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PORTFOLIO MANAGEMENT AND RESEARCH ON
EQUITY AND COMMODITY MARKETS
SUBMITTED BY
SHREY M GANDHI
16BSP2399
AMRUTLEELA EQUITIES
A Report
On
PORTFOLIO MANAGEMENT AND RESEARCH ON
EQUITY AND COMMODITY MARKETS
BY
SHREY M GANDHI
16BSP2399
FOR
AMRUTLEELA EQUITIES
A report submitted in partial fulfillment of the requirement of PGPM
program of
IBS MUMBAI
Date of submission-
AUTHORISATION
This is to certify that Project Report entitled PORTFOLIO MANAGEMENT
AND RESEARCH ON EQUITY AND COMMODITY MARKET at
AMRUTLEELA EQUITIES at vidyavihar east (Maharashtra) has been
prepared by Mr. SHREY GANDHI in the complete fulfilment of the requirement
of PGPM Program of IBS Mumbai.
I hereby authorize that all the information and fact produced here are based on my
own findings of the market and studies AMRUTLEELA EQUITIES are original
in nature. The contents of report are a true expression of my efforts on the assigned
topic.
ACKNOWLEDGEMENT
On the very outset of this report, I would like to extend my sincere and heartfelt
obligation towards all the personages who have helped me in this Endeavour.
Without their active guidance, help, cooperation and encouragement, I would not
have made headway in the project. I welcome this opportunity to express my
heartfelt gratitude and regards to my project guide, Mr.Sandeep kukreja, co patner
at AMRUTLEELA EQUITIES for his superb guidance.
He always bestowed parental care upon us and evinced keen interest in solving our
problems. An erudite teacher, a magnificent person and a strict disciplinarian, I
consider myself fortunate to have worked under his supervision.
I admit thanks to our project guide for giving me such a mind stimulating and
innovative project. Also, I would like to thank Mr Rajinder Aurora, Faculty of IBS
Mumbai for her conscientious guidance and encouragement to accomplish this
project.
At last I would like to thank my friends for their constant support throughout the
internship.
The objective of the project i.e., research on equity markets and portfolio
management is done with the help of fundamental and technical analysis. This
would help to understand different patterns of stock market and the buying
opportunities which an individual
With the help of fundamental ratios and technical patterns like SMA , Bollinger
bands we were able to identify the entry point for a particular stock. With the help
of real time meetings with different individuals and HNIs we were able to judge
mentality of different individuals which helped us for practical knowledge
We even managed to gather primary and secondary resources with the help of
particular websites and past records. After collecting the information, analysis is
done. In the analysis, the observations recorded during the project were carefully
analysed and the results are prepared.
After the data is collected it should be interpreted and through the analysis of the
data suggestion and recommendation is to be given regarding the companies . As
to which companies should be purchased and what should be the entry time
This project mainly focus on identifying stocks on the basis of fundamental and
technical analysis. Conducting real time meetings and being a part of housing and
corporate campaigns. The evaluation of the effectiveness of the training program
would be later taken care by the management on the basis of the research being
conducted
TABLE OF CONTENTS
AUTHORISATION
ACKNOWLEDGEMENTS
ExEXUTIVE SUMMARY
2. CHAPTER 2: INTRODUCTION
2.1 OVERVIEW OF STOCK MARKET
2.2 THE BSE AND NSE
2.3 MARKET INDEXES
2.4 HOW STOCK MARKET WORKS
2.5 KEY WORDS
6. CHAPTER 6: PROPDESK
6.1 INTRODUCTION
6.2 MY SELECTION OF TWO COMPANIES
7. CHAPTER 7: MARKETING
7.1 MARKETING
7.2 INTRODUCTION
7.3 PRODUCTS OF AMRUTLEELA
8. CHAPTER 8: STRATEGIES
8.1 SMA
8.2 BOLLINGER BANDS
8.3 EXPONENTIAL MOVING AVERAGE
CONCLUSION
BIBLOGRAPHY
CHAPTER 1
ABOUT THE PROJECT
Conducting real time meetings and being a part of housing and corporate
campaigns The evaluation of the effectiveness of the training program would be
later taken care by the management on the basis of the research being conducted.
(i) Selection and defining the basic research method: In this process a proper
research is done on the basis of learning in the stock market on th bsis of
fundamental analysis
(iii) Analysis and Interpretation Skills: The responses obtained should be analysed
so as to build a proper output which will be further used to pick up top grossing
stock
Analysis: After data collection the analysis of the data is being done by using
MS Excel. And this data is being represented by using graphs and charts
CHAPTER 2
Introduction
Almost all the significant firms of India are listed on both the exchanges. NSE
enjoys a dominant share in spot trading, with about 70% of the market share, as of
2009, and almost a complete monopoly in derivatives trading, with about a 98%
share in this market, also as of 2009. Both exchanges compete for the order flow
that leads to reduced costs, market efficiency and innovation. The presence
of arbitrageurs keeps the prices on the two stock exchanges within a very tight
range.
2.3 Market Indexes
The two prominent Indian market indexes are Sensex and Nifty. Sensex is
the oldest market index for equities; it includes shares of 30 firms listed on the
BSE, which represent about 45% of the index's free-float market capitalization. It
was created in 1986 and provides time series data from April 1979, onward.
Another index is the S&P CNX Nifty; it includes 50 shares listed on the
NSE, which represent about 62% of its free-float market capitalization. It was
created in 1996 and provides time series data from July 1990.
All subsequent trading goes on in the secondary market, where participants include
both institutional and individual investors. (A company uses money raised from its
IPO to grow, but once its stock starts trading, it does not receive funds from the
buying and selling of its shares).
Stocks of larger companies are usually traded through exchanges, entities that
bring together buyers and sellers in an organized manner where stocks are listed
and traded (although today, most stock market trades are executed electronically,
and even
2.5 keywords
1) Ipo
Initial public offering (IPO) or stock market launch is a type of public offering in
which shares of a company usually are sold to institutional investors[1] that in turn,
sell to the general public, on a securities exchange, for the first time. Through this
process, a privately held company transforms into a public company. Initial public
offerings are mostly used by companies to raise the expansion of capital, possibly
to monetize the investments of early private investors, and to become publicly
traded enterprises. A company selling shares is never required to repay the capital
to its public investors. After the IPO, when shares trade freely in the open market,
money passes between public investors. Although IPO offers many advantages,
there are also significant disadvantages, chief among these are the costs associated
with the process and the requirement to disclose certain information that could
prove helpful to competitors. The IPO process is colloquially known as going
public
2) FPO
3) Intraday
Intraday is another way of saying "within the day." Intraday price movements are
particularly important to short-term traders looking to make many trades over the
course of a single trading session. The term intraday is occasionally used to
describe securities that trade on the markets during regular business hours, such as
stocks and ETFs, as opposed to mutual funds, which must be bought from
a dealer.
4) Bear Market
This is trading talk for the stock market being in a down trend, or a period of
falling stock prices. This is the opposite of a bull market.
5) Beta
A measurement of the relationship between the price of a stock and the movement
of the whole market. If stock XYZ has a beta of 1.5, that means that for every 1
point move in the market, stock XYZ moves 1.5 points and vice versa.
These are the large, industry leading companies. They offer a stable record of
significant dividend payments and have a reputation of sound fiscal management.
The expression is thought to have been derived from blue gambling chips, which is
the highest denomination of chips used in casinos.
7) Bull Market
8) Volatility
This refers to the price movements of a stock or the stock market as a whole.
Highly volatile stocks are ones with extreme daily up and down movements and
wide intraday trading ranges. This is often common with stocks that are thinly
traded, or have low trading volumes. This is also common with the stocks that Tim
trades
9) Volume
The number of shares of stock traded during a particular time period, normally
measured in average daily trading volume.
10) Broker
A person who buys or sells an investment for you in exchange for a fee (a
commission).
The practice of buying and selling within the same trading day, before the close of
the markets on that day. This is what Tim typically does, although he does have a
long-term portfolio as well. Traders that participate in day trading are often called
active traders or day traders.
12) Dividend
13) Exchange
An exchange is a place in which different investments are traded. The most well-
known in the United States are the New York Stock Exchange and the Nasdaq.
14) Futures
15) Options
An option is a financial derivative that represents a contract sold by one party (the
option writer) to another party (the option holder). The contract offers the buyer
the right, but not the obligation, to buy (call) or sell (put) a security or
other financial asset at an agreed-upon price (the strike price) during a certain
period of time or on a specific date (exercise date).
A commodity market is a market that trades in primary economic sector rather than
manufactured products. Soft commodities are agricultural products such
as wheat, coffee, cocoa and sugar. Hard commodities are mined, such
as gold and oil.[1] Investors access about 50 major commodity markets worldwide
with purely financial transactions increasingly outnumbering physical trades in
which goods are delivered. Futures contracts are the oldest way of investing in
commodities. Futures are secured by physical assets.[2] Commodity markets can
include physical trading and derivatives trading using spot
prices, forwards, futures, and options on futures. Farmers have used a simple form
of derivative trading in the commodity market for centuries for price risk
management.
CHAPTER 3
AMRUTLEELA EQUITIES
3.3 VISION
No matter where you are in life, whether preparing for your childs future, saving
up for your dream house or planning a luxurious retirement , we give you the
technologies that will make your investment decisions easier. This has earned us
the reputation of being a constant innovator in the financial sector and we strive to
remain future ready by tirelessly improving and strengthening our existing systems
CHAPTER 4
Technical analysis is one of the most efficient methods to evaluate the stock and
find its entry price in the market. It also helps to find the trends in the market
accordingly. There are different indicators of technical analysis such as double top
and flag pattern which can be used to find out the correct buying price of the stock.
These trends are explained below.
If prices just gyrated wildly and randomly it would be very hard to make money.
While wild gyrations do occur, overall prices typically move in trends. There is a
directional bias to the price which provides traders with an advantage. Much of
technical analysis is about determining when a trend is in place, when it isnt
(called a sideways market, range or correction) and when a trend is reversing.
Most profitable trading methods used by traders are trend following strategies.
This means you isolate the trend, and then find opportunities to enter in the same
direction as the trend, thus capitalizing on the directionally biased price movement
2) History Repeats
3) Timing
A major advantage of technical analysis is that it provides you with ways to time
your trades. With a fundamental approach your research may dig up some
interesting news on a companys stock that you think may cause it to rise in the
future, but when? With technical analysis you can wait, and use your money for
other opportunities until the price tells you the stock is ready to move higher.
The current price reflects all currently known information about an asset. While
rumors may constantly swirl that the price may plummet or surge, ultimately the
current price is the balancing point for all information. As investors and traders
sway from one side to the otherbuyers or sellersthe asset moves reflecting the
current perception of value
4.3 FORMATIONS
1. Flag:
A flag is a small rectangle pattern that slopes against the previous trend. If the
previous move was up, then the flag would slope down. If the move was down,
then the flag would slope up.
2. Symmetrical triangle:
It forms during a trend as a continuation pattern. The pattern contains at least
two lower highs and two higher lows. When these points are connected, the
lines converge as they are extended and the symmetrical triangle takes shape. In
this contracting wedge, wide at the beginning and narrowing over t
3. Head and Shoulders :
The pattern contains three successive peaks with the middle peak (head) being
the highest and the two outside peaks (shoulders) being low and roughly equal.
It forms after a uptrend.
4. Descending triangle:
It is a bearish formation that usually forms during a downtrend as a continuation
pattern. Two or more comparable lows form a horizontal line at the bottom.
Two or more declining peaks form a descending trend line above that converges
with the horizontal line as it descends.
5. Double Bottom:
The double bottom is formed at the end of a bear market. It appears as two
consecutive troughs of approximately the same price.
6. Double Top :
The double top is formed at the end of a bull market. It appears as two
consecutive peaks of approximately the same price.
CHAPTER 5
5.2 ADVANTAGES
1) P/E RATIO
For stocks and equity instruments, this method uses revenues, earnings, future
growth, return on equity, profit margins and other data to determine a company's
underlying value and potential for future growth. In terms of stocks, fundamental
analysis focuses on the financial statements of the company being evaluated.
The price-earnings ratio (P/E Ratio) is the ratio for valuing a company that
measures its current share price relative to its per-share earnings.
Earnings per share (EPS) are the portion of a company's profit allocated to each
outstanding share of common stock. Earnings per share serves as an indicator of a
company's profitability.
Calculated as:
3) RETURN ON EQUITY
The interest coverage ratio is a debt ratio and profitability ratio used to determine
how easily a company can pay interest on outstanding debt. The interest coverage
ratio may be calculated by dividing a company's earnings before interest and taxes
(EBIT) during a given period by the amount a company must pay in interest on its
debts during the same period.
The method for calculating interest coverage ratio may be represented with the
following formula:
The formula for calculating D/E ratios can be represented in the following way:
A financial ratio that indicates how much a company pays out in dividends each
year relative to its share price. Dividend yield is represented as a percentage and
can be calculated by dividing the dollar value of dividends paid in a given year per
share of stock held by the dollar value of one share of stock. The formula for
calculating dividend yield may be represented as follows:
Yields for a current year are often estimated using the previous years dividend
yield or by taking the latest quarterly yield, multiplying by 4 (adjusting
for seasonality) and dividing by the current share price
Calculated as:
Dividend Yield =
5.4. FUNDAMENTAL ANALYSIS OF 25 COMPANIES
This is the work and research done by me on the 25 companies allocated by me.
Indicators like P/E ratio , ROE , ROCE , DIVIDEND YIELD RATIO etc were
found and the companies were ranked accordingly. Fundamental analysis is one of
theb most efficient method to identify bagger stocks. Later we were able to assort
the companies of which were better and which was right to purchase
After this fundamental analysis we we were ready d to select stocks of our own and
build a portfolio from it . so we started our activity called prop desk This is an
ongoing task and it will continue till 19th May 2017. The entire team had come up
with 20 different portfolios each consisting 2 companies each. One from
25companiesof CNX500 and one expect CNX500. Each of us was given Rs. 5
lacs. We have held responsibility of both investor and fund manager.
As investors we could invest in each others funds. According to the rules of the
prop desk, out the amount available to us, we could only invest 5% in our own
fund i.e. Rs. 25,000
CHAPTER 6
6.1 PROP DESK
Amrutleela will set aside a Prop Fund at the beginning of the Internship program.
After a 2 weeks training on various technical analysis indicators & strategies such
as Candlesticks, Support Resistance, Formations, Fractals, RSI, MACD, Bollinger
Bands, Elliot Waves Etc. candidates will be trading the companys Prop Fund with
a guidance of our Research Analyst
1) Name-Tech Mahindra
ISIN: INE669C01036
CMP-484.95
52WH-563.75
52WL-405.10
P/E RATIO-14.63
2) NAME SUNDARAM CLAYTON LIMITED
ISN-INE105A01035
CMP-3373.75
52WH-3652
52WL-1755
P/E ratio-44.26
CHAPTER 7
Till 21st April, 2017, I did 3 societies and 1 corporate campaign. In which I
have interacted with number of people, talk about financial investment and
investment solution provided by Amrutleela Equity.
Even I had real client meeting with existing one and new one and make sure
the client is convinced and happy with the product discussion and make the best
dealings be in place.
Brand Recognition
Marketing plays a big role in brand recognition. Personal marketing, social
marketing, marketing via newspaper television makes your brand recognise. This
resulted in capabilities that now incorporate business offerings in several new areas
including aerospace, electronics, home and building control, specialty chemicals,
consumer products and transportation industries. The success of the merger and
subsequent success of the company was due largely to brand recognition. To stay
competitive, companies have to reach out to as many consumers as possible
through as many channels as possible. Consumers have to know who to buy from.
A brand is instantly recognizable through a variety of factors, which may include a
slogan, name, symbol or reputation, as was the case in Honeywell International,
Inc.
New Product Ideas
In todays technologically advanced global market, consumers shop until they find
products that are innovative. Marketing provides the advantage of showing
customers the latest and greatest a business has to offer. Companies that have taken
advantage of marketing in big ways include companies such as Apple, which is
always showing off the latest and greatest new technological electronic or
computer gadget to come to market. This can result in a big boon in sales.
Customers are going to buy innovative products. Marketers have to work diligently
to offer products that consumers want and then advertise them.
Increased Sales
Marketing brings increased sales when managed correctly. This typically comes in
the way of high rates of customer traffic. This may come from Internet traffic
generated by various means, including from email campaigns, traffic that comes
from business blogs, social media forums, product launches online or from
marketing efforts offline. These may include retailers that work to promote
services that feature selected products during certain seasons. Coupons or other
special discount offers are another way that marketers offer advantages to
organizations by increasing sales and the bottom line by improving consumer
interest in products.
Cost Savings
As sales peak and brand awareness increases, marketing efforts result in cost
savings as marketing expenses begin to decline. An in-house marketing team is
always less expensive than hiring a marketing or advertising agency to handle
marketing and promotional activities. Marketing agencies may offer certain perks
and advantages, but with time these efforts can become expensive. Fortunately,
even external marketing agencies can be cost-effective if managed effectively. If
this is an organizations only option, packaged plans may help reduce the cost
associated with ad campaigns.
7.3 PRODUCTS OF AMRUTLEELA
Salaried Individuals
Wishing to create long term wealth
Willing to invest in equity market
Secure childs future
2) Equity delivery momentum
PRODUCT PSYCHOLOGY: The strategy aims to capture short term profit (8%
- 10%) in each trade by investing in fundamentally strong companies at
technically strong support & break out levels.
Individuals who wish to invest in equity markets for short term (2-3 years).
Individuals who wish to take limited risks.
Individuals who wish to make consistent profits.
Individuals who wish to invest in equity markets by following a
professional Trading/investment plan
3) Value portfolio strategy
Value Portfolio Strategy
( Low Risk Mid returns Long Term )
PRODUCT PSYCHOLOGY : The investment strategy aims to create Long term wealth by
investing in fundamentally strong & high growth Potential companies at right
valuations. The combination of technical analysis for identifying entry / exit
levels along with the power of efficient portfolio diversification helps beat
market benchmarks & mutual fund performance consistently.
PRODUCT PSYCHOLOGY - This strategy aims to capture short term price in both
directions using technical analysis to identify strong break out points for entry/exit
signals. The strategy is executed with a stringent risk & money management policy that
helps to achieve extra-ordinary returns with a calculated risk.
STRATEGIES
As shown in the chart above, many traders watch for short-term averages to cross
above longer-term averages to signal the beginning of an uptrend. Short-term
averages can act as levels of support when the price experiences a pullback.
Moving averages are an important analytical tool used to identify current price
trends and the potential for a change in an established trend. The simplest form of
using a simple moving average in analysis is using it to quickly identify if a
security is in an uptrend or downtrend. Another popular, albeit slightly more
complex analytical tool, is to compare a pair of simple moving averages with each
covering different time frames. If a shorter-term simple moving average is above a
longer-term average, an uptrend is expected. On the other hand, a long-term
average above a shorter-term average signals a downward movement in the trend.
Two popular trading patterns that use simple moving averages include the death
cross and a golden cross. A death cross occurs when the 50-day simple moving
average crosses below the 200-day moving average. This is considered a bearish
signal, that further losses are in store. The golden cross occurs when a short-term
moving average breaks above a long-term moving average. Reinforced by high
trading volumes, this can signal further gains are in store.
8.2 Bollinger bands
In this example of Bollinger Bands , the price of the stock is bracketed by an upper
and lower band along with a 21-day simple moving average. Because standard
deviation is a measure of volatility, when the markets become more volatile, the
bands widen; during less volatile periods, the bands contract.
BREAKING DOWN 'Bollinger Band'
Bollinger Bands are a highly popular technical analysis technique. Many traders
believe the closer the prices move to the upper band, the more overbought the
market, and the closer the prices move to the lower band, the more oversold the
market. John Bollinger has a set of 22 rules to follow when using the bands as a
trading system.
The Squeeze
The squeeze is the central concept of Bollinger Bands . When the bands come
close together, constricting the moving average, it is called a squeeze. A squeeze
signals a period of low volatility and is considered by traders to be a potential sign
of future increased volatility and possible trading opportunities. Conversely, the
wider apart the bands move, the more likely the chance of a decrease in volatility
and the greater the possibility of exiting a trade. However, these conditions are not
trading signals. The bands give no indication when the change may take place or
which direction price could move.
Breakouts
Approximately 90% of price action occurs between the two bands. Any breakout
above or below the bands is a major event. The breakout is not a trading signal.
The mistake most people make is believing that that price hitting or exceeding one
of the bands is a signal to buy or sell. Breakouts provide no clue as to the direction
and extent of future price movement.
Bollinger Bands are not a standalone trading system. They are simply one
indicator designed to provide traders with information regarding price volatility.
John Bollinger suggests using them with two or three other non-correlated
indicators that provide more direct market signals. He believes it is crucial to use
indicators based on different types of data. Some of his favored technical
techniques are moving average divergence/convergence (MACD), on-balance
volume and relative strength index (RSI).
The bottom line is that Bollinger Bands are designed to discover opportunities
that give investors a higher probability of success.
8.3 Exponential moving average
The 12- and 26-day EMAs are the most popular short-term averages, and they are
used to create indicators like the moving average convergence divergence
(MACD) and the percentage price oscillator (PPO). In general, the 50- and 200-
day EMAs are used as signals of long-term trends.
Traders who employ technical analysis find moving averages very useful and
insightful when applied correctly but create havoc when used improperly or are
misinterpreted. All the moving averages commonly used in technical analysis are,
by their very nature, lagging indicators. Consequently, the conclusions drawn from
applying a moving average to a particular market chart should be to confirm a
market move or to indicate its strength. Very often, by the time a moving average
indicator line has made a change to reflect a significant move in the market, the
optimal point of market entry has already passed. An EMA does serve to alleviate
this dilemma to some extent. Because the EMA calculation places more weight on
the latest data, it hugs the price action a bit tighter and therefore reacts quicker.
This is desirable when an EMA is used to derive a trading entry signal.
Interpreting the EMA
Like all moving average indicators, they are much better suited for trending
markets. When the market is in a strong and sustained uptrend, the EMA indicator
line will also show an uptrend and vice-versa for a down trend. A
vigilant trader will not only pay attention to the direction of the EMA line but also
the relation of the rate of change from one bar to the next. For example, as the
price action of a strong uptrend begins to flatten and reverse, the EMAs rate of
change from one bar to the next will begin to diminish until such time that the
indicator line flattens and the rate of change is zero.
Because of the lagging effect, by this point, or even a few bars before, the price
action should have already reversed. It therefore follows that observing a
consistent diminishing in the rate of change of the EMA could itself be used as an
indicator that could further counter the dilemma caused by the lagging effect of
moving averages.
The recent global economic situation has witnessed immense highs and lows
including some unfortunate happenings related to stock market. This has surged a
debate on is it really that easy to make money in Indian stock market today.
Timing is the most important factor while investing in stock market. This
fluctuates on rapid basis so one cannot be completely dependent on this for money
until and unless you are in this business for a long time.
The first investment lesson is that when a Company goes through bad phase you
should always look for turnaround signals. This way you get loads of opportunity
to make money. One of the most tips to trade in stock market is to have patience so
that you can make most out of it. Even if the price of stocks have considerably
gone down so it is not in your hands to get rid of them so wait for the right time till
the prices go up.
It is not a wise decision to pull up all your savings in Indian stock market today. So
wait till the market drop which is the right time to make investment. The market
might take some time to rise so that you are comfortable to draw your savings and
invest them. In this way the eventual returns will be high though it is hard to
predict the time when it will rise. So if you planning to invest then you must take
several aspects in mind like the total cost incurred which will help you to estimate
the concurrent expenses that will incur in the entire process. This will help you to
estimate the actual profit from that investment.
Another important thing that you should keep in mind is that make a regular note
of costs both direct and indirect so that you know the absolute profit from entire
transaction made. Remember diversification is the rule of game in stock market. It
is advisable that do not bet all your money in one stock but in multiple ones.
Experts advise you to diversify your portfolio so that the associated risk is reduced
which is related to single stock. In this way you increase your chance to grab more
profit.
How to Avoid Losses in Stock Market?
To avoid losses you can buy stock from various companies so that even one loss
can be compensated and your portfolio is not affected. This way you will be
guarded against losses. According to Indian stock market today investors should
keep a track of market trend to know in which direction the financial market is
moving. Generally market trends can be classified as primary trends, secular trends
(long-term). With this principle one can get an idea that market cycle works due to
persistence and regularity. This principle is consistent due to technical analysis an
inconsistent unpredictability of financial market. Market prices are purely based on
sustained movement in market price over a period of time.
For example if you are a retail investor then you strategy should be to prepare
investment maps. This will help you in planning your strategy as per your needs.
Most stock market investors employ different strategies to invest in share market
which is according to their investment risk profile, money needs, capital and
knowledge level.
CHAPTER 10
CONCLUSION
During the campaign I had came across so many investors, I studied their
behaviour, their reactions, and everything, whether a minute one or a big one,
affects the Investors decision and thus affects the share prices.
Talking about the investors, what I can suggest them from my study is that
they should be very careful while investing in the Stock Market. The market is
simply UNPREDICTABLE. One should do a proper and detailed analysis before
investing in stocks.
To conclude my report I wish to say that I have learnt a lot in this 3 months
and have gained deep knowledge of stock market. I would further continue to gain
insight of stock market
CHAPTER 11
BIBLIOGRAPHY
The following articles from internet have been used for the study purpose:
1. www.nseindia.com
2. www.bseindia.com
3. www.sharegyan.com
4. www.moneycontrol.com
5. www.economictimes.indiatime.com
6. www.business-standard.com
7. www.wikipedia.com