A research process readers can evaluate.

1. Define the market question

We identify the security or index, intended horizon and decision the research must support. Intraday, swing, positional and investment questions are not treated as interchangeable.

• Instrument and market segment
• Intended holding period
• Information needed for the decision

2. Review relevant evidence

Depending on the topic, evidence may include price and volume, exchange information, company filings, offer documents, financial statements, contract specifications, volatility, liquidity and relevant events.

• Primary information is preferred where available
• Material facts and interpretation are separated
• Source limitations are acknowledged

3. Build balanced scenarios

A view should state what supports it, what activates it and what would weaken or invalidate it. Alternative and no-trade scenarios reduce pressure to force a conclusion.

• Activation or confirmation condition
• Important upside and downside scenarios
• Clear invalidation or thesis-change condition

4. Connect the view with risk

For market-action contexts, entry conditions, stop or invalidation, quantity and maximum rupee risk are considered together. Research cannot eliminate gaps, slippage, volatility or loss.

5. Review and update

The review frequency depends on the horizon. A view may be revisited after price invalidation, a material filing, results, a change in valuation, an event or new market evidence.