There are various methods you can use to trade Nifty and banknifty in intraday. Here are a few.
(Websites mentioned below are not mine, neither am I affiliated with them in any way.)
1. Trade on market sentiment.
You can check daily sentiment of Nifty and BankNifty by logging into your https://BullKhan.com account.
On the dashboard itself it will show you sentiment for Nifty and BankNifty both.
If the sentiment is poor, like 10:1, 9:2 etc, then take a sell trade. Likewise, if the sentiment is positive, like 1:10, 2:9, then take a buy trade.
Check the sentiment around 9:30am first, and then again after 10-15 minutes.
Both the sentiments must match.
Do not take a trade is you sentiment reversing itself. Do not trade if sentiment is somewhere in the middle, like 5:5, 6:4, 4:6 etc.
This strategy works best when volatility is high.
2. Based on BankNifty levels
Mark the first 15 minute HIGH and LOW after market opens. This will be day high and day low at 9:30am
This is also the most volatile time and you should be spending this time observing trend, and not hurrying into a trade.
Once you have the levels marked, wait for banknifty to break one of those levels with about 50 to 100 points difference.
If LOW breaks, take a sell trade, with a minimum target of about 50 points. Likewise, if high breaks, then take a buy trade with 50 points as target.
50 points might not sound too much, but when you multiply 50 points with LOT size of BankNifty (20), then its a profit of 1000 rupees per LOT.
If trading in Nifty, then use 25 points as target. LOT size of Nifty is 75, so with a 25 point profit, its little over 1500 rupees profit.
And you can use this strategy daily. This strategy has a very high success to failure ratio. Rarely fails.
Keep increasing number of LOTS traded as you find success with it.
I use this website to track 15 minute and hourly levels
https://Bullfo.com/nse.stockAnalysis.NIFTY
You can do the same with a software chart, or with an app.
Please remember, intraday trading does not means that you have to trade daily.
Wait for the right opportunity, wait for the conditions to become favourable, then take a trade.
Most intraday traders do a common mistake of deciding beforehand, "today I will take a trade"
When markets open, whether conditions are in their favour or not, they jump on a trade and make a loss.
Think about trading daily, prepare for it, but trade only if conditions are right, otherwise no need to trade daily.
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