What are the stocks suitable for intra day trading?

I am doing intra day trading in NSE. I planned to intra trading in the following stocks using technical analysis. 1. RELIANCE, 2 BHEL, 3 L&T, 4 INFOSYS, 5 SBIN 6 ONGC. 7 TATA STEEL 8 M&M 9 RANBAXY, 10 IB REAL. Pls advice is these stocks suitable intra trading. and any other to be added. or any of these stocks to be deleted.

I personally prefer high volume instruments for day trading: the higher volume the better! The reason is that high volume stocks or indices are harder to influence by single persons or small groups of persons. Indices are even better than individual stocks because they are an average of multiple stocks. Instruments with higher trading volume show better predictable behavior than thinly traded stocks or indices, especially for technical analysis or elliott wave.

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If you do prefer to trade stocks, than i would start with the highest volume stocks. You can find this out on yahoo finance, see the url below. Start small with one or two stocks and do some paper trading for a couple of days. Write out your trading method and make sure you apply in the exact same manner every time. This consistency is needed to be able to evaluate your trading method and to which extent the individual stock is suitable for you.

Good luck!

This entry was posted on Wednesday, July 14th, 2010 at 4:51 pm and is filed under Day Trading Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.