1. i
A
SUMMER TRAINING REPORT
ON
“A STUDY OF TECHNICAL ANALYSIS ON EQUITY MARKET”
(With reference to Japanese Candlestick Technique)
A PROJECT SUBMITTED TO M.K. BHAVNAGAR UNIVERSITY
FOR THE PARTIAL FULLFILLMENT OF THE DEGREE OF
“MASTER OF BUSINESS ADMINISTRATION” (MBA)
SUBMITTED BY:
DHARMESH SOLANKI
M.B.A. SEM – III
ROLL NO. 17 (GIA)
GUIDED BY:
DR. BUTALAL AJMERA
BATCH – 2014 – 16
SUBMITTED TO:
DEPARTMENT OF BUSINESS ADMINISTRATION
M.K. BHAVNAGAR UNIVERSITY,
BHAVNAGAR

2. ii

3. iii
GUIDE CERTIFICATE
This is to certify that the project report entitled “A STUDY OF TECHNICAL
ANALYSIS ON EQUITY MARKET” (With reference to Japanese Candlestick
Technique) undertaken at icici securities limited, Ahmedabad, submitted in the partial
fulfillment of master of Business administration of Department Of Business Administration,
M.K.Bhavnagar university done by DHARMESH SOLANKI who has worked under my
supervision and guidance and that no part of this report has been submitted for the award of any
other degree, diploma, fellowship, or other similar titles or prizes and that work has not been
published in any journal or magazine.
Place:
Date: (DR. BUTALAL AJMERA)

4. iv
CANDIDATE STATEMENT
I, hereby declare that the project work titled “A STUDY OF TECHNICAL
ANALYSIS ON EQUITY MARKET” (With reference to Japanese Candlestick Technique)
Submitted by me in partial fulfillment of the award of the degree of “MASTER OF BUSINESS
ADMINISTRATION” in Finance is my original work and it was not submitted to any university
or institution Or published any time before.
Place: Bhavnagar
Date:
SIGNATURE
(DHARMESH SOLANKI)

5. v
PREFACE
“Theory and practice are two sides of single coin”
Experience is the best teacher as solution of any problem is concern. As a student of
business management, we must have enough practical knowledge. This practical knowledge
cannot be available to student in classroom. So that field work is essential for achieving such
practical knowledge or experience.
The knowledge of Management is incomplete without knowing the practical
applications of the theories studied. This training provides golden opportunity for all students,
especially when the Management student does not have perfect understanding of the working of
a unit.
The Indian Stock market has witnessed significant growth in the past few years driven by
several favorable economic and demographic factors such as rising income levels and decreasing
in the inflation rate.
As far as the rule of M.K.Bhavnagar University is concerned, it is compulsory for all the
management students to visit an industry Summer Training Report. This is playing a crucial role
to develop practical view points of the students and also making them aware of the problems,
opportunities & situations of the any sector.
The project is based on the “A STUDY OF TECHNICAL ANALYSIS ON EQUITY
MARKET” (With reference to Japanese Candle Stick Technique). My main objective
and purpose behind the project was to increase the awareness of the market movements through
technical analysis of equity market in such a way that how the stock prices move in past and on
the basis of that in future which types of trend in the market.

6. vi
ACKNOWLEDGEMENT
At this moment of our substantial enhancement, the successful completion of task would be
incomplete without the mention of the people who made it possible. This provides us an
opportunity to greet heartily all those who immense support, encouraged and motivated during
the programme. We hardly have enough words to express our gratitude towards those who have
devoted their precious time for our project report.
We are debited to some great personalities who always inspire us to this work and sincerely wish
to thank all the persons who spend their valuable time for guiding and helping us to complete
this project report.
First of all my special thanks to Dr. A. KUMAR, our Head of the Department, for providing us
the opportunity to work on this project. I am greatly in debited to DR. BUTALAL AJMERA, my
project guide who has supported me throughout the report.
I am sincerely thankful to Mr. PRAJESH VEKARIA, the Regional Manager of “ICICI Securities
Ltd.” for permit me for training in ICICI Securities Ltd. At Ahmedabad branch and also thankful
to all staff members of the company for providing training.
Numerous other people have contributed in the completion and ultimately success of this report
and their sincere appreciation.
And last but not the least. I would like to thank my mother and father for always encouraging
and supporting me. They give me opportunity to study at the university and I will always be
grateful for that. Thanks to my brother who give me good support in preparing the report.

7. vii
EXECUTIVE SUMMARY
This study to attempt to analyze the stock market changes in the future with help of the
past behavior of the stock prices. For analyzing these stock prices I have used various reversal
patterns used in the Japanese Candle Stick Technique of analysis.
For predicting the future price behavior in the market 30 companies for various sectors of
Indian economy have undertaken for Research purpose which are listed on BSE stock exchange.
Open, High, Low and Close price of share from BSE is taken for analysis. Research period
comprises the 6 months (1st Oct, 2014 to 31st March, 2015). Data are collected from the ACE
EQUITY software and web sides of BSE.
For analyzing the future price movement in the share price the Japanese Candle stick
technique of analysis used. The candle stick technique helps in a better way for predicting the
share price.
Findings suggest that the stock market does not work randomly it has required the very
long lasting experience to understanding about the market movements. The candle stick analysis
gives the accurate idea about the BULLISH or BEARISH situation in the market. So one can get
expertise in the buying, selling and holding decision regarding the investor’s portfolio
management decision.
This project report comprises A STUDY ON TECHNICAL ANALYSIS OF EQUITY
MARKET with specially reference to Japanese Candlestick Technique.

8. viii
LIST OF TABLES
Table
no.
Title of the table Page no.
1 BULLISH/ BEARISH PRICE PATTERN OF ACC 59
2 BULLISH/ BEARISH PRICE PATTERN OF AXIS BANK 61
3 BULLISH/ BEARISH PRICE PATTERN OF BAJAJ AUTO 63
4 BULLISH/ BEARISH PRICE PATTERN OF BHARTI AIRTEL 65
5 BULLISH/ BEARISH PRICE PATTERN OF BHEL 67
6 BULLISH/ BEARISH PRICE PATTERN OF CIPLA 69
7 BULLISH/ BEARISH PRICE PATTERN OF COAL INDIA 71
8 BULLISH/ BEARISH PRICE PATTERN OF DLF 73
9 BULLISH/ BEARISH PRICE PATTERN OF GAIL 75
10 BULLISH/ BEARISH PRICE PATTERN OF HDFC LTD. 77
11 BULLISH/ BEARISH PRICE PATTERN OF HDFC BANK 79
12 BULLISH/ BEARISH PRICE PATTERN OF HEROMOTO CORP 81
13 BULLISH/ BEARISH PRICE PATTERN OF HUL 83
14 BULLISH/ BEARISH PRICE PATTERN OF ICICI BANK 85
15 BULLISH/ BEARISH PRICE PATTERN OF INFOSYS 87
16 BULLISH/ BEARISH PRICE PATTERN OF L&T 89
17 BULLISH/ BEARISH PRICE PATTERN OF LUPIN 91
18 BULLISH/ BEARISH PRICE PATTERN OF M&M 93
19 BULLISH/ BEARISH PRICE PATTERN OF MARUTI SUZUKI 95
20 BULLISH/ BEARISH PRICE PATTERN OF NTPC 97
21 BULLISH/ BEARISH PRICE PATTERN OF ONGC 99
22 BULLISH/ BEARISH PRICE PATTERN OF DR.REDDY’S LAB. 101
23 BULLISH/ BEARISH PRICE PATTERN OF RELIENCE 103
24 BULLISH/ BEARISH PRICE PATTERN OF SAIL 105
25 BULLISH/ BEARISH PRICE PATTERN OF SBI 107
26 BULLISH/ BEARISH PRICE PATTERN OF SUNPHARMA 109
27 BULLISH/ BEARISH PRICE PATTERN OF TATA MOTORS 111
28 BULLISH/ BEARISH PRICE PATTERN OF TATA STEEL 113
29 BULLISH/ BEARISH PRICE PATTERN OF TCS 115
30 BULLISH/ BEARISH PRICE PATTERN OF WIPRO 117

9. ix
INDEX
Sr. no. Particular Page no.
TITLE PAGE i.
COMPANY CERTIFICATE ii.
GUIDE CERTIFICATE iii.
CANDIDATE STATEMENT iv.
PREFACE v.
ACKNOWLEDGMENT vi.
EXECUTIVE SUMMARY vii.
LIST OF TABLES viii.
INDEX ix.
CHAPTER 1 THEORETICAL FRAMEWORK 1
1.1 INTRODUCTION OF THE STUDY 2
1.2 RATIONALE FOR THE STUDY 4
1.3 THEORY OF TECHNICAL ANALYSIS 5
1.3.1 - Assumption of Technical Analysis 6
1.3.2 - Ways of doing Technical Analysis 7
1.3.3 - Benefits of Technical Analysis 9
1.4 LITERATURE REVIEW 10
CHAPTER 2 RESEARCH METHODOLOGY 15
2.1 RESEARCH OBJECTIVE 16
2.2 RESEARCH PROBLEM 16
2.3 TYPES OF RESEARCH 17
2.4 DATA SOURCE 17
2.5 SAMPLING DESIGN 17
2.5.1 POPULATION 17
2.5.2 SAMPLE SIZE 17
2.5.3 SAMPLING TECHNIQUE 18
2.5.4 ANALYTICALTECHNIQUE 19
2.6 PROCEDURE OF DATA ANALYSIS 19
2.7 PERIOD OF RESEARCH 19
2.8 LIMITATIONS OF THE STUDY 19
2.9 RESEARCH DESIGN 20
2.10 DATA COLLECTION 21
2.11 THEORY OF JAPANESE CANDLESTICK 22
CHAPTER 3 ORGANIZATION PROFILE 35
3.1 BSE 36
3.2 NSE 39
3.3 COMPANY PROFILE 41
CHAPTER 4 DATA ANALYSIS AND INTERPRETATION 57
CHAPTER 5 FINDINGS 118
CHAPTER 6 SUGGESTIONS AND RECOMMENDATIONS 122
CHAPTER 7 CONCLUSION 122
BIBLIOGRAPHY 123