TIPS FOR PICKING THE RIGHT STOCKS

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·         Volume traded: Look at the total number of shares being traded within a particular timeframe. This will tell you about the volumes being bought and sold. Intraday traders should pick stocks that trade in high volumes.

·         Trending stock: Is there buzz around a particular stock? Such stocks could offer lucrative opportunities to day traders. They are likely to show momentum in one or the other direction, along with good trading volumes.

·         Recent analysis: Look at how stocks on your shortlist have performed over the last week or two. Has the closing price been consistently positive or negative over the period? Assess the likely movement for the day before placing a buy or sell order.

·         Breakout stocks: Keep an eye on the resistance and support levels of your chosen stocks. The resistance level is the price beyond which a stock is not expected to rise. Meanwhile, the support level is the price beyond which a stock is unlikely to fall. 

·         Gainers and losers: Most brokers will highlight the top gainers and losers of the day. Track the movements of these stocks closely as you decide on your intraday positions.

·         Monitor select stocks: Thousands of stocks are traded on the stock exchange. Day traders cannot possibly keep tabs on them all. That is why most traders focus their attention on a few shortlisted stocks. By researching these stocks thoroughly, the trader can grab profitable opportunities as they arise.