Savant Sir,
I thought even I could contribute on the current topic hence replying it on your thread.
Vicky,
I am no expert in trading Nifty futures, but I can share my experience with you.
In your other thread, I read that you are looking for specific targets - this is a very very good way to start. If you observe the way Nifty swings, it would provide many oppurtunities in a day, you can see yesterdays chart below:
I personally feel, "Chart patterns" are the best way of trading. They help you prepare for a trade with fixed entries and exits. If the pattern fails, even then you can trade, but in the opposite direction. Most of the times, before there is a breakout/down Nifty moves in a "Channel", lookout for these [This is my favorite pattern].
According to the Bible of Trading, the "chart" has it all, it includes the all the factors - "fundametal, political, economical, psychological etc". Everyday at EOD download the ticks, upload it to any of the softwares and analyze any patterns in the higher timeframes, lookout for support/resistance, retracements, reversals. Simply watch the charts for a few days, you will learn everything
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All the best to you
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Regards,
-Sri