Short term traders should begin by looking at the market environment.
US Markets S&P - down on Tuesday, on Wednesday.
Asia - Down on Wednesday, down as I write.
SGX Nifty - Down 58 points at 4460.
Nifty on Tuesday - Big surge leading to a breakout from two resistance levels - 4400, 4500
My Expectations for day trading/swing trading - Choppy market possible. This often happens after a big range expansion day (Tuesday). Keep volumes half of normal. A dip to 4400 is possible.
Strategy - This is an example of many strategies that can be used. Look for direction after first half hour of trading. If Nifty trades above the high hour range, then look to buy on small consolidation. If it trades lower, look to sell on consolidation. Stops may be at the other side of the range, or just beyond the consolidation.
Edited at 7:51 AM. Stocks to watch for a swing trade lasting few days - Hotel Leela, Indian Hotels.