Select stocks for Intraday Trading using Chartink

Summary

This video explains how to create a fully automated, no-code system to find stocks for intraday or long-term trading. It guides viewers through building a live alert system using tools like Chart Ink and connecting it to Telegram for real-time notifications. The video emphasizes key rules for selecting stocks, such as liquidity and avoiding stocks with unpredictable macroeconomic news. The process involves using a simple scanner to filter stocks, automating alerts, and leveraging Telegram for efficient, personalized notifications. The goal is to make stock selection and trading more accessible without needing to write code.

Takeaways

• 😀 Focus on stocks from the Nifty 50 or Nifty 100 for liquidity and consistent trading volume.
• 😀 Avoid trading illiquid stocks with low volume to ensure there are always buyers and sellers in the market.
• 😀 Pay attention to macroeconomic news and industry-specific events that can cause significant volatility, such as government decisions or tax hikes.
• 😀 Use a no-code approach for automating stock alerts without the need for complex coding skills.
• 😀 Chartink is a useful tool for scanning stocks based on both technical and fundamental criteria.
• 😀 Customize your stock scans by filtering results to only include top market-cap stocks, like those in Nifty 50 or Nifty 100, to avoid liquidity issues.
• 😀 Set up alerts to track stocks hitting all-time highs, showing strong quarter profits, or demonstrating reduced debt, without having to manually monitor them.
• 😀 Telegram can be used to send real-time stock alerts directly to your phone using an automated system.
• 😀 IFTTT (If This Then That) allows for easy integration of Chartink with Telegram for instant notifications when a stock matches your scan criteria.
• 😀 The system can be tested by manually triggering alerts to ensure the correct data is being sent to your Telegram group.
• 😀 This automation setup reduces stress and enhances decision-making by providing timely, actionable stock alerts without constant monitoring.

Q & A

What is the main purpose of the automated no-code stock alert system mentioned in the video?

The purpose of the automated no-code stock alert system is to allow users to receive real-time notifications about stock movements based on technical or fundamental criteria, without needing to write any code.

Why is liquidity important when selecting stocks for intraday trading?

Liquidity is important because stocks with higher liquidity have consistent buyers and sellers, ensuring smoother trades and reducing the risk of high volatility or sudden price shifts that can occur in low-liquidity stocks.

What are some external factors to avoid when selecting stocks for intraday trading?

External factors to avoid include major macroeconomic events like government announcements, elections, or industry-specific changes that can create unpredictable volatility, which may disrupt a trader's system.

What tool is used in the video to scan stocks based on specific criteria?

The tool used in the video to scan stocks based on specific criteria is Chartink, which offers both fundamental and technical scanners for identifying stocks that meet certain conditions.

How can a user ensure they are only scanning liquid stocks using Chartink?

To ensure that only liquid stocks are scanned, users can filter their results to include only the Nifty 100 or Nifty 50 stocks, as these tend to have higher liquidity compared to lower-cap stocks.

What is the role of IFTTT in the alert system setup?

IFTTT (If This Then That) is used to connect the stock scanner (Chartink) with Telegram. It triggers an action (sending a message) to a Telegram group whenever certain stock criteria are met, automating the alert process.

What is the advantage of using Telegram for receiving stock alerts?

Telegram allows users to receive real-time notifications on their phone, keeping them updated instantly on stock movements, without having to constantly monitor stock charts or trading platforms.

What should a user do if the Chartink scanner provides incorrect results?

If the Chartink scanner provides incorrect results, the user should manually verify the data and adjust the filters or criteria to improve the accuracy of the scan.

Can the automated alert system be used for both intraday and long-term trading?

Yes, the automated alert system can be used for both intraday and long-term trading, as it can scan for various stock criteria that apply to different time frames, allowing flexibility for traders.

Why is it recommended to avoid trading during uncertain market conditions, such as when there is a CRR hike?

It is recommended to avoid trading during uncertain market conditions, like a CRR hike, because such events can cause unpredictable market movements, making it harder to rely on an automated system and increasing the risk of errors in trading decisions.