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Chapter- 1
EXECUTIVE SUMMERY
Why should I put my hard earned money into shares when I am not sure of a return?
If there’s a science to investing then why do we call investing a risk? And if it’s not a risk,
then why do people end up losing money from their investments in shares? In this project
report I have tried to answer the questions you might have about investing in shares. When is
investing in shares a risk and when does it become a science? How can you be assured that
your investment in shares is safe?
And more importantly, I’ve tried to explain some basic concepts that most investors take for
granted but that are crucial knowledge for a person just entering into the financial jungle. So
concepts like risk premium, dividend, stock split etc have been explained in a simple manner
for the benefit of the first-timers. Not only that this project report also seeks to educate the
would-be investors in the various aspects of share trading, both offline and online. I hope the
project report shall succeed in satisfying your desire for knowledge of the share market as
well as in lending investor a helping hand as they take your FIRST STEP into the world of
investing.
Main purpose of investment is returns and liquidity, share market is less preferred by
investors due to lack of awareness. The major findings of this study are that people are
interested to invest in stock market but they lack knowledge.
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3
Chapter- 2
Company Profile
Share khan Ltd. is one of the leading retail brokerage of Citi Venture which is running
successfully since 1922 in the country. Earlier it was the retail broking arm of the Mumbai-
based SSKI Group, which has over eight decades of experience in the stock broking
business. Sharekhan offers its customers a wide range of equity related services including
trade execution on BSE, NSE, Derivatives, depository services, online trading, investment
advice etc.
The mission and vision of share khan Ltd. is to serve investor with the content-rich and
research oriented portal has stood out among its contemporaries because of its steadfast
dedication to offering customers best-of-breed technology and superior market information.
The objective has been to let customers make informed decisions and to simplify the process
of investing in stocks.
Business area :
1- Equity Trading Platform (Online/Offline).
2- Commodities Trading Platform (Online/Offline).
3- Portfolio Management Service.
4- Mutual Fund Advisory and Distribution.
5- Insurance Distribution. (Give details about the nature of the business)
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History of share khan Ltd.
Earlier with a legacy of more than 80 years in the stock markets, the SSKI group ventured
into institutional broking and corporate finance 18 years ago. SSKI is one of the leading
players in institutional broking and corporate finance activities.
SSKI holds a sizeable portion of the market in each of these segments. SSKI’s institutional
broking arm accounts for 7% of the market for Foreign Institutional portfolio investment and
5% of all Domestic Institutional portfolio investment in the country.
KARVY
Is a premier integrated financial services provider, and ranked among the top five in the
country in all its business segments, services over 16 million individual investors in various
capacities, and provides investor services to over 300 corporate, comprising the who is who
of Corporate India. Karvy has a professional management team and ranks among the best in
technology, operations and research of various industrial segments. The birth of Karvy was
on a modest scale in 1981. It began with the vision and enterprise of a small group of
practicing Chartered Accountants who founded the flagship company, Karvy Consultants
Limited. They started with consulting and financial accounting automation and carved
inroads into the field of registry and share accounting by 1985. Since then, karvy utilized its
experience and superlative expertise to go from strength to strength, to better their services, to
innovate, diversify and in the process, evolved as one of India’s premier integrated financial
service enterprise.
1. Karvy comtrade.
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ICICI DIRECT
ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (herein after referred to as
the "Website") whereas IWTL is an affiliate of ICICI Bank Limited and the Website is owned
by ICICI Bank Limited. IWTL has launched and established an online trading service on the
Website.
2. Personal Finance
4. IPO’s
5. Margin Trading
7. Call Trade
8. Trading on NSE/BSE
9. Trade in derivative
India Infoline.com Securities Pvt. Ltd. is a wholly owned subsidiary of India Infoline.com
Ltd and is the stock broking arm of India Infoline.com. The subsidiary was formed to comply
with regulatory guidelines. www.5paisa.com is a focused website for online stock market
trading. 5paisa.com is a trade name owned by the India Infoline.com group. IILSPL has
applied for trading membership of the BSE under Securities and Exchange Board of India
(Stock Brokers and Sub-Brokers) Rules 1992. IILSPL is in the business of providing broking
services online via the Internet ("E-broking Services") and has been permitted by the NSE by
way of registration permission no: NSEIL/CMO/INET/1103/2000 dated 03/July/2000, and
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will be applying for permission to the BSE, to provide E-broking Services to its clients.
IILSPL is a TRADING MEMBER of the National Stock Exchange of India.
Online Trading :- It provides services in stock and commodity trading (through Internet).
HDFC SECURITY
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conversion of the company into a public limited company; the name was further changed to
Orbis Securities Limited on January 5, 2004. The name of the company was again changed to
Indiabulls Securities Limited on February 16, 2004 so as to capitalize on the brand image of
the term “Indiabulls” in the company name. ISL is a corporate member of capital market &
derivative segment of The National Stock Exchange of India Ltd. At present, ISL accounts
for approximately 3% of the total daily turnover of the Exchange with 32,359 client
relationships and 70 branches spread across the country as of April 30, 2004.
Staff Strength
Experience
SSKI has more than eight decades of trust and credibility in the Indian stock market.
In the Asia Money broker's poll held recently, SSKI won the 'India's best broking
house for 2004' award. Ever since it launched Sharekhan as its retail broking division
in February 2000, it has been providing institutional-level research and broking
services to individual investors.
Technology
With their online trading account one can buy and sell shares in an instant from any
PC with an internet connection. Customers get access to the powerful online trading
tools that will help them to take complete control over their investment in shares.
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Accessibility
Sharekhan provides ADVICE, EDUCATION, TOOLS AND EXECUTION services
for investors. These services are accessible through many centers across the country
(Over 650 locations in 150 cities), over the Internet (through the website
www.sharekhan.com) as well as over the Voice Tool.
Knowledge
In a business where the right information at the right time can translate into direct
profits, investors get access to a wide range of information on the content-rich portal,
www.sharekhan.com. Investors will also get a useful set of knowledge-based tools
that will empower them to take informed decisions.
Convenience
One can call Sharekhan’s Dial-N-Trade number to get investment advice and execute
his/her transactions. They have a dedicated call-center to provide this service via a
Toll Free Number 1800-22-7500 & 39707500 from anywhere in India.
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Turnover:
The sharekhan has placed over US$ 5 billion in private equity deals and It has 60 institutional
clients spread over India, Far East, UK and US. Foreign Institutional Investors generate about
65% of the organization’s revenue, with a daily turnover of over US$ 2 million.
In India 620 share shops across 280 cities, 3,68,000 customers & growing with 500 account
opening per day, online business is 47% and 3,000employees .At present entire company
processing 2, 30,000 transaction in a day and 3500 funds paying/payouts per day. And
company expecting 7, 50,000 transaction per day in future.
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Chapter-3
Project Detail
“This study suggest that people are reluctant while investing in stock market
due to lack of knowledge”
This is the project on the analyzing of equities to invest the money to future for get higher
return on investment. This project report to all investor who want to invest their money in
equities. But they should analysis the securities before to invest because the money has very
much value in our life. I chose this project to do because I want to analysis the equities for
investor point of view so they can get good return in future, want to do fundamental and
technical analysis of securities through the various theories, try to understand the movement
and performance of stocks and also try to know the factors that affect the movement of stock
prices in the Indian Stock Markets.
Through this project we were also able to understand, what are our Company’s (Sharekhan
Ltd.) positive and strong points, on the basis of which we come to know what can be the basis
of pitching to a potential client. We also gave suggestions to the company, what improvement
can be done to our product.
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Fundamental analysis and technical analysis can co-exist in peace and complement each
other. Since all the investors in the stock market want to make the maximum profits possible,
they just cannot afford to ignore either fundamental or technical analysis
Team:
This my solo project assign by project guide and whole staff of that branch. I did my analysis
with relation manager.
Duration:
The time was very crucial factor in project report the training was for six week so I spent as
much as time to learn from the internship and prepare this report to share my golden time
with you.
Key Deliverables:
The company was expecting to me to dedication for project, queries about project to fill the
tank as much as I can and discipline in branch office as they follow.
PROJECT- MY ROLE
I did my project on the basis of topic given by the project guide in this project I contribute my
best that I can do. I decide to choose some stock listed in NSE for fundamental and technical
analysis. I approach my project guide and whole staff person to get knowledge. I sought out
my queries with discussion with all staff members and my project guide. I note all important
figures and facts about financial market and update my project report Step by step
Achievements:
The main achievement during the entire project was the knowledge about the financial
market which was unseen for me. Successfully finishing project analysis by my self and the
compliment by project guide was best achievement for me in that entire project.
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Key Learning's:
A proper interaction with staff members and project guide to gain knowledge is require for a
good internship. I learn how to analysis the equities for investing money.
Challenges Faced:
• Busy schedule of project guide. I had to wait whole day to talk to him about project.
• There was no operational work in branch for me.
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Chapter-4
Introduction
FUNDAMENTAL ANALYSIS
Fundamental analysis refers to the study of the core underlying elements that influence the
economy of a particular entity. It is a method of study that attempts to predict price action and
market trends by analyzing economic indicators, government policy and societal factors (to
name just a few elements) within a business cycle framework.
1. POLITICO-ECONOMIC ANALYSIS:
No industry or company can exist in isolation. It may have splendid managers and a
tremendous product. However, its sales and its costs are affected by factors, some of which
are beyond its control - the world economy, price inflation, taxes and a host of others. It is
important, therefore, to have an appreciation of the politico-economic factors that affect an
industry and a company.
Restrictive Practices
Restrictive practices or cartels imposed by countries can affect companies and industries.
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Crystallizing the exposure.
Inflation
Inflation has an enormous effect in the economy. Within the country it erodes purchasing
power. As a consequence, demand falls. If the rate of inflation in the country from which a
company imports is high then the cost of production in that country will automatically go up.
Interest Rates
A low interest rate stimulates investment and industry. Conversely, high interest rates result
in higher cost of production and lower consumption.
Taxation
The level of taxation in a country has a direct effect on the economy. If tax rates are low,
people have more disposable income.
Government Policy
Government policy has a direct impact on the economy. A government that is perceived to be
pro-industry will attract investment.
2. INDUSTRY ANALYSIS
The importance of industry analysis is now dawning on the Indian investor as never before.
BUSINESS CYCLE
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The first step in industry is to determine the cycle it is in, or the stage of maturity of the
industry. All industries evolve through the following stages:
1. Entrepreneurial, sunrise or nascent stage
2. Expansion or growth stage
3. Stabilization, stagnation or maturity stage, and
4. Decline or sunset stage to properly establish itself. In the early days, it may actually make
losses.
3. COMPANY ANALYSIS:
At the final stage of fundamental analysis, the investor analyzes the company. This analysis
has two thrusts:
How has the company performed vis-à-vis other similar companies and How has the
company performed in comparison to earlier years.
It is imperative that one completes the politico economic analysis and the industry analysis
before a company is analyzed because the company's performance at a period of time is to an
extent a reflection of the economy, the political situation and the industry. What does one
look at when analyzing a company? The different issues regarding a company that should be
examined are:
THE MANAGEMENT:
The single most important factor one should consider when investing in a company and one
often never considered is its management. In India management can be broadly divided in
two types:
• Family Management
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• Professional Management
THE COMPANY:
2. Whether the company is the market leader in its products or in its segment
Another aspect that should be ascertained is whether the company is the market leader in its
products or in its segment. When you invest in market leaders, the risk is less. The
Shares of market leaders do not fall as quickly as those of other companies. There is a magic
to their name that would make individuals prefer to buy their products as opposed to others.
3. Company Policies
The policy a company follows is also important. What are its plans for growth? What is its
vision? Every company has a life. If it is allowed to live a normal life it will grow up to a
point and then begin to level out and eventually die. It is at the point of leveling out that it
must be given new life. This can give it renewed vigor and a new lease of life.
4. Labour Relations
Labour relations are extremely important. A company that has motivated, industrious work
force has high productivity and practically no disruption of work. On the other hand, a
company that has bad industrial relations will lose several hundred man-day’s as a
consequence of strikes and go slows.
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5. Where the company is located and where its factories are?
One must also consider where the companies Plants and Factories are located..
The primary and most important source of information about a company is its Annual Report.
By law, this is prepared every year and distributed to the shareholders. Annual Reports are
usually very well presented. A tremendous amount of data is given about the performance of
a company over a period of time.
The Annual Report is broken down into the following specific parts:
A) The Director's Report,
B) The Auditor's Report,
C) The Financial Statements, and
D) The Schedules and Notes to the Accounts.
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6. Discusses plans for new acquisition and investments. An investor must intelligently
evaluate the issues raised in a Director’s Report. Industry conditions and the management's
knowledge of the business must be considered.
C. Financial Statements
The published financial statements of a company in an Annual Report consist of its Balance
Sheet as at the end of the accounting period detailing the financing condition of the company
at that date, and the Profit and Loss Account or Income Statement summarizing the activities
of the company for the accounting period.
BALANCE SHEET
The Balance Sheet details the financial position of a company on a particular date; of the
company's assets (that which the company owns), and liabilities (that which the company
owes), grouped logically under specific heads. It must however, be noted that the Balance
Sheet details the financial position on a particular day and that the position can be materially
different on the next day or the day after.
SOURCES OF FUNDS
SHAREHOLDERS FUNDS
SHARE CAPITAL
(i) Private Placement
(ii) Public Issue
iii) Rights issues
RESERVES
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i) Capital Reserves
ii) Revenue Reserves
LOAN FUNDS
i) Secured loans:
ii) Unsecured loans
FIXED ASSETS
INVESTMENTS
STOCK OR INVENTORIES
i) Raw materials
ii) Work in progress
iii) Finished goods
CASH AND BANK BALANCES
LOANS AND ADVANCES
The Profit and Loss account summarizes the activities of a company during an accounting
period which may be a month, a quarter, six months, a year or longer, and the result achieved
by the company. It details the income earned by the company, its cost and the resulting profit
or loss. It is, in effect, the performance appraisal not only of the company but also of its
management- its competence, foresight and ability to lead.
RATIOS:
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1. Sales to cost of goods sold.
2. Selling expenses to sales.
3. Net profit to sales and
4. Gross profit to sales.
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(h) Margins.
CASH FLOW:
A statement of sources and uses begins with the profit for the year to which are added the
increases in liability accounts (sources) and from which are reduced the increases in asset
accounts (uses). The net result shows whether there has been an excess or deficit of funds and
how this was financed. Investors must examine a company's cash flow as it reveals exactly
where the money came from how it was utilized. Investors must be concerned if a company is
financing either its inventories or paying dividends from borrowings without real growth as
that shows deterioration.
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TECHNICAL ANALYSIS
Technical analysis is concerned with predicting future price trends from historical price and
volume data. The underlying axiom of technical analysis is that all fundamentals (including
expectations) are factored into the market and are reflected in exchange rates.
It is also a method of predicting price movements and future market trends by studying charts
of past market action which take into account price of instruments, volume of trading and,
where applicable, open interest in the instruments.
Stock Charts
Stock charts gained popularity in the late 19th Century from the writings of Charles H. Dow
in the Wall Street Journal. His comments, later known as "Dow Theory", alleged that markets
move in all kinds of measurable trends and that these trends could be deciphered and
predicted in the price movement seen on all charts.
A stock chart is a simple two-axis (x-y) plotted graph of price and time. Each individual
equity, market and index listed on a public exchange has a chart that illustrates this
movement of price over time. Individual data plots for charts can be made using the
CLOSING price for each day. The plots are connected together in a single line, creating the
graph. Also, a combination of the OPENING, CLOSING, HIGH and/or LOW prices for
that market session can be used for the data plots. This second type of data is called a PRICE
BAR. Individual price bars are then overlaid onto the graph, creating a dense visual display
of stock movement.
Stock charts can be created in many different time frames. Mutual fund holders use monthly
charts in which each individual data plot consists of a single month of activity. Day traders
use 1 minute and 5 minute stock charts to make quick buy and sell decisions. The most
common type of stock chart is the daily plot, showing a single complete market session for
each unit.
Stock charts can be drawn in two different ways. An ARITHMETIC chart has equal
vertical distances between each unit of price. A LOGARITHMIC chart is a percentage
growth chart. It has equal vertical distances between the same percentages of price growth.
For example, a price movement from 10 to 20 is a 100% move. A move from 20 to 40 is also
a 100% move. For this reason, the vertical distance from 10 to 20 and the vertical distance
from 20 to 40 will be identical on a logarithmic chart.
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Stock chart analysis can be applied equally to individual stocks and major indices. Analysts
use their technical research on index charts to decide whether the current market is a BULL
MARKET or a BEAR MARKET. On individual charts, investors and traders can learn the
same thing about their favorite companies.
Trends:
Use the stock chart to identify the current trend. A trend reflects the average rate of change in
a stock's price over time. Trends exist in all time frames and all markets. Day traders can
establish the trend of their stocks to within minutes. Long term investors watch trends that
persist for many years.
Trends can be classified in three ways: UP, DOWN or RANGEBOUND.
In an uptrend, a stock rallies often with intermediate periods of consolidation or movement
against the trend. In doing so, it draws a series of higher highs and higher lows on the stock
chart. In an uptrend, there will be a POSITIVE rate of price change over time.
In a downtrend, a stock declines often with intermediate periods of consolidation or
movement against the trend. In doing so, it draws a series of lower highs and lower lows on
the stock chart. In a downtrend, there will be a NEGATIVE rate of price change over time.
Rangebound price swings back and forth for long periods between easily seen upper and
lower limits. There is no apparent direction to the price movement on the stock chart and
there will be LITTLE or NO rate of price change.
Trends tend to persist over time. A stock in an uptrend will continue to rise until some change
in value or conditions occurs. Declining stocks will continue to fall until some change in
value or conditions occurs. Chart readers try to locate TOPS and BOTTOMS, which are
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those points where a rally or a decline ends. Taking a position near a top or a bottom can be
very profitable.
Trends can be measured using TRENDLINES. Very often a straight line can be drawn
UNDER three or more pullbacks from rallies or OVER pullbacks from declines. When price
bars then return to that trend line, they tend to find SUPPORT or RESISTANCE and
bounce off the line in the opposite direction.
A famous quote about trends advises that "The trend is your friend". For traders and
investors, this wisdom teaches that you will have more success taking stock positions in the
direction of the prevailing trend than against it.
Volume:
Volume measures the participation of the crowd. Stock charts display volume through
individual HISTOGRAMS below the price pane. Often these will show green bars for up
days and red bars for down days. Investors and traders can measure buying and selling
interest by watching how many up or down days in a row occur and how their volume
compares with days in which price moves in the opposite direction.
Stocks that are bought with greater interest than sold are said to be under
ACCUMULATION. Stocks that are sold with great interest than bought are said to be under
DISTRIBUTION. Accumulation and distribution often LEAD price movement. In other
words, stocks under accumulation often will rise some time after the buying begins.
Alternatively, stocks under distribution will often fall some time after selling begins.
It takes volume for a stock to rise but it can fall of its own weight. Rallies require the
enthusiastic participation of the crowd. When a rally runs out of new participants, a stock can
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easily fall. Investors and traders use indicators such as ON BALANCE VOLUME to see
whether participation is lagging (behind) or leading (ahead) the price action.
Stocks trade daily with an average volume that determines their LIQUIDITY. Liquid stocks
are very easy for traders to buy and sell. Illiquid stocks require very high SPREADS
(transaction costs) to buy or sell and often cannot be eliminated quickly from a portfolio.
Stock chart analysis does not work well on illiquid stocks.
Breakouts accompanied by volume much higher than the average for that stock are healthy
for the continuation of the price movement in that direction. But after long rallies or declines,
stocks often have a day of very high volume known as a CLIMAX. During these days, the
last of the buyers or sellers take positions. The stock then reverses as there are no longer
enough participants to cause price to move in that direction.
Charts allow investors and traders to look at past and present price action in order to make
reasonable predictions and wise choices. It is a highly visual medium. This one fact separates
it from the colder world of value-based analysis. The oldest form of interpreting charts is
PATTERN ANALYSIS. This method gained popularity through both the writings of
Charles Dow and Technical Analysis of Stock Trends. The newer form of interpretation is
INDICATOR ANALYSIS, a math-oriented examination in which the basic elements of
price and volume are run through a series of calculations in order to predict where price will
go next.
Pattern analysis gains its power from the tendency of charts to repeat the same bar formations
over and over again. These patterns have been categorized over the years as having a bullish
or bearish bias. Some well-known ones include HEAD and SHOULDERS, TRIANGLES,
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RECTANGLES, DOUBLE TOPS, DOUBLE BOTTOMS and FLAGS. Also, chart
landscape features such as GAPS and TRENDLINES are said to have great significance on
the future course of price action.
Indicator analysis uses math calculations to measure the relationship of current price to past
price action. Almost all indicators can be categorized as TREND-FOLLOWING or
OSCILLATORS. Popular trend-following indicators include MOVING AVERAGES, ON
BALANCE VOLUME and MACD. Common oscillators include STOCHASTICS, RSI
and RATE OF CHANGE. Trend-following indicators react much more slowly than
oscillators. They look deeply into the rear view mirror to locate the future. Oscillators react
very quickly to short-term changes in price, flipping back and forth between
OVERBOUGHT and OVERSOLD levels.
Both patterns and indicators measure market psychology. The core of investors and traders
that make up the market each day tend to act with a herd mentality as price rises and falls.
This "crowd" tends to develop known characteristics that repeat themselves over and over
again. Chart interpretation using these two important analysis tools uncovers growing stress
within the crowd that should eventually translate into price change.
Moving Averages:
The most popular technical indicator for studying stock charts is the MOVING AVERAGE.
This versatile tool has many important uses for investors and traders. Take the sum of any
number of previous CLOSE prices and then divide it by that same number. This creates
an average price for that stock in that period of time. A moving average can be displayed by
re-computing this result daily and plotting it in the same graphic pane as the price bars.
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Moving averages LAG price. In other words, if price starts to move sharply upward or
downward, it will take some time for the moving average to "catch up".
Plotting moving averages in stock charts reveals how well current price is behaving as
compared to the past. The power of the moving average line comes from its direct interaction
with the price bars. Current price will always be above or below any moving average
computation. When it is above, conditions are "bullish". When below, conditions are
"bearish". Additionally, moving averages will slope upward or downward over time. This
adds another visual dimension to a stock analysis.
Moving averages define STOCK TRENDS. They can be computed for any period of time.
Investors and traders find them most helpful when they provide input about the SHORT-
TERM, INTERMEDIATE and LONG-TERM trends. For this reason, using multiple
moving averages that reflect these characteristics assist important decision making. Common
moving average settings for daily stock charts are: 20 days for short-term, 50 days for
intermediate and 200 days for long-term.
One of the most common buy or sell signals in all chart analysis is the MOVING
AVERAGE CROSSOVER. These occur when two moving averages representing
different trends criss-cross. For example, when a short-term average crosses BELOW a
long-term one, a SELL signal is generated. Conversely, when a short-term crosses
ABOVE the long-term, a BUY signal is generated.
Moving averages can be "speeded up" through the application of further math calculations.
Common averages are known as SIMPLE or SMA. These tend to be very slow. By giving
more weight to the current changes in price rather than those many bars ago, a faster
EXPONENTIAL or EMA moving average can be created. Many technicians favor the EMA
over the SMA. Fortunately all common stock chart programs, online and offline do the
difficult moving average calculations for you and plot price perfectly
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Support and Resistance
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Chapter-5
Literature review
“Only buy something that you’d be perfectly happy to hold if the market shut down for
10 years”
- Warren Buffet
Investment Guru
“Prevailing wisdom is that markets are always right, I assume they are always wrong”
- George Soros,
Chairman, Soros Fund Management
Investors don’t Make Money in the Stock Market. One reason the institutions make so much
money is that they are trading. They make money every time you buy or sell. They make
money whether you win or lose. That means that when you’re investing, you’re basically just
sitting there. You’re not going anywhere. You’re not making money as an investor.
Trading the Trend: The Only Way to Make Money in the Market
If you don’t know this already, “Trend Trading” means trading trends based on human
emotions. Not lagging indicators. Not complex statistical analysis and not Ph.D. level
mathematical equations. With trend trading, you look for market movement. That could mean
stocks that are going to move up or down during the course of a day (intraday). You’ll play
the gaps up and down, often several days a week.
The “Trend trading” means being aware and taking advantage of trends like the run-ups that
happen around earning sessions. These are trends that have worked time and time again in the
market. They consistently yield results
Jenni L. Bettman
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Australian National University
Stephen Sault
While the fundamental and technical analysis literatures invest considerable effort in
assessing their respective ability to explain share prices, they invariably do so without
reference to each other. In this context, we propose an equity valuation model integrating
both fundamental and technical analysis and, in doing so, recognize their potential as
complements rather than as substitutes. Testing confirms the complementary nature of
fundamental and technical analysis by showing that, while each performs well in isolation,
models integrating both have superior explanatory power. While our findings relate to the
valuation of shares, they also have implications for other valuation exercises.
Although the fundamental and technical analysis literatures invest considerable effort in
assessing their respective ability to explain share prices, they invariably do so without
reference to each other. In this context, we propose an equity valuation model integrating
both fundamental and technical analysis and, in doing so, recognize their potential as
complements rather than as substitutes. Testing confirms the complementary nature of
fundamental and technical analysis by showing that, although each performs well in isolation,
models integrating both have superior explanatory power. While our findings relate to the
valuation of shares, they also have implications for other valuation exercises.
Accounting & Finance, Vol. 49, No. 1, pp. 21-36, March 2009
34
• RELEVANCE OF FUNDAMENTAL ANALYSIS ON THE BALTIC EQUITY
MARKET
The main target of the present research was to discover the importance of fundamental
analysis on the Baltic equity markets. The hypothesis that fundamental analysis is not able to
generate substantial additional value to the performance of the portfolio comprised of Baltic
enterprises stocks was proved.
The relevance and need of fundamental analysis was checked by analyzing the performances
of portfolios, which were created on the basis of key fundamental ratios: ROE, equity ratio,
ROIC, net debt to assets as well as PE and PB. Naturally, the companies with better than
average ratios were selected to form stock portfolios. The findings of the conducted study
demonstrate that neither of the mentioned ratios helped in the creating portfolio, performance
of which would beat market’s performance. The only exception was price to earnings ratio,
which proved that cheap companies seem to be attractive to the investors.
It was decided to look closer at the major performers and to find out whether there are any
common patterns among the winners and the losers of the Baltic equity markets. Basically,
equity investors ignored financial situation of the companies (profitability, stability of
balance sheets) and focused mainly on assessing their growth opportunities and attractiveness
of business model. So, investors were mainly forward-looking when making company
selection. As a result, major sufferers performance-wise were the companies with limited
growth potential or total business model erosion.
The authors of the research have also checked whether the trading volumes of the stock have
any impact on the performance. The study results show that in the phase of the major capital
inflows (2001-2006), indeed, most liquid companies tended to reward investors with higher
performances. However, the shareholders of these companies suffered the most in financial
years 2007 and 2008, when there was a major selling across stock market all over the world.
35
By Sandy Jadeja 9- Oct -2004
Volumes have been written about the different ways to forecast or predict market movement.
Traditionally, there are two distinct schools of thought that an individual may choose from,
and that being Fundamental analysis or Technical analysis.
By choosing fundamental analysis, your decisions are based upon underlying economic
factors, cash flows, and price earnings. This information will aim to tell you why a stock will
move.
Technical analysis aims to show you how and when a stock will move. This method
discounts all news and information regarding the value of the stock. In other words, you only
pay attention to a chart. The saying “a picture is worth a thousand words” truly summarizes
this concept nicely.
You can of course choose to use a combination of both if you prefer. This would imply that
when the stock you are looking at becomes undervalued fundamentally, you would wait for a
technical setup to get you in to the market.
Deciding on which method is appropriate and gives bigger returns is truly a matter of
opinion. Respectively, both methods have the same goal; to determine market direction. I
know of a number of individuals who only use one or the other and is equally successful with
phenomenal returns.
It becomes interesting when one speaks to traders from each school. The fundamental traders
believe that charts are a waste of time and provide no real sense as to why one would make
trading decisions based on indicators and repetitive patterns. This group are essentially
bargain hunters. They want to buy stocks which they feel are under priced and will return to a
normal value at a later stage. Fundamental traders often hold stocks for longer periods of time
compared to technical traders.
On the other hand, the technical traders believe that numbers do not lie and that information
based on value, supply and demand are already factored into the price. They also argue that
people can be predictable and that these behaviors’ occur in the form of price patterns. These
36
patterns repeat with a degree of predictability and therefore can be used to forecast future
price movements. Technical traders generally hold positions for shorter periods of time
compared to fundamental traders.
Clearly both avenues are important, and one must make careful decisions before jumping into
trading without having an objective. I have always said that finding a method, style or
strategy depends on ones personality. If you are thinking of long term investing then the
fundamental approach may suit your needs whereas if you are looking for short term market
moves, then technical analysis can provide a myriad of systems to accommodate your
personal style. Some of which we shall take a look at further into the course.
IT’S CLEAR THAT analysis – whether fundamental or technical – requires a suite of tools.
And though those tools are specialized, the good news is that most are readily available to the
novice investor. Richard Seddon, head of Online Share Trading at the Standard, says that the
discount broking website www.securities.co.za provides many of those tools to its broking
customers as part of its product offering. On the fundamental analysis side the website carries
top-down insights from Standard Bank’s economic research division, plus notes on individual
companies from its rated research team. For bottom-up fundamental analysis the website
contains the financial statements for the past 10 years of every single company listed on the
JSE. Over and above that raw data it also provides key ratios, such as price: earnings (p:e)
multiples, beta, return on equity (ROE) and many others. We’ll deal with those more fully in
two weeks’ time when we work with bottom-up fundamental analysis. But the website isn’t
the only place where investors can find some of those key ratios: the share price pages of the
daily and weekly press (including Fin week) publish information in addition to share prices,
including p:e ratios, dividend yields, market capitalization and share price changes over
specific time periods. The website can also provide more complex bottom-up analysis tools
37
by filtering shares that meet certain criteria. Those could include searching for shares that fall
within a prescribed p:e ratio or dividend yield range. In addition, it provides a database of
share movements for specified time periods, such as the past month, past three months, past
year and past 10 years. The website also provides forecast data. That’s provided by I-Net
Bridge, a company that collates analysts’ forecasts and recommendations to determine the
average (or consensus) projected earnings per share and market view of the share: whether
analysts recommend it as a buy, sell or hold. On the technical analysis side, the Online Share
Trading website provides full interactive charting tools with 10 years’ worth of data. In
addition, customers receive a discount when downloading third-party technical analysis data,
paying as little as R90/month. Over and above all that, the website provides other interesting
information, such as directors’ dealings, 52-week highs and lows, exchange rates,
international indices, news from both Reuters and the JSE, key shareholders of each
company, dividends that are payable, as well as the biggest gainers and losers and the most
active shares on the JSE in any one trading day. It’s everything that a full-service broker
would provide – plus more
38
39
Chapter-6
Research Methodology
Every project is started with the objective of getting results either positive or negative. And
each and every project reaches to the stage of completion through the way of some research
either with the help of primary data or secondary data. And getting of any project and getting
genuine results from that depends on the research method used by researcher.
The research has been based on secondary data analysis. The study has been exploratory as it
aims at examining the secondary data for analyzing the previous researches that have been
done in the area of technical and fundamental analysis of stocks. The knowledge thus gained
from this preliminary study forms the basis for the further detailed Descriptive research. In
the exploratory study, the various technical indicators that are important for analyzing stock
were actually identified and important ones short listed.
Primary Objective:
Sub-Objectives:
40
1.) To study the various theories of technical analysis and fundamental analysis for various
stocks that chosen.
2.) To understand the movement and performance of stocks to take decision to invest.
3.) To understanding and analyzing the factors that affect the movement of stock prices in the
Indian Stock Markets
SAMPLE DESIGN
Data collection methods include the various methods used by the researcher in his project.
The application of method for collecting the data mainly depends upon the type of project
researcher is going to undertake.
In case the survey project questionnaire is the best tool for collecting data. But in case of
projects other than surveys like this project all the data is collected already prepared or
published in the form of annual reports.
SAMPLE SIZE
The sample size for the number of stocks is taken as 8 for technical analysis and 3 for
fundamental analysis of stocks as fundamental analysis is very exhaustive and requires
detailed study
The sample of the stocks for the purpose of collecting secondary data has been selected on
the basis of Random Sampling. The stocks are chosen in an unbiased manner and each stock
is chosen independent of the other stocks chosen.
SOURCES OF DATA
41
Primary source
Through conversation with the Relationship, Head and the staff of the branch of SHARE
KHAN Ltd.
Secondary source
PROCEDURE
42
LIMITATIONS OF STUDY
The scope of study was limited due to some constraints given below:-
1. Analysis is only a means not an end. The analysis has been done on the basis of my own
interpretations and up to my best knowledge but every analyst have his or her own
interpretations and suggestions.
2. It does not take into consideration the time taken for the completion of the jobs.
4. The non-monetary factors are not taken into consideration for the analysis
5. No personal contacts with stakeholders of companies also a limitation for analyzing the
project.
43
44
Chapter-7
Findings and Analysis
1. Market/economical analysis
2. Industry analysis
3. Company analysis
The Housing Development Finance Corporation Limited (HDFC) was amongst the first to
receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the
private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. The
45
bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its
registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled
Commercial Bank in January 1995.
As on 31st March, 2009 the authorized share capital of HDFC Bank is Rs. 550 crore. The
paid-up capital as on the said date is Rs. 425,38,41,090/- ( 42,53,84,109 equity shares of Rs
10/- each). The HDFC Group holds 19.38% of the Bank's equity and about 17.70 % of the
equity is held by the ADS Depository (in respect of the bank's American Depository Shares
(ADS) Issue). 27.69 % of the equity is held by Foreign Institutional Investors (FIIs) and the
Bank has about 5,48,774 shareholders.
The shares are listed on the Bombay Stock Exchange Limited and The National Stock
Exchange of India Limited. The Bank's American Depository Shares ( ADS ) are listed on the
New York Stock Exchange (NYSE) under the symbol 'HDB' and the Bank's Global
Depository Receipts (GDRs) are listed on Luxembourg Stock Exchange under ISIN No
US40415F2002.
46
Profit Before Tax 27372.34 19348.00 15573.00
+ Tax 9372.50 3974.00 3000.00
Minority Interest 0 0 0
Profits After Tax 24362.46 15703.85 12573.00
Adjustment to PAT 0 0 0
Profit Balance B/F 0 0 0
Profit Available for 24362.46 15703.85 12573.00
appropriations
+ Appropriations 24362.46 15703.85 12573.00
Equity Dividend % 250.00 220.00 200.00
Earnings Per Share 63.37 60.77 50.38
Book Value 420.62 219.42 179.05
BALANCE SHEET
47
Total Current Assets 41524.44 50565.53 42070.31
Less : Current Liabilities and Provisions
RATIO ANALYSIS
48
EPS Growth(%) 38.18 23.20 21.08
Financial Stability Ratios
Total Debt/Equity(x) 5.79 10.30 10.46
Current Ratio(x) 2.18 3.41 3.82
Quick Ratio(x) 2.18 3.41 3.82
Interest Cover(x) 1.66 1.54 1.63
Key points :
• Your directors recommend payment of dividend for the year ended March 31, 2008 of
Rs. 25 per share as against Rs. 22 per share for the previous year.
• Loan approvals during the year were Rs. 42,520 crores as compared to Rs. 33,332
crores in the previous year, representing a growth of 28%. Loan disbursements during
the year were Rs. 32,875 crores as against Rs. 26,178 crores in the previous year,
representing a growth of 26%.
• As at March 31, 2008, the loan book stood at Rs. 72,998 crores as against Rs. 56,512
crores in the previous year - an increase of 29%.
• During the year, the Corporation raised loans amounting to Rs. 8,803 crores from
commercial banks, of which Rs. 3,867 crores were under the priority sector category
of commercial banks. The Corporation further raised Rs. 2,860 crores from the
banking sector as loans.
• As at March 31, 2008, HDFC together with its wholly owned subsidiaries, HDFC
Investments Limited and HDFC Holdings Limited holds 23.27% of the equity share
capital of HDFC Bank.
• HDFC had 1,445 employees as of March 31, 2008 (previous year 1,388). During the
year, 24 employees employed throughout the year and 1 employee employed for part
of the year were in receipt of remuneration of Rs. 24 lacs or more per annum.
49
Market Lot 1
Business Group Name Tata Group
Incorporation Date 01/09/1945
Industry Name Auto - LCVs/HCVs
Registrar of Company
TATA SHARE REGISTRY LIMITED
ARMY AND NAVY BUILDING 148,
MAHATMA GANDHI ROAD
Mumbai , Maharashtra , 400001
Tata Motors Limited is India's largest automobile company, with standalone revenues of Rs.
25,660.79 crores (USD 5.5 billion) in 2008-09. It is the leader in commercial vehicles in each
segment, and among the top three in passenger vehicles with winning products in the
compact, midsize car and utility vehicle segments. The company is the world's fourth largest
truck manufacturer, and the world's second largest bus manufacturer.
The company's 23,000 employees are guided by the vision to be "best in the manner in which
we operate, best in the products we deliver, and best in our value system and ethics."
Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India.
Over 4 million Tata vehicles ply on Indian roads, since the first rolled out in 1954. The
company's manufacturing base in India is spread across Jamshedpur (Jharkhand), Pune
(Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand) and Dharwad (Karnataka)
Since, 1991 opening of the economy has changed the face of auto industry. Today, it is
amongst the main drivers of growth of Indian economy with an output multiplier of 2.24(for
every Re.1 invested, auto sector gives back Rs.2.24 to the economy). In recent years we have
seen increasing number of global players entering Indian market by way of Joint ventures,
collaborations or wholly owned subsidiary
The automobile industry is torn between trying to reduce costs on the one hand and, on the
other, dealing with the high price of performance-enhancing technology and environmental
compliance. Key drivers in the automotive industry are:
50
• Reducing air pollution
• Reduction of weight
• Recyclability
• Safety
• Aesthetics
Key points :
• India's largest automobile company, Tata Motors, is planning to launch the world's
cheapest car -- Nano -- in Thailand and other South East Asian markets. Tata Motors
has entered into joint venture agreement with Thonburi Group to form Tata Motors
(Thailand). The company will utilize Thailand as manufacturing base in order to
export its products in the region. Earlier, Tata Motors had expressed its desire to
introduce Nano in European market by 2011. The auto major mopped up Rs 456.8 cr
by selling the stake to Tata Sons.
• Tata Motors, the biggest vehicle maker of the country, which UK-based car brands
Jaguar and Land Rover (JLR) for whopping $2.3 billion last year, may concentrate on
51
smaller towns of the country like Ludhiana, apart from the major cities to market
these brands by setting up exclusive showrooms.
• Automobile manufacturer Tata Motors has posted a 13.26% dip in total sales in month
of May 2009. The company sold 40,916 units in May of this fiscal year as compared
to 46,339 units in May 2008.
52
BALANCE SHEET
53
KEY FINANCIAL RATIO
54
Opportunities and Threats
a) Opportunities
● Road Development: The ongoing road development program would improve connectivity
to ports, cities and villages through a network of highways and interconnecting roads by
2010-11. Improved road network would help in faster movement of goods between various
cities and towns. The Company launched TATA Novus range of vehicles in the heavy
segment and TATA ACE for last mile distribution.
● Car penetration in India: Car penetration in India is 7 cars per 1,000 persons.
● International: In FY 2006-07, the Company increased share of its overseas vehicle sales
from 7.6% last year to record high of 11.1% (as % of its total sales) and has planned further
increase in this year.
b) Threats
55
LARSEN & TOUBRO
Company details :
Description Details
56
In December 1950, L&T became a Public Company with a paid-up capital of Rs.2
million. The sales turnover in that year was Rs.10.9 million.
Prestigious orders executed by the Company during this period included the Amul Dairy
at Anand and Blast Furnaces at Rourkela Steel Plant. With the successful completion of these
jobs, L&T emerged as the largest erection contractor in the country.
In 1956, a major part of the company's Bombay office moved to ICI House in Ballard
Estate. A decade later this imposing grey-stone building was purchased by L&T, and
renamed as L&T House - its Corporate Office.
The sixties saw a significant change at L&T - S. K. Toubro retired from active
management in 1962.
The sixties were also a decade of rapid growth for the company, and witnessed the
formation of many new ventures: UTMAL (set up in 1960), Audco India Limited (1961),
Eutectic Welding Alloys (1962) and TENGL (1963).
NO. months 12 12 12
Gross sales 252106.3 179382.9 149938.4
less. Excise 3343.8 3380.8 2538.6
Net sales 248762.5 176002.1 147399.8
Add. Other income 6519.5 4845.1 4900.7
Total income 255282 180847.2 152300.5
Expenditure
Add.increase/ decrease in stock -7461.7 -1217.6 1283.8
Add.raw material consumed 130095 84345.1 70456.4
power and fuel 3652.5 3081.3 2347.3
employee cost 1535440 12591.9 8754.3
other manufacturing expenses 58261 43357.1 41273.3
Selling and Administration Expenses 15874.4 13018.8 8810.1
Miscellaneous Expenses 4099.5 2545 3370
Less: Pre-operative Expenses Capitalis 0 0 0
Total Expenditure 219875.1 157721.6 136295.4
Operating Profit 35406.9 23125.6 16005.1
Interest 1736.2 1376.6 1723.7
Depreciation 2136.3 2136.3 1159.8
Profit Before Tax 31534.4 20034.5 13121.6
add. Tax 9820.5 6018.7 3712.6
Minority Interest 0 0 0
Profits After Tax 21734.2 14030.2 9423.9
Adjustment to PAT -7.7 -88.9 653.3
Profit Balance B/F 782.4 557 556.2
Profit Available for appropriations 22508.9 14498.3 10633.4
Appropriations 22508.9 14498.3 10633.4
Equity Dividend % 850 650 1100
earning per share 74.27 49.48 68.48
Book Value 321.93 200.5 331.43
57
BALANCE SHEET
58
RATIO ANALYSIS
59
Quick Ratio(x) 1.03 1.09 1.24
Interest Cover(x) 19.17 15.56 8.62
Total Debt/Mcap(x) 0.08 0.09 0.17
Key points:
• On May 14, 2008, the Company entered into a definitive agreement for sale of RMC
business to Lafarge Aggregates & Concrete India Private Limited for an enterprise
value of Rs.1,480 crore. The financial effect of this sale will be given in the year
2008-2009, on conclusion of the transaction.
• The Directors recommend payment of final dividend of Rs.15/- per equity share of
Rs.2/- each, which together with the Interim Dividend of Rs.2/- per equity share
declared on July 3, 2007 works out to Rs.17/- per equity share for the year under
review.
• As at March 31, 2008, the gross fixed and intangible assets, including leased assets,
stood at Rs. 4,935.02 crore and the net fixed and intangible assets, including leased
assets, at Rs. 3,645.44 crore. Additions during the year amounted to Rs. 1,647.20
crore.
60
TECHNICAL ANALYSIS
1. Reliance industries.
61
2. JP associates
62
3.Infosys technosoft ltd.
63
4. State bank of india
STABAN
Last: Change: Exchange Open: Low: Volume:
1,753.70 -25.85 Code: 1,785.00 1,732.25 1195343
SBINEQ
Percent Last Close: High: 52 Week 52 Week
Change: 1,779.55 1,790.00 High: Low:
-1.45 2,039.70 891.50
64
5. Sunpharmucitical
SUNPHARMA
Last: Change: Exchange Code: Open: Low: Volume:
1,147.90 + 29.15 SUNPHARMAEQ 1,123.35 1,120.10 513593
Percent Last Close: High: 52 Week 52
Change: 1,118.75 1,170.00 High: Week
+2.61 1,599.00 Low:
954.00
65
6. Suzlon
66
7. Dish TV
67
8. ICICI Bank ltd.
68
69
Chapter-8
CONCLUSION AND RECOMMENDATION
Recommend BUY
HDFC Bank delivered a Net Profit growth of 45% yoy to Rs464cr (Rs321cr). However,
the numbers are not comparable as 1QFY2009 numbers are after accounting for the
merger with Centurion Bank of Punjab (CBoP). EPS growth was 13% yoy. While a
breakup of line items into HDFC Bank standalone and CBoP was not available, including
CBoP 1QFY2008 Net Profits, profits grew 31% yoy. The Bank absorbed the additional
Provisioning Expenses to bring CBoP’s accounting policies for NPAs in line with its own
stricter policies, by adjusting the same against Reserves, with an estimated impact of
roughly Rs15-20 per share. Management indicated Core NIMs of the merged entity stood
at about 4.1%, while the CASA ratio declined to 45%. At the same time, Operating
Expenses, excluding Staff Costs were down 1% sequentially, indicating substantial cost-
cutting measures implemented during the quarter, in line with peers. Asset quality
remained stable, with the Net NPA ratio remaining at 0.5%. MTM losses on Bond and
Equity books were manageable at around Rs78cr
2. TATA MOTOR.
70
books which would increase leverage risk going ahead. We believe CV industry would
continue to face pressures in FY10E mainly due to slowdown in overall economy, lower
industrial production and stringent financing norms. We also don’t expect any immediate
revival in JLR sales volume in FY10E. We estimate TAMO to report EPS of Rs.14 and
Rs.19 for FY10E and FY11E respectively. At current market price of Rs.314, the stock
trades at a PE multiple of 23x and 16x for FY10E and FY11E respectively. We value
TAMO at Rs.194 (10x FY11E) and other subsidiaries at Rs40 (including JLR). We
recommend a SELL on the stock with a target price of Rs.235.
71
Resistance 2 1953.66
Resistance 1 1921.78
Support 1 1830.82
Support 2 1798.94
IMPORTANT LEVELS.
Resistance 2 221.16
Resistance 1 214.96
Support 1 197.24
Support 2 191.04
Resistance 2 1855.1
Resistance 1 1828.96
72
Support 1 1754.34
Support 2 1728.2
Resistance 2 1694.29
Resistance 1 1670.68
Support 1 1603.32
Support 2 1579.71
73
Resistance 2 1287.54
Resistance 1 1256.89
Support 1 1169.41
Support 2 1138.76
Resistance 2 97.7
Resistance 1 96.13
Support 1 91.67
Support 2 90.1
7. As on 30th June 2009 DISHTV closed @ 38.80 and we RECOMMEND Buy for
LONG-TERM with STOPLOSS of 23.50 and Sell for SHORT-TERM with STOPLOSS
of 35.67 and we also expect STOCK to react on Following IMPORTANT LEVELS.
Resistance 2 35.93
74
Resistance 1 35.59
Support 1 34.61
Support 2 34.27
Resistance 2 732.37
Resistance 1 717.55
Support 1 675.25
Support 2 660.43
75
76
A brief introduction to some terms you are likely to encounter as you start
investing...
77
• RELATIVE STRENGTH INDEX: The Relative Strength Index Technical Indicator
(RSI) is a price-following oscillator that ranges between 0 and 100
• ADVANCE/DECLINE LINE: The “advance/decline line” shows, for some period,
the cumulative difference between advancing and declining issues.
• CLOSING TICK: “Closing tick” is the difference between the number of shares that
closed on an uptick and those that closed on a downtick.
• CLOSING ARMS: “Closing arms” or “trin” (trading index) is the ratio of average
trading volume in declining issues to average trading volume in advancing issues.
• Z-BLOCK TRADES: “zBlock trades” are trades in excess of 10,000 shares.
• HI-LO-CLOSE CHART: A hi-lo-close chart is a bar chart showing, for each day, the
high price, low price, and closing price.
• CANDESTICK CHART: A candlestick chart is an extended version of the hi-lo-
close chart. It plots the high, low, open, and closing prices, and also shows whether
the closing price was above or below the opening price
• POINT AND FIGURE CHARTS: Point-and-figure charts are a way of showing only
major price moves and their direction. A “major” up move is marked with an “X,”
while a “major” down move is marked with an “O.” A new column starts every time
there is a change in direction
• HEAD AND SHOULDERS FORMATION: Once a chart is drawn, technical
analysts examine it for various formations or pattern types in an attempt to predict
stock price or market direction in the case of head-and-shoulders formation.
• ODD-LOT: The “odd-lot” indicator looks at whether odd-lot purchases are up or
down.
• HEMLINE: Followers of the “hemline” indicator claim that hemlines tend to rise in
good times.
• SUPER BOWL: The Super Bowl indicator forecasts the direction of the market
based on whether the National Football Conference or the American Football
Conference wins.
• BETA: Beta is a risk measure comparing the volatility of a stock's price movement
to the general market.
• MOMENTUM: Momentum measures the speed of price change and provides a
leading indicator of changes in trend.
78
• UPSIDE/DOWNSIDE: Measures of Upside/Downside separate the volumes for
rising markets from those in falling markets. Since volume is independent of price, it
makes a valuable tool for measuring the quality of a price trend.
• SWING INDEX: Is a swing or wave system used to capitalize on breakout patterns.
ASI is commonly used to confirm trend line breakouts on price charts.
• ARMS INDEX (TRIN): Short term breadth indicator showing whether volume is
flowing into advancing or declining issues.
•
79
80
BOOKS:
WEB-SITES:
• http://www.nseindia.com/
• http://www.sharekhan.com/
81
• http://www.moneycontrol.com/
• http://www.indiainfoline.com/
• http://www.icicidirect.com/
• http://economictimes.indiatimes.com/
TV- CHANNELS:
• NDTV-PROFIT
• CNBC-AWAZ
82