My Trading strategy for Nifty and Bank Nifty Futures trading on 9th Oct., 2020
Rules:
Chart : candlestick 5m chart.
Indicator : Stocasticrsi ( values 60,30 )
NIFTY
Draw Two horizontal lines on the 5m candle stick chart, at 11915 and 11795.
Buy if the candle closes above 11915 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 11795 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 23450 and 23050.
Buy if the candle closes above 23450 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 23050 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
MPHASIS PERSISTENT COFORGE DRREDDY BSOFT TANLA MAJESCO ADANIGREEN SYNGENE ADANIENT STAR IBVENTURES |
Bearish Stocks as per my scanner
AARTIDRUGS COROMANDEL TATASTEEL BHARTIARTL MCDOWELL-N CHEMCON |
My List of Stocks to Watch for short term Trading .
WIPRO CADILAHC JUSTDIAL MINDTREE REPCOHOME BALRAMCHIN MPHASIS LTI |