My Trading strategy for Nifty and Bank Nifty Futures trading on 16th Oct., 2020
Rules:
Chart : candlestick 5m chart.
Indicator : Stocasticrsi ( values 60,30 )
NIFTY
Draw Two horizontal lines on the 5m candle stick chart, at 11810 and 11660.
Buy if the candle closes above 11810 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 11660 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 23470 and 22970.
Buy if the candle closes above 23470 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 22970 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
GLOBUSSPR HEROMOTOCO KAJARIACER DRREDDY HDFC MPHASIS STAR HAVELLS APOLLOHOSP TCS INFY WIPRO ADANIGREEN LAURUSLABS CADILAHC HCLTECH COFORGE RAMCOSYS MINDTREE |
Bearish Stocks as per my scanner
TATASTEEL MGL MAHESHWARI COROMANDEL BHARTIARTL VEDL BPCL VBL CHEMCON |
My List of Stocks to Watch for short term Trading .
PRESTIGE JSWENERGY GODREJPROP INFY OFSS ASHOKLEY MGL ASIANPAINT PETRONET SBICARD ADANIENT TATASTEEL |