Is there any index forecasting charting software available for nse bse index to forecast the movement of index one business day/hours in advance. If not why can’t zerodha think of developing one by incorporating monetary, economic, technical and psychological factors.
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in short you are asking for the holy grail. Nobody has found it.
Even if all the monetary, economic, technical and psychological factors are taken into account, NO one can predict the index movement in advance and that too consistently.
take a look at crowd.in where we have to predict index close for the day, you are unlikely to find consistent winners.
nor can we have a program/afl built to do this prediction.
better idea would be to prepare yourself for the uncertain, have a fair idea of probably index movement and then take action.
all the best.
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for personal trading, i use fibs for targets. however, like loke4300 said it rightly, market cannot be predicted.
Forecasting the index move is not an easy task. However, there is an effort in this direction made by Zerodha.
Like loke4300 suggested, please do check out www.crowd.in.
The idea is to figure out if the crowd can collectively predict the index.
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