Investing in the stock market can seem daunting for newcomers, especially when you’re looking at thousands of stocks and wondering where to begin. That’s where Chartink, a leading stock screener for Indian markets, comes in handy. Let’s dive into a comprehensive Chartink screener tutorial designed for those new to the Indian stock market.
What Is Chartink?
Chartink is a robust scanner platform that allows investors and traders to filter stocks according to specific technical and fundamental criteria. With Chartink, you can streamline your stock selection process and view clear, concise charts that can guide your investment decisions.
Why Use Chartink Screener?
Choosing the right stocks to invest in is crucial, and with Chartink, you can:
- Filter Stocks Effectively: Pre-screen stocks based on your personalized set of rules.
- Save Time: Skip the overwhelming task of sifting through thousands of stocks manually.
- Stay Up-To-Date: Access real-time updates, so you’re always in the know.
Navigating to the Chartink Screener and Starting the Tutorial
Now, let’s explore how to navigate the Chartink platform:
- Visit the Home Page: Start by visiting Chartink’s home page.
- Access the Screener: On the homepage, locate and click on ‘Screeners’ at the top.
- Explore Pre-Defined Screeners: You’ll find several ready-to-use screeners. These are thematic or strategy-based filters created by others that you can use or customize.
Understanding Screen Options
Upon selecting a screener, you’ll be presented with a range of options:
- Stock Passages: These are filter conditions you define—for instance, focusing on the Nifty 500 segment.
- Creating Conditions: Define conditions like a stock’s current candle or volume relative to its moving average.
How to Create Custom Conditions
Here’s a simplified step-by-step process to set up your own conditions:
- Select the Time Frame: Decide whether the current candle, previous candle, or another time frame is being considered.
- Apply Conditions: Create conditions such as “the closing price of the current 15-minute candle should be greater than the previous one”.
- Add Indicators: Incorporate technical indicators, like a simple moving average on the volume, to further refine your screener.
Running a Scan
- Execute and Review: Click “Run Scan” to generate a list of stocks that meet your criteria.
- Analyze Results: Click on any stock to view detailed charts and also understand how they fulfilled the specified conditions.
Exporting the Results
After running a scan, you can also quickly export the results to Excel or CSV, making it easy to track and analyze your potential investment choices.
How to Interpret Chartink Screener Results
Understanding the screener’s output is as critical as setting up the conditions properly. Once you have run a scan, Chartink will present you with a list of stocks that match your specified parameters. The results table typically includes essential information like stock names, current prices, and various technical indicators you may have chosen during setup.
Each stock in the results has a hyperlink that leads to detailed charts and data for further analysis. It is important to review the charts to confirm that the stocks truly meet your screening criteria. Look for patterns, trends, and signals that align with your trading strategy before making any investment decisions.
Remember, the screener is a starting point to identify potential opportunities. It is therefore advisable to conduct a more in-depth analysis that considers recent news, market sentiment, and upcoming financial events related to the stocks you are interested in. Therefore, use Chartink’s screener results as a springboard for your comprehensive due diligence process.
Navigating Between Technical and Fundamental Analysis
Chartink is versatile—beyond technical conditions, you can also filter stocks based on:
- Fundamental Analysis: Select stocks based on financials like market cap, P/E ratio, quarterly earnings, etc.
A Closer Look at Fundamental Scans
- Market Cap: The total market value of the company’s shares.
- Equity Reserves: Reflects the shareholders’ equity.
- P/E Ratio: Price-to-earnings ratio, a valuation metric.
- Quarterly Earnings: The company’s profits are reported on a quarterly basis.
How to Apply Fundamental Filters
- Choose a Fundamental Screener: Opt for a screener that focuses on the financial health of companies.
- Set Financial Conditions: Develop filters based on balance sheet or income statement metrics.
- Run and Review: Like with technical scans, run the screener and review the resulting stocks.
Advantages of Real-Time Data
Chartink provides near real-time data, a significant advantage over platforms that offer stale, day-old information. This allows investors to make informed and timely decisions.
FAQs about Chartink Screener Tutorial
To add a scanner to Chartink, start by logging into your account. Go to the ‘Screeners’ section on the top menu and click on ‘Create Screener’. Firstly, enter your criteria and conditions for scanning stocks using the intuitive interface. Once you’ve set up your conditions, name your screener and save it. You can then run the scanner to filter stocks according to your personalized rules.
The best scanner in Chartink depends on your individual trading or investing strategy. Chartink also offers a range of pre-defined scanners like ’15 Minute Stock Breakouts’, ‘Bullish for Next Day’, and ‘Volume Shockers’ that are quite popular. However, assess various scanners by examining their criteria and see which aligns best with your goals. Additionally, you can create a custom scanner tailored to your specific needs for optimal results.
Yes, Chartink offers a free version of its screener that comes with a substantial number of features. Users can access pre-defined scanners, create basic custom screeners, and view charts without any charge. Moreover, the free version is quite powerful and sufficient for many investors and traders beginning to explore the stock market.
Chartink premium subscription comes with added benefits, including:
Real-Time Data: Premium users benefit from real-time data for up-to-the-minute accuracy in the screener results.
Alerts: Set up customizable alerts to notify you when certain conditions are met in the market.
Customized Columns: You can add customized columns to your scan results.
Auto Refresh: Premium members can also auto-refresh their dashboards every minute to get new results automatically.
No Ads: Enjoy an ad-free experience, resulting in a cleaner interface and less distraction while analyzing stocks.
Summary and Conclusion
In conclusion, Chartink is a powerful and user-friendly tool for newcomers to the Indian stock market. By understanding how to leverage this platform’s screeners, you can filter stocks based on customized technical and fundamental criteria. Overall, follow this Chartink screener tutorial to begin your investing journey with confidence and clarity.
Always remember, successful investing is not just about selecting the right stocks but also about continuous learning and staying informed. Happy investing!