Two days of back to back gains in the Nifty should probably give way to a narrow range day today. This is possible because global markets are not exactly cheering.
How wll you recognize a range ? If the market repeatedly comes inside the area defined by the highs and lows set in the first 15 minutes of trading, you start getting the idea that big traders are not having a view on the market today, so they are probably out of the market. In such days, your momentum oscillators are of use. Sell when the RSI / Stochastics / CCI is 'overbought', buy when they are in the 'oversold' area.
Swing Traders can take profits on any intra day rally, or simply hold on to existing long positions.
Should you go short ? Not in my trading rules. A trading range breakout is a reason to buy. Market may or may not reward us, that is a different issue.
Have Fun!
This is Sudarshan's blog - sudarshanonline.com. It discusses the technical analysis of Indian Stock Markets emphasising on online day trading and futures trading strategies.

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Blog Archive
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► 2011 (200)
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► October (28)
- Answers to comments oct31-11
- Process of Consolidation Likely
- Nifty Pattern Targets Reached
- Happy Diwali
- Stock Selection (based upon their historical volat...
- M&M Consolidation
- Niftnear ORB Trade
- A dip in an ongoing up trend
- TATA Motors Life Cycle
- Hindalco touches support
- Mystery of the missing trailing stop
- Nifty Live Oct 12-11
- Point and Figure Charts
- Aiming for a better trade
- Long term view of Nifty
- Zen stories for Traders
- Hero Motor Corp at its support level
- NR 7 in Nifty Weekly Chart
- trading with a gap open
- Silver Pushes against Resistance
- An unusual continuation pattern in the Nifty
- Sudden Rally
- Nifty at 4750
- There is a time to be old and a time to be bold
- Afternoon review
- Nifty - Long Term View
- Higher High - Higher Low pattern in CNX IT
- Bear market shows its strength
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► September (53)
- The Bear Story
- Nifty in a well defined range
- Morning View Sept 29
- Nifty Options Trade
- Nifty on way to close higher for this F&O settleme...
- Learning Ideas
- Short term trend is up
- Something Better
- A tale of two trades
- Before the Open - Sept 26-11
- Reliance - something better
- Nifty - A long term view
- Adding value to your analysis
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► October (28)
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▼ 2009 (293)
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▼ February (22)
- Taking Profits
- Dont look now, but the Nifty is not falling!
- A relief rally ?
- Good Morning, Tuesday
- Saturday musings
- More weakness ?
- The Analyst as a Trading System
- Confused !
- Market sees a break down
- Still up but uncertain
- Down moves ?
- The wise are still worried
- Back to Square One ?
- After a big move, a narrow range day ?
- Is a bull hiding somewhere ?
- Whipsaws in Trend Following Systems
- Take it Easy
- We have seen this before
- Trading as a Profession
- It is still a trading range
- Good Morning, Monday
- The Wall Street culture in Dalal Street
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▼ February (22)

2 comments:
Thank you very much for your suggestion,iam not going to trade today,if u can share more rules it will be very helpful,from a long time iam following 15 minute rule and yesterday u share a thought about 5 minute rule,if u can clarify detailed it will be helpful.
Hello Sudarshan ji,
I'm wondering which tool you use for trading. I'm a small investor cum trader use ICICI Direct for this which is known to be more sophisticated than it's peers in India but is not very user friendly, slow, bulky and even using Stop loss is a challenge.
I have seen other trading accounts of US like Stocktrade, Share builder which are easy to use and can handles some complex trading rules.
So based on your experience can you please suggest some trading tools, softwares that you use or have come across not only for real time trading but for analysis as well.
Thanks !!!
Gurvinder
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