Technical Analysis of Infosys Technology by Bipul Kumar

SUMMER INTERNSHIP
PROGRAMME
INTERIM REPORT ON
TECHNICAL ANALYSIS OF INFOSYS
TECHNOLOGY
By
Bipul Kumar
(MBF0818)
GULF BULLS SECURITIES PVT LTD.
Submitted to:
AIT-SCHOOL OF MANAGEMENT, GREATER NOIDA
Date of Submission: August 25, 2009
AIT-School Of Management, Greater Noida
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AUTHORISATION
This report Technical Analysis of Infosys Technology Limited
done during my Summer Internship Program (SIP) is submitted as
a partial fulfillment of the requirement of PGDM program of AITSchool of Management, Greater Noida.
25th August, 2009
Bipul Kumar
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ACKNOWLEDGEMENTS
I would like to express my sincere gratitude to my trainer Ms. Himani Grover,
Relation Ship Manager Gulf Bulls Securities Pvt. Ltd., Faridabad for guiding
me throughout my summer internship and research project. Her encouragement,
time and effort are greatly appreciated.
I would then like to thank my faculty guide, Prof. J.S. Sukla, for all his valuable
inputs and constant support towards me throughout my project and providing me
an opportunity to learn outside the class room. It was a truly wonderful learning
experience.
I would like to thank the corporate guide Mr.Dinesh Kumar, Equity Manager for
helping me with the training and other activities and constantly motivating me to
give my best.
I would like to dedicate this project to my parents & Brother Amit Kumar.
Without their help and constant support this project would not have been possible.
I would like to thank all my friends who did their SIP from GBS for their
valuable suggestions and support.
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Abstract
Stock market operations are often compared to operation in gambling
dens, and winning strategies are all supposed to be backed by Lady
Luck. Investors are most often guided by the sentiments of faith and
phobia. There are plenty of soothsayers/financial wizard offering advice
and strategies to investors. However, to play safe and manage their
funds optimally, they need organised information, logical reasoning
backed by scientific methods and techniques. This project is a humble
attempt at presenting this information.
This project aims to studies supply and demand in a market for stock of
Infosys technology Ltd. in an attempt to determine what direction, or
trend, will continue in the future. In other words, with the help of
several indicators it analyzes the relationship between price volume
and supply demand for the stock of Infosys technology ltd.
This project will be useful to both speculators and investors, being a
value addition to their knowledge.
The first part of paper gives the brief idea about Infosys Technology
Limited.
The second part of the paper deals with the tools of technical analysis
which has been applied to analysis the relation between share price and
volume.
At the end of this paper by applying the tools it aims to predict the
future price movement of Infosys technology Ltd. As well as it also
explain the News and their impact on Stock price.
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1.
2.
3.
4.
5.
6.
7.
Content
Abstract ...................................................................................................... 7
Introduction ............................................................................................. 8
a. What is Technical Analysis? ................................................................ 8
b. Technical Analysis: The Basic Assumption ....................................... 10
c. Purpose ................................................................................................ 11
d. Objective ............................................................................................. 11
e. Limitation ............................................................................................ 11
Company Information .................................................................... 12-16
a. Management-Infosys .......................................................................... 17
Technical Analysis (Share Data )
a. Listing Details Infosys Technology................................................. 18
b. Capital Structure ................................................................................. 19
c. Share Holding Pattern ......................................................................... 20
d. AGM/EGM Details ............................................................................. 21
e. Dividend Declare ................................................................................ 23
f. Bonus History ..................................................................................... 24
g. Split History ........................................................................................ 24
h. Competition......................................................................................... 25
Historical Price ...................................................................................... 26
Analysis
a. Monthly Report (chart showing price movement) ............................. 30
b. Difference Between opening and closing price .................................. 31
c. Opening V/S Closing .......................................................................... 34
d. Opening V/S High .............................................................................. 36
e. Opening V/S Low ............................................................................... 37
f. Sensex V/S Infosys ............................................................................. 38
g. Price Volume Action .......................................................................... 40
Tools Used For Technical Analysis and Interpretation ....................... 41
a. Bollinger Band .................................................................................... 41
b. Moving Average ................................................................................. 43
c. MACD ................................................................................................. 45
d. Momentum .......................................................................................... 47
e. Moving average crossover .................................................................. 48
f. Infosys From 2000 to March 2009 ..................................................... 50
News Analysis ....................................................................................... 51
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8.
9.
10.
11.
Block Deals ........................................................................................... 64

Option Price........................................................................................... 64
Finding And Recommendation ............................................................. 65
Bibliography .......................................................................................... 66
Sl. No.
Table 1
Table 2
Table 3
Table 4
Table 5
Table 5
Table 6
Table 7
Table 8
Table 9
Table 10
Table 11
Table 11
List of Tables
Particular
Management Infosys
Listing Detail
Capital Structure
Share Holding Pattern
AGM/EGM Detail
Dividend Details
Bonus History
Split History
Competition
Historical Price
News Analysis
Block Deals
Option Price
Page No.
17
18
19
20
21
23
24
24
25
26
51
64
64
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Introduction
The methods used to analyze securities and make investment decisions
fall into two very broad categories: fundamental analysis and technical
analysis. Fundamental analysis involves analyzing the characteristics of
a company in order to estimate its value. Technical analysis takes a
completely different approach; it doesn't care one bit about the "value"
of a company or a commodity.
Despite all the fancy and exotic tools it employs, technical analysis
really just studies supply and demand in a market in an attempt to
determine what direction, or trend, will continue in the future. In other
words, technical analysis attempts to understand the emotions in the
market by studying the market itself, as opposed to its components.
What Is Technical Analysis?
Technical analysis is a method of evaluating securities by analyzing the

statistics generated by market activity, such as past prices and volume.
Technical analysts do not attempt to measure a security's intrinsic value,
but instead use charts and other tools to identify patterns that can
suggest future activity.
Just as there are many investment styles on the fundamental side, there
are also many different types of technical traders. Some rely on chart
patterns, others use technical indicators and oscillators, and most use
some combination of the two. In any case, technical analysts' exclusive
use of historical price and volume data is what separates them from their
fundamental counterparts. Unlike fundamental analysts, technical
analysts don't care whether a stock is undervalued - the only thing that
matters is a security's past trading data and what information this data
can provide about where the security might move in the future.
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Technical Analysis: The Basic Assumptions

The field of technical analysis is based on three assumptions:
1. The market discounts everything.
2. Price moves in trends.
3. History tends to repeat itself.
1. The market discount everything:
A major criticism of technical analysis is that it only considers price
movement, ignoring the fundamental factors of the company. However,
technical analysis assumes that, at any given time, a stock's price
reflects everything that has or could affect the company - including
fundamental factors. Technical analysts believe that the company's
fundamentals, along with broader economic factors and market
psychology, are all priced into the stock, removing the need to actually
consider these factors separately. This only leaves the analysis of price
movement, which technical theory views as a product of the supply and
demand for a particular stock in the market
.
2. Price moves in trends:
In technical analysis, price movements are believed to follow trends.
This means that after a trend has been established, the future price
movement is more likely to be in the same direction as the trend than to
be against it. Most technical trading strategies are based on this
assumption.
3. History tends to repeat itself
Another important idea in technical analysis is that history tends to
repeat itself, mainly in terms of price movement. The repetitive nature
of price movements is attributed to market psychology; in other words,
market participants tend to provide a consistent reaction to similar
market stimuli over time. Technical analysis uses chart patterns to
analyze market movements and understand trends. Although many of
these charts have been used for more than 100 years, they are still
believed to be relevant because they illustrate patterns in price
movements that often repeat themselves.
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PURPOSE
The project is being done as a part of summer internship program of
AIT-School of Management. The completion of the project is a partial
fulfillment requirement for being awarded the Post Graduate Diploma in
Management, degree from the AICTE.
Scope of the Study

This study aims to make a technical analysis of Infosys technology ltd.
The technical analysis is based on the historical data collected from the
various web sites; this study also aims to discus in brief some common
day trading strategies.
Objective of the Study

a. To compare the movement of stock price of Infosys technology
with selected indices.
b. To identify the cause of movement.
c. To identify the moment of buying and selling.
d. To analyze the impact of news on price of Infosys technology.
e. To suggest when to buy and when to sell.
Limitation of the Study
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Company information
Infosys Technologies Limited
Type
Public BSE: 500209

NASDAQ: INFY
Founded
Headquarters
Key people
July 2, 1981
Bangalore, India Electronics City, Hosur Road
N. R. Narayana Murthy (Chairman and Chief Mentor)
Nandan Nilekani (Co-Chairman)
Kris Gopalakrishnan (Chief Executive Officer and Managing Director)
S. D. Shibulal (Chief Operating Officer and Director)
Industry
Software services
Products
Finacle (a universal banking product)
Services
Information technology consulting services and solutions
Revenue
Rs. 21,693 crore ($4.66 billion) (FY 2008-09)[1]
Net income
Rs. 5,988 crore ($1.28 billion) (FY 2008-09)[1]
Employees
104,850 [2]
Subsidiaries
Infosys BPO
Infosys Consulting
Infosys Australia
Infosys China
Infosys Mexico
Infosys Sweden
Website
www.infosys.com
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Introduction
Infosys Technologies Limited (BSE: 500209, NASDAQ: INFY) is a
multinational information technology services company headquartered
in Bangalore, India. It is one of India's largest IT companies with
104,850 professionals (including subsidiaries) as of Mar 31, 2009.It has
offices in 22 countries and development centers in India, China,
Australia, UK, Canada and Japan
History
Infosys was founded on July 2, 1981 in Pune by N. R. Narayana Murthy
and six others: Nandan Nilekani, N. S. Raghavan, Kris Gopalakrishnan,
S. D. Shibulal, K. Dinesh and Ashok Arora, with Raghavan officially
being the first employee of the company. Murthy started the company
by borrowing INR 10,000 from his wife Sudha Murthy. The company
was incorporated as "Infosys Consultants Pvt Ltd.", with Raghavan's
house in Model Colony, north-central Pune as the registered office.
In 1982, Infosys opened an office in Bangalore which soon became its
headquarters.
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Infosys went public in 1993. Interestingly, Infosys IPO was

undersubscribed but it was "bailed out" by US investment banker
Morgan Stanley which picked up 13% of equity at the offer price of Rs.
95 per share. The share price surged to Rs. 8,100 by 1999 making it the
costliest share on the market at the time. At that time, Infosys was
among the 20 biggest companies by market capitalization on the Nasdaq
well ahead of Adobe Systems, Novell and Lycos.
According to Forbes magazine, since listing on the Bombay Stock
Exchange till the year 2000, Infosys' sales and earnings compounded at
more than 70% a year. In the year 2000, President of the United States
Bill Clinton complimented India on its achievements in high technology
areas citing the example of Infosys.
In 2001, it was rated Best Employer in India by Business Today. Infosys
won the Global MAKE (Most Admired Knowledge Enterprises) award,
for the years 2003, 2004 and 2005, being the only Indian company to
win this award and is inducted into the Global Hall of Fame for the
same.
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Infosys was rated best employer to work for in 2000, 2001, and 2002 by
Hewitt Associates. In 2007, Infosys received over 1.3 million
applications and hired less than 3% of applicants.
BusinessWeek reported that Infosys, along with Wipro and Tata
accounted for nearly 80% of the [H-1B] visa petitions approved in 2007
for the top 10 participants in the program.
In April 2009, Forbes rated Infosys among the 5 best performing
companies in the software and services sector in the world.
In 2009, Infosys was considered one of the BusinessWeek's 50 Most
Innovative Companies.
From December 2008 till April 2009, Infosys has fired over 2500
employees on account of bad performance. The company has been hit
hard by lower revenue from a crisis hit European and North American
market. On Aril 15, 2009 Infosys reported its first ever sequential fall in
its revenue in a decade during the March 2009 quarter.
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Infosys serves various industries through its Industrial Business Units

(IBU), such as:
Banking & Capital Markets (BCM)

Communications, Media and Entertainment (CME)
Energy, Utilities and Services (EUS)
Insurance, Healthcare and Life Sciences (IHL)
Manufacturing (MFG)
Retail, Consumer Product Goods and Logistics (RETL)
New Markets and Services (NMS) : Non US and Non European
markets, SaaS, Learning Services
India Business Unit (IND)
In addition to these, there are Horizontal Business Units (HBUs)
Consulting (CS)
Enterprise Solutions (ES): ERP, CRM, HCM, SCM, BI/DW,
BPM-EAI
Infrastructure Management Services (IMS)
Product Engineering and Validation Services (PEVS)
Systems Integration (SI)
Finacle : Core Banking Product
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Management - Infosys
Name
Designation
N R Narayana Murthy
Chairman & Chief Mentor
S Gopalakrishnan
Managing Director & CEO
Deepak M Satwalekar
Independent Director
Omkar Goswami
Claude Smadja
David L Boyles
K Dinesh
Director
Srinath Batni
Director
Name
Designation
Nandan M Nilekani
Co-Chairman
S D Shibulal
Director & COO
Marti G Subrahmanyam
Rama Bijapurkar
Sridar A Iyengar
Jeffrey S Lehman
T V Mohandas Pai
Director
Kundapur Vaman Kamath
Additional Director
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Listing Details - Infosys Technologies

Key Dates
Year Ending Month
AGM Date (Month)
Book Closure Date (Month)
Mar
Jun
Jun
Listing Information
Face Value Of Equity Shares
Market Lot Of Equity Shares
BSE Code
NSE Code
BSE Group
5
1
500209
INFOSYSTCH
A
Whether The Company Forms A Part Of The Following Indices Sensex

Nifty
BSE-100
BSE-200
S&P CNX 500
CNX Midcap
CNX FMCG
Yes
Yes
Yes
Yes
Yes
No
No
Listing On
Listed On
The Stock Exchange, Mumbai,

National Stock Exchange of India Ltd.,
NASDAQ Stock Exchange
Source : Religare Technova

Table 1
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Infosys Technologies
Capital Structure
Period
From
To
2008
2009
2007
Instrument
--- CAPITAL (Rs. cr) ---
-PAIDUP-
Authorised
Issued
Shares (nos)
Face Value
Capital
Equity Share
214.75
214.75
572830043
214.75
2008
Equity Share
214.75
214.75
571995758
214.75
2006
2007
Equity Share
214.75
214.75
571209862
214.75
2005
2006
Equity Share
150
137.78
275554980
137.78
2004
2005
Equity Share
150
135.29
270570549
135.29
2003
2004
Equity Share
50
33.32
66641056
33.32
2002
2003
Equity Share
50
33.12
66243078
33.12
2001
2002
Equity Share
50
33.09
66186130
33.09
2000
2001
Equity Share
50
33.08
66158117
33.08
1999
2000
Equity Share
50
33.08
66150700
33.08
1998
1999
Equity Share
50
33.07
33069400
10
33.07
1997
1998
Equity Share
30
16.02
16017200
10
16.02
1996
1997
Equity Share
10
7.26
7259600
10
7.26
1995
1996
Equity Share
10
7.26
7258600
10
7.26
1994
1995
Equity Share
10
7.26
7258600
10
7.26
1993
1994
Equity Share
3.35
3352100
10
3.35
1992
1993
Equity Share
1.98
1976100
10
1.98
Table 2
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Share Holding Pattern

categories (Promoter & Non Promters)
Shareholding as on :
Face Value
30/06/2009
5.00
No. Of
%
Shares
Holdin
g
31/03/2009
5.00
No. Of
%
Shares
Holdin
g
31/12/2008
5.00
No. Of
%
Shares
Holdin
g
PROMOTER'S HOLDING
Indian Promoters
Sub Total
94484978
94484978
16.49
16.49
94484978
94484978
16.49
16.49
94484978
94484978
16.50
16.50
NON PROMOTER'S HOLDING

Institutional Investors
Mutual Funds and
UTI
Banks Fin. Inst. and
Insurance
FII's
Sub Total
23826059
4.16
20519719
3.58
22620828
3.95
23671621
4.13
23801421
4.16
26785309
4.68
20433781
3
25183549
3
35.66
19966412
4
24398526
4
34.86
18893652
3
23834266
0
32.99
43.95
42.59
41.62
Other Investors
Private Corporate
Bodies
NRI's/OCB's/Foreig
n Others
Others
Sub Total
General Public
Grand Total
22579774
3.94
20085568
3.51
21334356
3.73
4956706
0.86
5105579
0.89
5204554
0.91
10757902
1
13511550
1
91623205
18.77
11243318
7
13762433
4
96735467
19.63
19.61
57305917
7
100.00
57283004
3
100.00
11227405
4
13881296
4
10100090
1
57264150
3
23.58
15.99
24.03
16.89
24.24
17.64
100.00
Table 3
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AGM/EGM DETAIL
Announcement
Date
15-04-2009
Purpose
15-04-2008
AGM
13-04-2007
AGM
11-10-2006
EGM
14-04-2006
AGM
Date
20-062009
14-062008
Book Closure
From
To
06-0620-062009
2009
31-0514-062008
2008
22-062007
07-112006
08-062007
-
22-062007
-
AGM
10-062006
27-052006
10-062006
14-04-2005
AGM
11-062005
03-062005
11-062005
22-11-2004
EGM
18-122004
13-04-2004
AGM
12-062004
28-052004
01-062004
Remarks
270% Dividend
545% Dividend
(Final Dividend
145% + Special
Dividend 400%)
130% Final
Dividend
To seek approval
for the Secondary
American
Depositary Share
Offering and
expects the Offering
to be completed
thereafter.
770% Dividend (Rs.
30/- for Silver
Jublee Special
Dividend and Rs
8.50/- for Final
Dividend)
Final dividend of
Rs. 6.50 per share
(130% on an equity
share par value Rs.
5/-).
To sponsor the issue
of American
Depository Shares
Final dividend of
Rs. 15/- per share
(300% on an equity
share par value Rs.
5/-) & Special onetime dividend of Rs.
100/- per share
(2000% on an
equity share par
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10-04-2003
AGM
14-062003
22-022003
30-052003
-
14-062003
-
28-01-2003
EGM
10-04-2002
AGM
AGM
08-062002
02-062001
27-052000
-
10-04-1998
AGM
16-10-1997
16-04-1997
AGM
AGM
24-052002
16-052001
16-052000
04-061999
19-051998
28-051997
08-062002
02-062001
27-052000
12-061999
30-051998
07-061997
11-04-2001
AGM
10-04-2000
AGM
20-04-1999
value of Rs. 5/-)

(Revised)
AGM & Dividend
290%
To consider and
approve the
resolutions in
connection with the
Company's
sponsored American
Depository Shares
Offering.
Final Dividend
250%
AGM & Dividend
Revised from
23/5/97

Table 4
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Dividends Declared
Announcement
Date
15-04-09
25-09-08
15-04-08
Effective
Date
04-06-09
16-10-08
29-05-08
Dividend
Type
Final
Interim
Final
Dividend
(%)
270.00
200.00
545.00
26-09-07
13-04-07
28-09-06
14-04-06
18-10-07
06-06-07
19-10-06
25-05-06
Interim
Final
Interim
Final
120.00
130.00
100.00
770.00
23-09-05
14-04-05
17-10-05
01-06-05
Interim
Final
130.00
130.00
01-10-04
18-10-04
Interim
100.00
13-04-04
26-05-04
Final
2,300.00
Remarks
(Final Dividend 145% +
Special Dividend
400%)
AGM
Silver Jubilee special
dividend of Rs. 30 per
share (600% on par
value of Rs. 5 per
share) & final dividend
of Rs. 8.50/- per share
(170% on an equity
share par value Rs. 5/).
Final dividend of Rs.
6.50 per share (130%
on an equity share par
value Rs. 5/-).
(100% on a par value
of Rs.5/- per share)
Final dividend of Rs.
15/- per share (300%
on an equity share par
value Rs. 5/-) & Special
one-time dividend of
Rs. 100/- per share
(2000% on an equity
share par value of Rs.
5/-). (Revised)
Table 5
Bonus History
Announcement
Date
Bonus
Ratio
Record
Date
Ex-Bonus Date
- 24 -
14-04-2006
1:01
14-072006
13-07-2006
13-04-2004
3:01
2/7/2004
1/7/2004
25-01-1999
1:01
5/3/1999
8/2/1999
18-06-1997
1:01
12/9/1997
19-08-1997
30-06-1994
1:01
15-091994
19-08-1994
Table 6
Splits History
Announcement
Date
Old
FV
New
FV
Ex-Split Date
30-11-1999
10
5
24-01-2000
Table 7
Competition
Infosys
TCS
Wipro
HCL Tech
Last Market Cap.

Price
(Rs. cr.)
2,190.65 125,537.21
540.8 105,846.51
564.9
82,795.01
306.45
20,540.01
Sales Net Profit

Turnover
20,264.00
22,404.00
20,987.30
4,675.09
5,819.00
4,696.21
2,973.80
997.31
Total
Assets
17,809.00
13,486.62
17,528.90
3,465.91
- 25 -
Oracle
Financ
Mahindra
Satyam
Mphasis
Tech
Mahindra
Financial
Tech
Patni
Computer
1,752.45
14,680.17
2,212.62
695.71
2,812.65
113.9
13,388.96
8,137.28
1,715.74
7,381.31
561.75
916
11,737.29
11,163.06
1,451.55
4,357.76
264.51
986.65
1,173.90
1,880.90
1,547.25
7,099.35
334.32
368.6
1,868.83
423.2
5,421.48
1,550.45
389.15
2,522.94
Close
2,187.65
2,189.75
2,181.35
2,096.10
2,076.15
2,028.50
1,992.80
1,950.70
1,971.40
1,983.05
Volume
135,164
196,202
254,324
151,542
115,593
232,789
219,033
150,657
145,082
105,485
Table 8
Historical Price
Date
28-Aug-09
27-Aug-09
26-Aug-09
25-Aug-09
24-Aug-09
21-Aug-09
20-Aug-09
19-Aug-09
18-Aug-09
17-Aug-09
Open
2,185.00
2,180.00
2,105.00
2,068.00
2,041.00
1,993.05
1,970.40
1,985.00
1,974.95
2,015.00
high
2,199.00
2,202.70
2,188.00
2,104.00
2,082.40
2,036.15
1,995.00
1,988.00
1,999.00
2,018.70
low
2,142.50
2,121.20
2,098.00
2,041.00
2,041.00
1,972.00
1,955.05
1,936.00
1,957.00
1,971.25
- 26 -
14-Aug-09
12-Aug-09
11-Aug-09
10-Aug-09
7-Aug-09
6-Aug-09
5-Aug-09
4-Aug-09
31-Jul-09
30-Jul-09
29-Jul-09
28-Jul-09
27-Jul-09
24-Jul-09
23-Jul-09
22-Jul-09
21-Jul-09
20-Jul-09
17-Jul-09
16-Jul-09
15-Jul-09
14-Jul-09
13-Jul-09
10-Jul-09
9-Jul-09
8-Jul-09
7-Jul-09
3-Jul-09
2-Jul-09
1-Jul-09
30-Jun-09
29-Jun-09
26-Jun-09
25-Jun-09
24-Jun-09
23-Jun-09
22-Jun-09
19-Jun-09
18-Jun-09
17-Jun-09
16-Jun-09
15-Jun-09
12-Jun-09
11-Jun-09
10-Jun-09
9-Jun-09
8-Jun-09
5-Jun-09
4-Jun-09
3-Jun-09
2-Jun-09
2,060.00
2,080.00
2,085.00
2,052.00
2,025.00
2,098.00
2,050.55
2,080.25
2,031.00
1,980.90
1,980.90
2,043.00
2,005.00
1,985.00
1,947.00
1,972.00
2,025.00
1,880.00
1,817.00
1,800.00
1,819.00
1,780.00
1,720.00
1,635.00
1,708.00
1,725.00
1,770.00
1,780.00
1,785.00
1,776.80
1,785.05
1,820.20
1,770.00
1,780.00
1,751.10
1,699.00
1,775.00
1,725.00
1,710.00
1,740.00
1,702.00
1,724.95
1,766.00
1,854.00
1,790.00
1,720.00
1,700.00
1,644.80
1,650.00
1,699.00
1,685.00
2,064.00
2,080.00
2,109.00
2,113.00
2,056.00
2,100.00
2,105.00
2,100.00
2,076.95
2,018.70
1,997.70
2,043.00
2,043.90
2,011.00
1,976.00
1,972.00
2,025.00
1,994.00
1,873.00
1,820.00
1,819.00
1,814.40
1,774.45
1,767.00
1,712.00
1,733.00
1,775.00
1,810.00
1,800.00
1,812.90
1,799.00
1,830.00
1,838.70
1,797.70
1,773.90
1,770.00
1,790.00
1,785.00
1,760.00
1,744.70
1,733.75
1,775.00
1,775.00
1,854.00
1,836.00
1,800.00
1,745.00
1,705.00
1,650.00
1,705.00
1,706.80
2,026.05
2,000.00
2,055.00
2,050.05
2,015.00
2,040.00
2,050.55
2,022.00
2,021.10
1,980.90
1,950.00
1,968.25
1,996.30
1,982.35
1,935.00
1,895.00
1,925.05
1,870.10
1,801.00
1,770.80
1,759.20
1,751.10
1,710.00
1,635.00
1,670.00
1,688.00
1,726.00
1,750.00
1,765.00
1,771.05
1,760.00
1,772.55
1,752.35
1,746.05
1,722.20
1,699.00
1,749.15
1,720.00
1,694.00
1,672.00
1,685.35
1,690.00
1,717.00
1,727.15
1,762.05
1,720.00
1,681.00
1,633.30
1,602.00
1,622.00
1,625.00
2,039.85
2,042.75
2,081.65
2,086.80
2,041.90
2,054.60
2,094.55
2,043.65
2,063.90
2,010.40
1,983.75
1,994.75
2,025.30
2,003.35
1,959.85
1,919.20
1,943.10
1,972.70
1,867.00
1,795.10
1,790.95
1,806.35
1,767.95
1,726.50
1,676.75
1,705.70
1,739.20
1,800.90
1,795.90
1,796.70
1,776.90
1,783.75
1,826.75
1,757.75
1,759.15
1,746.05
1,765.75
1,771.10
1,721.45
1,710.50
1,724.15
1,720.35
1,727.95
1,751.55
1,803.25
1,795.55
1,733.20
1,690.55
1,627.00
1,645.90
1,682.30
63,697
70,493
123,870
225,757
79,732
105,279
163,504
108,625
301,664
274,570
106,921
128,343
143,672
213,339
968,738
201,311
121,109
568,944
241,070
215,929
196,349
210,388
205,279
596,974
201,347
225,767
144,282
111,967
76,312
99,230
115,372
136,266
216,841
97,423
109,492
178,176
99,748
147,777
166,085
159,038
83,072
143,796
92,751
146,476
289,306
226,449
233,892
217,181
284,876
185,019
148,771
- 27 -
1-Jun-09
29-May-09
28-May-09
27-May-09
26-May-09
25-May-09
22-May-09
21-May-09
20-May-09
19-May-09
18-May-09
15-May-09
14-May-09
13-May-09
12-May-09
11-May-09
8-May-09
7-May-09
6-May-09
5-May-09
4-May-09
1-May-09
30-Apr-09
29-Apr-09
28-Apr-09
27-Apr-09
24-Apr-09
23-Apr-09
22-Apr-09
21-Apr-09
20-Apr-09
17-Apr-09
16-Apr-09
15-Apr-09
14-Apr-09
13-Apr-09
10-Apr-09
9-Apr-09
8-Apr-09
7-Apr-09
6-Apr-09
3-Apr-09
2-Apr-09
1-Apr-09
31-Mar-09
30-Mar-09
27-Mar-09
26-Mar-09
25-Mar-09
24-Mar-09
23-Mar-09
1,605.00
1,600.00
1,599.00
1,628.70
1,515.00
1,520.00
1,499.00
1,540.00
1,547.00
1,810.00
1,752.00
1,580.00
1,539.95
1,588.00
1,500.00
1,529.00
1,542.00
1,575.00
1,568.00
1,602.00
1,515.00
1,507.30
1,507.30
1,440.00
1,418.00
1,430.00
1,440.00
1,380.00
1,375.00
1,380.00
1,394.00
1,365.00
1,380.00
1,351.50
1,409.10
1,426.00
1,426.45
1,433.00
1,385.00
1,414.45
1,425.00
1,420.40
1,379.00
1,326.00
1,306.00
1,335.00
1,398.00
1,341.00
1,320.00
1,345.00
1,300.00
1,685.00
1,614.70
1,625.00
1,628.70
1,558.00
1,536.00
1,525.00
1,557.90
1,608.00
1,830.00
1,810.00
1,604.90
1,586.90
1,598.80
1,605.00
1,538.00
1,571.90
1,581.00
1,606.80
1,635.00
1,635.00
1,507.30
1,507.30
1,514.90
1,468.85
1,450.00
1,454.90
1,460.00
1,385.00
1,390.00
1,409.70
1,420.80
1,400.00
1,382.00
1,409.10
1,464.00
1,426.45
1,447.00
1,428.90
1,414.45
1,457.00
1,420.40
1,433.70
1,384.00
1,340.00
1,335.00
1,398.00
1,394.70
1,349.40
1,359.30
1,340.05
1,605.00
1,579.80
1,561.00
1,555.05
1,502.00
1,491.00
1,485.05
1,495.00
1,518.20
1,555.00
1,694.00
1,565.00
1,533.60
1,558.00
1,500.00
1,495.35
1,503.00
1,532.45
1,549.25
1,542.60
1,490.00
1,507.30
1,507.30
1,433.10
1,417.35
1,417.10
1,405.00
1,380.00
1,356.15
1,354.00
1,373.20
1,353.00
1,322.90
1,300.05
1,409.10
1,378.05
1,426.45
1,398.00
1,356.45
1,414.45
1,275.00
1,420.40
1,370.00
1,303.00
1,300.05
1,288.00
1,330.00
1,341.00
1,310.00
1,310.20
1,300.00
1,676.85
1,602.00
1,575.80
1,584.60
1,543.20
1,507.95
1,519.40
1,502.65
1,534.10
1,563.75
1,750.20
1,594.30
1,566.15
1,573.85
1,597.95
1,514.50
1,521.40
1,554.70
1,568.15
1,582.95
1,629.25
1,507.30
1,507.30
1,507.30
1,431.55
1,432.60
1,448.60
1,449.85
1,379.35
1,363.50
1,392.25
1,393.10
1,341.30
1,370.80
1,409.10
1,409.10
1,426.45
1,426.45
1,421.80
1,414.45
1,414.45
1,420.40
1,420.40
1,375.50
1,324.10
1,297.85
1,346.75
1,380.65
1,339.60
1,322.95
1,330.70
232,541
185,002
190,687
159,795
215,686
186,223
230,803
247,417
406,895
555,449
5,215
131,931
86,225
136,811
258,195
81,390
184,106
173,188
235,182
310,055
347,337
0
0
272,711
180,590
112,687
194,515
259,815
156,428
80,789
175,184
330,293
515,882
777,437
0
195,998
0
187,237
171,175
0
266,905
0
255,154
128,175
128,741
138,585
279,514
420,164
234,164
185,492
152,103
- 28 -
20-Mar-09
19-Mar-09
18-Mar-09
17-Mar-09
16-Mar-09
13-Mar-09
12-Mar-09
9-Mar-09
6-Mar-09
5-Mar-09
4-Mar-09
3-Mar-09
2-Mar-09
27-Feb-09
26-Feb-09
25-Feb-09
24-Feb-09
20-Feb-09
19-Feb-09
18-Feb-09
17-Feb-09
16-Feb-09
13-Feb-09
12-Feb-09
11-Feb-09
10-Feb-09
9-Feb-09
6-Feb-09
5-Feb-09
4-Feb-09
3-Feb-09
2-Feb-09
30-Jan-09
29-Jan-09
28-Jan-09
27-Jan-09
23-Jan-09
22-Jan-09
Table 9
1,299.00
1,284.00
1,278.00
1,280.00
1,305.10
1,242.00
1,215.00
1,216.00
1,170.00
1,213.50
1,201.50
1,214.90
1,211.30
1,236.00
1,216.00
1,190.20
1,160.00
1,200.00
1,185.00
1,170.00
1,201.00
1,255.00
1,261.00
1,271.00
1,300.00
1,315.00
1,295.00
1,260.00
1,282.00
1,282.40
1,284.00
1,293.00
1,300.00
1,300.00
1,252.00
1,219.00
1,229.55
1,223.20
1,300.00
1,311.00
1,301.70
1,289.00
1,305.10
1,300.00
1,253.70
1,219.45
1,238.00
1,213.50
1,215.50
1,214.90
1,229.00
1,239.70
1,240.00
1,224.00
1,191.05
1,204.00
1,213.00
1,189.50
1,217.85
1,260.60
1,275.00
1,299.90
1,305.00
1,324.95
1,315.00
1,294.00
1,291.00
1,307.25
1,300.00
1,298.00
1,312.00
1,318.70
1,296.10
1,260.00
1,235.05
1,238.90
1,281.00
1,282.35
1,267.00
1,257.50
1,269.00
1,242.00
1,215.00
1,191.00
1,168.00
1,176.15
1,181.10
1,190.35
1,190.00
1,202.35
1,200.55
1,190.20
1,146.40
1,163.40
1,172.00
1,161.00
1,168.80
1,215.05
1,246.20
1,252.00
1,276.65
1,292.70
1,289.00
1,247.00
1,238.10
1,279.00
1,262.00
1,267.05
1,285.00
1,288.50
1,252.00
1,219.00
1,191.25
1,203.25
1,297.35
1,295.85
1,277.45
1,265.55
1,288.25
1,296.35
1,227.15
1,196.75
1,219.20
1,182.80
1,197.90
1,197.60
1,218.75
1,231.30
1,236.35
1,216.25
1,184.10
1,178.45
1,208.20
1,178.75
1,177.65
1,221.55
1,254.70
1,258.35
1,302.55
1,307.35
1,309.85
1,287.20
1,260.00
1,282.95
1,282.40
1,278.80
1,305.50
1,309.65
1,285.20
1,251.80
1,203.95
1,229.55
150,381
255,483
203,116
156,103
179,013
314,600
251,868
192,632
276,167
96,822
251,167
152,120
179,824
118,667
193,553
229,412
122,876
176,964
220,078
419,019
245,812
257,359
145,250
218,725
181,019
277,234
279,800
198,522
257,596
118,204
119,795
414,598
253,496
439,900
160,022
283,833
527,790
210,851
Monthly Report
Price Behavior From March,09 Aug 2009
- 29 -
Figure 1
During May 2009
Resistance
Support
Figure 2
1st June 30th June +174.9 (10.92%)

Resistance
Support
Figure 3
1st July 31st July, 2009 +287 (16.15%)
- 30 -
Resistance
Support
Figure 4
August 4, 2009 August 28, 2009
+ 123.75 (6%)
Resistance
Support
Figure 5
Difference between opening and closing
sl no.
Date
1
2
3
4
5
28-Aug-09
27-Aug-09
26-Aug-09
25-Aug-09
24-Aug-09
Open
2,185.00
2,180.00
2,105.00
2,068.00
2,041.00
Close
2,187.65
2,189.75
2,181.35
2,096.10
2,076.15
Original
Chang in
price
2.65
9.75
76.35
28.1
35.15
%chang in
price
0.121281
0.447248
3.627078
1.358801
1.722195
- 31 -
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
21-Aug-09
20-Aug-09
19-Aug-09
18-Aug-09
17-Aug-09
14-Aug-09
12-Aug-09
11-Aug-09
10-Aug-09
7-Aug-09
6-Aug-09
5-Aug-09
4-Aug-09
31-Jul-09
30-Jul-09
29-Jul-09
28-Jul-09
27-Jul-09
24-Jul-09
23-Jul-09
22-Jul-09
21-Jul-09
20-Jul-09
17-Jul-09
16-Jul-09
15-Jul-09
14-Jul-09
13-Jul-09
10-Jul-09
9-Jul-09
8-Jul-09
7-Jul-09
3-Jul-09
2-Jul-09
1-Jul-09
30-Jun-09
29-Jun-09
26-Jun-09
25-Jun-09
24-Jun-09
23-Jun-09
22-Jun-09
19-Jun-09
18-Jun-09
17-Jun-09
16-Jun-09
15-Jun-09
12-Jun-09
11-Jun-09
10-Jun-09
9-Jun-09
1,993.05
1,970.40
1,985.00
1,974.95
2,015.00
2,060.00
2,080.00
2,085.00
2,052.00
2,025.00
2,098.00
2,050.55
2,080.25
2,031.00
1,980.90
1,980.90
2,043.00
2,005.00
1,985.00
1,947.00
1,972.00
2,025.00
1,880.00
1,817.00
1,800.00
1,819.00
1,780.00
1,720.00
1,635.00
1,708.00
1,725.00
1,770.00
1,780.00
1,785.00
1,776.80
1,785.05
1,820.20
1,770.00
1,780.00
1,751.10
1,699.00
1,775.00
1,725.00
1,710.00
1,740.00
1,702.00
1,724.95
1,766.00
1,854.00
1,790.00
1,720.00
2,028.50
1,992.80
1,950.70
1,971.40
1,983.05
2,039.85
2,042.75
2,081.65
2,086.80
2,041.90
2,054.60
2,094.55
2,043.65
2,063.90
2,010.40
1,983.75
1,994.75
2,025.30
2,003.35
1,959.85
1,919.20
1,943.10
1,972.70
1,867.00
1,795.10
1,790.95
1,806.35
1,767.95
1,726.50
1,676.75
1,705.70
1,739.20
1,800.90
1,795.90
1,796.70
1,776.90
1,783.75
1,826.75
1,757.75
1,759.15
1,746.05
1,765.75
1,771.10
1,721.45
1,710.50
1,724.15
1,720.35
1,727.95
1,751.55
1,803.25
1,795.55
35.45
22.4
-34.3
-3.55
-31.95
-20.15
-37.25
-3.35
34.8
16.9
-43.4
44
-36.6
32.9
29.5
2.85
-48.25
20.3
18.35
12.85
-52.8
-81.9
92.7
50
-4.9
-28.05
26.35
47.95
91.5
-31.25
-19.3
-30.8
20.9
10.9
19.9
-8.15
-36.45
56.75
-22.25
8.05
47.05
-9.25
46.1
11.45
-29.5
22.15
-4.6
-38.05
-102.45
13.25
75.55
1.778681
1.136825
-1.72796
-0.17975
-1.58561
-0.97816
-1.79087
-0.16067
1.695906
0.834568
-2.06864
2.145766
-1.7594
1.619892
1.489222
0.143874
-2.36172
1.012469
0.924433
0.65999
-2.67748
-4.04444
4.930851
2.751789
-0.27222
-1.54206
1.480337
2.787791
5.59633
-1.82963
-1.11884
-1.74011
1.174157
0.610644
1.119991
-0.45657
-2.00253
3.206215
-1.25
0.459711
2.769276
-0.52113
2.672464
0.669591
-1.6954
1.30141
-0.26667
-2.15459
-5.52589
0.740223
4.392442
- 32 -
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
8-Jun-09
5-Jun-09
4-Jun-09
3-Jun-09
2-Jun-09
1-Jun-09
29-May-09
28-May-09
27-May-09
26-May-09
25-May-09
22-May-09
21-May-09
20-May-09
19-May-09
18-May-09
15-May-09
14-May-09
13-May-09
12-May-09
11-May-09
8-May-09
7-May-09
6-May-09
5-May-09
4-May-09
1-May-09
30-Apr-09
29-Apr-09
28-Apr-09
27-Apr-09
24-Apr-09
23-Apr-09
22-Apr-09
21-Apr-09
20-Apr-09
17-Apr-09
16-Apr-09
15-Apr-09
14-Apr-09
13-Apr-09
10-Apr-09
9-Apr-09
8-Apr-09
7-Apr-09
6-Apr-09
3-Apr-09
2-Apr-09
1-Apr-09
31-Mar-09
30-Mar-09
1,700.00
1,644.80
1,650.00
1,699.00
1,685.00
1,605.00
1,600.00
1,599.00
1,628.70
1,515.00
1,520.00
1,499.00
1,540.00
1,547.00
1,810.00
1,752.00
1,580.00
1,539.95
1,588.00
1,500.00
1,529.00
1,542.00
1,575.00
1,568.00
1,602.00
1,515.00
1,507.30
1,507.30
1,440.00
1,418.00
1,430.00
1,440.00
1,380.00
1,375.00
1,380.00
1,394.00
1,365.00
1,380.00
1,351.50
1,409.10
1,426.00
1,426.45
1,433.00
1,385.00
1,414.45
1,425.00
1,420.40
1,379.00
1,326.00
1,306.00
1,335.00
1,733.20
1,690.55
1,627.00
1,645.90
1,682.30
1,676.85
1,602.00
1,575.80
1,584.60
1,543.20
1,507.95
1,519.40
1,502.65
1,534.10
1,563.75
1,750.20
1,594.30
1,566.15
1,573.85
1,597.95
1,514.50
1,521.40
1,554.70
1,568.15
1,582.95
1,629.25
1,507.30
1,507.30
1,507.30
1,431.55
1,432.60
1,448.60
1,449.85
1,379.35
1,363.50
1,392.25
1,393.10
1,341.30
1,370.80
1,409.10
1,409.10
1,426.45
1,426.45
1,421.80
1,414.45
1,414.45
1,420.40
1,420.40
1,375.50
1,324.10
1,297.85
33.2
45.75
-23
-53.1
-2.7
71.85
2
-23.2
-44.1
28.2
-12.05
20.4
-37.35
-12.9
-246.25
-1.8
14.3
26.2
-14.15
97.95
-14.5
-20.6
-20.3
0.15
-19.05
114.25
0
0
67.3
13.55
2.6
8.6
69.85
4.35
-16.5
-1.75
28.1
-38.7
19.3
0
-16.9
0
-6.55
36.8
0
-10.55
0
41.4
49.5
18.1
-37.15
1.952941
2.781493
-1.39394
-3.12537
-0.16024
4.476636
0.125
-1.45091
-2.70768
1.861386
-0.79276
1.360907
-2.42532
-0.83387
-13.605
-0.10274
0.905063
1.701354
-0.89106
6.53
-0.94833
-1.33593
-1.28889
0.009566
-1.18914
7.541254
0
0
4.673611
0.955571
0.181818
0.597222
5.061594
0.316364
-1.19565
-0.12554
2.058608
-2.80435
1.428043
0
-1.18513
0
-0.45708
2.65704
0
-0.74035
0
3.002175
3.733032
1.385911
-2.78277
- 33 -
108
109
110
111
112
113
114
115
116
117
118
119
120
27-Mar-09
26-Mar-09
25-Mar-09
24-Mar-09
23-Mar-09
20-Mar-09
19-Mar-09
18-Mar-09
17-Mar-09
16-Mar-09
13-Mar-09
12-Mar-09
9-Mar-09
1,398.00
1,341.00
1,320.00
1,345.00
1,300.00
1,299.00
1,284.00
1,278.00
1,280.00
1,305.10
1,242.00
1,215.00
1,216.00
1,346.75
1,380.65
1,339.60
1,322.95
1,330.70
1,297.35
1,295.85
1,277.45
1,265.55
1,288.25
1,296.35
1,227.15
1,196.75
Total
Average
-51.25
39.65
19.6
-22.05
30.7
-1.65
11.85
-0.55
-14.45
-16.85
54.35
12.15
-19.25
487.15
-3.66595
2.956749
1.484848
-1.63941
2.361538
-0.12702
0.922897
-0.04304
-1.12891
-1.29109
4.376006
1
-1.58306
Table 10
Opening V/S Closing
- 34 -
8/
24
/
8/
17
/
8/
10
/

20
09
20
09
20
09
00
9
20
09
20
09
20
09
8/
3/
2
7/
27
/
7/
20
/
7/
13
/
00
9
20
09
20
09
20
09
7/
6/
2
6/
29
/
6/
22
/
00
9
00
9
20
09
20
09
6/
8/
2
6/
15
/
00
9
20
09
6/
1/
2
5/
25
/
5/
18
/
5/
11
/
5/
4/
2
Price
28
-A
u
25 g-0
-A 9
u
20 g-0
-A 9
u
17 g-0
-A 9
u
11 g-0
-A 9
ug
6- -09
Au
g
31 -09
-J
u
28 l-09
-J
u
23 l-09
-J
u
20 l-09
-J
u
15 l-09
-J
u
10 l-09
-J
ul
7- 09
Ju
l-0
19
Ju
26 l-0
-J 9
u
23 n-0
-J 9
u
18 n-0
-J 9
u
15 n-0
-J 9
u
10 n-0
-J 9
un
5- -09
Ju
n
2- -09
Ju
28 n-0
-M 9
25 ay-0
-M 9
20 ay-0
-M 9
a
15 y-0
-M 9
12 ay-0
-M 9
a
7- y-0
M 9
ay
4- -09
M
ay
-0
9
Price
Opening and Closing
2,500.00
2,000.00
1,500.00
Open
Close
1,000.00
500.00
0.00
Date
Volume
1,200,000
1,000,000
800,000
600,000
Volume
400,000
200,000
Date
Figure 6
Interpretation
- 35 -
On an average the difference between opening and closing price is Rs.5. However it moves
between 25-50. The highest difference has been +114 on 4 may 2009, -246 on 19 may 2009, 102 on 11th June 2009. Looking at volume and price charts it is clear that on 19th of may volume
was high but change in price was negative it reveals that there was selling pressure in the
market.
Open V/s High
- 36 -
Open Vs High
2,500.00
2,000.00
Price
1,500.00
High
Open
1,000.00
500.00
20
09
20
09
8/
24
/
20
09
8/
17
/
00
9
8/
10
/
8/
3/
2
20
09
20
09
7/
27
/
20
09
7/
20
/
00
9
7/
13
/
7/
6/
2
20
09
20
09
6/
29
/
20
09
6/
15
/
6/
22
/
00
9
00
9
6/
8/
2
6/
1/
2
20
09
20
09
5/
25
/
20
09
5/
18
/
5/
11
/
5/
4/
2
00
9
0.00
Date
Volume
1,200,000
1,000,000
Price
800,000
600,000
Volume
400,000
200,000
9
/2
0
0
9
/2
0
0
8
/1
7
8
/2
4
9
/2
0
0
8
/1
0
0
0
9
8
/3
/2
9
/2
0
0
9
/2
0
0
7
/2
0
7
/2
7
9
/2
0
0
7
/1
3
0
0
9
7
/6
/2
9
6
/2
9
/2
0
0
9
/2
0
0
/2
0
0
0
0
9
9
6
/2
2
6
/1
5
6
/8
/2
0
0
9
6
/1
/2
9
5
/2
5
/2
0
0
9
5
/1
8
/2
0
0
9
/2
0
0
5
/1
1
5
/4
/2
0
0
9
Date
Figure 7
On an average difference between opening and high is Rs. 35 and the major change was 120,on
4th may, 105 12th may, 132 10th July, and 120 on 20th July. If we closely look at the chart or
difference between high and low than it is clear from data or chart that it moves in the range of
20-25.
Opening V/S Low
- 37 -
Opening Vs low
2,500.00
2,000.00
Price
1,500.00
Open
low
1,000.00
500.00
20
09
20
09
8/
24
/
8/
17
/
20
09
00
9
8/
10
/
8/
3/
2
20
09
20
09
7/
27
/
20
09
7/
20
/
00
9
7/
13
/
7/
6/
2
20
09
20
09
6/
29
/
6/
22
/
6/
15
/
20
09
00
9
00
9
6/
8/
2
6/
1/
2
20
09
20
09
5/
25
/
20
09
5/
18
/
5/
11
/
5/
4/
2
00
9
0.00
Date
Volume
1,200,000
1,000,000
Price
800,000
600,000
Volume
400,000
200,000
9
/2
0
0
9
/2
0
0
8
/1
7
8
/2
4
9
/2
0
0
8
/1
0
0
0
9
8
/3
/2
9
/2
0
0
9
/2
0
0
7
/2
0
7
/2
7
9
/2
0
0
7
/1
3
0
0
9
7
/6
/2
6
/2
9
/2
0
0
9
/2
0
0
/2
0
0
9
6
/2
2
0
0
9
6
/1
5
6
/8
/2
0
0
9
6
/1
/2
5
/2
5
/2
0
0
9
5
/1
8
/2
0
0
9
/2
0
0
5
/1
1
5
/4
/2
0
0
9
Date
Figure 8
Interpretation
On an average the Infosys technology goes low Rs.35, however the highest difference (openingClosing) was Rs 255 on 19 may 2009, 126 on 11th June, 99.95 on 21 July. but it may go low in
the range of 10-30.
Sensex V/s. Infosys

- 38 -
Sensex
Infosys
- 39 -
Figure 9
Comparing Infosys chart with Sensex reveals another positive aspect of the stock. If we
look at the Sensex chart, it must notice that around July Sensex made lowest point while
Infosys did not breach even its June low which itself is higher than its May 2009 low. That
shows that Infosys was doing relatively batter than the general market.
- 40 -
Price Volume Action

Good Price Volume Action
Figure 10
Interpretation
Looking at the chart closely reveals that the stock more often than not rose on brisk trade.
On down days, stock eased on low volume. That's a good sign that indicates that big
institutional investors were not dumping the stock during the downturn. The support from
big investors and institutions is a must if stock is to make big moves upward.
- 41 -
Tools Used for Technical Analysis

Bollinger Bands
Overview
Bollinger Bands are similar to moving average envelopes. The difference between Bollinger Bands and envelopes is
envelopes are plotted at a fixed percentage above and below a moving average, whereas Bollinger Bands are plotted
at standard deviation levels above and below a moving average. Since standard deviation is a measure of volatility,
the bands are self-adjusting: widening during volatile markets and contracting during calmer periods.
Bollinger Bands were created by John Bollinger.
Purpose
The purpose of Bollinger Bands is to provide a relative definition of high and low. By
definition, prices are high at the upper band and low at the lower band. This definition can
aid in rigorous pattern recognition and is useful in comparing price action to the action of
indicators to arrive at systematic trading decisions
Figure 11
- 42 -
Figure 12
Figure 13
Interpretation
When the bands lie close together a period of low volatility in stock price is indicated. When
they are far apart a period of high volatility in price is indicated. When the bands have only a
slight slope and lie approximately parallel for an extended time the price of a stock will be found
to oscillate up and down between the bands as though in a channel.
Mr. Bollinger notes the following characteristics of Bollinger Bands.
Sharp price changes tend to occur after the bands tighten, as volatility lessens.
When prices move outside the bands, a continuation of the current trend is implied.
Bottoms and tops made outside the bands followed by bottoms and tops made inside the bands
call for reversals in the trend.
- 43 -
A move that originates at one band tends to go all the way to the other band. This observation is useful
when projecting price targets.
Looking closely at chart reveals that July August has been high volatility period and the
same will be in September-October. Because if we look at chart on September 2 2009 the
band tighten in the last hour it reveals that sharp change will be in next day.
Moving Average
Overview
A Moving Average is an indicator that shows the average value of a security's price over a period of
time. When calculating a moving average, a mathematical analysis of the security's average value over
a predetermined time period is made. As the security's price changes, its average price moves up or
down.
Figure 14
- 44 -
Figure 15
Interpretation
The most popular method of interpreting a moving average is to compare the relationship between a
moving average of the security's price with the security's price itself. A buy signal is generated when the
security's price rises above its moving average and a sell signal is generated when the security's price
falls below its moving average.
In this case looking at charts it can be say that one can buy the stock because price rise above
its moving average in both the chart.
- 45 -
MACD
Overview
The MACD ("Moving Average Convergence/Divergence") is a trend following momentum indicator that
shows the relationship between two moving averages of prices. The MACD was developed by Gerald
Appel, publisher of Systems and Forecasts.
The MACD is the difference between a 26-day and 12-day exponential moving average. A 9-day
exponential moving average, called the "signal" (or "trigger") line is plotted on top of the MACD to show
buy/sell opportunities. (Appel specifies exponential moving averages as percentages as explained on
page 170. Thus, he refers to these three moving averages as 7.5%, 15%, and 20% respectively.)
Figure 16
MACD
Signal line
- 46 -
Interpretation
The MACD proves most effective in wide-swinging trading markets. There are three
popular ways to use the MACD: crossovers, overbought/oversold, and divergences.
Since both the chart depict that MACD rise above its signal line, a buy signal
occurs. Means still one can buy this share. However it is likely that the security
price is overextending and will soon return to more realistic levels. Looking
closely at 1st chart in MACD is making new low in July while prices fails to reach
new low, means a bearish divergence occurs which can be seen in the next month.
- 47 -
Momentum
Overview
The Momentum indicator measures the amount that a security's price has changed over a given
time span.
Figure 17
Interpretation
Looking at chart closely reveals that in may 2009 momentum indicator reach
extremely high value and then turns down, the same condition is there during June
, July and in August it reach extremely low values , it depict that that a
continuation of the current trend will be in future
- 48 -
Moving average crossover (parameter 9 and 30)
Figure 18
(Parameter 20, 50)
Figure 19
- 49 -
Interpretation
The most popular method of interpreting a single moving average is to compare

the relationship between moving averages of the security's price with the security's
price itself.
In this case in the month of July shorter moving average cross above the
longer moving average means there was a buying opportunity and looking at
the chart it can be say that buying decision in July was not wrong and again it
is likely to cross. Means one can buy this share because price is likely to go
high in next month.
- 50 -
Infosys From 2000-2008
- 51 -
News and Analysis

Date
28Aug
27Aug
26Aug
Particular
Source
Narayana Murthy's daughter to tie know on Aug 29

A quite weding for IT Czar's Daughter
Akshata's Mehendi Over, reception on Saturday
Govt may fail to keep its word to wipro, Infosys
Infy rise on BP relation
BP Award Large Deal to infosys Technologies Ltd
Infosys, Tata sign Big deal with BP, Advantage to tata ?
IBM, Indian outsourcers win services deal from BP
Infosys Gets ouder from BP Group
Sensex Closes UP 81 Pts, Infosys Leads
25Aug
24Aug
23Aug
20
Augu
t
20
Agus
t
19Aug
19Aug
Stock Open Higher, Infosys, SBI lead
CIOL
Deccan Herald
Times Of India
Livemint
Market Intelligence
Centre
Reuters key
Development
Information week
Reuers
Wall Street Journal
Financial Express
Indian Shares Fall 0.8 pct, ICICI, Infosys drop (HCL Jumped 6 %0
Financial Express
Reuters key
Development
Infosys Outsourcing Unit Pursues Orders, Eyes Acquisitions
Wall Street Journal
Infosys BPO Partners US firm to proved Mortgage solution

Less cost, Less hassle, Less paper:Infosys launches Customer
communication Mgm portal for E
Business Standard
Stock to watch: Sterlite Industries, HDFC,NMDC, REC,Sun Pharma, Jet

Airwas, Infosys
PR-canada.net
Economics Times
Intra-Day Sell Infosys, ICICI Bank At
Sify
Reuters key
Development
Indian Shares fall 1.5 Pct, led by reliance

Narayana Murthy to join NPCI
Murthy to join NPCI Board as non-exe chairman
My news in
Mydigitalfc.com
MSN India
(Domain-B
after Nilekani, NRN to take up a government assignment

18Aug
Infosys looking for new billing modes to protect margins

Infosys Pushing result-based sales model
Tough time to continue for another quarter or two:Infosys
Infosys at the NASSCOM global engineering leadershi Summit 2009
Independent Research Firm Names Infosys Technologies as a leader in
SAP Implementation
17Aug
Infosys,Cognizant among world's 100 Fastest growing companies

Infosys,among world's 100 fastest growing Cos
Infosys,among world's 100 fastest growing Cos
Infosys is the most admired Indian Compan, WSJ survey
Economics Times
Daily news &
analysis
Hindu Business
Line
Newswire Today
PR-USA.net
Economics Times
Press Trust of India
Sify
Stock Watch
- 52 -
Infosys most admired

Infosys launches Communication Hub
Communication Portal Cuts Costs
16Aug
Indian IT Outsourcers Face Cloud computing challenge

Infosys has bid for over 10 govt deals
Indian tech company infosys to expand operation in NZ
Indian ADRs loss $ 1.44 bn in one week

Six in top 10 Club add rs 28000 cr in mcap
14Aug
Infosys posts growth but on track for drop in annual revene
Infosys most admired Indian Company : WSJ survey

Indian Shares fall 0.3 Pct, Infosys drop
13Aug
12Aug
11Aug
Infosys Prevails as Storm Brews in India's Tech Sector

Infosys Looks to China Outsourcing Market for growth
Indian outsourcer cultivating chinese clients
Infosys Demand evironment Better than it was
Infosys Executive: demand environment better than it was
Infosys seeing revival signs
Indian shares slip 0.4 pct, but buying reviving
Independent Research Firm Names Infosys Technologies as a leader in
SAP Implementation
Infosys Named leader in SAP implementation
Forrester Lauds Infosys as SAP leader
Infosys eyes Latin american acquisitions,wins Bancoombia as client
Sensex slides sharply, Nifty below 4500
RPT-FEATURE-Talent building key challenge for India firms
Talent building remains key challenge for Indian firms
Talent building remains key challenge for Indian firms
10Aug
9Aug
8Aug
Narayana Murthy mulls investment in green VC fund

Infy to use internships to attract more global talent
Narayana Murthy to invest in green VC fund
Andhra Caf
iTWire
ITBrief
Financial times
Financial express ,
Reuters
New Zealand
Herald
Fianancial
Express,Economics
Times,Siffy
Smart brief
Press Trust of
India, Economic
Times,Deccan
Herald
Reuters, financial
express
Wall Street Journal
CIO
IT World Canada
Wall Street Journal
EasyBourse.com
Times Of india
Reutes
PR Newswire
EFY Times
CIOL
ISI-Emerging
Markets
India Infoline.com
Reuters
Livemint
IBN Live.com
Stand out from the IT jobs crowd - top tips from Infosys
Infosys Technologies (INFY) Bullish Technical Alert Trend Up 65.1%
Sell Infosys Nirmal Bang
Business Standard
Rediff
Siliconindia.com
Computer
Weekly.com
comtex Smartrend
Top News
IT majors preparing strategy in line with revival of demand

Infy, Wipro set up units to tap Indian, foreign govt mkt
IT majors prepare strategy in line with revival of demand
Business Standard
Economics Times
Rediff
Infosys Inks Five-Year Deal with T-Mobile
itVARnews.net
- 53 -
7Aug
6Aug
5Aug
4Aug
3Aug
2Aug
31Jul
Infosys BPO wins T-Mobile UK contract

Infosys pursuing 12-15 deals in $1-b range
Infosys Technologies (INFY) PriceWatch Alert For 8/6/2009 - Covered Call
Risk Ranking Declines to 2 Keys
Infosys signs strategic agreement with Bancolombia
Infy deploys Finacle soln for Bancolombia bank
Colombian bank selects Infosys 'Finacle' soln
Infosys signs five-year deal with T-Mobile UK
T-Mobile UK inks 5-year deal with Infosys BPO to outsource finance
operations
Trading Markets
(press release)
Hindu Business
Line
Market Intelligence
Centre
Thaindian.com
CIOL
Indopia
Telecompaper
Wireless Fedration
'Infosys is pursuing $1-bn deals in this quarter'

July technology earnings highlights; INFY, INTC, TXN, AAPL, MSFT
Risk Ranking Improves to 3 Keys
Indian Stocks Rise, Erasing Earlier Losses; Infosys Gains
India's Infosys pursuing deals worth $1 billion
Infosys pursuing deals worth $1 bn
Infy, Wipro having second thoughts on Bengal plans
Markets open higher; Reliance Infra, Infosys surge
Markets open higher; Reliance Infra, Infosys surge
Sensex back to its winning ways
Stocks open higher; Reliance Infra, Infosys surge
Indian shares rise in early deals
Infosys Technologies (INFY) PriceWatch Alert With 6.18%
Downside Protection
Risk Ranking Declines to 2 Keys
Infosys Technologies Ltd.'s Infosys BPO Inks Five Year Deal With TMobile UK-Business Standard
Indian shares fall 0.6 pct; Bharti, ONGC drop
Infosys BPO unit wins 5-year deal from T-Mobile UK
Infosys BPO inks five-year deal with T-Mobile UK
Infy BPO bags 5-year T-Mobile UK deal
Dettol tops 'green brands' list
Infosys, Wipro among top 'green brands' in India
Infosys, Wipro in top Green brands
Intra-Day: Sell Infosys at 2115
Business Standard
Learning Markets
Market Intelligence
Centre
Bloomberg
Reuters
Financial Express
Economics Times
Mydigitalfc.com
Sify
Economics Times
Reuters
Market Intelligence
Centre
Market Intelligence
Centre
Reuters key
Development
Reuters
Reuters India
Business Standard
Times Of India
Rediff
CIOl
Times Of India
Sify
PREVIEW-Cognizant seen posting another solid quarter

Cognizant Tech's June quarter results will cheer IT investors
Infosys gets CISF security cover
In Economic Cloud, Infosys Sees a 'Green Lining'
F&O Outlook: Expect profit booking
Reuters
Livemint
Myiris.com
Network Computing
Business Standard
PR Web (press
release)
Market Intelligence
Centre
comtex Smartrend
Sify
Economics Times
Infosys Wins Best Outsourcing Partner in the 2009 Waters Rankings

Infosys Technologies (INFY) PriceWatch Alert Support Down To $41.41
Infosys Technologies (INFY) Bullish Technical Alert - Trend Up 62.1%
Infosys pays Rs 23-cr premium for Rs 10,000-cr cover
Govt support must to help IT achieve growth: Infosys
- 54 -
30Jul
29Jul
28Jul
Infosys Wins 10-Year E-Government Contract From Commerce Ministry

Indian ADRs Gain $7 Billion; Infosys Leads the Pack
Asian companies get anti-terrorism advice and aid
CISF to protect techies, not intrude on their private space
Infosys gets CISF cover
InternetNews.com
Economics Times
Business Standard
Nasscom Summit: HR of IT cos need to adapt to changes

Infosys believes growth picture will clear in a year
Infosys Technologies (INFY) PriceWatch Alert For 7/31/2009 - Covered
Call Risk Ranking Improves to 3 Keys
SABMiller Selects Infosys Technologies
Infosys to Improve SABMiller's Marketing Campaigns
SABMiller Chooses Infosys Technologies Limited To Conduct InStore Projects
Indian Outsourcing: Moving Past Economic Turmoil With A
Positive Quarter
Infosys eyeing Tier-II cities for expansion
Hindu
Business Standard
Market Intelligence
Centre
EFY Times
CXOToday.com
Reuters key
Development
Trading Markets
(press release)
Indopia
Hindu Business
Line
MSN India
(Domain-B
Financial Express
Reuters India
Infosys eyeing smaller cities for expansion

Infosys eyeing Tier II cities like Mysore, Kochi, Madurai
Stocks turn negative; ICICI, Infosys drag
BSE Sensex falls 0.7 pct; ICICI, Infosys drop
Morning: Sensex falls 0.7%; ICICI, Infosys drop
Infosys to bid for UID projects; nobody to succeed Nilekani
Transparency to be maintained on inking UIAI deal: Infosys
India tech stocks still a good play or overpriced?
27Jul
Top VARs Vie For $1 Billion IT Contract With BP

Infosys pips TCS, Wipro in filing patents
TCS, Infosys Patni await clarity on ABN Amro outsourcing
All change at ABN?
RBS yet to take a call on ABN's USD 500mn outsourcing contracts
Infosys Technologies (INFY) PriceWatch Alert Technicals Showing Bullish
Recession? TCS, Infosys, Wipro, HCL bag large outsourcing deals
Indian outsourcers using slump to get bigger
IT firms speed up patent filing
26Jul
25Jul
24Jul
23Jul
Indian Journal
Indian Journal
Indian ADRs gain $7 billion; Infosys leads the pack

52-Week High Companies: China Life Insurance Company, Infosys
Technologies, Archer Daniels Midland Company, Ford Motor Company,
The TJX Companies, and Starbucks Corp.
Tata Consultancy Services Ltd And Infosys Technologies Ltd. Vie For $1
Billion BP Deal-Reuters
Trading Markets
(press release)
Indopia
Reuters
Gerson Lehrman
group
Sify
Economics Times
Computing
ISI-Emerging
Markets
Market Intelligence
Centre
Economics Times
ZDNet Asia
Hindu Business
Line
Hindu, Economics
times, hindustan
Times
India's Outsourcers: Using the Slump to Get Bigger

Indian outsourcers vie for $1 bln BP deal-report
Indian outsourcers vie for US$1b BP deal
GuruFocus.com
Reuters key
Development
Business Week
Reuters
Business times
- 55 -
IT has not reduced strategic investment: Infosys

IT industry hasn't reduced strategic investment: Infosys
No cost-cutting in critical areas: Infy
Indian shares rise 0.2 pct; Maruti continues rally
22Jul
21Jul
20Jul
19Jul
17Jul
16Jul
15Jul
14Jul
13Jul
IT companies reconciling to pay more tax as STP exemption ends

The tough get going
Wipro's Q1 performance pales vs TCS, Infosys
Infosys bags railways' pilot project worth Rs.4 Crore
Infosys Technologies Ltd. Wins eBiz Project from Ministry of Commerce
and Industry
Infosys move is obvious in providing cautious view due to
market uncertainties
Liquid funds may now fetch less for companies
India's Infosys wins 10-year contract from govt
Infosys Gets 10-Year Outsourcing Order From India Government
Infosys bags ten-year govt e-biz project
Infosys Technologies Ltd. Wins Ten Year Contract From GovernmentReuters
Infosys BPO Bags Excellence Award for Diversity Hiring Initiatives
Infosys Opens First Philippine BPO Branch With Collaboration Platform
From Cisco
Infosys opens BPO branch in Philippines with Cisco
Infosys to get CISF cover soon
Infosys bags rlys' coach management project
Infosys bags Railways' coach management project
Infosys bags Railways' coach management project
(Subscription)
Economics Times
Business Standard
Times Of India
Reuters
Hindu Business
Line
Business Standard
Economics Times
Siliconindia.com
Reuters key
Development
Gerson Lehrman
group
Economics Times
Reuters
Wall Street Journal
Financial Express
Reuters key
Development
Webnewswire.com
SYS-CON Media
Telecompaper
India's Tata Consultancy Q1 net up; sees uncertainty
Deccan Herald
Business Standard
MSN India
Economics Times
Hindu Business
Line
Economics Times
Siliconindia.com
Itvoir
Trading Markets
(press release)
Alibaba News
Channel
Heard on the Street

Infy puts Rs 1,500cr in liquid MFs
Economics Times
Times of India
PR-canada.net
Infosys BPO receives award for diversity hiring initiatives

Amartya Sen to chair Infosys Foundation jury for social sciences
Consultant News
Thaindian.com
Nilekani: ID'ing the masses may solve Indian identity crisis

Oracle and Infosys jointly develop distribution offering
KRChoksey recommends to buy Infy, target of Rs.1824
Infosys Technologies nets $10-mn Intel pilot project
Earnings Preview: Q1FY10
MSN India
Trading Markets
(press release)
Siliconindia.com
Economics Times
Livemint
Infosys, Wipro get CISF cover
Business Standard
IT firms spend more on R&D to offer new services

Infosys Finacle bags two major deals
Infosys' Finacle signs two major deals
Infosys wins two major deals for direct banking solutions
Infosys Technologies (INFY) Bullish Technical Alert - Trend Up 44.4%
- 56 -
Infosys, Wipro to get CISF security cover

Infosys Q1 profit beats estimates
Sensex recovers partially led by Infosys, ITC

Infosys BPO bags award for diversity hiring initiatives
Stocks to Watch: TCS, Wipro, Infosys, NTC, RIL, Gammon India
12Jul
Domestic market key to revenue growth

Result Review: Infosys Technologies
After Finacle, Infy back with new, smaller products
Infosys' revenues from BT to shrink further
Q1 Shock or surprise?
Israeli cos in talks with TCS, Wipro, Infosys for IT deals
Corporate Round-up
11Jul
10Jul
8-Jul
7-Jul
6-Jul
1-Jul
30Jun
Economics Times
Livemint
Mydigitalfc.com
Hindu Business
Line
Mydigitalfc.com
Economics Times
Economics Times
Infosys Q1 net profit up 17% @ Rs1527 cr

Infosys sounds alert on lower FY10 income
Infosys Technologies Ltd.- Result Update by Nirmal Bang
Infosys climbs nearly 4 pc on Nasdaq
Infosys sees Q1 North America profits up 16%
Top Day Trader Alert Stocks (CIT, DELL, WDC, DDSS, INFY, ASML)
Infosys BPO eyes acquisition in US, Europe
Outsider may be the next chairman of Infosys: Murthy
9-Jul
Myiris.com
Budapest Business
Journal
India Infoline.com
Prdomain Business
register (press
Release)
Economics Times
Economics Times
Outsider may be the next chairman of Infosys: Murthy

Infosys looks to outbid rivals for UBS unit buy
Inflation Declines in India; Infosys Earnings
Indian shares post biggest weekly fall in 8 mths
Infosys 1Q Net +17%; Cuts This FY Rupee Outlook
Infosys Profit Beats Estimates; Wins Large Orders
IT biggies set to report decline in Q1 numbers
Infosys may revise dollar revenue guidance upward: Sharekhan
Movers roundup: Infosys, IntercontinentalExchange
Bearish option traders prep for Infosys (INFY) earnings
Options Update: Infosys (INFY) & Euro Currency Trust (FXE)
Infosys (INFY) July volatility at 64 into EPS and outlook
Choppy Indian shares end flat; Infosys, ICICI fall
Infosys faces bearish trade
Infosys Technologies Sets 1Q Earnings Release Date
To survive, IT sector will have to innovate
Infosys Technologies to declare Q1 results on July 10, 2009
Stocks to watch: GMR Infra, SBI, Reliance Power, TCS, Wipro, Infosys,
United Spirits, DLF, Ispat, HCL Tech
Infosys reverberates at TCS annual meeting
Utvi
Economics Times
Top News
Economics Times
Business News
Americas
24/7 Wall St
CIOL
Zee News
Reuter key
development
Economics Times
123 Jump.com
Reuters
Wall Street Journal
Bloomberg
Mydigitalfc.com
Economics Times
Forbes
StockHouse
The Option Insider
StreetInsider.com
Reuters
Option Monster
Research
Trading Markets
(press release)
Livemint
Equity Bulls
Economics Times
Daily news &
analysis
- 57 -
29Jun
28Jun
26Jul
25Jun
23Jun
20Jun
19Jun
18Jun
15Jun
14Jun
Infosys Technologies to Announce First Quarter Results on July 10, 2009

Infosys Tech to announce Q1 results on July 10
Market Watch
India Infoline.com
Indian ADRs add $4 bn to their kitty; Infosys gains $1 bn
Economics Times
Tax holidays must be extended: Infosys

IT majors vie for slice of UBS' offshoring contract
Utvi
Economics Times
ONGC to rope in Infosys for knowledge mgmt
Myiris.com
Infosys Says It Is Keen on Overseas Acquisitions

TCS, Infosys see signs of recovery on order flow
Infy shareholders assured on auditing
Business Week
Economics Times
Deccan Herald
Buy Infosys For Target Rs 1840: Ashwani Gujral

UBS AG Said To Be Looking At Sale Of Outsourcing Units To Indian IT
Companies Including Infosys Technologies Limited-DJ
Infosys' Cuts Carbon Footprint By 5%
Direct banking solution from Infosys
Infosys seeks nod for fresh issue of ADR
Stocks to watch: HDFC, HDFC Bank, Tata Communications, Hindalco,
Wockhardt, Infosys, Bharti
Infosys Files For Registration Of New Securities With SEC
Infosys Technologies Ltd.'s Infosys BPO Ltd. Gets Three Year $10 Million
Order From Microsoft-DJ
UBS in talks with Infosys, Wipro for sale of BPO, KPO units
Top News
Reuters key
Development
India Journal
Hindu
India Infoline.com
Infosys eyes buys in Mexico, Brazil to improve operations

Alberto Culver Company Bolsters Trade Promotion Efficacy With
Infosys Technologies
Infosys Technologies Introduces iTransform Product Suite, One of
Industry's ...
Finacle launches Direct Banking Solution to enable Rapid Global
Expansion and Customer Acquisition
Economics Times
Wall Street Journal
Reuters key
Development
Economics Times
Hindu Business
Line
Business wire
SYS-CON Media
Financial Express
Infosys BPO on the hunt for low-cost rural locations
Mydigitalfc.com
Trading Markets
(press release)
Infosys hopes huge business from Latin America

Avi Infosys, Dubai, receives ISO 9001:2008 Quality Management
System Certification
US recovery speeding up'
11Jun
Telstra Selects Infosys as a Key Strategic Partner

Infosys explores new engagement models
10Jun
9Jun
8Jun
Infosys hopes huge business from Latin America

Sell Infosys with stoploss of Rs 1830: Reliance Money
AME Info
Hindustan times
IT News Online
Computer Business
review
Economics Times
Economics Times
Sensex in India Surges 3%, Infosys, Satyam Rise

Telstra Awards Contracts To IBM, EDS, Infosys
Infosys BPO CEO: Expect FY Rev Growth Of Around 10%
Infy sets up domestic BPO operation
123Jumps.com
Wall Street Journal
Wall Street Journal
Business Standard
- 58 -
7Jun
6Jun
5Jun
3Jun
2Jun
Reuters key
Development
Business week
Economics Times
Indopia
Infosys Technologies Ltd. Plans To Set Up Unit In Brazil-DJ

Wal-Mart to Start Outsourcing More to India
Infosys plans to set up unit in Brazil
Infosys' energy utilisation 5 per cent lower in FY'09
India setting direction in use of IT in banking: Infosys
Indopia
Sensex Ends Near Ten-Month High
Wall Street Journal
IT exports from north grows 30% in FY'09, Infosys top exporter
Economics Times
Infosys invests Rs 63 crore in overseas subsidiaries

Infosys invests Rs 63-cr in loss-making subsidiaries
Mydigitalfc.com
Zee News
News Date and Impact

Ne
ws
Da
te
28Au
g09
27Au
g09
26Au
g09
25Au
g09
24Au
g09
23Au
g09
20Au
g09
19Au
g09
openclose
hig
hop
en
Open
high
low
Close
Volume
open-low
2,185.00
2,199.00
2,142.50
2,187.65
135,164
-2.65
14.
00
42.50
2,180.00
2,202.70
2,121.20
2,189.75
196,202
-9.75
22.
70
58.80
2,105.00
2,188.00
2,098.00
2,181.35
254,324
-76.35
83.
00
7.00
2,068.00
2,104.00
2,041.00
2,096.10
151,542
-28.10
36.
00
27.00
2,041.00
2,082.40
2,041.00
2,076.15
115,593
-35.15
41.
40
0.00
0.00
0.0
0
0.00
1,970.40
1,995.00
1,955.05
1,992.80
219,033
-22.40
24.
60
15.35
1,985.00
1,988.00
1,936.00
1,950.70
150,657
34.30
3.0
0
49.00
- 59 -
18Au
g09
17Au
g09
16Au
g09
14Au
g09
13Au
g09
12Au
g09
11Au
g09
10Au
g09
9Au
g09
8Au
g09
7Au
g09
6Au
g09
5Au
g09
4Au
g09
3Au
1,974.95
1,999.00
1,957.00
1,971.40
145,082
3.55
24.
05
17.95
2,015.00
2,018.70
1,971.25
1,983.05
105,485
31.95
3.7
0
43.75
0.00
0.0
0
0.00
20.15
4.0
0
33.95
0.00
0.0
0
0.00
2,060.00
2,064.00
2,026.05
2,039.85
63,697
2,080.00
2,080.00
2,000.00
2,042.75
70,493
37.25
0.0
0
80.00
2,085.00
2,109.00
2,055.00
2,081.65
123,870
3.35
24.
00
30.00
2,052.00
2,113.00
2,050.05
2,086.80
225,757
-34.80
61.
00
1.95
0.00
0.0
0
0.00
0.00
0.0
0
0.00
2,025.00
2,056.00
2,015.00
2,041.90
79,732
-16.90
31.
00
10.00
2,098.00
2,100.00
2,040.00
2,054.60
105,279
43.40
2.0
0
58.00
2,050.55
2,105.00
2,050.55
2,094.55
163,504
-44.00
54.
45
0.00
2,080.25
2,100.00
2,022.00
2,043.65
108,625
36.60
0.00
19.
75
0.0
0
58.25
0.00
- 60 -
g09
2Au
g09
31Jul
-09
30Jul
-09
29Jul
-09
28Jul
-09
27Jul
-09
26Jul
-09
25Jul
-09
24Jul
-09
23Jul
-09
22Jul
-09
21Jul
-09
20Jul
-09
19Jul
-09
17Jul
-09
16Jul
-09
15Jul
-09
14Jul
-09
0.00
0.0
0
0.00
2,031.00
2,076.95
2,021.10
2,063.90
301,664
-32.90
45.
95
9.90
1,980.90
2,018.70
1,980.90
2,010.40
274,570
-29.50
37.
80
0.00
1,980.90
1,997.70
1,950.00
1,983.75
106,921
-2.85
16.
80
30.90
2,043.00
2,043.00
1,968.25
1,994.75
128,343
48.25
0.0
0
74.75
2,005.00
2,043.90
1,996.30
2,025.30
143,672
-20.30
38.
90
8.70
0.00
0.0
0
0.00
0.00
0.0
0
0.00
1,985.00
2,011.00
1,982.35
2,003.35
213,339
-18.35
26.
00
2.65
1,947.00
1,976.00
1,935.00
1,959.85
968,738
-12.85
29.
00
12.00
1,972.00
1,972.00
1,895.00
1,919.20
201,311
52.80
0.0
0
77.00
2,025.00
2,025.00
1,925.05
1,943.10
121,109
81.90
0.0
0
99.95
1,880.00
1,994.00
1,870.10
1,972.70
568,944
-92.70
114
.00
9.90
0.00
0.0
0
0.00
1,817.00
1,873.00
1,801.00
1,867.00
241,070
-50.00
56.
00
16.00
1,800.00
1,820.00
1,770.80
1,795.10
215,929
4.90
20.
00
29.20
1,819.00
1,819.00
1,759.20
1,790.95
196,349
28.05
0.0
0
59.80
1,780.00
1,814.40
1,751.10
1,806.35
210,388
-26.35
34.
40
28.90
- 61 -
13Jul
-09
12Jul
-09
11Jul
-09
10Jul
-09
9Jul
-09
8Jul
-09
7Jul
-09
6Jul
-09
1Jul
-09
30Ju
n09
29Ju
n09
28Ju
n09
26Ju
n09
25Ju
n09
23Ju
n09
20Ju
n09
19Ju
n-
1,720.00
1,774.45
1,710.00
1,767.95
205,279
-47.95
54.
45
10.00
0.00
0.0
0
0.00
0.00
0.0
0
0.00
1,635.00
1,767.00
1,635.00
1,726.50
596,974
-91.50
132
.00
0.00
1,708.00
1,712.00
1,670.00
1,676.75
201,347
31.25
4.0
0
38.00
1,725.00
1,733.00
1,688.00
1,705.70
225,767
19.30
8.0
0
37.00
1,770.00
1,775.00
1,726.00
1,739.20
144,282
30.80
5.0
0
44.00
0.00
0.0
0
0.00
1,776.80
1,812.90
1,771.05
1,796.70
99,230
-19.90
36.
10
5.75
1,785.05
1,799.00
1,760.00
1,776.90
115,372
8.15
13.
95
25.05
1,820.20
1,830.00
1,772.55
1,783.75
136,266
36.45
9.8
0
47.65
0.00
0.0
0
0.00
1,770.00
1,838.70
1,752.35
1,826.75
216,841
-56.75
68.
70
17.65
1,780.00
1,797.70
1,746.05
1,757.75
97,423
22.25
17.
70
33.95
1,699.00
1,770.00
1,699.00
1,746.05
178,176
-47.05
71.
00
0.00
0.00
0.0
0
0.00
-46.10
60.
00
5.00
1,725.00
1,785.00
1,720.00
1,771.10
147,777
- 62 -
09
18Ju
n09
15Ju
n09
14Ju
n09
11Ju
n09
10Ju
n09
9Ju
n09
8Ju
n09
7Ju
n09
6Ju
n09
5Ju
n09
3Ju
n09
Table 11
1,710.00
1,760.00
1,694.00
1,721.45
166,085
-11.45
50.
00
16.00
1,724.95
1,775.00
1,690.00
1,720.35
143,796
4.60
50.
05
34.95
0.00
0.0
0
0.00
1,854.00
1,854.00
1,727.15
1,751.55
146,476
102.45
0.0
0
126.85
1,790.00
1,836.00
1,762.05
1,803.25
289,306
-13.25
46.
00
27.95
1,720.00
1,800.00
1,720.00
1,795.55
226,449
-75.55
80.
00
0.00
1,700.00
1,745.00
1,681.00
1,733.20
233,892
-33.20
45.
00
19.00
0.00
0.0
0
0.00
0.00
0.0
0
0.00
1,644.80
1,705.00
1,633.30
1,690.55
217,181
-45.75
60.
20
11.50
1,699.00
1,705.00
1,622.00
1,645.90
185,019
53.10
6.0
0
77.00
- 63 -
Block Deals
Date
25-Jun09
25-Jun09
10-Jan08
10-Jan08
Type
Company
QuantityPrice
BARCLAYS GLOBAL INVESTOR NA ISHARES BSE SENSEX
Buy
334554 1775
MAURITIUS CO
CITIGROUP GLOBAL MKTS MAURITIUS PVT LTD- SELL
Sell
334554 1775
CODE
Buy ABN AMRO BANK N V LONDON BRANCH
356000 1660
Sell JF ASSET MANAGEMENT FII
356000 1660
Table 12
Option Price
Expiry Date
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
29 Oct '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
24 Sep '09
29 Oct '09
29 Oct '09
Type
Call
Put
Call
Put
Call
Call
Put
Put
Call
Call
Put
Put
Put
Call
Put
Put
Put
Put
Put
Call
Strike Price
2190.00
2100.00
2250.00
2190.00
2280.00
2160.00
2160.00
2010.00
2280.00
2220.00
1890.00
2040.00
2070.00
2130.00
1980.00
2130.00
1890.00
1920.00
2160.00
2160.00
Quantity
32000
22800
15000
12400
11000
9000
7800
6000
5600
5200
4600
4200
3600
1600
1600
1400
400
400
400
200
LTP
76.00
42.00
50.50
74.80
38.75
96.00
63.90
22.85
88.55
65.00
6.00
21.00
27.10
95.00
14.50
48.00
11.00
13.55
131.20
128.00
Last Traded
28 Aug '09 15:57
28 Aug '09 15:00
28 Aug '09 15:34
28 Aug '09 15:35
28 Aug '09 15:34
28 Aug '09 15:53
28 Aug '09 15:53
28 Aug '09 15:59
28 Aug '09 15:34
28 Aug '09 15:34
28 Aug '09 15:54
28 Aug '09 15:59
28 Aug '09 15:59
28 Aug '09 15:34
28 Aug '09 15:32
28 Aug '09 15:34
26 Aug '09 14:00
26 Aug '09 15:25
28 Aug '09 15:56
28 Aug '09 14:39
Table 13
- 64 -
Figure 20
Finding:
SUPPORT AND RESISTANCE LEVEL FOR 2nd and 3rd WEEK OF
September
Looking at the above given information we can project the new Support Level at
2100 points and Resistance Level at 2250 points for the Second and third week of
September.
SUPPORT AND RESISTANCE LEVEL FOR THE MONTH OF SEPTEMBER

2009
Beginning of September the news could be favorable but will the same Support and
Resistance Level maintain for the rest of the weeks; I have done research on it and made the
conclusion that it will be maintaining the same levels.
REASONS:
I. Looking closely at Monthly chart it is clear that last month Resistance become
Support for next month and the same can be predicted for September.
II. 2nd quarter result may be favorable.
Recommendation*:
1. One can buy it
2. Since the maximum price has been ------------ , so in the near future it may
likely to go down, because it has been overpriced.
3. One can hold it for a shorter period.
- 65 -
BIBLIOGRAPHY
1. Security Analysis and Portfolio Management By Pandian Punithavathy.
2. Investment Analysis and Portfolio Management By Ranganatham. M
and Madhumathi. R.
3.
- 66 -

Technical Analysis of Infosys Technology by Bipul Kumar

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SUMMER INTERNSHIP

GULF BULLS SECURITIES PVT LTD.

Date of Submission: August 25, 2009

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

Block Deals ........................................................................................... 64

AIT-School Of Management, Greater Noida

Technical analysis is a method of evaluating securities by analyzing the

AIT-School Of Management, Greater Noida

Technical Analysis: The Basic Assumptions

Scope of the Study

Objective of the Study

Limitation of the Study

AIT-School Of Management, Greater Noida

Public BSE: 500209

Finacle (a universal banking product)

Information technology consulting services and solutions

Rs. 21,693 crore ($4.66 billion) (FY 2008-09)[1]

Rs. 5,988 crore ($1.28 billion) (FY 2008-09)[1]

AIT-School Of Management, Greater Noida

Infosys went public in 1993. Interestingly, Infosys IPO was

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

Infosys serves various industries through its Industrial Business Units

Banking & Capital Markets (BCM)

In addition to these, there are Horizontal Business Units (HBUs)

AIT-School Of Management, Greater Noida

Chairman & Chief Mentor

Managing Director & CEO

Director & COO

Kundapur Vaman Kamath

AIT-School Of Management, Greater Noida

Listing Details - Infosys Technologies

Whether The Company Forms A Part Of The Following Indices Sensex

The Stock Exchange, Mumbai,

Source : Religare Technova

AIT-School Of Management, Greater Noida

--- CAPITAL (Rs. cr) ---

AIT-School Of Management, Greater Noida

Share Holding Pattern

NON PROMOTER'S HOLDING

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

value of Rs. 5/-)

Source : Religare Technova

AIT-School Of Management, Greater Noida

Source : Religare Technova

AIT-School Of Management, Greater Noida

Source : Religare Technova

Last Market Cap.

Sales Net Profit

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

AIT-School Of Management, Greater Noida

During May 2009

1st June 30th June +174.9 (10.92%)

1st July 31st July, 2009 +287 (16.15%)