some basic principles to pick a stock for Intraday trading

What are some basic principles to pick a stock for Intraday trading? How much you have profited from this trading?

Senthil Chandran, 3 years experience in stock market

Answered Mar 18

I use a very simple strategy for day trading.

Buy the Strength….

Sell the Weakness….

1. Go to NSE website before market opening. Go to Nifty 50 stocks.
2. Look for 52 week high ( strong stocks) and 52 week low stocks ( weak stocks).
3. Pick 2 stocks from each and keep it in your watchlist.
4. After market opens see how Nifty is performing. If Nifty is positive then go for 52 week high stocks and if Nifty is negative then 52 week low stocks.
5. Now come to indicators. I use PSAR, VWAP and CCI.
6. In 5 mins candle, Buy when PSAR is below candle and and candle is above VWAP. CCI should be trending up or above 0.
7. Stop loss will be when PSAR turns signal.
8. Vice versa for sell.

The concept here is but the strength and sell the weakness..