You question is confusing because it is often unclear if you are talking about the price of the option or the price of the underlying stock. Here is what I think you meant to say:

Question: "Assume I purchased call options with a strike price of 105 rs when a stock was at 100 rs per share. If the stock goes to 106 rs can I sell the option at that time?"

Answer: Yes. You can sell the option any time prior to expiration. It does not matter if the stock is (or ever has been) above the strike price.

Question: "It the stock goes up to 106 then comes back down to 99 can I say it reached the strike price?"

Answer: Yes, it reached the strike price, but that makes no difference whatsoever. The price of the option depends upon several factors, one of which is the current price of the stock. Any previous price at which the stock traded is not a factor.

Question: "Should I have sold the option when the stock was at 106 rs?"

Answer: You would get more money by selling the option when the stock was at the higher price, but at the time the stock was at 106 rs you had no way of knowing if the stock would keep going up or if it would go down. Consequently, when the stock was at 106 rs you had no way of knowing that it would be better to sell it at that time.

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From your question I strongly encourage you to learn more about options trading before investing any real money in options.

Take a look at marketwatch.com. I was looking at one earlier today and while I was making notes, the price kept changing. It may not be "realtime" but it was surprisingly close just from that example. I don't know if they cover your exchanges, but some of your stuff is traded elsewhere too.

Hdfcsec, icicidirect, kotak, reliance money.

Sterling currency trading is my favourite, I have never been successful in other currencies as much as Sterling even when I was working in the bank.

Recently, I saw this London Forex Rush program which gives indicators for the Sterling London intra-day trading.

Tried it out and I'm quite impressed but the usefulness. I only use it as a guide at the moment. But it's created for you to use as a complete system.

The best technical indicators for daytrading depends onour comfort level on which one to use. Any of these indicators (oversold, overbought) and trend indicators (higher high, higher low) should help. How many charts depends on what timeframe you plan to trade. You would usually need at least 4 charts. An hourly chart, 15 minutes chart, 5 minutes chart, and 2-3 minutes chart. 5 minutes chart is most traders use for entry/exit intraday, you could make at least two good trades with 5 minutes chart on fast moving stocks.

JessicaM has a very nice summary on Market Profile, you might want to a look at the market profile approach on daytrading.

NSE and BSE are the Stocks exchanges in India. NSE listed Nifty and BSE listed Sensex. Share market is a place where buying selling of shares is made. Demat account is an account in which shares are in electronic form.

Intraday trading is one in which u r buying and selling those shares, dat very day itself, here only your profit or loss will get added in the margin. here u r not talking delivery of shares.

Brokerage(Standard)0.1% of volume
Service tax12.24% of total brokerage
STT 0.025% of the total vol traded-only for sell
Stamp duty0.002% of the total vol
Turnover tax0.0035% of the total vol

It's not possible to know how much could you earn.
But you also need to ask yourself how much could you lose.
If you ignore the risks you'll be taking you won't last too much time on the market.

About the intraday or long term trading: basically the best trading strategy is the one that fits your personality. But keep in mind that for short term trading you would need much more than Rs5000.

Good luck on your trading

Www.icicidirect .com
www.nseindia.com
www.bseindia.com

Be aware that 90% of day-traders lose money. The odds are way against you. I recommend trying swing-trading (a few days to a few months time frame) first. The pressure is less and the timing not so quick. The exact same principles that apply to swing trading will prepare you for trading on shorter time frames. Or … you might decide you were making enough money in swing trading to stick with it.

As for sources, check with your brokerage. Many of them make learning tools available to their clients.

Best of success.