An Analytical Study On The Performance of Selected Equities in Nse

AN ANALYTICAL STUDY ON
THE PERFORMANCE OF
SELECTED EQUITIES IN NSE
with reference to
Sharekhan Ltd
By
R.N. VENKATESH
(Reg.No.21307631054)
of
S.K.R ENGINEERING COLLEGE

A PROJECT REPORT
Submitted to the
FACULTY OF MANAGEMENT SCIENCES
in Partial fulfillment of the requirements
for the award of the degree
of
MASTER OF BUSINESS ADMINISTRATION
May 2009
BONAFIDE CERTIFICATE
Certified that this project report titled “AN ANALYTICAL STUDY ON

THE PERFORMANCE OF SELECTED EQUITIES IN NSE WITH
REFERENCE TO SHAREKHAN LTD” is the bonafide work of Mr. R.N.
Venkatesh (Reg. No. 21307631054) who carried out the research under my
supervision. Certified further, that to the best of my knowledge the work
reported herein does not form part of any other project report or dissertation
on the basis of which a degree or award was conferred on an earlier occasion
on this or any other candidate.
Prof. D. Ramanathan Mr. R. Kumar
Head of the Department Project Guide
Department of Management Studies Department of Management Studies
S.K.R.Engineering College S.K.R. Engineering

College
Agarmel, Poonamallee Agarmel, Poonamallee
Chennai – 602 103. Chennai-602 103.
EXTERNAL EXAMINER
DECLARATION
I, Mr. R.N. Venkatesh, M.B.A student of SKR Engineering College, would

like to declare that the project work entitled, “AN ANALYTICAL
STUDY ON THE PERFORMANCE OF SELECTED EQUITIES
IN NSE WITH REFERENCE TO SHAREKHAN LTD” in partial
fulfillment of Master of Business Administration course under Anna
University is original project done independently by me under the guidance of
Mr. R. Kumar, Lecturer, Department of Management Studies, SKR
Engineering College, Poonamallee, Chennai-602 103.
Place:
Date: (R.N.
VENKATESH)
ACKNOWLEDGMENT
I wish to express my gratitude to our Institution and Principal Dr. M. Senthil

Kumar M.E; Ph.D., and Head of the Department Prof. Mr. D. Ramanathan
for timely advice and support given to me right from the initial stage of
project.
I take this grand opportunity to record my everlasting thanks and hearty

feelings of gratitude to my project guide Mr. KUMAR M.B.A for his/her
valuable suggestions
I express my sincere thanks to Mr. Srinivasan, Regional Sales Manager and Mr.
Thulasiram, City sales Manager & Mr. Vivekanandan, HR & Mr. Sadhasivam
Territory Manager of Sharekhan LTD and other share khan employees for the kind
consideration in according permission to do my project work in their esteemed
organization and also rendering their enormous help and guidance for completion of
the project.
I also thank my faculty member of management studies
This work will be incomplete if I fall to thanks my family and friends for their
moral support. I also thank the almighty for making me complete this project
successfully
(R.N.
VENKATESH)
LIST OF CONTENT
Chapter No Contents Page No
List of Tables and Figures i

List of Symbols and Abbreviation ii
ABSTRACT 1
I INTRODUCTION
1.1 Introduction 2
1.2 Statement of the problem 3
1.3 Industrial profile 3
1.4 Company profile 9
1.5 Product profile 16
1.6 Need and Scope of the study 18
1.7 Objectives of the study 19
1.8 Research methodology
1.8.1 Research Problem 19
1.8.2 Sources of data 19
1.8.3 Research design 19
1.8.4 Tools and techniques 20
1.8.5 Sampling size 20
1.9 Limitation of the study 20
II THEORETICAL BACKGROUND
2.1 Theoretical Background 21
2.2 Review of Literature 34
III DATA ANALYSIS AND INTERPRETATION

3.1 Data analysis 36
IV SUMMARY OF FINDINGS
4.1 Findings 111
4.2 Suggestion and recommendations 113
4.3 Conclusion 113
Appendices 114
Bibliography 114
LIST OF TABLES
TABLE TITLE PAGE

NO NO
01 Calculation For HDFC Bank Ltd (Moving Average, Exponential Moving 36
Average and Rate of Change)
02 Calculation of Relative Strength Index for HDFC Bank Ltd 41
03 Calculation of Stochastics Method for HDFC Bank Ltd 45
04 Calculation of Moving Average Convergence And Divergence Method for 48

HDFC Bank Ltd
05 Calculation of Bharti Airtel Ltd (Moving Average, Exponential Moving 51
Average and Rate Of Change)
06 Calculation of Relative Strength Index for Bharti Airtel Ltd 56
07 Calculation of Bharti Airtel Ltd for Period Of 1st Jan-31st Mar in 60

Stochastics Method
08 Calculation of Bharti Airtel Ltd for Period of 1st Jan-31st Mar Moving 63
Average Convergence and Divergence Method
09 Calculation of ONGC for Period of 1st Jan-31st Mar (Moving Average, 66
Exponential Moving Average and Rate Of Change)
10 Calculation of Relative Strength Index for ONGC 71
11 Calculation of ONGC for Period of 1st Jan-31st Mar In Stochastics Method 75
12 Calculation of ONGC for Period of 1st Jan-31st Mar Moving Average 78

Convergence and Divergence Method
13 Calculation of Ranbaxy Laboratories Ltd (Moving Average, Exponential 81
Moving Average and Rate of Change)
14 Calculation of Relative Strength Index for Ranbaxy Laboratories Ltd 86
15 Calculation of Ranbaxy Laboratories Ltd for Period Of 1st Jan-31st Mar in 90

Stochastics Method
16 Calculation of Ranbaxy Laboratories Ltd for Period Of 1st Jan-31st Mar 93
Moving Average Convergence and Divergence Method
17 Calculation of DLF Ltd (Moving Average, Exponential Moving Average 96
and Rate of Change)
18 Calculation Of Relative Strength Index For DLF Ltd 101
19 Calculation Of DLF Ltd For Period Of 1st Jan-31st Mar In Stochastics 105
Method
20 Calculation Of DLF Ltd For Period Of 1st Jan-31st Mar Moving Average 108
Convergence And Divergence Method
LIST OF FIGURES
TABLE NO TITLE PAGE NO

01 Moving Average for HDFC Bank Ltd 38
02 ROC Line for HDFC Bank Ltd 39
03 Exponential Moving Average for HDFC Bank Ltd 40
04 RSI Line for HDFC Bank Ltd 44
05 Stochastics for HDFC Bank Ltd 47
06 MACD FOR HDFC Bank Ltd 50
07 Moving Average for Bharti Airtel Ltd 53
08 Exponential Moving Average for Bharti Airtel Ltd 54
09 ROC Line for Bharti Airtel Ltd 55
10 RSI Line for Bharti Airtel Ltd 59
11 Stochastics for Bharti Airtel Ltd 62
12 MACD for Bharti Airtel Ltd 65
13 Moving Average for ONGC 68
14 Exponential Moving Average for ONGC 69
15 ROC Line for ONGC 70
16 RSI Line for ONGC 74
17 Stochastics for ONGC 77
18 MACD for ONGC 80
19 Moving Average for Ranbaxy Laboratories Ltd 83
20 Exponential Moving Average for Ranbaxy Laboratories Ltd 86

21 ROC Line for Ranbaxy Laboratories Ltd 85
22 RSI Line for Ranbaxy Laboratories Ltd 89
23 Stochastics for Ranbaxy Laboratories Ltd 92
24 MACD for Ranbaxy Laboratories Ltd 95
25 Moving Average for DLF Ltd 98
28 Exponential Moving Average for DLF Ltd 99
27 ROC Line for DLF Ltd 100
28 RSI Line for DLF Ltd 104
29 Stochastics for DLF Ltd 107
30 MACD for DLF Ltd 110
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AN ANALYTICAL STUDY ON THE PERFORMANCE OF

SELECTED EQUITIES IN NSE WITH REFERENCE TO
SHAREKHAN LTD
Abstract
One of the greatest difficulties facing a stock trader or investment manager is the
stock selection process. In this process, the investor is faced with a large number of
competing investments, and a fixed amount of capital. The goal is to spread the
available capital across a reduced subset of the competing investments, with the aim
of increasing the return. Typically, the investor relies on one of two main frameworks
to guide the selection process, namely Fundamental Analysis, and Technical Analysis.
This paper focuses on Technical Analysis, and implements a neural network which
supports the stock selection process.
INTRODUCTION
1.1 INTRODUCTION
The Indian stock market is large and vibrant. It is also rumor and insider driven. The
average investor does little or no research and makes his purchase, sales decision on
the strength of an article that he may have read. This happens as an average investor is
not clear as to how to analyze the companies and not equipped to arrive at an
investment decision. Consequently he buys and sells with inadequate information and
often suffers needless losses. It is for those who are prepared to study and analyze
companies and make Judgment whether to buy or sell the particular stocks.
Information is essential in making accurate judgment.
The primary objective of guiding investors with investment decisions relating to buy
or hold or sell the shares in the near future. The approaches used in analyzing the
movement of share Prices by technical approach. The objective of buying at a lower
price and selling at a higher price to get a good return on investment. However, there
is a vast difference between -the material studies and basis of analysis.
A technical analyst is concerned with the direction of movement. He would be buying

if he sees that the main trend is rising and would be moving out of the scrip as and
when he finds that the scrip is reversing direction. His approach is based on the
analysis of the demand- supply equation. If the demand for scrip is greater than its
supply the prices would be expected to rise, prompting the analyst to buy. On the
Same count, if the supply of scrip exceeds its demand, the prices would be expected
to move downwards and he would exit from the scrip or book profits.
A method of evaluating securities by analyzing statistics generated by market activity,

such as past prices and volume. Technical analyses do not attempt to measure a
Security’s intrinsic value, but instead use charts and other tools to identify patterns
that can suggest future activity. Technical analysts believe that the historical
performance of Stocks and markets are indications of future performance. Technical
analysis is done with the tools like Relative Strength Index, Rate of change,, moving
average convergence and divergence. Based on the trend, the investment guidance is
given whether to go for long or short or hold the stocks.
2. STATEMENT OF THE PROBLEM
The average investor does little or no research and makes his purchase, sales decision
on the strength of an article that he may have read. This happens as an average
investor is not clear as to how to analyze the companies and not equipped to arrive at
an investment decision. Consequently he buys and sells with inadequate information
and often suffers needless losses. It is for those who are prepared to study and analyze
companies and make Judgment whether to buy or sell the particular stocks.
Information is essential in making accurate judgment.
1.3 INDUSTRY PROFILE
The Brokerage Industry
The stock-broking business has undergone a sea change over the last decade. The
three main factors behind the changes in the stock-broking business are:
First, the shift from floor-based to screen-based trading in 1994. This brought
transparency into trade execution and raised the confidence of investors. The result
has been lower transaction charges and increased convenience. This has helped both
the investors and the brokers.
The second change was dematerialization. Dematerialisation is a process of
converting physical share certificates into electronic shares. This saves time and
money.
The introduction of futures and options was the third major factor that has changed
the face of the stock-broking business as it is a new avenue for revenue.
In actuality the brokerage industry continues to develop rapidly. Many of the

traditional restrictions against banking activities within the brokerage industry are
being eliminated and the barriers are disappearing. Due to this, some commercial
banks have as subsidiaries, brokerage houses that offer discounts and some of them
have available accounts that offer all of the services that are offered by a checking
account.
“The basic function of a brokerage firm is to execute buy and sell orders for clients”.
Traditionally these firms have offered the investigation of the quality and the
possibilities of investing in a variety of investment products. It is still accustomed for
brokerage firms to offer information about possible investments free of charge. This
activity of bringing free of charge stock investment report is one of the main tools that
are utilized by brokerage houses to compete against other firms and to investors it
continues to be an important service.
Despite the previously, not all investors consider that investment reports is an
important service. Some investors prefer other types of services since many investors
don’t believe that these investment reports are useful. In order to capture this vast
diverse clientele, the brokerage industry has segmented itself. After the restrictions in
commissions were eliminated, several brokerages began to open up their doors as
discount brokerage firms. In actuality, brokerage firms may be classified into full
service brokers and discount brokers.
Full service brokerage firms continue to offer informative stock reports and a level of
service much higher than other brokerage houses. Discount brokerage houses only
dedicate themselves to execute orders for clients. Full service brokers are sellers
looking for purchasing and selling for clients and offering more customer service than
is available from discount brokers. It is many times possible that a client will not even
know who is taking care of the buy or sell order that they placed.
These differences in services and philosophies may lead to great differences in

commission costs. It is evident that these differences may be an important factor in
the return of an investment. This is particularly true when we see that these
commissions are added to the purchase as well as to the sale of a stock or other
investments.
History
Philadelphia was the centre of American finance during the first forty years of the
new United States. In 1790, the country's first stock exchange was founded there and
Chestnut Street was home to the nation's most powerful financial institutions.
However, in the 1820s a shift to New York City began and for more than one hundred
and fifty years Wall Street has been synonymous with the stock brokerage business.
Some sources suggest that historical top-level brokers and a number of other firms
rose to prominence over that time, with the top-ranked brokerages in the early 1950s
being
1. Merrill Lynch
2. Paine Webber & Company
3. Morgan Stanley
4. Goldman Sachs
5. Bear Stearns
Since the 1980s stock broking firms have also been allowed to be market makers as
long as the appropriate Chinese walls are put in place.
With the advent of automated stock broking systems on the Internet the client often
has no personal contact with his/her stock broking firm. The stockbroker's system
performs all the stock broking functions: it obtains the best price from the market,
executes and settles the trade.
Discount brokers have taken a large share of the business by offering highly
discounted commissions. Discount brokers may offer limited advisory services, but
their primary focus tends to be servicing self directed retail accounts.
Origin of stock broking in India
The origin of stock broking in India goes back to a time, when shares, debentures and
bonds representing title to property were first issued on the condition of transfer from
one person to another. The earliest record of dealings in securities in India is the East
India Company’s loan securities.
The advent of the companies Act 1850 and subsequent introduction of the principle of
limited liability, made investments in stocks and shares popular.Though stock broking
was practiced in Calcutta as early as 1836, the members of the broking profession had
neither any code of conduct for their guidance, nor any permanent place for
congregation.
The stock brokers obviously, significant role in the stock market. Stock broker means
a member of a recognized stock exchange who deals in securities. Until 1988, stock
exchanges were more or less self-regulatory organizations. Their regulations covered
the entire gamut of operations of stockbrokers. However, they had not been
discharging their self-regulatory role well, resulting into malpractices in trading,
settlement and transfer of securities. Ever since the Securities and Exchange Board of
India (SEBI) assumed the monitoring function of brokers, stock broking is emerging
as a professional service in tune with the requirements of mature and sophisticated
stock exchanges in the country, replacing its traditional closed character as inherited
family business. To act as a broker, certificate of registration from the SEBI is
mandatory. It is empowered to impose conditions while granting the certificate that as
a member of a stock exchange he has to abide its rules, regulations and bye-laws, pay
the prescribed fee and take adequate steps for the redressal of investors’ grievances
within one month of the receipt of the complaint and keep the SEBI informed about
the number, nature and other particular of such complaints.
Similar roles
Roles similar to that of a stock broker include investment advisor, and financial
advisor. A stockbroker may or may not be also an investment advisor, and vice versa.
Acting as a principal
Stockbrokers also sometimes or exclusively trade on their own behalf, as a principal,

speculating that a share or other financial instrument will increase or decline in price.
In such cases the term broker makes little sense and the individuals or firms trading in
principal capacity sometimes call themselves dealers, stock traders or simply traders.
[A stock broker is just the main part of being a City Trader. Other types of City
Trading include working in the Foreign Exchange.
Depository Participant
A Depository Participant (DP) is described as an agent of the depository. They are the
intermediaries between the depository and the investors. The relationship between the
DPs and the depository is governed by an agreement made between the two under the
Depositories Act. In a strictly legal sense, a DP is an entity who is registered as such
with SEBI under the provisions of the SEBI Act. As per the provisions of this Act, a
DP can offer depository-related services only after obtaining a certificate of
registration from SEBI.
SEBI (D&P) Regulations, 1996 prescribe a minimum net worth of Rs. 50 lakh for
stockbrokers, R&T agents and non-banking finance companies (NBFC), for granting
them a certificate of registration to act as DPs. If a stockbroker seeks to act as a DP in
more than one depository, he should comply with the specified net worth criterion
separately for each such depository. No minimum net worth criterion has been
prescribed for other categories of DPs. However, depositories can fix a higher net
worth criterion for their DPs. NSDL requires a minimum net worth of Rs. 100 lakh to
be eligible to become a DP as against Rs. 50 lakh prescribed by SEBI (D&P)
Regulations.
stock broker
Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE
etc.). Stock Broker is registered member of stock exchange. A stock broker can
register to one or more stock exchanges.
Only stock brokers can directly buy and sell shares in Stock Market. An investor must
contact a stock broker to trade stocks. Broker charge commissions (brokerages) for
their service. Brokerage is usually a percent of total amount of trade and varies from
broker to broker.
A stock broker is a person or a firm that trades on its client’s behalf, the customer tell
the broker what they want to invest in and they will issue the buy or sell order. Some
stock brokers also give out financial advice.It wasn’t too long ago and investing was
very expensive because the customer had to go through a full service broker which
would give them advice on what to do and would charge them a hefty fee for it. Now
there are a plethora of discount stock brokers.
STOCK BROKING SERVICES
A transaction on a stock exchange must be made between two members of the

exchange — a ordinary person may not walk into the Bombay Stock Exchange (for
example), and ask to trade stock. Such an exchange must be done through a broker.
There are three types of stock broking service.
• Execution-only, which means that the broker will only carry out the client's
instructions to buy or sell.
• Advisory dealing, where the broker advises the client on which shares to buy
and sell, but leaves the final decision to the investor.
• Discretionary dealing, where the stockbroker ascertains the client's investment
objectives and then makes all dealing decisions on the client's behalf.
In addition to actually trading stocks for their clients, stock brokers may also
offer advice to their clients on which stocks, mutual funds, etc. to buy.
VARIOUS STOCK BROKING COMPANIES IN INDIA
1. ICICIDirect
2. ShareKhan
3. Indiabulls
4. 5Paisa
5. Motilal Oswal Securities
6. HDFC Securities
7. Reliance Money
8. IDBIPaisaBuilder
9. Religare
10. Geojit
11. Networth Stock Broking Limited (NSBL)
12. Kotak Securities.
1.4 COMPANY PROFILE

SHAREKHAN LTD
EIGHT DECADES OF BROKERAGE EXCELLENCE
Sharekhan is leading India-based financial services group, part of Citi Financial Ltd
that offers Institutional Equities and Investment Banking services. Sharekhan deals
online trading with products like equities, derivatives, mutual funds and portfolio
management. Sharekhan’s online trading and investment site
www.sharekhan.com was launched in 2000. Sharekhan’s ground network includes
over Sharekhan has over 1288 branches in 325 cities and about eight lakh trading
members. Sharekhan has won the prestigious Consumer Vote Awards 2005 for the
Most Preferred Stock Broking Brand in India, in the Investment Advisors category.
Name of the company was changed from SSKI Investor Services Private Limited to
Sharekhan Private Limited on 4th October 2005.
Sharekhan has won the prestigious Awaaz Consumer Vote Awards 2005 for the
Most Preferred Stock Broking Brand in India, in the Investment Advisors category.
VISION
“To empower the investor with quality advice and superior service to help him take
better investment decisions. We believe that our growth depends on client
satisfaction.”
MISSION
• To provide the best customer service and product innovation tuned to diverse
needs of clientele
• Continuous up-gradation with changing technology, while maintaining human
values.
• Respond to progressive globalization and achieving international standard.
• Efficiency and effectiveness built on ethical practices.
CORE VALUE
Customer satisfaction through
Providing quality service effectively and efficiently
“Smile, it enhances your face value ” is a service quality stressed

on periodic customer service Audits
Maximization of stakeholder value Success through Teamwork,

integrity and People
History, present business and background of the Sharekhan

Sharekhan Limited was promoted by Mr. Shripal S Moakhia and Mr. Shreyas S
Morakhia. It was established in 1999-2000. It is currently amongst India's largest
broking house. It is a member of the Stock Exchange, Mumbai. It is a depository
participant of the National Securities Depository Limited and Central Depository
Services (India) Limited. Its business includes stock broking, depository services,
portfolio management and derivatives.
The Company's core specialty lies in its retail distribution with a large network of
branches and sub-brokers/ authorized persons. Its strength lies in its investment
research capabilities. Its research division has several analysts continuously
monitoring global, national and regional political, economic and social situations so
as to assess their impact on the economy in general, the sectors and companies they
research which helps them in offering quality research and advice to clients.
Presently Citigroup is holding 75% and IDFC 12% of the paid up equity capital of
the Company and the Employees own the rest i.e 13%
Promoters
The shareholders of Sharekhan Limited are Mr. Shripal Morakhia, Mr.Shreyas

Morakhia, Kalpana Morakhia, Foreign Private Equity Funds and key employees of
the company. The key promoter of the Company is Mr. Shripal Morakhia who as on
September 30, 2006 along with his family owns 43.58% (on non-diluted basis) of the
paid up equity capital of the Company. Company has also issued options to
employees under ESOP 2005.Apart from Sharekhan, the SSKI Group also comprises
of Institutional broking and Corporate Finance. The institutional broking division
caters to domestic and foreign institutional investors, while the Corporate Finance
Division Focuses on niche areas such as infrastructure, telecom and media. SSKI has
been voted as the Top Domestic Brokerage House in the research category, twice by
Euro money survey and four times by Asia money Survey.
FEATURES OF SHAREKHAN LTD:
• Multiple exchanges on a single screen

• Intra-day calls and flash news
• Historical charts with technical tools
• Streaming quotes
• 24x7 web enabled back – office
• Auto pay-in of shares
• Online transfer of funds
E-broking facility is one such effort, which gives you access to state-of-the-art trading
platform with multiple exchanges, order and trade confirmations, research reports, e-
contracts and a 24x7 on-line web enabled centralized back-office system at the click
of a button.
SERVICES OF SHAREKHAN
Source:www.sharekhan.com
ACCESS via MULTIPLE channels
Source:www.sharekh an.com
Customized Research Reports
Investment advice for a diverse set of investment approaches

Source:www.sharekhan.com
ORGANIZATION CHART
1.5 PRODUCT PROFILE
PRODUCTS OF THE SHAREKHAN COMPANY
Other Services:
 Dial-n-Trade
 Depository Services
 Commodity Trading
 Derivative Trading
 Mutual fund
 Portfolio Management Services
 Online IPO
 Research Based Information Provided
OFFLINE
• Offline A/c is the A/c for the investors who are not familiar with the use of
computer.
• The A/C opening charges Rs.500(One time)
• For 1st Year Demat A/C is Free,On 2nd Year AMC charge is applicable
ONLINE
A/C Opening Charges Rs.750 (onetime Charge).
For 1st Year Demat A/C is Free, On 2nd Year AMC charge is applicable.
Tie up with 7 banks through which one can transfer or withdraw his fund
online. Which are as follows
 HDFC Bank
 IDBI Bank
 UTI Bank
 OBC Bank
 CITY Bank
 Indusind Bank
 Union Bank of India
Any one who have A/C either of above banks they can use this facility.
Otherwise one has to make fund transfer or withdraw by cheque.
This account enables you to buy and sell shares through our website. You get
features like
• Streaming quotes (using the applet based system).

• Integrated Banking, demat and digital contracts.
• Instant credit and transfer.
• Real-time portfolio tracking with price alert and, of course, the assurance of
secure transactions.
• Monthly charges Rs.500/-(But if Client give Brokerage of Rs.1500/-in a
Quarter, then Rs.1500/-that was charged of a Quarter will be Reimbursed).
• For 1st Year Demat A/C is Free, On 2nd Year AMC charge is applicable.
TYPES OF TRADERS/INVESTORS IN THE STOCK MARKET
INVESTORS: Those who expect minimum 30-40% appreciation and are willing to
hold between two months to a few years. They enter only long positions and usually
select scrip based on fundamental analysis. Medium-long term investors can utilize
technical analysis to time their entry and profit booking better.
DAY TRADERS: Day traders enter long/short traders to square up the same day.
They usually base decisions on technical, information or at times, gut feel.
SHORT-TERM TRADERS : Short-term traders expect 5-20% returns within 2 days

to 3 weeks. They enter long as well as short positions. These include: Position
trading, where one either buys a stock and holds for the required appreciation, or sells
from an existing long (or borrowed) position to cover at a lower level.
The popularity of Short-term trading is on the rise due to the following reasons:
• It provides an opportunity to make substantial profits in a short period and

ensures continuous rotation of capital.
• As against long-term investment, short-term trading has limited downside
because of strict stop losses.
• One can leverage on margin in case of short-term trading in futures.
Short-term trading in options requires smaller investment and has limited risk.
1.6 Need and Scope for the Study
The unique nature of capital market instruments forces the investors to depend
strongly on the Fundamental or Technical analysis to guide them in their investment
decisions. The technical analysis is aimed at examining the price & volume
movements of each stock.
It is essential that no investor can buy or sell shares on a whim. It requires a serious
research as lot of funds are involved in the investment. The investors can be guided
with regard to investment decisions of specific stocks to buy or sell.
As more People are investing money in stock market, this study will be very useful to
me in my future too. I will be able to recommend the buy calls or sell calls to
investors/traders on any sectors by using all the technical indicators carefully.
1.7 OBJECTIVES
1. To study the movement and behavior of the market.

2. To study the movement of individual scrip price.
3. To study in general about technical analysis in stock market.
4. To study about the trends (forward /reversal) in stock market.
5. To identify when to buy or sell the shares.
6. To identifying gauge the overbought and oversold positions in a scrip.
1.8 Research Methodology
1.8.1 RESEARCH PROBLEM
In this research work, the main purpose is to analyze the Indian stock price movement
and behavior using technical analysis.
1.8.2 SOURCES OF DATA:

The study was done using the secondary data. The secondary data was collected from
Securities and Exchange Board of India (SEBI) and National Stock Exchange (NSE).
The data for stock price and volume are published by SEBI and NSE.
1.8.3 RESEARCH DESIGN:
The framework within which the study is based is Analytical in nature.
Type of study : Analytical Research
Data Collection : Open, close, high and low price of each company for three
months Downloaded from the website www.nseindia.com.
1.8.4 TOOLS & TECHNIQUES
1. Moving Averages
2. Exponential Simple Moving Average
3. Rate of Change (ROC)
4. Relative Strength Index (RSI)
5. Moving Average Convergence and Divergence (MACD)
6. Stochastics
1.8.5 Sample Size
Data for analysis I have chosen randomly 5 companies listed in NATIONAL STOCK
EXCHANGE OF 5 different equities of different sectors to study the technical
analysis. I have chosen these companies on the basis of volume of trade.
The five companies are:
HDFC Bank- Banking sector
ONGC– Oil and gas sector
DLF–Construction sector
Ranbaxy-Pharma
Bharti Airtel Ltd-Telecom
1.9 LIMITATIONS OF THE STUDY
1. Biased answers are unavoidable.
2. All the companies listed in BSE & NSE was not studied due to time
constraint, the study was restricted to major companies in selected
equities in different sector.
3. As the share price movement’s changes from time to time, the
prediction of trend will also change.
2.1 THEORETICAL BACKGROUND
TECHNICAL ANALYSIS
Technical analysis is research of market dynamics that is done mainly with the help of
charts and with the purpose of forecasting future price development. Technical
analysis several approaches to the study of price movement which are interconnected
in the framework of one harmonious theory. This type of analysis studies the price
movement on the market by means of analyzing three market factors: price, volumes,
and, in case of future contracts’ market, of an open interest (number of open
positions). Of these the primary one for technical analysis is the prices, while the
alterations in other factors are studies mainly in order to confirm the correctness of the
identified price trend. This technical theory, just like any theory, has its core
postulates.
ASSUMPTIONS
The basic assumptions made in analyzing the share through the technical analysis
route should be understood to grasp the subject in a proper perspective.
The market discounts everything
The first assumption is that the market discounts everything. This assumption
signifies that the price at which the security is quoted represents the hopes, fear, inside
information, muscle power et al of the participants. The financial analyst may be
buying on the hope that the script will rise to represent its true worth (on the
assumption that it is under-priced). The company circle may be buying on the basis
of inside information or to support the prices, bear operators may be converting their
short sales on the fear of a further loss and so on. All these factors are reflected in the
price at which the scrip changes hands on the trading floor. The buyers create the
demand for the scrip and the sellers create the supply of it. Whatever reasons prompt
the buyer to buy and seller to sell get represented or discounted in the price that the
buyer pays for the scrip and the seller gets for it.
The market moves in trend
The second important assumption is that the market moves in trends, and the trend
when established has a tendency to continue further in time and then reverses at some
point of time. To put it differently, the market movement is orderly and not random.
This is the basic assumption without which analyzing share price movement would be
meaningless.
History keeps repeating itself
The third assumption is that history repeats itself over again. This assumption arises
from the fact the human psychology does not changes. In a bull market, the mass
psychology that drives the prices upwards will be seen over and over again in other
bull markets. On the same count, the mass psychology seen during a bear market will
repeat itself in every successive bear market. To put this assumption differently, it
can be stated that the mistakes made by the traders on the market will be repeated
again and again.
TRENDLINES
Trend lines are straight lines draws by connecting either the tops or the bottoms. To
draw a straight line, one requires two points. Similarly to draw trend lines, one
requires at least two tops or bottoms. This, however, does not mean that there cannot
be more than two tops or bottoms that can be connected to draw a trend line. In fact,
the more the number of tops or bottoms that are touched or connected by the trend
line, the better or more powerful the trend line. Trend lines are the simplest, yet the
most effective way of riding the trend.
TYPES OF TRENDLINE
RISING TRENDLINE
The rising trend line would represent a rising trend and is drawn by connecting
the rising bottoms.
FALLING TRENDLINE
The falling trend line represents the falling trend and is `draw by connecting the
falling tops.
HORIZONTAL TRENDLINE
The horizontal trend line on the other hand is a flat trend line. That represents the
flat trend and is drawn by either Connecting the even tops or even bottoms posted by
the scrip.
DOW THEORY
Three Movements
Nothing is more certain than that the market has three well defined
Movements which fit into each other:.
• The first is the daily variation due to local causes and the balances of buying
and selling at that particular time (Ripple).
• The secondary movement covers a period ranging from days to weeks,
averaging probably between six to eight weeks (Wave).
• The third move is the great swing covering anything forms months to years,
averaging between 6 to 48 months. (Tide).
Primary trends
Bull market Bear market
Secondary reactions
Bull markets
• Bull markets commence with reviving confidence as business conditions

improve.
• Price rise as the market responds to improved earnings
• Rampant speculation dominates the market and price advances are based on
hopes and expectations rather than actual results.
Bear markets
• Bear markets start with abandonment of the hopes and expectations that
sustained inflated prices.
• Prices decline in response to disappointing earnings.
• Distress selling follows as speculators attempt to close out their positions and
securities are sold without regard to their true value.
Ranging Markets
• A secondary reaction may take the form of a ‘line’ which may endure for
several weeks.
• Price fluctuates within a narrow range of about five per cent.
Lare Corretions: Start and End of Trends
Start of bull
trend
(Dreak above previous high)

Start of bear trend
(Break below previous low)
CHARTS
A price chart is a sequence of prices plotted over a specific time frame. In statistical
terms, charts are referred to as time series plots. Technicians, technical analysis and
chartists use charts to analyze a wide array of securities and forecast future price
movements.
Bar Chart
The most popular charting method is the bar chart. The high, low and close are
required to form the price plot for each period of a bar chart. The high and low are
represented by the top and bottom of the vertical bar and the close is the short
horizontal line crossing the vertical bar. On a daily chart, each bar represents the
high, low and close for a particular day. Bar charts can also be displayed using the
open, high, low and close. The only difference is the addition of the open price,
which is displayed as a short horizontal line extending to the left of the bar.
Line Chart
Some investors and traders consider the closing level to be more important than the
open, high or low. By paying attention to only the close, intraday swings can be
ignored. Line charts are also used when open; high and low data points are not
available. Sometimes only closing data are available for certain indices, thinly traded
stocks and intraday prices.
Candlestick Chart
Originating in Japan over 300 years ago, candlestick charts have become quite
popular in recent years. For a candlestick chart, the open, high, low and close are all
required. A daily candlestick is based on the open price, the intraday high and low,
and the close.
Many traders and investors believe that candlestick charts are easy to read, especially
the relationship between the open and the close. White candlesticks form when the
close is higher than the open and black candlesticks form when the close is lower that
the open. The white and black portion formed from the open and close is called the
body. The lines above and below are called shadows and represent the high and low.
TECHNICAL INDICATORS
Technical indicators are any class of metrics value is derived from generic price
activity in a stock or asset. Technical indicators look to predict the future price levels,
or simply the general price direction, of a security by looking at past patterns.
Examples of common technical indicators include Relative strength index, stochastic,
MACD, Moving averages, exponential moving average.
Technical indicators, collectively”, are distinguished by the fact that they do not
analyze any part of the fundamental business like earnings, revenue and profit
Margins. Technical indicators are used most extensively by active traders in the
market, as they are designed primarily indicators are of little value, as they do nothing
to shed light on the underlying business. The most effective uses of technical’s for a
long –term Investor are to help identify good entry points for the stock by analyzing
the long-term trends.
OSCILLATORS
Oscillators are group of countertrend, momentum based indicators that move above
and below a horizontal axis that represents neutral market momentum. These
indicators offer an alternative to trend following strategies and work well in non-
trending, sideways markets Where a clear trend is not evident.
INTERPRETATION OF OSCILLATTORS
-They can be used as an indicator of market extremes by showing overbought and

oversold Areas. Oscillators are often used as short term counter trend reversal
indicators- they help to determine when a market is in an overbought or oversold
condition. When the oscillator reaches an upper extreme, the market is considered
oversold.
They can indicate when a trend is losing momentum. Increasing momentum reflects a
powerful price trend, while weakening suggests a possible trend reversal. Momentum
oscillators are designed to identify these reversal points – and used in both long and
short term timeframes. Most oscillators indicators look very similar – they area
plotted along the bottom of a price Chart, with their peaks and troughs following
those of the price chart. Some oscillators have a midpoint or zero line.
Generally speaking, when the oscillator has reached an extreme value in the upper or
lower end of the band, this suggests that a price reversal is becoming more likely.
The crossing of the midpoint level or zero line is normally interpreted as a buy or sell
signal in the direction of the trend.
Divergence between the oscillator and price is a price is a warning of a possible

reversal. This is the strongest and most important of all the signals provided by the
oscillators.
Oscillators are best used in a trending market to gauge when the market is
oversold in an uptrend for a buy entry and overbought in a downtrend for a sell
entry.
The family of technical indicators known as oscillators includes: RELATIVE

STRENGTH INDEX (RSI), STOCHASTICS, Commodity Channel Index (CCI),
Moving Average Convergence Divergence (MACD), Rate of change (ROC).
Moving Averages
The market does not rise or fall in a straight line. The up moves and down moves are
interrupted by counter moves. Quite often, these counter moves are quite volatile
making it difficult for the analyst to gauge the underlying trend of the market. In such
situations, one way to gauge the underlying trend is to smooth the data which can be
done with the help of moving averages.
There are three types of moving averages that are commonly used by the Analyst
1. Simple Moving Average

2. Exponential Moving Average
3. Weighted Moving Average
The word moving means that the body of data moves ahead to include the recent
observation. If it is five day moving average, on the sixth day the body of data moves
to include the sixth day observation eliminating the first day’s observation. Likewise
it continues. In the moving average calculation closing prices is used.
The moving averages are used to study the movement of the market as well as
individual scrip price. The moving average indicates the underlying trend in the
scrip. The period of average determines the period of the trend is that being
identified. For identifying short-term trend, 10 day to 30day moving averages are
used. In the case of medium trend 50 day to 125 days are adopted. 200 day moving
average is used to identifying long term trend.
Simple Moving average
To calculate a five day average, one has to add the five days closings prices and
divide the total by five. The result obtained is a five day simple moving average. On
the sixth day, the closing price of the first day will be deducted from the total of the
previous five days and the sixth day’s closing prioce will be added. Again the new
total has to be divided by five to get thwe five day simple moving average on the sixth
day. This process is continued further as one progresses ahead in time.
Formula :
Moving average = sum of ‘n’ numbers of days price / ‘n’ no. of days
Exponential Moving Average
The exponential moving average gives the recent prices an equal weighting to the
historic ones. The calculation does not refer to a fixed period, but rather takes all
available data series into account. This is achieved by subtracting yesterday’s
Exponential Moving Average from today’s price. Adding this result to yesterday’s
Exponential Moving Average, results in today’s moving average. The initial EMA is
based on a Simple Moving Average.
An Exponential Moving Average is another type of moving Average. In a simple

Moving Average, the price data have an equal weight in the computation of the
average. Also, in a Simple Moving Average, the oldest price data are removed from
the Moving Average as a new price is added to the computation. The Exponential
Moving Average assigns a weight to the price data as a average is calculated. Thus,
the oldest price data in the Exponential Moving Average are never removed, but they
have only a minimal impact on the moving average. The main use of this study is its
smoothing out function. In this way, the moving average removes short – term
flexuations and leaves to view the prevailing trend.
The Exponential Moving Average can be used as a crossover system. For a

crossover system, you may insert three different Exponential Moving Average.
Generally, the lengths for this Moving Average are short, intermediate and long term.
A buy signal occurs when the short and intermediate term averages cross from below
to above the longer term average. Conversely, a sell signal is issued when the short
and intermediate term averages from above to below the longer term average.
Another trading approach is to use the current price concept. If the current price is
above the Exponential Moving Average, you buy liquidate that position when a
current price crosses below either moving average. For a short position, sell when the
current price is below the Exponential Moving Average. Liquidate that position when
a current price rises above the Exponential Moving Average.
Calculation
Formula 1.
EMA n-1 2/ (n+1) * (Pn-EMAn-1))
EMA n-1 - Previous EMA value
Pn - Today’s close price
Formula 2.
EMA (n) = (Price Today) x K + (EMA Yesterday) x (1-K)
N = Time Range (e.g . . . 10 days)
K = 2 / (n+1)
RATE OF CHANGE
The Rate of Change indicator or the ROC, as it is popularly known, is an oscillator

that measures the rate of change between the current price and the price ‘n’ number
of days in the past. This oscillator is by far the most widely used indicator to gauge
the overbought and oversold positions in a scrip. It is also quite useful in identifying
trend reversal.
In calculating this oscillator, only the closing prices are generally used. Thus, if one
wants to calculate the daily ROC, one has to use the daily closing prices and for
calculating the weekly ROC, the weekly closing prices are used and so on. The most
popular time period for calculating the ROC is the 12-day or the 12–week or 12
month period.
There are two broad methods of calculating this oscillator.
First method
Take the current closing price and express this price as a percentage of the price
twelve days/weeks in the past. Suppose the price on any day is Rs. 12 and the price
twelve days ago was Rs. 10, the ROC will be obtained by using the
equation:12/10*100 = 120%.
Ist method for calculating ROC =
Second Method
In this method, the percentage variation between the current price and the price twelve
days in the past is calculated. Thus, in our example. The 12 day rate of change will
calculated by the equation:
12/10*100-100 = 20%. It may be noted that while calculating the ROC by the this
method, one will arrive at positive and negative values for ROC.
IInd method for calculating ROC = – 100
RELATIVE STRENGTH INDEX (RSI)
Timing is crucial in investment management. Here, the Relative Strength Index

popularly known as RSI helps. RSI was developed by Wells Wilder. It is an oscillator
used to identifying the inherent technical strength or weakness in a particular scrip.
Before going further, it needs to be clarified that his oscillator should not be confused
with the RSC indicator. The RSC or the relative strength comparative is the ratio of
two prices different scrips and the RSI is calculated for a particular scrip by using the
following formula.
RSI = 100 – (100/1+RS)
Where, RS =
The average gain or loss per day is, in turn, arrived at by adding up the gains or losses
per day, calculated by comparing the closing price on a day with that of the preceding
day, ( mind you, gain and losses have to be added separately And not merged) and
then dividing the total of gains or losses by the period for which RSI is calculated.
The RSI can be calculated for any number of days depending on the fancy of the
technical analyst and the time frame of trading. The most commonly used time period
is the 14day RSI. However, it some analyst use 5-day RSI, 7-day RSI or even a 9-day
RSI for quick trading. In general, it can be stated that the greater the time period, the
lower would be the volume of whipsaws (incorrect signals). On the other hand, when
the period is shorter, signals are generated earlier, though with a weekly or monthly
basis or monthly basis. For calculating the daily RSI, the daily closing prices are
monthly RSI, one has to use the monthly closing prices.
MOVING AVERAGE CONVERGENCE AND DIVERGENCE (MACD)
The Moving Average convergence and divergence (MACD), as the name suggests,
measures the convergence and divergence between two exponential moving averages.
Or put simply, it is the difference between two moving averages. In the system, two
moving averages of varying periods are calculating with the helping of the closing
price data. Of the two, one is the short term moving average and the other is the
longer-term moving average.
The MACD would represent the absolute difference between the short-term moving
average and the long-term moving average. This difference is plotted on the y-axis
and x-axis would represent the days. If one wants to calculate the weekly MACD,
one would obviously have to consider the weekly averages (based on weekly closing
prices).
There are two popular combinations of averages, the first one is the 12-day and 26-
day exponential averages and the second one the 12-day and 48-day exponential
averages. Now, another is generally superimposed over this graph. Here, for the
combination of the 12 and 26-day exponential averages, the of s 9-day exponential
average is quite popular and in the 12-day and 48-day exponential average
combination, the use of a simple 10-day average is quite popular.
The average that is superimposed is calculated with the help of the MACD data i.e. it
is the average of the MACD date. The MACD line is so constructed that it oscillates
across the zero line. It may be noted that we have given the popular averages that
used, but readers are advised to use various combinations to arrive at the best suited to
their system of trading.
STOCHASTICS
The Stochastics process developed by George Lane is an important tool for taking
short-term positions in the market. If the share price analysis is confirmed by the
Stochastics indicators, one may trade with confidence. However, if the share price
analysis and the Stochastics indicator are at variance, one should remain on the
sidelines till indicator agrees with the share price analysis. This is not an indicator
that should be used as an excuse to trend but on the contrary, it should be used
identify trading opportunities along the trend.
Stochastics oscillator is generally observed that as the prices of stock increase, the
closing prices tend to be nearer to the upper end of the price range. AS prices fall, the
closing prices tend to be nearer to the lower end of the price range. Based on this
observation George Lane (former president of investment Educators, Inc.)Formulated
the Stochastics process.
In the Stochastics process. There are two lines -%K and %D. The %K line is the4
faster of two and the %D line is the slower one. Based on the method of construction,
the %D line will always lag behind %K line. Also, %K and %D would take values
between Zero and 100. In other words, both the lines would oscillate between zero
and 100.
The general time frame used for the calculation of stochastics is

5days/weeks/months. However, there are analysts who use other time frames to suit
their system of share trading. Reader are advised to experiment with different time
frames and arrive at the best suited to their method of trading. We shall explain the
construction of Stochastics for a time period of five days.
The formula used for construction of %K line is
%K = 100 {(c-L5)/(H5-L5)}
Here, C = Latest closing price
L5 = lowest price touched by the scrip during the last five days.
H5 = the highest price touched by the scrip during the last five days.
The formula used for the construction of %D line is
%D = 100 x (H3/L3)
Here, H3 = three day sum of (C - L5)
L3 = three day sum of (H5 – L5)
There are two parameters for stochastic:
1. The number of periods over which the raw stochastic is calculated.

Usually 14, 9, or 20.
2. The smoothing factor for the calculation of percent K and percent D.
Usually 3, 5, or 6.
There are several ways to interpret Stochastic Indicators. Three popular

methods include:
Buy when the %k or %d falls below a specific level (usually 20 or 30%) and then
rises above that level. Sell when either %k or %d rises above a specific level (usually
70 or 80%) and then falls below that level.
Buy when the %k line rises above the %d line and sell when the %k line falls below
the %d line. Readings below 20 are considered oversold and readings above 80 are
considered overbought. However, Lane did not believe that a reading above 80 was
necessarily bearish or a reading below 20 bullish. A security can continue to rise after
the Stochastic Oscillator has reached 80 and continue to fall after the Stochastic
Oscillator has reached 20. One of the most reliable signals is to wait for a divergence
to develop from overbought or oversold levels. Once the oscillator reaches
overbought levels, wait for a negative divergence to develop and then a cross below
80. This usually requires a double dip below 80 and the second dip results in the sell
signal. For a buy signal, wait for a positive divergence to develop after the indicator
moves below 20. Stochastic should be used in conjunction with other aspects or
technical analysis as well as other non-momentum based indicators.
2.2 Review Of literature
Brown and Jennings (1989) showed that technical analysis has value in a model in
which prices are not fully revealing and traders have rational conjectures about the
relation between prices and signals. Frankel and Froot (1990) showed evidence for the
rising importance of chartists. Neftci (1991) showed that a few of the rules used in
technical analysis generate well-defined techniques of forecasting, but even well-
defined rules were shown to be useless in prediction if the economic time series is
Gaussian. However, if the processes under consideration are non-linear, then the rules
might capture some information. Tests showed that this may indeed be the case for
the moving average rule.
Taylor and Allen (1992) report the results of a survey among chief foreign exchange
dealers based in London in November 1988 and found that at least 90 per cent of
respondents placed some weight on technical analysis, and that there was a skew
towards using technical, rather than fundamental, analysis at shorter time horizons.
In a comprehensive and influential study Brock, Lakonishok and LeBaron (1992)

analysed 26 technical trading rules using 90 years of daily stock prices from the Dow
Jones Industrial Average up to 1987 and found that they all outperformed the market.
Blume, Easley and O’Hara (1994) show that volume provides information on
information quality that cannot be deduced from the price. They also show that traders
who use information contained in market statistics do better than traders who do not.
Neely (1997) explains and reviews technical analysis in the foreign exchange
market.Neely, Weller and Dittmar (1997) use genetic programming to find technical
trading rules in foreign exchange markets. The rules generated economically
significant out-of-sample excess returns for each of six exchange rates, over the
period 1981–1995.
Lui and Mole (1998) report the results of a questionnaire survey conducted in
February 1995 on the use by foreign exchange dealers in Hong Kong of fundamental
and technical analyses. They found that over 85% of respondents rely on both
methods and, again, technical analysis was more popular at shorter time horizons.
Neely (1998) reconciles the fact that using technical trading rules to trade against US
intervention in foreign exchange markets can be profitable, yet, longterm, the
intervention tends to be profitable. LeBaron (1999) shows that, when using technical
analysis in the foreign exchange market, after removing periods in which the Federal
Reserve is active, exchange rate predictability is dramatically reduced.
Lo, Mamaysky andWang (2000) examines the effectiveness of technical analysis on

US stocks from 1962 to 1996 and finds that over the 31-year sample period, several
technical indicators do provide incremental information and may have some practical
value.
Fern´andez-Rodr´ıguez, Gonz´alez-Martel and Sosvilla-Rivero (2000) apply an
artificial neural network to the Madrid Stock Market and find that, in the absence of
trading costs, the technical trading rule is always superior to a buyand- hold strategy
for both ‘bear’ market and ‘stable’ market episodes, but not in a ‘bull’ market. One
criticism I have is that beating the market in the absence of costs seems of little
significance unless one is interested in finding a signal which will later be
incorporated into a full system. Secondly, it is perhaps naïve to work on the premise
that ‘bull’ and ‘bear’ markets exist. Lee and Swaminathan (2000) demonstrate the
importance of past trading volume. Neely and Weller (2001) use genetic
programming to show that technical trading rules can be profitable during US foreign
exchange intervention. Cesari and Cremonini (2003) make an extensive simulation
comparison of popular dynamic strategies of asset allocation and find that technical
analysis only performs well in Pacific markets.
Cheol-Ho Park and Scott H. Irwin wrote ‘The profitability of technical analysis: A
review’ Park and Irwin (2004), an excellent review paper on technical analysis.
Kavajecz and Odders-White (2004) show that support and resistance levels coincide
with peaks in depth on the limit order book 1 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.
3 DATA ANALYSIS AND INTERPRETATION
TABLE 1: CALCULATION OF HDFC BANK LTD (Moving Average,

Exponential Moving Average and Rate of Change)
Date High Low Close Moving Exponential Moving Rate Of

Price Price Price Average Average Change
1-Jan-09 1,019.80 996 1,013.75 1009.95 1003.432 3.002439
2-Jan-09 1,032.00 1,003.20 1,015.65 1005.65 1014.377 4.404811
5-Jan-09 1,049.50 1,028.05 1,044.10 1004.85 1025.039 4.165212
6-Jan-09 1,113.00 1,034.00 1,100.40 1013.04 1062.679 7.988224
7-Jan-09 1,125.25 996 1,009.25 1015.985 1070.321 1.091801
9-Jan-09 1,057.00 975 1,017.50 1019.315 1011.973 0.369914
12-Jan- 1,022.00 990 1,003.70 1022.405 1012.946 -1.17659
09
13-Jan- 1,012.00 975.1 988.85 1021.055 998.7995 -5.29164
09
14-Jan- 1,044.70 966.9 977.55 1016.91 985.121 -11.1641
09
15-Jan- 960 907.05 924.8 1009.555 960.1425 -8.3676
09
16-Jan- 944.55 922.2 937.55 1001.935 929.0075 -7.85749
09
19-Jan- 954.5 931.5 941.1 994.48 938.7215 -6.23692
09
20-Jan- 925 902 912.45 981.315 931.6455 -7.72615
09
21-Jan- 906.8 880 889.45 960.22 904.86 -9.01233
09
22-Jan- 917 882 900.5 949.345 893.0965 -2.6276
09
23-Jan- 911.3 865.1 872.45 934.84 891.2435 -6.94363
09
27-Jan- 903.95 880 889.45 923.415 878.06 -5.48826
09
28-Jan- 915.8 895.35 911.75 915.705 896.809 -0.07672
09
29-Jan- 937.55 910 923.45 910.295 915.611 3.822587
09
30-Jan- 935 892.4 925.6 910.375 924.1595 2.78734
09
2-Feb- 920.5 877 888.7 905.49 913.423 1.862571
09
3-Feb- 909.8 890 898.2 901.2 891.835 0.983754
09
4-Feb- 922.55 882.15 885.85 898.54 894.1245 -2.84069
09
5-Feb- 899.7 880.1 884.25 898.02 885.322 -4.24495
09
6-Feb- 904.8 886.4 898.4 897.81 888.9195 -2.93863
09
9-Feb- 922 903 919.45 902.51 905.3465 3.46011
09
10-Feb- 958.15 921.35 947 908.265 928.5415 5.433088
09
11-Feb- 942.95 907 934.5 910.54 942.875 5.4919
09
12-Feb- 941 924.55 933.85 911.58 934.2855 5.609273
09
13-Feb- 953.9 937 944.15 913.435 937.249 5.092386
09
16-Feb- 940 908 913.95 915.96 934.184 -0.59818
09
17-Feb- 914.4 870.25 880.3 914.17 902.8455 -7.04329
09
18-Feb- 888 864.95 876.4 913.225 879.013 -6.21723
09
19-Feb- 892.2 874.35 884.55 913.255 879.0895 -5.27922
09
20-Feb- 878.9 853.6 866.5 910.065 878.5935 -8.22433
09

24-Feb- 860 835 854.5 903.57 862.54 -6.50473
09
25-Feb- 871.35 860.2 864.3 895.3 857.734 -1.81756
09
26-Feb- 882.85 841 874.8 889.33 867.765 -0.18257
09
27-Feb- 897.9 843 889.5 884.895 879.651 0.559607
09
2-Mar- 876.95 837.5 845.7 875.05 875.046 -2.40046
09
3-Mar- 843.2 820 831.5 866.805 841.014 -2.69163
09
4-Mar- 850 830 839 862.675 833.975 -2.92722
09
5-Mar- 854.5 791.15 801.4 855.175 826.592 -8.39049
09
6-Mar- 827.95 774 801.8 846.9 801.532 -9.85947
09
9-Mar- 814.7 782.25 798.75 840.125 800.7935 -5.55161
09
12-Mar- 834 791.15 798.65 834.54 798.717 -3.95069
09
13-Mar- 836.8 812.25 834.25 831.535 810.398 -0.56615
09
16-Mar- 852.6 826.65 844.85 828.54 837.748 5.421762
09
17-Mar- 859 809.1 828.15 822.405 839.339 3.286356
09
18-Mar- 860 832.2 843 822.135 833.0505 5.539906
09
19-Mar- 863 819 832.4 822.225 839.502 4.225881
09
20-Mar- 841.7 811 839.3 822.255 834.677 0.605334
09
23-Mar- 899.8 842 885 830.615 854.381 4.752323
09
24-Mar- 974 910 941.7 844.605 903.711 13.71128
09
25-Mar- 976.9 937 972.15 861.945 951.7485 15.32028
09
26-Mar- 1,005.00 975.15 993.4 881.42 979.1625 19.34166
09
27-Mar- 1,013.00 980.9 1,001.45 898.14 996.0565 19.31967
09
30-Mar- 980 940.7 945.5 908.205 982.9865 6.836158
09
31-Mar- 987.9 904.4 973.4 922.73 954.707 3.366253
09
CHART 1
Inference:
The chart shows that 10 days moving average and market price from JAN 1st
2009- Mar 31st 2009. From the chart we can infer that the 10 days moving average has
intersected the market price on JAN 7th 2009 and the market price have fallen below
the 10 days moving average, hence a bearish trend followed. If the market price is
above the 10 days moving average than the trend will be bullish.
The current market price of Rs.937.4 is greater than the 10 days moving average
of Rs.922.75 therefore the trend reversal is expected. The trend will be bullish with
effect from Mar 31st 2009.
CHART 2:
Inference
• The calculated roc value raises from -5.5 on 2nd MAR 09 to 19.2 on 23rd MAR
thus indicating bullish trend ahead
• The calculated roc value declining from 19.2 on 23rd MAR 09 to 3.31 on 31st
MAR 09 thus indicating bearish trend ahead.
CHART 3:
Inference
• The calculated EMA value raises from 798.3 on 13th MAR 09 to 954.5 on 31st
MAR 09 thus indicating bullish trend ahead
• The calculated EMA value declining from 1070.81 on 6th JAN 09 to 801.71 on
6th march 09 thus indicating bearish trend ahead.
TABLE 2: CALCULATION OF RELATIVE STRENGTH INDEX FOR HDFC

BANK LTD
Date High Price Low Price Close Price 14 days RS Gain Loss +Ve Loss R
1-Jan-09 1,019.80 996 1,013.75 1.4 14.72143 -110.9 7.921429 1.8
2-Jan-09 1,032.00 1,003.20 1,015.65 24.3 14.75714 -110.9 7.921429 1.8
5-Jan-09 1,049.50 1,028.05 1,044.10 40.7 15.05357 -110.9 7.921429 1.9
6-Jan-09 1,113.00 1,034.00 1,100.40 17.25 16.16786 -110.9 7.921429 2.0
7-Jan-09 1,125.25 996 1,009.25 56.45 14.93571 -202.05 14.43214 1.0
9-Jan-09 1,057.00 975 1,017.50 -6.55 11.49286 -202.05 14.43214 0.7
12-Jan-09 1,022.00 990 1,003.70 -33.6 11.49286 -209.3 14.95 0.7
13-Jan-09 1,012.00 975.1 988.85 -38.7 11.49286 -190.55 13.61071 0.8
14-Jan-09 1,044.70 966.9 977.55 4.4 11.49286 -163.15 11.65357 0.9
15-Jan-09 960 907.05 924.8 -11.4 11.17857 -215.9 15.42143 0.7
16-Jan-09 944.55 922.2 937.55 29.55 12.08929 -204.5 14.60714 0.8
19-Jan-09 954.5 931.5 941.1 16.65 10.23214 -204.5 14.60714 0.7
20-Jan-09 925 902 912.45 -20.65 9.042857 -233.15 16.65357 0.5
21-Jan-09 906.8 880 889.45 15.4 9.042857 -235.5 16.82143 0.5
22-Jan-09 917 882 900.5 1.9 8.732143 -235.5 16.82143 0.5
23-Jan-09 911.3 865.1 872.45 28.45 8.596429 -263.55 18.825 0.4
27-Jan-09 903.95 880 889.45 56.3 7.778571 -263.55 18.825 0.4
28-Jan-09 915.8 895.35 911.75 -91.15 5.35 -263.55 18.825 0.2
29-Jan-09 937.55 910 923.45 8.25 6.185714 -172.4 12.31429 0.5
30-Jan-09 935 892.4 925.6 -13.8 5.75 -172.4 12.31429 0.4
CALCULATION OF RELATIVE STRENGTH INDEX HDFC BANK LTD
Date High Price Low Price Close Price 14 days RS Gain Loss +ve Loss RS RSI
2-Feb-09 920.5 877 888.7 0.7 2.671429 -89.15 6.367857 0.419518 29.55354
3-Feb-09 909.8 890 898.2 6.95 2.621429 -109.3 7.807143 0.335773 25.13699
4-Feb-09 922.55 882.15 885.85 -10.2 2.596429 -109.3 7.807143 0.332571 24.95709
5-Feb-09 899.7 880.1 884.25 -6.65 2.635714 -99.1 7.078571 0.372351 27.13235
6-Feb-09 904.8 886.4 898.4 -0.4 2.635714 -94.5 6.75 0.390476 28.08219
9-Feb-09 922 903 919.45 -6.45 2.778571 -94.1 6.721429 0.41339 29.24812
10-Feb-09 958.15 921.35 947 -7.35 3.682143 -87.65 6.260714 0.588135 37.03305
11-Feb-09 942.95 907 934.5 -17.2 3.682143 -81.75 5.839286 0.630581 38.67217
12-Feb-09 941 924.55 933.85 -2.85 4.071429 -64.55 4.610714 0.883036 46.89428
13-Feb-09 953.9 937 944.15 5.2 4.353571 -61.7 4.407143 0.987844 49.69425
16-Feb-09 940 908 913.95 10.95 3.982143 -65.6 4.685714 0.849848 45.94149
17-Feb-09 914.4 870.25 880.3 -13.4 3.2 -74 5.285714 0.605405 37.71044
18-Feb-09 888 864.95 876.4 13.6 3.95 -60.6 4.328571 0.912541 47.71355
19-Feb-09 892.2 874.35 884.55 -24.65 2.978571 -63.35 4.525 0.658248 39.69538
20-Feb-09 878.9 853.6 866.5 -20.15 2.978571 -39.85 2.846429 1.046424 51.13427
24-Feb-09 860 835 854.5 6.6 3.214286 -19.7 1.407143 2.284264 69.55178
25-Feb-09 871.35 860.2 864.3 0.55 2.742857 -23.05 1.646429 1.665944 62.48983
26-Feb-09 882.85 841 874.8 -2.05 2.803571 -23.05 1.646429 1.70282 63.00161
27-Feb-09 897.9 843 889.5 2 2.803571 -25.2 1.8 1.55754 60.89992
CALCULATION OF RELATIVE STRENGTH INDEX HDFC BANK LTD
2-Mar-09 876.95 837.5 845.7 12.65 2.660714 -28.2 2.014286 1.320922 56.91367
3-Mar-09 843.2 820 831.5 -1.45 1.757143 -28.85 2.060714 0.852686 46.02432
4-Mar-09 850 830 839 5.45 1.757143 -28.1 2.007143 0.875445 46.67932
5-Mar-09 854.5 791.15 801.4 3.95 1.367857 -28.9 2.064286 0.66263 39.85432
6-Mar-09 827.95 774 801.8 -3.9 1.085714 -29.95 2.139286 0.507513 33.66556
9-Mar-09 814.7 782.25 798.75 -8.4 1.085714 -33.1 2.364286 0.459215 31.46998
12-Mar-09 834 791.15 798.65 10.5 1.085714 -26.8 1.914286 0.567164 36.19048
13-Mar-09 836.8 812.25 834.25 -2.75 1.478571 -26.8 1.914286 0.772388 43.57895
16-Mar-09 852.6 826.65 844.85 -1.15 2.142857 -24.05 1.717857 1.247401 55.50416
17-Mar-09 859 809.1 828.15 3.3 2.142857 -25.85 1.846429 1.160542 53.71531
18-Mar-09 860 832.2 843 -3.35 2.857143 -25.85 1.846429 1.547389 60.74412
19-Mar-09 863 819 832.4 1.4 2.978571 -22.5 1.607143 1.853333 64.95327
20-Mar-09 841.7 811 839.3 -4.2 2.878571 -25 1.785714 1.612 61.71516
23-Mar-09 899.8 842 885 -3 2.878571 -25.65 1.832143 1.57115 61.1069
24-Mar-09 974 910 941.7 -0.65 2.878571 -23 1.642857 1.752174 63.66509
25-Mar-09 976.9 937 972.15 -0.7 3.617857 -22.35 1.596429 2.266219 69.38356
26-Mar-09 1,005.00 975.15 993.4 -0.8 3.617857 -21.95 1.567857 2.307517 69.76584
27-Mar-09 1,013.00 980.9 1,001.45 -1.05 4.078571 -21.15 1.510714 2.699764 72.97125
30-Mar-09 980 940.7 945.5 -7.05 4.078571 -37.4 2.671429 1.526738 60.42328
31-Mar-09 987.9 904.4 973.4 -2.1 4.207143 -30.35 2.167857 1.940692 65.9944
CHART 4:
Inference
• The calculated RSI value fell from 65.07 on 1st JAN to 22.1 on 28th JAN 09
signifies signal of bullish trend.
• The calculated RSI value again decline from 88.89 to 1st MAR 09 to 79.3 on
31th MAR signifies the signal of bearish trend
TABLE 3:
CALCULATION OF STOCHASTICS METHOD FOR HDFC BANK LTD
Date High Price Low Price Close Price C-L5 H5-L5 %K %D

1-Jan-09 1,019.80 996 1,013.75 57.75 78.3 73.75479 72.68924
2-Jan-09 1,032.00 1,003.20 1,015.65 59.65 78.3 76.18135 69.80715
5-Jan-09 1,049.50 1,028.05 1,044.10 55.65 61.05 91.15479 79.50839
6-Jan-09 1,113.00 1,034.00 1,100.40 111.95 124.55 89.88358 86.11216
7-Jan-09 1,125.25 996 1,009.25 13.25 129.25 10.25145 57.44005
9-Jan-09 1,057.00 975 1,017.50 42.5 150.25 28.28619 41.50476
12-Jan-09 1,022.00 990 1,003.70 28.7 150.25 19.1015 19.65096
13-Jan-09 1,012.00 975.1 988.85 13.85 150.25 9.21797 18.86855
14-Jan-09 1,044.70 966.9 977.55 10.65 158.35 6.725608 11.5942
15-Jan-09 960 907.05 924.8 17.75 149.95 11.83728 9.213826
16-Jan-09 944.55 922.2 937.55 30.5 137.65 22.15765 13.20776
19-Jan-09 954.5 931.5 941.1 34.05 137.65 24.73665 19.35332
20-Jan-09 925 902 912.45 10.45 142.7 7.323055 17.94258
21-Jan-09 906.8 880 889.45 9.45 80 11.8125 14.97156
22-Jan-09 917 882 900.5 20.5 74.5 27.51678 13.59354
23-Jan-09 911.3 865.1 872.45 7.35 89.4 8.221477 15.29315
27-Jan-09 903.95 880 889.45 24.35 59.9 40.65109 23.3244
28-Jan-09 915.8 895.35 911.75 46.65 51.9 89.88439 38.94135
29-Jan-09 937.55 910 923.45 58.35 72.45 80.5383 70.20353
30-Jan-09 935 892.4 925.6 60.5 72.45 83.50587 84.09553
2-Feb-09 920.5 877 888.7 11.7 60.55 19.32287 63.54344
3-Feb-09 909.8 890 898.2 21.2 60.55 35.01239 48.25626
4-Feb-09 922.55 882.15 885.85 8.85 60.55 14.61602 22.98376
5-Feb-09 899.7 880.1 884.25 7.25 58 12.5 20.82635
6-Feb-09 904.8 886.4 898.4 21.4 45.55 46.98134 22.85192
9-Feb-09 922 903 919.45 39.35 42.45 92.69729 46.57534
10-Feb-09 958.15 921.35 947 66.9 78.05 85.71429 76.87444
11-Feb-09 942.95 907 934.5 54.4 78.05 69.69891 80.91161
12-Feb-09 941 924.55 933.85 47.45 71.75 66.1324 74.06188
13-Feb-09 953.9 937 944.15 41.15 55.15 74.61469 69.77312
16-Feb-09 940 908 913.95 6.95 51.15 13.58749 53.6647
17-Feb-09 914.4 870.25 880.3 10.05 83.65 12.01435 30.61332
18-Feb-09 888 864.95 876.4 11.45 88.95 12.8724 12.71508
19-Feb-09 892.2 874.35 884.55 19.6 88.95 22.03485 15.71401

20-Feb-09 878.9 853.6 866.5 12.9 86.4 14.93056 16.62883
24-Feb-09 860 835 854.5 19.5 79.4 24.55919 20.41217
25-Feb-09 871.35 860.2 864.3 29.3 57.2 51.22378 27.66816
26-Feb-09 882.85 841 874.8 39.8 57.2 69.58042 45.71723
27-Feb-09 897.9 843 889.5 54.5 62.9 86.64547 69.71235
2-Mar-09 876.95 837.5 845.7 10.7 62.9 17.01113 57.37705
3-Mar-09 843.2 820 831.5 11.5 77.9 14.76252 37.65341
4-Mar-09 850 830 839 19 77.9 24.39024 18.83859
5-Mar-09 854.5 791.15 801.4 10.25 106.75 9.601874 15.52085
6-Mar-09 827.95 774 801.8 27.8 102.95 27.0034 19.83658
9-Mar-09 814.7 782.25 798.75 24.75 80.5 30.74534 21.64025
12-Mar-09 834 791.15 798.65 24.65 80.5 30.62112 29.24796
13-Mar-09 836.8 812.25 834.25 60.25 80.5 74.84472 45.40373
16-Mar-09 852.6 826.65 844.85 70.85 78.6 90.13995 65.00417
17-Mar-09 859 809.1 828.15 45.9 76.75 59.80456 75.0477
18-Mar-09 860 832.2 843 51.85 68.85 75.30864 75.20071
19-Mar-09 863 819 832.4 23.3 53.9 43.2282 60.67669
20-Mar-09 841.7 811 839.3 30.2 53.9 56.02968 59.6377
23-Mar-09 899.8 842 885 75.9 90.7 83.68247 65.18892
24-Mar-09 974 910 941.7 130.7 163 80.18405 76.98309
25-Mar-09 976.9 937 972.15 161.15 165.9 97.13683 87.64299
26-Mar-09 1,005.00 975.15 993.4 182.4 194 94.02062 90.69612
27-Mar-09 1,013.00 980.9 1,001.45 159.45 171 93.24561 94.74477
30-Mar-09 980 940.7 945.5 35.5 103 34.46602 80.63034
31-Mar-09 987.9 904.4 973.4 69 108.6 63.53591 68.9885
CHART 5:
Inference:
This chart shows the % K and % D stochastic from JAN 1st 2008 to MAR 31th
2009. From the chart we can infer that there are more over bought position than the
over sold. When %K or %D is below 20 then the share are over sold in that period. If
the %K or %D is above 80 then the shares are over bought. When % K or % D is at
75% to 85% then it is the best time to sell shares or grow short. When % K or %D is
at 15% then it is the best buy signal. As the % D has fallen to below 20% on Jan 12th
2009. A bearish trend is predicted.
Recently there was an over sold position, the % D was 96% on Mar 26th 2009 and
then decreased to 68% on Mar 31th 2009. Negative divergence was formed, hence the
trend will reverse. A bearish trend is follow
TABLE 4:
CALCULATION OF MOVING AVERAGE CONVERGENCE AND

DIVERGENCE METHOD FOR HDFC BANK LTD
Date High Price Low Price Close Price 12 D EMA 48 D EMA MACD OF A &B
1-Jan-09 1,019.80 996 1,013.75 991.9546 942.6692 49.28541
2-Jan-09 1,032.00 1,003.20 1,015.65 995.5089 945.5884 49.92049
5-Jan-09 1,049.50 1,028.05 1,044.10 1002.798 949.5289 53.26869
6-Jan-09 1,113.00 1,034.00 1,100.40 1017.438 955.5637 61.87421
7-Jan-09 1,125.25 996 1,009.25 1016.21 957.7112 58.49857
9-Jan-09 1,057.00 975 1,017.50 1016.403 960.1027 56.30055
12-Jan-09 1,022.00 990 1,003.70 1014.498 961.8466 52.65117
13-Jan-09 1,012.00 975.1 988.85 1010.651 962.9268 47.72387
14-Jan-09 1,044.70 966.9 977.55 1005.686 963.5117 42.17384
15-Jan-09 960 907.05 924.8 993.5527 961.9632 31.58948
16-Jan-09 944.55 922.2 937.55 985.1523 960.9867 24.1656
19-Jan-09 954.5 931.5 941.1 978.5445 960.1912 18.35323
20-Jan-09 925 902 912.45 968.6303 958.2816 10.34871
21-Jan-09 906.8 880 889.45 956.7532 955.5283 1.224929
22-Jan-09 917 882 900.5 948.3153 953.3272 -5.01193
23-Jan-09 911.3 865.1 872.45 936.9355 950.0921 -13.1566
27-Jan-09 903.95 880 889.45 929.8126 947.6664 -17.8538
28-Jan-09 915.8 895.35 911.75 927.1032 946.2298 -19.1265
29-Jan-09 937.55 910 923.45 991.9546 942.6692 49.28541
30-Jan-09 935 892.4 925.6 995.5089 945.5884 49.92049
2-Feb-09 920.5 877 888.7 920.7552 942.2966 -21.5415
3-Feb-09 909.8 890 898.2 917.3719 940.5328 -23.1609
4-Feb-09 922.55 882.15 885.85 912.6436 938.3455 -25.7018
5-Feb-09 899.7 880.1 884.25 908.3846 936.1816 -27.7971
6-Feb-09 904.8 886.4 898.4 906.8869 934.6704 -27.7835
9-Feb-09 922 903 919.45 908.7714 934.0616 -25.2902
10-Feb-09 958.15 921.35 947 914.5057 934.5791 -20.0734
11-Feb-09 942.95 907 934.5 917.5048 934.5759 -17.0711
12-Feb-09 941 924.55 933.85 919.9566 934.5469 -14.5903
13-Feb-09 953.9 937 944.15 923.5856 934.931 -11.3454
16-Feb-09 940 908 913.95 922.1403 934.0918 -11.9515
17-Feb-09 914.4 870.25 880.3 915.8642 931.9401 -16.0759
18-Feb-09 888 864.95 876.4 909.9446 929.7185 -19.7739
19-Feb-09 892.2 874.35 884.55 906.1354 927.9118 -21.7764
20-Feb-09 878.9 853.6 866.5 900.1901 925.4553 -25.2652
24-Feb-09 860 835 854.5 893.3366 922.6171 -29.2805
25-Feb-09 871.35 860.2 864.3 888.9811 920.2844 -31.3033
26-Feb-09 882.85 841 874.8 886.8539 918.465 -31.6111
27-Feb-09 897.9 843 889.5 887.2508 917.3064 -30.0556
2-Mar-09 876.95 837.5 845.7 881.0182 914.4422 -33.424
3-Mar-09 843.2 820 831.5 873.5905 911.1245 -37.534
4-Mar-09 850 830 839 868.4019 908.2395 -39.8376
5-Mar-09 854.5 791.15 801.4 858.3516 903.9659 -45.6143
6-Mar-09 827.95 774 801.8 849.8689 899.8793 -50.0104
9-Mar-09 814.7 782.25 798.75 842.201 895.8341 -53.6331
12-Mar-09 834 791.15 798.65 835.6684 891.9467 -56.2784
13-Mar-09 836.8 812.25 834.25 835.4556 889.6389 -54.1832
16-Mar-09 852.6 826.65 844.85 836.8648 887.8473 -50.9825
17-Mar-09 859 809.1 828.15 835.5576 885.4594 -49.9019
18-Mar-09 860 832.2 843 836.6739 883.761 -47.0871
19-Mar-09 863 819 832.4 836.0328 881.7066 -45.6738
20-Mar-09 841.7 811 839.3 836.5229 880.0103 -43.4874
23-Mar-09 899.8 842 885 843.7945 880.2099 -36.4155
24-Mar-09 974 910 941.7 858.4803 882.6695 -24.1892
25-Mar-09 976.9 937 972.15 875.5308 886.2488 -10.718
26-Mar-09 1,005.00 975.15 993.4 893.2111 890.5348 2.676346
27-Mar-09 1,013.00 980.9 1,001.45 909.447 894.9714 14.47557
30-Mar-09 980 940.7 945.5 914.8549 896.9926 17.86238
31-Mar-09 987.9 904.4 973.4 923.6367 900.0489 23.58784
CHART 6:
Inference
• The calculated MACD value fells from 62.6 on 4 JAN 09 to -57.63 on 12th
MAR 09 showing bearish trend ahead
• The calculated MACD value raise from -57.62 on 12th January 09 -23.49 on
31th MAR 09 showing the bearish trend.
TABLE 5:
CALCULATION FOR BHARTI AIRTEL LTD (MOVING AVERAGE,

EXPONENTIAL MOVING AVERAGE AND RATE OF CHANGE)

1-Jan-09 725 708.3 719.95 711.07 716.9685 4.43139
2-Jan-09 722 699 704.9 710.545 714.9835 2.695221
5-Jan-09 714 677.25 685.65 706.94 698.5475 -3.7076
6-Jan-09 699.4 651.25 657 700.43 676.1955 -9.07833
7-Jan-09 668.9 612 650 694.345 654.69 -9.15444
9-Jan-09 654 607.65 638.9 689.295 646.337 -11.2577
12-Jan- 637.3 608.15 623.85 683.04 633.9335 -11.4981
09
13-Jan- 629 593.85 607.05 672.54 618.306 -11.4636
09
14-Jan- 635 610 622.75 662.555 612.231 -5.21309
09
15-Jan- 615 584 603.65 651.37 616.447 -7.13077
09
16-Jan- 639 608 634.75 642.85 613.913 -0.64955
09
19-Jan- 653.8 630 646.85 637.045 638.743 3.686784
09
20-Jan- 637 610 616.35 630.115 636.785 1.531999
09
21-Jan- 608.7 553.35 583.05 622.72 605.361 -6.37495
09
22-Jan- 623.7 580 619.2 619.64 594.9795 2.575996
09
23-Jan- 625 603.25 613.15 617.065 617.2035 -3.40291
09
27-Jan- 649.9 614.5 647.4 619.42 624.4525 0.085027
09
28-Jan- 660 635.2 652.15 623.93 648.9675 5.808388
09
29-Jan- 665 620.3 627.4 624.395 643.9825 7.606552
09
30-Jan- 636 612.2 633.95 627.425 629.5615 2.382106
09
2-Feb- 629.7 607.05 615.8 625.53 627.9605 0.432194
09
3-Feb- 636.95 613.8 625 623.345 618.836 -3.45999
09
4-Feb- 640 626.2 634.3 625.14 628.069 -2.7371
09
5-Feb- 646 618 628.65 629.7 632.4355 0.199235
09
6-Feb- 649.4 632.1 647.05 632.485 634.722 2.066409
09
9-Feb- 669 639.2 665.75 637.745 653.221 8.1114
09
10-Feb- 667 648.1 663.55 639.36 665.024 6.168
09
11-Feb- 679 645 673.45 641.49 666.817 6.172158
09
12-Feb- 674.5 645 650.85 643.835 665.992 3.531377
09
13-Feb- 665 643.55 651.75 645.615 651.147 0.726374
09
16-Feb- 651.75 628.1 637.75 647.81 647.13 -4.20578
09
17-Feb- 637.2 624 632.65 648.575 636.067 -4.65677
09
18-Feb- 651.7 626.5 640.85 649.23 635.356 -4.84075
09
19-Feb- 651.1 636.25 648.45 651.21 643.358 -0.36875
09
20-Feb- 651.45 631 642.7 650.775 646.5525 -1.38857
09

24-Feb- 642 627 636.65 647.865 640.7035 -0.17248
09
25-Feb- 660 636.35 640.75 645.585 638.003 1.280329
09
26-Feb- 660 631.35 652.2 643.46 644.5285 1.771085
09
27-Feb- 647.7 625.05 638.5 642.225 647.679 -1.53443
09
2-Mar- 632.7 612 616.8 638.73 631.339 -4.02987
09
3-Mar- 624.85 594.35 601.15 635.07 611.6355 -5.57606
09
4-Mar- 607 589.1 600.65 631.87 600.985 -6.25829
09
5-Mar- 607 575 589.75 626.76 597.053 -9.57528
09
6-Mar- 605.5 570.05 602.25 622.14 593.875 -5.67737
09
9-Mar- 600.7 582.05 587.75 616.645 597.465 -4.70979
09
12-Mar- 623.7 541.1 548.45 607.825 574.781 -8.76653
09
13-Mar- 569.9 545.05 557.65 599.515 551.486 -7.15891
09
16-Mar- 576.8 559.5 571.3 591.425 562.1545 -3.12844
09
17-Mar- 584.8 564.5 571.55 584.73 571.3825 -5.09755
09
18-Mar- 578.7 557 569.75 580.025 570.956 -3.06253
09
19-Mar- 575.9 564.75 570.7 576.98 570.0635 4.056888
09
20-Mar- 573 553 569.4 573.855 570.271 2.107056
09
23-Mar- 600 568.4 593.2 574.2 577.254 3.833363
09
24-Mar- 621.7 595.7 603.7 574.345 596.665 5.625055
09
25-Mar- 607 582.2 591 574.67 599.509 3.729706
09
26-Mar- 625 583.65 621.85 582.01 601.1805 8.962677
09
27-Mar- 635.85 609 621.85 588.43 621.85 9.211451
09
30-Mar- 618.4 582.65 609.65 592.265 617.824 2.773095
09
31-Mar- 637.5 613.75 625.75 597.685 614.963 3.652476
09
CHART 7:
Inference:
The chart shows that 10 days moving average and market price from JAN 1st 2009-
MAR 31st 2009. From the chart we can infer that the 10 days moving average has
intersected the market price on JAN 2nd 2009 and the market price have fallen below
the 10 day moving average, hence a bearish trend followed. If the market price is
above the 10 day moving average than the trend will be bullish.
The current market price of Rs.625.25 is greater than the 10 days moving average of
Rs.597.23 therefore the trend reversal is expected. The trend will be bullish with
CHART 8:
Inference
• The calculated EMA value raises from 798.3 on 1st JAN 09 to 559.94 on 22nd
MAR 09 thus indicating bearish trend ahead
• The calculated EMA value again declining from 665.95 on 12th FEB 09 to
551.71 on 12th MAR 09 thus indicating bearish trend ahead.
CHART 9:
Inference
• The calculated ROC value raises from -11.5 on 2nd JAN 09 to 7.60 on 22nd
JAN thus indicating bullish trend ahead
• The calculated ROC value declining from 9.23 on 23rd MAR 09 to 3.31 on 31st
TABLE 6: CALCULATION OF RELATIVE STRENGTH INDEX FOR

BHARTI AIRTEL LTD
1-Jan-09 725 708.3 719.95 -18.9 5.342857 -97.25 6.946429 0.769152 43.47573
2-Jan-09 722 699 704.9 13.9 5.342857 -93.4 6.671429 0.800857 44.47087
5-Jan-09 714 677.25 685.65 7.4 4.35 -112.65 8.046429 0.540613 35.09075
6-Jan-09 699.4 651.25 657 -35.55 3.821429 -141.3 10.09286 0.378627 27.46407
7-Jan-09 668.9 612 650 0.9 3.821429 -112.75 8.053571 0.474501 32.18045
9-Jan-09 654 607.65 638.9 11.55 3.757143 -123.85 8.846429 0.424707 29.81014
12-Jan-09 637.3 608.15 623.85 0.4 2.932143 -138.9 9.921429 0.295536 22.81189
13-Jan-09 629 593.85 607.05 -11.25 2.903571 -155.7 11.12143 0.261079 20.70283
14-Jan-09 635 610 622.75 -21.45 4.025 -144.45 10.31786 0.3901 28.06275
15-Jan-09 615 584 603.65 -3 4.025 -142.1 10.15 0.396552 28.39506
16-Jan-09 639 608 634.75 25.65 6.246429 -139.1 9.935714 0.628684 38.60075
19-Jan-09 653.8 630 646.85 10.55 5.278571 -139.1 9.935714 0.531272 34.69484
20-Jan-09 637 610 616.35 -7.1 4.525 -169.6 12.11429 0.373526 27.19468
21-Jan-09 608.7 553.35 583.05 4.45 4.525 -195.8 13.98571 0.323544 24.4453
22-Jan-09 623.7 580 619.2 -15.05 6.789286 -195.8 13.98571 0.485444 32.68008
23-Jan-09 625 603.25 613.15 -19.25 6.789286 -186.8 13.34286 0.508833 33.72361
27-Jan-09 649.9 614.5 647.4 -28.65 9.235714 -167.55 11.96786 0.77171 43.55735
28-Jan-09 660 635.2 652.15 -7 9.575 -138.9 9.921429 0.965083 49.11156
29-Jan-09 665 620.3 627.4 -11.1 9.575 -156.65 11.18929 0.855729 46.11283
30-Jan-09 636 612.2 633.95 -15.05 10.04286 -145.55 10.39643 0.965991 49.13507
CALCULATION OF RELATIVE STRENGTH INDEX FOR BHARTI AIRTEL
LTD
2-Feb-09 629.7 607.05 615.8 -16.8 10.04286 -148.65 10.61786 0.945846 48.60847
3-Feb-09 636.95 613.8 625 15.7 10.7 -131.85 9.417857 1.13614 53.18658
4-Feb-09 640 626.2 634.3 -19.1 10.24286 -131.85 9.417857 1.0876 52.09809
5-Feb-09 646 618 628.65 31.1 10.24286 -118.4 8.457143 1.211149 54.77464
6-Feb-09 649.4 632.1 647.05 12.1 9.335714 -118.4 8.457143 1.103885 52.46889
9-Feb-09 669 639.2 665.75 -30.5 9.807143 -118.4 8.457143 1.159628 53.69574
10-Feb-09 667 648.1 663.55 -33.3 9.807143 -90.1 6.435714 1.523862 60.37819
11-Feb-09 679 645 673.45 36.15 10.51429 -56.8 4.057143 2.591549 72.15686
12-Feb-09 674.5 645 650.85 -6.05 7.932143 -79.4 5.671429 1.398615 58.30927
13-Feb-09 665 643.55 651.75 34.25 7.996429 -73.35 5.239286 1.526244 60.41554
16-Feb-09 651.75 628.1 637.75 4.75 5.55 -87.35 6.239286 0.889525 47.07664
17-Feb-09 637.2 624 632.65 -24.75 5.210714 -92.45 6.603571 0.789075 44.1052
18-Feb-09 651.7 626.5 640.85 6.55 5.796429 -67.7 4.835714 1.198671 54.51797
19-Feb-09 651.1 636.25 648.45 -18.15 5.871429 -67.7 4.835714 1.21418 54.83656
20-Feb-09 651.45 631 642.7 9.2 5.871429 -55.3 3.95 1.486438 59.78182
24-Feb-09 642 627 636.65 9.3 5.214286 -61.35 4.382143 1.189894 54.33569
25-Feb-09 660 636.35 640.75 -5.65 4.842857 -61.35 4.382143 1.105134 52.4971
26-Feb-09 660 631.35 652.2 18.4 5.660714 -55.7 3.978571 1.422801 58.72545
27-Feb-09 647.7 625.05 638.5 18.7 4.346429 -69.4 4.957143 0.876801 46.71785
CALCULATION OF RELATIVE STRENGTH INDEX FOR BHARTI AIRTEL

LTD
2-Mar-09 632.7 612 616.8 -2.2 3.010714 -91.1 6.507143 0.462678 31.63227
3-Mar-09 624.85 594.35 601.15 9.9 3.010714 -104.55 7.467857 0.403156 28.73211
4-Mar-09 607 589.1 600.65 -22.6 2.303571 -105.05 7.503571 0.306997 23.48871
5-Mar-09 607 575 589.75 0.9 2.303571 -93.35 6.667857 0.345474 25.67675
6-Mar-09 605.5 570.05 602.25 -14 3.132143 -93.35 6.667857 0.469738 31.96064
9-Mar-09 600.7 582.05 587.75 -5.1 3.132143 -93.85 6.703571 0.467235 31.84459
12-Mar-09 623.7 541.1 548.45 8.2 3.132143 -128.05 9.146429 0.342444 25.50902
13-Mar-09 569.9 545.05 557.65 7.6 3.203571 -128.05 9.146429 0.350254 25.93985
16-Mar-09 576.8 559.5 571.3 -5.75 3.635714 -128.05 9.146429 0.397501 28.4437
17-Mar-09 584.8 564.5 571.55 -6.05 3.653571 -122.3 8.735714 0.418234 29.48977
18-Mar-09 578.7 557 569.75 4.1 3.653571 -118.05 8.432143 0.433291 30.2305
19-Mar-09 575.9 564.75 570.7 11.45 3.428571 -118.05 8.432143 0.406607 28.90696
20-Mar-09 573 553 569.4 -13.7 2.610714 -119.35 8.525 0.306242 23.44452
23-Mar-09 600 568.4 593.2 -21.7 4.310714 -105.65 7.546429 0.571226 36.35542
24-Mar-09 621.7 595.7 603.7 -15.65 5.060714 -83.95 5.996429 0.843955 45.76873
25-Mar-09 607 582.2 591 -0.5 5.060714 -81 5.785714 0.874691 46.65789
26-Mar-09 625 583.65 621.85 -10.9 7.264286 -80.5 5.75 1.263354 55.81778
27-Mar-09 635.85 609 621.85 12.5 7.264286 -69.6 4.971429 1.461207 59.36953
30-Mar-09 618.4 582.65 609.65 -14.5 6.371429 -81.8 5.842857 1.090465 52.16374
31-Mar-09 637.5 613.75 625.75 -39.3 7.521429 -67.3 4.807143 1.564636 61.00811
CHART 10:
Inference
• The calculated RSI value raises from 20.7 on 13th JAN to 72.1 on 12th FEB 09
• The calculated RSI value again raises from 23.42 to 20th MAR 09 to 79.3 on
31th MAR signifies the signal of bullish trend
TABLE 7:
CALCULATION OF BHARTI AIRTEL LTD FOR PERIOD OF 1ST JAN-31ST

MAR IN STOCHASTICS METHOD

1-Jan-09 725 708.3 719.95 54.95 69 79.63768 78.76812
2-Jan-09 722 699 704.9 39.9 69 57.82609 70.21739
5-Jan-09 714 677.25 685.65 8.4 56.75 14.80176 53.01669
6-Jan-09 699.4 651.25 657 5.75 77.7 7.400257 26.56672
7-Jan-09 668.9 612 650 38 113 33.62832 21.07496
9-Jan-09 654 607.65 638.9 31.25 114.35 27.32838 24.58613
12-Jan-09 637.3 608.15 623.85 16.2 106.35 15.23272 25.60683
13-Jan-09 629 593.85 607.05 13.2 105.55 12.50592 18.59004
14-Jan-09 635 610 622.75 28.9 75.05 38.50766 20.31713
15-Jan-09 615 584 603.65 19.65 70 28.07143 24.64086
16-Jan-09 639 608 634.75 50.75 55 92.27273 49.63759
19-Jan-09 653.8 630 646.85 62.85 69.8 90.04298 68.40349
20-Jan-09 637 610 616.35 32.35 69.8 46.3467 75
21-Jan-09 608.7 553.35 583.05 29.7 100.45 29.56695 52.03083
22-Jan-09 623.7 580 619.2 65.85 100.45 65.555 47.24788
23-Jan-09 625 603.25 613.15 59.8 100.45 59.53211 51.55135
27-Jan-09 649.9 614.5 647.4 94.05 96.55 97.41067 73.86115
28-Jan-09 660 635.2 652.15 98.8 106.65 92.63947 83.20435
29-Jan-09 665 620.3 627.4 47.4 85 55.76471 83.36225
30-Jan-09 636 612.2 633.95 30.7 61.75 49.7166 69.81058
2-Feb-09 629.7 607.05 615.8 8.75 57.95 15.09922 42.42794
3-Feb-09 636.95 613.8 625 17.95 57.95 30.97498 32.31072
4-Feb-09 640 626.2 634.3 27.25 57.95 47.0233 31.0325
5-Feb-09 646 618 628.65 21.6 38.95 55.45571 43.13852
6-Feb-09 649.4 632.1 647.05 40 42.35 94.451 63.8061
9-Feb-09 669 639.2 665.75 51.95 55.2 94.11232 83.18681
10-Feb-09 667 648.1 663.55 45.55 51 89.31373 92.56143
11-Feb-09 679 645 673.45 55.45 61 90.90164 91.47727
12-Feb-09 674.5 645 650.85 18.75 46.9 39.97868 75.36186
13-Feb-09 665 643.55 651.75 12.55 39.8 31.53266 58.73392
16-Feb-09 651.75 628.1 637.75 9.65 50.9 18.95874 29.76017
17-Feb-09 637.2 624 632.65 8.65 55 15.72727 21.17364
18-Feb-09 651.7 626.5 640.85 16.85 50.5 33.36634 22.47442
19-Feb-09 651.1 636.25 648.45 24.45 41 59.63415 34.09556
20-Feb-09 651.45 631 642.7 18.7 27.75 67.38739 50.31447

24-Feb-09 642 627 636.65 12.65 27.7 45.66787 57.85381
25-Feb-09 660 636.35 640.75 14.25 33.5 42.53731 51.26476
26-Feb-09 660 631.35 652.2 25.2 33 76.36364 55.30786
27-Feb-09 647.7 625.05 638.5 13.45 34.95 38.48355 52.14391
2-Mar-09 632.7 612 616.8 4.8 48 10 37.47305
3-Mar-09 624.85 594.35 601.15 6.8 65.65 10.35796 16.85734
4-Mar-09 607 589.1 600.65 11.55 70.9 16.29055 12.54403
5-Mar-09 607 575 589.75 14.75 72.7 20.28886 15.8184
6-Mar-09 605.5 570.05 602.25 32.2 62.65 51.39665 28.36364
9-Mar-09 600.7 582.05 587.75 17.7 54.8 32.29927 33.99947
12-Mar-09 623.7 541.1 548.45 7.35 82.6 8.898305 28.61785
13-Mar-09 569.9 545.05 557.65 16.55 82.6 20.03632 18.90909
16-Mar-09 576.8 559.5 571.3 30.2 82.6 36.56174 21.83212
17-Mar-09 584.8 564.5 571.55 30.45 82.6 36.86441 31.15416
18-Mar-09 578.7 557 569.75 28.65 82.6 34.68523 36.03713
19-Mar-09 575.9 564.75 570.7 25.65 39.75 64.5283 41.35155
20-Mar-09 573 553 569.4 16.4 31.8 51.57233 45.86442
23-Mar-09 600 568.4 593.2 40.2 47 85.53191 69.38001
24-Mar-09 621.7 595.7 603.7 50.7 68.7 73.79913 72.74576
25-Mar-09 607 582.2 591 38 68.7 55.31295 69.90239
26-Mar-09 625 583.65 621.85 68.85 72 95.625 75.23878
27-Mar-09 635.85 609 621.85 53.45 67.45 79.24388 77.01177
30-Mar-09 618.4 582.65 609.65 27.45 53.65 51.16496 77.55049
31-Mar-09 637.5 613.75 625.75 43.55 55.3 78.75226 70.54989
CHART 11:
Inference:
This chart shows the % K and % D stochastic from JAN 1st 2008 to MAR 31th 2009.
From the chart we can infer that there are more over bought position than the over
sold. When %K or %D is below 20 then the share are over sold in that period. If the
%K or %D is above 80 then the shares are over bought. When % K or % D is at 75%
to 85% then it is the best time to sell shares or grow short. When % K or %D is at
15% then it is the best buy signal. As the % D has fallen to below 20% on Jan 12th
TABLE: 8
CALCULATION OF BHARTI AIRTEL LTD FOR PERIOD OF 1ST JAN-31ST

MAR MOVING AVERAGE CONVERGENCE AND DIVERGENCE
METHOD
1-Jan-09 725 708.3 719.95 710.9441 685.3003 25.64373
2-Jan-09 722 699 704.9 710.0374 686.0843 23.95313
5-Jan-09 714 677.25 685.65 706.3793 686.0669 20.31239
6-Jan-09 699.4 651.25 657 698.9724 684.9043 14.06817
7-Jan-09 668.9 612 650 691.6266 683.5081 8.118473
9-Jan-09 654 607.65 638.9 683.7176 681.7238 1.993811
12-Jan-09 637.3 608.15 623.85 674.7374 679.4088 -4.67137
13-Jan-09 629 593.85 607.05 664.5843 676.5145 -11.9301
14-Jan-09 635 610 622.75 658.3092 674.3639 -16.0547
15-Jan-09 615 584 603.65 650.1103 671.5353 -21.425
16-Jan-09 639 608 634.75 647.8063 670.0639 -22.2577
19-Jan-09 653.8 630 646.85 647.6628 669.1354 -21.4725
20-Jan-09 637 610 616.35 642.9659 667.0239 -24.0581
21-Jan-09 608.7 553.35 583.05 633.9785 663.665 -29.6865
22-Jan-09 623.7 580 619.2 631.7617 661.8864 -30.1247
23-Jan-09 625 603.25 613.15 628.97 659.9369 -30.967
27-Jan-09 649.9 614.5 647.4 631.7345 659.4355 -27.701
28-Jan-09 660 635.2 652.15 634.7968 659.144 -24.3472
29-Jan-09 665 620.3 627.4 633.6873 657.8743 -24.187
30-Jan-09 636 612.2 633.95 633.7267 656.9173 -23.1906
2-Feb-09 629.7 607.05 615.8 631.0377 655.2726 -24.2349
3-Feb-09 636.95 613.8 625 630.132 654.0617 -23.9297
4-Feb-09 640 626.2 634.3 630.7572 653.2712 -22.514
5-Feb-09 646 618 628.65 630.4411 652.2864 -21.8452
6-Feb-09 649.4 632.1 647.05 632.9325 652.0769 -19.1445
9-Feb-09 669 639.2 665.75 637.8551 652.6239 -14.7688
10-Feb-09 667 648.1 663.55 641.7093 653.0609 -11.3516
11-Feb-09 679 645 673.45 646.4704 653.8765 -7.40603
12-Feb-09 674.5 645 650.85 647.1274 653.7554 -6.62804
13-Feb-09 665 643.55 651.75 647.8208 653.6752 -5.85443
16-Feb-09 651.75 628.1 637.75 646.3102 653.0382 -6.72803
17-Feb-09 637.2 624 632.65 644.2611 652.2227 -7.96153
18-Feb-09 651.7 626.5 640.85 643.7495 651.7678 -8.01829
19-Feb-09 651.1 636.25 648.45 644.4545 651.635 -7.1805
20-Feb-09 651.45 631 642.7 644.1914 651.2776 -7.08628
24-Feb-09 642 627 636.65 643.0602 650.6925 -7.63238
25-Feb-09 660 636.35 640.75 642.7136 650.2948 -7.5812
26-Feb-09 660 631.35 652.2 644.1366 650.371 -6.23445
27-Feb-09 647.7 625.05 638.5 643.2911 649.8962 -6.6051
2-Mar-09 632.7 612 616.8 639.3174 648.5723 -9.25492
3-Mar-09 624.85 594.35 601.15 633.5923 646.6755 -13.0831
4-Mar-09 607 589.1 600.65 628.651 644.8344 -16.1835
5-Mar-09 607 575 589.75 622.8158 642.6311 -19.8152
6-Mar-09 605.5 570.05 602.25 619.731 641.0158 -21.2849
9-Mar-09 600.7 582.05 587.75 614.9338 638.8852 -23.9514
12-Mar-09 623.7 541.1 548.45 604.9612 635.2678 -30.3065
13-Mar-09 569.9 545.05 557.65 597.8646 632.1631 -34.2985
16-Mar-09 576.8 559.5 571.3 593.8799 629.7285 -35.8487
17-Mar-09 584.8 564.5 571.55 590.5304 627.4014 -36.871
18-Mar-09 578.7 557 569.75 587.4133 625.0953 -37.682
19-Mar-09 575.9 564.75 570.7 584.9063 622.9195 -38.0132
20-Mar-09 573 553 569.4 582.5804 620.7788 -38.1984
23-Mar-09 600 568.4 593.2 584.1733 619.6756 -35.5023
24-Mar-09 621.7 595.7 603.7 587.1023 619.0366 -31.9343
25-Mar-09 607 582.2 591 587.687 617.9151 -30.2281
26-Mar-09 625 583.65 621.85 592.8114 618.0725 -25.2611
27-Mar-09 635.85 609 621.85 597.1672 618.2236 -21.0564
30-Mar-09 618.4 582.65 609.65 599.0396 617.8807 -18.841
31-Mar-09 637.5 613.75 625.75 603.0462 618.1954 -15.1492
CHART 12:
Inference
• The calculated MACD value fells from 8.22 on 7 JAN 09 to -30.96 on 23rd
JAN 09 showing bearish trend ahead
• The calculated MACD value raise from -38.72 on 19th MAR 09 -23.49 on 31th
MAR 09 showing the bullish trend.
TABLE 9:
CALCULATION OF ONGC FOR PERIOD OF 1ST JAN-31ST MAR MOVING

AVERAGE, EXPONENTIAL MOVING AVERAGE AND RATE OF
CHANGE

1-Jan-09 690 667 684.8 683.625 672.941 2.109893
2-Jan-09 692 672 680.3 678.415 683.315 5.809161
5-Jan-09 736.5 680.05 725.25 679.845 695.1335 10.51429
6-Jan-09 732 703.1 718.9 680.67 723.1545 6.995089
7-Jan-09 729.45 680 690.6 680.87 709.561 3.52271
9-Jan-09 797.4 660.6 669.1 680.715 683.505 -2.29264
12-Jan- 678 648 653.5 681.77 663.952 -3.93944
09
13-Jan- 655 620.2 630.6 679.205 645.943 -13.0507
09
14-Jan- 662 633.5 648.6 676.875 636.54 -9.77883
09
15-Jan- 641.5 618.6 625.35 672.7 640.9275 -9.44831
09
16-Jan- 650 587.8 648.7 669.09 633.0555 -3.04887
09
19-Jan- 678.4 640 670.25 668.085 655.8115 2.563122
09
20-Jan- 668 646.45 664.15 661.975 668.237 5.32033
09
21-Jan- 675.9 640.1 650.05 655.09 659.497 0.223558
09
22-Jan- 675 643.6 649.5 650.98 649.8685 3.861837
09
23-Jan- 661.9 637 646.5 648.72 648.51 -0.33914
09
27-Jan- 652 613.5 621.15 645.485 638.1345 -7.32562
09
28-Jan- 647.4 607.05 641.25 646.55 627.783 -3.44802
09
29-Jan- 661.75 629.5 639.1 645.6 640.5405 -1.68449
09
30-Jan- 664.9 630.6 654.95 648.56 644.3305 0.839107
09
2-Feb- 663.8 630 639.5 647.64 649.8515 -1.08275
09
3-Feb- 665 632.35 651.4 645.755 643.427 4.869999
09
4-Feb- 672 654.25 665.5 645.89 656.053 3.781676
09
5-Feb- 678.9 655.6 663.6 647.245 664.873 3.833516
09
6-Feb- 688 665.25 683.25 650.62 670.0845 4.320941
09
9-Feb- 728.8 674 724.4 658.41 696.8295 13.276
09
10-Feb- 728.9 703.45 717.45 668.04 722.1065 10.1397
09
11-Feb- 719.25 681 706.75 674.59 713.919 6.198347
09
12-Feb- 738.6 683.5 693.6 680.04 702.4105 4.520796
09
13-Feb- 714.7 652.5 704.8 685.025 697.296 3.154043
09
16-Feb- 705.1 678.5 687.5 689.825 699.091 -5.09387
09
17-Feb- 689.4 670 677.4 692.425 684.167 -5.58227
09
18-Feb- 689.8 632.75 670.8 692.955 675.222 -5.08666
09
19-Feb- 685 670 679.85 694.58 673.7865 -1.98241
09
20-Feb- 679.6 661.3 672.9 693.545 677.5565 -4.52611
09

24-Feb- 685.7 656 679.8 689.085 675.177 -1.12
09
25-Feb- 704.7 679 700.35 687.375 686.5815 3.387954
09
26-Feb- 729.7 692.2 719.75 688.675 706.752 7.297257
09
27-Feb- 716 681 691 688.415 710.2625 1.640068
09
2-Mar- 694.9 652 664.45 684.38 682.2385 -1.25576
09
3-Mar- 675 641 648.45 680.475 659.17 -4.61165
09
4-Mar- 668.8 646.25 663.85 679.12 653.532 -5.21168
09
5-Mar- 674 637.5 650.05 677.045 659.296 -9.68392
09
6-Mar- 676.8 640 673.35 676.395 657.739 -2.55427
09
9-Mar- 675 657.05 666.4 675.745 671.0565 0.293476
09
12-Mar- 689.35 672 682.55 676.02 671.7295 5.258694
09
13-Mar- 709.9 681.55 706.4 676.625 690.4205 6.40958
09
16-Mar- 718 695.1 715.6 676.21 709.436 10.08384
09
17-Mar- 726.8 706.5 715.9 678.7 715.699 6.319151
09
18-Mar- 738.1 717 723.85 684.64 718.5235 8.620948
09
19-Mar- 735.8 722.3 731.2 692.915 726.2755 7.127683
09
20-Mar- 760.5 725.65 755 702.03 739.054 6.879955
09
23-Mar- 800 755 794.2 716.445 767.936 10.98379
09
24-Mar- 809.7 747.4 779.2 727.03 789.25 8.842017
09
25-Mar- 784.7 746.1 763.7 736.76 774.085 5.505284
09
26-Mar- 815 760.6 807.6 749.265 778.187 10.44858
09
27-Mar- 843.4 792.55 808.25 759.45 807.8145 7.05298
09
30-Mar- 809.85 769.2 782.45 766.135 799.736 -1.47948
09
31-Mar- 798 745.6 780.2 772.565 781.7075 0.128337
09
CHART 13:
Inference:
intersected the market price on 07th JAN 09 and the market price have fallen below
the 10 day moving average, hence a bearish trend followed. If the market price is
above 10 day moving average than the trend will be bullish.
of Rs.772.86 therefore the trend reversal is expected. The trend will be bearish with
CHART 14:
Inference
28th JAN 09 thus indicating bearish trend ahead.
• The calculated EMA value raises from 653.37 on 4th MAR 09 to 807.53 on
27th MAR 09 thus indicating bullish trend ahead.
CHART 15
Inference
• The calculated ROC value raises from -13.5 on 6th JAN 09 to 13.2 on 3rd FEB
• The calculated ROC value declining from 10.2 on 20th MAR 09 to 0.12 on 31st
TABLE 10:
CALCULATION OF RELATIVE STRENGTH INDEX FOR ONGC
1-Jan-09 690 667 684.8 -18.6 9.478571 -112.85 8.060714 1.175897 54.04195
2-Jan-09 692 672 680.3 27.5 9.478571 -98.75 7.053571 1.343797 57.3342
5-Jan-09 736.5 680.05 725.25 39.5 10.725 -98.75 7.053571 1.520506 60.32543
6-Jan-09 732 703.1 718.9 4.25 7.903571 -105.1 7.507143 1.052807 51.28621
7-Jan-09 729.45 680 690.6 14.8 7.6 -133.4 9.528571 0.797601 44.37031
9-Jan-09 797.4 660.6 669.1 -21.45 6.542857 -154.9 11.06429 0.591349 37.16024
12-Jan-09 678 648 653.5 -0.3 6.542857 -149.05 10.64643 0.614559 38.06358
13-Jan-09 655 620.2 630.6 -22.05 6.542857 -171.65 12.26071 0.533644 34.79582
14-Jan-09 662 633.5 648.6 -17.95 7.828571 -149.6 10.68571 0.73262 42.28395
15-Jan-09 641.5 618.6 625.35 -27.7 7.828571 -154.9 11.06429 0.707553 41.43667
16-Jan-09 650 587.8 648.7 13.3 9.496429 -127.2 9.085714 1.045204 51.10513
19-Jan-09 678.4 640 670.25 15.65 10.08571 -127.2 9.085714 1.110063 52.60805
20-Jan-09 668 646.45 664.15 -4.8 8.967857 -133.3 9.521429 0.94186 48.50299
21-Jan-09 675.9 640.1 650.05 17.7 8.967857 -142.6 10.18571 0.880435 46.82081
22-Jan-09 675 643.6 649.5 -4.5 7.703571 -143.15 10.225 0.753406 42.96813
23-Jan-09 661.9 637 646.5 44.95 7.703571 -141.65 10.11786 0.761384 43.22645
27-Jan-09 652 613.5 621.15 -6.35 4.492857 -167 11.92857 0.376647 27.35972
28-Jan-09 647.4 607.05 641.25 -28.3 5.928571 -160.65 11.475 0.516651 34.06526
29-Jan-09 661.75 629.5 639.1 -21.5 5.928571 -134.5 9.607143 0.6171 38.16092
30-Jan-09 664.9 630.6 654.95 -15.6 7.060714 -113 8.071429 0.874779 46.66037
Date High Price Low Price Close Price 14 days RS Gain Loss +ve Loss R
2-Feb-09 663.8 630 639.5 -22.9 7.060714 -112.85 8.060714 0.8
3-Feb-09 665 632.35 651.4 18 7.910714 -89.95 6.425 1.2
4-Feb-09 672 654.25 665.5 -23.25 7.632143 -89.95 6.425 1.1
5-Feb-09 678.9 655.6 663.6 23.35 7.632143 -68.6 4.9 1.5
6-Feb-09 688 665.25 683.25 21.55 7.367857 -68.6 4.9 1.5
9-Feb-09 728.8 674 724.4 -6.1 8.767857 -68.6 4.9 1.7
10-Feb-09 728.9 703.45 717.45 -14.1 8.767857 -69.45 4.960714 1.7
11-Feb-09 719.25 681 706.75 -0.55 8.767857 -66.05 4.717857 1.8
12-Feb-09 738.6 683.5 693.6 -3 8.767857 -78.65 5.617857 1.5
13-Feb-09 714.7 652.5 704.8 -25.35 9.567857 -75.65 5.403571 1.7
16-Feb-09 705.1 678.5 687.5 20.1 9.567857 -67.6 4.828571 1.9
17-Feb-09 689.4 670 677.4 -2.15 8.132143 -77.7 5.55 1.4
18-Feb-09 689.8 632.75 670.8 15.85 8.132143 -82.15 5.867857 1.3
19-Feb-09 685 670 679.85 -15.45 7.646429 -82.15 5.867857 1.3
20-Feb-09 679.6 661.3 672.9 11.9 7.646429 -73.65 5.260714 1.4
24-Feb-09 685.7 656 679.8 14.1 7.289286 -73.65 5.260714 1.3
25-Feb-09 704.7 679 700.35 -1.9 7.75 -73.65 5.260714 1.4
26-Feb-09 729.7 692.2 719.75 19.65 9.135714 -71.75 5.125 1.7
27-Feb-09 716 681 691 41.15 7.732143 -100.5 7.178571 1.0
2-Mar-09 694.9 652 664.45 -6.95 4.792857 -127.05 9.075 0.528139 34.56091
3-Mar-09 675 641 648.45 -10.7 4.792857 -136.1 9.721429 0.49302 33.02165
4-Mar-09 668.8 646.25 663.85 -13.15 5.892857 -125.4 8.957143 0.657895 39.68254
5-Mar-09 674 637.5 650.05 11.2 5.892857 -126.05 9.003571 0.654502 39.55886
6-Mar-09 676.8 640 673.35 -17.3 6.757143 -126.05 9.003571 0.750496 42.87333
9-Mar-09 675 657.05 666.4 -10.1 6.757143 -115.7 8.264286 0.817632 44.98336
12-Mar-09 689.35 672 682.55 -6.6 7.910714 -105.6 7.542857 1.048769 51.1902
13-Mar-09 709.9 681.55 706.4 9.05 9.614286 -99 7.071429 1.359596 57.61986
16-Mar-09 718 695.1 715.6 -6.95 9.625 -99 7.071429 1.361111 57.64706
17-Mar-09 726.8 706.5 715.9 6.9 9.646429 -92.05 6.575 1.467137 59.4672
18-Mar-09 738.1 717 723.85 20.55 9.721429 -92.05 6.575 1.478544 59.65374
19-Mar-09 735.8 722.3 731.2 19.4 8.778571 -92.05 6.575 1.335144 57.17609
20-Mar-09 760.5 725.65 755 -28.75 9.092857 -92.05 6.575 1.382944 58.0351
23-Mar-09 800 755 794.2 -26.55 11.89286 -63.3 4.521429 2.630332 72.45431
24-Mar-09 809.7 747.4 779.2 -16 11.89286 -51.75 3.696429 3.217391 76.28866
25-Mar-09 784.7 746.1 763.7 15.4 11.89286 -51.25 3.660714 3.24878 76.46383
26-Mar-09 815 760.6 807.6 -13.8 13.92857 -51.25 3.660714 3.804878 79.18782
27-Mar-09 843.4 792.55 808.25 23.3 13.975 -37.45 2.675 5.224299 83.93393
30-Mar-09 809.85 769.2 782.45 -6.95 12.31071 -63.25 4.517857 2.724901 73.15365
31-Mar-09 798 745.6 780.2 16.15 12.31071 -58.55 4.182143 2.943638 74.6427
CHART 16:
Inference
• The calculated RSI value fell from 34.07 on 2nd MAR to 83.89 on 27th MAR
09 signifies signal of bullish trend.
• The calculated RSI value again decline from 83.89 to 27st MAR 09 to 74.3 on
31th MAR signifies the signal of bearish trend
Table 11:
CALCULATION OF ONGC FOR PERIOD OF 1ST JAN-31ST MAR IN

STOCHASTICS METHOD

1-Jan-09 690 667 684.8 57.75 72.75 79.38144 63.99731
2-Jan-09 692 672 680.3 53.25 64.95 81.98614 71.77477
5-Jan-09 736.5 680.05 725.25 87 98.25 88.54962 83.91608
6-Jan-09 732 703.1 718.9 62.6 80.2 78.05486 83.34018
7-Jan-09 729.45 680 690.6 23.6 69.5 33.95683 69.85279
9-Jan-09 797.4 660.6 669.1 8.5 136.8 6.21345 33.0541
12-Jan-09 678 648 653.5 5.5 149.4 3.681392 10.57071
13-Jan-09 655 620.2 630.6 10.4 177.2 5.869074 5.265429
14-Jan-09 662 633.5 648.6 28.4 177.2 16.02709 8.793172
15-Jan-09 641.5 618.6 625.35 6.75 178.8 3.775168 8.542761
16-Jan-09 650 587.8 648.7 60.9 90.2 67.51663 21.52622
19-Jan-09 678.4 640 670.25 82.45 90.6 91.00442 41.74082
20-Jan-09 668 646.45 664.15 76.35 90.6 84.27152 80.95063
21-Jan-09 675.9 640.1 650.05 62.25 90.6 68.70861 81.32818
22-Jan-09 675 643.6 649.5 61.7 90.6 68.10155 73.69389
23-Jan-09 661.9 637 646.5 9.5 41.4 22.94686 59.95058
27-Jan-09 652 613.5 621.15 7.65 62.4 12.25962 40.5607
28-Jan-09 647.4 607.05 641.25 34.2 68.85 49.6732 29.74225
29-Jan-09 661.75 629.5 639.1 32.05 67.95 47.16703 37.09839
30-Jan-09 664.9 630.6 654.95 47.9 57.85 82.80035 58.64372
2-Feb-09 663.8 630 639.5 32.45 57.85 56.09334 61.20338
3-Feb-09 665 632.35 651.4 44.35 57.95 76.53149 71.81111
4-Feb-09 672 654.25 665.5 36 42.5 84.70588 71.25711
5-Feb-09 678.9 655.6 663.6 33.6 48.9 68.71166 76.29729
6-Feb-09 688 665.25 683.25 53.25 58 91.81034 82.22892
9-Feb-09 728.8 674 724.4 92.05 96.45 95.43805 87.9764
10-Feb-09 728.9 703.45 717.45 63.2 74.65 84.66175 91.00829
11-Feb-09 719.25 681 706.75 51.15 73.3 69.78172 84.45172
12-Feb-09 738.6 683.5 693.6 28.35 73.35 38.65031 64.4826
13-Feb-09 714.7 652.5 704.8 52.3 86.1 60.74332 56.62728
16-Feb-09 705.1 678.5 687.5 35 86.1 40.65041 47.09835
17-Feb-09 689.4 670 677.4 24.9 86.1 28.91986 43.43786
18-Feb-09 689.8 632.75 670.8 38.05 105.85 35.94709 35.22748
19-Feb-09 685 670 679.85 47.1 81.95 57.47407 40.1789

20-Feb-09 679.6 661.3 672.9 40.15 72.35 55.49413 48.16452
24-Feb-09 685.7 656 679.8 47.05 57.05 82.47152 63.54388
25-Feb-09 704.7 679 700.35 67.6 71.95 93.95413 76.88105
26-Feb-09 729.7 692.2 719.75 63.75 73.7 86.49932 88.01184
27-Feb-09 716 681 691 35 73.7 47.48982 75.8377
2-Mar-09 694.9 652 664.45 12.45 77.7 16.02317 49.40027
3-Mar-09 675 641 648.45 7.45 88.7 8.399098 22.86547
4-Mar-09 668.8 646.25 663.85 22.85 88.7 25.76099 16.75813
5-Mar-09 674 637.5 650.05 12.55 78.5 15.98726 16.74482
6-Mar-09 676.8 640 673.35 35.85 57.4 62.45645 31.72306
9-Mar-09 675 657.05 666.4 28.9 39.3 73.5369 44.121
12-Mar-09 689.35 672 682.55 45.05 51.85 86.88525 73.91451
13-Mar-09 709.9 681.55 706.4 68.9 72.4 95.16575 87.34332
16-Mar-09 718 695.1 715.6 75.6 78 96.92308 93.72064
17-Mar-09 726.8 706.5 715.9 58.85 69.75 84.37276 92.36884
18-Mar-09 738.1 717 723.85 51.85 66.1 78.44175 87.11714
19-Mar-09 735.8 722.3 731.2 49.65 56.55 87.79841 83.342
20-Mar-09 760.5 725.65 755 59.9 65.4 91.59021 85.82824
23-Mar-09 800 755 794.2 87.7 93.5 93.79679 91.55256
24-Mar-09 809.7 747.4 779.2 62.2 92.7 67.09817 83.38633
25-Mar-09 784.7 746.1 763.7 41.4 87.4 47.36842 69.91959
26-Mar-09 815 760.6 807.6 81.95 89.35 91.71796 68.8625
27-Mar-09 843.4 792.55 808.25 62.15 97.3 63.87461 67.68838
30-Mar-09 809.85 769.2 782.45 36.35 97.3 37.35868 63.54992
31-Mar-09 798 745.6 780.2 34.6 97.8 35.37832 45.51984
CHART 17:
Inference:
This chart shows the % K and % D stochastic from Dec 1st 2008 to Mar 31th 2009.
15% then it is the best buy signal. As the % D has fallen to below 20% on Jan 12th
TABLE 12:
CALCULATION OF ONGC FOR PERIOD OF 1ST JAN-31ST MAR MOVING

AVERAGE CONVERGENCE AND DIVERGENCE METHOD
1-Jan-09 690 667 684.8 677.7094 679.6182 -1.90878
2-Jan-09 692 672 680.3 678.098 679.6455 -1.54747
5-Jan-09 736.5 680.05 725.25 685.1708 681.4697 3.701145
6-Jan-09 732 703.1 718.9 690.2302 682.9669 7.263309
7-Jan-09 729.45 680 690.6 690.2857 683.2722 7.013455
9-Jan-09 797.4 660.6 669.1 687.1078 682.7053 4.402493
12-Jan-09 678 648 653.5 682.0666 681.5371 0.529534
13-Jan-09 655 620.2 630.6 674.3466 679.4996 -5.15298
14-Jan-09 662 633.5 648.6 670.4847 678.2636 -7.77899
15-Jan-09 641.5 618.6 625.35 663.7145 676.1471 -12.4326
16-Jan-09 650 587.8 648.7 661.4623 675.0492 -13.5869
19-Jan-09 678.4 640 670.25 662.7804 674.8572 -12.0768
20-Jan-09 668 646.45 664.15 662.9859 674.429 -11.4431
21-Jan-09 675.9 640.1 650.05 661.0455 673.4538 -12.4083
22-Jan-09 675 643.6 649.5 659.3137 672.4956 -13.182
23-Jan-09 661.9 637 646.5 657.3916 671.4558 -14.0642
27-Jan-09 652 613.5 621.15 651.9554 669.4436 -17.4882
28-Jan-09 647.4 607.05 641.25 650.3496 668.3158 -17.9663
29-Jan-09 661.75 629.5 639.1 648.6621 667.1472 -18.4851
30-Jan-09 664.9 630.6 654.95 649.6053 666.6593 -17.054
2-Feb-09 663.8 630 639.5 648.0895 665.5729 -17.4834
3-Feb-09 665 632.35 651.4 648.5861 665.006 -16.4199
4-Feb-09 672 654.25 665.5 651.1232 665.0258 -13.9026
5-Feb-09 678.9 655.6 663.6 652.9947 664.9688 -11.9741
6-Feb-09 688 665.25 683.25 657.533 665.7 -8.16701
9-Feb-09 728.8 674 724.4 667.563 668.048 -0.48496
10-Feb-09 728.9 703.45 717.45 675.0461 670.0241 5.022003
11-Feb-09 719.25 681 706.75 679.8017 671.4931 8.308553
12-Feb-09 738.6 683.5 693.6 681.8714 672.3774 9.494027
13-Feb-09 714.7 652.5 704.8 685.3107 673.6743 11.63641
16-Feb-09 705.1 678.5 687.5 685.6391 674.2273 11.41177
17-Feb-09 689.4 670 677.4 684.4032 674.3542 10.049
18-Feb-09 689.8 632.75 670.8 682.3628 674.2121 8.150686
19-Feb-09 685 670 679.85 681.9858 674.4376 7.548256
20-Feb-09 679.6 661.3 672.9 680.623 674.3761 6.246883
24-Feb-09 685.7 656 679.8 680.4995 674.593 5.906482
25-Feb-09 704.7 679 700.35 683.4771 675.6233 7.853775
26-Feb-09 729.7 692.2 719.75 688.918 677.3884 11.52964
27-Feb-09 716 681 691 689.2303 677.9328 11.29748
2-Mar-09 694.9 652 664.45 685.5133 677.3935 8.119741
3-Mar-09 675 641 648.45 679.9538 676.2358 3.717991
4-Mar-09 668.8 646.25 663.85 677.5382 675.7404 1.797855
5-Mar-09 674 637.5 650.05 673.415 674.7127 -1.29776
6-Mar-09 676.8 640 673.35 673.4052 674.6582 -1.253
9-Mar-09 675 657.05 666.4 672.3545 674.3279 -1.97346
12-Mar-09 689.35 672 682.55 673.8838 674.6568 -0.77301
13-Mar-09 709.9 681.55 706.4 678.7612 675.9265 2.834696
16-Mar-09 718 695.1 715.6 684.287 677.5135 6.773575
17-Mar-09 726.8 706.5 715.9 689.029 679.0489 9.980058
18-Mar-09 738.1 717 723.85 694.2521 680.841 13.41117
19-Mar-09 735.8 722.3 731.2 699.7943 682.8553 16.93899
20-Mar-09 760.5 725.65 755 708.0752 685.7411 22.33405
23-Mar-09 800 755 794.2 720.9939 690.0795 30.91442
24-Mar-09 809.7 747.4 779.2 729.7248 693.6443 36.08052
25-Mar-09 784.7 746.1 763.7 734.8211 696.4465 38.37457
26-Mar-09 815 760.6 807.6 745.7379 700.8927 44.84527
27-Mar-09 843.4 792.55 808.25 755.1147 705.187 49.92778
30-Mar-09 809.85 769.2 782.45 759.215 708.2775 50.93755
31-Mar-09 798 745.6 780.2 762.3628 711.1544 51.2084
CHART 18:
Inference
• The calculated MACD value fells from 7.02 on 7th JAN 09 to -17.63 on 30th
JAN 09 showing bearish trend ahead
• The calculated MACD value raise from -0.701 on 12th MAR 09 52.53 on 31th
TABLE 13:
CALCULATION OF RANBAXY LABORATORIES LTD MOVING

AVERAGE, EXPONENTIAL MOVING AVERAGE AND RATE OF
CHANGE

1-Jan-09 255.1 245.6 250.15 228.085 251.624 15.89066
2-Jan-09 254 243 250.25 231.25 250.183 15.37575
5-Jan-09 255.9 246.05 250.25 234.56 250.25 7.843137
6-Jan-09 256.8 245.2 253.55 237.72 251.339 4.859388
7-Jan-09 257.7 231.6 236.8 239.995 248.0225 -6.16208
9-Jan-09 235.25 215 219.1 240.32 230.959 -12.4126
12-Jan- 220.25 204.15 206.5 239.28 214.942 -17.4825
09
13-Jan- 217.9 205.1 216.45 237.72 209.7835 -13.5065
09
14-Jan- 220.75 210.6 217.9 235.33 216.9285 -14.0603
09
15-Jan- 219.8 206 215.3 231.625 217.042 -9.07939
09
16-Jan- 223.7 214.4 218.15 228.425 216.2405 -0.43359
09
19-Jan- 220.9 214.55 217.55 225.155 217.952 5.35109
09
20-Jan- 217.5 212.55 215.15 221.645 216.758 -0.6006
09
21-Jan- 218.9 201.3 205.4 216.83 211.9325 -5.73658
09
22-Jan- 207.55 179.3 186.4 211.79 199.13 -13.4231
09
23-Jan- 191.4 165.1 188.1 208.69 186.961 -13.7749
09
27-Jan- 203 184.05 198.85 207.925 191.6475 -8.59573
09
28-Jan- 215.7 199.1 213 207.58 203.5195 -0.9993
09
29-Jan- 215.95 204.15 210.9 206.88 212.307 2.677702
09
30-Jan- 221.95 206.1 215.85 206.935 212.5335 15.79936
09
2-Feb- 217.8 206.2 210.65 206.185 214.134 11.9883
09
3-Feb- 215 200.6 208.9 205.32 210.0725 5.054061
09
4-Feb- 214 205 206.5 204.455 208.108 -3.05164
09
5-Feb- 211 202.2 208.95 204.81 207.3085 -0.92461
09
6-Feb- 225.7 208 223.4 208.51 213.7185 3.497799
09
9-Feb- 231 220.55 227.35 212.435 224.7035 7.927842
09
10-Feb- 235.9 227.5 232.7 215.82 229.1155 11.39301
09
11-Feb- 244 218 221.15 216.635 228.8885 7.094431
09
12-Feb- 224 211.4 212.9 216.835 218.4275 1.890404
09
13-Feb- 216.8 210.15 212.65 216.515 212.8175 -4.812
09
16-Feb- 213 201.5 205 215.95 210.1255 -9.83066
09
17-Feb- 209.95 201 204.6 215.52 204.868 -12.0756
09
18-Feb- 209.4 198 204.75 215.345 204.6495 -7.41578
09
19-Feb- 209.5 205.25 207.9 215.24 205.7895 -2.34852
09
20-Feb- 209.9 202.35 206.8 213.58 207.537 -2.751
09

24-Feb- 216.8 202 215 212.345 209.506 4.878049
09
25-Feb- 219 205.6 207.25 209.8 212.4425 1.29521
09
26-Feb- 203 168.3 169.85 204.67 194.908 -17.0452
09
27-Feb- 172 159.25 161.8 199.56 167.1935 -22.1741
09
2-Mar- 166.3 154.25 160.6 194.355 161.404 -22.3404
09
3-Mar- 164.9 156.25 157.6 189.615 159.61 -26.6977
09
4-Mar- 161.5 157.55 159.05 185.06 158.0785 -23.2569
09
5-Mar- 160 140.15 144.05 178.99 154.1 -15.1899
09
6-Mar- 145 134.55 141.3 172.33 143.1425 -12.67
09
9-Mar- 145.6 134.05 135.05 165.155 139.2375 -15.9091
09
12-Mar- 140.45 133.1 134.7 157.125 134.9345 -14.5305
09
13-Mar- 142.25 134.5 138.6 150.26 135.987 -12.8576
09
16-Mar- 149.7 137 147.8 148.055 141.636 2.603263
09
17-Mar- 152.8 142.15 144.6 146.335 146.744 2.335456
09
18-Mar- 150.95 145.05 145.65 144.84 144.9465 7.848945
09
19-Mar- 148.5 144.1 146.45 143.725 145.914 8.723088
09
20-Mar- 147 141.55 145.4 142.36 146.1035 4.906205
09
23-Mar- 163.4 145.6 161.15 144.07 150.5975 9.032476
09
24-Mar- 168.85 161.9 164.1 146.35 162.1235 13.48548
09
25-Mar- 166 158 163 149.145 163.737 11.91212
09
26-Mar- 165.8 154.7 157.1 151.385 161.053 7.272107
09
27-Mar- 167.45 152.1 164.4 153.965 159.509 13.0674
09
30-Mar- 166.35 156 158.75 155.06 162.5355 -1.4893
09
31-Mar- 168.5 159.15 165.7 157.17 161.0435 0.975015
09
CHART 19
Inference:
The chart shows that 10 days moving average and market price from Dec 1st 2008-
Mar 31st 2009. From the chart we can infer that the 10 days moving average has
intersected the market price on JAN 7th 2009 and market price have fallen below
the10 days moving average, hence a bearish trend followed. If the market price is
above the10 days moving average than the trend will be bearish.
of Rs.157.7 therefore the trend reversal is expected. The trend will be bullish with
CHART 20:
Inference
• The calculated EMA value raises from 251.67 on 1st JAN 09 to 133.4 on 12th
MAR 09 thus indicating bearish trend ahead
• The calculated EMA value raises from 133.4 on 12th MAR 09 to 161.3 on 31st
CHART 21:
Inference
• The calculated roc value raises from -17.5 on 5th JAN 09 to 15.2 on 23rd JAN
• The calculated roc value declining from 13.2 on 18th MAR 09 to 0.931 on 31st
TABLE 14:
CALCULATION OF RELATIVE STRENGTH INDEX FOR RANBAXY

LABORATORIES LTD
1-Jan-09 255.1 245.6 250.15 0.35 4.064286 -16.25 1.160714 3.501538 77.78537
2-Jan-09 254 243 250.25 4.2 4.046429 -16.25 1.160714 3.486154 77.70919
5-Jan-09 255.9 246.05 250.25 5.45 3.746429 -16.25 1.160714 3.227692 76.34643
6-Jan-09 256.8 245.2 253.55 -4.7 3.592857 -16.25 1.160714 3.095385 75.58227
7-Jan-09 257.7 231.6 236.8 3.8 3.592857 -28.3 2.021429 1.777385 63.99491
9-Jan-09 235.25 215 219.1 -1.45 3.321429 -46 3.285714 1.01087 50.27027
12-Jan-09 220.25 204.15 206.5 4.8 3.321429 -57.15 4.082143 0.813648 44.86252
13-Jan-09 217.9 205.1 216.45 -7.9 3.689286 -57.15 4.082143 0.903762 47.47243
14-Jan-09 220.75 210.6 217.9 1.8 3.792857 -49.25 3.517857 1.078173 51.8808
15-Jan-09 219.8 206 215.3 1.05 3.664286 -51.85 3.703571 0.989392 49.7334
16-Jan-09 223.7 214.4 218.15 15.15 3.792857 -51.85 3.703571 1.024108 50.59552
19-Jan-09 220.9 214.55 217.55 9.75 2.710714 -52.45 3.746429 0.723546 41.98009
20-Jan-09 217.5 212.55 215.15 10.55 2.014286 -54.85 3.917857 0.514129 33.95545
21-Jan-09 218.9 201.3 205.4 -2.2 1.260714 -64.6 4.614286 0.27322 21.45897
22-Jan-09 207.55 179.3 186.4 0.1 1.260714 -81.4 5.814286 0.21683 17.81928
23-Jan-09 191.4 165.1 188.1 0 1.375 -81.4 5.814286 0.236486 19.12568
27-Jan-09 203 184.05 198.85 3.3 2.142857 -81.4 5.814286 0.36855 26.92998
28-Jan-09 215.7 199.1 213 -16.75 2.917857 -81.4 5.814286 0.501843 33.41513
29-Jan-09 215.95 204.15 210.9 -17.7 2.917857 -66.75 4.767857 0.611985 37.96468
30-Jan-09 221.95 206.1 215.85 -12.6 3.271429 -49.05 3.503571 0.933741 48.28677

LABORATORIES LTD
2-Feb-09 217.8 206.2 210.65 9.95 3.271429 -41.65 2.975 1.09964 52.37278
3-Feb-09 215 200.6 208.9 1.45 2.560714 -43.4 3.1 0.826037 45.23659
4-Feb-09 214 205 206.5 -2.6 2.457143 -45.8 3.271429 0.751092 42.89277
5-Feb-09 211 202.2 208.95 2.85 2.632143 -43.2 3.085714 0.853009 46.03373
6-Feb-09 225.7 208 223.4 -0.6 3.460714 -43.2 3.085714 1.121528 52.86416
9-Feb-09 231 220.55 227.35 -2.4 3.742857 -42.6 3.042857 1.230047 55.15789
10-Feb-09 235.9 227.5 232.7 -9.75 4.125 -40.2 2.871429 1.436567 58.95865
11-Feb-09 244 218 221.15 -19 4.125 -42 3 1.375 57.89474
12-Feb-09 224 211.4 212.9 1.7 4.125 -31.25 2.232143 1.848 64.88764
13-Feb-09 216.8 210.15 212.65 10.75 4.003571 -31.5 2.25 1.779365 64.02056
16-Feb-09 213 201.5 205 14.15 3.235714 -39.15 2.796429 1.157088 53.64121
17-Feb-09 209.95 201 204.6 -2.1 2.225 -39.55 2.825 0.787611 44.05941
18-Feb-09 209.4 198 204.75 4.95 2.235714 -37.45 2.675 0.835781 45.52727
19-Feb-09 209.5 205.25 207.9 -5.2 2.107143 -37.45 2.675 0.787717 44.06273
20-Feb-09 209.9 202.35 206.8 -1.75 2.107143 -33.35 2.382143 0.884558 46.93715
24-Feb-09 216.8 202 215 -2.4 2.692857 -31.6 2.257143 1.193038 54.40115
25-Feb-09 219 205.6 207.25 2.45 2.692857 -36.95 2.639286 1.020298 50.50234
26-Feb-09 203 168.3 169.85 14.45 2.517857 -74.35 5.310714 0.474109 32.16241
27-Feb-09 172 159.25 161.8 3.95 1.485714 -82.4 5.885714 0.252427 20.15504

LABORATORIES LTD
2-Mar-09 166.3 154.25 160.6 5.35 1.203571 -83.6 5.971429 0.201555 16.77451
3-Mar-09 164.9 156.25 157.6 -11.55 0.821429 -86.6 6.185714 0.132794 11.72273
4-Mar-09 161.5 157.55 159.05 -8.25 0.925 -75.05 5.360714 0.172552 14.71591
5-Mar-09 160 140.15 144.05 -0.25 0.925 -81.8 5.842857 0.158313 13.66755
6-Mar-09 145 134.55 141.3 -7.65 0.925 -84.3 6.021429 0.153618 13.3162
9-Mar-09 145.6 134.05 135.05 -0.4 0.925 -82.9 5.921429 0.156212 13.51069
12-Mar-09 140.45 133.1 134.7 0.15 0.925 -82.85 5.917857 0.156307 13.51775
13-Mar-09 142.25 134.5 138.6 3.15 1.192857 -82.85 5.917857 0.201569 16.77549
16-Mar-09 149.7 137 147.8 -1.1 1.625 -82.85 5.917857 0.274593 21.54356
17-Mar-09 152.8 142.15 144.6 8.2 1.625 -84.95 6.067857 0.267805 21.12349
18-Mar-09 150.95 145.05 145.65 -7.75 1.114286 -84.95 6.067857 0.183637 15.51467
19-Mar-09 148.5 144.1 146.45 -37.4 1.171429 -77.2 5.514286 0.212435 17.52137
20-Mar-09 147 141.55 145.4 -8.05 1.171429 -40.85 2.917857 0.401469 28.64629
23-Mar-09 163.4 145.6 161.15 -1.2 2.296429 -32.8 2.342857 0.980183 49.49962
24-Mar-09 168.85 161.9 164.1 -3 2.507143 -31.6 2.257143 1.110759 52.62369
25-Mar-09 166 158 163 1.45 2.507143 -29.7 2.121429 1.181818 54.16667
26-Mar-09 165.8 154.7 157.1 -15 2.403571 -35.6 2.542857 0.945225 48.59206
27-Mar-09 167.45 152.1 164.4 -2.75 2.925 -20.6 1.471429 1.987864 66.53128
30-Mar-09 166.35 156 158.75 -6.25 2.925 -23.5 1.678571 1.742553 63.53763
31-Mar-09 168.5 159.15 165.7 -0.35 3.421429 -17.25 1.232143 2.776812 73.52264
CHART 22:
Inference
• The calculated RSI value fell from 77.67 on 1st JAN to 21.45 on 21st JAN 09
• The calculated RSI value raises from 11.89 to 3rd MAR 09 to 73.7 on 31th
MAR signifies the signal of bearish trend
TABLE 15:
CALCULATION OF RANBAXY LABORATORIES LTD FOR PERIOD OF 1ST

JAN-31ST MAR IN STOCHASTICS METHOD

1-Jan-09 255.1 245.6 250.15 34.65 40.05 86.51685 90.50847
2-Jan-09 254 243 250.25 34.25 39.55 86.59924 88.80387
5-Jan-09 255.9 246.05 250.25 16.25 21.9 74.20091 83.89163
6-Jan-09 256.8 245.2 253.55 11.55 14.8 78.04054 81.37705
7-Jan-09 257.7 231.6 236.8 5.2 26.1 19.92337 52.54777
9-Jan-09 235.25 215 219.1 4.1 42.7 9.601874 24.94019
12-Jan-09 220.25 204.15 206.5 2.35 53.55 4.388422 9.521864
13-Jan-09 217.9 205.1 216.45 12.3 53.55 22.96919 12.51669
14-Jan-09 220.75 210.6 217.9 13.75 53.55 25.67694 17.67818
15-Jan-09 219.8 206 215.3 11.15 31.1 35.85209 26.91751
16-Jan-09 223.7 214.4 218.15 14 19.55 71.61125 37.33205
19-Jan-09 220.9 214.55 217.55 12.45 18.6 66.93548 54.29603
20-Jan-09 217.5 212.55 215.15 9.15 17.7 51.69492 63.74217
21-Jan-09 218.9 201.3 205.4 4.1 22.4 18.30357 43.78194
22-Jan-09 207.55 179.3 186.4 7.1 44.4 15.99099 24.08284
23-Jan-09 191.4 165.1 188.1 23 55.8 41.21864 27.8956
27-Jan-09 203 184.05 198.85 33.75 53.8 62.73234 41.46104
28-Jan-09 215.7 199.1 213 47.9 53.8 89.03346 64.04529
29-Jan-09 215.95 204.15 210.9 45.8 50.85 90.06883 80.43547
30-Jan-09 221.95 206.1 215.85 50.75 56.85 89.27001 89.44272
2-Feb-09 217.8 206.2 210.65 26.6 37.9 70.1847 84.58104
3-Feb-09 215 200.6 208.9 9.8 22.85 42.8884 74.10714
4-Feb-09 214 205 206.5 5.9 21.35 27.63466 51.52253
5-Feb-09 211 202.2 208.95 8.35 21.35 39.11007 36.68955
6-Feb-09 225.7 208 223.4 22.8 25.1 90.83665 54.64602
9-Feb-09 231 220.55 227.35 26.75 30.4 87.99342 75.34157
10-Feb-09 235.9 227.5 232.7 30.5 33.7 90.50445 89.74215
11-Feb-09 244 218 221.15 18.95 41.8 45.33493 71.95467
12-Feb-09 224 211.4 212.9 4.9 36 13.61111 48.74439
13-Feb-09 216.8 210.15 212.65 2.5 33.85 7.385524 23.60054
16-Feb-09 213 201.5 205 3.5 42.5 8.235294 9.701825
17-Feb-09 209.95 201 204.6 3.6 43 8.372093 8.043569
18-Feb-09 209.4 198 204.75 6.75 26 25.96154 12.42152
19-Feb-09 209.5 205.25 207.9 9.9 18.8 52.65957 23.06378
20-Feb-09 209.9 202.35 206.8 8.8 15 58.66667 42.55853

24-Feb-09 216.8 202 215 17 18.8 90.42553 67.87072
25-Feb-09 219 205.6 207.25 9.25 21 44.04762 63.95985
26-Feb-09 203 168.3 169.85 1.55 50.7 3.057199 30.71823
27-Feb-09 172 159.25 161.8 2.55 59.75 4.267782 10.15595
2-Mar-09 166.3 154.25 160.6 6.35 64.75 9.80695 5.964612
3-Mar-09 164.9 156.25 157.6 3.35 64.75 5.173745 6.472919
4-Mar-09 161.5 157.55 159.05 4.8 48.75 9.846154 8.134642
5-Mar-09 160 140.15 144.05 3.9 31.85 12.2449 8.290334
6-Mar-09 145 134.55 141.3 6.75 31.75 21.25984 13.75167
9-Mar-09 145.6 134.05 135.05 1 30.85 3.241491 12.33457
12-Mar-09 140.45 133.1 134.7 1.6 28.4 5.633803 10.27473
13-Mar-09 142.25 134.5 138.6 5.5 26.9 20.4461 9.402205
16-Mar-09 149.7 137 147.8 14.7 16.6 88.55422 30.31989
17-Mar-09 152.8 142.15 144.6 11.5 19.7 58.37563 50.15823
18-Mar-09 150.95 145.05 145.65 12.55 19.7 63.70558 69.19643
19-Mar-09 148.5 144.1 146.45 11.95 18.3 65.30055 62.39168
20-Mar-09 147 141.55 145.4 8.4 15.8 53.16456 61.15242
23-Mar-09 163.4 145.6 161.15 19.6 21.85 89.70252 71.40304
24-Mar-09 168.85 161.9 164.1 22.55 27.3 82.60073 77.8291
25-Mar-09 166 158 163 21.45 27.3 78.57143 83.19163
26-Mar-09 165.8 154.7 157.1 15.55 27.3 56.95971 72.71062
27-Mar-09 167.45 152.1 164.4 18.8 23.25 80.86022 71.6763
30-Mar-09 166.35 156 158.75 6.65 16.75 39.70149 60.92125
31-Mar-09 168.5 159.15 165.7 13.6 16.4 82.92683 69.23759
CHART 23 :
Inference:
15% then it is the best buy signal.
Recently there was an over sold position, the % D was 89.56% on Feb 10th 2009 and
then increased to 9.087% on Feb 16th 2009. Now Positive divergent was formed,
hence the trend will reverse. A bullish trend is follow.
TABLE 16:
CALCULATION OF RANBAXY LABORATORIES LTDFOR PERIOD OF 1ST

JAN-31ST MAR MOVING AVERAGE CONVERGENCE AND DIVERGENCE
METHOD
1-Jan-09 255.1 245.6 250.15 229.2478 211.8921 17.35563
2-Jan-09 254 243 250.25 232.3981 213.4265 18.97165
5-Jan-09 255.9 246.05 250.25 235.0759 214.8994 20.17649
6-Jan-09 256.8 245.2 253.55 237.847 216.4454 21.40159
7-Jan-09 257.7 231.6 236.8 237.69 217.2596 20.43035
9-Jan-09 235.25 215 219.1 234.9015 217.3332 17.56824
12-Jan-09 220.25 204.15 206.5 230.6412 216.8999 13.74135
13-Jan-09 217.9 205.1 216.45 228.5126 216.8819 11.63066
14-Jan-09 220.75 210.6 217.9 226.9207 216.9226 9.998055
15-Jan-09 219.8 206 215.3 225.1776 216.8577 8.319859
16-Jan-09 223.7 214.4 218.15 224.1234 216.9094 7.214031
19-Jan-09 220.9 214.55 217.55 223.1374 216.935 6.202392
20-Jan-09 217.5 212.55 215.15 221.9393 216.8636 5.07568
21-Jan-09 218.9 201.3 205.4 219.4584 216.4051 3.053329
22-Jan-09 207.55 179.3 186.4 214.4996 215.2049 -0.70523
23-Jan-09 191.4 165.1 188.1 210.5397 214.1207 -3.58098
27-Jan-09 203 184.05 198.85 208.7862 213.5099 -4.72361
28-Jan-09 215.7 199.1 213 209.4183 213.4895 -4.07115
29-Jan-09 215.95 204.15 210.9 209.6406 213.3859 -3.74532
30-Jan-09 221.95 206.1 215.85 210.572 213.4844 -2.91247
2-Feb-09 217.8 206.2 210.65 210.5837 213.3711 -2.78739
3-Feb-09 215 200.6 208.9 210.3311 213.1922 -2.8611
4-Feb-09 214 205 206.5 209.7565 212.9245 -3.16808
5-Feb-09 211 202.2 208.95 209.6355 212.7656 -3.13007
6-Feb-09 225.7 208 223.4 211.7002 213.1909 -1.49077
9-Feb-09 231 220.55 227.35 214.0476 213.7573 0.290345
10-Feb-09 235.9 227.5 232.7 216.8455 214.515 2.330491
11-Feb-09 244 218 221.15 217.4912 214.7804 2.710766
12-Feb-09 224 211.4 212.9 216.8025 214.7052 2.097307
13-Feb-09 216.8 210.15 212.65 216.1796 214.623 1.55664
16-Feb-09 213 201.5 205 214.5027 214.2381 0.264616
17-Feb-09 209.95 201 204.6 213.0173 213.8525 -0.83526
18-Feb-09 209.4 198 204.75 211.7772 213.4884 -1.71125
19-Feb-09 209.5 205.25 207.9 211.1956 213.2649 -2.06929
20-Feb-09 209.9 202.35 206.8 210.5363 213.0063 -2.47004
24-Feb-09 216.8 202 215 211.2058 213.0861 -1.88023
25-Feb-09 219 205.6 207.25 210.6125 212.8526 -2.24016
26-Feb-09 203 168.3 169.85 204.4981 211.1325 -6.63442
27-Feb-09 172 159.25 161.8 198.0934 209.1592 -11.0658
2-Mar-09 166.3 154.25 160.6 192.4694 207.2168 -14.7475
3-Mar-09 164.9 156.25 157.6 187.239 205.2322 -17.9932
4-Mar-09 161.5 157.55 159.05 183.0106 203.3849 -20.3743
5-Mar-09 160 140.15 144.05 177.1665 201.0115 -23.845
6-Mar-09 145 134.55 141.3 171.7865 198.623 -26.8365
9-Mar-09 145.6 134.05 135.05 166.2761 196.0801 -29.804
12-Mar-09 140.45 133.1 134.7 161.5397 193.6249 -32.0852
13-Mar-09 142.25 134.5 138.6 158.0987 191.4239 -33.3252
16-Mar-09 149.7 137 147.8 156.5539 189.6789 -33.125
17-Mar-09 152.8 142.15 144.6 154.7608 187.8758 -33.115
18-Mar-09 150.95 145.05 145.65 153.3942 186.1868 -32.7926
19-Mar-09 148.5 144.1 146.45 152.3526 184.5973 -32.2447
20-Mar-09 147 141.55 145.4 151.3097 183.0294 -31.7197
23-Mar-09 163.4 145.6 161.15 152.7857 182.1542 -29.3685
24-Mar-09 168.85 161.9 164.1 154.4829 181.4321 -26.9492
25-Mar-09 166 158 163 155.7604 180.6948 -24.9343
26-Mar-09 165.8 154.7 157.1 155.9614 179.751 -23.7896
27-Mar-09 167.45 152.1 164.4 157.2272 179.1369 -21.9098
30-Mar-09 166.35 156 158.75 157.4556 178.3215 -20.8659
31-Mar-09 168.5 159.15 165.7 158.6923 177.8166 -19.1243
CHART 24:
Inference
MAR 09 showing bearish trend ahead
• The calculated MACD value raise from -33.63 on 13th MAR 09 -20.86 on 31th
TABLE 17:
CALCULATION OF DLF LTD (MOVING AVERAGE, EXPONENTIAL

MOVING AVERAGE AND RATE OF CHANGE)

1-Jan-09 293 279.85 291.75 290.955 285.318 -1.06816
2-Jan-09 308.35 292.1 300.55 293.27 294.654 9.112362
5-Jan-09 311.5 292.3 295.95 292.075 299.032 7.092455
6-Jan-09 295.5 271.25 278.5 288.27 290.1915 -2.38346
7-Jan-09 282.5 230.55 233.85 281.475 263.7655 -17.1186
9-Jan-09 232.8 144 216.35 273.62 228.075 -25.844
12-Jan- 218.9 191.1 204.75 266.55 212.522 -31.8749
09
13-Jan- 215.7 193 205.45 259.46 204.981 -30.5795
09
14-Jan- 215.7 205.55 212.4 252.17 207.7435 -23.7343
09
15-Jan- 205 193.25 202.2 244.175 209.034 -13.5343
09
16-Jan- 208 184.3 195.55 234.555 200.0055 -9.61405
09
19-Jan- 199.7 187 195.15 224.015 195.418 -4.68864
09
20-Jan- 191.8 182.1 188.7 213.29 193.0215 -8.15284
09
21-Jan- 186.8 179.2 181.35 203.575 186.2745 -14.6186
09
22-Jan- 186 156.25 164.15 196.605 175.674 -18.818
09
23-Jan- 167.5 156.75 161.3 191.1 163.2095 -17.5147
09
27-Jan- 169.8 159.1 166.5 187.275 163.016 -14.681
09
28-Jan- 180 163 177.45 184.475 170.1135 -5.96184
09
29-Jan- 185.8 161 164.05 179.64 173.028 -9.53956
09
30-Jan- 179.5 156 177.65 177.185 168.538 8.224185
09
2-Feb- 167.7 142.15 153 172.93 169.5155 -5.14569
09
3-Feb- 158.9 131.5 132.85 166.7 146.3505 -20.2102
09
4-Feb- 141.9 124.05 139.45 161.775 135.028 -21.4145
09
5-Feb- 142 131.1 140 157.64 139.6315 -14.6602
09
6-Feb- 146.8 135.5 137.95 155.02 139.3235 -22.3473
09
9-Feb- 142 137 139.95 152.885 138.61 -8.52941
09
10-Feb- 154.45 140 152.6 151.495 144.1245 14.86639
09
11-Feb- 153.65 143.5 151.15 148.865 152.1215 8.390104
09
12-Feb- 160.5 146.35 156.6 148.12 152.9485 11.85714
09
13-Feb- 162.25 155.25 160.55 146.41 157.9035 16.38275
09
16-Feb- 178.7 150.5 156.65 146.775 159.263 11.93283
09
17-Feb- 153.5 144.15 148.25 148.315 153.878 -2.85059
09
18-Feb- 161 141 158.75 150.245 151.715 5.028118
09
19-Feb- 162.9 154.1 156 151.845 157.8425 -0.38314
09
20-Feb- 159.25 147.75 154.85 153.535 155.6205 -3.5503
09
Date High Low Close MOVING Exponential MOVING Rate of

Price Price Price AVERAGE AVERAGE change
24-Feb- 159.55 144.25 158.15 155.355 155.939 0.957549
09
25-Feb- 162.7 153.25 154.8 155.575 157.0445 4.418212
09
26-Feb- 158 146.2 156.2 156.08 155.262 -1.6063
09
27-Feb- 155.1 150.1 152 155.62 154.814 -2.5641
09
2-Mar- 151.85 144 149 154.465 151.01 -3.77785
09
3-Mar- 152.4 147 148.35 153.635 148.7855 -6.19665
09
4-Mar- 151 146.5 147.65 153.575 148.119 -4.61886
09
5-Mar- 152 142.1 146.85 152.385 147.386 -5.98592
09
6-Mar- 148.7 134 145.8 151.365 146.5035 -4.07895
09
9-Mar- 145.85 136.5 138.75 149.755 143.4735 -6.87919
09
12-Mar- 144 135.4 136.65 147.605 138.057 -7.88675
09
13-Mar- 153.45 138.45 152.65 147.39 141.93 3.386387
09
16-Mar- 163.9 152 161.95 147.965 155.719 10.2826
09
17-Mar- 165.85 155.35 159 148.665 160.9765 9.053498
09
18-Mar- 176.35 161 172.3 150.995 163.389 24.18018
09
19-Mar- 177.5 169.05 174 153.56 172.861 27.3326
09
20-Mar- 175 165.55 171.5 155.945 173.175 12.34851
09
23-Mar- 175.2 163.25 166.65 157.925 169.8995 2.90213
09
24-Mar- 178.6 162.65 166.3 159.975 166.5345 4.591195
09
25-Mar- 178.5 164.3 176.65 163.765 169.7155 2.524666
09
26-Mar- 183.4 171.3 176.35 167.735 176.551 1.350575
09
27-Mar- 187 173.6 182.8 170.75 178.4785 6.588921
09
30-Mar- 179.7 163.3 165.5 171.105 177.091 -0.69007
09
31-Mar- 171.85 160.3 167.3 171.935 166.094 0.601323
09
CHART 25:
Inference:
intersected the market price on 5th JAN 2008 and the market price have fallen below
the 10 days moving average, hence a bearish trend followed. If the market price is
above the 10 days moving average than the trend will be bullish.
The current market price of Rs.171.93 is nearer to the 10 days moving average of
Rs.171.13 therefore the trend reversal is expected. The trend will be bullish with
CHART 26:
Inference
4th FEB 09 thus indicating bearish trend ahead.
• The calculated EMA value raises from 138.54 on 4th MAR 09 to 166.39 on
27th MAR 09 thus indicating bullish trend ahead.
CHART 27:
INFERENCE FOR DLF LTD
• The calculated ROC value raises from -31.41 on 5th JAN 09 to 16.38 on 9th
FEB thus indicating bullish trend ahead
• The calculated ROC value declining from 27.67 on 13th MAR 09 to 0.60 on
31st MAR 09 thus indicating bearish trend ahead.
TABLE 18:
CALCULATION OF RELATIVE STRENGTH INDEX FOR DLF LTD
1-Jan-09 293 279.85 291.75 21.8 7.714286 -71.6 5.114286 1.50838 60.13363
2-Jan-09 308.35 292.1 300.55 3.7 6.785714 -71.6 5.114286 1.326816 57.02281
5-Jan-09 311.5 292.3 295.95 -4.65 6.521429 -76.2 5.442857 1.198163 54.50746
6-Jan-09 295.5 271.25 278.5 -22.7 6.521429 -89 6.357143 1.025843 50.63783
7-Jan-09 282.5 230.55 233.85 23.9 6.521429 -110.95 7.925 0.822893 45.14215
9-Jan-09 232.8 144 216.35 30.5 4.814286 -128.45 9.175 0.524718 34.41409
12-Jan-09 218.9 191.1 204.75 8.65 2.635714 -140.05 10.00357 0.263477 20.85335
13-Jan-09 215.7 193 205.45 -14.75 2.067857 -140.05 10.00357 0.206712 17.13018
14-Jan-09 215.7 205.55 212.4 -6.9 2.564286 -125.3 8.95 0.286512 22.27047
15-Jan-09 205 193.25 202.2 -19.45 2.564286 -128.6 9.185714 0.27916 21.82371
16-Jan-09 208 184.3 195.55 0.9 2.564286 -115.8 8.271429 0.310017 23.66513
19-Jan-09 199.7 187 195.15 8.95 2.5 -116.2 8.3 0.301205 23.14815
20-Jan-09 191.8 182.1 188.7 -3.15 1.860714 -122.65 8.760714 0.212393 17.51849
21-Jan-09 186.8 179.2 181.35 9.6 1.860714 -126.85 9.060714 0.205361 17.03728
22-Jan-09 186 156.25 164.15 8.8 1.175 -144.05 10.28929 0.114196 10.24922
23-Jan-09 167.5 156.75 161.3 -4.6 0.546429 -146.9 10.49286 0.052076 4.949854
27-Jan-09 169.8 159.1 166.5 -17.45 0.917857 -142.3 10.16429 0.090302 8.282307
28-Jan-09 180 163 177.45 -44.65 1.7 -124.85 8.917857 0.190629 16.01076
29-Jan-09 185.8 161 164.05 -17.5 1.7 -93.6 6.685714 0.254274 20.27257
30-Jan-09 179.5 156 177.65 -11.6 2.671429 -76.1 5.435714 0.491459 32.95154
2-Feb-09 167.7 142.15 153 0.7 2.671429 -89.15 6.367857 0.419518 29.55354
3-Feb-09 158.9 131.5 132.85 6.95 2.621429 -109.3 7.807143 0.335773 25.13699
4-Feb-09 141.9 124.05 139.45 -10.2 2.596429 -109.3 7.807143 0.332571 24.95709
5-Feb-09 142 131.1 140 -6.65 2.635714 -99.1 7.078571 0.372351 27.13235
6-Feb-09 146.8 135.5 137.95 -0.4 2.635714 -94.5 6.75 0.390476 28.08219
9-Feb-09 142 137 139.95 -6.45 2.778571 -94.1 6.721429 0.41339 29.24812
10-Feb-09 154.45 140 152.6 -7.35 3.682143 -87.65 6.260714 0.588135 37.03305
11-Feb-09 153.65 143.5 151.15 -17.2 3.682143 -81.75 5.839286 0.630581 38.67217
12-Feb-09 160.5 146.35 156.6 -2.85 4.071429 -64.55 4.610714 0.883036 46.89428
13-Feb-09 162.25 155.25 160.55 5.2 4.353571 -61.7 4.407143 0.987844 49.69425
16-Feb-09 178.7 150.5 156.65 10.95 3.982143 -65.6 4.685714 0.849848 45.94149
17-Feb-09 153.5 144.15 148.25 -13.4 3.2 -74 5.285714 0.605405 37.71044
18-Feb-09 161 141 158.75 13.6 3.95 -60.6 4.328571 0.912541 47.71355
19-Feb-09 162.9 154.1 156 -24.65 2.978571 -63.35 4.525 0.658248 39.69538
20-Feb-09 159.25 147.75 154.85 -20.15 2.978571 -39.85 2.846429 1.046424 51.13427
24-Feb-09 159.55 144.25 158.15 6.6 3.214286 -19.7 1.407143 2.284264 69.55178
25-Feb-09 162.7 153.25 154.8 0.55 2.742857 -23.05 1.646429 1.665944 62.48983
26-Feb-09 158 146.2 156.2 -2.05 2.803571 -23.05 1.646429 1.70282 63.00161
27-Feb-09 155.1 150.1 152 2 2.803571 -25.2 1.8 1.55754 60.89992
2-Mar-09 151.85 144 149 12.65 2.660714 -28.2 2.014286 1.320922 56.91367
3-Mar-09 152.4 147 148.35 -1.45 1.757143 -28.85 2.060714 0.852686 46.02432
4-Mar-09 151 146.5 147.65 5.45 1.757143 -28.1 2.007143 0.875445 46.67932
5-Mar-09 152 142.1 146.85 3.95 1.367857 -28.9 2.064286 0.66263 39.85432
6-Mar-09 148.7 134 145.8 -3.9 1.085714 -29.95 2.139286 0.507513 33.66556
9-Mar-09 145.85 136.5 138.75 -8.4 1.085714 -33.1 2.364286 0.459215 31.46998
12-Mar-09 144 135.4 136.65 10.5 1.085714 -26.8 1.914286 0.567164 36.19048
13-Mar-09 153.45 138.45 152.65 -2.75 1.478571 -26.8 1.914286 0.772388 43.57895
16-Mar-09 163.9 152 161.95 -1.15 2.142857 -24.05 1.717857 1.247401 55.50416
17-Mar-09 165.85 155.35 159 3.3 2.142857 -25.85 1.846429 1.160542 53.71531
18-Mar-09 176.35 161 172.3 -3.35 2.857143 -25.85 1.846429 1.547389 60.74412
19-Mar-09 177.5 169.05 174 1.4 2.978571 -22.5 1.607143 1.853333 64.95327
20-Mar-09 175 165.55 171.5 -4.2 2.878571 -25 1.785714 1.612 61.71516
23-Mar-09 175.2 163.25 166.65 -3 2.878571 -25.65 1.832143 1.57115 61.1069
24-Mar-09 178.6 162.65 166.3 -0.65 2.878571 -23 1.642857 1.752174 63.66509
25-Mar-09 178.5 164.3 176.65 -0.7 3.617857 -22.35 1.596429 2.266219 69.38356
26-Mar-09 183.4 171.3 176.35 -0.8 3.617857 -21.95 1.567857 2.307517 69.76584
27-Mar-09 187 173.6 182.8 -1.05 4.078571 -21.15 1.510714 2.699764 72.97125
30-Mar-09 179.7 163.3 165.5 -7.05 4.078571 -37.4 2.671429 1.526738 60.42328
31-Mar-09 171.85 160.3 167.3 -2.1 4.207143 -30.35 2.167857 1.940692 65.9944
CHART 28:
Inference
• The calculated RSI value raises from 4.94 on 23rd JAN to 69.85 on 29th FEB
09 signifies signal of bullish trend.
• The calculated RSI value again raises from 31.39 to 9th MAR 09 to 72.43 on
27th MAR signifies the signal of bullish trend.
TABLE 19:
CALCULATION OF DLF LTD FOR PERIOD OF 1ST JAN-31ST MAR IN

STOCHASTICS METHOD

1-Jan-09 293 279.85 291.75 31.5 43.45 72.49712 54.68804
2-Jan-09 308.35 292.1 300.55 40.3 48.1 83.78378 69.35603
5-Jan-09 311.5 292.3 295.95 21.85 37.4 58.42246 72.62505
6-Jan-09 295.5 271.25 278.5 7.25 40.25 18.01242 55.18887
7-Jan-09 282.5 230.55 233.85 3.3 80.95 4.07659 20.42875
9-Jan-09 232.8 144 216.35 72.35 167.5 43.19403 28.71493
12-Jan-09 218.9 191.1 204.75 60.75 167.5 36.26866 32.7924
13-Jan-09 215.7 193 205.45 61.45 151.5 40.56106 39.98972
14-Jan-09 215.7 205.55 212.4 68.4 138.5 49.38628 41.6612
15-Jan-09 205 193.25 202.2 58.2 88.8 65.54054 49.64361
16-Jan-09 208 184.3 195.55 11.25 34.6 32.51445 52.63459
19-Jan-09 199.7 187 195.15 10.85 31.4 34.55414 51.87339
20-Jan-09 191.8 182.1 188.7 6.6 33.6 19.64286 28.81526
21-Jan-09 186.8 179.2 181.35 2.15 28.8 7.465278 20.89552
22-Jan-09 186 156.25 164.15 7.9 51.75 15.2657 14.58607
23-Jan-09 167.5 156.75 161.3 5.05 43.45 11.62255 12.17742
27-Jan-09 169.8 159.1 166.5 10.25 35.55 28.83263 17.74379
28-Jan-09 180 163 177.45 21.2 30.55 69.39444 33.31812
29-Jan-09 185.8 161 164.05 7.8 29.75 26.21849 40.9494
30-Jan-09 179.5 156 177.65 21.65 29.8 72.65101 56.21532
2-Feb-09 167.7 142.15 153 10.85 43.65 24.85682 39.05039
3-Feb-09 158.9 131.5 132.85 1.35 54.3 2.486188 26.49706
4-Feb-09 141.9 124.05 139.45 15.4 61.75 24.93927 17.2824
5-Feb-09 142 131.1 140 15.95 55.45 28.76465 19.06706
6-Feb-09 146.8 135.5 137.95 13.9 43.65 31.84422 28.1318
9-Feb-09 142 137 139.95 15.9 34.85 45.6241 34.15454
10-Feb-09 154.45 140 152.6 28.55 30.4 93.91447 53.58127
11-Feb-09 153.65 143.5 151.15 20.05 23.35 85.86724 72.7991
12-Feb-09 160.5 146.35 156.6 21.1 25 84.4 88.50794
13-Feb-09 162.25 155.25 160.55 23.55 25.25 93.26733 87.90761
16-Feb-09 178.7 150.5 156.65 16.65 38.7 43.02326 68.91512
17-Feb-09 153.5 144.15 148.25 4.75 35.2 13.49432 45.33535
18-Feb-09 161 141 158.75 17.75 37.7 47.08223 35.08065
19-Feb-09 162.9 154.1 156 15 37.7 39.7878 33.90597
20-Feb-09 159.25 147.75 154.85 13.85 37.7 36.7374 41.20248

24-Feb-09 159.55 144.25 158.15 17.15 21.9 78.3105 47.27646
25-Feb-09 162.7 153.25 154.8 13.8 21.9 63.0137 54.96933
26-Feb-09 158 146.2 156.2 11.95 18.65 64.07507 68.69496
27-Feb-09 155.1 150.1 152 7.75 18.45 42.00542 56.77966
2-Mar-09 151.85 144 149 5 18.7 26.73797 44.26523
3-Mar-09 152.4 147 148.35 4.35 18.7 23.26203 30.61773
4-Mar-09 151 146.5 147.65 3.65 14 26.07143 25.29183
5-Mar-09 152 142.1 146.85 4.75 13 36.53846 27.89934
6-Mar-09 148.7 134 145.8 11.8 18.4 64.13043 44.49339
9-Mar-09 145.85 136.5 138.75 4.75 18.4 25.81522 42.77108
12-Mar-09 144 135.4 136.65 2.65 18 14.72222 35.0365
13-Mar-09 153.45 138.45 152.65 18.65 19.45 95.88689 46.64279
16-Mar-09 163.9 152 161.95 27.95 29.9 93.47826 73.12546
17-Mar-09 165.85 155.35 159 23.6 30.45 77.50411 87.96992
18-Mar-09 176.35 161 172.3 36.9 40.95 90.10989 87.31491
19-Mar-09 177.5 169.05 174 35.55 39.05 91.03713 86.96243
20-Mar-09 175 165.55 171.5 19.5 25.5 76.47059 87.1564
23-Mar-09 175.2 163.25 166.65 11.3 22.15 51.0158 76.52826
24-Mar-09 178.6 162.65 166.3 5.3 17.6 30.11364 55.32567
25-Mar-09 178.5 164.3 176.65 14 15.95 87.77429 54.93716
26-Mar-09 183.4 171.3 176.35 13.7 20.75 66.0241 60.77348
27-Mar-09 187 173.6 182.8 20.15 24.35 82.75154 78.37838
30-Mar-09 179.7 163.3 165.5 2.85 24.35 11.70431 52.84377
31-Mar-09 171.85 160.3 167.3 7 26.7 26.21723 39.7878
CHART 29:
Inference:
sold. When %K or %D is below 20 then K or % D is at 75% to 85% then it is the best
time to sell shares or grow short. When % K or %D is at 15% then it is the best buy
signal. As the % D has fallen to below 12.07% on Jan 13rd 2009. A bearish trend is
predicted the share are over sold in that period. If the %K or %D is above 80 then the
shares are over bought.
then decreased to 39.78% on Mar 31th 2009. Negative divergence was formed, hence
the trend will reverse. A bearish trend is follow
TABLE 20:
CALCULATION OF DLF LTD FOR PERIOD OF 1ST JAN-31ST MAR

MOVING AVERAGE CONGERVENCE AND DIVERGENCE METHOD
1-Jan-09 293 279.85 291.75 279.0146 231.3267 47.68785
2-Jan-09 308.35 292.1 300.55 282.2449 234.0957 48.14923
5-Jan-09 311.5 292.3 295.95 284.3007 236.5698 47.73082
6-Jan-09 295.5 271.25 278.5 283.4306 238.2471 45.18351
7-Jan-09 282.5 230.55 233.85 275.9935 238.0712 37.92231
9-Jan-09 232.8 144 216.35 267.047 237.2023 29.84464
12-Jan-09 218.9 191.1 204.75 257.7024 235.9042 21.79819
13-Jan-09 215.7 193 205.45 249.8646 234.6861 15.17849
14-Jan-09 215.7 205.55 212.4 244.2449 233.7946 10.45025
15-Jan-09 205 193.25 202.2 237.9381 232.5308 5.407306
16-Jan-09 208 184.3 195.55 231.5799 231.0516 0.528319
19-Jan-09 199.7 187 195.15 226.1154 229.6155 -3.5001
20-Jan-09 191.8 182.1 188.7 220.5031 227.9789 -7.4758
21-Jan-09 186.8 179.2 181.35 214.6301 226.1138 -11.4836
22-Jan-09 186 156.25 164.15 207.0581 223.6352 -16.5771
23-Jan-09 167.5 156.75 161.3 200.1944 221.1418 -20.9474
27-Jan-09 169.8 159.1 166.5 195.1402 218.9561 -23.8159
28-Jan-09 180 163 177.45 192.4867 217.2959 -24.8092
29-Jan-09 185.8 161 164.05 188.2212 215.166 -26.9448
30-Jan-09 179.5 156 177.65 186.6355 213.6654 -27.0299
2-Feb-09 167.7 142.15 153 181.5902 211.2388 -29.6486
3-Feb-09 158.9 131.5 132.85 174.2792 208.1032 -33.8241
4-Feb-09 141.9 124.05 139.45 169.0548 205.3571 -36.3023
5-Feb-09 142 131.1 140 164.6966 202.7428 -38.0463
6-Feb-09 146.8 135.5 137.95 160.6846 200.1511 -39.4665
9-Feb-09 142 137 139.95 157.5744 197.7431 -40.1687
10-Feb-09 154.45 140 152.6 156.8282 195.9373 -39.1091
11-Feb-09 153.65 143.5 151.15 155.9765 194.1458 -38.1693
12-Feb-09 160.5 146.35 156.6 156.07 192.644 -36.574
13-Feb-09 162.25 155.25 160.55 156.742 191.3603 -34.6182
16-Feb-09 178.7 150.5 156.65 156.7282 189.9718 -33.2436
17-Feb-09 153.5 144.15 148.25 155.4565 188.303 -32.8465
18-Feb-09 161 141 158.75 155.9505 187.1209 -31.1703
19-Feb-09 162.9 154.1 156 155.9579 185.876 -29.9181
20-Feb-09 159.25 147.75 154.85 155.7917 184.635 -28.8432
24-Feb-09 159.55 144.25 158.15 156.1455 183.5756 -27.4301
25-Feb-09 162.7 153.25 154.8 155.9437 182.4246 -26.4809
26-Feb-09 158 146.2 156.2 155.9821 181.3756 -25.3935
27-Feb-09 155.1 150.1 152 155.3848 180.2005 -24.8158
2-Mar-09 151.85 144 149 154.4271 178.9525 -24.5255
3-Mar-09 152.4 147 148.35 153.5155 177.7284 -24.2129
4-Mar-09 151 146.5 147.65 152.6357 176.5253 -23.8896
5-Mar-09 152 142.1 146.85 151.7678 175.3383 -23.5704
6-Mar-09 148.7 134 145.8 150.8727 174.1567 -23.2841
9-Mar-09 145.85 136.5 138.75 149.0543 172.7405 -23.6862
12-Mar-09 144 135.4 136.65 147.1936 171.2969 -24.1032
13-Mar-09 153.45 138.45 152.65 148.0121 170.551 -22.5389
16-Mar-09 163.9 152 161.95 150.1028 170.2069 -20.1042
17-Mar-09 165.85 155.35 159 151.4374 169.7587 -18.3213
18-Mar-09 176.35 161 172.3 154.5667 169.8603 -15.2936
19-Mar-09 177.5 169.05 174 157.4817 170.0259 -12.5442
20-Mar-09 175 165.55 171.5 159.5845 170.0849 -10.5004
23-Mar-09 175.2 163.25 166.65 160.6443 169.9475 -9.30317
24-Mar-09 178.6 162.65 166.3 161.4927 169.8016 -8.30892
25-Mar-09 178.5 164.3 176.65 163.7663 170.0755 -6.30925
26-Mar-09 183.4 171.3 176.35 165.6538 170.3265 -4.67267
27-Mar-09 187 173.6 182.8 168.2257 170.8254 -2.59969
30-Mar-09 179.7 163.3 165.5 167.8169 170.6124 -2.79553
31-Mar-09 171.85 160.3 167.3 167.7394 170.4799 -2.74057
CHART 30:
Inference
FEB 09 showing bearish trend ahead
• The calculated MACD value raise from -38.631 on 5th FEB 09 to -2.74 on 31th
4 FINDINGS AND SUGGESTIONS
4.1 FINDINGS FOR COMPANIES:
HDFC BANK:
As on Mar 31st 2009, price is greater than the 10 days moving average. ROC value is
3.3. RSI value is 65.9. EMA is moving with market price accurately gives the trend.
The % D was 96% on Mar 26th 2009 and then decreased to 68% on Mar 31th 2009.
Negative divergence was formed. During these three month period it has been found
out that MACD line for HDFC bank giving a signal of trend reversal i.e, conversion
into bullish market into bearish market. All the technical indicators have indicated
that the trend will reverse. A bearish trend will follow with the effect from Mar 31st
2009. So the investors can go for short or sell their shares.
BHARTI AIRTEL LTD
8.96. RSI value is 59.3. Market price is greater than 12 day EMA. The % D was
92.56% on Feb 9th 2009 and then increased to 22.34% on Feb 18th 2009. Positive
divergent was formed. During these three month period it has been found out that
MACD line for Bharti Airtel Ltd giving a signal of trend reversal i.e, conversion into
bullish market into bearish market and to bullish market. All the technical indicators
have indicated that the trend will reverse. A bullish trend will follow with the effect
from Mar 31st 2009. So the investors can go for buy the shares currently.
ONGC:
0.128. RSI value is 74.64. Market price is greater than 12 day EMA. The % D was
93% on Mar 16th 2009 and then decreased to 37% on Mar 31th 2009. Negative
divergence was formed. During these three month period it has been found out that
MACD line for ONGC giving a signal of trend reversal i.e, conversion into bearish
market into bullish market. All the technical indicators have indicated that the trend
will reverse. A bearish trend will follow with the effect from Mar 31st 2009. So the
investors can go for sell their shares currently.
RANBAXY:
0.975. RSI value is 73.52. Market price is equal to 12day EMA. The % D was 89.56%
on Feb 10th 2009 and then increased to 9.087% on Feb 16th 2009. Now Positive
divergent was formed. During these three month period it has been found out that
MACD line for Ranbaxy giving a signal of trend reversal i.e, conversion into bullish
market into bearish market. All the technical indicators have indicated that the trend
will reverse. A bearish trend will follow with the effect from Mar 31st 2009.
Therefore, the investors can go for short or sell their shares.
DLF:
As on Mar 31st 2009, price is less than the 10 days moving average. ROC value is
0.602. RSI value is 65.99. Market price is equal to 12 EMA. The % D was 87% on
Mar 17th 2009 and then decreased to 39.78% on Mar 31th 2009. Negative divergence
was formed. During these three month period it has been found out that MACD line
for DLF giving a signal of trend reversal i.e, conversion into bullish market into
bearish market. All the technical indicators except ROC, SMA have indicated that the
trend will reverse. A bullish trend will follow with the effect from Mar 31st 2009. So
the investors can buying the shares.
4.2 SUGGESTIONS
• Due to recession all the selected stock are in bearish trend ,I would suggest the
investors/traders that this is the right time for intraday trading and hold few
shares for long term
• The investors should start speculation only then they can make money in this
current recession. Holding the shares for delivery might not fetch more
returns.
• The short term investors should place strict stop loss, based on the volatility of
the market so that investors/traders can incur less loss.
• The investors should take risk and go for short when the market is in
downward trend.
• The speculators can strongly follow Rate Of Change(ROC), Stochastic, and

Moving Averages for Convergence and Divergence(MACD) as these are
giving correct buy and sell signal.
4.3 CONCLUSION
From the study it was found that investors / traders can predict the stock market
trend if he/she know the technical analysis strongly. As the companies price
movements keep changing based on the global cues, insider trading therefore the
markets are so volatile. So the investor should avoid taking high risk and should
invest the companies which have a moderate risk.
The investment in stock market should be done carefully after considering all the
factors and analyzing share price movements. The study reveals that investment
through technical analysis would yield good returns in a short period. Short-
term trading has its advantages when compared with day trading and long term
investment. It is suited for both full time and part time traders. When performed in
accordance with the basic principles, it can be an engrossing and potentially lucrative
activity/ Profession.
APPENDIX
BIBLIOGRAPHY:
1. David E Boeden, Safety In The Market, 2004

2. Kothari .C.R. Research Methodology, New Age International Publisher,
reprints 2007
3. Punithavathy Pandian, Security Analysis And Portfolio Management, Vikas
Publishing house Pvt Ltd.
4. Willes Wilder Jr , The Concept In Technical Analysis, 2006
WEBSITES:
WWW.crnindia.com/technical.html
WWW.nseindia.com
WWW.investopedia.com
WWW.stockcharts.com
WWW.tradersedge.com

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AN ANALYTICAL STUDY ON

S.K.R ENGINEERING COLLEGE

FACULTY OF MANAGEMENT SCIENCES

in Partial fulfillment of the requirements

for the award of the degree

MASTER OF BUSINESS ADMINISTRATION

Certified that this project report titled “AN ANALYTICAL STUDY ON

Prof. D. Ramanathan Mr. R. Kumar

Head of the Department Project Guide

Department of Management Studies Department of Management Studies

S.K.R.Engineering College S.K.R. Engineering

Agarmel, Poonamallee Agarmel, Poonamallee

Chennai – 602 103. Chennai-602 103.

I, Mr. R.N. Venkatesh, M.B.A student of SKR Engineering College, would

I wish to express my gratitude to our Institution and Principal Dr. M. Senthil

I take this grand opportunity to record my everlasting thanks and hearty

I also thank my faculty member of management studies

Chapter No Contents Page No

List of Tables and Figures i

III DATA ANALYSIS AND INTERPRETATION

TABLE TITLE PAGE

03 Calculation of Stochastics Method for HDFC Bank Ltd 45

04 Calculation of Moving Average Convergence And Divergence Method for 48

07 Calculation of Bharti Airtel Ltd for Period Of 1st Jan-31st Mar in 60

11 Calculation of ONGC for Period of 1st Jan-31st Mar In Stochastics Method 75

12 Calculation of ONGC for Period of 1st Jan-31st Mar Moving Average 78

15 Calculation of Ranbaxy Laboratories Ltd for Period Of 1st Jan-31st Mar in 90

TABLE NO TITLE PAGE NO

20 Exponential Moving Average for Ranbaxy Laboratories Ltd 86

AN ANALYTICAL STUDY ON THE PERFORMANCE OF

A technical analyst is concerned with the direction of movement. He would be buying

A method of evaluating securities by analyzing statistics generated by market activity,

2. STATEMENT OF THE PROBLEM

1.3 INDUSTRY PROFILE

The Brokerage Industry

In actuality the brokerage industry continues to develop rapidly. Many of the

These differences in services and philosophies may lead to great differences in

2. Paine Webber & Company

Origin of stock broking in India

Stockbrokers also sometimes or exclusively trade on their own behalf, as a principal,

STOCK BROKING SERVICES

A transaction on a stock exchange must be made between two members of the

There are three types of stock broking service.

VARIOUS STOCK BROKING COMPANIES IN INDIA

1.4 COMPANY PROFILE

EIGHT DECADES OF BROKERAGE EXCELLENCE

Customer satisfaction through

Providing quality service effectively and efficiently

“Smile, it enhances your face value ” is a service quality stressed

Maximization of stakeholder value Success through Teamwork,

History, present business and background of the Sharekhan

The shareholders of Sharekhan Limited are Mr. Shripal Morakhia, Mr.Shreyas

FEATURES OF SHAREKHAN LTD:

• Multiple exchanges on a single screen

ACCESS via MULTIPLE channels

Customized Research Reports

Investment advice for a diverse set of investment approaches

1.5 PRODUCT PROFILE

PRODUCTS OF THE SHAREKHAN COMPANY

A/C Opening Charges Rs.750 (onetime Charge).

• Streaming quotes (using the applet based system).

TYPES OF TRADERS/INVESTORS IN THE STOCK MARKET