Intraday trading is not always suitable to make profit, but if you know basics of support resistance and Fibonacci retracement you can make daily profit from intraday trading. Now you will need an intraday chart that you can see on your online trading platform, just open intraday chart and you are done. Now I will teach you some basic rules of support resistance:
1. When support breaks it becomes resistance and vice-versa.
2. Number of times that (Support or Resistance) level is tested it become stronger.
3. Normally price action test support and resistance several times before breakout.
Above rules are very simple and you can use them for back testing before we start actual trading. In live market you have to first check support resistance level on intraday chart and then take trade. If Nifty future breaks support level then it becomes new resistance so when nifty comes to this level trader can enter short for sure shot gain.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
I want to learn how to assume resistance and support leve please guide me