Is It Possible to Make Big Money on the Indian Stock Market?

First, you need to learn the difference between TRADING and INVESTING (sorry, I won't be explaining it here).

Then learn about Indian exchanges where you can invest/trade like NSE, BSE, MCX and various segments where you can trade on like currency, stocks, futures.

Learn about TECHNICAL and FUNDAMENTAL analysis.

Then decide who you want to be: a Trader or an Investor.

For Trading:

1. Observe chart of index ex: Nifty50, Banknifty, nifty IT, etc. for at least past eight years, then observe charts of stocks in these indices
2. Apply your Technical Analysis on the stocks and index as well. Make a journal and note down your observations (this is most important)
3. Start paper trading during live time data on stocks. After few weeks, start paper trading on futures, too (I'm assuming you would have learnt what lots are).
4. Study your journal every day, try different technical analyses, make a note of every small thing you do.
5. Once you get the hang of it, make rules and follow them during trading without fail. Try to block all your emotions while paper trading. Make a strategy that works in all kinds of market behaviour. Continue paper-trading for a year at least(this is what most pro traders recommend, yes a year or more on paper trading)
6. Once you're confident and feel you're ready to jump into the ocean, open a Demat/trading account and start learning the interface of software used and eventually start trading.
7. Initial capital: this is something you must decide based on your experience.

Now my personal experience was as stated above; I follow only technical analysis. At first, my and friend I first learnt everything there is about the stock market. Then we started paper trading; we got the hang of trading based on only technical analysis. Usually, we trade on BANKNIFTY index futures, Nifty options as these have high volatility. Since we don't have enough capital, we choose to leverage, i.e. futures market.

Initial days we were undisciplined; sometimes, we lost 18-20k ₹ a day, made 7-8k ₹ a day from 1lac ₹.

Once we started following specific rules, it became more accessible; we began making 4-6k₹ from Banknifty alone with 60-70k ₹ investments.

Trading and making money is not easy as it sounds; there are many things people don't tell you; you're responsible for your own decisions.

You can't make money every day; you win sometimes, you lose sometimes. Minimizing your losses is what matters. As long as you're disciplined, profits keep coming. Don't be hasty with decisions; use your experience from paper trading.

And as far as the initial investment is concerned, use only 1% of your capital because you'll probably lose the first few trades until you get the hang of it. So, if you're a calm, composed person, you're fit for trading. If you're impatient, the stock market is not the place to make money.