Intraday analysis is done using the Top Down Approach.
The process of identifying the momentum stock in Intraday is as follows :-
1. Identify the Market Direction i.e, whether the market is +ve or -ve.
2. Check Market Breadth (Advance / Decline)
3. Check sector contribution that is weighing for the market direction.
4. Check the Index contribution for the current prevailing market direction.
5. Take top two sectors that is the major contributor for the prevailing market direction.
6. Now Filter top 4 stocks from the filtered sectors.
7. Again filter the stocks that is trading with the high volume.
Now we have narrowed down with the stocks that are hot to trade in the Intraday market, we are now ready to execute the trade and we need to make sure that the trade is executed along with the trend of the market.
Buy and sell the stock in uptrend market condition and Sell and buy the stock in a downtrend market.