NIFTYSTATISTICSTOOLS

A) In an up-trend

Buy when William % R on 1 month chart (default value 10) crosses above 80
and
just starts to decline after making a "^" peak or plateu!
Book profit as per your comfort level or when trend ends.
(avoid shorting in up-trend)
-------------------------------------------------
B) In a down-trend
Short when the said William % R crosses below 20
and
just starts to rise after making a "V" or "U" turn!
Book profit as per your comfort level or when trend ends.
(avoid going long in down-trend)
-------------------------------------------------
C) In a range-bound market
Buy when William % R crosses above 80
and
just starts to decline after making a "^" peak or plateu!
Short when William % R crosses below 20
and
just starts to rise after making a "V" or "U" turn!
Book profit as per your comfort level or when trend ends.
(don't hesitate to short or long in rangebound or weak-trend markets)
-------------------------------------------------
This method is particularly effective and accurate with Nifty or any index.
-------------------------------------------------
How to get graph with William % R?
A) go to website (http://www.google.com/finance?q=NSE:.NSEI)
for stock pl search stock in the column before "Get Quotes". These google finance charts give almost live quotes for NSE (BSE is delayed).
B) click on '1m' inside graph window
C) click on "technicals" below graph window.
D) Click on "add technical"
E) Select William % R (10/30min default value will appear automatically)
F) You are ready!
--------------------------------------------------
Critical factor = You have to be sure about the trend!

There are 101 ways to know the current trend.

1st one is common-sense gut-feeling observation.

6 more are given below.

Rest 94 can be shared by fellow traders.

2. RSI

= When RSI 14/1d on 3 month or 6 month chart is moving from lower boundary towards upper boundary the trend is up. When reverse is the case, the trend is down.

3. SAR

= When on 1 month or 3 month chart, SAR (Stop And Reverse) dots are below the priceline, the trend is up. Otherwise, the trend is down.

4. EMA 34/8

= When EMA 34 line is below the priceline, the trend is up. Otherwise, the trend is down.

5. Higher high, higher low

= When the priceline is making higher highs and higher lows the trend is up. When it is making lower highs and lower lows, the trend is down.

6. Premium / Discount

= Till the Nifty futures premium is substantially higher than the spot, the trend is up.
When it is substantially lower than the spot, the trend is down.

7. Experts on TV

= This is the easiest of all. Even easier than the common-sense observation. Just switch on any business tv channel in the morning before the market opens. The experts on air may not be predicting the stock or market movement for the day right but they certainly have a good idea about the trend.

Combination of more than one ways can estimate the trend more accurately.