best broker for intraday trading

[fais72]

it is prepaid brokerage, therefore, every time you trade, you brokerage will be deducted from the voucher

 

[TraderInTheZONE]

Reading all the posts here, it seems Religare is the only nationwide broker which offers least brokerage (1.5 paise after upfront payment of 15k).
There may be other brokers like rkglobal or someone else, but they don't have nationwide presence.
Thanks
TIZ

 

[lazytrader]

Reading all the posts here, it seems Religare is the only nationwide broker which offers least brokerage (1.5 paise after upfront payment of 15k).
There may be other brokers like rkglobal or someone else, but they don't have nationwide presence.
Thanks
TIZ

Religare provide .5p as well, upfront payment = 50k

 

[Shreenath]

Hello Lazy trader(or anyone who can help me),
1. I'm trying to understand commission structure. When you say 5p for buying and say 5 p for selling. Do you mean 5 paise per rupee(5% of a rupee)? Or do you mean 5% of the transaction?

Maybe you can give an example and compare Religare vs Sharekhan.

1. 500 shares, at 100 rupees a share for buys = 500 x 100 = 50,000 rupees
500 shares at 100 rupees a share for sells = 500 x 100 = 50,000 rupees.


2. Also, transaction costs at both Religare and Sharekhan to trade one round turn of one Nifty contract. What's current margin at both brokers......?

3. I also remember reading an article in business week about margin requirements in Nifty. When the markets started to tank, I read that the margin requirements went up by 300%....did they change the rule or is it still the same?

thanks
shreenath

 

[lazytrader]

Hello Lazy trader(or anyone who can help me),
1. I'm trying to understand commission structure. When you say 5p for buying and say 5 p for selling. Do you mean 5 paise per rupee(5% of a rupee)? Or do you mean 5% of the transaction?

Maybe you can give an example and compare Religare vs Sharekhan.

1. 500 shares, at 100 rupees a share for buys = 500 x 100 = 50,000 rupees
500 shares at 100 rupees a share for sells = 500 x 100 = 50,000 rupees.


2. Also, transaction costs at both Religare and Sharekhan to trade one round turn of one Nifty contract. What's current margin at both brokers......?

3. I also remember reading an article in business week about margin requirements in Nifty. When the markets started to tank, I read that the margin requirements went up by 300%....did they change the rule or is it still the same?

thanks
shreenath

- You seem to be all over the forum
- No idea bout 300%
- on may18th during the gap up the initial margin was doubled. Has been restored since
- Cost of nifty futures 1 lot (1 lot = 50)
Therefore, 50 * 4000 (eg) = 2lakhs (turnover)
- All cost calculations are using this turnover so if you get a broker that gives you a brokerage of .3% and .03% for delivery (equities) and intraday (futures as well) you are looking at Rs.60 (+ Rs.60 on other leg) total of Rs.120 of brokerage.
- Other than brokerage you have STT, stamp duty, service trax, exchange charges etc which would come close to the brokerage amount .03% (estimate)
- don't fall into the paisa trap the 1p and 3p marketing tricks
- Just ask percentages
- Don't settle for anything higher than .03% for intraday/futures brokerage
- You could look at .1% if turnover Rs.200 (as per the nifty future calculation above) as a rough estimate with a brokerage of .03%
- Also read this:
http://www.traderji.com/brokers-trading-platforms/29178-differences-between-trader-terminals.html

 

[Shreenath]

Hello Lazytrader,
Just the answers I've been looking for. YOu say 1 lot - 50 contracts, Here's in the US, when we trade futures, one contract is a contract which could be worth X thousands of dollars..

IF someone is trading Nifty, is it common to say he/she trades one lot or 1 contract or 50 contracts?

Thanks
shreenath

- You seem to be all over the forum
- No idea bout 300%
- on may18th during the gap up the initial margin was doubled. Has been restored since
- Cost of nifty futures 1 lot (1 lot = 50 contracts)
Therefore, 50 * 4000 (eg) = 2lakhs (turnover)
- All cost calculations are using this turnover so if you get a broker that gives you a brokerage of .3% and .03% for delivery (equities) and intraday (futures as well) you are looking at Rs.60 (+ Rs.60 on other leg) total of Rs.120 of brokerage.
- Other than brokerage you have STT, stamp duty, service trax, exchange charges etc which would come close to the brokerage amount .03% (estimate)
- don't fall into the paisa trap the 1p and 3p marketing tricks
- Just ask percentages
- Don't settle for anything higher than .03% for intraday/futures brokerage
- You could look at .1% if turnover Rs.200 (as per the nifty future calculation above) as a rough estimate with a brokerage of .03%
- Also read this:
http://www.traderji.com/brokers-trading-platforms/29178-differences-between-trader-terminals.html

 

[lazytrader]

Talking purely about Nifty Futures:
there is Nifty and there is MiniNifty. There is a 1month 2month 3month etc which you should know.
So now in Nifty futures, the minimum you can buy is 50 of it and mininifty 1 lot has 20 of it. Dont ask me what "it" is because I dont know what it is called.
However this should clarify it: 1 lot of Nifty future, if the price is quoted at 4000 then the cost is 4000 * 50 = 2Lakhs but you pay a margin which is about Rs.30,000.
Same for mini nifty if the quote is 4000 then the cost is 4000 * 20 = 80,000. Margin about is about Rs.12,000. Additional amount to compensate for Market to market losses (to avoid margin call)

Basically if you have Rs.12000 you can buy 1 lot mininifty @4000. if the day closes at 3900 then you will have to shell out 4000-3900=100 * 20 (50 for nifty) = 2000.

* All numbers are rough estimates. If you want a demo place your buy sell prices and I'll calculate them that should clear all your doubts.

 

[kapila.trades]

hi

if anybodys recommended broker is not listed in the poll, they can always post it. i hav heard that diet odin is the best software for day trading. could anyone suggest brokers who provide it. also u r welcome to share ur experiences with ur brokers.

cheers

what about icicidirect

 

[Shreenath]

Hello Lazytrader,
Okay now it's getting clear.

Essentially what you said is analogous to the S&P Big contract and the S&P Emini
Margin Deposit for the big s&P contract is about 25 grand I guess; emini margins for traders who keep it overnight is around 2 to 3 grand depending upon who you trade with; for day traders I've seen as low as 300 bucks(commission will be high) but the broker I trade allows me $500 in margin as long as I close the position by 4pm and doesnt matter ifI reopen it after 4pm.

Now, could you please tell me the liquidity status for both the big and mini Nifty futures contracts? Which of the two has greater volume/liquidity?
You gave me the margin information.
If you can give me some information on average daily volume/open interest whatever....would be great. Or you can give me a website which has all the basic information.

If margin for the big Nifty contract is 30,00 I probably wouldnt trade one contract unless I have at least 4 times that amount and depending upon the volatility even 6 to 8 times. So there wont be a question of margin calls.

Warm regards
Shreenath

I'm not sure if you are confused or I am confused. Let me explain again then you tell me...

Talking purely about Nifty Futures:
there is Nifty and there is MiniNifty. There is a 1month 2month 3month etc which you should know.
So now in Nifty futures, the minimum you can buy is 50 of it and mininifty 1 lot has 20 of it. Dont ask me what "it" is because I dont know what it is called.
However this should clarify it: 1 lot of Nifty future, if the price is quoted at 4000 then the cost is 4000 * 50 = 2Lakhs but you pay a margin which is about Rs.30,000.
Same for mini nifty if the quote is 4000 then the cost is 4000 * 20 = 80,000. Margin about is about Rs.12,000. Additional amount to compensate for Market to market losses (to avoid margin call)

Basically if you have Rs.12000 you can buy 1 lot mininifty @4000. if the day closes at 3900 then you will have to shell out 4000-3900=100 * 20 (50 for nifty) = 2000.

Hope that clarifies it. So now I guess 1 lot is supposed to be 1 contract?

* All numbers are rough estimates. If you want a demo place your buy sell prices and I'll calculate them that should clear all your doubts.

 

[lazytrader]

Nifty ATR is about 130pts right now so you can expect an avg M2M 130*50= Rs.6500. and Rs.2600 for Minifty. So if you have about Rs40,000 you can safely trade bignifty. it's plus point is highleverage and low volatility.

I think you can expect Rs.600+ crore on minifty and 12,000+ crore on bignifty per day.

nseindia.com. I don't have any direct links.
http://www.nseindia.com/content/equities/eq_markettoday.htm <- mainly equities info