How to pick stocks for intraday trading?

 
Most beginners in stock market thinks making money in intraday trading is easy and cool. This is a wrong perception it is very difficult to trade and make money in intraday trading.
 
Disclaimer / Alert :
Intraday trading is injurious to wealth and health
 
1. Trade only in liquid stocks i.e stocks traded in F&O Segment 
Why only stocks traded in F&O?

Dr Elder's Triple Screen Trading System

I often get emails asking how to pick stocks for trading and when I ask them about current trading system they show moving average crossover system, MACD crossover system, ADX or RSI. Trading using a single indicator on a single time frame is very risky as the market is very dynamic and complex. Trend following indicators are profitable when market is moving in a particular direction but it will lead to whipsaws in range bound market. Oscillators are profitable in range bound market but gives early exit signal if market trends in a particular direction.
 

Nifty may bounce back for few days

 

After continuous 5 days of loosing days, yesterday (02-Nov-2015) Nifty retraced from days low 7995 and managed to close above 8050. The interesting fact is yesterday Nifty retraced back during the last few minutes of the trading session. Short bounce back is expected for few days. 

Candlestick Patterns : Hammer pattern indicates a short term reversal is expected.