Technical Chart Platforms – A Boon for Indian Market Participants
Making money in the market is not an easy job, especially on a daily basis. Long-term investments make sure the short term fluctuations don’t affect returns. However, being able to tap the short term fluctuations correctly is the biggest challenge. Timing the entry and exit accurately is not everyone’s cup of tea. In such a case, chart can be seen as your only friend, which can help you get nearly the best entry and exit points.
In this topic we are going to discuss about the free charting websites available to be accessed by Indian equity and commodity market participants. These charts can also help you identify stocks which can be invested in for a long period of time.
List of free charting websites an investor or trader can use:
NSE (National stock exchange) & BSE (Bombay stock exchange)
NSE and BSE are the mother websites for Indian equity and commodity market. They have the most reliable data and these two websites are regulated by the Indian government. The data is frequently updated as per the current price. If anyone wants to validate some data, this is the best place to visit.
For charting compared to NSE, BSE has an edge over it. NSE only provides line chart with no other indicators, which makes it difficult to read. On the other hand, BSE has a decent charting platform which is very easy to read and it is also customizable. They also carry a small chart in their home page which gives a quick representation of the Indian market.
Google finance
This is another most followed financial website, over 40+ million daily users. The site provides news based content and also carries real time stock data. This site also comes in the list of top 15 most popular financial sites in the world along with Yahoo Finance. Google sheets can be used to automate data of stocks directly from Google Finance, on a real-time basis.
Examples of a few formula:
- Updating the open price of NIFTY:- =GOOGLEFINANCE(“NSE:NIFTY”, “priceopen”)
- Updating the current price of NIFTY :- =GOOGLEFINANCE(“NSE:NIFTY”, “price”)
These formulae are available online.
Charting platform of this site is quite good; it contains some useful indicators which a user can apply as per his/her need. The site also has a mobile version which helps us to get quick information on-the-go.
Trading view
This website is one of the most favourite website among the traders. The website is developed and controlled by Tradingview.inc. Though, it is not an Indian website, it has an entirely different section for the Indian market.
You will also find the current situation of the global market in its home page. It really helps you to understand the real-time situation of the market which makes you a wise decision maker while trading.
The website has innumerable features in the field of charting which are extremely helpful. Apply indicators, tools and drawing elements as per the requirement, it helps to understand the market or the scenario of the situation in more detail.
Besides all the conventional trading tools and indicators, the website also provides news (related to the stock or the product) and the latest market scenario along with the chart, so that you can stay updated while taking your decision. The chart is delayed by 15 minutes and limited number of indicators is usable in the free version of the website.
Screener section of trading view is also quite good. Here, stocks can be filtered as per requirement. Screener has both fundamental and technical screening capabilities which let you scan the product as per the pre-defined condition provided by the user.
Investing
This website may not be that advanced in terms of chart representation as is tradingview.com but it has its own unique features. This website is actually news based so it has an edge over the other websites when it comes to equip the viewer with what is happening in the market.
In case of charting, the website contains a wide variety of indicators and tools. The ambit of this website is enormous and features like live data makes gives it the extra edge.
As we can see the chart is easy to understand, multiple indicators along with the tools can be applied in the chart and it is free. The candlestick pattern helps give the reader a clearer view.
Chartink
Discussing about charting platforms without mentioning chartink.com is not possible. Chart ink may not be the best charting platform out there but it is famous for his easily programmable scanner/screener.
This website does not only help us with the scanning, but it also has a really good charting platform. However, the chart is delayed by 5minutes.
Here, getting access to the basket of indicators and other tools makes the work very easy. We can change the chart settings as per the need (tools and indicators).
Screener is the key feature of this website and this makes it special among the retail trader. With the help of easy programmable coding language any one can create his/her scan. The scanner also works in live market (5minute delayed) and we can also use its feature for the end of the day’s scanning. A huge list of scanners is present by default which is freely available for use.
Conclusion:
It takes time to get a hold of these charting platforms. We should choose our charting platform as per our style of trading. An investor generally works with end of the day’s data in other hand a trader needs real time data feed to makes perfect his entry and exit timings into the market.
Disclaimer
Elearnmarkets.com wants to remind you that all our content is created solely for the purpose of education. No strategy, stock, commodity, fund or any other security discussed here is any way a recommendation for trading or investing. Elearnmarkets.com will not be any way responsible for trading losses incurred by any individual or entity for trading with real money. Please take advise of certified financial advisers before trading or investing.