A Study On Equity Analysis of Selected Information Technology Sector Stocks Using MACD and Bollinger Band

A Study on Equity Analysis of Selected Information
Technology Sector Stocks Using MACD and Bollinger Band

at Kotak Securities, Bangalore
Dissertation Report submitted in partial fulfillment of the requirements
for the award of the Degree of
MASTER OF BUSINESS ADMINISTRATION
of
BANGALORE UNIVERSITY
By
SHARAN S HULMANI
Register No. 141GCMD110
Under the guidance of

Co-guide
Mr. Deepak Jain
Internal Guide
Mr Manjunath S Menedhal
Branch Manager
Assistant Professor
Bangalore.
Registration No: 141GFG009
Rashtreeya Sikshana Samithi Trust
R V INSTITUTE OF MANAGEMENT
CA-17, 36th Cross, 26th Main, 4th T Block,
Jayanagar, Bangalore 560 041
20152016
DECLARATION BY THE STUDENT
I hereby declare that the Project Report titled A Study on Equity Analysis of
Selected Information Technology Sector Stocks Using MACD and
Bollinger Band at Kotak Securities, Bangalore is the result of the
dissertation work carried out by me under the guidance of Mr Manjunath S
Menedhal, Assistant Professor, RVIM and Mr. Deepak Jain, Manager, Kotak
Securities, Bangalore, in partial fulfillment for the award of Masters Degree in
Business Administration by Bangalore University.
I also declare that this project is the outcome of my own efforts and that it has
not been submitted to any other University or Institute for the award of any
other Degree or Diploma or Certificate.
Place: Bangalore
Date:
Sharan S Hulmani
141GCMD110
Acknowledgement
I oblige and humble myself to thank all the people who have been
associated with me and played a key role towards the completion of this
dissertation work.
First of all, I would like to thank the gracious almighty God for giving me
strength and courage to do this project work.
I express thanks to our director Dr TV Raju sir for extending his support
by permitting me to do my dissertation work at Consortium Securities Pvt
Ltd., Bangalore.
My deepest gratitude to Mr Manjunath S Menedhal, Asst. Professor, for
guiding me all the way from the commencement till the completion of
this dissertation work. Without his sincere advice and sheer commitment,
I would have not been able to do this project work.
I would also like to thank my external mentor, Mr. Deepak Jain,
Manager, Kotak Securities, Bangalore for his guidance and knowledge
sharing throughout the span of work at the organization.
Last but not least I would like to thank my parents and friends to foster
me at times of troubles. Its through their trust in me; I have been able to
traverse this journey.
Place: Bangalore
Sharan S Hulmani
141GCMD110
Abstract
Technical Analysis is a study of the stock market relating to factors affecting the
supply and demand of stocks and also helps in understanding the intrinsic value of
shares and to know whether the shares are undervalued or overvalued. The stock
market indicators would help the investor to identify major market turning points. The
objective of the present project is to make a study on the technical analysis on
selected stocks of Information Technology sector. The required data is collected from
the secondary sources. MACD and Bollinger Band techniques are used to analyze the
collected data. From the study it is found that, Bollinger Band has correctly indicated
buying and selling signs for 6 companies and has shown false indication for 4
companies. It is also found that MACD has shown correct indications for buying and
selling of 8 companies and has shown false indication for 2 companies. Hence MACD
and Bollinger Band are reliable tools for investment in Indian Stock Market.
Key words: Technical Analysis, Risk, Return, MACD, Bollinger Band.
CONTENT
Chapter
Chapter Title
No.
Page
Numbers
Abstract
Introduction
1.1 Introduction
1.2 Indian Information Technology Sector
1.3 Information Technology Categories
1.4 Structure of Information Technology Sector
1.5 Top 10 Information Technology companies
1.6 Introduction To The Topic
1.7 Fundamental analysis
1.8 Technical analysis
1.9 Types Of Technical Analysis.
1.10
Importance Of The Topic
1.11
Need Of The Study
12
Review of Literature and Gap
II
2.1 Review Of Literature
13
2.2 Statement Of The Problem
16
2.3 Objectives Of The Study
16
2.4 Scope Of The Study
16
2.5 Research Gap
16
2.6 Research Methodology
17
2.7 Source Of Data
18
2.8 Plan Of Analysis
18
2.9 Limitations Of The Study
20
III
Profile Of The Organization And Selected
21-34
Companies.
IV
Data Analysis and Interpretation
35- 116
Findings, Conclusion and Suggestions

V
5.1 Findings
117
5.2 Conclusion
119
5.3 Suggestions
120
References
LIST OF TABLES
Table
number
Description
Page
number
4.1
Table showing risk and return of Wipro
35
4.2
37
4.3
Table showing risk and return of Oracle Financial Services

Software.
Table showing risk and return of Mindtree.
4.4
Table showing risk and return of Infosys.
41
4.5
Table showing risk and return of Tata Consultancy

Services.
43
4.6
Table showing risk and return of HCL Technologies
45
4.7
Table showing risk and return of Tech Mahindra.
47
4.8
Table showing risk and return of Tata Elxsi
49
4.9
Table showing risk and return of Mphasis.
51
4.10
Table showing risk and return of Hexaware Tech.
53
4.11
Table Showing risk and return of 10 Selected Information

Technology Sector Stock
55
4.12
Table showing MACD of HCL Technologies
57
4.13
Table showing MACD of Hexaware Tech.
60
4.14
Table showing MACD of Infosys.
63
4.15
Table showing MACD of Mindtree.
66
4.16
Table showing MACD of Mphasis
69
4.17
Table showing MACD of Oracle Financial Services
72
39
Software.
4.18
Table showing MACD of Tata Elxsi
75
4.19
Table showing MACD of Tata Consultancy Services
78
4.20
Table showing MACD of Tech Mahindra
81
4.21
Table showing MACD of Wipro.
84
4.22
Table Showing Bollinger Band of Wipro
87
4.23
4.24
Table Showing Bollinger Band of Tech Mahindra.

Table Showing Bollinger Band of Tata Consultancy
90
93
Services
4.25
Table Showing Bollinger Band of Tata Elxsi
96
4.26
Table Showing Bollinger Band of Oracle Financial

Services Software
99
4.27
Table Showing Bollinger Band of Mphasis.
102
4.28
Table Showing Bollinger Band of Mindtree.
105
4.29
Table Showing Bollinger Band of Infosys
108
4.30
Table Showing Bollinger Band of Hexaware Tech
111
4.31
Table Showing Bollinger Band of HCL Technologies
114
LIST OF GRAPHS
Graph
number
Description
Page
number
4.1
Graph Showing risk and return of Wipro
36
4.2
Graph Showing risk and return of Oracle Financial

Services Software.
38
4.3
Graph Showing risk and return of Mindtree.
40
4.4
Graph Showing risk and return of Infosys
42
4.5
Graph Showing risk and return of Tata Consultancy

Services
44
4.6
Graph Showing risk and return of HCL Technologies.
46
4.7
Graph Showing risk and return of Tech Mahindra
48
4.8
Graph Showing risk and return of Tata Elxsi.
50
4.9
Graph Showing risk and return of Mphasis
52
4.10
Graph Showing risk and return of Hexaware Tech
54
4.11
Graph Showing risk and return of 10 Selected Information
56
Technology Sector Stock

4.12
Graph showing MACD of HCL Technologies
58
4.13
Graph showing MACD of Hexaware Tech.
61
4.14
Graph showing MACD of Infosys.
64
4.15
Graph showing MACD of Mindtree.
67
4.16
Graph showing MACD of Mphasis
70
4.17
Graph showing MACD of Oracle Financial Services
73
Software.
4.18
Graph showing MACD of Tata Elxsi
76
4.19
Graph showing MACD of Tata Consultancy Services
79
4.20
Graph showing MACD of Tech Mahindra.
82
4.21
Graph showing MACD of Wipro.
85
4.22
Table Showing Bollinger Band Of Wipro
89
4.23
Table Showing Bollinger Band Of Tech Mahindra.
92
4.24
Table Showing Bollinger Band Of Tata Consultancy
95
Services
4.25
Table Showing Bollinger Band Of Tata Elxsi
98
4.26
Table Showing Bollinger Band Of Oracle Financial

Services Software
101
4.27
Table Showing Bollinger Band Of Mphasis.
104
4.28
Table Showing Bollinger Band Of Mindtree.
107
4.29
Table Showing Bollinger Band Of Infosys
110
4.30
Table Showing Bollinger Band Of Hexaware Tech
113
4.31
Table Showing Bollinger Band Of HCL Technologies
116
CHAPER 1
INTRODUCTION
EQUITY ANALYSIS OF SECLECTED INFORMATION TECHNOLOGY SECTOR STOCKS USING MACD AND BOLLINGER BAND AT
KOTAK SECURITIES, BANGALORE.
1.1 INTRODUCTION
India is the world's largest sourcing destination for the information technology (IT)
industry, accounting for approximately 67 per cent of the US$ 124-130 billion market.
The industry employs about 10 million workforces. More importantly, the industry has
led the economic transformation of the country and altered the perception of India in
the global economy. India's cost competitiveness in providing IT services, which is
approximately 3-4 times cheaper than the US, continues to be the mainstay of its
Unique Selling Proposition (USP) in the global sourcing market. However, India is also
gaining prominence in terms of intellectual capital with several global IT firms setting
up their innovation centers in India.
The IT industry has also created significant demand in the Indian education sector,
especially for engineering and computer science. The Indian IT and ITeS industry is
divided into four major segments IT services, Business Process Management (BPM),
software products and engineering services, and hardware.
The IT sector which is currently valued at US$ 143 billion is expected to grow at a
Compound Annual Growth Rate (CAGR) of 8.3 per cent year-on-year to US$ 143
billion for 2015-16. The sector is expected to contribute 9.5 per cent of Indias Gross
Domestic Product (GDP) and more than 45 per cent in total services export in 2015-16.
1.2 INDIAN INFORMATION TECHNOLOGY SECTOR
Information technology is playing an important role in India today and has transformed
India's image from a slow moving bureaucratic economy to a land of innovative
entrepreneurs.
The IT sector in India is generating 2.5 million direct employments. India is now one of
the biggest IT capitals of the modern world and all the major players in the world IT
sector are present in the country.
Bangalore is considered to be the Silicon Valley of India because it is the leading IT
exporter. Exports dominate the industry and constitute about 77% of the total industry
revenue. However, the domestic market is also significant with a robust revenue
growth. The industrys share of total Indian exports (merchandise plus services)
increased from less than 4% in FY1998 to about 25% in FY2012.
In 1991 the Department of Electronics broke this impasse, creating a corporation called
Software Technology Parks of India that, being owned by the government, could
provide VSAT communications without breaching its monopoly. STPI set up software
technology parks in different cities, each of which provided satellite links to be used by
firms; the local link was a wireless radio link. In 1993 the government began to allow
individual companies their own dedicated links, which allowed work done in India to
be transmitted abroad directly. Indian firms soon convinced their American customers
that a satellite link was as reliable as a team of programmers working in the clients
office.
The Indian economy underwent economic reforms in 1991, leading to a new era of
globalization and international economic integration. Economic growth of over 6%
annually was seen during 1993-2002. The economic reforms were driven in part by
significant the internet usage in the country. The new administration under Prime
Minister Atal Bihari Vajpayee 1999 government, which placed the development of
Information Technology among its top five priorities formed the Indian National Task
Force on Information Technology and Software Development.
Within 90 days of its establishment, the Task Force produced an extensive background
report on the state of technology in India and an IT Action Plan with 108
recommendations. The Task Force could act quickly because it built upon the
experience and frustrations of state governments, central government agencies,
universities, and the software industry. Much of what it proposed was also consistent
with the thinking and recommendations of international bodies like the World Trade
Organization (WTO), International Telecommunications Union (ITU), and World
Bank. In addition, the Task Force incorporated the experiences of Singapore and other
nations, which implemented similar programs. It was less a task of invention than of
sparking action on a consensus that had already evolved within the networking
community and government.
"The New Telecommunications Policy, 1999" helped further liberalize India's
telecommunications sector. The Information Technology Act 2000 created legal
procedures for electronic transactions and e-commerce.
Throughout the 1990s, another wave of Indian professionals entered the United States.
The number of Indian Americans reached 1.7 million by 2000. This immigration
consisted largely of highly educated technologically proficient workers. Within the
United States, Indians fared well in science, engineering, and management. Graduates
from the Indian Institutes of Technology (IIT) became known for their technical skills.
The success of Information Technology in India not only had economic repercussions
but also had far-reaching political consequences. India's reputation both as a source and
a destination for skilled workforce helped it to improve its relations with a number of
world economies. The relationship between economy and technology valued in the
western world facilitated the growth of an entrepreneurial class of immigrant Indians,
which helped aid in promoting technology-driven growth.
1.3 INFORMATION TECHNOLOGY CATAGORIES
The sector can be classified into 4 broad categories -IT Services, Engineering
Services, ITES-BPO Services, E-Business.
IT Services can further be categorized into Information Services(IS)

outsourcing, packaged software support and installation, systems integration,
processing services, hardware support and installation and IT training and
education.
Engineering Services include Industrial Design, Mechanical Design, Electronic

System Design (including Chip/Board and Embedded Software Design),
Design Validation Testing, Industrialization and Prototyping.
IT Enabled Services are services that use telecom networks or the Internet. For
example, Remote Maintenance, Back Office Operations, Data Processing, Call
Centres,
Business
Process Outsourcing (BPO),
Knowledge
Process
Outsourcing (KPO)etc.
E Business is carrying out business on the Internet; it includes buying and

selling, serving customers and collaborating with business partners.
1.4 STRUCTURE OF INFORMATION TECHNOLOGY SECTOR

The Indian information technology industry has played a key role in putting India on
the global map. According to the National Association of Software and Service
Companies (NASSCOM), the apex body for software services in India, the revenue of
the information technology sector has risen from 1.2per cent of the gross domestic
product (GDP) in FY 1997-98 to an estimated 11.8 per cent in FY 20014-15.
India's IT growth in the world is primarily dominated by IT software and services such
as Custom Application Development and Maintenance, System Integration, IT
Consulting, Application Management, Infrastructure Management Services, Software
testing, Service-oriented architecture and Web services.
The government expects the exports turnover to touch US$ 80billion by 2011, growing
at an annual rate of 30 per cent per annum, from the earlier few million dollars worth
exports in early1990s.
1.5 Top
10 Information
Technology companies according to market
capitalization.
1. Tata Consultancy Service.
6. Cognizant.
2. Infosys.
7. Mind tree.
3. WIPRO.
8. Mphasis.
4. HCL TECHNOLOGIES.
9. Hexaware Tech.
5. Tech Mahindra.
10. Tata Elxsi.
1.6 INTRODUCTION TO THE TOPIC

Equity analysis is the systematic study of the performance of companies in stock market
with help of fundamental analysis and technical analysis. Equity analysis consists of
fundamental analysis & technical analysis. While decision in investment of shares
should be based on actual movement of shares price measured more in money &
percentage term & nothing else. In equity analysis, attempt to determine future share
price movement with the help of ratio analysis and study of graph. Equity analysis does
not discuss how to buy & sell shares, but does discuss the methods, which enables the
investor to arriving at buying & selling decision.
The technical approach to investment is essentially a reflection of the idea that prices
moves in a trend that are determined by the changing attitude of investors toward a
variety of economic, monetary, political and psychological forces. The art of technical
analysis is to identify a trend reversal at a relatively early stage and ride on that trend
until the weight of the evidence shows or proves the trend has reversed.
Today investing in financial securities such as shares, debentures, bonds, and other
financial security are considered to be the most profitable investment avenues when
compared to other type of investments. However, this financial securities not only
ensures higher return but also bears higher risk. Therefore, the combination of these two
characteristics in the financial securities has created a challenging task for the investors.
Hence with an object of getting success in the investment activity, the investors tries to
predict the future behavior of the stocks by using some of the techniques among them
the important are:
A.
FUNDAMENATAL ANALYSIS
B.
TECHNICAL ANALYSIS
1.7 FUNDAMENTAL ANALYSIS:

Fundamental analysis is one of the important techniques, which is used to study the
future behavior of the stocks. It actually refers to analyses of present and future earning
capacity of the stocks based on the analysis of economy, industry and company as a
whole there by to determine the intrinsic values of the stocks.
In other words, fundamental analysis is mainly concerned with the determination of
intrinsic value of the stocks by analyzing the fundamental factors of an economy,
industry and company as a whole. The intrinsic value of the stocks represents the real
worth or economic value, which is used by the fundamental analysts to identify the
underpriced and overpriced securities in the market. It means, if the intrinsic value of
the stock is more than the market value, it is considered as underpriced and included in
the portfolio. On the other hand, if the intrinsic value of a stock is less than the market
value then it is considered as overpriced and excluded from the portfolio. Thus,
fundamental analysis is mainly concerned with the determination of intrinsic value of
stocks and based on that intrinsic value investment decisions are taken by the
fundamental analysts.
1.8 TECHNICAL ANALYSIS:
It is another important technique, which is used to predict the future performance of the
stocks. It is mainly concerned with the study of historical price movements of the stocks
and on its volume of trade in the market to predict the future trend movements of the
stocks. However, it does not consider any fundamental factors of the company like
earnings, dividends, growth rates etc.
It means, technical analysts first predicts the future trend movements of the stocks by
using historical data and then take buy decision if trend movement shows upward
direction and sell decision if trend movement shows downward direction.
In other words, technical analysis does not involve in determination of any intrinsic
value of the stocks instead it studies the past price movements, volume and other chart
patterns to predict the future performance of the stocks.
Historical stock prices, volume of trade in the market, Charts, graphs etc., are the
important inputs, which are required to perform technical analysis. Charting is the key
activity in technical analysis and in fact there is no technical analysis without charts.
Thus technical analysis mainly concentrates on the study of historical price movements
and on its volume to identity future trend movements and based on this trend
movements investment decisions are taken by technical analysts.
1.9 TYPES OF TECHNICAL ANALYSIS.
Overlays:
Overlays are generally superimposed over the main price chart.
Bollinger bands
Pivot point
Channel
Resistance
Ichimokukinkohyo
Support
Moving average
Trend line
Parabolic SAR
ZigZag
Breadth Indicators
These indicators are based on statistics derived from the broad market.
Advancedecline line
McClellan Oscillator
McClellan Summation Index.
Price-based Indicators
Average directional index
Relative strength index (RSI)
Commodity Channel Index
Relative Vigor Index (RVI).
MACD
Stochastic oscillator
Momentum
Trix
Volume-based Indicators
Accumulation/distribution index
Money Flow
On-balance volume.
1.10 IMPORTANCE OF THE TOPIC

According to Efficient market hypothesis theory {EMH}, the future prices of the stocks
are completely depending upon the information received by the market and there is no
scope for fundamental or technical analyst to beat the market. It means if the market
receives positive information relating to a particular stock or an industry then the prices
of that particular stock move upwards. On the other hand, if the market receives
negative information relating to a particular stock or an industry, then the prices of that
particular stock move downwards.
However, against EMH theory technical analyst argues that whatever the information
received by the market cant be incorporated on the prices of the stocks with in a short
period because there is a need of some time to influence the information's on the prices
of the stocks. It means, since there is a time gap between observing of information's and
incorporating this informations on the prices of the stocks, the technical analyst make
use of this time gap and can beat the market or can predict the future possibilities of
trend movements. Hence, this gives an opportunity to technical analysts to earn excess
returns by studying the chart patterns in price movements and trading accordingly.
Secondly, Technical analysts argues that it is too difficult for fundamental analysts to
pinpoint a specific time to take investment actions even if they have identified the
under-valued or over-valued securities. Whereas, 'Technical analysts take quick
investment decisions as soon as the trend changes its direction or when trend moves to
new equilibrium point.
Finally, technical analysts argues that analysis of fundamentals and financial statement
of a company is not sufficiently enough to take right investment decisions.
Moving Average Convergence Divergence
The MACD indicator is a collection of three time series calculated from historical price
data, most often the closing price. These three series are: the MACD series proper, the
"signal" or "average" series, and the "divergence" series which is the difference
between the two. The MACD series is the difference between a "fast" (short period)
exponential moving average (EMA), and a "slow" (longer period) EMA of the price
series. The average series is an EMA of the MACD series itself.
The MACD indicator thus depends on three time parameters, namely the time constants
of the three EMAs. The notation "MACD (a, b, c)" usually denotes the indicator where
the MACD series is the difference of EMAs with characteristic times a and b, and the
average series is an EMA of the MACD series with characteristic time c. These
parameters are usually measured in days. The most commonly used values are 12, 26,
and 9 days, that is, MACD (12, 26, and 9). As true with most of the technical indicators,
MACD also finds its period settings from the old days when technical analysis used to
be mainly based on the daily charts. The reason was the lack of the modern trading
platforms which show the changing prices every moment. As the working week used to
be 6-days, the period settings of (12, 26, 9) represent 2 weeks, 1 month and one and a
half week. Now when the trading weeks have only 5 days, possibilities of changing the
period settings cannot be overruled. However, it is always better to stick to the period
settings which are used by the majority of traders as the buying and selling decisions
based on the standard settings further push the prices in that direction.
Exponential moving averages highlight recent changes in a stock's price. By comparing
EMAs of different lengths, the MACD series gauges changes in the trend of a stock.
The difference between the MACD series and its average is claimed to reveal subtle
shifts in the strength and direction of a stock's trend. It may be necessary to correlate
the signals with the MACD to indicators like RSI power.
Some traders attribute special significance to the MACD line crossing the signal line, or
the MACD line crossing the zero axis. Significance is also attributed to disagreements
between the MACD line or the difference line and the stock price (specifically, higher
highs or lower lows on the price series that are not matched in the indicator series).
SIGNAL-LINE CROSSOVER
A "signal-line crossover" occurs when the MACD and average lines cross; that is, when
the divergence (the bar graph) changes sign. The standard interpretation of such an
event is a recommendation to buy if the MACD line crosses up through the average line
(a "bullish" crossover), or to sell if it crosses down through the average line (a "bearish"
crossover). These events are taken as indications that the trend in the stock is about to
accelerate in the direction of the crossover.
ZERO CROSSOVER
A "zero crossover" event occurs when the MACD series changes sign, that is, the
MACD line crosses the horizontal zero axis. This happens when there is no difference
between the fast and slow EMAs of the price series. A change from positive to negative
MACD is interpreted as "bearish", and from negative to positive as "bullish". Zero
crossovers provide evidence of a change in the direction of a trend but less confirmation
of its momentum than a signal line crossover.
DIVERGENCE
A "positive divergence" or "bullish divergence" occurs when the price makes a new low
but the MACD does not confirm with a new low of its own. A "negative divergence" or
"bearish divergence" occurs when the price makes a new high but the MACD does not
confirm with a new high of its own. A divergence with respect to price may occur on
the MACD line and/or the MACD Histogram.
TIMING
The MACD is only as useful as the context in which it is applied. An analyst might
apply the MACD to a weekly scale before looking at a daily scale, in order to avoid
making short term trades against the direction of the intermediate trend. Analysts will
also vary the parameters of the MACD to track trends of varying duration. One popular
short-term set-up, for example, is the (5, 35, 5).
FALSE SIGNALS
Like any forecasting algorithm, the MACD can generate false signals. A false positive,
for example, would be a bullish crossover followed by a sudden decline in a stock. A
false negative would be a situation where there was no bullish crossover, yet the stock
accelerated suddenly upwards.
A prudent strategy may be to apply a filter to signal line crossovers to ensure that they
have held up. An example of a price filter would be to buy if the MACD line breaks
above the signal line and then remains above it for three days. As with any filtering
strategy, this reduces the probability of false signals but increases the frequency of
missed profit.
Analysts use a variety of approaches to filter out false signals and confirm true ones.
A MACD crossover of the signal line indicates that the direction of the acceleration is
changing. The MACD line crossing zero suggests that the average velocity is changing
direction.
BOLLINGER BAND
Bollinger Bands is a technical analysis tool invented by John Bollinger in the 1980s as
well as a term trademarked by him in 2011. Having evolved from the concept of trading
bands, Bollinger Bands and the related indicators and bandwidth can be used to
measure the "highness" or "lowness" of the price relative to previous trades.
Bollinger Bands consist of:
An N-period moving average (MA)
An upper band at K times an N-period standard deviation above the moving average
(MA + K)
A lower band at K times an N-period standard deviation below the moving average
(MA K)
Typical values for N and K are 20 and 2, respectively. The default choice for the
average is a simple moving average, but other types of averages can be employed as
needed. Exponential moving averages is a common second choice. Usually the same
period is used for both the middle band and the calculation of standard deviation.
The purpose of Bollinger Bands is to provide a relative definition of high and low. By
definition, prices are high at the upper band and low at the lower band. This definition
10
can aid in rigorous pattern recognition and is useful in comparing price action to the
action of indicators to arrive at systematic trading decisions.
The use of Bollinger Bands varies widely among traders. Some traders buy when price
touches the lower Bollinger Band and exit when price touches the moving average in
the center of the bands. Other traders buy when price breaks above the upper Bollinger
Band or sell when price falls below the lower Bollinger Band. Moreover, the use of
Bollinger Bands is not confined to stock traders; options traders, most notably implied
volatility traders, often sell options when Bollinger Bands are historically far apart or
buy options when the Bollinger Bands are historically close together, in both instances,
expecting volatility to revert towards the average historical volatility level for the stock.
When the bands lie close together, a period of low volatility is indicated. Conversely, as
the bands expand, an increase in price action/market volatility is indicated. When the
bands have only a slight slope and track approximately parallel for an extended time,
the price will generally be found to oscillate between the bands as though in a channel.
Traders are often inclined to use Bollinger Bands with other indicators to confirm price
action. In particular, the use of oscillator-like Bollinger Bands will often be coupled
with a non-oscillator indicator-like chart patterns or a trend line. If these indicators
confirm the recommendation of the Bollinger Bands, the trader will have greater
conviction that the bands are predicting correct price action in relation to market
volatility.
11
1.11 NEED OF THE STUDY

The investors who trade doesnt make much analysis before investing in a particular
stock. When compared to other nations, Indian investors make less profit because they
lack in analyzing a stock. So it is necessary to ascertain, analyses and interpret the share
of various firms in order to know its position in the market. The role of equity analysis
is to provide information to the market. An efficient marketer relies on information,
lack of information creates inefficiencies that result in stocks being misrepresented
(over or under values). This is valuable because it fills information gaps so that each
individual investor does not need to analyses every stock thereby making the markets
more efficient. This study mainly helps the investors to analyses the stocks through
Technical Analysis using MACD and Bollinger Band method, which provides an
opportunity to know about the position of the stocks. Investors can make wise
investment with the help of this analysis. It tries to point out the company which ensure
maximum return and minimum risk in Information Technology sector where in
investment could be made. Thus analyzing the stocks provides an opportunity to make
profit when compared to others who doesnt analyses it.
12
CHAPTER2
REVIEW OF LITERATURE AND
RESEARCH DESIGNE
2.1 Review of Literature
Dhanesh Kumar Khatri (2012) in their article found that a leading technical analyst,
provides a more specific definition: The technical approach to investment is
essentially a reflection of the idea that prices move in trends that are determined by
the changing attitudes of investors toward a variety of economic, monetary, political,
and psychological forces. The art of technical analysis, for it is an art, is to identify a
trend reversal at a relatively early stage and ride on that trend until the weight of the
evidence shows or proves that the trend has reversed.
PattabhiRam.V (1995) in his paper Wanna do Equity Research emphasisedthe

need for doing equity analyses before selecting shares for investment. He revealed
that the Indian stock market is an inefficient market because of the absence of good
communication network, rampant price rigging the absence of free and instantaneous
flow of information, professional broking and so on. He concluded that in such
inefficient market, equity research will produce better results as there will be frequent
mismatch between price and value that provides opportunities to the long-term value
oriented investor. He added that in the Indian stock market investment returns would
improve only through quality equity research.
Charles.P.Jonesl (1996) in his paper Investment analysis and management

reviewed how to estimate security return and risk. To estimate returns, the investors
must estimate cash flows the securities are likely to provide. Also, investors must be
able to quantify and measure risk using variance or standard deviation. Variance or
standard deviation is the accepted measure of variability for both realized returns and
expected returns. He suggested that the investors should use it as the situation
dictates.
Stephen Sault (2006) in his paper Fundamental and Technical Analysis mentions
that while the Equity analysis literatures invest considerable effort in assessing their
respective ability to explain share prices. 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 complement, nature of fundamental and technical analysis by showing that, while
each performs well in isolation, models integrating both have superior explanatory
power.
13
Avijit Banerjee (1998) in his paper A glimpse of Portfolio Management reviewed

Equity Analysis to analyses the worthiness of the individual securities needed to be
acquired for portfolio construction. Equity Analysis detects the most appropriate time
to buy or sell the stock. It aims to avoid the pitfalls of wrong timing in the investment
decisions. He also stated that the modern portfolio literature suggests 'beta' as the
most acceptable measure of risk of scrip. The securities having low beta should be
selected for constructing a portfolio in order to minimize the risks.
Daigler Robert T.et.Al., (1981) have conducted a study on the development

andtesting of trading rules on the New York stock Exchange which are based on the
discriminant Function. The study analysis the ability of daily technical indicators to
predict future changes in the standard and poors 500 index. The study also
signifies that the Technical indicators possess predictive ability to the extent that
investors possess predictive ability to the extent that investors believe they contain
information on Future Market developments, and/or to the extent that the indicators
reflect changing expectations among market participants. The study summarizes that
the initial analysis of the relationship between daily technical data and future market
movements is accomplished by examining the statistical difference between the group
means (computed via the usual F test applied to the group means estimated from the
discriminant function) of predicted up days versus predicted down days (Up
and down days are define shortly). The statistical analysis is extended by
classifying the observations into groups.
Stephan H Penman (2007) in his study found that Technical analysis includes a
variety of forecasting techniques such as chart analysis, pattern recognition analysis,
seasonality and cycle analysis, and computerized technical trading systems. However,
academic research on technical analysis is generally limited to techniques that can be
expressed in mathematical forms, namely technical trading systems, although some
recent studies attempt to test visual chart patterns using pattern recognition
algorithms. A technical trading system consists of a set of trading rules that result
from parameterizations, and each trading rule generates trading signals (long, short, or
out of market) according to their parameter values. Several popular technical trading
systems are moving averages, channels, and momentum oscillators.
Park and Irwin (2007) review the profitability of technical analysis and discuss
charting and trading rule approaches as well as approaches based on genetic
algorithms, neural networks and time series models. The conclusion is that despite
14
evidence of predictability, improved testing procedures and plausible theoretical

explanations, academic acceptance of technical analysis is hindered by problems of
data snooping and potentially economically insignificant profits after adjusting for
risk. This is attributed to a lack of understanding of how technical analysis is used in
real world markets.
C. L. Osler (2011) provides a microstructural explanation for the success of two

familiar predictions from technical analysis: (1) trends tend to be reversed at
predictable support and resistance levels, and (2) trends gain momentum once
predictable support and resistance levels are crossed. The explanation is based on a
close examination of stop-loss and take-profit orders at a large foreign exchange
dealing bank. Take-profit orders tend to reflect price trends, and stop-loss orders tend
to intensify trends. The requested execution rates of these orders are strongly
clustered at round numbers, which are often used as support and resistance levels.
Significantly, there are marked differences between the clustering patterns of stoploss and take-profit orders, and between the patterns of stop-loss buy and stop-loss
sell orders. These differences explain the success of the two predictions.
Kavajecz and Odders-White (2004) show that support and resistance levels coincide
with peaks in depth on the limit order book and moving average forecasts reveal
information about the relative position of depth on the book. They also show that
these relationships stem from technical rules locating depth already in place on the
limit order book.
15
2.2 Statement of the problem

A better understanding of the stock market trend will facilitate allocation of financial
sources to the most profitable investment opportunity. The behavior of stock returns
will enable the investors to make appropriate investment decisions. The study is
aimed at ascertaining the behavior of share returns.
The study on fluctuations in equity market helps in understanding the behavior of
equity market. It helps the investors to be aware about deviations in the returns of the
stocks. Equity analysis indicates the buy and sell signal to the investors. This helps the
investors is taking good decisions when investing in equity shares. The study also
helps the customers to ascertain the risk and return of the stocks. This will help the
investors identify the stocks which would yield them higher return and lesser risk. In
this regard, a study is taken up on analyzing the selected equity stocks of Information
Technology sector MACD and Bollinger Band method.
2.3 Objectives of the study

1. To study the price movement of the stocks of 10 Information Technology companies.
2. To analyses the risk-return characteristics of the selected securities.
3. To know whether the security is underpriced, over-priced or fairly priced using MACD
and Bollinger Band model.
2.4 Scope of the study

The study is to analyses the future investment prospective of the key players from
Information Technology sector of the economy. The technical analysis is to predict the
future stock behavior. The scope of the study is limited for a period of five years and
also limited to only the technical analysis of 10 chosen stocks.
2.5 Research Gap

There have been many valuable studies on technical analysis, however none or very
few studies are made using MACD and Bollinger Band on selected Information
Technology stocks in India. MACD and Bollinger band are one of the important
indicators indicating when to buy and sell stocks of a particular company. This
16
research helps to understand the applicability and reliability of MACD and Bollinger
Band for investing in Indian Stock Market.
2.6 Research Methodology

It is an analytical research. The study mainly focuses on analysis of stocks of ten
selected Information Technology companies. Equity analysis method is chosen for the
purpose of study. The study includes calculating the risk, returns and market risk
(beta) of the stocks for the period of five years. Statistical techniques such as mean,
standard deviation and beta are used for predicting future returns of the assets. This
assists in better decision making using MACD and Bollinger band model. The
expected return of the individual security is calculated which helps to know whether
the security is fairly pieced, over-priced or underpriced.
Sampling
Sampling Technique
Purposive sampling technique has been used for the research where top 10
companies are selected on the basis of their market capitalization.
Sample SizeSample size of 10 Information Technology companies over the period of 5 years
from 2011 to 2015 is considered for the study.
Sample UnitThe study is conducted on ten INFORMATION TECHNOLOGY companies and
the companies selected for the study are:
Name Of The Company
Name Of The Company
1.
Tata Consultancy Service.
6.
Oracle Financial Services Software.
2.
Infosys.
7.
Mind tree.
3.
WIPRO.
8.
Mphasis.
4.
HCL TECHNOLOGIES.
9.
Hexaware Tech.
17
5.
Tech Mahindra.
10 Tata Elxsi.
2.7 SOURCE OF DATA

The data is collected through secondary sources.
Secondary data
Secondary data is collected through various Journals, Books, Articles and Website
sources.
The moving of NSE nifty index is the vital data for the study.
2.8 PLAN OF ANALYSIS

Mean
Mean is an average return on the expected stock that can be calculated as below
Where:
Is the arithmetic mean.
X is the sum of all observation.
N is the number of observations.
Standard Deviation
Standard Deviation is the measure of how much return on investment id deviating
from the expected normal or average return
Where x represents each value in the population, is the mean value of the
population, is the summation (or total), and N is the number of values in the
population
18
Moving Average Convergence Divergence.

Moving Average Convergence Divergence (MACD) is a trend-following momentum
indicator that shows the relationship between two moving averages of prices. The MACD
is calculated by subtracting the 26-day exponential moving average (EMA) from the 12day EMA. A nine-day EMA of the MACD, called the "signal line", is then plotted on top
of the MACD, functioning as a trigger for buy and sell signals.
Calculation of MACD
MACD Line: (12-day EMA - 26-day EMA)
Signal Line: 9-day EMA of MACD Line
MACD Histogram: MACD Line - Signal Line
Bollinger Band
Bollinger bands are an excellent range-bound indicator meaning they work best when
the market is not strongly trending, but rather fluctuating between a high barrier
(resistance) and a lower barrier (support). Bollinger bands operate under the logic that a
currency pairs price is most likely to gravitate towards its average, and hence when it
strays too far such as two standard deviations away it is due to retrace back to its
moving average.
Calculation of Bollinger Band
Middle Band = 20-day simple moving average (SMA)
Upper Band = 20-day SMA + (20-day standard deviation of price x 2)
Lower Band = 20-day SMA - (20-day standard deviation of price x 2)
(Upper Band Lower Band) / Middle Band
19
2.9 LIMITATIONS OF THE STUDY:

1:
Analysis involves using of only two technical tools.
2:
The study is restricted only to ten selected stocks of nifty.
3:
The study depends more on secondary data rather than on primary data.
4:
We can't predict the prices of the stocks for long term
5:
Comparative analysis of sectors is not possible as the study deals with only
10 companies of Information Technology sector.
20
CHAPTER 3
PROFILE OF THE ORGANIZATION
AND SELECTED COMPANIES
Equity Analysis of selected Information Technology sector stocks using MACD and Bollinger Band at
Kotak Securities, Bangalore.
3.1 KOTAK MAHINDRA GROUP

Kotak Mahindra is one of India's leading banking and financial services
organizations, offering a wide range of financial services that encompass every sphere
of life. From commercial banking, to stock broking, to mutual funds, to life insurance,
to investment banking, the group caters to the diverse financial needs of individuals
and
corporate
sector.
The group has a net worth of over Rs. 100.6 billion and has a distribution network of
branches, franchisees, representative offices and satellite offices across cities and
towns in India, and offices in New York, London, San Francisco, Dubai, Mauritius
and Singapore servicing around 8 million customer accounts.
The group specializes in offering top class financial services, catering to every
segment of the industry. The various companies include:
Kotak Mahindra Bank Ltd
Kotak Mahindra Old Mutual Life Insurance Ltd
Kotak Securities Ltd
Kotak Mahindra Capital Company (KMCC)
Kotak Mahindra Prime Ltd (KMPL)
Kotak International Business
Kotak Mahindra Asset Management Company Ltd (KMAMC)
Kotak Private Equity Group (KPEG)
Kotak Realty Fund
History of Kotak Mahindra Group

The Kotak Mahindra group was born in 1985 as kotak Capital Management Finance Limited. This
company was promoted by UdayKotak, Sidney A. A. Pinto and Kotak and company. Industrialists
Harish Mahindra and Mahindra took a stake in 1986, and thats when the company changed its name
to Kotak Mahindra Finance Limited.
It has been a steady and confident journey leading to growth and success. The milestones of the group
growth story are listed below year wise:
21
1986
Kotak Mahindra Finance Ltd started the activity of Bill Discounting
1987
Kotak Mahindra Finance Ltd entered the Lease and Hire Purchase market
1990
The Auto Finance division was started

The Investment Banking Division was started. Took over FICOM, one of India's
largest financial retail marketing networks
Entered the Funds Syndication sector
1991
1992
1995
1996
Brokerage and Distribution businesses incorporated into a separate company Securities. Investment banking division incorporated into a separate company - Kotak
Mahindra Capital Company
The Auto Finance Business is hived off into a separate company - Kotak Mahindra
Prime Limited (formerly known as Kotak Mahindra Primus Limited). Kotak
Mahindra takes a significant stake in Ford Credit Kotak
Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information
Services Limited marks the Group's entry into information distribution.
1998
Entered the mutual fund market with the launch of Kotak Mahindra Asset
Management Company.
2000
Kotak Mahindra tied up with Old Mutual plc.For the Life Insurance business. Kotak
Securities launched its on-line broking site. Commencement of private equity activity
through setting up of Kotak Mahindra Venture Capital Fund.
2001
Matrix sold to Friday Corporation. Launched Insurance Services. Kotak Securities

Ltd. was incorporated
2004
Kotak Mahindra Finance Ltd. converted into a commercial bank - the first Indian
company to do so.
Launched India Growth Fund, a private equity fund.
2005
Kotak Group realigned joint venture in Ford Credit; their stake in Kotak Mahindra
Prime was bought out (formerly known as Kotak Mahindra Primus Ltd) and Kotak
groups stake in Ford credit Kotak Mahindra was sold.
2003
2006
Launched a real estate fund

Bought the 25% stake held by Goldman Sachs in Kotak Mahindra Capital Company
and Kotak Securities.
2008
Launched a Pension Fund under the New Pension System.
2009
Kotak Mahindra Bank Ltd. opened a representative office in Dubai Entered

Ahmadabad Commodity Exchange as anchor investor.
22
INTRODUCTION TO KOTAK SECURITIES LTD.
Originally established in 1994, Kotak Securities is a subsidiary of Kotak Mahindra Bank,

which services more than 7.4 lakh customers. The firm has a wide network of more than
1400 branches, franchisees representative offices, and satellite offices across 448 cities in
India and offices
in New York,
London,
Dubai,
Mauritius
and Singapore.
The company is a corporate member of both The Bombay Stock Exchange (BSE) and The
National Stock Exchange of India (NSE). Our operations include stock broking services for
trading in stock markets through branches & internet and distribution of various financial
products including investments in IPOs, Mutual Funds and Currency Derivatives.
Currently, Kotak Securities is one of the largest broking houses in India with substantial
geographical reach to Asia Pacific, Europe, Middle East and America.
Kotak Securities Limited has Rs. 1,202 crore of Assets Under Management (AUM) as of
31st Dec, 2011.
Innovators
The company is pioneers in providing many products and services which have now
become industry standards for stock broking in India. Some of them include:
1
Mobile stock trading application to keep track of investors investments even on the
go.
Facility of Margin Finance to the customers for online stock trading
Investing in IPOs and Mutual Funds on the phone.
Auto Invest - A systematic investing plan in Equities and Mutual funds
SMS alerts before execution of depository transactions.
23
Board of Directors of Kotak Securities Ltd :

Chairman:
Mr.Uday Kotak
Managing Director:
Mr. Narayan S.A.
Directors:
Mr. C. Jayaram
Mrs.Falguni Nayar.
Mr.VikramSud.
Executive Director & Chief operating Officer:
Mr. D. Kannan
AWARDS AND RECOGNITION OF KOTAK SECURITIES LTD.
Best Broker in India by Finance Asia for 2010 & 2009
UTI MF - CNBC TV18 Financial Advisor Awards - Best Performing Equity Broker
(National) for the year 2009
Best Brokerage Firm in India by Asia money in 2009, 2008, 2007 & 2006
Best Performing Equity Broker in India - CNBC Financial Advisor Awards 2008
Avaya Customer Responsiveness Awards (2007 & 2006) in Financial Services Sector
The Leading Equity House in India in Thomson Extel Surveys Awards for the year 2007
Euro money Award (2007 & 2006) - Best Provider of Portfolio Management: Equities
Euro money Award (2012)-Best Equities House In India
Finance Asia Award (2014)-Best Broker In India
24
PROFILE OF THE RESPONDENT COMPANIES

3.2 Tata Consultancy Services
Tata Consultancy Services is an IT services, consulting and business solutions
organization that delivers real results to global business, ensuring a level of certainty
no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO,
infrastructure, engineering and assurance services. This is delivered through its unique
Global Network Delivery Model, recognized as the benchmark of excellence in
software development. A part of the Tata Group, Indias largest industrial
conglomerate, TCS has over 238,500 of the world's best trained consultants in 42
countries. The company is listed on the National Stock Exchange and Bombay Stock
Exchange in India.
Company Name
Tata Consultancy Services
Traded as
BSE: 532540
NSE: TCS
CEO & MD
Natarajan Chandrasekaran
Headquarters
Mumbai
Services
IT services and IT consulting
Revenue
US$16.54 billion
Market Capitalisation
Rs. 5215525.7170329 Millions
25
3.3Infosys
Infosys Limited (formerly Infosys Technologies Limited) is an Indian multinational
corporation that provides business consulting, information technology and
outsourcing services. It is headquartered in Bangalore, Karnataka.
Infosys is the second-largest Indian IT services company by 2016 revenues, and the
fifth largest employer of H-1B visa professionals in the United States in FY 2013. On
15 February 2015, its market capitalisation was 263,735 crores ($42.51 billion),
making it India's sixth largest publicly traded company.
Company Name
Infosys Technologies Ltd.
Traded as
BSE: 500209
NSE: INFY
CEO and MD
Vishal Sikka
Headquarters
Bangalore
Services
IT, business consulting and outsourcing

services
Revenue
Rs. 569920 Million
Rs. 2894724.512806 Millions
.
26
3.4Wipro
Wipro Limited (Western India Palm Refined Oils Limited or more recently, Western
India Products Limited) is an Indian Multinational Information Technology Services
corporation headquartered in Bangalore, India.
In 2013, Wipro demerged its non-IT businesses into a separate companies to bring in
more focus on independent businesses. As of Dec 2015, Wipro's market capitalization
was $45 Billion, making it one of India's largest publicly traded companies and
seventh largest IT Corporation in the world.
Company Name
Wipro
Traded as
BSE: 507685
NSE: WIPRO
CEO
Abidali Neemuchwala
Headquarters
Bangalore
Services
Revenue
US$7.735 billion
Rs. 133,999.14 Millions
27
3.5 HCL Technologies

HCL Technologies Limited is a multinational IT services company, headquartered
in Noida, Uttar Pradesh, India. It is a subsidiary of HCL Enterprise. Originally
the research and development division of HCL Limited, it emerged as an independent
company in 1991 when HCL Limited ventured into the software services
business. HCL Technologies (often called Hindustan Computers Limited) offers
services including IT consulting, enterprise transformation, remote infrastructure
management, engineering and R&D, and business (BPO).
The company has offices in 32 countries, and operates across a number of industry
verticals including aerospace and defence, automotive, consumer electronics, energy
and utilities, financial services, government, independent software vendors, industrial
manufacturing, life sciences and healthcare, media and entertainment, mining and
natural resources, oil and gas, public services, retail and consumer, semiconductor,
server and storage, telecom, and travel, transportation, logistics and hospitality.
Company Name
HCL Technologies
Traded as
BSE: 532281
NSE: HCLTECH
CEO
Anant Gupta
Headquarters
Bangalore
Services
Revenue
US$ 6.1 billion
Rs. 1016872.7861826 Millions
28
3.6 Tech Mahindra

Tech
Mahindra
technology (IT),
Limited is
networking
an Indian multinational provider

technology solutions and
of information
Business
Process
Outsourcing (BPO) to the telecommunications industry. It is a specialist in digital

transformation, consulting and business re-engineering solutions. Anand Mahindra is
the founder of Tech Mahindra, which is headquartered at Pune, India.
Part of the Mahindra Group, Tech Mahindra is a US$3.68 billion company with
105,000+ professionals across 51 countries.It provides services to 788 global
customers including Fortune 500 companies. It is also one of the Fab 50 companies in
Asia, a list compiled by Forbes.Tech Mahindra was ranked 5th in India's software
services (IT) firms and overall 111 in Fortune India 500 list for 2012.Tech Mahindra,
on 25 June 2013, announced the completion of a merger with Mahindra Satyam.
Company Name
Tech Mahindra
Traded as
BSE: 532755
NSE: TECHM
CEO and MD
CP Gurnani
Headquarters
Pune
Services
Revenue
$4.03 billion
Rs. 530145.37884 Millions
29
3.7 Oracle Financial Services Software Limited

Oracle Financial Services Software Limited is a subsidiary of Oracle Corporation. It
is an IT solution provider to the banking industry. It claims to have more than 900
customers in over 145 countries. Oracle Financial Services Software Limited is
ranked. No. 9 in IT companies of India and overall ranked No. 253 in Fortune India
500 list in 2011.
Company Name
Oracle
Financial
Services
Software
Limited
Traded as
BSE: 532466
NSE: OFSS
CEO and MD
CP Gurnani
Headquarters
Mumbai
Services

services
Revenue
$ 518.252 Millions
Rs. 291687.3873693 Millions
30
3.8 Mindtree Limited

Mindtree
Limited is
an
Indian
multinational information
technology and outsourcing company headquartered in Bangalore, India and New

Jersey. Founded in 1999, the company employs approximately 16,500+ employees
with annual revenue of $700+ million. The company deals in e-commerce, mobile
applications, computing, digital, data analytics, EAI and ERP, with more than 290
clients and offices in 14 countries. Its largest operations are in India and major
markets are United States and Europe. The company was formed on 18 August 1999
by ten IT professionals, who formerly worked for Cambridge Technology
Partners, Lucent Technologies, and Wipro.
Company Name
Mindtree Limited
Traded as
BSE: 532819
NSE: MINDTREE
CEO and MD
Krishnakumar Natarajan
Headquarters
Bangalore
Services

services
Revenue
US$700 million
Rs. 109735.357806 Millions
31
3.9 Mphasis
Mphasis is an IT services company based in Bangalore, India. The company provides
infrastructure technology and applications outsourcing services, as well as
architecture guidance, application development and integration, and application
management services. It serves financial services, telecom, logistics, and technology
industries. Mphasis is ranked #7 in India IT companies and overall #165 by Fortune
India 500 in 2011. In February 2014, Mphasis changed its logo and the brand name
as Mphasis Unleash the Next, seeking to boost business other than from
parent Hewlett-Packard, its largest client. In April 2016, Hewlett Packard Enterprise
sold majority of its stake in Mphasis to Blackstone Group LP for around a billion
dollars.
Company Name
Mphasis
Traded as
BSE: 526299
NSE: MPHASIS
CEO and MD
Davinder Singh Brar
Headquarters
Bangalore
Services

services
Revenue
US$99 million
Rs. 116148.1132962 Millions
32
3.10 Hexaware Technologies Limited

Hexaware Technologies Limited (HTL) is an information technology and
business service provider company based in Navi Mumbai, India. Founded in 1990.
The company's core activity spans development support, integration, implementation
and testing services across all major enterprise software systems such as
PeopleSoft, Workday, Oracle, SAP and Microsoft.
The company provides software services in airlines, banking and financial services,
health care & insurance sectors. The company is currently assessed as a CMMI level
5 company and since 2005, NASSCOM has ranked Hexaware in the list of top 20
Company Name
Hexaware Technologies Limited
Traded as
BSE: 532129
NSE: HEXT
CEO and MD
R.Srikrishna
Headquarters
Mumbai
Services
Information technology and Business

Process Outsourcing
Revenue
US$380 million
Rs. 64377.0002151 Millions
33
3.11 Tata Elxsi

Tata Elxsi is a design company and a part of the $100 billion+ Tata Group. Tata Elxsi
addresses the communications, consumer products, defence, healthcare, media &
entertainment, semiconductor and transportation sectors. This is supported by a
network of design studios, development centers and offices worldwide. Tata Elxsi is a
listed company and headquartered in Bangalore, India.
Tata Elxsi is a design company that blends technology, creativity and engineering to
help customers transform ideas into world-class products and solutions. Tata Elxsi is
uniquely positioned with its proven capabilities in technology and user experience,
insight-led design and product engineering across multiple industries. We leverage
these unique intersections to help customers create exceptional products, services and
experiences and drive their strategic growth.
Company Name
Tata Elxsi
Traded as
BSE: 500408
NSE: TATAELXSI
CEO and MD
R.Srikrishna
Headquarters
Mumbai
Services
Technology
Services
&
Product
Engineering
Revenue
US$159.749 million
Rs. 56685.572599 Millions
34
CHAPTER 4
DATA ANALYSIS AND
INTERPRETATION
Risk and Return

Wipro
4.1 Table Showing Risk and Return of Wipro
Period
Risk
Return
2011
7.13035513
-0.616387759
2012
7.467730655
0.174936374
2013
11.68450719
0.174936374
2014
5.321569076
0.071051408
2015
6.431818799
0.265878287
Analysis
From the above table, it can be analyzed that risk in the year 2011 was 7.13 and 6.43
at the end of the year 2015. This means it is showing a downward trend. Return in the
year 2011was -0.61 and 0.2 at the end of the year 2015, this shows it is in upward
trend. In 2013 the risk increased to 11.68 from 7.46 in 2012 but the returns remained
same i.e. 0.174.
35
4.1 Graph Showing Risk and Return of Wipro

0.4
14
0.3
12
0.2
0.1
10
0
-0.1
2011
2012
2013
2014
-0.2
2015
8
6
-0.3
4
-0.4
-0.5
-0.6
-0.7
0
Return
Risk
Interpretation
From the above analysis it, can be inferred that the companys performance is in tune
with the investment rule (i.e. when more risk involved there will be more return to the
company) except for the year 2013 where increase in risk did not result in increase in
the return. But in the end, the company ended on a positive side showing good returns
for the risk bared by the investor.
36

4.2 Table Showing Risk and Return of Oracle Financial Services Software.
Period
Risk
Return
2011
8.364238914
-1.558208244
2012
11.0809999
4.643619197
2013
6.171503044
-0.375401441
2014
5.538432008
0.263613923
2015
4.412829097
1.246041451
Analysis
at the end of the year 2015, this shows that the risk is decreasing year after year.
Return in the year 2011was -1.55 and 1.24 at the end of the year 2015, this shows it is
in upward trend. From 2013 the risk decreased from 6.17 to 4.41 in 2015 but the
returns remained increased to 1.24 in 2015 from -0.37 in 2013.
37
4.2 Table Showing Risk and Return of Oracle Financial Services Software.
5
12
10
6
1
4
2011
2012
2013
2014
2015
-1
-2
0
Return
Risk
Interpretation
From the above analysis it can be inferred that the companys performance is in tune
with the investment rule (i.e. more the risk taken more will be the return to the
company) for the three years from 2011 to 2013. At the end of the year the company
return picked up and yield bullish return and risk is on a downward trend, hence it is
advisable to buy the stock.
38
Mindtree
4.3 Table Showing Risk and Return of Mindtree.
Period
Risk
Return
2011
11.75233213
-1.07402246
2012
6.693730503
4.799709066
2013
8.345783733
7.260233204
2014
16.84649649
0.133447578
2015
9.326372109
1.320551845
Analysis
at the end of the year 2015. This shows a downward trend. Return in the year
2011was -1.07 and 1.32 at the end of the year 2015, this shows it is in upward trend.
In between the company yield highest return of 7.76 in 2013 with a minimum increase
in the risk.
39
4.3 Graph Showing Risk and Return of Mindtree

8
18
16
14
12
10
3
8
0
-1
2011
2012
2013
2014
2015
-2
2
0
Return
Risk
Interpretation
From the above analysis it can be inferred that, the stock was very much fluctuation
during the period of study, the risk of the company was not at all justifying the return
it generated. Even though the risk is increases the return is decreases. This shows that
the stock was giving very minimal returns for the risk bared by the investor.
Indian Information Technology companies have long been able to leverage their lowcost or cost arbitrage model in the overall global software industry. But in the last one
or two years, in spite of high utilization and higher rupee depreciation, earnings
growth has been decelerating. The main reason is the pricing pressure, which the IT
companies are witnessing.
40
Infosys
4.4 Table Showing Risk and Return Infosys
Period
Risk
Return
2011
9.1367609
-0.69659
2012
6.7292002
-1.24072
2013
10.965265
4.027645
2014
15.583776
-3.15382
2015
16.407451
-2.9259
Analysis
From the above table it can be analyzed that risk in the year 2011 was 9.13 and 16.40
at the end of the year 2015, this is showing an upward trend. Return in the year
2011was -0.96 and -2.92 at the end of the year 2015, this shows it is in downward
trend. From 2013 the return decreased from 4.02 to -2.92 in 2015 but the risk
increased to 16.40 in 2015 from 10.96 in 2013.
41
4.4 Graph Showing Risk and Return Infosys

5
18
16
14
12
10
0
-1
8
2011
2012
2013
2014
2015
-2
-3
-4
0
Return
Risk
Interpretation
From the above analysis, it can be inferred that the companys performance is in tune
with the investment rule for three years from 2011 to 2013 where increase in risk
resulted in increase in the return. From the year 2013 to 2015 the decrease in risk
resulted in increase in returns because of the stock split in 2014 resulting in decrease
in the returns.
42

4.5 Table Showing Risk and Return of Tata Consultancy Services.
Period
Risk
Return
2011
4.7518354
0.111553
2012
4.6498429
0.756099
2013
9.0505591
5.040147
2014
5.7502685
1.519695
2015
4.127483
-0.32722
Analysis
From the above table, it can be analyzed that risk in the year 2011 was 4.75 and
decreased to 4.12 at the end of the year 2015, this shows it in a downward trend.
Return in the year 2011was 0.11 and -0.32 at the end of the year 2015, this shows it is
in downward trend.
43
4.5 Graph Showing Risk and Return of Tata Consultancy Services.

6
10
8
4
7
6
5
2
4
3
2
0
2011
2012
2013
2014
-1
2015
0
Return
Risk
Interpretation
From the above analysis, it can be inferred that the companys performance is in tune
with the investment rule (i.e. when more risk involved there will be more return
to the company) throughout the study. From 2011 to 2013 increase in risk resulted in
increase in return but from 2013 to 2015 decrease in risk resulted in decrease in
return. The company ended up having negative return and also has a bearish trend
from 2013.
44
HCL Technologies
4.6 Table Showing Risk and Return of HCL Technologies.
Period
Risk
Return
2011
8.445112479
-1.778654402
2012
6.094749997
4.132630435
2013
8.039790566
6.404888577
2014
7.092524356
2.205967042
2015
17.75582889
-3.08841815
Analysis
at the end of the year 2015, this shows that the risk is upward trend. Return in the year
2011was -0.77 and -3.088 at the end of the year 2015, this shows it is in downward
trend. In between the company yield highest return of 7.76 in 2013 with a minimum
increase in the risk.
45
4.6 Graph Showing Risk and Return of HCL Technologies.

8
20
18
16
14
12
2
10
8
0
2011
2012
2013
2014
2015
6
4
-2
2
-4
0
Return
Risk
Interpretation
From the above analysis it can be inferred that, the stocks risk is not at all justified by
the return it generated. Stock was offering negative returns in 2011 and 2015. The
return of the company has a bearish trend from 2013 to 2015. It is advisable for the
investor to go short on this stock as the sentiments are not good for going long.
46
Tech Mahindra
4.7 Table Showing Risk and Return of Tech Mahindra.
Period
Risk
Return
2011
7.3204808
-0.8829
2012
9.315815
3.69419
2013
7.8020695
6.089913
2014
4.8471915
3.015551
2015
17.594655
-5.18707
Analysis
From the above table it can be analyzed that risk in the year 2011 was 7.23 and
increasing to 17.59 at the end of the year 2015, this shows an upward trend. Return in
the year 2011was -0.88 and -5.87 at the end of the year 2015, this shows it is in
downward trend. From 2014 the risk increased from 4.84 to 17.5 in 2015 but the
return decreased to -5.18 in 2015 from 3.01 in 2013, both are moving in an opposite
direction. High risk is not resulting in high return.
47
4.7 Graph Showing Risk and Return of Tech Mahindra.

8
20
18
16
4
14
12
10
0
2011
2012
2013
2014
2015
8
6
-2
4
-4
-6
0
Return
Risk
Interpretation
From the above, analysis it can be inferred that the companys performance is in tune
with the investment rule for four years from 2011 to 2014 where increase in risk
resulted in increase in the return. From the year 2014 to 2015 the increase in risk
resulted in decrease in returns. For the first three years the returns of the company has
bullish trend and from 2013 to 2015 the company has bearish trend. The investors are
advised to go short on the stock.
48
Tata Elxsi
4.8 Table Showing Risk and Return of Tata Elxsi.
Period
Risk
Return
2011
9.7952817
-2.83355
2012
6.7865438
2.534568
2013
17.038827
6.178992
2014
14.079804
3.824553
2015
15.870431
12.64425
Analysis
at the end of the year 2015. This shows an upward trend. Return in the year 2011was 2.83 and 12.64 at the end of the year 2015, this shows it is in upward trend. This
means higher risk resulted in higher return.
49
4.8 Graph Showing Risk and Return of Tata Elxsi

14
18
12
16
10
14
12
10
0
-2
4
2011
2012
2013
2014
-4
2015
0
Return
Risk
Interpretation
From the above analysis, it can be inferred that, the stock was very much fluctuation
during the period of study, the risk of the company is justifying the return it
generated. Stock is offering the good return hence it is advisable to go long on this
stock. There is a huge potentiality for making the profit by buying the stock rather
than selling.
50
Mphasis
4.9 Table Showing Risk and Return of Mphasis
Period
Risk
Return
2011
12.787842
-6.18545
2012
9.6597367
2.457775
2013
12.523409
1.840125
2014
6.6352528
-0.88586
2015
6.4566487
2.333148
Analysis
From the above table, it can be analyzed that risk in the year 2011 was 12.78and
6.45at the end of the year 2015, this shows it in a downward trend. Return in the year
Both are moving in the same direction.
51
4.9 Graph Showing Risk and Return of Mphasis

3
14
12
1
10
0
-1
2011
2012
2013
2014
2015
8
-2
6
-3
-4
-5
2
-6
-7
0
Return
Risk
Interpretation
From the above analysis, it can be inferred that the company performance is not in
tune with the investment rule (i.e. when more risk is involved there will be more return
to the company) from 2011 to 2013. In between the company return shows bearish
trend from 2012 to 2014. The company has a positive return at the end and the risk is
showing bearish trend, hence the investors are suggested to buy the stocks.
52
Hexaware Tech
4.10 Table Showing Risk and Return of Hexaware Tech
Period
Risk
Return
2011
9.9175266
-0.02227
2012
16.538506
2.172799
2013
11.31524
4.22567
2014
11.410261
4.086021
2015
11.010467
2.204829
Analysis
at the end of the year 2015, this shows it in an upward trend. Return in the year
From 2012 the risk decreased from 16.5 to 11.3 in 2013 but the return increased to
4.22 in 2013 from 2.17 in 2012.
53
4.10 Graph Showing Risk and Return of Hexaware Tech

4.5
18
16
3.5
14
12
2.5
10
2
8
1.5
0.5
-0.5
2011
2012
2013
Return
2014
2015
Risk
Interpretation
From the above analysis it can be inferred that the companys performance is not in
tune with the investment rule (i.e. when more risk involved there will be more return to
the company) from 2012 to 2014. For the first three years the company offered good
return and from the past three years the stock is not offering the good return from,
hence it is advisable to go short on this stock. There is a huge potentiality for making
the profit by selling the stock rather than buying.
54
4.11Table Showing Risk and Return of 10 Selected Information Technology Sector

Stock
Selected Companies
Average Risk
Average Return
Wipro
7.61
0.01
Oracle
7.11
0.84
Mindtree
10.59
2.49
Infosys
11.76
-0.80
5.67
1.42
HCL Technologies
9.49
1.58
Tech Mahindra
9.38
1.35
Tata Elxsi
12.71
4.47
Mphasis
9.61
-0.09
Hexaware Tech
12.04
2.53
Analysis
From the above table it can be analyzed that Tata Elxsi which has the highest average
risk of 12.71 also has the highest returns of 4.47 compared to other stocks. Tata
Consultancy Services has the lowest average risk of 5.67 and Infosys has the lowest
returns of -0.80.
55
4.11 Graph showing Risk and Return of 10 Selected Information Technology Sector
Stocks
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
-2.00
Average Risk
Average Return
Interpretation
From the above table and graph, it can be interpreted that Information Technology
sector is a strong sector with good returns for the risk taken by the investors. Higher
the risk resulting in higher returns. Wipro and Mphasis have very less and negative
results.
Infosys has a negative return because of the stock split on October 11 2014.
companies are witnessing
56
Moving Average Convergence and Divergence.

HCL Technologies
4.12 Table showing MACD of HCL Technologies
Date
MACD
Signal
Histogram
01-11-2012
49.58111
29.97049
19.61062
03-12-2012
52.44226
34.46485
17.97742
01-01-2013
59.61448
39.49477
20.11971
01-02-2013
67.3783
45.07148
22.30682
01-03-2013
78.40491
51.73816
26.66674
01-04-2013
80.27925
57.44638
22.83287
01-05-2013
82.70355
62.49782
20.20574
03-06-2013
86.14534
67.22732
18.91802
01-07-2013
100.7474
73.93133
26.81604
01-08-2013
119.2481
82.99469
36.25344
02-09-2013
136.1134
93.61844
42.49498
01-10-2013
148.426
104.5799
43.84602
01-11-2013
155.6352
114.791
40.84421
02-12-2013
173.5936
126.5515
47.04209
01-01-2014
201.6118
141.5636
60.04823
03-02-2014
230.308
159.3125
70.99553
03-03-2014
235.4203
174.534
60.88626
01-04-2014
237.716
187.1704
50.54559
01-05-2014
238.0541
197.3471
40.70692
02-06-2014
242.1155
206.3008
35.81466
01-07-2014
246.9218
214.425
32.4968
01-08-2014
253.9083
222.3217
31.58662
01-09-2014
263.1893
230.4952
32.69414
01-10-2014
258.9778
236.1917
22.78604
03-11-2014
257.0305
240.3595
16.671
01-12-2014
247.3546
241.7585
5.596113
57
01-01-2015
252.4985
243.9065
8.592037
02-02-2015
272.0187
249.5289
22.48978
02-03-2015
201.1218
239.8475
-38.7257
01-04-2015
135.3185
218.9417
-83.6232
01-05-2015
92.60752
193.6749
-101.067
01-06-2015
50.82985
165.1059
-114.276
01-07-2015
23.78091
136.8409
-113.06
03-08-2015
0.147913
109.5023
-109.354
01-09-2015
-17.4842
84.10499
-101.589
01-10-2015
-39.9101
59.30198
-99.2121
02-11-2015
-57.0852
36.02453
-93.1098
01-12-2015
-71.1554
14.58855
-85.744
4.12 Graph showing MACD of HCL Technologies

300
300
250
250
200
200
150
150
100
100
50
50
-150
01/11/2015
01/09/2015
01/07/2015
0
-50
-100
histogram
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
-100
01/01/2013
-50
01/11/2012
Signal
MACD
58
Analysis and Interpretation

The above chart shows that EMA (12, 26) for HCL Technologies. Here the buy signal
is triggered at August 2013 because the short term exponential moving average
crosses the long term exponential moving average from below. And the sell signal
was triggered February 2015 because the short term exponential moving average
crosses the long term exponential moving average from above.
Highest MACD (12, 26) = 272.0187 was recorded on February 2015.
EME (9) = 239.8475
Divergence = -38.7257
Lowest MACD (12, 26) = -71.1554 recorded on December 2015.
EME (9) = 14.588
MACD line was negative during the period July 2015 - December 2015.
59
Hexaware Tech
4.13 Table showing MACD of Hexaware Tech
Date
MACD
Signal
01-11-2012
13.58325
15.05773
-1.47447
03-12-2012
10.53357
14.1529
-3.61932
01-01-2013
7.529594
12.82823
-5.29864
01-02-2013
5.684543
11.3995
-5.71495
01-03-2013
4.03062
9.925721
-5.8951
01-04-2013
2.481471
8.436871
-5.9554
01-05-2013
1.119813
6.97346
-5.85365
03-06-2013
0.54279
5.687326
-5.14454
01-07-2013
2.445774
5.039015
-2.59324
01-08-2013
4.846166
5.000445
-0.15428
02-09-2013
6.707485
5.341853
1.365632
01-10-2013
8.440343
5.961551
2.478791
01-11-2013
8.852235
6.539688
2.312547
02-12-2013
9.827909
7.197332
2.630577
01-01-2014
10.73161
7.904188
2.827422
03-02-2014
13.30366
8.984083
4.319581
03-03-2014
14.42532
10.07233
4.352987
01-04-2014
15.23145
11.10415
4.127298
01-05-2014
15.05128
11.89358
3.157704
02-06-2014
15.90328
12.69552
3.207756
01-07-2014
15.10523
13.17746
1.927765
01-08-2014
15.72379
13.68673
2.037062
01-09-2014
19.31983
14.81335
4.50648
01-10-2014
21.63786
16.17825
5.459614
03-11-2014
24.90256
17.92311
6.97945
01-12-2014
25.64496
19.46748
6.177478
01-01-2015
28.00445
21.17487
6.829571
Histogram
60
02-02-2015
33.2114
23.58218
9.62922
02-03-2015
40.16715
26.89917
13.26797
01-04-2015
42.68612
30.05656
12.62956
01-05-2015
44.1493
32.87511
11.27419
01-06-2015
42.73442
34.84697
7.887445
01-07-2015
43.63177
36.60393
7.027835
03-08-2015
40.48317
37.37978
3.103394
01-09-2015
37.78632
37.46109
0.325232
01-10-2015
34.63652
36.89617
-2.25965
02-11-2015
32.53982
36.0249
-3.48508
01-12-2015
30.03568
34.82706
-4.79137
4.13 Graph showing MACD of Hexaware Tech.

50
40
30
20
10
Histogram
MACD
12/1/2015
10/1/2015
8/1/2015
6/1/2015
4/1/2015
2/1/2015
12/1/2014
10/1/2014
8/1/2014
6/1/2014
4/1/2014
2/1/2014
12/1/2013
10/1/2013
8/1/2013
6/1/2013
4/1/2013
2/1/2013
12/1/2012
-10
10/1/2012
Signal
61

The above chart shows that EMA (12, 26) for Hexaware Tech. Here the buy signal is
triggered at September 2013 because the short term exponential moving average
was triggered November 2015 because the short term exponential moving average
Highest MACD (12, 26) = 44.14 was recorded on May 2015.
EME (9) = 37.46
Divergence = 13.26
Lowest MACD (12, 26) = 0.54 recorded on June 2013
EME (9) = 5.00
Divergence = -5.93
MACD line was never negative during the period of the study.
62
Infosys
4.14 Table showing MACD of Infosys.
Date
MACD
Signal
Histogram
01-11-2012
-160.576
-141.8082173
-18.7682
03-12-2012
-89.4156
-131.3296934
41.9141
01-01-2013
-44.0801
-113.8797809
69.79965
01-02-2013
-17.8844
-94.68069904
76.79633
01-03-2013
-96.9864
-95.14184901
-1.8446
01-04-2013
-90.1345
-94.14038166
4.005869
01-05-2013
-81.4152
-91.59535381
10.18011
03-06-2013
-6.11667
-74.49961651
68.38295
01-07-2013
43.72946
-50.85380134
94.58326
01-08-2013
60.88447
-28.50614632
89.39062
02-09-2013
124.0572
2.006526692
122.0507
01-10-2013
160.6609
33.73739888
126.9235
01-11-2013
205.0045
67.99082615
137.0137
02-12-2013
262.052
106.8030705
155.249
01-01-2014
308.9284
147.2281407
161.7003
03-02-2014
251.2816
168.038829
83.24275
03-03-2014
221.5449
178.7400483
42.80488
01-04-2014
165.8321
176.158453
-10.3264
01-05-2014
181.9809
177.3229363
4.657933
02-06-2014
191.7921
180.2167709
11.57534
01-07-2014
224.9419
189.1618
35.78012
01-08-2014
257.6793
202.8652977
54.81399
01-09-2014
317.4986
225.7919549
91.70663
01-10-2014
53.73396
191.3803563
-137.646
03-11-2014
-68.2742
139.4494478
-207.724
01-12-2014
-123.629
86.83369142
-210.463
01-01-2015
-157.328
38.00144854
-195.329
63
02-02-2015
-197.339
-9.066587701
-188.272
02-03-2015
-265.503
-60.3539579
-205.149
01-04-2015
-286.389
-105.5609929
-180.828
01-05-2015
-464.049
-177.2586502
-286.791
01-06-2015
-518.692
-245.5452312
-273.146
01-07-2015
-558.763
-308.1888357
-250.574
03-08-2015
-574.827
-361.5165183
-213.311
01-09-2015
-588.706
-406.9543817
-181.751
01-10-2015
-598.664
-445.2963509
-153.368
02-11-2015
-594.184
-475.0737972
-119.11
01-12-2015
-754.842
-531.0273742
-223.814
4.14 Graph showing MACD of Infosys.

400
200
0
-200
-400
-600
-800
-1000
Histogram
MACD
Signal
64

The above chart shows that EMA (12, 26) for Infosys. Here the buy signal is triggered
at April 2013 and May 2014 because the short term exponential moving average
was triggered October 2014 because the short term exponential moving average
Highest MACD (12, 26) = 317.49 was recorded on September 2014.
EME (9) = 225.79
Divergence = 161.70
Lowest MACD (12, 26) = -754.84 recorded on December 2013
EME (9) = -531.02
MACD line was negative during the period of November 2012 June 2013 and
November 2014 to December 2015.
65
Mindtree
4.15 Table showing MACD of Mindtree.
Date
MACD
Signal
Histogram
01-11-2012
102.2005
36.24326
65.95722
03-12-2012
107.593
50.51321
57.07981
01-01-2013
127.4796
65.90649
61.57309
01-02-2013
153.0148
83.32816
69.68669
01-03-2013
179.9486
102.6522
77.29634
01-04-2013
181.0112
118.324
62.68718
01-05-2013
182.3097
131.1212
51.18855
03-06-2013
184.201
141.7372
42.4639
01-07-2013
203.2874
154.0472
49.2402
01-08-2013
228.2173
168.8812
59.33608
02-09-2013
274.2494
189.9548
84.29451
01-10-2013
333.5377
218.6714
114.8663
01-11-2013
377.1051
250.3582
126.747
02-12-2013
429.0544
286.0974
142.957
01-01-2014
449.095
318.6969
130.3981
03-02-2014
493.789
353.7154
140.0736
03-03-2014
471.7414
377.3206
94.42081
01-04-2014
464.695
394.7954
69.89958
01-05-2014
468.3653
409.5094
58.85591
02-06-2014
365.5103
400.7096
-35.1993
01-07-2014
307.7952
382.1267
-74.3315
01-08-2014
271.3063
359.9626
-88.6564
01-09-2014
247.8747
337.545
-89.6703
01-10-2014
213.1705
312.6701
-99.4997
03-11-2014
200.439
290.2239
-89.7849
01-12-2014
201.5418
272.4875
-70.9457
01-01-2015
206.1558
259.2212
-53.0653
66
02-02-2015
227.3804
252.853
-25.4726
02-03-2015
218.6751
246.0174
-27.3423
01-04-2015
195.9051
235.995
-40.0899
01-05-2015
212.4323
231.2824
-18.8502
01-06-2015
195.0557
224.0371
-28.9813
01-07-2015
180.1521
215.2601
-35.108
03-08-2015
184.9615
209.2004
-24.2388
01-09-2015
205.5437
208.469
-2.92534
01-10-2015
228.0779
212.3908
15.68712
02-11-2015
221.8027
214.2732
7.52954
01-12-2015
214.0635
214.2313
-0.1678
4.15 Graph showing MACD of Mindtree.

600
500
400
300
200
100
Histogram
MACD
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
-200
01/01/2013
-100
01/11/2012
Signal
67

The above chart shows that EMA (12, 26) for Mindtree. Here the buy signal is
triggered at September 2015 because the short term exponential moving average
was triggered on June 2014 and December 2015 because the short term exponential
moving average crosses the long term exponential moving average from above.
EME (9) = 409.50
Divergence = 142.95
Lowest MACD (12, 26) = 102.20 recorded on November 2013
EME (9) = 36.24
Divergence = -99.49
68
Mphasis
4.16 Table showing MACD of Mphasis.
Date
MACD
Signal
Histogram
01-11-2012
-55.1506
-73.2153
18.06468
03-12-2012
-51.7776
-68.9277
17.15016
01-01-2013
-49.4582
-65.0338
15.57561
01-02-2013
-46.6148
-61.35
14.73525
01-03-2013
-42.8307
-57.6461
14.81546
01-04-2013
-40.7699
-54.2709
13.50101
01-05-2013
-29.6724
-49.3512
19.67876
03-06-2013
-29.8334
-45.4476
15.6142
01-07-2013
-27.3142
-41.821
14.50676
01-08-2013
-23.4377
-38.1443
14.7066
02-09-2013
-18.7016
-34.2558
15.5542
01-10-2013
-16.0023
-30.6051
14.60278
01-11-2013
-15.6156
-27.6072
11.99154
02-12-2013
-11.9
-24.4657
12.56574
01-01-2014
-14.4014
-22.4529
8.05145
03-02-2014
-14.8091
-20.9241
6.115038
03-03-2014
-13.6714
-19.4736
5.802189
01-04-2014
-11.9302
-17.9649
6.034691
01-05-2014
-8.18051
-16.008
7.827511
02-06-2014
-6.36601
-14.0796
7.713608
01-07-2014
-2.34308
-11.7323
9.389236
01-08-2014
-0.10182
-9.40621
9.304392
01-09-2014
0.339068
-7.45716
7.796225
01-10-2014
-1.56894
-6.27951
4.710572
03-11-2014
-2.78269
-5.58015
2.797455
01-12-2014
-5.19766
-5.50365
0.305996
01-01-2015
-8.85727
-6.17437
-2.68289
69
02-02-2015
-9.9244
-6.92438
-3.00002
02-03-2015
-10.5237
-7.64425
-2.87948
01-04-2015
-10.1115
-8.13771
-1.97383
01-05-2015
-11.6836
-8.84689
-2.83673
01-06-2015
-9.51151
-8.97981
-0.53169
01-07-2015
-6.94747
-8.57334
1.625876
03-08-2015
-4.64006
-7.78669
3.146627
01-09-2015
-3.79249
-6.98785
3.195359
01-10-2015
2.032162
-5.18385
7.216007
02-11-2015
8.459085
-2.45526
10.91434
01-12-2015
13.35814
0.70742
12.65072
4.16 Graph showing MACD of Mphasis

40
20
-20
-40
-60
-80
Histogram
MACD
Signal
70

The above chart shows that EMA(12, 26) for Mphasis. Here the buy signal is
triggered at June 2015 because the short term exponential moving average crosses the
long term exponential moving average from below. And the sell signal was triggered
December 2014 because the short term exponential moving average crosses the long
term exponential moving average from above.
Highest MACD (12, 26) = 13.35 was recorded on December 2015.
EME (9) = 0.707
Divergence = 19.67
Lowest MACD (12, 26) = -55.15 recorded on November 2012
EME (9) = -73.21
Divergence = -3.00
MACD line was negative during the period November 2012 - October 2015.
71

4.17 Table showing MACD of Oracle Financial Services Software.
Date
MACD
Signal
Histogram
01-11-2012
209.6372
132.6911
76.94611
03-12-2012
245.3892
155.2307
90.15848
01-01-2013
262.6423
176.713
85.92927
01-02-2013
242.7256
189.9155
52.81005
01-03-2013
204.2806
192.7885
11.49203
01-04-2013
176.6262
189.5561
-12.9299
01-05-2013
152.7593
182.1967
-29.4374
03-06-2013
138.7769
173.5127
-34.7359
01-07-2013
146.9573
168.2017
-21.2443
01-08-2013
152.31
165.0233
-12.7133
02-09-2013
163.3395
164.6866
-1.34708
01-10-2013
180.6254
167.8743
12.75105
01-11-2013
183.5664
171.0127
12.5537
02-12-2013
199.7053
176.7512
22.95403
01-01-2014
202.5433
181.9097
20.63367
03-02-2014
195.3111
184.59
10.72116
03-03-2014
185.2892
184.7298
0.559373
01-04-2014
168.3815
181.4601
-13.0786
01-05-2014
139.6347
173.095
-33.4604
02-06-2014
139.5882
166.3937
-26.8055
01-07-2014
152.5394
163.6228
-11.0834
01-08-2014
184.2255
167.7433
16.48212
01-09-2014
193.6094
172.9166
20.69287
01-10-2014
194.2879
177.1908
17.09709
03-11-2014
189.5741
179.6675
9.906589
01-12-2014
185.1085
180.7557
4.352833
01-01-2015
182.2764
181.0598
1.216603
72
02-02-2015
167.0635
178.2606
-11.197
02-03-2015
153.2049
173.2494
-20.0446
01-04-2015
145.0403
167.6076
-22.5673
01-05-2015
162.1428
166.5147
-4.37183
01-06-2015
185.5885
170.3294
15.25905
01-07-2015
223.0939
180.8823
42.21157
03-08-2015
257.8455
196.2749
61.57054
01-09-2015
266.1917
210.2583
55.93337
01-10-2015
264.4601
221.0987
43.36147
02-11-2015
255.0681
227.8925
27.17553
01-12-2015
238.0541
229.9249
8.129287
4.17 Graph showing MACD of Oracle Financial Services Software.

300
250
200
150
100
50
Histogram
MACD
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
-50
01/09/2012
Signal
73

The above chart shows that EMA (12, 26) for Oracle Financial Services Software.
Here the buy signal is triggered at September 2013, July 2014 and May 2015 because
the short term exponential moving average crosses the long term exponential moving
average from below. And the sell signal was triggered at April 2013, March2014 and
February 2015 because the short term exponential moving average crosses the long
term exponential moving average from above.
Highest MACD (12, 26) = 266.19 was recorded on September 2015.
EME (9) = 229.92
Divergence = 90.15
Lowest MACD (12, 26) = 138.73 recorded on June 2013
EME (9) = 132.61
Divergence = -34.73
74
Tata Elxsi.
4.18 Table showing MACD of Tata Elxsi.
Date
MACD
Signal
Histogram
01-11-2012
-12.098
-20.4093
8.311308
03-12-2012
-10.3671
-18.4008
8.033743
01-01-2013
-9.53103
-16.6269
7.095844
01-02-2013
-10.9133
-15.4842
4.5709
01-03-2013
-12.2428
-14.8359
2.593114
01-04-2013
-12.1677
-14.3022
2.134563
01-05-2013
-13.3183
-14.1055
0.787127
03-06-2013
-14.5228
-14.1889
-0.33385
01-07-2013
-14.8781
-14.3268
-0.55136
01-08-2013
-16.1437
-14.6901
-1.45353
02-09-2013
-15.978
-14.9477
-1.03029
01-10-2013
-12.9379
-14.5458
1.607831
01-11-2013
-3.94711
-12.426
8.478913
02-12-2013
12.44737
-7.45135
19.89871
01-01-2014
25.09834
-0.94141
26.03975
03-02-2014
48.36906
8.920686
39.44838
03-03-2014
62.72739
19.68203
43.04536
01-04-2014
73.72064
30.48975
43.23089
01-05-2014
78.21483
40.03477
38.18007
02-06-2014
89.59558
49.94693
39.64865
01-07-2014
95.37314
59.03217
36.34097
01-08-2014
100.2886
67.28346
33.00517
01-09-2014
105.8049
74.98775
30.81714
01-10-2014
106.8509
81.36038
25.49052
03-11-2014
105.8385
86.256
19.5825
01-12-2014
102.6027
89.52534
13.07737
01-01-2015
112.2162
94.06352
18.15271
75
02-02-2015
142.1298
103.6768
38.45301
02-03-2015
171.7523
117.2919
54.46042
01-04-2015
189.1426
131.662
57.48055
01-05-2015
213.0444
147.9385
65.10593
01-06-2015
224.2138
163.1936
61.02021
01-07-2015
270.6146
184.6778
85.93688
03-08-2015
314.3588
210.614
103.7448
01-09-2015
348.6186
238.2149
110.4037
01-10-2015
366.9923
263.9704
103.0219
02-11-2015
393.5627
289.8888
103.6738
01-12-2015
427.018
317.3147
109.7033
4.18 Graph showing MACD of Tata Elxsi

450
400
350
300
250
200
150
100
50
Histogram
MACD
01/12/2015
01/10/2015
01/08/2015
01/06/2015
01/04/2015
01/02/2015
01/12/2014
01/10/2014
01/08/2014
01/06/2014
01/04/2014
01/02/2014
01/12/2013
01/10/2013
01/08/2013
01/06/2013
01/04/2013
01/02/2013
01/12/2012
-50
01/10/2012
Signal
76

The above chart shows that EMA (12, 26) for Tata Elxsi. Here the buy signal is
triggered at March 2013 because the short term exponential moving average crosses
the long term exponential moving average from below. There is no clear signal and
the price movement to buy or to sell the stock. Sometimes, such patterns take place
during market declines. Prices decline steadily, quietly and persistently even as
MACD raises the stock market very slow to respond to the favorable implications of
diminishing downside momentum.
Highest MACD (12, 26) = 427.018 was recorded on December 2015.
EME (9) = 317.31
Divergence = 110.40
EME (9) = -22.48
Divergence = -1.45
MACD line was negative during the period January 2012 - November 2013.
77

4.19 Table showing MACD of Tata Consultancy Services.
Date
MACD
Signal
Histogram
01-11-2012
97.7571
93.91687
3.840237
03-12-2012
91.16669
93.36683
-2.20014
01-01-2013
92.00819
93.0951
-1.08691
01-02-2013
105.4076
95.5576
9.849976
01-03-2013
119.391
100.3243
19.06676
01-04-2013
113.2432
102.9081
10.33509
01-05-2013
116.7125
105.669
11.04359
03-06-2013
119.6722
108.4696
11.20258
01-07-2013
144.3474
115.6452
28.70227
01-08-2013
179.4013
128.3964
51.0049
02-09-2013
196.4127
141.9997
54.41305
01-10-2013
222.2004
158.0398
64.16061
01-11-2013
231.2808
172.688
58.5928
02-12-2013
249.1372
187.9778
61.15934
01-01-2014
265.7923
203.5407
62.25158
03-02-2014
278.5803
218.5487
60.03168
03-03-2014
274.0492
229.6488
44.40046
01-04-2014
271.8474
238.0885
33.75889
01-05-2014
263.2072
243.1122
20.09497
02-06-2014
276.0976
249.7093
26.38829
01-07-2014
295.3872
258.8449
36.54235
01-08-2014
302.5311
267.5821
34.94898
01-09-2014
321.7717
278.4201
43.35165
01-10-2014
322.9087
287.3178
35.59089
03-11-2014
322.9236
294.4389
28.48463
01-12-2014
312.4945
298.05
14.44446
01-01-2015
294.6838
297.3768
-2.69302
78
02-02-2015
291.7542
296.2523
-4.49809
02-03-2015
277.4868
292.4992
-15.0124
01-04-2015
255.947
285.1887
-29.2418
01-05-2015
247.8488
277.7208
-29.8719
01-06-2015
233.9452
268.9656
-35.0204
01-07-2015
217.1792
258.6083
-41.4292
03-08-2015
205.8202
248.0507
-42.2305
01-09-2015
196.4898
237.7385
-41.2487
01-10-2015
179.5336
226.0975
-46.564
02-11-2015
153.7926
211.6366
-57.844
01-12-2015
137.6281
196.8349
-59.2068
4.19 Graph showing MACD of Tata Consultancy Services

350
300
250
200
150
100
50
histogram
Signal
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
-100
01/01/2013
-50
01/11/2012
MACD
79

The above chart shows that EMA (12, 26) for Tata Consultancy Services. Here the
buy signal is triggered at January 2013 because the short term exponential moving
average crosses the long term exponential moving average from below. And the sell
signal was triggered at January 2015 because the short term exponential moving
average crosses the long term exponential moving average from above.
Highest MACD (12, 26) = 322.90 was recorded on October 2014.
EME (9) = 298.05
Divergence = 64.16
Lowest MACD (12, 26) = 91.166 recorded on December 2012
EME (9) = 93.36
Divergence = -59.20
80
Tech Mahindra.
4.19 Table showing MACD of Tech Mahindra
Date
MACD
Signal
Histogram
01-11-2012
20.54912
-1.51969
22.06882
03-12-2012
24.84629
3.753505
21.09279
01-01-2013
30.59043
9.12089
21.46954
01-02-2013
36.82028
14.66077
22.15951
01-03-2013
41.61857
20.05233
21.56624
01-04-2013
40.66565
24.17499
16.49066
01-05-2013
40.02409
27.34481
12.67928
03-06-2013
42.74682
30.42521
12.3216
01-07-2013
51.83161
34.70649
17.12512
01-08-2013
63.49198
40.46359
23.02839
02-09-2013
70.3386
46.43859
23.90001
01-10-2013
83.48864
53.8486
29.64004
01-11-2013
98.68325
62.81553
35.86772
02-12-2013
115.0591
73.26425
41.79487
01-01-2014
124.5478
83.52096
41.02684
03-02-2014
133.7654
93.56985
40.19559
03-03-2014
136.5951
102.1749
34.42016
01-04-2014
138.7233
109.4846
29.23873
01-05-2014
142.4334
116.0743
26.35907
02-06-2014
152.8509
123.4297
29.42127
01-07-2014
159.2151
130.5867
28.62833
01-08-2014
170.8586
138.6411
32.21748
01-09-2014
183.0875
147.5304
35.55709
01-10-2014
191.6988
156.3641
35.33476
03-11-2014
201.1412
165.3195
35.82168
01-12-2014
204.3921
173.134
31.25809
01-01-2015
215.5765
181.6225
33.95396
81
02-02-2015
220.5762
189.4133
31.16299
02-03-2015
159.1053
183.3517
-24.2464
01-04-2015
108.4651
168.3743
-59.9093
01-05-2015
62.21285
147.142
-84.9292
01-06-2015
19.15584
121.5448
-102.389
01-07-2015
-10.5766
95.12052
-105.697
03-08-2015
-35.0032
69.09577
-104.099
01-09-2015
-50.3636
45.2039
-95.5675
01-10-2015
-63.276
23.50792
-86.7839
02-11-2015
-73.1261
4.18111
-77.3073
01-12-2015
-80.9515
-12.8454
-68.1061
4.20 Graph showing MACD of Tech Mahindra.

250
200
150
100
50
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
-50
01/11/2012
-100
-150
Histogram
MACD
Signal
82

The above chart shows that EMA (12, 26) for Tech Mahindra. Here the sell signal
was triggered at March 2015 because the short term exponential moving average
EME (9) = 189.41
Divergence = 41.79
Lowest MACD (12, 26) = -80.95 recorded on December 2015
EME (9) = -12.84
MACD line was negative during the period July 2015 - December 2015.
83
Wipro
4.21 Table showing MACD of Wipro.
Date
MACD
Signal
Histogram
01-11-2012
-32.8319
-35.4874
2.655537
03-12-2012
-29.865
-34.363
4.497928
01-01-2013
-25.8401
-32.6584
6.818285
01-02-2013
-22.0053
-30.5278
8.52247
01-03-2013
-17.0948
-27.8412
10.74639
01-04-2013
-20.1365
-26.3002
6.163773
01-05-2013
-23.9413
-25.8285
1.887109
03-06-2013
-24.9464
-25.652
0.705634
01-07-2013
-18.3498
-24.1916
5.841755
01-08-2013
-9.33488
-21.2203
11.88538
02-09-2013
-3.00709
-17.5776
14.57054
01-10-2013
2.355793
-13.5909
15.94673
01-11-2013
5.980206
-9.67671
15.65692
02-12-2013
15.80355
-4.58066
20.38421
01-01-2014
24.58419
1.252309
23.33188
03-02-2014
32.95439
7.592725
25.36166
03-03-2014
34.825
13.03918
21.78582
01-04-2014
34.23047
17.27744
16.95303
01-05-2014
32.08626
20.2392
11.84706
02-06-2014
33.24751
22.84087
10.40665
01-07-2014
33.61889
24.99647
8.622417
01-08-2014
35.18998
27.03517
8.154805
01-09-2014
38.53667
29.33547
9.201198
01-10-2014
38.0791
31.0842
6.994906
03-11-2014
39.04962
32.67728
6.372341
01-12-2014
36.92397
33.52662
3.397349
01-01-2015
38.93408
34.60811
4.325967
84
02-02-2015
43.87437
36.46136
7.41301
02-03-2015
45.21478
38.21205
7.002735
01-04-2015
38.55026
38.27969
0.270572
01-05-2015
34.73219
37.57019
-2.838
01-06-2015
30.14843
36.08584
-5.93741
01-07-2015
28.06032
34.48073
-6.42041
03-08-2015
26.26011
32.83661
-6.5765
01-09-2015
26.6285
31.59499
-4.96649
01-10-2015
24.61936
30.19986
-5.5805
02-11-2015
22.80058
28.72001
-5.91943
01-12-2015
20.04683
26.98537
-6.93854
4.21 Table showing MACD of Wipro.

50
40
30
20
10
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
-20
01/01/2013
-10
01/11/2012
-30
-40
Histogram
Signal
MACD
85

The above chart shows that EMA (12, 26) for Wipro. Here the buy signal is triggered
at June 2013 because the short term exponential moving average crosses the long term
exponential moving average from below. And the sell signal was triggered at April
2015 because the short term exponential moving average crosses the long term
exponential moving average from above.
Highest MACD (12, 26) = 45.21 was recorded on March 2015.
EME (9) = 38.212
Divergence = 25.36
EME (9) = -35.48
Divergence = -6.93
MACD line was negative during the period November 2012 -September 2013.
86
Bollinger Band
Wipro
4.22 Table showing Bollinger Band of Wipro.
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
340.8
471.942774
700.5407152
243.3448328
03-10-2011
366.6
456.3977075
667.7744631
245.0209519
01-11-2011
377.2
439.910137
617.7858735
262.0344005
01-12-2011
398.7
426.2700705
567.4170299
285.1231111
02-01-2012
413.9
413.4825015
495.9188606
331.0461424
01-02-2012
432.35
415.875002
497.5435807
334.2064233
01-03-2012
440.1
417.265003
499.6208072
334.9091988
02-04-2012
405.05
417.5050025
499.6798059
335.3301991
01-05-2012
410
415.532502
496.3615528
334.7034512
01-06-2012
399.9
414.5400015
495.6380324
333.4419706
02-07-2012
340.05
410.5625005
498.1584368
322.9665642
01-08-2012
362.6
404.130001
485.4472681
322.8127339
03-09-2012
381.05
401.2775
481.5734726
320.9815274
01-10-2012
350.65
396.899999
478.2594717
315.5405263
01-11-2012
393.25
392.5524985
463.8390123
321.2659847
03-12-2012
394.5
389.762499
455.6998401
323.8251579
01-01-2013
411.55
388.019999
449.3352238
326.7047742
01-02-2013
416.4
387.959998
449.1555768
326.7644192
01-03-2013
437.15
390.352498
455.3895696
325.3154264
01-04-2013
348.35
391.0074985
453.9376878
328.0773092
01-05-2013
327.65
390.3499985
455.7165363
324.9834607
03-06-2013
349
389.469998
456.6320137
322.3079823
01-07-2013
438
392.5099975
462.7663315
322.2536635
01-08-2013
483.6
396.7549975
477.9881873
315.5218077
02-09-2013
473.05
399.7124975
487.6077543
311.8172407
01-10-2013
477.7
401.9799975
495.5754322
308.3845628
87
01-11-2013
470.8
403.5149965
500.6816273
306.3483657
02-12-2013
559.2
411.2224975
530.7776272
291.6673678
01-01-2014
575.05
419.474997
559.6776066
279.2723874
03-02-2014
597.25
429.3424975
590.0272724
268.6577226
03-03-2014
543.2
439.4999985
602.0908444
276.9091526
01-04-2014
522.35
447.487497
609.8674793
285.1075147
01-05-2014
506.2
453.744998
614.9866075
292.5033885
02-06-2014
546.4
463.5324995
622.1681547
304.8968443
01-07-2014
544.4
471.0900005
630.0290139
312.1509871
01-08-2014
565.25
479.6275005
639.5846965
319.6703045
01-09-2014
596.8
488.8900005
653.6315291
324.1484719
01-10-2014
563.7
496.2550015
660.5210146
331.9889884
03-11-2014
585.8
503.6875015
670.130693
337.24431
01-12-2014
555.2
514.0300015
664.8001661
363.2598369
01-01-2015
606.55
527.9750015
656.0444573
399.9055457
02-02-2015
654.3
543.240001
652.951612
433.52839
02-03-2015
628.85
552.7825
657.0154915
448.5495085
01-04-2015
538.6
555.5324985
654.8672654
456.1977316
01-05-2015
561.7
559.9649995
651.4001802
468.5298188
01-06-2015
546.7
563.4149995
646.6170298
480.2129692
01-07-2015
569.85
568.367499
639.2351573
497.4998407
03-08-2015
571.8
568.997498
639.7459328
498.2490632
01-09-2015
597.85
570.1374975
642.0222165
498.2527785
01-10-2015
572.85
568.9174965
639.6842932
498.1506998
02-11-2015
573.3
570.4224955
640.1591873
500.6858037
01-12-2015
559.9
572.2999975
638.5204981
506.0794969
88
4.22 Graph showing Bollinger Band of Wipro

800
700
600
500
400
300
200
100
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
01/09/2011
lower band
Analysis
From the above table and graph, it can be observed that the stock prices were 340.79
at the beginning of the study and 559.9 at the end. Upper and Lower Band calculated
using exponential moving average as per the Bollinger band had the range of 700.54
to 243.34 and 638.5 to 506.07 at the beginning and end of the study respectively. The
middle band which is the 20 day moving average of closing price of the stock which
was at 471.9 at the beginning of the study and 572.2 at the end had a was not
fluctuating much through the study.
Interpretation
From the above analysis, it can be inferred that the stock was fluctuating between the
upper and lower band for most of its period of the study and it was nearing to the
lower band till May 2013 which is undersold position and from May 2013 to
December 2015 the stock price was nearing upper band which is oversold position. It
is very difficult for the investors to take investment decision from March 2015 to
December 2015 as the stock is showing consistency and is less volatile.
89
Tech Mahindra
4.23 Table showing Bollinger Band of Tech Mahindra
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
287.076
352.7162
429.6643933
275.7680067
03-10-2011
292.75
345.0825
413.0772484
277.0877516
01-11-2011
282.674
337.8887
399.7603153
276.0170847
01-12-2011
286.85
332.8762
394.2021685
271.5502315
02-01-2012
326
333.2712
394.2974739
272.2449261
01-02-2012
300.25
329.9287
390.4745414
269.3828586
01-03-2012
360.376
330.4425
391.8769696
269.0080304
02-04-2012
350.876
332.0301
393.8727386
270.1874614
01-05-2012
336.774
330.0688
388.4300169
271.7075831
01-06-2012
354.15
329.5451
386.7777873
272.3124127
02-07-2012
356.55
331.3901
389.6495533
273.1306467
01-08-2012
399.3
333.7951
399.0491305
268.5410695
03-09-2012
486.024
341.8225
435.9014903
247.7435097
01-10-2012
474.226
349.4026
459.955768
238.849432
01-11-2012
440.05
354.5013
472.0403089
236.9622911
03-12-2012
466.124
360.6475
488.1330044
233.1619956
01-01-2013
499.476
368.6763
509.8822316
227.4703684
01-02-2013
525.526
376.8714
534.4315452
219.3112548
01-03-2013
529.75
383.9601
555.7391857
212.1810143
01-04-2013
476.624
391.5713
565.7121041
217.4304959
01-05-2013
483.75
401.405
572.8922745
229.9177255
03-06-2013
529.9
413.2625
585.9078652
240.6171348
01-07-2013
623.15
430.2863
615.4085732
245.1640268
01-08-2013
687.5
450.3188
655.6901506
244.9474494
02-09-2013
667.876
467.4126
685.7192996
249.1059004
01-10-2013
775.526
491.1764
734.863339
247.489461
01-11-2013
848.776
515.5964
798.7786145
232.4141855
90
02-12-2013
918.924
543.9988
868.5451904
219.4524096
01-01-2014
893.474
571.8338
916.4202832
227.2473168
03-02-2014
933.624
600.8075
965.2048156
236.4101844
03-03-2014
897.674
627.8637
996.2336229
259.4937771
01-04-2014
916.076
653.7025
1027.031759
280.3732412
01-05-2014
961.5
677.4763
1066.090395
288.8622054
02-06-2014
1076
707.565
1122.231182
292.8988181
01-07-2014
1075.3
739.3275
1164.889872
313.7651282
01-08-2014
1181.5
775.0963
1223.609412
326.5831881
01-09-2014
1244.85
812.365
1287.527448
337.2025516
01-10-2014
1258.85
849.0312
1343.768975
354.2934252
03-11-2014
1320.026
888.545
1401.80184
375.2881603
01-12-2014
1296.776
929.5526
1435.235243
423.8699565
01-01-2015
1434.25
977.0776
1485.004851
469.1503486
02-02-2015
1417.876
1021.4764
1519.971672
522.9811284
02-03-2015
629.7
1021.8039
1519.204718
524.4030817
01-04-2015
621.35
1018.4964
1526.033573
510.9592271
01-05-2015
554.4
1012.8226
1539.056164
486.5890362
01-06-2015
477.8
997.9363
1567.494919
428.3776814
01-07-2015
530.7
982.0325
1585.860324
378.2046763
03-08-2015
515
961.8363
1600.563181
323.1094188
01-09-2015
557.35
945.0301
1608.53815
281.5220495
01-10-2015
539.15
925.3064
1613.244892
237.367908
02-11-2015
533.45
907.0952
1617.045077
197.1453227
01-12-2015
521.65
887.3739
1617.888598
156.8592021
91
4.23 Graph showing Bollinger Band of Tech Mahindra
01/09/2011
01/11/2011
01/01/2012
01/03/2012
01/05/2012
01/07/2012
01/09/2012
01/11/2012
01/01/2013
01/03/2013
01/05/2013
01/07/2013
01/09/2013
01/11/2013
01/01/2014
01/03/2014
01/05/2014
01/07/2014
01/09/2014
01/11/2014
01/01/2015
01/03/2015
01/05/2015
01/07/2015
01/09/2015
01/11/2015
1800
1600
1400
1200
1000
800
600
400
200
0
Close
middle band
upper band
lower band
Analysis
From the above table and graph, it can be observed that the stock price were at 287.07
to 275.76 and 1617.88 to 176.85 at the beginning and end of the study respectively.
The middle band which is the 20 day moving average of closing price of the stock
which was at 429.66 at the beginning of the study and 887.37 at the end.
Interpretation
From the above analysis, it can inferred that the stock price was moving above the
middle band for most of the period of the study and touches the upper band only one
time over a period of study. This stock saw same sudden dip in its prices during year
2015 due to some fundamental factors related to the company. Even though the
Bollinger band suggesting the chance for going long but the stock fails to deliver the
things; this may be best reason to say that technical will fails when fundamental come
into picture. This stock is much unpredicted at the moment and it is not suggestible to
an investor which is passive in nature. This stock demands very much attention from
the investors in order to make profit.
92

4.24 Table showing Bollinger Band of Tata Consultancy Services
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
1037.3
994.345
1337.20289
651.4871103
03-10-2011
1115.8
1012.045
1340.607457
683.4825427
01-11-2011
1115.55
1028.79
1341.449175
716.1308252
01-12-2011
1160.65
1048.5525
1340.385725
756.7192753
02-01-2012
1132.4
1068.02
1323.758539
812.2814608
01-02-2012
1221.95
1091.5675
1308.125999
875.0090011
01-03-2012
1168.8
1108.0175
1291.509623
924.5253769
02-04-2012
1246.6
1128.16
1274.110855
982.2091445
01-05-2012
1245.35
1144.08
1264.920871
1023.239129
01-06-2012
1277.45
1155.3075
1282.060124
1028.554876
02-07-2012
1243.65
1163.69
1290.533437
1036.846563
01-08-2012
1343.75
1172.595
1322.861959
1022.328041
03-09-2012
1295.9
1179.415
1339.255809
1019.574191
01-10-2012
1315.5
1189.6775
1357.001392
1022.353608
01-11-2012
1314
1196.1825
1372.438
1019.927
03-12-2012
1255.85
1200.6925
1378.269574
1023.115426
01-01-2013
1344.15
1210.0425
1397.38982
1022.69518
01-02-2013
1517
1226.6825
1458.261799
995.1032007
01-03-2013
1575.75
1248.62
1523.504744
973.7352559
01-04-2013
1378.4
1265.29
1528.365604
1002.214396
01-05-2013
1498.45
1288.3475
1548.101575
1028.593425
03-06-2013
1518.15
1308.465
1574.205327
1042.724673
01-07-2013
1815.5
1343.4625
1677.751036
1009.173964
01-08-2013
2033.2
1387.09
1830.772474
943.4075263
02-09-2013
1927.8
1426.86
1914.804001
938.9159991
01-10-2013
2112.05
1471.365
2036.828523
905.901477
01-11-2013
2004.35
1513.1425
2107.223475
919.0615253
93
02-12-2013
2172.05
1559.415
2207.768262
911.0617377
01-01-2014
2241.05
1609.2
2307.036929
911.3630714
03-02-2014
2275.75
1659.115
2398.608211
919.6217887
03-03-2014
2133.15
1703.59
2444.865714
962.3142863
01-04-2014
2189.2
1745.8625
2497.095726
994.629274
01-05-2014
2141.35
1788.135
2527.818259
1048.451741
02-06-2014
2425.4
1843.63
2600.354621
1086.905379
01-07-2014
2580.05
1906.9325
2688.518616
1125.346384
01-08-2014
2522.35
1970.2575
2734.772377
1205.742623
01-09-2014
2736.6
2039.88
2817.815001
1261.944999
01-10-2014
2607.85
2094.4225
2870.961021
1317.883979
03-11-2014
2643
2147.785
2920.922468
1374.647532
01-12-2014
2558.25
2206.7775
2909.583646
1503.971354
01-01-2015
2482.05
2255.9575
2883.714061
1628.200939
02-02-2015
2662.35
2313.1675
2861.314081
1765.020919
02-03-2015
2553.95
2350.09
2854.85572
1845.32428
01-04-2015
2463.7
2371.615
2855.778196
1887.451804
01-05-2015
2610.3
2405.74
2852.994776
1958.485224
01-06-2015
2550.95
2427.685
2856.974604
1998.395396
01-07-2015
2510.75
2453.005
2834.205501
2071.804499
03-08-2015
2564.05
2472.605
2832.708124
2112.501876
01-09-2015
2588.05
2489.955
2836.256394
2143.653606
01-10-2015
2495.2
2500.9275
2832.233664
2169.621336
02-11-2015
2364.7
2512.505
2803.41819
2221.59181
01-12-2015
2436.85
2524.8875
2776.252544
2273.522456
94
4.24 Graph showing Bollinger Band of Tata Consultancy Services

3500
3000
2500
2000
1500
1000
500
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
01/09/2011
lower band
Analysis
at the beginning of the study and 2436.85 at the end. Upper and Lower Band
calculated using exponential moving average as per the Bollinger band had the range
of 1337.20 to 651.48 and 2776.25 to 2273.52 at the beginning and end of the study
respectively. The middle band which is the 20 day moving average of closing price of
the stock which was at 994.34 at the beginning of the study and 2524.88 at the end.
Interpretation
Upper band till September 2014 which is oversold position and from December 2015
the stock price was nearing lower band which is undersold position.This stock is
much unpredicted at the moment and it is not suggestible to an investor which is
passive in nature. This stock demands very much attention from the investors in order
to make profit.
95
Tata Elxsi
4.25 Table showing Bollinger Band of Tata Elxsi.
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
200.3
257.55
325.3497
189.7503
03-10-2011
226.45
255.445
324.4109
186.4791
01-11-2011
192
249.05
316.5549
181.5451
01-12-2011
174.95
241.905
308.9975
174.8125
02-01-2012
202.65
238.735
307.0048
170.4652
01-02-2012
210.95
235.315
301.849
168.781
01-03-2012
195.9
232.1625
299.9444
164.3806
02-04-2012
205.4
231.0325
299.8522
162.2128
01-05-2012
206.3
229.3525
298.8973
159.8077
01-06-2012
220.2
226.5175
292.429
160.606
02-07-2012
216.7
223.9975
287.1731
160.8219
01-08-2012
214.3
219.0475
266.2582
171.8368
03-09-2012
225.2
217.6825
262.3298
173.0352
01-10-2012
218.1
217.1525
261.4998
172.8052
01-11-2012
243.05
216.6
259.2521
173.9479
03-12-2012
230.7
215.1425
253.3303
176.9547
01-01-2013
222.7
214.02
249.7336
178.3064
01-02-2013
195.8
211.6225
245.3132
177.9318
01-03-2013
191.15
209.39
242.242
176.538
01-04-2013
203.4
209.81
242.0973
177.5227
01-05-2013
186.5
209.12
242.8219
175.4181
03-06-2013
180.8
206.8375
241.7588
171.9162
01-07-2013
186.1
206.5425
242.0857
170.9993
01-08-2013
171.6
206.375
242.5707
170.1793
02-09-2013
183.8
205.4325
242.9925
167.8725
01-10-2013
218
205.785
243.6938
167.8762
01-11-2013
299
210.94
266.9211
154.9589
96
02-12-2013
415.65
221.4525
328.6181
114.2869
01-01-2014
415
231.8875
369.2341
94.54088
03-02-2014
586.05
250.18
459.5433
40.81675
03-03-2014
544.4
266.565
512.9202
20.20978
01-04-2014
550.15
283.3575
558.7828
7.932161
01-05-2014
509.05
297.55
589.1363
5.963748
02-06-2014
618.75
317.5825
639.6443
-4.47934
01-07-2014
592.2
335.04
677.3088
-7.22877
01-08-2014
610.7
354.04
713.6697
-5.58969
01-09-2014
645.9
375.2
751.6967
-1.29669
01-10-2014
619.95
396.4075
778.103
14.71201
03-11-2014
612.25
417.4625
797.9402
36.98483
01-12-2014
596.75
437.13
811.6361
62.62387
01-01-2015
763.7
465.99
848.0578
83.9222
02-02-2015
1060.3
509.965
951.6317
68.29828
02-03-2015
1158.15
558.5675
1060.058
57.07682
01-04-2015
1109.75
605.475
1129.557
81.39318
01-05-2015
1265.6
659.565
1222.281
96.84903
01-06-2015
1201.3
708.73
1280.751
136.7092
01-07-2015
1705.3
779.045
1471.96
86.12953
03-08-2015
1836.6
850.0925
1666.508
33.67697
01-09-2015
1881.35
923.41
1833.322
13.49787
01-10-2015
1825
985.3575
1964.618
6.096947
02-11-2015
2030.05
1059.64
2120.087
-0.80672
01-12-2015
2244.7
1144.368
2299.932
-11.1968
97
4.25 Graph showing Bollinger Band of Tata Elxsi.

2500
2000
1500
1000
500
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
-500
01/09/2011
lower band
Analysis
From the above table and graph, it can be observed that the stock price was at 200.3 at
the beginning of the study and 2244.7 at the end. Upper and Lower Band calculated
to 189.75 and 2299.9 to -11.19 at the beginning and end of the study respectively. The
was at 257.55 at the beginning of the study and 114.36 at the end.
Interpretation
From the above analysis, it can inferred that the stock price was fluctuating between
upper and lower band for most of the period of the study and it was nearing to the
upper band in most part of the study period which is oversold position and ended just
below the upper band. From Nov 2013 to December 2015, the stock price shows some
consistent growth due to some fundamental factors related to the company, since the
stock prices are nearing upper band at the end of the study which is a clear indication
for investors to sell the stocks.
98

4.25 Table showing Bollinger Band of Oracle Financial Services Software.
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
1900.4
2136.518
2421.203
1851.832
03-10-2011
2113.7
2130.328
2411.125
1849.53
01-11-2011
2031.75
2116.913
2389.072
1844.753
01-12-2011
1857.45
2101.423
2395.871
1806.974
02-01-2012
1984.6
2097.56
2396.191
1798.929
01-02-2012
2645.65
2116.773
2497.847
1735.698
01-03-2012
2620.3
2142.448
2584.938
1699.957
02-04-2012
2619.95
2171.665
2659.314
1684.016
01-05-2012
2503.45
2185.065
2694.343
1675.787
01-06-2012
2537.2
2201.415
2734.529
1668.301
02-07-2012
2554.3
2224.93
2777.376
1672.484
01-08-2012
2975
2256.76
2902.255
1611.265
03-09-2012
3009.05
2292.77
3020.872
1564.668
01-10-2012
2900.2
2335.378
3101.901
1568.854
01-11-2012
2909.6
2381.523
3170.455
1592.59
03-12-2012
3293.35
2445.118
3312.947
1577.288
01-01-2013
3193.55
2493.648
3416.007
1571.288
01-02-2013
2811.95
2519.815
3447.362
1592.268
01-03-2013
2560.3
2541.888
3450.067
1633.708
01-04-2013
2620.4
2582.108
3423.741
1740.474
01-05-2013
2618.05
2617.99
3396.039
1839.941
03-06-2013
2699
2647.255
3388.604
1905.906
01-07-2013
2958.7
2693.603
3387.3
1999.905
01-08-2013
2966.45
2749.053
3329.357
2168.748
02-09-2013
3073.9
2803.518
3276.223
2330.812
01-10-2013
3205.6
2831.515
3330.453
2332.577
01-11-2013
3098.5
2855.425
3357.567
2353.283
99
02-12-2013
3298.15
2889.335
3415.544
2363.126
01-01-2014
3203.75
2924.35
3435.424
2413.276
03-02-2014
3114.15
2953.198
3436.646
2469.749
03-03-2014
3087.45
2979.855
3428.214
2531.496
01-04-2014
3000.4
2981.125
3429.57
2532.68
01-05-2014
2830.15
2972.18
3425.391
2518.969
02-06-2014
3131.85
2983.763
3441.05
2526.475
01-07-2014
3314.6
3004.013
3482.834
2525.191
01-08-2014
3606.4
3019.665
3555.396
2483.934
01-09-2014
3439.15
3031.945
3595.02
2468.87
01-10-2014
3383.15
3060.505
3634.437
2486.573
03-11-2014
3345.15
3099.748
3635.747
2563.748
01-12-2014
3362.55
3136.855
3634.514
2639.196
01-01-2015
3397.35
3175.82
3621.794
2729.846
02-02-2015
3260.5
3203.895
3590.184
2817.606
02-03-2015
3260.05
3218.963
3588.11
2849.815
01-04-2015
3315.7
3236.425
3587.897
2884.953
01-05-2015
3631
3264.28
3648.313
2880.247
01-06-2015
3780.1
3293.005
3739.432
2846.578
01-07-2015
4046.5
3340.405
3889.404
2791.406
03-08-2015
4145.65
3382.78
4038.503
2727.057
01-09-2015
3945.8
3419.883
4115.701
2724.064
01-10-2015
3880.15
3458.183
4167.343
2749.022
02-11-2015
3817.2
3494.67
4198.59
2790.75
01-12-2015
3732.6
3531.28
4202.358
2860.202
100
4.26 Graph showing Bollinger Band of Oracle Financial Services Software.

4500
4000
3500
3000
2500
2000
1500
1000
500
Close
middle band
upper band
01/12/2015
01/10/2015
01/08/2015
01/06/2015
01/04/2015
01/02/2015
01/12/2014
01/10/2014
01/08/2014
01/06/2014
01/04/2014
01/02/2014
01/12/2013
01/10/2013
01/08/2013
01/06/2013
01/04/2013
01/02/2013
01/12/2012
01/10/2012
01/08/2012
01/06/2012
01/04/2012
01/02/2012
01/12/2011
01/10/2011
01/08/2011
lower band
Analysis
From the above table and graph, it can be observed that the stock price were at 1816
to 1887.4 and 4202.3 to 2860.2 at the beginning and end of the study respectively.
The middle band which is the 20 day moving average of closing price of the stock
which was at 2149.5 at the beginning of the study and 3531.28 at the end.
Interpretation
From the above analysis, it can inferred that the stock price was fluctuating between
upper and lower band for most of the period of the study and it was nearing to the
upper band in most part of the study period which is oversold position and ended just
below the upper band. From February 2012 the stock price increases till December
2015 which is a clear indication of selling the stock.
101
Mphasis
4.27 Table showing Bollinger Band of Mphasis.
Date
Close
02-09-2011
343.75
543.3925
765.1696
321.6154
03-10-2011
343.7
527.43
758.7267
296.1333
01-11-2011
324.8
512.6475
756.3695
268.9255
01-12-2011
300.75
493.6475
741.4055
245.8895
02-01-2012
377.45
483.9275
734.0099
233.8451
01-02-2012
433.4
477.4225
725.5505
229.2945
01-03-2012
405.1
468.135
712.2598
224.0102
02-04-2012
369.3
455.56
692.3741
218.7459
01-05-2012
375
443.225
669.0469
217.4031
01-06-2012
370
431.205
644.8223
217.5877
02-07-2012
397.7
420.5475
617.0068
224.0882
01-08-2012
384.6
406.1375
562.9748
249.3002
03-09-2012
402.4
392.525
485.487
299.563
01-10-2012
387.05
390.3025
481.4488
299.1562
01-11-2012
388.15
388.9475
479.3348
298.5602
03-12-2012
384.4
384.7625
467.1124
302.4126
01-01-2013
372.95
379.995
452.4244
307.5656
01-02-2013
378.75
377.2075
444.9437
309.4713
01-03-2013
391.6
374.365
433.7726
314.9574
01-04-2013
374.15
375.25
434.0582
316.4418
01-05-2013
487.2
382.4225
457.7311
307.1139
03-06-2013
371.95
383.835
457.118
310.552
01-07-2013
400.85
387.6375
455.7313
319.5437
01-08-2013
420.8
393.64
449.5616
337.7184
02-09-2013
438.75
396.705
455.5343
337.8757
01-10-2013
423.4
396.205
453.8798
338.5302
01-11-2013
399.45
395.9225
453.4691
338.3759
Middle Band Upper Band
Lower Band
102
02-12-2013
440
399.4575
458.7769
340.1381
01-01-2014
370.45
399.23
458.9777
339.4823
03-02-2014
387.85
400.1225
458.5505
341.6945
03-03-2014
404
400.4375
458.8784
341.9966
01-04-2014
412.7
401.8425
460.0308
343.6542
01-05-2014
440.9
403.7675
464.5241
343.0109
02-06-2014
425.65
405.6975
466.6701
344.7249
01-07-2014
457.35
409.1575
473.6874
344.6276
01-08-2014
445.6
412.2175
477.6028
346.8322
01-09-2014
429.1
415.025
478.0919
351.9581
01-10-2014
400.9
416.1325
477.2655
354.9995
03-11-2014
404.2
416.7625
477.0853
356.4397
01-12-2014
385.45
417.3275
476.1632
358.4918
01-01-2015
362.55
411.095
464.9648
357.2252
02-02-2015
383.85
411.69
463.979
359.401
02-03-2015
385.4
410.9175
464.3254
357.5096
01-04-2015
394.95
409.625
463.2765
355.9735
01-05-2015
369.75
406.175
460.8058
351.5442
01-06-2015
410.75
405.5425
459.6238
351.4612
01-07-2015
420.2
406.58
460.9644
352.1956
03-08-2015
422.95
405.7275
458.4142
353.0408
01-09-2015
410.25
407.7175
457.7327
357.7023
01-10-2015
474.4
412.045
469.2786
354.8114
02-11-2015
498.05
416.7475
485.4947
348.0003
01-12-2015
497.55
420.99
498.5882
343.3918
103
4.27 Graph showing Bollinger Band of Mphasis

900
800
700
600
500
400
300
200
100
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
01/09/2011
lower band
Analysis
Interpretation
From the above analysis, it can inferred that the stock price was very fluctuating
during the period of the study which offered very good opportunity for the speculators
to make profit. It was at the over-sold position at the beginning of the study which
was later behaving inconstantly due to the happenings in the market. It uses to move
around the overbought position to oversold position and not offering any hint of
stability. The stock price is touches the upper band at the end of the study indicating
the investors to sell the shares.
104
Mindtree
4.28 Table showing Bollinger Band of Mindtree
Date
Close
02-09-2011
696.1
941.06
1282.727
599.3929
03-10-2011
800.7
927.795
1269.638
585.9518
01-11-2011
816.4
909.065
1230.635
587.4947
01-12-2011
795.3
891.31
1195.519
587.1008
02-01-2012
861.4
879.295
1167.054
591.5364
01-02-2012
928.8
870.68
1140.219
601.1413
01-03-2012
978.6
866.305
1125.115
607.4949
02-04-2012
1179.2
875.12
1163.804
586.4356
01-05-2012
1260.4
887.01
1217.79
556.2305
01-06-2012
1289.6
900.14
1272.545
527.7352
02-07-2012
1262.4
913.075
1317.242
508.9081
01-08-2012
1317.9
922.91
1356.876
488.9444
03-09-2012
1323.3
940.825
1410.241
471.4086
01-10-2012
1318.5
969.86
1457.87
481.8502
01-11-2012
1440.8
1001.785
1525.849
477.7212
03-12-2012
1365.7
1033.325
1565.622
501.0282
01-01-2013
1577.4
1076.685
1638.612
514.7577
01-02-2013
1720.4
1123.045
1737.072
509.0176
01-03-2013
1829.1
1172.8
1846.571
499.0288
01-04-2013
1603.6
1218.28
1878.633
557.9265
01-05-2013
1635.3
1265.24
1902.412
628.0676
03-06-2013
1672.3
1308.82
1931.271
686.3695
01-07-2013
1919.3
1363.965
1998.041
729.8886
01-08-2013
2073.4
1427.87
2078.051
777.6891
02-09-2013
2438.2
1506.71
2244.21
769.2099
01-10-2013
2768.5
1598.695
2477.985
719.4052
01-11-2013
2780
1688.765
2664.381
713.149
Middle Band Upper Band
Lower Band
105
02-12-2013
3057.2
1782.665
2902.608
662.7223
01-01-2014
2859.5
1862.62
3051.759
673.4808
03-02-2014
3287.1
1962.495
3277.833
647.1573
03-03-2014
2642.3
2031.49
3336.931
726.0493
01-04-2014
2837.9
2107.49
3414.991
799.9894
01-05-2014
3019.5
2192.3
3505.661
878.9392
02-06-2014
1761
2214.425
3479.84
949.01
01-07-2014
2099.9
2247.38
3461.243
1033.517
01-08-2014
2253.3
2291.76
3432.604
1150.916
01-09-2014
2356.7
2330.725
3420.948
1240.502
01-10-2014
2187.2
2354.065
3408.678
1299.452
03-11-2014
2398.9
2382.555
3407.833
1357.277
01-12-2014
2566.4
2430.695
3390.284
1471.106
01-01-2015
2642.2
2481.04
3367.814
1594.266
02-02-2015
2892.4
2542.045
3359.74
1724.35
02-03-2015
2607.3
2576.445
3339.92
1812.97
01-04-2015
2438.6
2594.705
3324.237
1865.173
01-05-2015
2897.4
2617.665
3355.316
1880.014
01-06-2015
2547.6
2606.62
3341.371
1871.869
01-07-2015
2559.3
2595.585
3325.989
1865.181
03-08-2015
2791.7
2582.31
3286.571
1878.049
01-09-2015
3028.9
2590.78
3312.926
1868.634
01-10-2015
3138.6
2583.355
3277.881
1888.829
02-11-2015
2871.2
2594.8
3300.864
1888.736
01-12-2015
2867.5
2596.28
3304.61
1887.95
106
4.28 Graph showing Bollinger Band of Mindtree.

4000
3500
3000
2500
2000
1500
1000
500
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
01/09/2011
lower band
Analysis
Interpretation
Upper band till February 2014 which is oversold position and from February 2014 to
May 2015 the stock price was nearing middle band which is stable position and from
July 2015 to December 2015 the stock is nearing upper band which is oversold
position indicating the investors to sell the stocks.
107
Infosys
4.29 Table showing Bollinger Band of Infosys
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
2533.8
2850.237623
3364.711536
2335.763709
03-10-2011
2875.2
2863.917615
3364.92835
2362.90688
01-11-2011
2607.552
2863.54021
3365.350861
2361.729559
01-12-2011
2765.052
2864.985413
3365.415866
2364.554959
02-01-2012
2743.352
2869.270618
3363.656813
2374.884422
01-02-2012
2875.4
2873.613013
3366.537491
2380.688534
01-03-2012
2864.948
2877.41781
3368.759732
2386.075888
02-04-2012
2462.6
2865.19281
3385.679788
2344.705832
01-05-2012
2439.852
2835.135413
3381.654435
2288.61639
01-06-2012
2502.552
2811.783008
3373.803559
2249.762456
02-07-2012
2227.4
2770.680603
3377.934914
2163.426291
01-08-2012
2373.248
2717.093005
3259.487873
2174.698137
03-09-2012
2534
2687.978003
3201.913495
2174.04251
01-10-2012
2363.5
2656.000403
3166.970387
2145.030418
01-11-2012
2436.6
2615.99281
3055.856671
2176.128949
03-12-2012
2318.5
2586.62041
3023.403924
2149.836896
01-01-2013
2788.752
2586.465405
3022.94435
2149.98646
01-02-2013
2906
2586.39541
3022.658052
2150.132768
01-03-2013
2889.9
2592.550403
3042.779737
2142.321068
01-04-2013
2234.448
2587.1328
3052.373143
2121.892457
01-05-2013
2407.6
2580.822803
3052.48772
2109.157885
03-06-2013
2493.248
2561.725208
3013.724065
2109.72635
01-07-2013
2967.148
2579.705005
3066.637646
2092.772364
01-08-2013
3100.3
2596.467408
3131.018329
2061.916486
02-09-2013
3015.448
2610.072205
3173.437113
2046.707297
01-10-2013
3308.648
2631.734608
3266.810929
1996.658286
01-11-2013
3353.5
2656.162208
3362.584152
1949.740263
108
02-12-2013
3485.5
2707.307203
3497.832744
1916.781661
01-01-2014
3699.448
2770.287
3664.938065
1875.635935
03-02-2014
3820.2
2836.169398
3835.719599
1836.619196
03-03-2014
3278.852
2888.742005
3863.779702
1913.704308
01-04-2014
3177.2
2928.9396
3880.50064
1977.37856
01-05-2014
2941.5
2949.3146
3882.543587
2016.085613
02-06-2014
3246.448
2993.462
3892.933456
2093.990544
01-07-2014
3365.7
3039.916993
3913.902042
2165.931943
01-08-2014
3594
3103.691993
3941.421676
2265.962309
01-09-2014
3747.648
3151.636793
4022.574016
2280.699569
01-10-2014
4051.44
3208.90879
4158.89294
2258.924639
03-11-2014
2179.62
3173.394801
4221.618921
2125.17068
01-12-2014
1971.2
3160.232398
4263.277177
2057.187619
01-01-2015
2142.76
3146.990394
4293.577975
2000.402812
02-02-2015
2266.36
3135.645997
4313.530486
1957.761507
02-03-2015
2216.6
3098.118604
4344.443226
1851.793982
01-04-2015
1942.4
3040.223603
4389.448574
1690.998631
01-05-2015
2022.4
2990.571204
4414.648516
1566.493891
01-06-2015
985.35
2874.406305
4546.646251
1202.166359
01-07-2015
1078.05
2760.633808
4597.181884
924.085731
03-08-2015
1095.2
2641.118805
4586.90395
695.3336598
01-09-2015
1160.45
2514.168903
4500.112836
528.2249686
01-10-2015
1136.05
2379.961408
4357.047762
402.8750528
02-11-2015
1088.45
2270.441303
4280.271829
260.6107757
01-12-2015
1104.55
2166.808808
4193.449083
140.1685318
109
4.29 Graph showing Bollinger Band of Infosys.

5000
4500
4000
3500
3000
2500
2000
1500
1000
500
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
01/09/2011
lower band
Analysis
From the above table and graph, it can be observed that the stock price were at
2850.23 at the beginning of the study and 1104.55 at the end. Upper and Lower Band
calculated using exponential moving average as per the Bollinger band had the range
of 3364.71 to 2335.76 and 4193.44 to 140.16 at the beginning and end of the study
respectively. The middle band which is the 20 day moving average of closing price of
the stock which was at 2850.23 at the beginning of the study and 2166.80 at the end.
Interpretation
From the above analysis, it can inferred that the stock price was very fluctuating
during the period of the study which offered very good opportunity for the speculators
to make profit. It was never consistent with the fair value and always use to jumping
between overbought position to oversold position. There was a huge dip at the end of
the study which suggests that there is a chance of making profit by going long against
this security.
This stock was very vulnerable during the period of study which will never offer the
safety of principal unless the investor has the knowledge of current happenings.
110
Hexaware Tech
4.30 Table showing Bollinger Band of Hexaware Tech
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
83.5
77.875
108.5892
47.16077
03-10-2011
89.4
79.1075
109.5815
48.6335
01-11-2011
84.7
79.93
110.0561
49.80389
01-12-2011
75.1
80.0725
110.0724
50.07265
02-01-2012
84.75
80.6225
110.5375
50.70749
01-02-2012
121.95
82.95
117.9632
47.93675
01-03-2012
117.05
84.7025
122.8811
46.52387
02-04-2012
129.6
87.8075
129.9868
45.62824
01-05-2012
119.3
89.975
134.0034
45.94656
01-06-2012
127.8
91.9775
139.1133
44.8417
02-07-2012
114.15
93.2925
141.4009
45.18413
01-08-2012
123.05
93.625
142.4918
44.75824
03-09-2012
121.8
94.08
143.8556
44.3044
01-10-2012
112
97.0275
143.4411
50.6139
01-11-2012
109
99.175
143.4803
54.8697
03-12-2012
85.1
99.9725
142.5424
57.40258
01-01-2013
78.9
100.54
141.5646
59.5154
01-02-2013
86.35
101.3775
140.3765
62.37851
01-03-2013
84.55
101.2175
140.4773
61.95771
01-04-2013
81.95
101.5
140.0803
62.91972
01-05-2013
80.45
101.3475
140.2501
62.44488
03-06-2013
86.75
101.215
140.3066
62.12345
01-07-2013
116.35
102.7975
141.6358
63.95925
01-08-2013
128.1
105.4475
143.5542
67.34083
02-09-2013
128.55
107.6375
145.7702
69.50482
01-10-2013
132.95
108.1875
147.4888
68.88622
01-11-2013
122.3
108.45
148.0694
68.83064
111
02-12-2013
131.75
108.5575
148.4294
68.68565
01-01-2014
134.9
109.3375
150.6775
67.99747
03-02-2014
159.8
110.9375
157.4408
64.43421
03-03-2014
150.5
112.755
162.5143
62.9957
01-04-2014
151.65
114.185
166.7545
61.61549
01-05-2014
143.65
115.2775
169.3986
61.15637
02-06-2014
158.25
117.59
174.9754
60.2046
01-07-2014
142.15
119.2475
177.4967
60.99829
01-08-2014
159.9
122.9875
181.6093
64.36573
01-09-2014
201.15
129.1
193.5684
64.63157
01-10-2014
197.65
134.665
202.7114
66.61858
03-11-2014
218.9
141.3825
214.9037
67.86125
01-12-2014
199.7
147.27
219.6011
74.93892
01-01-2015
225.65
154.53
227.7641
81.29592
02-02-2015
271.75
163.78
247.0178
80.54224
02-03-2015
312.55
173.59
277.0752
70.10476
01-04-2015
281.55
181.2625
292.9739
69.55107
01-05-2015
281.25
188.8975
306.1739
71.62105
01-06-2015
255.45
195.0225
312.7905
77.2545
01-07-2015
286.7
203.2425
322.5775
83.90749
03-08-2015
244.65
208.8875
324.6096
93.16542
01-09-2015
247.55
214.52
325.9662
103.0738
01-10-2015
239.95
218.5275
327.4238
109.6312
02-11-2015
249.55
223.48
328.2821
118.6779
01-12-2015
243.4
228.0675
327.527
128.608
112
4.30 Graph showing Bollinger Band of Hexaware Tech

350
300
250
200
150
100
50
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
01/09/2011
lower band
Analysis
From the above table and graph, it can be observed that the stock price were at 83.5 at
the beginning of the study and 243.4 at the end. Upper and Lower Band calculated
using exponential moving average as per the Bollinger band had the range of 108.5 to
47.1 and 327.5 to 128.60 at the beginning and end of the study respectively. The
Interpretation
upper and lower band for most of its period of the study and the stock price was
moving above the middle band for most of the period of the study and nears the lower
band only one time over a period of study, at the end of the study we can see a
downward trend in the stock price indicating that the stock prices might come down in
the future.
113
HCL Technologies.
4.31 Table showing Bollinger Band of HCL Technologies
Date
Close
Middle Band
Upper Band
Lower Band
02-09-2011
409.15
428.8325
534.0148493
303.9676507
03-10-2011
443.75
432.665
533.8877044
342.5272956
01-11-2011
383.8
433.935
531.8166799
285.9183201
01-12-2011
387.95
433.61
532.0850602
289.4749398
02-01-2012
437.65
436.375
531.8496398
342.1753602
01-02-2012
484.95
442.415
533.8499127
393.5150873
01-03-2012
483.25
446.9675
536.9301547
393.2873453
02-04-2012
512.05
453.4425
542.520445
422.972055
01-05-2012
504.05
457.6075
548.0288021
413.6286979
01-06-2012
476.45
461.24
548.3357706
389.3542294
02-07-2012
518.55
466.98
553.2504828
432.2795172
01-08-2012
544.4
471.3875
564.1152105
451.6722895
03-09-2012
577.45
475.7225
579.6871067
473.4853933
01-10-2012
608
484
602.1978493
489.8021507
01-11-2012
656.5
492.9275
633.9662161
515.4612839
03-12-2012
618.7
497.8025
649.3077143
467.1947857
01-01-2013
688
506.4625
680.2239544
514.2385456
01-02-2013
723.4
517.895
716.6954074
524.5995926
01-03-2013
795
533.305
766.7228677
561.5821323
01-04-2013
721.4
548.7225
789.3195676
480.8029324
01-05-2013
744.85
565.5075
811.8764131
498.4810869
03-06-2013
776
582.12
838.5228479
519.5971521
01-07-2013
937.55
609.8075
894.1143048
653.2431952
01-08-2013
1040.45
642.4325
966.514558
716.367942
02-09-2013
1087.2
674.91
1040.156882
721.953118
01-10-2013
1095.35
705.43
1104.304914
696.4750857
01-11-2013
1086
735.5675
1154.346397
667.2211031
114
02-12-2013
1262.55
773.0925
1239.3481
796.2944
01-01-2014
1462.2
821
1361.799712
921.4002881
03-02-2014
1575.55
875.955
1488.015458
963.4895421
03-03-2014
1390.7
919.5625
1548.450796
761.8117044
01-04-2014
1402.9
962.4875
1600.683056
764.7044444
01-05-2014
1418.55
1004.5425
1646.744487
776.3480132
02-06-2014
1500.15
1049.15
1699.266649
850.0333514
01-07-2014
1555.1
1094.08
1754.069259
895.1107414
01-08-2014
1630.75
1144.6825
1806.394623
969.0378768
01-09-2014
1714.75
1196.02
1867.790043
1042.979957
01-10-2014
1608.4
1240.27
1897.390122
951.2798785
03-11-2014
1662.35
1283.6375
1931.444149
1014.543351
01-12-2014
1596.9
1327.4125
1932.139717
992.1727828
01-01-2015
1791.75
1379.7575
1952.558844
1218.948656
02-02-2015
2022
1442.0575
2009.379568
1454.677932
02-03-2015
980.4
1444.2
2003.770528
420.829472
01-04-2015
880.55
1436.205
2023.925833
292.8291668
01-05-2015
1010.75
1432.3825
2030.562227
412.5702732
01-06-2015
919.75
1423.6025
2047.225123
296.1273767
01-07-2015
998.25
1419.215
2053.973783
363.4912169
03-08-2015
971.05
1404.64
2067.317697
308.372303
01-09-2015
982.15
1380.6375
2068.821298
293.966202
01-10-2015
871.7
1345.445
2063.020115
154.1248846
02-11-2015
870.95
1319.4575
2067.146178
123.261322
01-12-2015
855.1
1292.0675
2066.540931
80.62656919
115
4.31 Graph showing Bollinger Band of HCL Technologies.

2500
2000
1500
1000
500
Close
middle band
upper band
01/11/2015
01/09/2015
01/07/2015
01/05/2015
01/03/2015
01/01/2015
01/11/2014
01/09/2014
01/07/2014
01/05/2014
01/03/2014
01/01/2014
01/11/2013
01/09/2013
01/07/2013
01/05/2013
01/03/2013
01/01/2013
01/11/2012
01/09/2012
01/07/2012
01/05/2012
01/03/2012
01/01/2012
01/11/2011
01/09/2011
lower band
Analysis
using exponential moving average as per the Bollinger band had the range of 108.5 to
47.1 and 327.5 to 128.60 at the beginning and end of the study respectively. The
Interpretation
Upper band till February 2015 which is oversold position and it was nearing Lower
band from February 2015 to March 2015 which is undersold position .There was a
huge dip at the end of the study which suggests that there is a chance of making profit
by going long against this security
116
CHAPTER 5
FINDINGS, CONCLUSION AND
SUGGESTIONS
5.1 Findings
From the study, it was found out that, knowledge of the fundamental and
technical tools are very essential to make good investment decisions to yield
the positive returns.
From the study, it was found that, equity is high Potential Avenue for returns
with greater threat of risk.
During the study, it was found that technical tools used in the project are
consistent with each other and producing similar results.
During the study, it was found that, Indian Information Technology companies
have long been able to leverage their low-cost or cost arbitrage model in the
overall global software industry. But in the last one or two years, in spite of
high utilization and higher rupee depreciation, earnings growth has been
decelerating. The main reason is the pricing pressure, which the IT companies
are witnessing.
It was observed that an average return of Infosys and Mphasis stocks was
negative and the average risk for all the companies is positive.
The stock prices of all the companies have gradually increased except for
Infosys because of the stock split on October 10, 2014.
Bollinger Band
From the study, Bollinger Band for Oracle Financial Services Software,
Wipro, Mphasis, Infosys and Hexaware Tech had indicated correctly for
buying and selling of the stocks compared to other companies.
Companies like Tata Consultancy Services, HCL, Tata Elxsi, and Tech
Mahindra which saw constant growth in their stock price, Bollinger Band
failed to interpret the price momentum of stocks for these companies.
117
MACD
From the study, MACD for Mphasis and Wipro which are high fluctuating
stocks failed to indicate proper buying and selling indications for the investors.
MACD for the rest of the companies has shown buying and selling indicators
properly but has reacted to only major fluctuations in the stock price rather
than small fluctuations.
Bollinger Band and MACD

Comparing both the technical tools,
For HCL Technologies, Infosys, Mindtree, Oracle Financial Services

Software, Tata Elxsi, and Tech Mahindra both MACD and Bollinger Band
have produced similar results.
For Tata Consultancy Services, Mphasis and Wipro, MACD and Bollinger
Band have produced different results.
118
5.2 Conclusion
Investment in financial asset requires a great concentration since it involves great
volatility. To reduce the impact of risk in the investment one has to be careful enough
in estimating the future of their investment returns. This project has been undertaken
to study the returns of selected securities listed in stock exchanges and these equities
are analyzed in terms of risk and return. The present study reveals the process of
expecting the returns which the investor can use in investment process
Based on the study conducted we can conclude that investment in equities are always
subjected to high risk, one needs to undergo lot of research before making any
decision.There are lot of tools available to predict the future price of the stocks but
this study uses only two tools to predict the future price namely MACD and Bollinger
Band.
Moving Average Convergence Divergence is used as a momentum indicator to
generate signals using crossover. It will suggest the momentum of the buying and
selling along with market and bottom, and how to use positive and negative
divergences to predict upcoming trade reversals.
Bollinger Band is a volume indicator which identifies overbought and oversold level
based on the volatility of the stock using exponential moving average.
Investors should marshal their skills very often to be competitive in the market, they
should explore the new opportunities to make profits by identifying the signals at the
early stage. Being a pioneer will offer a great scope for marketing abnormal returns.
119
5.3 Suggestions
Before going for investment, an investor should have clear knowledge of stock
market. Unless they know the basic working and trading mechanism of the
stock market they cannot trade individually in the market.
By analysing the Information Technology industry with the help of technical

analysis, it has been revealed that this industry has a lot of potential to grow.
So recommending investing in Information Technology industry with no
doubt is going to be a good and smart option because this industry is booming
like never before not only in India but all over the world.
Investors are suggested to invest in Information Technology companies for

long term than short term. It gives good returns as the industry has a lot of
potential to grow.
Investment in equity is a good alternative for high returns but, it is always

subject to high risk. Investors can opt this avenue only when they can assume
to take high risk.
It is advised for the investors to identify their investment needs before going
for investment. Entering the stock market without clear objective will result in
undesirable outcomes.
Relying on only one indicator is more risky as the Indian market is more
volatile, investors should rely on two or more indicators for a taking better
investment decisions.
The investor should analyse market data in real time, build their own market
strategy in order to make profits regardless of bullish and bearish trends in the
markets.
120
REFERENCES
Books:
Robert D. Edwards and John Magee.2009 Technical Analysis of Stock Trends, tenth
edition. Coopers publishers.
J Pring Martin, complete guide to technical analysis for indian traders and investors.
Third edition 2009, Bosco Publishers.
Journals:
Chitra, (2011) , Technical Analysis On Selected Energy Sector Stocks, International

Research Journal Of Business And Management, Volume 1 , Issue 1
Fern Andez-RodrIguez, GonzAlez-Martel And Sosvilla-Rivero , (2009), On The

Profitability Of Technical Trading Rules Based On Artificial Neural Networks,
Evidence From The Madrid Stock Market. Volume 9, Issue 5 Gerwin A. W. Griffioen,
(2009), Technical Analysis In Financial Markets, University Of Amsterdam, Volume
4, Issue 1
Jayakumar and K. Sumathi, (2014), Technical Analysis of share price movement with
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management, volume No III, Issue 4
JosipArneric, ElzaJurun, Snjezanapivac. (2004). A Predictive Stock Market Technical

Analysis Using Fuzzy Logic, Computer and Information Science; Vol. 7,issue 3; 2014.
LawarenceBlume, (2008), Market StatasticsAnd Technical Analysis, Journal Of

Finance, Volume 49, Issue 1
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Finance, Volume No 1, Issue 3
Manuel Ammann, Matthias Rekate And Rico Von Wyss ,(2007), Technical Analysis
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Banking Sector of Equity, IOSR Journal of Business and Management (IOSR-JBM)
(2014),volume 3,issue 7.,
Wing-Keung Wong, MeherManzur and Boon-Kiat Chew ,(2002) , Technical Analysis

On Theory Of Finance, T-Tsinghua University School Of Economics And
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Xiao-Ming and Kong-Jun (2006). A Predictive Stock Market Technical Analysis Using
Fuzzy Logic, Computer and Information Science; Vol. 7,issue 3; 2014.
YingziZhu ,Guofu Zhou, (2010), Technical Analysis On Theory Of Finance, TTsinghua University School Of Economics And Management, Volume 7, Issue 2
Websites:
http://www.investopedia.com/terms/b/bollingerbands.asp
http://www.investopedia.com/terms/m/macd.asp
https://en.wikipedia.org/wiki/Technical_analysis
http://www.luckscout.com/what-indicators-can-we-trust-and-do-we-need-the-most/
http://www.tradingsetupsreview.com/simple-day-trading-strategy-bollinger-macd/
Annexures
6/20/2016
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CBSMS,BangaloreUniversity
Bangalore
RespectedSir,
Sub:SubmissionofDissertationProgressReport
IamherebysubmittingtheDissertationProgressReportforyourkindconsideration.Kindlyacceptthe
sameandapprove.
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Yourssincerely
SharanSHulmani
141GCMD110
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NameoftheStudent
SharanSHulmani
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141GCMD110
https://mail.google.com/mail/u/0/?ui=2&ik=980ba47644&view=pt&search=sent&th=1547b4463beeba80&siml=1547b4463beeba80&siml=154b59a133828de5
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NameofCollegeGuide
Mr.ManjunathSMenedhal
AssistantProfessor
NameandcontactnooftheCo Mr.DeepakJain
Guide / External Guide
BranchManager
(Corporate)
KotakSecurities,Bangalore.
Mobile:+919538070627
A Study On Equity Analysis Of Selected Information
TechnologyStocksUsingMACDAndBollingerBand
TitleoftheDissertation
Name and Address of the KotakSecurities

Company/Organistion
where
dissertationundertakenwithDate #119 2ndfloor, Radha Krishna Sadan, Gandhi Bazar
MainRoad,Basavangudi,Bangalore,560004.
ofstartingDissertation
Progress report : A brief note

reflecting ,Number of meeting
with Guides, places visited,
libraries visited, books referred,
meeting with persons, activities
taken up, preparations done for
collection and analysis of data
etc.,)
Dateofstartingdissertation:20April2016
Noofmeetingswithguide:4
Librariesvisited:Ourcollegelibrary.
Articlereferred:
1.Charles.P.Jones.(1996).Investment
analysisandmanagement.
2.Raman.V.,P.(1995).WannaDoEquity
Research.Analyst,22.
3.Raman.V.,P.(1995).WannaDoEquity
Research.Analyst,22
4.Sault,S.(2009).Fundamentaland
TechnicalAnalysis.Accounting&Finance,
2136.
5.Banerjee,A.(1998).AGlimpseof
PortfolioManagement.TheManagement
Accountant,10.
Magazines:
1.KotaksecuritiesMonthlyinvestment
strategiesofApriledition.
2. Kotak securities budget analysis
(budgetsimplified)201617edition.
Activitiestakenup:
1.Presentationonbudgetandcurrentaffairsin
frontofkotaksecuritiesstaff.
2. Tele calling to customers and fix the
appointmentwithsalesexecutive.
3.Dailyupdatingofmarketmovement.
Preparationsdoneforcollectionandanalysis
ofdata:
Inthefirstweek,workedontheintroductionchapter,It
covers industry profile, theoretical background of the
2/3
6/20/2016
study,importanceofthestudyandneedforthestudy.
In the second week, the review of the literature was
donebyreferringtovariousjournalsandarticles.
Date:04/05/2016
SharanSHulmaniMrManjunathSMenedhal
141GCMD110DissertationGuide
To:mrajesha123@gmail.com
Sun,May15,2016at11:37PM
[Quotedtexthidden]
3/3
6/20/2016
Gmail - Fortnightly Dissertation Progress Report
sharan hulmani <sharanhulmani@gmail.com>
Fortnightly Dissertation Progress Report

2 messages
To: directordissertation@gmail.com
Cc: manju_13knl@yahoo.co.in
Thu, May 19, 2016 at 4:26 PM
To
The Director
CBSMS, Bangalore University
Bangalore
Respected Sir,
Sub: Submission of Dissertation Progress Report
I am hereby submitting the Dissertation Progress Report for your kind consideration. Kindly accept the
same and approve.
Thanking you
Yours sincerely
Sharan S Hulmani
141GCMD110
R V Institute of Management
MBA Dissertation
PROGRESS REPORT
Sl. No.
Particulars
Name of the Student
Sharan S Hulmani
Registration Number
141GCMD110
Name of College Guide
Mr.Manjunath S Menedhal
https://mail.google.com/mail/u/0/?ui=2&ik=980ba47644&view=pt&search=sent&th=154c8a88b3a7d961&siml=154c8a88b3a7d961&siml=154c8cba05845890
1/3
6/20/2016
Assistant Professor
4
Name and contact no of the Co- Mr.Deepak Jain

Guide/External
Guide
Branch Manager
(Corporate)
Mobile :+919538070627
Technology Stocks Using MACD And Bollinger Band
Title of the Dissertation
Name and Address of the Kotak Securities

Company/Organistion
where
dissertation undertaken with Date #119 2ndfloor, Radha Krishna Sadan, Gandhi Bazar
Main Road, Basavangudi, Bangalore, 560004.
of starting Dissertation
Date of starting dissertation: 20-April-2016

No of meetings with guide: 4
Libraries visited: Our college library.
Articles referred:
1. Salih N. Neftci, A study Technical
Analysis. Journal of Business, Volume 64,
Issue 4,1991
2. Fernandez-Rodriguez, Gonzalez-Martel and
Sosvilla-Rivero, Applied Quantitative Methods
for Trading and Investment, 2000
3. Lawrence Blume, David Easley, Maureen
O'Hara, Market Statistics and Technical
Analysis: The Role of Volume. The Journal of
Finance, March 1994
4. YingziZhu ,Guofu Zhou, Technical
Analysis: An Asset Allocation Perspective on
the Use of Moving Average. Journal of
Financial Economics,2008
5. Andara et al. Advantages of Using
Technical Analysis to Predict Future Prices on
the Amman Stock Exchange . International
Journal of Business and Management , 2014
analysis
Preparations done for collection and

of data:
In the third week, completed second chapter and

started working on chapter third, It covers industry
profile of Kotak Securities and selected 10 Information
Technologies companies.
In the fourth week, corrections in the first chapter was
made according to the guide suggestions. And started
data collection for the purpose of analysing and
interpretation in chapter 4.
2/3
6/20/2016
Date: 19/05/2016
Sharan S Hulmani
141GCMD110

To: directordissertation@gmail.com
Cc: manju_13knl@yahoo.co.in
Mr ManjunathS Menedhal
Dissertation Guide
Thu, May 19, 2016 at 5:04 PM
[Quoted text hidden]
Date: 19/05/2016
[Quoted text hidden]
3/3
6/20/2016
FortnightlyDissertationProgressReport
2messages
To:directordissertation@gmail.com
Cc:manju_13knl@yahoo.co.in
Fri,Jun3,2016at4:28PM
To
TheDirector
CBSMS,BangaloreUniversity
Bangalore
RespectedSir,
Sub:SubmissionofDissertationProgressReport
IamherebysubmittingtheDissertationProgressReportforyourkindconsideration.Kindlyacceptthe
sameandapprove.
Thankingyou
Yourssincerely
SharanSHulmani
141GCMD110
RVInstituteofManagement
MBADissertation
PROGRESSREPORT
Sl.No.
Particulars
NameoftheStudent
SharanSHulmani
https://mail.google.com/mail/u/0/?ui=2&ik=980ba47644&view=pt&search=sent&th=15515ea8446b3ba9&siml=15515ea8446b3ba9&siml=1551624523387bc1
1/3
6/20/2016
RegistrationNumber
141GCMD110
NameofCollegeGuide
Mr.ManjunathSMenedhal
AssistantProfessor
NameandcontactnooftheCo Mr.DeepakJain
Guide / External Guide
BranchManager
(Corporate)
KotakSecurities,Bangalore.
Mobile:+919538070627
TechnologyStocksUsingMACDAndBollingerBand
TitleoftheDissertation
Name and Address of the KotakSecurities

Company/Organistion
where
dissertation undertaken with #119 2ndfloor, Radha Krishna Sadan, Gandhi Bazar
MainRoad,Basavangudi,Bangalore,560004.
DateofstartingDissertation
Progress report : A brief note

reflecting ,Number of meeting
with Guides, places visited,
libraries visited, books referred,
meeting with persons, activities
taken up, preparations done for
collection and analysis of data
etc.,)
Dateofstartingdissertation:20April2016
Noofmeetingswithguide:3
Librariesvisited:Ourcollegelibrary.
Articlereferred:
1.RobertD.EdwardsandJohn
Magee(2010)TechnicalAnalysisofStock
Trends
2.JohnMurphy(2005)TechnicalAnalysisof
theFinancialMarkets.
3.MartinPring(2000)Investment
PsychologyExplained
4.EffreyHirsch(2003)StockMarketCycles
5.JohnMurphy(2012)IntermarketAnalysis:
ProfitingFromGlobalMarketRelationships
Preparationsdoneforcollectionandanalysisof
data:
In the fifth week, made corrections in first second and
third chapter and completed chapter four and submitted
toguideforcorrections
IntheSixthweek,workedonFindingsConclusionAnd
Suggestion and submitted draft copy of dissertation to
theguide.
Date:03/06/2016
SharanSHulmaniMrManjunathSMenedhal
2/3
6/20/2016
141GCMD110DissertationGuide
To:RavirajBiraj<raviraj.biraj@gmail.com>
Fri,Jun3,2016at5:32PM
[Quotedtexthidden]
3/3
Risk and Return of Wipro
Year
Closing Price at
the beginning of
the year
Closing Price
at the end of
the year
Risk
Return
2011
2012
2013
2014
2015
438.10001
413.89999
411.54999
575.04999
606.54999
398.70001
394.5
559.20001
555.20001
559.90002
7.130355
7.467731
11.68451
5.321569
6.431819
-0.61639
0.174936
0.174936
0.071051
0.265878
Risk and Return of Oracle Financial Services Software Limited
Year
Closing Price at
the beginning
of the year
Closing Price at
the end of the
year
2011
2012
2013
2014
2015
2288.85
1984.6
3193.55
3203.75
3397.35
1857.45
3293.35
3298.15
3362.55
3732.6
Risk
Return
8.364239 -1.55821
11.081 4.643619
6.171503 -0.3754
5.538432 0.263614
4.412829 1.246041
Risk and Return of Mindtree
Year
Closing Price at
the beginning of
the year
Closing Price
at the end of
the year
Risk
Return
2011
2012
2013
2014
2015
965
861.4
1577.4
2859.5
2642.2
795.3
1365.7
3057.2
2566.4
2867.5
11.75233
6.693731
8.345784
16.8465
9.326372
-1.07402
4.799709
7.260233
0.133448
1.320552
Risk and Return of Infosys
Year
Closing Price at
the beginning of
the year
Closing Price at
the end of the
year
2011
2012
2013
2014
2015
3116.3001
2743.3521
2788.752
3699.448
2142.76
2765.052
2318.5
3485.5
1971.2
1104.55
Risk
Return
9.136761 -0.69659
6.7292
-1.24072
10.96526 4.027645
15.58378 -3.15382
16.40745 -2.9259
Risk and Return of Tata Consultancy Services
Year
Closing Price at
the beginning of
the year
Closing Price at
the end of the
year
Risk
Return
2011
2012
2013
2014
2015
1159.5
1132.4
1344.15
2241.05
2482.05
1160.65
1255.85
2172.05
2558.25
2436.85
4.751835
4.649843
9.050559
5.750268
4.127483
0.111553
0.756099
5.040147
1.519695
-0.32722
Risk and Return of HCL Technologies
Year
Closing Price at
the beginning of
the year
Closing Price
at the end of
the year
2011
2012
2013
2014
2015
490.75
437.65
688
1462.2
1791.75
387.95
618.7
1262.55
1596.9
855.1
Risk
Return
8.445112 -1.77865
6.09475 4.13263
8.039791 6.404889
7.092524 2.205967
17.75583 -3.08842
Risk and Return of Tech Mahindra
Year
Closing Price at
the beginning of
the year
Closing Price at
the end of the
year
2011
2012
2013
2014
2015
325.476
326
499.476
893.474
1434.25
286.85
466.124
918.924
1296.776
521.65
Risk
Return
7.320481 -0.8829
9.315815 3.69419
7.80207 6.089913
4.847191 3.015551
17.59465 -5.18707
Risk and Return of Tata Elxsi
Year
Closing Price at
the beginning of
the year
Closing Price at
the end of the
year
Risk
Return
2011
2012
2013
2014
2015
252.5
202.65
222.7
415
763.7
174.95
230.7
415.65
596.75
2244.7
9.795282
6.786544
17.03883
14.0798
15.87043
-2.83355
2.534568
6.178992
3.824553
12.64425
Risk and Return of Mphasis
Year
Closing Price at
the beginning of
the year
Closing Price at
the end of the
year
2011
2012
2013
2014
2015
674.65
377.45
372.95
370.45
362.55
300.75
384.4
440
385.45
497.55
Risk
Return
12.78784 -6.18545
9.659737 2.457775
12.52341 1.840125
6.635253 -0.88586
6.456649 2.333148
Risk and Return of Hexaware Tech
Year
2011
2012
2013
2014
2015
Closing Price at
the beginning of
the year
112.7
84.75
78.9
134.9
225.65
Closing Price at
the end of the
year
75.1
85.1
131.75
199.7
243.4
Risk
Return
9.917527 -0.02227
16.53851 2.172799
11.31524 4.22567
11.41026 4.086021
11.01047 2.204829
MACD of Wipro
Date
01-02-2010
02-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
677.50134
706.95142
671.50134
669.65137
384.5
412.29999
400.25
449.45001
419.75
419.60001
491.25
438.10001
438.20001
480.20001
450.29999
446.39999
417.60001
389.29999
335.25
340.79999
366.60001
377.20001
398.70001
413.89999
432.35001
440.10001
405.04999
410
399.89999
340.04999
362.60001
381.04999
350.64999
393.25
394.5
411.54999
416.39999
437.14999
348.35001
327.64999
349
438
12 DAY EMA
26 DAY EMA
MACD
Signal
Histogram
504.228965
495.9321996
488.3118597
477.4331136
463.8741715
444.0858374
428.195707
418.719446
412.3318404
410.2346357
410.7985364
414.1141477
418.1119727
416.1024369
415.1636004
412.8153527
401.6206815
395.6175013
393.3763457
386.8030602
387.7948971
388.8264514
392.3223804
396.026628
402.3532991
394.0451008
383.8304684
378.4719348
387.6300986
456.4502123
452.6427884
449.4840634
445.811169
437.9770076
432.3935263
428.5903014
422.816945
420.6268009
418.6914823
418.1624829
418.0319279
419.4480806
414.1815569
407.7718112
403.4183437
405.9799479
-38.3382
-36.5404
-34.3205
-32.9958
-36.3563
-36.776
-35.214
-36.0139
-32.8319
-29.865
-25.8401
-22.0053
-17.0948
-20.1365
-23.9413
-24.9464
-18.3498
-35.4874
-34.363
-32.6584
-30.5278
-27.8412
-26.3002
-25.8285
-25.652
-24.1916
2.655537
4.497928
6.818285
8.52247
10.74639
6.163773
1.887109
0.705634
5.841755
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
483.60001
473.04999
477.70001
470.79999
559.20001
575.04999
597.25
543.20001
522.34998
506.20001
546.40002
544.40002
565.25
596.79999
563.70001
585.79999
555.20001
606.54999
654.29999
628.84998
538.59998
561.70001
546.70001
569.84998
571.79999
597.84998
572.84998
573.29999
559.90002
402.3947004
413.2647449
423.1778626
430.5043438
450.303677
469.4954175
489.1499687
497.4653596
501.2937628
502.04857
508.87187
514.3377393
522.1703948
533.6518709
538.2746616
545.5862506
547.0652905
556.2167827
571.3065069
580.1593489
573.7655999
571.9093553
568.0309945
568.3108384
568.8476309
573.3095308
573.2388307
573.2482398
571.1946675
411.7295821
416.2718345
420.8220698
424.5241379
434.5001284
444.9112293
456.1955827
462.6403551
467.0632903
469.9623065
475.6243594
480.7188528
486.9804192
495.1152022
500.1955584
506.5366274
510.1413224
517.2827052
527.4321337
534.9445667
535.2153381
537.1771656
537.8825615
540.2505184
542.5875163
546.6810322
548.6194727
550.4476592
551.1478341
-9.33488
-3.00709
2.355793
5.980206
15.80355
24.58419
32.95439
34.825
34.23047
32.08626
33.24751
33.61889
35.18998
38.53667
38.0791
39.04962
36.92397
38.93408
43.87437
45.21478
38.55026
34.73219
30.14843
28.06032
26.26011
26.6285
24.61936
22.80058
20.04683
-21.2203
-17.5776
-13.5909
-9.67671
-4.58066
1.252309
7.592725
13.03918
17.27744
20.2392
22.84087
24.99647
27.03517
29.33547
31.0842
32.67728
33.52662
34.60811
36.46136
38.21205
38.27969
37.57019
36.08584
34.48073
32.83661
31.59499
30.19986
28.72001
26.98537
11.88538
14.57054
15.94673
15.65692
20.38421
23.33188
25.36166
21.78582
16.95303
11.84706
10.40665
8.622417
8.154805
9.201198
6.994906
6.372341
3.397349
4.325967
7.41301
7.002735
0.270572
-2.838
-5.93741
-6.42041
-6.5765
-4.96649
-5.5805
-5.91943
-6.93854
Bollinger Band of Wipro
Date
01-02-2010
02-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
Close
677.5013
706.9514
671.5013
669.6514
384.5
412.3
400.25
449.45
419.75
419.6
491.25
438.1
438.2
480.2
450.3
446.4
417.6
389.3
335.25
340.8
366.6
377.2
398.7
413.9
432.35
440.1
405.05
410
399.9
340.05
362.6
381.05
350.65
393.25
394.5
411.55
416.4
437.15
348.35
327.65
349
middle band
upper band
lower band
471.942774
456.3977075
439.910137
426.2700705
413.4825015
415.875002
417.265003
417.5050025
415.532502
414.5400015
410.5625005
404.130001
401.2775
396.899999
392.5524985
389.762499
388.019999
387.959998
390.352498
391.0074985
390.3499985
389.469998
700.5407152
667.7744631
617.7858735
567.4170299
495.9188606
497.5435807
499.6208072
499.6798059
496.3615528
495.6380324
498.1584368
485.4472681
481.5734726
478.2594717
463.8390123
455.6998401
449.3352238
449.1555768
455.3895696
453.9376878
455.7165363
456.6320137
243.3448328
245.0209519
262.0344005
285.1231111
331.0461424
334.2064233
334.9091988
335.3301991
334.7034512
333.4419706
322.9665642
322.8127339
320.9815274
315.5405263
321.2659847
323.8251579
326.7047742
326.7644192
325.3154264
328.0773092
324.9834607
322.3079823
01-07-2013
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
438
483.6
473.05
477.7
470.8
559.2
575.05
597.25
543.2
522.35
506.2
546.4
544.4
565.25
596.8
563.7
585.8
555.2
606.55
654.3
628.85
538.6
561.7
546.7
569.85
571.8
597.85
572.85
573.3
559.9
392.5099975
396.7549975
399.7124975
401.9799975
403.5149965
411.2224975
419.474997
429.3424975
439.4999985
447.487497
453.744998
463.5324995
471.0900005
479.6275005
488.8900005
496.2550015
503.6875015
514.0300015
527.9750015
543.240001
552.7825
555.5324985
559.9649995
563.4149995
568.367499
568.997498
570.1374975
568.9174965
570.4224955
572.2999975
462.7663315
477.9881873
487.6077543
495.5754322
500.6816273
530.7776272
559.6776066
590.0272724
602.0908444
609.8674793
614.9866075
622.1681547
630.0290139
639.5846965
653.6315291
660.5210146
670.130693
664.8001661
656.0444573
652.951612
657.0154915
654.8672654
651.4001802
646.6170298
639.2351573
639.7459328
642.0222165
639.6842932
640.1591873
638.5204981
322.2536635
315.5218077
311.8172407
308.3845628
306.3483657
291.6673678
279.2723874
268.6577226
276.9091526
285.1075147
292.5033885
304.8968443
312.1509871
319.6703045
324.1484719
331.9889884
337.24431
363.2598369
399.9055457
433.52839
448.5495085
456.1977316
468.5298188
480.2129692
497.4998407
498.2490632
498.2527785
498.1506998
500.6858037
506.0794969
MACD OF Tech Mahindra

Date
01-02-2010
02-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
445.424
426.55
387.1
318.1
367.1
350.1
319.124
376
364.624
319.65
351.2
325.476
322.624
338.076
343.2
338.9
361.624
387.976
324.4
287.076
292.75
282.674
286.85
326
300.25
360.376
350.876
336.774
354.15
356.55
399.3
486.024
474.226
440.05
466.124
499.476
525.526
529.75
476.624
483.75
529.9
623.15
12 DAY EMA
26 DAY EMA
MACD
Signal
Histogram
357.9391429
355.6715824
353.091339
354.4040561
359.5689705
354.1583597
343.8379966
335.9783048
327.7776426
321.4810822
322.1763003
318.8030233
325.1988659
329.1491942
330.3222413
333.9880503
337.4591195
346.9731011
368.3655471
384.6517706
393.1745751
404.3975636
419.0250153
435.4097822
449.9236619
454.0314062
458.6034975
469.5721902
493.1995456
342.4316923
343.0571966
342.5917746
343.4479395
344.4184625
348.4837615
358.6719273
367.2314883
372.6254521
379.5512705
388.4345838
398.5895035
408.3050958
413.3657554
418.5794031
426.8253733
441.3679382
-17.2328
-13.908
-12.2695
-9.45989
-6.95934
-1.51066
9.69362
17.42028
20.54912
24.84629
30.59043
36.82028
41.61857
40.66565
40.02409
42.74682
51.83161
-1.51969
3.753505
9.12089
14.66077
20.05233
24.17499
27.34481
30.42521
34.70649
22.06882
21.09279
21.46954
22.15951
21.56624
16.49066
12.67928
12.3216
17.12512
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
687.5
667.876
775.526
848.776
918.924
893.474
933.624
897.674
916.076
961.5
1076
1075.3
1181.5
1244.85
1258.85
1320.026
1296.776
1434.25
1417.876
629.7
621.35
554.4
477.8
530.7
515
557.35
539.15
533.45
521.65
523.0919232
545.3663965
580.7755663
622.0064023
667.6860327
702.422643
737.9920826
762.5585314
786.1766035
813.1494337
853.5879824
887.6975236
932.8979045
980.8905346
1023.653529
1069.249294
1104.253403
1155.02211
1195.46117
1108.42099
1033.486991
959.7813005
885.6303312
831.0256648
782.4063318
747.7822807
715.6850068
687.6488519
662.110567
459.5999428
475.0277989
497.2869249
523.3231527
552.6269192
577.8748511
604.2266399
625.9634814
647.4532976
670.7160163
700.7370521
728.4824556
762.0393108
797.8030655
831.9546903
868.1081207
899.8612969
939.4456453
974.8849308
949.3156767
925.0219229
897.5684471
866.474488
841.6023037
817.4095405
798.1458708
778.9609915
760.7749921
743.0620298
63.49198
70.3386
83.48864
98.68325
115.0591
124.5478
133.7654
136.5951
138.7233
142.4334
152.8509
159.2151
170.8586
183.0875
191.6988
201.1412
204.3921
215.5765
220.5762
159.1053
108.4651
62.21285
19.15584
-10.5766
-35.0032
-50.3636
-63.276
-73.1261
-80.9515
40.46359
46.43859
53.8486
62.81553
73.26425
83.52096
93.56985
102.1749
109.4846
116.0743
123.4297
130.5867
138.6411
147.5304
156.3641
165.3195
173.134
181.6225
189.4133
183.3517
168.3743
147.142
121.5448
95.12052
69.09577
45.2039
23.50792
4.18111
-12.8454
23.02839
23.90001
29.64004
35.86772
41.79487
41.02684
40.19559
34.42016
29.23873
26.35907
29.42127
28.62833
32.21748
35.55709
35.33476
35.82168
31.25809
33.95396
31.16299
-24.2464
-59.9093
-84.9292
-102.389
-105.697
-104.099
-95.5675
-86.7839
-77.3073
-68.1061
Bollinger Band of Tech Mahindra

Date
01-02-2010
02-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
445.424
426.55
387.1
318.1
367.1
350.1
319.124
376
364.624
319.65
351.2
325.476
322.624
338.076
343.2
338.9
361.624
387.976
324.4
287.076
292.75
282.674
286.85
326
300.25
360.376
350.876
336.774
354.15
356.55
399.3
486.024
474.226
440.05
466.124
499.476
525.526
529.75
476.624
483.75
529.9
623.15
middle band
upper band
lower band
352.7162
345.0825
337.8887
332.8762
333.2712
329.9287
330.4425
332.0301
330.0688
329.5451
331.3901
333.7951
341.8225
349.4026
354.5013
360.6475
368.6763
376.8714
383.9601
391.5713
401.405
413.2625
430.2863
429.6643933
413.0772484
399.7603153
394.2021685
394.2974739
390.4745414
391.8769696
393.8727386
388.4300169
386.7777873
389.6495533
399.0491305
435.9014903
459.955768
472.0403089
488.1330044
509.8822316
534.4315452
555.7391857
565.7121041
572.8922745
585.9078652
615.4085732
275.7680067
277.0877516
276.0170847
271.5502315
272.2449261
269.3828586
269.0080304
270.1874614
271.7075831
272.3124127
273.1306467
268.5410695
247.7435097
238.849432
236.9622911
233.1619956
227.4703684
219.3112548
212.1810143
217.4304959
229.9177255
240.6171348
245.1640268
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
687.5
667.876
775.526
848.776
918.924
893.474
933.624
897.674
916.076
961.5
1076
1075.3
1181.5
1244.85
1258.85
1320.026
1296.776
1434.25
1417.876
629.7
621.35
554.4
477.8
530.7
515
557.35
539.15
533.45
521.65
450.3188
467.4126
491.1764
515.5964
543.9988
571.8338
600.8075
627.8637
653.7025
677.4763
707.565
739.3275
775.0963
812.365
849.0312
888.545
929.5526
977.0776
1021.4764
1021.8039
1018.4964
1012.8226
997.9363
982.0325
961.8363
945.0301
925.3064
907.0952
887.3739
655.6901506
685.7192996
734.863339
798.7786145
868.5451904
916.4202832
965.2048156
996.2336229
1027.031759
1066.090395
1122.231182
1164.889872
1223.609412
1287.527448
1343.768975
1401.80184
1435.235243
1485.004851
1519.971672
1519.204718
1526.033573
1539.056164
1567.494919
1585.860324
1600.563181
1608.53815
1613.244892
1617.045077
1617.888598
244.9474494
249.1059004
247.489461
232.4141855
219.4524096
227.2473168
236.4101844
259.4937771
280.3732412
288.8622054
292.8988181
313.7651282
326.5831881
337.2025516
354.2934252
375.2881603
423.8699565
469.1503486
522.9811284
524.4030817
510.9592271
486.5890362
428.3776814
378.2046763
323.1094188
281.5220495
237.367908
197.1453227
156.8592021
MACD of Tata Consultancy Services

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
761.8
780.65
765.4
743.05
751
839.8
843.75
926.95
1052.9
1076
1165.65
1159.5
1110.25
1183.9
1165.65
1157.15
1184.2
1137
1045
1037.3
1115.8
1115.55
1160.65
1132.4
1221.95
1168.8
1246.6
1245.35
1277.45
1243.65
1343.75
1295.9
1315.5
1314
1255.85
1344.15
1517
1575.75
1378.4
1498.45
1518.15
1815.5
12 DAY EMA
26 DAY EMA
MACD
Signal
histogram
921.2846154
958.8792899
989.3824761
1019.354403
1037.453725
1038.614691
1038.412431
1050.318211
1060.35387
1075.784044
1084.494191
1105.641239
1115.357971
1135.549053
1152.441506
1171.673582
1182.746877
1207.516588
1221.114036
1235.634954
1247.691115
1248.946328
1263.593047
1302.578732
1344.605081
1349.804299
1372.672868
1395.053966
1459.737971
1030.848077
1046.829701
1061.534908
1077.528619
1089.833906
1108.642506
1122.513431
1136.808733
1149.934012
1157.77964
1171.584852
1197.17116
1225.214037
1236.561145
1255.960319
1275.381777
1315.390534
84.50989
88.71935
90.9066
94.14496
92.91297
98.87408
98.60061
98.82622
97.7571
91.16669
92.00819
105.4076
119.391
113.2432
116.7125
119.6722
144.3474
93.91687
93.36683
93.0951
95.5576
100.3243
102.9081
105.669
108.4696
115.6452
3.840237
-2.20014
-1.08691
9.849976
19.06676
10.33509
11.04359
11.20258
28.70227
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
2033.2
1927.8
2112.05
2004.35
2172.05
2241.05
2275.75
2133.15
2189.2
2141.35
2425.4
2580.05
2522.35
2736.6
2607.85
2643
2558.25
2482.05
2662.35
2553.95
2463.7
2610.3
2550.95
2510.75
2564.05
2588.05
2495.2
2364.7
2436.85
1547.962898
1606.399376
1684.191779
1733.44689
1800.924292
1868.635939
1931.268872
1962.327507
1997.230967
2019.403126
2081.864184
2158.508155
2214.483824
2294.809389
2342.969483
2389.128024
2415.14679
2425.439591
2461.887347
2476.050832
2474.150704
2495.096749
2503.689557
2504.775779
2513.89489
2525.303368
2520.672081
2496.676376
2487.472318
1368.561606
1409.986672
1461.991363
1502.166077
1551.787108
1602.843619
1652.688536
1688.278274
1725.383587
1756.195914
1805.766587
1863.120914
1911.952698
1973.037683
2020.060818
2066.204461
2102.652279
2130.755814
2170.133161
2198.564038
2218.203739
2247.247906
2269.744358
2287.596627
2308.074655
2328.813569
2341.13849
2342.883787
2349.844247
179.4013
196.4127
222.2004
231.2808
249.1372
265.7923
278.5803
274.0492
271.8474
263.2072
276.0976
295.3872
302.5311
321.7717
322.9087
322.9236
312.4945
294.6838
291.7542
277.4868
255.947
247.8488
233.9452
217.1792
205.8202
196.4898
179.5336
153.7926
137.6281
128.3964
141.9997
158.0398
172.688
187.9778
203.5407
218.5487
229.6488
238.0885
243.1122
249.7093
258.8449
267.5821
278.4201
287.3178
294.4389
298.05
297.3768
296.2523
292.4992
285.1887
277.7208
268.9656
258.6083
248.0507
237.7385
226.0975
211.6366
196.8349
51.0049
54.41305
64.16061
58.5928
61.15934
62.25158
60.03168
44.40046
33.75889
20.09497
26.38829
36.54235
34.94898
43.35165
35.59089
28.48463
14.44446
-2.69302
-4.49809
-15.0124
-29.2418
-29.8719
-35.0204
-41.4292
-42.2305
-41.2487
-46.564
-57.844
-59.2068
Bollinger Band of Tata Consultancy Services

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
761.8
780.65
765.4
743.05
751
839.8
843.75
926.95
1052.9
1076
1165.65
1159.5
1110.25
1183.9
1165.65
1157.15
1184.2
1137
1045
1037.3
1115.8
1115.55
1160.65
1132.4
1221.95
1168.8
1246.6
1245.35
1277.45
1243.65
1343.75
1295.9
1315.5
1314
1255.85
1344.15
1517
1575.75
1378.4
1498.45
1518.15
1815.5
middle band
upper band
lower band
994.345
1012.045
1028.79
1048.5525
1068.02
1091.5675
1108.0175
1128.16
1144.08
1155.3075
1163.69
1172.595
1179.415
1189.6775
1196.1825
1200.6925
1210.0425
1226.6825
1248.62
1265.29
1288.3475
1308.465
1343.4625
1337.20289
1340.607457
1341.449175
1340.385725
1323.758539
1308.125999
1291.509623
1274.110855
1264.920871
1282.060124
1290.533437
1322.861959
1339.255809
1357.001392
1372.438
1378.269574
1397.38982
1458.261799
1523.504744
1528.365604
1548.101575
1574.205327
1677.751036
651.4871103
683.4825427
716.1308252
756.7192753
812.2814608
875.0090011
924.5253769
982.2091445
1023.239129
1028.554876
1036.846563
1022.328041
1019.574191
1022.353608
1019.927
1023.115426
1022.69518
995.1032007
973.7352559
1002.214396
1028.593425
1042.724673
1009.173964
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
2033.2
1927.8
2112.05
2004.35
2172.05
2241.05
2275.75
2133.15
2189.2
2141.35
2425.4
2580.05
2522.35
2736.6
2607.85
2643
2558.25
2482.05
2662.35
2553.95
2463.7
2610.3
2550.95
2510.75
2564.05
2588.05
2495.2
2364.7
2436.85
1387.09
1426.86
1471.365
1513.1425
1559.415
1609.2
1659.115
1703.59
1745.8625
1788.135
1843.63
1906.9325
1970.2575
2039.88
2094.4225
2147.785
2206.7775
2255.9575
2313.1675
2350.09
2371.615
2405.74
2427.685
2453.005
2472.605
2489.955
2500.9275
2512.505
2524.8875
1830.772474
1914.804001
2036.828523
2107.223475
2207.768262
2307.036929
2398.608211
2444.865714
2497.095726
2527.818259
2600.354621
2688.518616
2734.772377
2817.815001
2870.961021
2920.922468
2909.583646
2883.714061
2861.314081
2854.85572
2855.778196
2852.994776
2856.974604
2834.205501
2832.708124
2836.256394
2832.233664
2803.41819
2776.252544
943.4075263
938.9159991
905.901477
919.0615253
911.0617377
911.3630714
919.6217887
962.3142863
994.629274
1048.451741
1086.905379
1125.346384
1205.742623
1261.944999
1317.883979
1374.647532
1503.971354
1628.200939
1765.020919
1845.32428
1887.451804
1958.485224
1998.395396
2071.804499
2112.501876
2143.653606
2169.621336
2221.59181
2273.522456
MACD of Tata Elxsi

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
268.55
319.9
317.85
266.05
279.35
258.95
228
239.9
276.9
267.1
313.3
252.5
228.7
254.1
259.85
245.15
243.75
235.8
195
200.3
226.45
192
174.95
202.65
210.95
195.9
205.4
206.3
220.2
216.7
214.3
225.2
218.1
243.05
230.7
222.7
195.8
191.15
203.4
186.5
180.8
186.1
12 DAY EMA
26 DAY EMA
MACD
Signal
Histogram
269.3678571
267.9035714
264.403022
261.225634
257.313998
247.7272291
240.4307323
238.2798504
231.1598734
222.5122006
219.4564774
218.1477886
214.7250519
213.2904285
212.214978
213.4434429
213.9444517
213.9991514
215.7223589
216.0881498
220.2361268
221.8459534
221.9773452
217.9500613
213.826975
212.222825
208.2654673
204.0400108
201.2800091
246.32
242.5851852
239.830727
237.3469695
236.0768236
234.6415033
233.1347253
232.5469679
231.4768221
232.3340945
232.2130505
231.5083801
228.8633149
226.069736
224.3904963
221.5837929
218.5627712
216.1581215
-28.1722
-27.8601
-26.5403
-25.132
-22.6334
-20.6971
-19.1356
-16.8246
-15.3887
-12.098
-10.3671
-9.53103
-10.9133
-12.2428
-12.1677
-13.3183
-14.5228
-14.8781
-20.4093
-18.4008
-16.6269
-15.4842
-14.8359
-14.3022
-14.1055
-14.1889
-14.3268
8.311308
8.033743
7.095844
4.5709
2.593114
2.134563
0.787127
-0.33385
-0.55136
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
171.6
183.8
218
299
415.65
415
586.05
544.4
550.15
509.05
618.75
592.2
610.7
645.9
619.95
612.25
596.75
763.7
1060.3
1158.15
1109.75
1265.6
1201.3
1705.3
1836.6
1881.35
1825
2030.05
2244.7
196.7138539
194.7271071
198.3075522
213.798698
244.8527445
271.0292453
319.4939768
354.0949034
384.257226
403.4561143
436.5782506
460.5200582
483.6246646
508.5901008
525.722393
539.0343325
547.913666
581.1115635
654.8328615
732.2662674
790.3406878
863.457505
915.4332735
1036.951231
1159.974119
1270.955024
1356.192712
1459.863064
1580.607208
212.8575199
210.705111
211.2454731
217.7458085
232.4053782
245.9309058
271.1249127
291.3675118
310.536585
325.2412824
346.9826689
365.1469156
383.336033
402.7852157
418.8714961
433.1958297
445.3109534
468.8953272
512.7030808
560.5139637
601.1981145
650.413069
691.2195083
766.3365818
845.6153535
922.3364384
989.200406
1066.300376
1153.589237
-16.1437
-15.978
-12.9379
-3.94711
12.44737
25.09834
48.36906
62.72739
73.72064
78.21483
89.59558
95.37314
100.2886
105.8049
106.8509
105.8385
102.6027
112.2162
142.1298
171.7523
189.1426
213.0444
224.2138
270.6146
314.3588
348.6186
366.9923
393.5627
427.018
-14.6901
-14.9477
-14.5458
-12.426
-7.45135
-0.94141
8.920686
19.68203
30.48975
40.03477
49.94693
59.03217
67.28346
74.98775
81.36038
86.256
89.52534
94.06352
103.6768
117.2919
131.662
147.9385
163.1936
184.6778
210.614
238.2149
263.9704
289.8888
317.3147
-1.45353
-1.03029
1.607831
8.478913
19.89871
26.03975
39.44838
43.04536
43.23089
38.18007
39.64865
36.34097
33.00517
30.81714
25.49052
19.5825
13.07737
18.15271
38.45301
54.46042
57.48055
65.10593
61.02021
85.93688
103.7448
110.4037
103.0219
103.6738
109.7033
Bollinger Band of Tata Elxsi

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
268.55
319.9
317.85
266.05
279.35
258.95
228
239.9
276.9
267.1
313.3
252.5
228.7
254.1
259.85
245.15
243.75
235.8
195
200.3
226.45
192
174.95
202.65
210.95
195.9
205.4
206.3
220.2
216.7
214.3
225.2
218.1
243.05
230.7
222.7
195.8
191.15
203.4
186.5
180.8
186.1
middle band
upper band
lower band
257.55
255.445
249.05
241.905
238.735
235.315
232.1625
231.0325
229.3525
226.5175
223.9975
219.0475
217.6825
217.1525
216.6
215.1425
214.02
211.6225
209.39
209.81
209.12
206.8375
206.5425
325.3497361
324.41091
316.5548692
308.9974884
307.0048292
301.8489731
299.9443783
299.852152
298.8973396
292.4290218
287.1731072
266.2582311
262.329823
261.4997954
259.2520808
253.3302946
249.7335593
245.3132371
242.2419902
242.0973056
242.8218725
241.7588383
242.085732
189.7502639
186.47909
181.5451308
174.8125116
170.4651708
168.7810269
164.3806217
162.212848
159.8076604
160.6059782
160.8218928
171.8367689
173.035177
172.8052046
173.9479192
176.9547054
178.3064407
177.9317629
176.5380098
177.5226944
175.4181275
171.9161617
170.999268
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
171.6
183.8
218
299
415.65
415
586.05
544.4
550.15
509.05
618.75
592.2
610.7
645.9
619.95
612.25
596.75
763.7
1060.3
1158.15
1109.75
1265.6
1201.3
1705.3
1836.6
1881.35
1825
2030.05
2244.7
206.375
205.4325
205.785
210.94
221.4525
231.8875
250.18
266.565
283.3575
297.55
317.5825
335.04
354.04
375.2
396.4075
417.4625
437.13
465.99
509.965
558.5675
605.475
659.565
708.73
779.045
850.0925
923.41
985.3575
1059.64
1144.3675
242.5706889
242.992547
243.6937839
266.9211115
328.6180801
369.2341183
459.5432512
512.9202187
558.7828386
589.1362516
639.6443415
677.3087719
713.6696876
751.6966862
778.1029907
797.9401664
811.6361315
848.0578027
951.6317249
1060.058183
1129.55682
1222.280967
1280.750831
1471.960474
1666.50803
1833.322135
1964.618053
2120.086723
2299.931761
170.1793111
167.872453
167.8762161
154.9588885
114.2869199
94.54088172
40.81674881
20.20978128
7.932161421
5.963748429
-4.47934152
-7.228771889
-5.58968761
-1.296686223
14.71200925
36.98483363
62.62386851
83.92219725
68.29827509
57.07681658
81.39317985
96.84903341
136.7091691
86.12952638
33.67696966
13.49786509
6.096946921
-0.806723444
-11.19676056
MACD of Oracle Financial Software Services

Date
01-01-2010
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
Close
12 Day EMA
26 Day EMA MACD
Signal
Histogram
2161.2
2237.5
2300.05
2167.25
2061.85
2261.4
2106.8
2035.6
2235.45
2210.2
2084
2338.4
2288.85
2048.05
1986.7
2168.721429
2021.45
2146.064286
2222.95
2157.892857
2288.6
2178.001648
2118.85
2168.901395
1816
2114.608872
1900.4
2081.653661
2113.7
2086.583867
2031.75
2078.147888
1857.45
2044.194367
1984.6
2035.026002
2645.65
2128.968156
2620.3
2204.55767 2153.223077 51.33459346
2619.95
2268.464183 2187.795442 80.66874104
2503.45
2304.615847 2211.177261 93.43858611
2537.2
2340.398024 2235.327093 105.070931
2554.3
2373.306021 2258.954716 114.3513045
2975
2465.874325 2311.995107 153.8792177
3009.05
2549.439814 2363.628803 185.8110104
2900.2
2603.402919 2403.374818 200.0281014
2909.6
2650.510162 2440.872979 209.637183 132.6910743
76.94610868
3293.35
2749.408599 2504.019425 245.3891735 155.2306941
90.15847942
3193.55
2817.738045 2555.095764 262.642281 176.7130115
85.9292695
2811.95
2816.847577 2574.122004 242.7255728 189.9155238
52.81004906
2560.3
2777.378719 2573.098152 204.280567 192.7885324
11.49203459
2620.4
2753.228147 2576.601992 176.6261543 189.5560568 -12.92990251
2618.05
2732.431509 2579.672215 152.7592935 182.1967041 -29.43741059
2699
2727.2882 2588.51131 138.7768893 173.5127412 -34.73585184
01-07-2013
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
2958.7
2966.45
3073.9
3205.6
3098.5
3298.15
3203.75
3114.15
3087.45
3000.4
2830.15
3131.85
3314.6
3606.4
3439.15
3383.15
3345.15
3362.55
3397.35
3260.5
3260.05
3315.7
3631
3780.1
4046.5
4145.65
3945.8
3880.15
3817.2
3732.6
2762.890015
2794.206936
2837.236638
2893.907924
2925.383628
2982.732301
3016.735024
3031.721943
3040.29549
3034.157723
3002.771919
3022.630085
3067.548534
3150.448759
3194.864335
3223.83136
3242.495766
3260.965649
3281.947856
3278.648186
3275.786927
3281.9274
3335.630877
3404.010742
3502.855243
3601.746744
3654.678014
3689.366012
3709.032779
3712.658506
2615.932695
2641.89694
2673.897166
2713.282561
2741.817186
2783.027024
2814.191689
2836.410823
2855.006318
2865.77622
2863.137241
2883.04189
2915.009157
2966.223294
3001.254902
3029.543427
3052.921692
3075.857122
3099.67141
3111.584638
3122.582073
3136.887104
3173.48806
3218.422277
3279.761368
3343.901267
3388.486358
3424.905887
3453.96471
3474.604361
146.9573204
152.3099963
163.3394718
180.6253631
183.566442
199.7052765
202.5433345
195.3111198
185.2891725
168.3815023
139.6346781
139.5881956
152.5393766
184.2254656
193.6094332
194.2879328
189.5740743
185.1085262
182.2764469
167.0635477
153.2048541
145.0402953
162.142817
185.5884643
223.0938751
257.8454775
266.1916562
264.460125
255.0680692
238.0541444
168.201657
165.0233249
164.6865542
167.874316
171.0127412
176.7512483
181.9096655
184.5899564
184.7297996
181.4601401
173.0950477
166.3936773
163.6228172
167.7433468
172.9165641
177.1908379
179.6674851
180.7556934
181.0598441
178.2605848
173.2494387
167.60761
166.5146514
170.329414
180.8823062
196.2749404
210.2582836
221.0986519
227.8925354
229.9248572
-21.24433666
-12.71332859
-1.347082491
12.7510471
12.55370075
22.95402821
20.63366903
10.72116345
0.559372859
-13.07863782
-33.46036962
-26.80548172
-11.0834406
16.48211877
20.6928691
17.09709496
9.906589148
4.35283282
1.216602806
-11.19703707
-20.04458454
-22.56731471
-4.371834368
15.25905037
42.21156886
61.57053702
55.93337264
43.36147313
27.17553386
8.129287207
Bollinger Band of Oracle Financial Software Services

Date
01-01-2010
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
Close
2161.2
2237.5
2300.05
2167.25
2061.85
2261.4
2106.8
2035.6
2235.45
2210.2
2084
2338.4
2288.85
2048.05
1986.7
2021.45
2222.95
2288.6
2118.85
1816
1900.4
2113.7
2031.75
1857.45
1984.6
2645.65
2620.3
2619.95
2503.45
2537.2
2554.3
2975
3009.05
2900.2
2909.6
3293.35
3193.55
2811.95
2560.3
2620.4
2618.05
2699
middle band
upper band
lower band
2149.5575
2136.5175
2130.3275
2116.9125
2101.4225
2097.56
2116.7725
2142.4475
2171.665
2185.065
2201.415
2224.93
2256.76
2292.77
2335.3775
2381.5225
2445.1175
2493.6475
2519.815
2541.8875
2582.1075
2617.99
2647.255
2411.703994
2421.202665
2411.124732
2389.071977
2395.870899
2396.191076
2497.846928
2584.938189
2659.314475
2694.343356
2734.529375
2777.376118
2902.254665
3020.871648
3101.90108
3170.455244
3312.947383
3416.007282
3447.361644
3450.066753
3423.741121
3396.03947
3388.603708
1887.411006
1851.832335
1849.530268
1844.753023
1806.974101
1798.928924
1735.698072
1699.956811
1684.015525
1675.786644
1668.300625
1672.483882
1611.265335
1564.668352
1568.85392
1592.589756
1577.287617
1571.287718
1592.268356
1633.708247
1740.473879
1839.94053
1905.906292
01-07-2013
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
2958.7
2966.45
3073.9
3205.6
3098.5
3298.15
3203.75
3114.15
3087.45
3000.4
2830.15
3131.85
3314.6
3606.4
3439.15
3383.15
3345.15
3362.55
3397.35
3260.5
3260.05
3315.7
3631
3780.1
4046.5
4145.65
3945.8
3880.15
3817.2
3732.6
2693.6025
2749.0525
2803.5175
2831.515
2855.425
2889.335
2924.35
2953.1975
2979.855
2981.125
2972.18
2983.7625
3004.0125
3019.665
3031.945
3060.505
3099.7475
3136.855
3175.82
3203.895
3218.9625
3236.425
3264.28
3293.005
3340.405
3382.78
3419.8825
3458.1825
3494.67
3531.28
3387.30042
3329.357416
3276.223056
3330.453044
3357.567047
3415.544025
3435.424052
3436.645557
3428.213805
3429.569787
3425.391078
3441.050073
3482.834248
3555.396327
3595.020009
3634.436528
3635.747481
3634.5143
3621.794106
3590.183839
3588.110245
3587.896966
3648.313061
3739.431992
3889.403773
4038.502914
4115.701205
4167.342632
4198.589503
4202.357637
1999.90458
2168.747584
2330.811944
2332.576956
2353.282953
2363.125975
2413.275948
2469.749443
2531.496195
2532.680213
2518.968922
2526.474927
2525.190752
2483.933673
2468.869991
2486.573472
2563.747519
2639.1957
2729.845894
2817.606161
2849.814755
2884.953034
2880.246939
2846.578008
2791.406227
2727.057086
2724.063795
2749.022368
2790.750497
2860.202363
MACD of Mphasis
Date
01-02-2010
02-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
662.95
620.45
680.75
571.85
563.5
590.85
620.8
621.7
610.4
610.85
672.8
674.65
431.5
415.25
468.1
468.3
434.5
448.45
356.45
343.75
343.7
324.8
300.75
377.45
433.4
405.1
369.3
375
370
397.7
384.6
402.4
387.05
388.15
384.4
372.95
378.75
391.6
374.15
487.2
371.95
400.85
12 DAY EMA
26 DAY EMA
MACD
Signal
Histogram
596.3071429
576.582967
559.924049
540.6280415
526.4468043
500.2934498
476.2098422
455.8237126
435.6662183
414.9098771
409.1468191
412.8780777
411.6814503
405.1612272
400.5210384
395.825494
396.1138796
394.3425135
395.5821268
394.2694919
393.3280316
391.9544883
389.0307209
387.4490715
388.0876759
385.9434181
401.5213537
396.9719147
397.5685432
502.0403846
492.2077635
483.525707
475.1163953
469.3818475
463.1017107
458.6052877
453.304896
448.4786074
443.7320439
438.4889295
434.0638236
430.9183552
426.7132919
431.1937888
426.80536
424.8827407
-90.3589
-87.0465
-83.0047
-79.2909
-73.268
-68.7592
-63.0232
-59.0354
-55.1506
-51.7776
-49.4582
-46.6148
-42.8307
-40.7699
-29.6724
-29.8334
-27.3142
-73.2153
-68.9277
-65.0338
-61.35
-57.6461
-54.2709
-49.3512
-45.4476
-41.821
18.06468
17.15016
15.57561
14.73525
14.81546
13.50101
19.67876
15.6142
14.50676
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
420.8
438.75
423.4
399.45
440
370.45
387.85
404
412.7
440.9
425.65
457.35
445.6
429.1
400.9
404.2
385.45
362.55
383.85
385.4
394.95
369.75
410.75
420.2
422.95
410.25
474.4
498.05
497.55
401.1426135
406.9283653
409.4624629
407.922084
412.857148
406.3329714
403.4894373
403.5679854
404.9729107
410.5001552
412.8309006
419.6799928
423.6676862
424.5034268
420.8721304
418.3071872
413.2522354
405.4518915
402.1285235
399.5549045
398.8464577
394.3700796
396.8900673
400.4762108
403.9337168
404.9054527
415.5969215
428.2820105
438.9386243
424.5803155
425.6299217
425.4647423
423.5377244
424.7571522
420.7344002
418.2985187
417.2393692
416.9031196
418.6806663
419.1969132
422.0230678
423.7695072
424.1643586
422.4410727
421.0898822
418.4498909
414.3091582
412.0529243
410.0786336
408.9579941
406.0536982
406.4015724
407.4236782
408.5737761
408.6979408
413.56476
419.8229259
425.580487
-23.4377
-18.7016
-16.0023
-15.6156
-11.9
-14.4014
-14.8091
-13.6714
-11.9302
-8.18051
-6.36601
-2.34308
-0.10182
0.339068
-1.56894
-2.78269
-5.19766
-8.85727
-9.9244
-10.5237
-10.1115
-11.6836
-9.51151
-6.94747
-4.64006
-3.79249
2.032162
8.459085
13.35814
-38.1443
-34.2558
-30.6051
-27.6072
-24.4657
-22.4529
-20.9241
-19.4736
-17.9649
-16.008
-14.0796
-11.7323
-9.40621
-7.45716
-6.27951
-5.58015
-5.50365
-6.17437
-6.92438
-7.64425
-8.13771
-8.84689
-8.97981
-8.57334
-7.78669
-6.98785
-5.18385
-2.45526
0.70742
14.7066
15.5542
14.60278
11.99154
12.56574
8.05145
6.115038
5.802189
6.034691
7.827511
7.713608
9.389236
9.304392
7.796225
4.710572
2.797455
0.305996
-2.68289
-3.00002
-2.87948
-1.97383
-2.83673
-0.53169
1.625876
3.146627
3.195359
7.216007
10.91434
12.65072
Bollinger Band of Mphasis

Date
01-02-2010
02-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
662.95
620.45
680.75
571.85
563.5
590.85
620.8
621.7
610.4
610.85
672.8
674.65
431.5
415.25
468.1
468.3
434.5
448.45
356.45
343.75
343.7
324.8
300.75
377.45
433.4
405.1
369.3
375
370
397.7
384.6
402.4
387.05
388.15
384.4
372.95
378.75
391.6
374.15
487.2
371.95
400.85
middle band
upper band
lower band
543.3925
527.43
512.6475
493.6475
483.9275
477.4225
468.135
455.56
443.225
431.205
420.5475
406.1375
392.525
390.3025
388.9475
384.7625
379.995
377.2075
374.365
375.25
382.4225
383.835
387.6375
765.1696221
758.7266912
756.3695191
741.405492
734.0099148
725.5505282
712.2597763
692.374139
669.0469222
644.8222817
617.0068127
562.9747803
485.4869985
481.4487877
479.3347981
467.112369
452.4243769
444.9437087
433.7725584
434.0581806
457.7310825
457.1180209
455.7312502
321.6153779
296.1333088
268.9254809
245.889508
233.8450852
229.2944718
224.0102237
218.745861
217.4030778
217.5877183
224.0881873
249.3002197
299.5630015
299.1562123
298.5602019
302.412631
307.5656231
309.4712913
314.9574416
316.4418194
307.1139175
310.5519791
319.5437498
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
420.8
438.75
423.4
399.45
440
370.45
387.85
404
412.7
440.9
425.65
457.35
445.6
429.1
400.9
404.2
385.45
362.55
383.85
385.4
394.95
369.75
410.75
420.2
422.95
410.25
474.4
498.05
497.55
393.64
396.705
396.205
395.9225
399.4575
399.23
400.1225
400.4375
401.8425
403.7675
405.6975
409.1575
412.2175
415.025
416.1325
416.7625
417.3275
411.095
411.69
410.9175
409.625
406.175
405.5425
406.58
405.7275
407.7175
412.045
416.7475
420.99
449.5615955
455.534333
453.8798226
453.4690804
458.7769499
458.9777452
458.5504987
458.8784362
460.0308356
464.5241438
466.6701036
473.6873974
477.6027734
478.091886
477.2655066
477.0853409
476.1631809
464.9648324
463.9790408
464.3253772
463.2764924
460.8058039
459.6237671
460.9644347
458.4141854
457.7326795
469.2786017
485.4947447
498.5882338
337.7184045
337.875667
338.5301774
338.3759196
340.1380501
339.4822548
341.6945013
341.9965638
343.6541644
343.0108562
344.7248964
344.6276026
346.8322266
351.958114
354.9994934
356.4396591
358.4918191
357.2251676
359.4009592
357.5096228
355.9735076
351.5441961
351.4612329
352.1955653
353.0408146
357.7023205
354.8113983
348.0002553
343.3917662
MACD of Mindtree
Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
1066
1191
1150.4
1101.7
1101.1
1066.1
1002.9
1022.6
1027
1003.7
1121.2
965
737.8
802.3
734.9
710.2
793.2
834
694
696.1
800.7
816.4
795.3
861.4
928.8
978.6
1179.2
1260.4
1289.6
1262.4
1317.9
1323.3
1318.5
1440.8
1365.7
1577.4
1720.4
1829.1
1603.6
1635.3
1672.3
1919.3
12 DAY EMA
26 DAY EMA
MACD
Signal
Histogram
1025.628571
980.9010989
939.254776
916.7848105
904.0486858
871.7335033
844.7129644
837.9417391
834.6276254
828.5772215
833.6268797
848.2688982
868.319837
916.1475543
969.1094691
1018.415705
1055.95175
1096.251481
1131.182022
1160.000173
1203.200146
1228.200124
1281.923182
1349.381154
1423.184053
1450.940353
1479.303375
1508.995164
1572.118985
923.1692308
942.1344729
965.7096972
989.7015714
1009.901455
1032.716162
1054.240891
1073.81564
1100.999666
1120.607098
1154.44361
1196.366305
1243.235468
1269.929137
1296.993645
1324.794116
1368.831589
-54.8494
-25.9869
3.399772
28.71413
46.05029
63.53532
76.94113
86.18453
102.2005
107.593
127.4796
153.0148
179.9486
181.0112
182.3097
184.201
203.2874
36.24326
50.51321
65.90649
83.32816
102.6522
118.324
131.1212
141.7372
154.0472
65.95722
57.07981
61.57309
69.68669
77.29634
62.68718
51.18855
42.4639
49.2402
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
2073.4
2438.2
2768.5
2780
3057.2
2859.5
3287.1
2642.3
2837.9
3019.5
1761
2099.9
2253.3
2356.7
2187.2
2398.9
2566.4
2642.2
2892.4
2607.3
2438.6
2897.4
2547.6
2559.3
2791.7
3028.9
3138.6
2871.2
2867.5
1649.239141
1770.617735
1924.138083
2055.809147
2209.869278
2309.812466
2460.164395
2488.185257
2541.987525
2615.450983
2483.996985
2424.905142
2398.504351
2392.072912
2360.554002
2366.453387
2397.214404
2434.904496
2505.28842
2520.982509
2508.308277
2568.168542
2565.004151
2564.126589
2599.137883
2665.255132
2738.077419
2758.557816
2775.318152
1421.021842
1496.368372
1590.600344
1678.704022
1780.814836
1860.71744
1966.375408
2016.443896
2077.292496
2147.085645
2118.486708
2117.109915
2127.198069
2144.198212
2147.38353
2166.01438
2195.672574
2228.748679
2277.908036
2302.307441
2312.403186
2355.736284
2369.948411
2383.974454
2414.176347
2459.711432
2509.999474
2536.755069
2561.254693
228.2173
274.2494
333.5377
377.1051
429.0544
449.095
493.789
471.7414
464.695
468.3653
365.5103
307.7952
271.3063
247.8747
213.1705
200.439
201.5418
206.1558
227.3804
218.6751
195.9051
212.4323
195.0557
180.1521
184.9615
205.5437
228.0779
221.8027
214.0635
168.8812
189.9548
218.6714
250.3582
286.0974
318.6969
353.7154
377.3206
394.7954
409.5094
400.7096
382.1267
359.9626
337.545
312.6701
290.2239
272.4875
259.2212
252.853
246.0174
235.995
231.2824
224.0371
215.2601
209.2004
208.469
212.3908
214.2732
214.2313
59.33608
84.29451
114.8663
126.747
142.957
130.3981
140.0736
94.42081
69.89958
58.85591
-35.1993
-74.3315
-88.6564
-89.6703
-99.4997
-89.7849
-70.9457
-53.0653
-25.4726
-27.3423
-40.0899
-18.8502
-28.9813
-35.108
-24.2388
-2.92534
15.68712
7.52954
-0.1678
Bollinger Band of Mindtree

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
1066
1191
1150.4
1101.7
1101.1
1066.1
1002.9
1022.6
1027
1003.7
1121.2
965
737.8
802.3
734.9
710.2
793.2
834
694
696.1
800.7
816.4
795.3
861.4
928.8
978.6
1179.2
1260.4
1289.6
1262.4
1317.9
1323.3
1318.5
1440.8
1365.7
1577.4
1720.4
1829.1
1603.6
1635.3
1672.3
1919.3
middle band
upper band
lower band
941.06
927.795
909.065
891.31
879.295
870.68
866.305
875.12
887.01
900.14
913.075
922.91
940.825
969.86
1001.785
1033.325
1076.685
1123.045
1172.8
1218.28
1265.24
1308.82
1363.965
1282.727098
1269.638193
1230.635281
1195.519228
1167.053638
1140.218722
1125.11514
1163.80441
1217.789513
1272.544768
1317.24187
1356.87563
1410.241421
1457.869829
1525.848794
1565.621846
1638.612271
1737.072428
1846.571231
1878.633499
1902.41236
1931.270511
1998.041367
599.3929019
585.9518074
587.4947194
587.1007721
591.5363623
601.1412782
607.4948605
586.4355895
556.2304875
527.7352321
508.9081305
488.94437
471.408579
481.8501709
477.7212061
501.0281541
514.7577289
509.0175723
499.0287691
557.926501
628.0676399
686.3694893
729.8886331
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
2073.4
2438.2
2768.5
2780
3057.2
2859.5
3287.1
2642.3
2837.9
3019.5
1761
2099.9
2253.3
2356.7
2187.2
2398.9
2566.4
2642.2
2892.4
2607.3
2438.6
2897.4
2547.6
2559.3
2791.7
3028.9
3138.6
2871.2
2867.5
1427.87
1506.71
1598.695
1688.765
1782.665
1862.62
1962.495
2031.49
2107.49
2192.3
2214.425
2247.38
2291.76
2330.725
2354.065
2382.555
2430.695
2481.04
2542.045
2576.445
2594.705
2617.665
2606.62
2595.585
2582.31
2590.78
2583.355
2594.8
2596.28
2078.050889
2244.210141
2477.984774
2664.381027
2902.607683
3051.759186
3277.832703
3336.930734
3414.990635
3505.660787
3479.839979
3461.243451
3432.603641
3420.947727
3408.677853
3407.833151
3390.284442
3367.813606
3359.74006
3339.920354
3324.236623
3355.316332
3341.371391
3325.98882
3286.571381
3312.925626
3277.881048
3300.864112
3304.610118
777.6891115
769.2098586
719.4052257
713.1489727
662.7223167
673.4808145
647.1572968
726.0492656
799.9893648
878.9392134
949.0100211
1033.516549
1150.916359
1240.502273
1299.452147
1357.276849
1471.105558
1594.266394
1724.34994
1812.969646
1865.173377
1880.013668
1871.868609
1865.18118
1878.048619
1868.634374
1888.828952
1888.735888
1887.949882
MACD of Infosys
Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
2601.6001
2615.1001
2736.14795
2657.64795
2788.552
2788.85205
2707.1001
3041
2969.6001
3049.448
3445
3116.30005
3003.052
3236.75195
2905.948
2791.85205
2907.3999
2766.80005
2342.80005
2533.80005
2875.19995
2607.552
2765.052
2743.35205
2875.3999
2864.948
2462.6001
2439.85205
2502.552
2227.3999
2373.24805
2534
2363.5
2436.6001
2318.5
2788.75195
2906
2889.8999
2234.448
2407.6001
2493.24805
2967.14795
12 DAY EMA
26 DAY EMA
MACD
2911.153739
2892.799633
2895.045828
2875.315708
2793.390223
2753.453273
2772.183531
2746.855603
2749.655049
2748.685357
2768.179902
2783.067301
2733.764655
2688.547331
2659.932665
2593.389163
2559.521299
2555.594945
2526.041877
2512.281604
2482.469049
2529.589495
2587.498804
2634.022049
2572.549119
2547.172347
2538.876301
2604.764247
2681.000524
2836.00986 -102.245
2808.349877 -119.803
2781.053742 -121.121
2760.423983 -167.035
2720.940718 -161.419
2695.185706 -139.591
2683.246024 -157.204
2659.561133 -147.28
2643.045501 -160.576
2619.005093 -89.4156
2631.578935 -44.0801
2651.906421 -17.8844
2669.535568 -96.9864
2637.306859 -90.1345
2620.291543 -81.4152
2610.880914 -6.11667
2637.271065 43.72946
Signal
Histogram
-141.8082173
-131.3296934
-113.8797809
-94.68069904
-95.14184901
-94.14038166
-91.59535381
-74.49961651
-50.85380134
-18.7682
41.9141
69.79965
76.79633
-1.8446
4.005869
10.18011
68.38295
94.58326
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
3100.30005
3015.448
3308.64795
3353.5
3485.5
3699.448
3820.19995
3278.85205
3177.19995
2941.5
3246.448
3365.69995
3594
3747.64795
4051.43994
2179.62012
1971.19995
2142.76001
2266.36011
2216.6001
1942.40002
2022.40002
985.34998
1078.05005
1095.19995
1160.44995
1136.05005
1088.44995
1104.55005
2732.453982
2821.099208
2903.007022
2992.621326
3101.363892
3211.954054
3222.246054
3215.315884
3173.190363
3184.460769
3212.34372
3271.060071
3344.381283
3453.159538
3257.230397
3059.379559
2918.361167
2818.053312
2725.522048
2605.041736
2515.404549
2280.011539
2095.094386
1941.264473
1821.139162
1715.740837
1619.234547
1540.052316
1303.121191
2671.569508
2697.041989
2742.346134
2787.616791
2839.311844
2903.025633
2970.964471
2993.770959
3007.358291
3002.479899
3020.551611
3046.118154
3086.701995
3135.660954
3203.496435
3127.653745
3041.990501
2975.380835
2922.860781
2870.545175
2801.793682
2744.060818
2613.785941
2500.027727
2395.96641
2304.446673
2217.898775
2134.235899
2057.962873
60.88447
124.0572
160.6609
205.0045
262.052
308.9284
251.2816
221.5449
165.8321
181.9809
191.7921
224.9419
257.6793
317.4986
53.73396
-68.2742
-123.629
-157.328
-197.339
-265.503
-286.389
-464.049
-518.692
-558.763
-574.827
-588.706
-598.664
-594.184
-754.842
-28.50614632
2.006526692
33.73739888
67.99082615
106.8030705
147.2281407
168.038829
178.7400483
176.158453
177.3229363
180.2167709
189.1618
202.8652977
225.7919549
191.3803563
139.4494478
86.83369142
38.00144854
-9.066587701
-60.3539579
-105.5609929
-177.2586502
-245.5452312
-308.1888357
-361.5165183
-406.9543817
-445.2963509
-475.0737972
-531.0273742
89.39062
122.0507
126.9235
137.0137
155.249
161.7003
83.24275
42.80488
-10.3264
4.657933
11.57534
35.78012
54.81399
91.70663
-137.646
-207.724
-210.463
-195.329
-188.272
-205.149
-180.828
-286.791
-273.146
-250.574
-213.311
-181.751
-153.368
-119.11
-223.814
Bollinger Band of Infosys

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
2601.6
2615.1
2736.148
2657.648
2788.552
2788.852
2707.1
3041
2969.6
3049.448
3445
3116.3
3003.052
3236.752
2905.948
2791.852
2907.4
2766.8
2342.8
2533.8
2875.2
2607.552
2765.052
2743.352
2875.4
2864.948
2462.6
2439.852
2502.552
2227.4
2373.248
2534
2363.5
2436.6
2318.5
2788.752
2906
2889.9
2234.448
2407.6
2493.248
2967.148
middle band
upper band
lower band
2850.237623
2863.917615
2863.54021
2864.985413
2869.270618
2873.613013
2877.41781
2865.19281
2835.135413
2811.783008
2770.680603
2717.093005
2687.978003
2656.000403
2615.99281
2586.62041
2586.465405
2586.39541
2592.550403
2587.1328
2580.822803
2561.725208
2579.705005
3364.711536
3364.92835
3365.350861
3365.415866
3363.656813
3366.537491
3368.759732
3385.679788
3381.654435
3373.803559
3377.934914
3259.487873
3201.913495
3166.970387
3055.856671
3023.403924
3022.94435
3022.658052
3042.779737
3052.373143
3052.48772
3013.724065
3066.637646
2335.763709
2362.90688
2361.729559
2364.554959
2374.884422
2380.688534
2386.075888
2344.705832
2288.61639
2249.762456
2163.426291
2174.698137
2174.04251
2145.030418
2176.128949
2149.836896
2149.98646
2150.132768
2142.321068
2121.892457
2109.157885
2109.72635
2092.772364
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
3100.3
3015.448
3308.648
3353.5
3485.5
3699.448
3820.2
3278.852
3177.2
2941.5
3246.448
3365.7
3594
3747.648
4051.44
2179.62
1971.2
2142.76
2266.36
2216.6
1942.4
2022.4
985.35
1078.05
1095.2
1160.45
1136.05
1088.45
1104.55
2596.467408
2610.072205
2631.734608
2656.162208
2707.307203
2770.287
2836.169398
2888.742005
2928.9396
2949.3146
2993.462
3039.916993
3103.691993
3151.636793
3208.90879
3173.394801
3160.232398
3146.990394
3135.645997
3098.118604
3040.223603
2990.571204
2874.406305
2760.633808
2641.118805
2514.168903
2379.961408
2270.441303
2166.808808
3131.018329
3173.437113
3266.810929
3362.584152
3497.832744
3664.938065
3835.719599
3863.779702
3880.50064
3882.543587
3892.933456
3913.902042
3941.421676
4022.574016
4158.89294
4221.618921
4263.277177
4293.577975
4313.530486
4344.443226
4389.448574
4414.648516
4546.646251
4597.181884
4586.90395
4500.112836
4357.047762
4280.271829
4193.449083
2061.916486
2046.707297
1996.658286
1949.740263
1916.781661
1875.635935
1836.619196
1913.704308
1977.37856
2016.085613
2093.990544
2165.931943
2265.962309
2280.699569
2258.924639
2125.17068
2057.187619
2000.402812
1957.761507
1851.793982
1690.998631
1566.493891
1202.166359
924.085731
695.3336598
528.2249686
402.8750528
260.6107757
140.1685318
MACD of Hexaware Tech

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
64.75
68.25
72.25
73.75
75.4
82
67.5
75.95
87.75
87.85
116.4
112.7
53.05
66.05
69.15
67.55
69.6
87.75
76.3
83.5
89.4
84.7
75.1
84.75
121.95
117.05
129.6
119.3
127.8
114.15
123.05
121.8
112
109
85.1
78.9
86.35
84.55
81.95
80.45
86.75
116.35
12 DAY EMA
26 DAY EMA
MACD
Signal
Histogram
78.83214286
77.34258242
75.83603128
74.87664185
76.85715849
76.7714418
77.8066046
79.59020389
80.37632637
79.56458385
80.36234018
86.76044169
91.42037374
97.29416239
100.6796759
104.8520334
106.2824898
108.8621068
110.8525519
111.0290824
110.7169158
106.7758519
102.4872593
100.004604
97.62697262
95.21513068
92.94357211
91.99071486
95.73829719
80.536
83.24074074
86.67475995
89.09144439
91.95874481
93.60254149
95.78383471
97.71095807
98.76940562
99.52722742
98.45854391
97.00976288
96.22015082
95.3556952
94.36268074
93.3321118
92.84454796
94.58569256
6.224442
8.179633
10.6194
11.58823
12.89329
12.67995
13.07827
13.14159
12.25968
11.18969
8.317308
5.477496
3.784453
2.271277
0.85245
-0.38854
-0.85383
1.152605
11.18589
10.61218
9.58524
8.425082
7.194321
5.925947
4.66305
3.559673
3.078259
0.003796
-2.29487
-4.10774
-4.64063
-4.92304
-5.0735
-5.05159
-4.41351
-1.92565
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
128.1
128.55
132.95
122.3
131.75
134.9
159.8
150.5
151.65
143.65
158.25
142.15
159.9
201.15
197.65
218.9
199.7
225.65
271.75
312.55
281.55
281.25
255.45
286.7
244.65
247.55
239.95
249.55
243.4
100.7170207
104.9990175
109.2991687
111.2992966
114.4455586
117.5923958
124.0858733
128.1495851
131.7650336
133.5934899
137.3867992
138.1195993
141.4704302
150.6519025
157.882379
167.2697053
172.2589814
180.4729843
194.5156021
212.6747402
223.270934
232.1907903
235.7691303
243.6046487
243.765472
244.3477071
243.6711367
244.5755772
244.3947192
97.06823385
99.40021653
101.8853857
103.3975793
105.4977586
107.6757024
111.5367615
114.4229273
117.1804883
119.1411928
122.0381415
123.5279088
126.2221378
131.7723498
136.6521757
142.7446072
146.9635252
152.7921529
161.6038453
172.7850419
180.8417055
188.279357
193.2549601
200.1768149
203.4711249
206.7362268
209.1965063
212.185654
214.4978278
3.648787
5.598801
7.413783
7.901717
8.9478
9.916693
12.54911
13.72666
14.58455
14.4523
15.34866
14.59169
15.24829
18.87955
21.2302
24.5251
25.29546
27.68083
32.91176
39.8897
42.42923
43.91143
42.51417
43.42783
40.29435
37.61148
34.47463
32.38992
29.89689
3.192365
3.673652
4.421678
5.117686
5.883709
6.690306
7.862067
9.034985
10.1449
11.00638
11.87483
12.4182
12.98422
14.16329
15.57667
17.36636
18.95218
20.69791
23.14068
26.49048
29.67823
32.52487
34.52273
36.30375
37.10187
37.20379
36.65796
35.80435
34.62286
0.456422
1.925149
2.992105
2.784031
3.064091
3.226388
4.687045
4.691673
4.439648
3.44592
3.473824
2.173486
2.26407
4.716264
5.653532
7.158741
6.34328
6.982924
9.771079
13.39922
12.751
11.38656
7.991439
7.124082
3.192476
0.407688
-2.18333
-3.41443
-4.72597
Bollinger Band of Hexaware Tech

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
64.75
68.25
72.25
73.75
75.4
82
67.5
75.95
87.75
87.85
116.4
112.7
53.05
66.05
69.15
67.55
69.6
87.75
76.3
83.5
89.4
84.7
75.1
84.75
121.95
117.05
129.6
119.3
127.8
114.15
123.05
121.8
112
109
85.1
78.9
86.35
84.55
81.95
80.45
86.75
116.35
middle band
upper band
lower band
77.875
79.1075
79.93
80.0725
80.6225
82.95
84.7025
87.8075
89.975
91.9775
93.2925
93.625
94.08
97.0275
99.175
99.9725
100.54
101.3775
101.2175
101.5
101.3475
101.215
102.7975
108.5892261
109.5814971
110.0561104
110.0723504
110.5375108
117.9632456
122.881131
129.9867575
134.0034418
139.1133002
141.4008675
142.491763
143.8555954
143.4411037
143.4802985
142.5424236
141.564596
140.3764943
140.4772862
140.0802786
140.2501244
140.3065538
141.635754
47.16077391
48.63350289
49.80388963
50.07264956
50.70748925
47.93675439
46.52386896
45.6282425
45.94655824
44.84169983
45.18413247
44.758237
44.30440463
50.61389633
54.86970152
57.40257641
59.51540404
62.37850575
61.95771376
62.91972143
62.44487561
62.12344619
63.959246
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
128.1
128.55
132.95
122.3
131.75
134.9
159.8
150.5
151.65
143.65
158.25
142.15
159.9
201.15
197.65
218.9
199.7
225.65
271.75
312.55
281.55
281.25
255.45
286.7
244.65
247.55
239.95
249.55
243.4
105.4475
107.6375
108.1875
108.45
108.5575
109.3375
110.9375
112.755
114.185
115.2775
117.59
119.2475
122.9875
129.1
134.665
141.3825
147.27
154.53
163.78
173.59
181.2625
188.8975
195.0225
203.2425
208.8875
214.52
218.5275
223.48
228.0675
143.5541713
145.7701752
147.4887773
148.06936
148.429351
150.6775262
157.4407865
162.5143038
166.7545139
169.3986261
174.975397
177.4967058
181.609266
193.5684256
202.7114246
214.9037485
219.6010838
227.764076
247.0177597
277.0752423
292.9739275
306.1739457
312.7904988
322.5775139
324.6095803
325.9662221
327.4238219
328.2821213
327.5269933
67.34082874
69.50482476
68.88622273
68.83064003
68.68564903
67.99747384
64.43421347
62.99569619
61.61548612
61.15637391
60.20460299
60.99829422
64.36573401
64.63157444
66.61857544
67.86125155
74.9389162
81.29592395
80.54224035
70.10475773
69.55107253
71.62105432
77.25450115
83.90748606
93.1654197
103.0737779
109.6311781
118.6778787
128.6080067
MACD of HCL Technologies

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
367.1
358.4
394.45
382.35
364.15
392.2
382.55
420.75
403.8
403.75
456.25
490.75
442.45
477.95
521.2
514.8
494.75
486.8
413.05
409.15
443.75
383.8
387.95
437.65
484.95
483.25
512.05
504.05
476.45
518.55
544.4
577.45
608
656.5
618.7
688
723.4
795
721.4
744.85
776
937.55
12 DAY EMA
26 DAY EMA
MACD
Signal
histogram
409.7785714
426.9203297
440.440279
448.7956207
454.6424482
448.2436101
442.2292085
442.4631764
433.4380724
426.4399074
428.164537
436.9007621
444.0314141
454.4958119
462.1195332
464.3242204
472.666648
483.7025483
498.1252332
515.0290435
536.793806
549.3947589
570.7186422
594.2080818
625.0991462
639.9146621
656.0585603
674.5110895
714.9786142
426.2416667
432.5978395
437.8905921
440.7468446
446.5100413
453.7611493
462.9232864
473.6697096
487.2126941
496.9524945
511.1041616
526.8297793
546.6942401
559.6354075
573.3550069
588.3657471
614.2312474
17.78975
21.89797
24.22894
23.57738
26.15661
29.9414
35.20195
41.35933
49.58111
52.44226
59.61448
67.3783
78.40491
80.27925
82.70355
86.14534
100.7474
29.97049
34.46485
39.49477
45.07148
51.73816
57.44638
62.49782
67.22732
73.93133
19.61062
17.97742
20.11971
22.30682
26.66674
22.83287
20.20574
18.91802
26.81604
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
1040.45
1087.2
1095.35
1086
1262.55
1462.2
1575.55
1390.7
1402.9
1418.55
1500.15
1555.1
1630.75
1714.75
1608.4
1662.35
1596.9
1791.75
2022
980.4
880.55
1010.75
919.75
998.25
971.05
982.15
871.7
870.95
855.1
765.0511351
814.6124989
857.8028837
892.9101323
949.7778043
1028.611988
1112.756298
1155.516867
1193.575811
1228.187225
1270.027652
1313.884936
1362.633407
1416.805191
1446.281315
1479.522651
1497.580705
1542.83752
1616.554824
1518.684851
1420.510259
1357.470219
1290.128647
1245.22424
1203.043587
1169.059959
1123.312273
1084.487308
1049.196953
645.8030068
678.4990804
709.3769263
737.2749317
776.1841961
827.0001815
882.4483162
920.0965891
955.8598047
990.1331525
1027.912178
1066.963128
1108.725119
1153.61585
1187.303565
1222.49219
1250.226102
1290.338983
1344.536096
1317.563051
1285.191714
1264.862698
1239.298795
1221.443329
1202.895675
1186.544143
1163.222355
1141.572551
1120.352362
119.2481
136.1134
148.426
155.6352
173.5936
201.6118
230.308
235.4203
237.716
238.0541
242.1155
246.9218
253.9083
263.1893
258.9778
257.0305
247.3546
252.4985
272.0187
201.1218
135.3185
92.60752
50.82985
23.78091
0.147913
-17.4842
-39.9101
-57.0852
-71.1554
82.99469
93.61844
104.5799
114.791
126.5515
141.5636
159.3125
174.534
187.1704
197.3471
206.3008
214.425
222.3217
230.4952
236.1917
240.3595
241.7585
243.9065
249.5289
239.8475
218.9417
193.6749
165.1059
136.8409
109.5023
84.10499
59.30198
36.02453
14.58855
36.25344
42.49498
43.84602
40.84421
47.04209
60.04823
70.99553
60.88626
50.54559
40.70692
35.81466
32.4968
31.58662
32.69414
22.78604
16.671
5.596113
8.592037
22.48978
-38.7257
-83.6232
-101.067
-114.276
-113.06
-109.354
-101.589
-99.2121
-93.1098
-85.744
Bollinger Band of HCL Technologies

Date
01-02-2010
01-03-2010
01-04-2010
03-05-2010
01-06-2010
01-07-2010
02-08-2010
01-09-2010
01-10-2010
01-11-2010
01-12-2010
03-01-2011
01-02-2011
01-03-2011
01-04-2011
02-05-2011
01-06-2011
01-07-2011
01-08-2011
02-09-2011
03-10-2011
01-11-2011
01-12-2011
02-01-2012
01-02-2012
01-03-2012
02-04-2012
01-05-2012
01-06-2012
02-07-2012
01-08-2012
03-09-2012
01-10-2012
01-11-2012
03-12-2012
01-01-2013
01-02-2013
01-03-2013
01-04-2013
01-05-2013
03-06-2013
01-07-2013
Close
367.1
358.4
394.45
382.35
364.15
392.2
382.55
420.75
403.8
403.75
456.25
490.75
442.45
477.95
521.2
514.8
494.75
486.8
413.05
409.15
443.75
383.8
387.95
437.65
484.95
483.25
512.05
504.05
476.45
518.55
544.4
577.45
608
656.5
618.7
688
723.4
795
721.4
744.85
776
937.55
middle band
upper band
lower band
428.8325
432.665
433.935
433.61
436.375
442.415
446.9675
453.4425
457.6075
461.24
466.98
471.3875
475.7225
484
492.9275
497.8025
506.4625
517.895
533.305
548.7225
565.5075
582.12
609.8075
534.0148493
533.8877044
531.8166799
532.0850602
531.8496398
533.8499127
536.9301547
542.520445
548.0288021
548.3357706
553.2504828
564.1152105
579.6871067
602.1978493
633.9662161
649.3077143
680.2239544
716.6954074
766.7228677
789.3195676
811.8764131
838.5228479
894.1143048
303.9676507
342.5272956
285.9183201
289.4749398
342.1753602
393.5150873
393.2873453
422.972055
413.6286979
389.3542294
432.2795172
451.6722895
473.4853933
489.8021507
515.4612839
467.1947857
514.2385456
524.5995926
561.5821323
480.8029324
498.4810869
519.5971521
653.2431952
01-08-2013
02-09-2013
01-10-2013
01-11-2013
02-12-2013
01-01-2014
03-02-2014
03-03-2014
01-04-2014
01-05-2014
02-06-2014
01-07-2014
01-08-2014
01-09-2014
01-10-2014
03-11-2014
01-12-2014
01-01-2015
02-02-2015
02-03-2015
01-04-2015
01-05-2015
01-06-2015
01-07-2015
03-08-2015
01-09-2015
01-10-2015
02-11-2015
01-12-2015
1040.45
1087.2
1095.35
1086
1262.55
1462.2
1575.55
1390.7
1402.9
1418.55
1500.15
1555.1
1630.75
1714.75
1608.4
1662.35
1596.9
1791.75
2022
980.4
880.55
1010.75
919.75
998.25
971.05
982.15
871.7
870.95
855.1
642.4325
674.91
705.43
735.5675
773.0925
821
875.955
919.5625
962.4875
1004.5425
1049.15
1094.08
1144.6825
1196.02
1240.27
1283.6375
1327.4125
1379.7575
1442.0575
1444.2
1436.205
1432.3825
1423.6025
1419.215
1404.64
1380.6375
1345.445
1319.4575
1292.0675
966.514558
1040.156882
1104.304914
1154.346397
1239.3481
1361.799712
1488.015458
1548.450796
1600.683056
1646.744487
1699.266649
1754.069259
1806.394623
1867.790043
1897.390122
1931.444149
1932.139717
1952.558844
2009.379568
2003.770528
2023.925833
2030.562227
2047.225123
2053.973783
2067.317697
2068.821298
2063.020115
2067.146178
2066.540931
716.367942
721.953118
696.4750857
667.2211031
796.2944
921.4002881
963.4895421
761.8117044
764.7044444
776.3480132
850.0333514
895.1107414
969.0378768
1042.979957
951.2798785
1014.543351
992.1727828
1218.948656
1454.677932
420.829472
292.8291668
412.5702732
296.1273767
363.4912169
308.372303
293.966202
154.1248846
123.261322
80.62656919

A Study On Equity Analysis of Selected Information Technology Sector Stocks Using MACD and Bollinger Band

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A Study On Equity Analysis of Selected Information Technology Sector Stocks Using MACD and Bollinger Band

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A Study on Equity Analysis of Selected Information

Technology Sector Stocks Using MACD and Bollinger Band

Under the guidance of

Registration No: 141GFG009

Rashtreeya Sikshana Samithi Trust

DECLARATION BY THE STUDENT

1.2 Indian Information Technology Sector

1.3 Information Technology Categories

1.4 Structure of Information Technology Sector

1.5 Top 10 Information Technology companies

1.6 Introduction To The Topic

1.7 Fundamental analysis

1.8 Technical analysis

1.9 Types Of Technical Analysis.

Importance Of The Topic

Need Of The Study

Review of Literature and Gap

2.1 Review Of Literature

2.2 Statement Of The Problem

2.3 Objectives Of The Study

2.4 Scope Of The Study

2.5 Research Gap

2.6 Research Methodology

2.7 Source Of Data

2.8 Plan Of Analysis

2.9 Limitations Of The Study

Profile Of The Organization And Selected

Data Analysis and Interpretation

Findings, Conclusion and Suggestions

Table showing risk and return of Wipro

Table showing risk and return of Oracle Financial Services

Table showing risk and return of Infosys.

Table showing risk and return of Tata Consultancy

Table showing risk and return of HCL Technologies

Table showing risk and return of Tech Mahindra.

Table showing risk and return of Tata Elxsi

Table showing risk and return of Mphasis.

Table showing risk and return of Hexaware Tech.

Table Showing risk and return of 10 Selected Information

Table showing MACD of HCL Technologies

Table showing MACD of Hexaware Tech.

Table showing MACD of Infosys.

Table showing MACD of Mindtree.

Table showing MACD of Mphasis

Table showing MACD of Oracle Financial Services

Table showing MACD of Tata Elxsi

Table showing MACD of Tata Consultancy Services

Table showing MACD of Tech Mahindra

Table showing MACD of Wipro.

Table Showing Bollinger Band of Wipro

Table Showing Bollinger Band of Tech Mahindra.

Table Showing Bollinger Band of Tata Elxsi

Table Showing Bollinger Band of Oracle Financial

Table Showing Bollinger Band of Mphasis.

Table Showing Bollinger Band of Mindtree.

Table Showing Bollinger Band of Infosys

Table Showing Bollinger Band of Hexaware Tech

Table Showing Bollinger Band of HCL Technologies

Graph Showing risk and return of Wipro

Graph Showing risk and return of Oracle Financial

Graph Showing risk and return of Mindtree.

Graph Showing risk and return of Infosys

Graph Showing risk and return of Tata Consultancy