How to Use Chartink for Intraday Stock Scanning

The Myth of Day Trading as Guesswork

Many people ask, what is intraday-order-rejected-high-volatility">day trading in India, and immediately think it's just like gambling. They picture traders randomly picking stocks, hoping for a lucky break. This could not be further from the truth. Successful day trading is not about luck; it's about strategy, discipline, and using the right tools. One of the most powerful tools for a day trader is a stock scanner, and Chartink is a popular choice for finding trading opportunities systematically.

Instead of manually flipping through dozens of charts, a scanner does the heavy lifting for you. Think of it as the difference between searching for a specific book in a massive library by yourself versus using the library's computer catalog. A scanner like Chartink is your catalog, helping you find stocks that meet your exact criteria in seconds.

Step 1: Understanding the Chartink Screener Interface

When you first land on the Chartink website, you will find the "Screener" section. This is your command center. The layout is simple. At the top, you choose which market segment you want to scan. Below that is a large box where you will build your scan by adding different conditions or 'filters'.

Your goal is to tell Chartink exactly what you are looking for. For example, you might want to find stocks that are up by more than 3% and have high volume-analysis/volume-analysis-fando-traders-india">trading volume. You build these rules step-by-step in the filter box. Don't feel overwhelmed by the options. We will build a simple intraday scan together.

Step 2: Selecting Your Stock Universe

Before you add any conditions, you must tell Chartink where to look. By default, it scans the 'Cash' segment, which includes all stocks listed on the NSE. For intraday trading, this is often too broad. You want to focus on stocks with enough liquidity for easy entry and exit.

A better approach is to narrow your search. You can select specific segments like:

• Nifty 50: The 50 largest and most liquid stocks. A great starting point for beginners.
• Nifty 100 or 200: A wider list but still contains relatively liquid stocks.
• Futures & Options (F&O): Stocks that are available for currency-and-forex-derivatives/documents-currency-derivatives-india">derivatives trading are usually very liquid. This is a favorite segment for many day traders.

Choosing the F&O or Nifty 100 segment ensures you are not scanning illiquid stocks where you might get stuck in a trade.

Step 3: Building a Simple Bullish Intraday Scan

Let’s create a scan to find stocks showing strong upward momentum. The logic is to find stocks where buyers have been in control since the market opened. We will add filters one by one.

Go to the screener and set the segment to 'Nifty 100'. Now, click inside the large filter box. A popup with many options will appear. We will add the following conditions:

1. Price Filter: You want to avoid very cheap 'penny' stocks. Add a filter like: Latest Close > 100. This tells Chartink to only show stocks trading above 100 rupees.
2. Volume Filter: High volume confirms the price move. Add a filter: Latest Volume > 500000. This ensures the stock is actively traded today.
3. Open High Low Logic: This is a classic intraday signal. We want to find stocks where the opening price is the same as the low price of the day. This indicates strong buying from the very beginning. Add the filter: Latest Open = Latest Low.
4. Price Gain Filter: To confirm the bullishness, let's add a condition that the stock is up for the day. Add: Latest Close > Latest Open.

Once you have added these four conditions, click the blue 'Run Scan' button. Chartink will instantly show you a list of all stocks from the Nifty 100 that meet these criteria.

Step 4: Creating a Bearish Intraday Scan

What if the market is weak and you want to find stocks to short? You can simply reverse the logic of the bullish scan.

Keep the Price and Volume filters the same. Just change the other two conditions:

• Open High Low Logic (Bearish): Instead of Open = Low, we look for stocks where the opening price is the highest price of the day. This suggests selling pressure from the start. The filter is: Latest Open = Latest High.
• Price Loss Filter: We want to see stocks that are trading down for the day. The filter becomes: Latest Close < Latest Open.

Run this scan, and you will get a list of potentially weak stocks for the day. Having both a bullish and a bearish scan ready allows you to adapt to the overall market mood.

Step 5: Analysing the Results and Taking Action

The list of stocks from your scan is not a buy or sell signal. It is a watchlist. It's a starting point for further analysis. Your job now is to open the charts of the stocks from the list.

Look at the chart of each stock. Does the price action look strong (for a bullish scan) or weak (for a bearish scan)? Is there a clean trend? Are there any major mcx-and-commodity-trading/identify-support-resistance-levels-mcx-charts">resistance or support-and-resistance/how-many-pivot-point-levels-watch">support levels nearby? You still need to apply your trading knowledge to decide which stock offers the best risk-to-reward setup. The scanner finds the party; you decide if you want to dance.

Common Mistakes When Using Chartink

While powerful, scanners can also be misused. Avoid these common pitfalls:

• Over-complicating scans: Adding ten or fifteen different conditions will likely result in zero stocks. Keep your scans simple and logical. Two to five strong conditions are usually enough.
• Ignoring the broader market: Running a bullish scan on a day when the entire market is falling sharply is a low-probability strategy. Always be aware of the market trend.
• Blindly trusting alerts: Never enter a trade just because a stock appeared on your scan. Always, always check the chart and have a clear entry, ma-buy-or-wait">stop-loss, and target in mind.
• Using the wrong timeframe: The conditions we used (like 'Latest Open') are based on daily data. For more precise signals, advanced users can use specific timeframes like '15 minute' or '5 minute' in their scans, though this might require a premium subscription for real-time data.