTDIAL MGL MUTHOOTFIN SBILIFE TCS |
My List of Stocks to Watch for short term Trading .
GODREJPROP OFSS OBEROIRLTY DLF PEL PNBHOUSING PRESTIGE BBTC BANDHANBNK INDUSINDBK APOLLOTYRE BANKINDIA HDFC ITC MPHASIS SYNGENE LTI HINDZINC TATAMOTORS |