A project report on technical analysis at share khan

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A project report on technical analysis at share khan

  1. 1. A STUDY ON TECHNICAL ANALYSIS At INDUSTRY OVERVIEW COMPANY PROFILE…. 1 Babasabpatilfreepptmba.com
  2. 2. A STUDY ON TECHNICAL ANALYSIS AtINDUSTRY OVERVIEWA stock market is a private or public market for the trading of company stockand derivatives of company stock at an agreed price; both of these are securitieslisted on a stock exchange as well as those only traded privately.Definition:The expression stock market refers to the market that enables the trading ofcompany stocks (collective shares), other securities, and derivatives. Bonds arestill traditionally traded in an informal, over-the-counter market known as thebond market. Commodities are traded in commodities markets, and derivativesare traded in a variety of markets (but, like bonds, mostly over-the-counter).Market participants:Many years ago, worldwide, buyers and sellers were individual investors, such aswealthy businessmen, with long family histories to particular corporations. Overtime, markets have become more "institutionalized"; buyers and sellers are largelyinstitutions (e.g., pension funds, insurance companies, mutual funds, hedge funds,investor groups, and banks).The rise of the institutional investor has brought with it some improvements inmarket operations. Thus, the government was responsible for "fixed" fees beingmarkedly reduced for the small investor, but only after the large institutions hadmanaged to break the brokers solid front on fees (they then went to negotiatedfees, but only for large institutions). 2 Babasabpatilfreepptmba.com
  3. 3. A STUDY ON TECHNICAL ANALYSIS AtImportance of stock market:1. Function and purpose:The stock market is one of the most important sources for companies to raisemoney. This allows businesses to go public, or raise additional capital forexpansion. The liquidity that an exchange provides affords investors the ability toquickly and easily sell securities. This is an attractive feature of investing instocks, compared to other less liquid investments such as real estate.2. Relation of the stock market to the modern financial system:The financial system in most western countries has undergone a remarkabletransformation. One feature of this development is disintermediation. A portion ofthe funds involved in saving and financing flows directly to the financial marketsinstead of being routed via banks traditional lending and deposit operations. Thegeneral publics heightened interest in investing in the stock market, eitherdirectly or through mutual funds, has been an important component of thisprocess. Statistics show that in recent decades shares have made up anincreasingly large proportion of households financial assets in many countries.3. The Stock Market, individual investors & financial risk:Riskier long-term saving requires that an individual possess the ability to managethe associated increased risks. Stock prices fluctuate widely, in marked contrast tothe stability of bank deposits or bonds. This is something that could affect notonly the individual investor or household, but also the economy on a large scale.This is certainly more important now that so many newcomers have entered thestock market, or have acquired other risky investments. 3 Babasabpatilfreepptmba.com
  4. 4. A STUDY ON TECHNICAL ANALYSIS AtIrrational behavior:Sometimes the market tends to react irrationally to economic news, even if thatnews has no real effect on the technical value of securities itself. Therefore, thestock market can be swayed tremendously in either direction by press releases,rumors, euphoria and mass panic. Over the short-term, stocks and other securitiescan be battered or buoyed by any number of fast market-changing events, makingthe stock market difficult to predict.4. The Crashes:A stock market crash is often defined as a sharp dip in share prices of equitieslisted on the stock exchanges. In parallel with various economic factors, a reasonfor stock market crashes is also due to panic. Often, stock market crashes end upwith speculative economic bubbles.Stock market index:The movements of the prices in a market or section of a market are captured inprice indices called stock market indices, of which there are many, e.g., the S&P,the FTSE and the Euronext indices. Such indices are usually market capitalization(the total market value of floating capital of the company) weighted, with theweights reflecting the contribution of the stock to the index. The constituents ofthe index are reviewed frequently to include/exclude stocks in order to reflect thechanging business environment. 4 Babasabpatilfreepptmba.com
  5. 5. A STUDY ON TECHNICAL ANALYSIS AtDerivative instruments:Financial innovation has brought many new financial instruments whose pay-offsor values depend on the prices of stocks. Some examples are exchange-tradedfunds (ETFs), stock index and stock options, equity swaps, single-stock futures,and stock index futures. These last two may be traded on futures exchanges(which are distinct from stock exchanges—their history traces back tocommodities futures exchanges), or traded over-the-counter. As all of theseproducts are only derived from stocks, they are sometimes considered to be tradedin a (hypothetical) derivatives market, rather than the (hypothetical) stock market.Leveraged Strategies:Stock that a trader does not actually own may be traded using short selling;margin buying may be used to purchase stock with borrowed funds; or,derivatives may be used to control large blocks of stocks for a much smalleramount of money than would be required by outright purchase or sale.1. Short selling:In short selling, the trader borrows stock (usually from his brokerage which holdsits clients shares or its own shares on account to lend to short sellers) then sells iton the market, hoping for the price to fall. The trader eventually buys back thestock, making money if the price fell in the meantime or losing money if it rose.Exiting a short position by buying back the stock is called "covering a shortposition." This strategy may also be used by unscrupulous traders to artificiallylower the price of a stock. Hence most markets either prevent short selling orplace restrictions on when and how a short sale can occur. 5 Babasabpatilfreepptmba.com
  6. 6. A STUDY ON TECHNICAL ANALYSIS At2. Margin buying:In margin buying, the trader borrows money (at interest) to buy a stock and hopesfor it to rise. Most industrialized countries have regulations that require that if theborrowing is based on collateral from other stocks the trader owns outright, it canbe a maximum of a certain percentage of those other stocks value. A margin callis made if the total value of the investors account cannot support the loss of thetrade. Regulation of margin requirements (by the Federal Reserve) wasimplemented after the Crash of 1929. Before that, speculators typically onlyneeded to put up as little as 10 percent (or even less) of the total investmentrepresented by the stocks purchased.New issuance:Global issuance of equity and equity-related instruments totaled $505 billion in2004, a 29.8% increase over the $389 billion raised in 2003. Initial publicofferings (IPOs) by US issuers increased 221% with 233 offerings that raised $45billion, and IPOs in Europe, Middle East and Africa (EMEA) increased by 333%,from $ 9 billion to $39 billion.Investment strategies:One of the many things people always want to know about the stock market is,"How do I make money investing?" There are many different approaches; twobasic methods are classified as either fundamental analysis or technicalanalysis. Fundamental analysis refers to analyzing companies by their financialstatements found in SEC Filings, business trends, general economic conditions,etc. Technical analysis studies price actions in markets through the use of chartsand quantitative techniques to attempt to forecast price trends regardless of thecompanys financial prospects. 6 Babasabpatilfreepptmba.com
  7. 7. A STUDY ON TECHNICAL ANALYSIS AtTaxation:According to each national or state legislation, a large array of fiscal obligationsmust be respected regarding capital gains, and taxes are charged by the state overthe transactions, dividends and capital gains on the stock market, in particular inthe stock exchanges. However, these fiscal obligations may vary from jurisdictionto jurisdiction because, among other reasons, it could be assumed that taxation isalready incorporated into the stock price through the different taxes companiespay to the state, or that tax free stock market operations are useful to boosteconomic growth. 7 Babasabpatilfreepptmba.com
  8. 8. A STUDY ON TECHNICAL ANALYSIS AtCOMPANY PROFILESharekhan is the retail brokering arm of SSKI; SSKI is SS Kantilal IshwarlalSecurities Pvt. Ltd. It is an organization with more than eight decades of trust andcredibility in the stock market.As the punch line of the company says it’s a guide to the financial jungle it hasits many group of companies carrying on financial activities.Sharekhan – Retail broking brandSharekhan is the retail broking arm of SSKI group. Sharekhan has successfullytransformed into a full fledge retail brand of SSKI. It is a one stop shop for allkind of trading activities related to share and other recent happenings likederivative market and evolved commodity market in India.Sharekhan.com 8 Babasabpatilfreepptmba.com
  9. 9. A STUDY ON TECHNICAL ANALYSIS AtSharekhan.com is the answer for the highly volatile stock market in India.As the market has grown leaps and bounces in the recent year. SEBI (Securities &Exchange Board of India) has made Demat Account mandatory for trading in anyof the stock exchanges. Share khan along with banks in India has fund transferfacility with many of these banks.The online form of trading is carried on through Sharkhan.com. It allows theclients to access the website to know about the latest news in the market and theimpact it has on the various scrips. SSKI is in the Indian securities business since1922. Share khan is serving Institutional Investors –Domestic /International. Theinstitutional Research team is rated as one of the best in industry Sharekhan hasbeen rated as among Top 3 domestic brokerage and rated as one of the mostaggressive in the industry.SSKI Group Companies  SSKI Investor Services Ltd. (Sharekhan)  S.S. Kantilal Ishwarlal Securities.  SSKI Corporate Finance.Vision:To be the best retail broking brand in the Indian Equitiesmarket. 9 Babasabpatilfreepptmba.com
  10. 10. A STUDY ON TECHNICAL ANALYSIS AtMission: To educate and empower the individual investor to make better investment decisions through quality advice and superior service.The Sharekhan Way of Life:  People driven relationships  Growth driven  Values and ethics basedSharekhan’s Beliefs and Expectations:At Sharekhan people believe in and promote a culture that ….  Stimulates the employees drive to excel.  Nurture their entrepreneurial sprit by providing them exposure to challenging work opportunities and imparting autonomy to function effectively.  Enhancing transparency and trust, being non-discriminative to any practice/procedure/system.  Acknowledges and rewards individual and team contribution through appropriate rewards, recognition and compensation.  Builds a sense of ownership across the organization for adherence to risk and compliance procedures amongst all employees and channel partners. 10 Babasabpatilfreepptmba.com
  11. 11. A STUDY ON TECHNICAL ANALYSIS AtService profile:  Broking in Equities and derivatives on NSE & BSE.  Depository Services.  Commodities Trading on MCX & NCDEX.  IPO Services.  Portfolio management services.  Distribution services.  Structured products with fixed returns.Achievements and Awards:  Rated among the top 20 wired companies along with Reliance, HLL, Infosys, etc by Business Today Jan 2004 edition.  Amongst the top 3 online trading websites from India most preferred financial destination amongst online banking customers.(Source: Net sense, an independent study of financial services in India)  Winner of “Best Financial Website Award. CHIP- Dishnet DSL Web Awards.  India’s Most Preferred Broker award given to Sharekhan at the ‘Awaaz Consumer Awards 2005’ in the “Stock Broking” category. 11 Babasabpatilfreepptmba.com
  12. 12. A STUDY ON TECHNICAL ANALYSIS AtArea of Operation:Growing network of share shops from Sharekhan.com to India’s largest chain ofbranded retail share shops – 679 shops in 234 towns. 679 branded share shops India’s largest chain of branded across 234 cities retail share shops in IndiaCompetitors Information:The major players in online trading other than Sharekhan are;  5paisa.com  Kotakstreet.com  IndiaBulls.com  ICICIdirect.com  HDFCsec.com  Motilal Oswal 12 Babasabpatilfreepptmba.com
  13. 13. A STUDY ON TECHNICAL ANALYSIS At INTRODUCTION TO CEMENT SECTOR ABOUT TECHNICAL ANALYSIS………. 13 Babasabpatilfreepptmba.com
  14. 14. A STUDY ON TECHNICAL ANALYSIS AtINTRODUCTION TO CEMENT SECTORIndia is today the second largest producer of cement in world with an installedcapacity of close to 155 million tonnes per year. 95 % is consumed domesticallyand only 5% is exported. Demand is growing at more than 10 % per annum. Morethan 90 % of production comes from large cement plants. There are a total of 130large and more than 350 small cement manufacturing units in the country. Morethan 80% of the cement-manufacturing units use modern environment friendly“dry” process.The forms of cement produced: • Ordinary Portland Cement • Portland Pozzolana Cement • Portland Slag Cement • Blended CementMajor players in Indian cement sector: • Heidelberg • Lafarge • Italcementi • Holcim • Gujrat Ambuja Cement • ACC • Ultratech Cement • India Cements • Century Cements • Jaypee Group 14 Babasabpatilfreepptmba.com
  15. 15. A STUDY ON TECHNICAL ANALYSIS At • Madras Cements • Dalima cementsIndia’s per capita cement production: 130 kg per annum. World average of percapita cement production: More than 280 kg per annum.Bottlenecks of Cement Industry: • A comparison of the energy efficiency of Indian cement industry with that of other developed nations shows Indian companies are lagging. • Regional imbalances in cement production. • High transportation cost involved.I have taken Three Cement Sector Companies which are as follows:1. ACC2. ULTRATECH.3. GRASIM. 15 Babasabpatilfreepptmba.com
  16. 16. A STUDY ON TECHNICAL ANALYSIS At1. ACC:ACC Limited is India’s foremost manufacturer of cement and ready mix concretewith a countrywide network of factories and marketing offices.Established in1936, ACC has been a pioneer and trend-setter in cement and concretetechnology. ACC’s brand name is synonymous with cement and enjoys a highlevel of equity in the Indian market. It is the only cement company that figures inthe list of Consumer SuperBrands of India. Among the first companies in India toinclude commitment to environment protection as a corporate objective, ACC haswon several prizes and accolades for environment friendly measures taken at itsplants and mines. The company has also been felicitated for its acts of goodcorporate citizenship.ACC was the first recipient of ASSOCHAM’s first ever National Award foroutstanding performance in promoting rural and agricultural developmentactivities in 1976. Decades later, PHD Chamber of Commerce and Industryselected ACC as winner of its Good Corporate Citizen Award for the year 2002.Over the years, there have been many awards and felicitations for achievements inRural and community development, Safety, Health, Tree plantation, afforestation,Clean mining, Environment awareness and protectionAwards & Accolades : • IMC Ramkrishna Bajaj National Quality Award - – Gagal wins Commendation Certificate and New Wadi Plant wins Special Award for Performance Excellence in the Manufacturing Sector, 2007. • Indo German Greentech Environment Excellence Award 16 Babasabpatilfreepptmba.com
  17. 17. A STUDY ON TECHNICAL ANALYSIS At• National Award for outstanding performance in promoting rural and agricultural development – by ASSOCHAM• Sword of Honour - by British Safety Council, United Kingdom for excellence in safety performance.• Indira Priyadarshini Vrikshamitra Award --- by The Ministry of Environment and Forests for "extraordinary work" carried out in the area of afforestation.• FICCI Award --- for innovative measures for control of pollution, waste management & conservation of mineral resources in mines and plant.• Subh Karan Sarawagi Environment Award - by The Federation of Indian Mineral Industries for environment protection measures.• Drona Trophy - By Indian Bureau Of Mines for extra ordinary efforts in protection of Environment and mineral conservation in the large mechanized mines sector.• Golden Peacock Environment Management Special Award - for outstanding efforts in Environment Management in the large manufacturing sector.• Indira Gandhi Memorial National Award - for excellent performance in prevention of pollution and ecological development• Excellence in Management of Health, Safety and Environment : Certificate of Merit by Indian Chemical Manufacturers Association 17 Babasabpatilfreepptmba.com
  18. 18. A STUDY ON TECHNICAL ANALYSIS At • Vishwakarma Rashtriya Puraskar trophy for outstanding performance in safety and mine working • Good Corporate Citizen Award - by PHD Chamber of Commerce and Industry2. ULTRATECH:Ultratech Cement Limited, a Grasim subsidiary has an annual capacity of 17million tonnes. It manufactures and markets Ordinary Portland Cement, PortlandBlast Furnace Slag Cement and Portland Pozzolana Cement.UltraTech has five integrated plants, five grinding units and three terminals —two in India and one in Sri Lanka. These includean integrated plant and two grinding units of theerstwhile Narmada Cement Company Limited, asubsidiary, which has been amalgamated with thecompany in May 2006. UltraTech is the countryslargest exporter of cement clinker. The companyexports over 2.5 million tonnes per annum, which is about 30 per cent of thecountrys total exports. The export markets span countries around the IndianOcean, Africa, Europe and the Middle East.The cement division of L&T was demerged in 2004 after Grasim made the 30 percent open offer for equity shares, gaining control over the new company,christened UltraTech. Ready Mix Concrete is likely to see substantial growth inthe coming years. Recognizing the opportunities that this business will offer,UltraTech has commenced setting up of Ready Mix Concrete plants at various 18 Babasabpatilfreepptmba.com
  19. 19. A STUDY ON TECHNICAL ANALYSIS Atplaces in the country. UltraTechs subsidiaries are: Dakshin Cements Limited andUltraTech Ceylinco (Private) Limited.3. GRASIM:Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranksamong Indias largest private sector companies, with consolidated net revenues ofRs.141 billion and a consolidated net profit of Rs.20 billion (FY2007).Starting as a textiles manufacturer in 1948, today Grasims businesses compriseviscose staple fibre (VSF), cement, sponge iron, chemicals and textiles. Its corebusinesses are VSF and cement, which contribute to over 90 per cent of its venuesand operating profits.The Aditya Birla Group is the world’s largest producer of VSF, commanding a 21per cent global market share. Grasim, with an aggregate capacity of 270,100 tpahas a global market share of 11 per cent. It is also the second largest producer ofcaustic soda (which is used in the production of VSF) in India.In cement (grey cement and white cement), Grasim along with its subsidiaryUltraTech Cement Ltd. has a capacity of 30 million tpa and is a leading cementplayer in India. In July 2004, Grasim acquired a majority stake and managementcontrol in UltraTech Cement Limited. One of the largest of its kind in the cementsector, this acquisition catapulted the Aditya Birla Group to the top of the leaguein India. 19 Babasabpatilfreepptmba.com
  20. 20. A STUDY ON TECHNICAL ANALYSIS AtAll of Grasims units have earned ISO 9002 and 14001 certifications.Product quality, innovation and eco-friendliness are a hallmark of all thecompanys divisions. 20 Babasabpatilfreepptmba.com
  21. 21. A STUDY ON TECHNICAL ANALYSIS AtABOUT TECHNICAL ANALYSIS……….Technical analysis is a financial markets technique that claims the ability toforecast the future direction of security prices through the study of past marketdata, primarily price and volume. In its purest form, technical analysis considersonly the actual price behavior of the market or instrument, on the assumption thatprice reflects all relevant factors before an investor becomes aware of themthrough other channels.Technical analysts may employ models and trading rules based, for example, onprice transformations, such as the Relative Strength Index, moving averages,regressions, inter-market and intra-market price correlations, cycles or,classically, through recognition of chart patterns.General descriptionTechnical analysts (or technicians) seek to identify price patterns and trends infinancial markets and attempt to exploit those patterns. While technicians usevarious methods and tools, the study of price charts is primary. Techniciansespecially search for archetypal patterns, such as the well-known head andshoulders reversal pattern, and also study such indicators as price, volume, andmoving averages of the price. Many technical analysts also follow indicators ofinvestor psychology.Critics argue that these patterns are simply random effects on which humansimpose causation. They state that human see patterns that arent there and thenascribe value to them.Technical analysts also extensively use indicators, which are typicallymathematical transformations of price or volume. These indicators are used to 21 Babasabpatilfreepptmba.com
  22. 22. A STUDY ON TECHNICAL ANALYSIS Athelp determine whether an asset is trending, and if it is, its price direction.Technicians also look for relationships between price, volume, and in the case offutures, open interest. Examples include the relative strength index, and MACD.Other avenues of study include correlations between changes in options [impliedvolatility] and put/call ratios with price.Technicians seek to forecast price movements such that large gains fromsuccessful trades exceed more numerous but smaller losing trades, producingpositive returns in the long run through proper risk control and moneymanagement.Technical analysis is frequently contrasted with fundamental analysis, the studyof economic factors that some analysts say can influence prices in financialmarkets. Pure technical analysis holds that prices already reflect all suchinfluences before investors are aware of them, hence the study of price actionalone. Some traders use technical or fundamental analysis exclusively, whileothers use both types to make trading decisions.Lack of evidenceCritics of technical analysis include well known fundamental analysts. Forexample, Peter Lynch once commented, "Charts are great for predicting the past."Warren Buffet has said, "I realized technical analysis didnt work when I turnedthe charts upside down and didnt get a different answer" and "If past history wasall there was to the game, the richest people would be librarians”.Most academic studies say technical analysis has little predictive power, but somestudies say it may produce excess returns. For example, measurable forms oftechnical analysis, such as non-linear prediction using neural networks, have beenshown to occasionally produce statistically significant prediction results. A 22 Babasabpatilfreepptmba.com
  23. 23. A STUDY ON TECHNICAL ANALYSIS AtFederal Reserve working paper regarding support and resistance levels in short-term foreign exchange rates "offers strong evidence that the levels help to predictintraday trend interruptions," although the "predictive power" of those levels was"found to vary across the exchange rates and firms examined."Efficient market hypothesisThe efficient market hypothesis (EMH) contradicts the basic tenets of technicalanalysis, by stating that past prices cannot be used to profitably predict futureprices. Thus it holds that technical analysis cannot be effective. EconomistEugene Fama published the seminal paper on the EMH in the Journal of Financein 1970, and said "In short, the evidence in support of the efficient markets modelis extensive, and contradictory evidence is sparse”. EMH advocates say that ifprices quickly reflect all relevant information, no method (including technicalanalysis) can "beat the market." Developments which influence prices occurrandomly and are unknowable in advance.Technicians say that EMH ignores the way markets work, in that many investorsbase their expectations on past earnings or track record, for example. Becausefuture stock prices can be strongly influenced by investor expectations,technicians claim it only follows that past prices influence future prices.Random walk hypothesisThe random walk hypothesis may be derived from the weak-form efficientmarkets hypothesis, which is based on the assumption that market participantstake full account of any information contained in past price movements. "Theproblem is that once such regularity is known to market participants, people willact in such a way that prevents it from happening in the future”. 23 Babasabpatilfreepptmba.com
  24. 24. A STUDY ON TECHNICAL ANALYSIS AtHistoryThe principles of technical analysis derive from the observation of financialmarkets over hundreds of years. The oldest known example of technical analysiswas a method used by Japanese traders as early as the 18th century, whichevolved into the use of candlestick techniques, and is today a main charting tool.Many more technical tools and theories have been developed and enhanced inrecent decades, with an increasing emphasis on computer-assisted techniques.Principles of technical analysisTechnicians say that a markets price reflects all relevant information, so theiranalysis looks more at "internals" than at "externals" such as news events. Priceaction also tends to repeat itself because investors collectively tend towardpatterned behavior -- hence technicians focus on identifiable trends andconditions.Market action discounts everythingOn most of the sizable return days the information that the press cites as the causeof the market move is not particularly important. Press reports on adjacent daysalso fail to reveal any convincing accounts of why future profits or discount ratesmight have changed. Our inability to identify the fundamental shocks thataccounted for these significant market moves is difficult to reconcile with theview that such shocks account for most of the variation in stock returns.Prices move in trendsTechnical analysts believe that prices trend. Technicians say that markets trendup, down, or sideways (flat). An example of a security that had an apparent trendis AOL from November 2001 through August 2002. A technical analyst or trend 24 Babasabpatilfreepptmba.com
  25. 25. A STUDY ON TECHNICAL ANALYSIS Atfollower recognizing this trend would look for opportunities to sell this security.AOL consistently moves downward in price. Each time the stock rose, sellerswould enter the market and sell the stock; hence the "zig-zag" movement in theprice. In other words, each time the stock edged lower, it fell below its previousrelative low price.History tends to repeat itselfTechnical analysts believe that investors collectively repeat the behavior of theinvestors that preceded them. Technical analysis is not limited to charting, yet isalways concerned with price trends. For example, many technicians monitorsurveys of investor sentiment.. Technicians use these surveys to help determinewhether a trend will continue or if a reversal could develop; they are most likelyto anticipate a change when the surveys report extreme investor sentiment.Rule-based tradingRule-based trading is an approach to make ones trading plans by strict and clear-cut rules. Unlike some other technical methods or most fundamental analysis, itdefines a set of rules that determines all trades, leaving minimal discretion. Forinstance, a trader might make a set of rules stating that he will take a long positionwhenever the price of a particular instrument closes above its 50-day movingaverage, and shorting it whenever it drops below.Combining Technical Analysis with other Market Forecast MethodsJohn Murphy in his book "Technical Analysis of the Financial Markets", says thatthe principal sources of information available to technicians are price, volume andopen interest. Other data, such as indicators and sentiment analysis are consideredsecondary. Technical analysis is also often combined with quantitative analysis 25 Babasabpatilfreepptmba.com
  26. 26. A STUDY ON TECHNICAL ANALYSIS Atand economics. For example, neural networks may be used to help identifyintermarket relationships. A few market forecasters combine financial astrologywith technical analysis.Charting terms and indicatorsWidely-known technical analysis concepts include: • Breakout - when a price passes through and stays above an area of support or resistance • Commodity Channel Index - identifies cyclical trends • Momentum - the rate of price change • Moving average - lags behind the price action • Relative Strength Index (RSI) - oscillator showing price strength • Resistance - an area that brings on increased selling 26 Babasabpatilfreepptmba.com
  27. 27. A STUDY ON TECHNICAL ANALYSIS At 27 Babasabpatilfreepptmba.com
  28. 28. A STUDY ON TECHNICAL ANALYSIS AtMETHODOLOGY:The data collected for the research purpose are secondary data. Closing prices ofscrips were collected through National Stock Exchange website. The dataemployed in this study comprises of one year observations on the Cement Sectorcompanies’ Closing price. Daily data are preferred in this study. The choice ofdaily closing price is realistic and helpful to calculate and testing the results intechnical analysis.Statistical Tools Used:1. Day Moving Average.2. Relative strength index.3. Rate of change method. 1. Day Moving Average:Day Moving averages are one of the most popular and easy to use tools availableto the technical analyst. They smooth a data series and make it easier to spottrends, something that is especially helpful in volatile markets. They also form thebuilding blocks for many other technical indicators and overlays.The two most popular types of moving averages: • Daily Moving Average (SMA) and • Exponential moving Average (EMA).In this study day moving average has taken.For example: a 5-day simple moving average is calculated by adding the closingprices for the last 5 days and dividing the total by 5.10 + 11 + 12 + 13 + 14 = 6060 / 5 = 12. 28 Babasabpatilfreepptmba.com
  29. 29. A STUDY ON TECHNICAL ANALYSIS AtThe calculation is repeated for each price bar on the chart. The averages are thenjoined to form a smooth curving line - the moving average line. Continuing ourexample, if the next closing price in the average is 15, then this new period wouldbe added and the oldest day, which is 10, would be dropped. The new 5-daysimple moving average would be calculated as follows:11 + 12 + 13 + 14 + 15 =6565 / 5 = 13How are Moving Averages Used:The primary purpose of moving averages is to "smooth" data so that trends aremore discernable. They are used to construct market indicators and to assist ininterpretation of price charts.Moving average crossovers can also be used as signals to buy and sell. This isnormally done in two ways:(1) By watching for price to cross whatever moving average you may be using, or(2) Running two moving averages of the same price or index, one faster than theother,and buying or selling when the faster average crosses the slower.The weakness of moving average buy and sell systems is that they will mostlikely become unprofitable when the stock or index begins moving sideways in anarrow trading range. Under these circumstances price never moves above orbelow the average far enough to become profitable. 29 Babasabpatilfreepptmba.com
  30. 30. A STUDY ON TECHNICAL ANALYSIS At 2. Relative strength index:The Relative Strength Index (RSI) is an extremely useful and popular momentumoscillator. The RSI compares the magnitude of a stocks recent gains to themagnitude of its recent losses and turns that information into a number that rangesfrom 0 to 100. It takes a single parameter, the number of time periods to use in thecalculation.Calculation:RSI = 100 – 100 / (1+RS)Average gain = (Total gains / n)Average loss = (Total loss / n)Relative Strength = Average gain / Average lossRelative Strength Index = 100 – 100 / (1+ RS)N = number of RSI periods.To simplify the formula, the RSI has been broken down into its basic componentswhich are the Average Gain, the Average Loss, the First RS, and the subsequentSmoothed RSs.For a 20 -period RSI, the Average Gain equals the sum total all gains divided by20. Even if there are only 5 gains (losses), the total of those 5 gains (losses) isdivided by the total number of RSI periods in the calculation (7 in this case). TheAverage Loss is computed in a similar manner. Calculation of the First RS valueis straightforward: divide the Average Gain by the Average Loss. All subsequentRS calculations use the previous periods Average Gain and Average Loss forsmoothing purposes. 30 Babasabpatilfreepptmba.com
  31. 31. A STUDY ON TECHNICAL ANALYSIS AtRate of change method:The Rate of Change (ROC) indicator is a very simple yet effective oscillator thatmeasures the percent change in price from one period to the next. The ROCcalculation compares the current price with the price n periods ago.ROC = Today’s Close-Close n periods ago * 100 Close n periods agoThe plot forms an oscillator that fluctuates above and below the zero line as theRate of Change moves from positive to negative. The oscillator can be used asany other momentum oscillator by looking for higher lows, lower highs, positiveand negative divergences, and crosses above and below zero for signals.ROC can be plotted using different periods such as 10 days or 30 days bychanging the value. The longer the time span used, the greater the fluctuation inthe indicator (in terms of both magnitude and duration). 31 Babasabpatilfreepptmba.com
  32. 32. A STUDY ON TECHNICAL ANALYSIS At CALCULATIONS:1. ACC: Moving Average: Date Close Price 10 Days 20 Days 2-Apr-07 704.45 3-Apr-07 704.30 4-Apr-07 714.35 5-Apr-07 721.80 9-Apr-07 741.65 10-Apr-07 747.30 11-Apr-07 732.45 12-Apr-07 726.35 13-Apr-07 748.30 16-Apr-07 785.30 732.63 17-Apr-07 808.70 743.05 18-Apr-07 816.30 754.25 19-Apr-07 788.75 761.69 20-Apr-07 791.95 768.71 23-Apr-07 796.05 774.15 24-Apr-07 816.95 781.11 25-Apr-07 833.05 791.17 26-Apr-07 830.85 801.62 27-Apr-07 822.45 809.04 30-Apr-07 839.20 814.43 773.53 3-May-07 852.35 818.79 780.92 4-May-07 859.50 823.11 788.68 7-May-07 862.25 830.46 796.08 8-May-07 886.05 839.87 804.29 9-May-07 874.50 847.72 810.93 10-May-07 874.90 853.51 817.31 11-May-07 850.55 855.26 823.22 14-May-07 869.35 859.11 830.37 15-May-07 875.80 864.45 836.74 16-May-07 872.15 867.74 841.08 17-May-07 888.45 871.35 845.07 18-May-07 876.45 873.05 848.08 21-May-07 873.05 874.13 852.29 22-May-07 890.55 874.58 857.22 23-May-07 883.75 875.50 861.61 24-May-07 860.90 874.10 863.81 25-May-07 858.05 874.85 865.06 32 Babasabpatilfreepptmba.com
  33. 33. A STUDY ON TECHNICAL ANALYSIS At28-May-07 871.50 875.07 867.0929-May-07 870.20 874.51 869.4830-May-07 860.35 873.33 870.5331-May-07 850.85 869.57 870.46 1-Jun-07 852.35 867.16 870.10 4-Jun-07 837.55 863.61 868.87 5-Jun-07 836.15 858.17 866.37 6-Jun-07 822.05 852.00 863.75 7-Jun-07 804.40 846.35 860.22 8-Jun-07 767.15 837.26 856.0511-Jun-07 763.30 826.44 850.7512-Jun-07 805.85 820.00 847.2513-Jun-07 799.00 813.87 843.6014-Jun-07 825.35 811.32 840.4415-Jun-07 822.60 808.34 837.7518-Jun-07 824.85 807.07 835.3419-Jun-07 844.80 807.94 833.0520-Jun-07 849.80 810.71 831.3521-Jun-07 854.65 815.74 831.0422-Jun-07 852.25 824.25 830.7525-Jun-07 860.65 833.98 830.2126-Jun-07 846.65 838.06 829.0327-Jun-07 830.35 841.20 827.5328-Jun-07 899.00 848.56 829.9429-Jun-07 934.95 859.80 834.07 2-Jul-07 939.85 871.30 839.18 3-Jul-07 940.35 880.85 844.39 4-Jul-07 1,022.15 898.09 854.40 5-Jul-07 1,028.20 915.44 865.59 6-Jul-07 1,040.90 934.31 879.28 9-Jul-07 1,047.90 953.03 893.5110-Jul-07 1,035.75 971.94 905.0011-Jul-07 1,071.50 996.06 918.6312-Jul-07 1,075.40 1,013.70 931.1313-Jul-07 1,103.65 1,030.57 945.1816-Jul-07 1,121.40 1,048.72 960.0117-Jul-07 1,108.70 1,065.56 973.2018-Jul-07 1,131.30 1,076.47 987.2819-Jul-07 1,147.10 1,088.36 1,001.9020-Jul-07 1,108.90 1,095.16 1,014.7323-Jul-07 1,134.60 1,103.83 1,028.4324-Jul-07 1,116.30 1,111.89 1,041.9125-Jul-07 1,065.60 1,111.30 1,053.6826-Jul-07 1,025.50 1,106.31 1,060.0027-Jul-07 1,000.30 1,095.97 1,063.2730-Jul-07 1,027.65 1,086.60 1,067.6631-Jul-07 1,063.85 1,082.11 1,073.83 1-Aug-07 967.10 1,065.69 1,071.08 2-Aug-07 979.85 1,048.97 1,068.66 33 Babasabpatilfreepptmba.com
  34. 34. A STUDY ON TECHNICAL ANALYSIS At 3-Aug-07 1,004.35 1,038.51 1,066.84 6-Aug-07 979.50 1,023.00 1,063.42 7-Aug-07 987.75 1,010.15 1,061.02 8-Aug-07 1,025.25 1,006.11 1,058.70 9-Aug-07 1,000.65 1,003.63 1,054.9710-Aug-07 1,002.35 1,003.83 1,049.9013-Aug-07 1,011.20 1,002.19 1,044.3914-Aug-07 989.90 994.79 1,038.4516-Aug-07 978.85 995.97 1,030.8317-Aug-07 950.70 993.05 1,021.0120-Aug-07 963.55 988.97 1,013.7421-Aug-07 936.10 984.63 1,003.8222-Aug-07 951.55 981.01 995.5823-Aug-07 972.40 975.73 990.9224-Aug-07 1,010.35 976.70 990.1627-Aug-07 1,036.45 980.11 991.9728-Aug-07 1,028.00 981.79 991.9929-Aug-07 1,040.65 986.86 990.8330-Aug-07 1,071.70 996.15 996.0631-Aug-07 1,067.45 1,007.82 1,000.44 3-Sep-07 1,071.30 1,018.60 1,003.78 4-Sep-07 1,098.15 1,034.80 1,009.72 5-Sep-07 1,088.25 1,048.47 1,014.74 6-Sep-07 1,102.35 1,061.47 1,018.60 7-Sep-07 1,088.95 1,069.33 1,023.0110-Sep-07 1,093.80 1,075.06 1,027.5811-Sep-07 1,105.10 1,082.77 1,032.2812-Sep-07 1,101.80 1,088.89 1,037.8713-Sep-07 1,128.95 1,094.61 1,045.3814-Sep-07 1,107.15 1,098.58 1,053.2017-Sep-07 1,111.35 1,102.59 1,060.5918-Sep-07 1,121.45 1,104.92 1,069.8619-Sep-07 1,155.40 1,111.63 1,080.0520-Sep-07 1,140.80 1,115.48 1,088.4721-Sep-07 1,133.40 1,119.92 1,094.6224-Sep-07 1,136.90 1,124.23 1,099.6525-Sep-07 1,150.55 1,128.78 1,105.7726-Sep-07 1,159.45 1,134.54 1,111.7127-Sep-07 1,188.60 1,140.51 1,117.5628-Sep-07 1,197.10 1,149.50 1,124.04 1-Oct-07 1,210.20 1,159.39 1,130.99 3-Oct-07 1,228.55 1,170.10 1,137.51 4-Oct-07 1,217.35 1,176.29 1,143.96 5-Oct-07 1,177.95 1,180.01 1,147.74 8-Oct-07 1,115.15 1,178.18 1,149.05 9-Oct-07 1,176.25 1,182.12 1,153.17 34 Babasabpatilfreepptmba.com
  35. 35. A STUDY ON TECHNICAL ANALYSIS At10-Oct-07 1,218.85 1,188.95 1,158.8611-Oct-07 1,259.80 1,198.98 1,166.7612-Oct-07 1,251.10 1,205.23 1,172.8715-Oct-07 1,289.80 1,214.50 1,182.0016-Oct-07 1,273.25 1,220.81 1,190.1017-Oct-07 1,203.00 1,218.25 1,194.1718-Oct-07 1,038.25 1,200.34 1,188.3219-Oct-07 991.50 1,181.70 1,180.8522-Oct-07 1,015.85 1,171.77 1,174.9723-Oct-07 1,066.70 1,160.81 1,171.4624-Oct-07 1,078.05 1,146.73 1,167.8425-Oct-07 1,056.80 1,126.43 1,162.7126-Oct-07 1,079.85 1,109.31 1,157.2729-Oct-07 1,086.80 1,089.01 1,151.7530-Oct-07 1,069.45 1,068.63 1,144.7231-Oct-07 1,077.30 1,056.06 1,137.15 1-Nov-07 1,052.95 1,057.53 1,128.93 2-Nov-07 1,032.75 1,061.65 1,121.67 5-Nov-07 1,009.75 1,061.04 1,116.40 6-Nov-07 1,021.20 1,056.49 1,108.65 7-Nov-07 1,024.55 1,051.14 1,098.94 8-Nov-07 1,057.85 1,051.25 1,088.84 9-Nov-07 1,034.25 1,046.69 1,078.0012-Nov-07 1,019.45 1,039.95 1,064.4813-Nov-07 1,030.00 1,036.01 1,052.3214-Nov-07 1,045.20 1,032.80 1,044.4315-Nov-07 1,046.10 1,032.11 1,044.8216-Nov-07 1,039.20 1,032.76 1,047.2019-Nov-07 1,084.35 1,040.22 1,050.6320-Nov-07 1,085.70 1,046.67 1,051.5821-Nov-07 1,080.55 1,052.27 1,051.7022-Nov-07 1,104.40 1,056.92 1,054.0823-Nov-07 1,113.55 1,064.85 1,055.7726-Nov-07 1,128.55 1,075.76 1,057.8627-Nov-07 1,112.05 1,083.97 1,059.9928-Nov-07 1,077.75 1,087.22 1,060.0129-Nov-07 1,063.90 1,089.00 1,060.5630-Nov-07 1,090.40 1,094.12 1,063.44 3-Dec-07 1,092.30 1,094.92 1,067.57 4-Dec-07 1,086.75 1,095.02 1,070.84 5-Dec-07 1,093.40 1,096.31 1,074.29 6-Dec-07 1,080.40 1,093.91 1,075.41 7-Dec-07 1,064.70 1,089.02 1,076.9410-Dec-07 1,064.20 1,082.59 1,079.1711-Dec-07 1,075.15 1,078.90 1,081.4312-Dec-07 1,073.70 1,078.49 1,082.86 35 Babasabpatilfreepptmba.com
  36. 36. A STUDY ON TECHNICAL ANALYSIS At13-Dec-07 1,063.85 1,078.49 1,083.7414-Dec-07 1,103.10 1,079.76 1,086.9417-Dec-07 1,068.15 1,077.34 1,086.1318-Dec-07 1,066.80 1,075.35 1,085.1819-Dec-07 1,030.90 1,069.10 1,082.7020-Dec-07 999.75 1,061.03 1,077.4724-Dec-07 1,001.75 1,054.74 1,071.8826-Dec-07 1,005.50 1,048.87 1,065.7327-Dec-07 1,003.80 1,041.73 1,060.3128-Dec-07 1,010.55 1,035.42 1,056.9531-Dec-07 1,024.80 1,031.51 1,055.00 1-Jan-08 1,028.35 1,024.04 1,051.90 2-Jan-08 1,023.05 1,019.53 1,048.43 3-Jan-08 1,006.95 1,013.54 1,044.44 4-Jan-08 999.65 1,010.42 1,039.76 7-Jan-08 1,001.85 1,010.63 1,035.83 8-Jan-08 985.30 1,008.98 1,031.86 9-Jan-08 970.00 1,005.43 1,027.1510-Jan-08 938.85 998.94 1,020.3311-Jan-08 898.70 987.75 1,011.5814-Jan-08 876.55 972.93 1,002.2215-Jan-08 869.50 957.04 990.5416-Jan-08 857.25 940.46 979.9917-Jan-08 859.95 925.76 969.6518-Jan-08 865.25 912.32 961.3721-Jan-08 736.90 885.83 948.2322-Jan-08 718.95 859.19 934.0923-Jan-08 750.50 837.24 921.3424-Jan-08 754.00 818.76 908.8525-Jan-08 782.50 807.14 897.4428-Jan-08 798.25 799.31 886.1229-Jan-08 793.00 791.66 874.3530-Jan-08 799.10 785.84 863.1531-Jan-08 768.10 776.66 851.21 1-Feb-08 755.90 765.72 839.02 4-Feb-08 767.25 768.76 827.29 5-Feb-08 768.70 773.73 816.46 6-Feb-08 764.90 775.17 806.21 7-Feb-08 772.65 777.04 797.90 8-Feb-08 779.95 776.78 791.9611-Feb-08 737.95 770.75 785.0312-Feb-08 718.50 763.30 777.4813-Feb-08 739.40 757.33 771.5914-Feb-08 753.20 755.84 766.2515-Feb-08 758.95 756.15 760.9318-Feb-08 756.65 755.09 761.9219-Feb-08 789.90 757.21 765.47 36 Babasabpatilfreepptmba.com
  37. 37. A STUDY ON TECHNICAL ANALYSIS At20-Feb-08 767.50 757.47 766.3221-Feb-08 780.90 758.29 767.6622-Feb-08 774.15 757.71 767.2525-Feb-08 818.45 765.76 768.2626-Feb-08 831.25 777.04 770.1727-Feb-08 817.65 784.86 771.1028-Feb-08 808.65 790.41 773.1229-Feb-08 795.95 794.11 775.13 3-Mar-08 788.75 797.32 776.20 4-Mar-08 746.70 793.00 775.10 5-Mar-08 741.25 790.37 773.92 7-Mar-08 734.85 785.77 772.0310-Mar-08 767.55 785.11 771.4111-Mar-08 813.25 784.59 775.1712-Mar-08 807.30 782.19 779.6113-Mar-08 779.10 778.34 781.6014-Mar-08 798.90 777.36 783.8817-Mar-08 770.40 774.81 784.4618-Mar-08 759.65 771.90 784.6119-Mar-08 777.25 774.95 783.9724-Mar-08 804.65 781.29 785.8325-Mar-08 817.40 789.55 787.6626-Mar-08 817.45 794.54 789.8227-Mar-08 823.15 795.53 790.0628-Mar-08 838.55 798.65 790.4231-Mar-08 826.15 803.36 790.85 37 Babasabpatilfreepptmba.com
  38. 38. A STUDY ON TECHNICAL ANALYSIS AtRate of Change: Date Close Price ROC 2nd ROC 1st 2-Apr-07 704.45 3-Apr-07 704.30 4-Apr-07 714.35 5-Apr-07 721.80 9-Apr-07 741.65 10-Apr-07 747.30 100.00 11-Apr-07 732.45 12-Apr-07 726.35 13-Apr-07 748.30 16-Apr-07 785.30 17-Apr-07 808.70 18-Apr-07 816.30 19-Apr-07 788.75 20-Apr-07 791.95 23-Apr-07 796.05 24-Apr-07 816.95 25-Apr-07 833.05 26-Apr-07 830.85 27-Apr-07 822.45 30-Apr-07 839.20 19.13 119.13 3-May-07 852.35 21.02 121.02 4-May-07 859.50 20.32 120.32 7-May-07 862.25 19.46 119.46 8-May-07 886.05 19.47 119.47 9-May-07 874.50 17.02 117.02 10-May-07 874.90 19.45 119.45 11-May-07 850.55 17.10 117.10 14-May-07 869.35 16.18 116.18 15-May-07 875.80 11.52 111.52 16-May-07 872.15 7.85 107.85 17-May-07 888.45 8.84 108.84 18-May-07 876.45 11.12 111.12 21-May-07 873.05 10.24 110.24 22-May-07 890.55 11.87 111.87 23-May-07 883.75 8.18 108.18 24-May-07 860.90 3.34 103.34 25-May-07 858.05 3.27 103.27 28-May-07 871.50 5.96 105.96 29-May-07 870.20 3.69 103.69 30-May-07 860.35 0.94 100.94 31-May-07 850.85 -1.01 98.99 1-Jun-07 852.35 -1.15 98.85 4-Jun-07 837.55 -5.47 94.53 5-Jun-07 836.15 -4.39 95.61 6-Jun-07 822.05 -6.04 93.96 7-Jun-07 804.40 -5.43 94.57 8-Jun-07 767.15 -11.76 88.24 11-Jun-07 763.30 -12.85 87.15 12-Jun-07 805.85 -7.60 92.40 13-Jun-07 799.00 -10.07 89.93 14-Jun-07 825.35 -5.83 94.17 38 Babasabpatilfreepptmba.com
  39. 39. A STUDY ON TECHNICAL ANALYSIS At15-Jun-07 822.60 -5.78 94.2218-Jun-07 824.85 -7.38 92.6219-Jun-07 844.80 -4.41 95.5920-Jun-07 849.80 -1.29 98.7121-Jun-07 854.65 -0.40 99.6022-Jun-07 852.25 -2.21 97.7925-Jun-07 860.65 -1.10 98.9026-Jun-07 846.65 -1.59 98.4127-Jun-07 830.35 -2.41 97.5928-Jun-07 899.00 5.47 105.4729-Jun-07 934.95 11.63 111.63 2-Jul-07 939.85 12.40 112.40 3-Jul-07 940.35 14.39 114.39 4-Jul-07 1,022.15 27.07 127.07 5-Jul-07 1,028.20 34.03 134.03 6-Jul-07 1,040.90 36.37 136.37 9-Jul-07 1,047.90 30.04 130.04 10-Jul-07 1,035.75 29.63 129.63 11-Jul-07 1,071.50 29.82 129.82 12-Jul-07 1,075.40 30.73 130.73 13-Jul-07 1,103.65 33.80 133.80 16-Jul-07 1,121.40 32.74 132.74 17-Jul-07 1,108.70 30.47 130.47 18-Jul-07 1,131.30 32.37 132.37 19-Jul-07 1,147.10 34.60 134.60 20-Jul-07 1,108.90 28.84 128.84 23-Jul-07 1,134.60 34.01 134.01 24-Jul-07 1,116.30 34.44 134.44 25-Jul-07 1,065.60 18.53 118.53 26-Jul-07 1,025.50 9.69 109.69 27-Jul-07 1,000.30 6.43 106.43 30-Jul-07 1,027.65 9.28 109.28 31-Jul-07 1,063.85 4.08 104.08 1-Aug-07 967.10 -5.94 94.06 2-Aug-07 979.85 -5.87 94.13 3-Aug-07 1,004.35 -4.16 95.84 6-Aug-07 979.50 -5.43 94.57 7-Aug-07 987.75 -7.82 92.18 8-Aug-07 1,025.25 -4.66 95.34 9-Aug-07 1,000.65 -9.33 90.6710-Aug-07 1,002.35 -10.62 89.3813-Aug-07 1,011.20 -8.79 91.2114-Aug-07 989.90 -12.50 87.5016-Aug-07 978.85 -14.67 85.3317-Aug-07 950.70 -14.27 85.7320-Aug-07 963.55 -15.08 84.9221-Aug-07 936.10 -16.14 83.8622-Aug-07 951.55 -10.70 89.3023-Aug-07 972.40 -5.18 94.8224-Aug-07 1,010.35 1.00 101.0027-Aug-07 1,036.45 0.86 100.8628-Aug-07 1,028.00 -3.37 96.6329-Aug-07 1,040.65 7.61 107.6130-Aug-07 1,071.70 9.37 109.3731-Aug-07 1,067.45 6.28 106.28 3-Sep-07 1,071.30 9.37 109.37 39 Babasabpatilfreepptmba.com
  40. 40. A STUDY ON TECHNICAL ANALYSIS At 4-Sep-07 1,098.15 11.18 111.18 5-Sep-07 1,088.25 6.14 106.14 6-Sep-07 1,102.35 10.16 110.16 7-Sep-07 1,088.95 8.64 108.6410-Sep-07 1,093.80 8.17 108.1711-Sep-07 1,105.10 11.64 111.6412-Sep-07 1,101.80 12.56 112.5613-Sep-07 1,128.95 18.75 118.7514-Sep-07 1,107.15 14.90 114.9017-Sep-07 1,111.35 18.72 118.7218-Sep-07 1,121.45 17.86 117.8619-Sep-07 1,155.40 18.82 118.8220-Sep-07 1,140.80 12.91 112.9121-Sep-07 1,133.40 9.35 109.3524-Sep-07 1,136.90 10.59 110.5925-Sep-07 1,150.55 10.56 110.5626-Sep-07 1,159.45 8.19 108.1927-Sep-07 1,188.60 11.35 111.3528-Sep-07 1,197.10 11.74 111.74 1-Oct-07 1,210.20 10.20 110.20 3-Oct-07 1,228.55 12.89 112.89 4-Oct-07 1,217.35 10.43 110.43 5-Oct-07 1,177.95 8.17 108.17 8-Oct-07 1,115.15 1.95 101.95 9-Oct-07 1,176.25 6.44 106.4410-Oct-07 1,218.85 10.62 110.6211-Oct-07 1,259.80 11.59 111.5912-Oct-07 1,251.10 13.00 113.0015-Oct-07 1,289.80 16.06 116.0616-Oct-07 1,273.25 13.54 113.5417-Oct-07 1,203.00 4.12 104.1218-Oct-07 1,038.25 -8.99 91.0119-Oct-07 991.50 -12.52 87.4822-Oct-07 1,015.85 -10.65 89.3523-Oct-07 1,066.70 -7.29 92.7124-Oct-07 1,078.05 -7.02 92.9825-Oct-07 1,056.80 -11.09 88.9126-Oct-07 1,079.85 -9.79 90.2129-Oct-07 1,086.80 -10.20 89.8030-Oct-07 1,069.45 -12.95 87.0531-Oct-07 1,077.30 -11.50 88.50 1-Nov-07 1,052.95 -10.61 89.39 2-Nov-07 1,032.75 -7.39 92.61 5-Nov-07 1,009.75 -14.16 85.84 6-Nov-07 1,021.20 -16.22 83.78 7-Nov-07 1,024.55 -18.67 81.33 8-Nov-07 1,057.85 -15.45 84.55 9-Nov-07 1,034.25 -19.81 80.1912-Nov-07 1,019.45 -19.93 80.0713-Nov-07 1,030.00 -14.38 85.6214-Nov-07 1,045.20 0.67 100.6715-Nov-07 1,046.10 5.51 105.5116-Nov-07 1,039.20 2.30 102.3019-Nov-07 1,084.35 1.65 101.6520-Nov-07 1,085.70 0.71 100.7121-Nov-07 1,080.55 2.25 102.25 40 Babasabpatilfreepptmba.com
  41. 41. A STUDY ON TECHNICAL ANALYSIS At22-Nov-07 1,104.40 2.27 102.2723-Nov-07 1,113.55 2.46 102.4626-Nov-07 1,128.55 5.53 105.5327-Nov-07 1,112.05 3.23 103.2328-Nov-07 1,077.75 2.36 102.3629-Nov-07 1,063.90 3.02 103.0230-Nov-07 1,090.40 7.99 107.99 3-Dec-07 1,092.30 6.96 106.96 4-Dec-07 1,086.75 6.07 106.07 5-Dec-07 1,093.40 3.36 103.36 6-Dec-07 1,080.40 4.46 104.46 7-Dec-07 1,064.70 4.44 104.4410-Dec-07 1,064.20 3.32 103.3211-Dec-07 1,075.15 2.87 102.8712-Dec-07 1,073.70 2.64 102.6413-Dec-07 1,063.85 2.37 102.3714-Dec-07 1,103.10 1.73 101.7317-Dec-07 1,068.15 -1.62 98.3818-Dec-07 1,066.80 -1.27 98.7319-Dec-07 1,030.90 -6.66 93.3420-Dec-07 999.75 -10.22 89.7824-Dec-07 1,001.75 -11.24 88.7626-Dec-07 1,005.50 -9.58 90.4227-Dec-07 1,003.80 -6.86 93.1428-Dec-07 1,010.55 -5.01 94.9931-Dec-07 1,024.80 -6.02 93.98 1-Jan-08 1,028.35 -5.85 94.15 2-Jan-08 1,023.05 -5.86 94.14 3-Jan-08 1,006.95 -7.91 92.09 4-Jan-08 999.65 -7.47 92.53 7-Jan-08 1,001.85 -5.90 94.10 8-Jan-08 985.30 -7.41 92.59 9-Jan-08 970.00 -9.78 90.2210-Jan-08 938.85 -12.56 87.4411-Jan-08 898.70 -15.52 84.4814-Jan-08 876.55 -20.54 79.4615-Jan-08 869.50 -18.60 81.4016-Jan-08 857.25 -19.64 80.3617-Jan-08 859.95 -16.58 83.4218-Jan-08 865.25 -13.45 86.5521-Jan-08 736.90 -26.44 73.5622-Jan-08 718.95 -28.50 71.5023-Jan-08 750.50 -25.23 74.7724-Jan-08 754.00 -25.39 74.6125-Jan-08 782.50 -23.64 76.3628-Jan-08 798.25 -22.38 77.6229-Jan-08 793.00 -22.49 77.5130-Jan-08 799.10 -20.64 79.3631-Jan-08 768.10 -23.16 76.84 1-Feb-08 755.90 -24.55 75.45 4-Feb-08 767.25 -22.13 77.87 5-Feb-08 768.70 -20.75 79.25 6-Feb-08 764.90 -18.53 81.47 7-Feb-08 772.65 -14.03 85.97 8-Feb-08 779.95 -11.02 88.9811-Feb-08 737.95 -15.13 84.87 41 Babasabpatilfreepptmba.com
  42. 42. A STUDY ON TECHNICAL ANALYSIS At12-Feb-08 718.50 -16.19 83.8113-Feb-08 739.40 -14.02 85.9814-Feb-08 753.20 -12.95 87.0515-Feb-08 758.95 2.99 102.9918-Feb-08 756.65 5.24 105.2419-Feb-08 789.90 5.25 105.2520-Feb-08 767.50 1.79 101.7921-Feb-08 780.90 -0.20 99.8022-Feb-08 774.15 -3.02 96.9825-Feb-08 818.45 3.21 103.2126-Feb-08 831.25 4.02 104.0227-Feb-08 817.65 6.45 106.4528-Feb-08 808.65 6.98 106.9829-Feb-08 795.95 3.74 103.74 3-Mar-08 788.75 2.61 102.61 4-Mar-08 746.70 -2.38 97.62 5-Mar-08 741.25 -4.06 95.94 7-Mar-08 734.85 -5.78 94.2210-Mar-08 767.55 4.01 104.0111-Mar-08 813.25 13.19 113.1912-Mar-08 807.30 9.18 109.1813-Mar-08 779.10 3.44 103.4414-Mar-08 798.90 5.26 105.2617-Mar-08 770.40 1.82 101.8218-Mar-08 759.65 -3.83 96.1719-Mar-08 777.25 1.27 101.2724-Mar-08 804.65 3.04 103.0425-Mar-08 817.40 5.59 105.5926-Mar-08 817.45 -0.12 99.8827-Mar-08 823.15 -0.97 99.0328-Mar-08 838.55 2.56 102.5631-Mar-08 826.15 2.16 102.16 42 Babasabpatilfreepptmba.com
  43. 43. A STUDY ON TECHNICAL ANALYSIS AtRelative Strength Index: Date Close Price change gain loss avg. gain avg. loss RS RSI 2-Apr-07 704.45 3-Apr-07 704.30 -0.15 0.15 4-Apr-07 714.35 10.05 10.05 100.00 5-Apr-07 721.80 7.45 7.45 9-Apr-07 741.65 19.85 19.8510-Apr-07 747.30 5.65 5.6511-Apr-07 732.45 -14.85 14.85 10.75 7.50 1.43 58.9012-Apr-07 726.35 -6.10 6.10 10.75 7.03 1.53 60.4513-Apr-07 748.30 21.95 21.95 12.99 10.48 1.24 55.3616-Apr-07 785.30 37.00 37.00 18.38 10.48 1.75 63.7017-Apr-07 808.70 23.40 23.40 21.57 10.48 2.06 67.3118-Apr-07 816.30 7.60 7.60 19.12 10.48 1.83 64.6119-Apr-07 788.75 -27.55 27.55 22.49 16.17 1.39 58.1820-Apr-07 791.95 3.20 3.20 18.63 16.83 1.11 52.5523-Apr-07 796.05 4.10 4.10 16.21 27.55 0.59 37.0424-Apr-07 816.95 20.90 20.90 16.03 27.55 0.58 36.7925-Apr-07 833.05 16.10 16.10 12.55 27.55 0.46 31.3026-Apr-07 830.85 -2.20 2.20 10.38 14.87 0.70 41.1027-Apr-07 822.45 -8.40 8.40 11.08 12.72 0.87 46.5530-Apr-07 839.20 16.75 16.75 12.21 5.30 2.30 69.73 3-May-07 852.35 13.15 13.15 14.20 5.30 2.68 72.82 4-May-07 859.50 7.15 7.15 14.81 5.30 2.79 73.64 7-May-07 862.25 2.75 2.75 11.18 5.30 2.11 67.84 8-May-07 886.05 23.80 23.80 12.72 5.30 2.40 70.59 9-May-07 874.50 -11.55 11.55 12.72 9.97 1.28 56.0510-May-07 874.90 0.40 0.40 10.67 11.55 0.92 48.0111-May-07 850.55 -24.35 24.35 9.45 17.95 0.53 34.4914-May-07 869.35 18.80 18.80 10.58 17.95 0.59 37.0815-May-07 875.80 6.45 6.45 10.44 17.95 0.58 36.7716-May-07 872.15 -3.65 3.65 12.36 13.18 0.94 48.3917-May-07 888.45 16.30 16.30 10.49 13.18 0.80 44.3118-May-07 876.45 -12.00 12.00 10.49 13.33 0.79 44.0321-May-07 873.05 -3.40 3.40 13.85 10.85 1.28 56.0722-May-07 890.55 17.50 17.50 14.76 6.35 2.32 69.9223-May-07 883.75 -6.80 6.80 13.42 6.46 2.08 67.4924-May-07 860.90 -22.85 22.85 16.90 9.74 1.74 63.4425-May-07 858.05 -2.85 2.85 16.90 9.58 1.76 63.8228-May-07 871.50 13.45 13.45 15.48 9.58 1.62 61.7629-May-07 870.20 -1.30 1.30 15.48 7.44 2.08 67.5330-May-07 860.35 -9.85 9.85 15.48 8.73 1.77 63.9331-May-07 850.85 -9.50 9.50 13.45 8.86 1.52 60.29 1-Jun-07 852.35 1.50 1.50 7.48 9.27 0.81 44.64 4-Jun-07 837.55 -14.80 14.80 7.48 7.66 0.98 49.39 5-Jun-07 836.15 -1.40 1.40 7.48 7.37 1.01 50.35 6-Jun-07 822.05 -14.10 14.10 1.50 8.49 0.18 15.01 7-Jun-07 804.40 -17.65 17.65 1.50 11.22 0.13 11.80 8-Jun-07 767.15 -37.25 37.25 1.50 15.78 0.10 8.6811-Jun-07 763.30 -3.85 3.85 1.50 14.84 0.10 9.1812-Jun-07 805.85 42.55 42.55 42.55 14.84 2.87 74.14 43 Babasabpatilfreepptmba.com
  44. 44. A STUDY ON TECHNICAL ANALYSIS At13-Jun-07 799.00 -6.85 6.85 42.55 13.52 3.15 75.8914-Jun-07 825.35 26.35 26.35 34.45 15.94 2.16 68.3715-Jun-07 822.60 -2.75 2.75 34.45 13.67 2.52 71.5918-Jun-07 824.85 2.25 2.25 23.72 12.68 1.87 65.1719-Jun-07 844.80 19.95 19.95 22.78 4.48 5.08 83.5520-Jun-07 849.80 5.00 5.00 19.22 4.80 4.00 80.0221-Jun-07 854.65 4.85 4.85 11.68 4.80 2.43 70.8722-Jun-07 852.25 -2.40 2.40 11.68 2.57 4.54 81.9425-Jun-07 860.65 8.40 8.40 8.09 2.57 3.14 75.8626-Jun-07 846.65 -14.00 14.00 8.09 8.20 0.99 49.6627-Jun-07 830.35 -16.30 16.30 9.55 10.90 0.88 46.7028-Jun-07 899.00 68.65 68.65 21.73 10.90 1.99 66.5929-Jun-07 934.95 35.95 35.95 29.46 10.90 2.70 72.99 2-Jul-07 939.85 4.90 4.90 29.48 10.90 2.70 73.00 3-Jul-07 940.35 0.50 0.50 23.68 15.15 1.56 60.98 4-Jul-07 1,022.15 81.80 81.80 38.36 15.15 2.53 71.69 5-Jul-07 1,028.20 6.05 6.05 32.98 16.30 2.02 66.92 6-Jul-07 1,040.90 12.70 12.70 30.08 0.00 #DIV/0! 0.00 9-Jul-07 1,047.90 7.00 7.00 21.27 0.00 #DIV/0! 0.0010-Jul-07 1,035.75 -12.15 12.15 18.83 12.15 1.55 60.7711-Jul-07 1,071.50 35.75 35.75 23.97 12.15 1.97 66.3612-Jul-07 1,075.40 3.90 3.90 24.53 12.15 2.02 66.8813-Jul-07 1,103.65 28.25 28.25 15.61 12.15 1.28 56.2316-Jul-07 1,121.40 17.75 17.75 17.56 12.15 1.45 59.1017-Jul-07 1,108.70 -12.70 12.70 23.16 12.43 1.86 65.0918-Jul-07 1,131.30 22.60 22.60 21.65 12.43 1.74 63.5419-Jul-07 1,147.10 15.80 15.80 20.68 12.70 1.63 61.9520-Jul-07 1,108.90 -38.20 38.20 17.66 25.45 0.69 40.9623-Jul-07 1,134.60 25.70 25.70 22.02 25.45 0.87 46.3924-Jul-07 1,116.30 -18.30 18.30 20.46 23.07 0.89 47.0125-Jul-07 1,065.60 -50.70 50.70 21.37 29.98 0.71 41.6226-Jul-07 1,025.50 -40.10 40.10 21.37 36.82 0.58 36.7227-Jul-07 1,000.30 -25.20 25.20 20.75 34.50 0.60 37.5630-Jul-07 1,027.65 27.35 27.35 26.53 34.50 0.77 43.4731-Jul-07 1,063.85 36.20 36.20 29.75 33.58 0.89 46.98 1-Aug-07 967.10 -96.75 96.75 31.78 46.21 0.69 40.75 2-Aug-07 979.85 12.75 12.75 25.43 53.19 0.48 32.35 3-Aug-07 1,004.35 24.50 24.50 25.20 54.02 0.47 31.81 6-Aug-07 979.50 -24.85 24.85 25.20 48.93 0.51 33.99 7-Aug-07 987.75 8.25 8.25 21.81 60.80 0.36 26.40 8-Aug-07 1,025.25 37.50 37.50 23.84 60.80 0.39 28.17 9-Aug-07 1,000.65 -24.60 24.60 20.75 48.73 0.43 29.8610-Aug-07 1,002.35 1.70 1.70 16.94 24.73 0.69 40.6613-Aug-07 1,011.20 8.85 8.85 16.16 24.73 0.65 39.5314-Aug-07 989.90 -21.30 21.30 14.08 23.58 0.60 37.3816-Aug-07 978.85 -11.05 11.05 14.08 18.98 0.74 42.5817-Aug-07 950.70 -28.15 28.15 16.02 21.28 0.75 42.9520-Aug-07 963.55 12.85 12.85 7.80 21.28 0.37 26.8321-Aug-07 936.10 -27.45 27.45 7.80 21.99 0.35 26.1922-Aug-07 951.55 15.45 15.45 12.38 21.99 0.56 36.0323-Aug-07 972.40 20.85 20.85 16.38 21.99 0.75 42.7024-Aug-07 1,010.35 37.95 37.95 21.78 22.22 0.98 49.5027-Aug-07 1,036.45 26.10 26.10 22.64 27.80 0.81 44.89 44 Babasabpatilfreepptmba.com
  45. 45. A STUDY ON TECHNICAL ANALYSIS At28-Aug-07 1,028.00 -8.45 8.45 22.64 17.95 1.26 55.7829-Aug-07 1,040.65 12.65 12.65 22.60 17.95 1.26 55.7330-Aug-07 1,071.70 31.05 31.05 24.01 8.45 2.84 73.9731-Aug-07 1,067.45 -4.25 4.25 25.72 6.35 4.05 80.20 3-Sep-07 1,071.30 3.85 3.85 22.32 6.35 3.51 77.85 4-Sep-07 1,098.15 26.85 26.85 20.10 6.35 3.17 75.99 5-Sep-07 1,088.25 -9.90 9.90 18.60 7.53 2.47 71.17 6-Sep-07 1,102.35 14.10 14.10 17.70 7.08 2.50 71.44 7-Sep-07 1,088.95 -13.40 13.40 18.96 9.18 2.06 67.3710-Sep-07 1,093.80 4.85 4.85 12.41 9.18 1.35 57.4811-Sep-07 1,105.10 11.30 11.30 12.19 11.65 1.05 51.1312-Sep-07 1,101.80 -3.30 3.30 14.28 8.87 1.61 61.6913-Sep-07 1,128.95 27.15 27.15 14.35 8.87 1.62 61.8114-Sep-07 1,107.15 -21.80 21.80 14.35 12.83 1.12 52.7917-Sep-07 1,111.35 4.20 4.20 11.87 12.83 0.93 48.0618-Sep-07 1,121.45 10.10 10.10 11.52 12.55 0.92 47.8619-Sep-07 1,155.40 33.95 33.95 17.34 12.55 1.38 58.0120-Sep-07 1,140.80 -14.60 14.60 18.85 13.23 1.42 58.7521-Sep-07 1,133.40 -7.40 7.40 18.85 14.60 1.29 56.3524-Sep-07 1,136.90 3.50 3.50 12.94 14.60 0.89 46.9825-Sep-07 1,150.55 13.65 13.65 13.08 11.00 1.19 54.3226-Sep-07 1,159.45 8.90 8.90 14.02 11.00 1.27 56.0427-Sep-07 1,188.60 29.15 29.15 17.83 11.00 1.62 61.8528-Sep-07 1,197.10 8.50 8.50 12.74 11.00 1.16 53.66 1-Oct-07 1,210.20 13.10 13.10 12.80 7.40 1.73 63.37 3-Oct-07 1,228.55 18.35 18.35 13.59 0.00 0.00 0.00 4-Oct-07 1,217.35 -11.20 11.20 15.28 11.20 1.36 57.70 5-Oct-07 1,177.95 -39.40 39.40 15.60 25.30 0.62 38.14 8-Oct-07 1,115.15 -62.80 62.80 17.28 37.80 0.46 31.37 9-Oct-07 1,176.25 61.10 61.10 25.26 37.80 0.67 40.0610-Oct-07 1,218.85 42.60 42.60 33.79 37.80 0.89 47.2011-Oct-07 1,259.80 40.95 40.95 40.75 37.80 1.08 51.8812-Oct-07 1,251.10 -8.70 8.70 48.22 30.53 1.58 61.2315-Oct-07 1,289.80 38.70 38.70 45.84 36.97 1.24 55.3616-Oct-07 1,273.25 -16.55 16.55 45.84 29.35 1.56 60.9617-Oct-07 1,203.00 -70.25 70.25 45.84 31.83 1.44 59.0218-Oct-07 1,038.25 -164.75 164.75 40.75 65.06 0.63 38.5119-Oct-07 991.50 -46.75 46.75 39.83 61.40 0.65 39.3422-Oct-07 1,015.85 24.35 24.35 31.53 61.40 0.51 33.9323-Oct-07 1,066.70 50.85 50.85 37.97 74.58 0.51 33.7424-Oct-07 1,078.05 11.35 11.35 28.85 74.58 0.39 27.8925-Oct-07 1,056.80 -21.25 21.25 28.85 75.75 0.38 27.5826-Oct-07 1,079.85 23.05 23.05 27.40 77.58 0.35 26.1029-Oct-07 1,086.80 6.95 6.95 23.31 34.00 0.69 40.6730-Oct-07 1,069.45 -17.35 17.35 23.31 19.30 1.21 54.7131-Oct-07 1,077.30 7.85 7.85 20.01 19.30 1.04 50.90 1-Nov-07 1,052.95 -24.35 24.35 12.30 20.98 0.59 36.96 2-Nov-07 1,032.75 -20.20 20.20 12.62 20.79 0.61 37.77 5-Nov-07 1,009.75 -23.00 23.00 12.62 21.23 0.59 37.28 6-Nov-07 1,021.20 11.45 11.45 8.75 21.23 0.41 29.19 7-Nov-07 1,024.55 3.35 3.35 7.55 21.23 0.36 26.24 8-Nov-07 1,057.85 33.30 33.30 13.99 22.52 0.62 38.32 9-Nov-07 1,034.25 -23.60 23.60 16.03 22.79 0.70 41.30 45 Babasabpatilfreepptmba.com
  46. 46. A STUDY ON TECHNICAL ANALYSIS At12-Nov-07 1,019.45 -14.80 14.80 16.03 20.40 0.79 44.0113-Nov-07 1,030.00 10.55 10.55 14.66 20.47 0.72 41.7414-Nov-07 1,045.20 15.20 15.20 14.77 19.20 0.77 43.4815-Nov-07 1,046.10 0.90 0.90 12.66 19.20 0.66 39.7416-Nov-07 1,039.20 -6.90 6.90 14.99 15.10 0.99 49.8119-Nov-07 1,084.35 45.15 45.15 17.95 15.10 1.19 54.3120-Nov-07 1,085.70 1.35 1.35 14.63 10.85 1.35 57.4221-Nov-07 1,080.55 -5.15 5.15 14.63 6.02 2.43 70.8322-Nov-07 1,104.40 23.85 23.85 17.29 6.02 2.87 74.1623-Nov-07 1,113.55 9.15 9.15 16.08 6.02 2.67 72.7426-Nov-07 1,128.55 15.00 15.00 18.90 6.02 3.14 75.8327-Nov-07 1,112.05 -16.50 16.50 18.90 10.83 1.75 63.5828-Nov-07 1,077.75 -34.30 34.30 12.34 18.65 0.66 39.8129-Nov-07 1,063.90 -13.85 13.85 16.00 17.45 0.92 47.8330-Nov-07 1,090.40 26.50 26.50 18.63 21.55 0.86 46.36 3-Dec-07 1,092.30 1.90 1.90 13.14 21.55 0.61 37.87 4-Dec-07 1,086.75 -5.55 5.55 14.47 17.55 0.82 45.18 5-Dec-07 1,093.40 6.65 6.65 11.68 17.55 0.67 39.97 6-Dec-07 1,080.40 -13.00 13.00 11.68 16.68 0.70 41.20 7-Dec-07 1,064.70 -15.70 15.70 11.68 12.03 0.97 49.2810-Dec-07 1,064.20 -0.50 0.50 11.68 8.69 1.34 57.3511-Dec-07 1,075.15 10.95 10.95 6.50 8.69 0.75 42.8012-Dec-07 1,073.70 -1.45 1.45 8.80 7.24 1.22 54.8613-Dec-07 1,063.85 -9.85 9.85 8.80 8.10 1.09 52.0714-Dec-07 1,103.10 39.25 39.25 25.10 8.10 3.10 75.6017-Dec-07 1,068.15 -34.95 34.95 25.10 12.49 2.01 66.7718-Dec-07 1,066.80 -1.35 1.35 25.10 9.62 2.61 72.2919-Dec-07 1,030.90 -35.90 35.90 25.10 16.70 1.50 60.0520-Dec-07 999.75 -31.15 31.15 39.25 19.11 2.05 67.2624-Dec-07 1,001.75 2.00 2.00 20.63 22.64 0.91 47.6726-Dec-07 1,005.50 3.75 3.75 15.00 25.84 0.58 36.7327-Dec-07 1,003.80 -1.70 1.70 2.88 21.01 0.14 12.0428-Dec-07 1,010.55 6.75 6.75 4.17 17.53 0.24 19.2131-Dec-07 1,024.80 14.25 14.25 6.69 22.92 0.29 22.59 1-Jan-08 1,028.35 3.55 3.55 6.06 16.43 0.37 26.95 2-Jan-08 1,023.05 -5.30 5.30 6.06 3.50 1.73 63.39 3-Jan-08 1,006.95 -16.10 16.10 7.07 7.70 0.92 47.88 4-Jan-08 999.65 -7.30 7.30 8.18 7.60 1.08 51.85 7-Jan-08 1,001.85 2.20 2.20 6.69 9.57 0.70 41.14 8-Jan-08 985.30 -16.55 16.55 6.67 11.31 0.59 37.08 9-Jan-08 970.00 -15.30 15.30 2.88 12.11 0.24 19.1910-Jan-08 938.85 -31.15 31.15 2.20 15.28 0.14 12.5811-Jan-08 898.70 -40.15 40.15 2.20 21.09 0.10 9.4514-Jan-08 876.55 -22.15 22.15 2.20 22.10 0.10 9.0515-Jan-08 869.50 -7.05 7.05 2.20 22.06 0.10 9.0716-Jan-08 857.25 -12.25 12.25 0.00 20.66 0.00 0.0017-Jan-08 859.95 2.70 2.70 2.70 21.34 0.13 11.2318-Jan-08 865.25 5.30 5.30 4.00 22.55 0.18 15.0721-Jan-08 736.90 -128.35 128.35 4.00 41.99 0.10 8.7022-Jan-08 718.95 -17.95 17.95 4.00 37.55 0.11 9.6323-Jan-08 750.50 31.55 31.55 13.18 41.40 0.32 24.1524-Jan-08 754.00 3.50 3.50 10.76 52.85 0.20 16.9225-Jan-08 782.50 28.50 28.50 14.31 73.15 0.20 16.36 46 Babasabpatilfreepptmba.com
  47. 47. A STUDY ON TECHNICAL ANALYSIS At28-Jan-08 798.25 15.75 15.75 16.92 73.15 0.23 18.7929-Jan-08 793.00 -5.25 5.25 19.83 50.52 0.39 28.1830-Jan-08 799.10 6.10 6.10 17.08 11.60 1.47 59.5531-Jan-08 768.10 -31.00 31.00 17.08 18.13 0.94 48.52 1-Feb-08 755.90 -12.20 12.20 13.46 16.15 0.83 45.46 4-Feb-08 767.25 11.35 11.35 15.43 16.15 0.96 48.85 5-Feb-08 768.70 1.45 1.45 8.66 16.15 0.54 34.91 6-Feb-08 764.90 -3.80 3.80 6.30 13.06 0.48 32.54 7-Feb-08 772.65 7.75 7.75 6.66 15.67 0.43 29.84 8-Feb-08 779.95 7.30 7.30 6.96 15.67 0.44 30.7711-Feb-08 737.95 -42.00 42.00 6.96 19.33 0.36 26.4812-Feb-08 718.50 -19.45 19.45 6.96 21.75 0.32 24.2513-Feb-08 739.40 20.90 20.90 9.35 21.75 0.43 30.0614-Feb-08 753.20 13.80 13.80 12.44 21.75 0.57 36.3815-Feb-08 758.95 5.75 5.75 11.10 30.73 0.36 26.5418-Feb-08 756.65 -2.30 2.30 11.94 21.25 0.56 35.9719-Feb-08 789.90 33.25 33.25 18.43 21.25 0.87 46.4420-Feb-08 767.50 -22.40 22.40 18.43 14.72 1.25 55.5921-Feb-08 780.90 13.40 13.40 17.42 12.35 1.41 58.5222-Feb-08 774.15 -6.75 6.75 16.55 10.48 1.58 61.2225-Feb-08 818.45 44.30 44.30 24.18 10.48 2.31 69.7526-Feb-08 831.25 12.80 12.80 25.94 10.48 2.47 71.2227-Feb-08 817.65 -13.60 13.60 25.94 14.25 1.82 64.5428-Feb-08 808.65 -9.00 9.00 23.50 12.94 1.82 64.4929-Feb-08 795.95 -12.70 12.70 23.50 10.51 2.24 69.09 3-Mar-08 788.75 -7.20 7.20 28.55 9.85 2.90 74.35 4-Mar-08 746.70 -42.05 42.05 28.55 16.91 1.69 62.80 5-Mar-08 741.25 -5.45 5.45 12.80 15.00 0.85 46.04 7-Mar-08 734.85 -6.40 6.40 0.00 13.77 0.00 0.0010-Mar-08 767.55 32.70 32.70 32.70 13.80 2.37 70.3211-Mar-08 813.25 45.70 45.70 39.20 14.76 2.66 72.6512-Mar-08 807.30 -5.95 5.95 39.20 13.41 2.92 74.5113-Mar-08 779.10 -28.20 28.20 39.20 17.61 2.23 69.0014-Mar-08 798.90 19.80 19.80 32.73 11.50 2.85 74.0017-Mar-08 770.40 -28.50 28.50 32.73 17.26 1.90 65.4718-Mar-08 759.65 -10.75 10.75 32.73 18.35 1.78 64.0819-Mar-08 777.25 17.60 17.60 27.70 18.35 1.51 60.1524-Mar-08 804.65 27.40 27.40 21.60 18.35 1.18 54.0725-Mar-08 817.40 12.75 12.75 19.39 22.48 0.86 46.3026-Mar-08 817.45 0.05 0.05 15.52 19.63 0.79 44.1627-Mar-08 823.15 5.70 5.70 12.70 19.63 0.65 39.2928-Mar-08 838.55 15.40 15.40 13.15 10.75 1.22 55.0231-Mar-08 826.15 -12.40 12.40 13.15 12.40 1.06 51.47 47 Babasabpatilfreepptmba.com
  48. 48. A STUDY ON TECHNICAL ANALYSIS At 48 Babasabpatilfreepptmba.com
  49. 49. A STUDY ON TECHNICAL ANALYSIS At2. Ultratech: Moving Average: Date Close Price 10 days 20 days 2-Apr-07 720.25 3-Apr-07 713.60 4-Apr-07 678.55 5-Apr-07 693.40 9-Apr-07 738.2010-Apr-07 735.2511-Apr-07 732.3512-Apr-07 720.5513-Apr-07 748.8016-Apr-07 778.40 725.9417-Apr-07 798.40 733.7518-Apr-07 795.05 741.9019-Apr-07 815.05 755.5520-Apr-07 841.95 770.4023-Apr-07 812.05 777.7924-Apr-07 819.85 786.2525-Apr-07 811.50 794.1626-Apr-07 808.80 802.9927-Apr-07 800.35 808.1430-Apr-07 821.25 812.43 769.18 3-May-07 835.45 816.13 774.94 4-May-07 828.25 819.45 780.67 7-May-07 814.05 819.35 787.45 8-May-07 817.80 816.94 793.67 9-May-07 819.70 817.70 797.7410-May-07 802.20 815.94 801.0911-May-07 800.15 814.80 804.4814-May-07 820.20 815.94 809.4615-May-07 808.00 816.71 812.4216-May-07 806.20 815.20 813.8117-May-07 834.90 815.15 815.6418-May-07 820.75 814.40 816.9221-May-07 807.80 813.77 816.5622-May-07 811.45 813.14 815.0423-May-07 809.50 812.12 814.9124-May-07 810.20 812.92 814.4325-May-07 824.40 815.34 815.0728-May-07 817.90 815.11 815.5329-May-07 826.95 817.01 816.8630-May-07 805.80 816.97 816.0831-May-07 831.50 816.63 815.89 1-Jun-07 835.60 818.11 816.25 4-Jun-07 838.75 821.21 817.49 5-Jun-07 837.40 823.80 818.47 6-Jun-07 820.35 824.89 818.50 7-Jun-07 803.40 824.21 818.56 8-Jun-07 808.95 822.66 819.0011-Jun-07 801.95 821.07 818.09 49 Babasabpatilfreepptmba.com
  50. 50. A STUDY ON TECHNICAL ANALYSIS At12-Jun-07 795.55 817.93 817.4713-Jun-07 789.35 816.28 816.6214-Jun-07 805.05 813.64 815.1315-Jun-07 806.55 810.73 814.4218-Jun-07 805.65 807.42 814.3119-Jun-07 819.55 805.64 814.7220-Jun-07 841.25 807.73 816.3121-Jun-07 836.85 811.07 817.6422-Jun-07 821.90 812.37 817.5125-Jun-07 816.50 813.82 817.4426-Jun-07 814.90 815.76 816.8427-Jun-07 811.90 818.01 817.1528-Jun-07 870.40 824.55 819.0929-Jun-07 900.40 833.93 822.33 2-Jul-07 883.45 841.71 824.57 3-Jul-07 886.80 848.44 827.04 4-Jul-07 938.45 858.16 832.94 5-Jul-07 902.35 864.71 837.89 6-Jul-07 905.40 873.06 842.71 9-Jul-07 890.95 880.50 847.1610-Jul-07 883.70 887.38 851.5711-Jul-07 899.10 896.10 857.0612-Jul-07 902.90 899.35 861.9513-Jul-07 927.65 902.08 868.0016-Jul-07 965.75 910.31 876.0117-Jul-07 960.70 917.70 883.0718-Jul-07 957.85 919.64 888.9019-Jul-07 967.05 926.11 895.4120-Jul-07 988.50 934.42 903.7423-Jul-07 993.95 944.72 912.6124-Jul-07 969.45 953.29 920.3425-Jul-07 921.65 955.55 925.8226-Jul-07 927.45 958.00 928.6827-Jul-07 875.45 952.78 927.4330-Jul-07 893.75 945.58 927.9431-Jul-07 933.40 942.85 930.271-Aug-07 903.80 937.45 928.542-Aug-07 899.10 930.65 928.383-Aug-07 910.50 922.85 928.636-Aug-07 890.60 912.52 928.627-Aug-07 891.00 904.67 928.988-Aug-07 897.80 902.29 928.929-Aug-07 887.45 898.29 928.1410-Aug-07 882.70 899.01 925.9013-Aug-07 905.35 900.17 922.8814-Aug-07 905.75 897.41 920.1316-Aug-07 871.30 894.16 915.8017-Aug-07 874.40 891.69 911.1720-Aug-07 872.10 887.85 905.3521-Aug-07 854.85 884.27 898.3922-Aug-07 852.85 880.46 892.5623-Aug-07 866.85 877.36 889.8224-Aug-07 876.35 876.25 887.2727-Aug-07 905.40 878.52 888.7728-Aug-07 910.05 878.99 889.5829-Aug-07 919.35 880.35 888.88 50 Babasabpatilfreepptmba.com
  51. 51. A STUDY ON TECHNICAL ANALYSIS At30-Aug-07 925.15 885.74 889.9531-Aug-07 920.35 890.33 891.01 3-Sep-07 948.85 898.01 892.93 4-Sep-07 979.35 910.46 897.36 5-Sep-07 979.55 923.13 901.79 6-Sep-07 1,004.75 936.92 907.14 7-Sep-07 997.50 949.03 912.6410-Sep-07 985.25 957.02 917.7711-Sep-07 975.90 963.60 921.3012-Sep-07 987.25 970.39 925.3713-Sep-07 998.20 977.70 931.7214-Sep-07 974.55 983.12 936.7217-Sep-07 977.40 985.97 941.9918-Sep-07 982.35 986.27 948.3619-Sep-07 1,000.25 988.34 955.7320-Sep-07 1,014.40 989.31 963.1121-Sep-07 1,050.70 994.63 971.8324-Sep-07 1,055.25 1,001.63 979.3225-Sep-07 1,058.50 1,009.89 986.7426-Sep-07 1,084.20 1,019.58 994.9927-Sep-07 1,033.95 1,023.16 1,000.4328-Sep-07 1,047.30 1,030.43 1,006.77 1-Oct-07 1,058.25 1,038.52 1,012.24 3-Oct-07 1,107.60 1,051.04 1,018.66 4-Oct-07 1,094.00 1,060.42 1,024.38 5-Oct-07 1,085.75 1,067.55 1,028.43 8-Oct-07 1,037.20 1,066.20 1,030.41 9-Oct-07 1,062.15 1,066.89 1,034.2610-Oct-07 1,086.90 1,069.73 1,039.8111-Oct-07 1,095.70 1,070.88 1,045.2312-Oct-07 1,118.90 1,079.38 1,051.2715-Oct-07 1,143.95 1,089.04 1,059.7416-Oct-07 1,119.50 1,095.17 1,066.8417-Oct-07 1,131.05 1,097.51 1,074.2818-Oct-07 1,058.25 1,093.94 1,077.1819-Oct-07 1,006.15 1,085.98 1,076.7622-Oct-07 1,024.40 1,084.70 1,075.4523-Oct-07 1,023.60 1,080.84 1,073.8724-Oct-07 1,015.95 1,073.75 1,071.7425-Oct-07 988.70 1,063.05 1,066.9626-Oct-07 1,011.10 1,052.27 1,065.8229-Oct-07 1,030.30 1,040.90 1,064.9730-Oct-07 997.85 1,028.74 1,061.9531-Oct-07 997.20 1,015.35 1,056.431-Nov-07 988.85 1,008.41 1,051.172-Nov-07 974.60 1,005.26 1,045.625-Nov-07 975.70 1,000.39 1,042.546-Nov-07 983.20 996.35 1,038.597-Nov-07 981.00 992.85 1,033.308-Nov-07 978.15 991.80 1,027.429-Nov-07 971.10 987.80 1,020.0312-Nov-07 955.90 980.36 1,010.6313-Nov-07 983.70 978.94 1,003.8414-Nov-07 1,033.30 982.55 998.9515-Nov-07 1,010.05 984.67 996.5416-Nov-07 1,004.45 987.66 996.46 51 Babasabpatilfreepptmba.com
  52. 52. A STUDY ON TECHNICAL ANALYSIS At19-Nov-07 1,039.00 993.99 997.1920-Nov-07 1,041.90 999.86 998.1021-Nov-07 993.30 1,001.09 996.9722-Nov-07 987.25 1,002.00 996.9023-Nov-07 988.75 1,003.76 995.7826-Nov-07 1,013.75 1,009.55 994.9527-Nov-07 1,000.65 1,011.24 995.0928-Nov-07 989.10 1,006.82 994.6929-Nov-07 976.85 1,003.50 994.0930-Nov-07 984.25 1,001.48 994.57 3-Dec-07 999.15 997.50 995.74 4-Dec-07 999.00 993.21 996.53 5-Dec-07 990.55 992.93 997.01 6-Dec-07 980.15 992.22 997.11 7-Dec-07 978.95 991.24 997.5010-Dec-07 995.55 989.42 999.4811-Dec-07 997.45 989.10 1,000.1712-Dec-07 994.90 989.68 998.2513-Dec-07 986.15 990.61 997.0614-Dec-07 1,024.10 994.60 998.0417-Dec-07 987.65 993.45 995.4718-Dec-07 982.65 991.81 992.5119-Dec-07 983.75 991.13 992.0320-Dec-07 968.70 989.99 991.1024-Dec-07 969.95 989.09 990.1626-Dec-07 966.70 986.20 987.8127-Dec-07 985.35 984.99 987.0528-Dec-07 979.85 983.49 986.5831-Dec-07 1,013.50 986.22 988.42 1-Jan-08 992.10 983.02 988.81 2-Jan-08 992.75 983.53 988.49 3-Jan-08 987.00 983.97 987.89 4-Jan-08 977.30 983.32 987.23 7-Jan-08 988.45 985.30 987.64 8-Jan-08 971.50 985.45 987.27 9-Jan-08 959.75 984.76 985.4810-Jan-08 925.05 978.73 981.8611-Jan-08 908.55 971.60 977.5414-Jan-08 936.60 963.91 975.0615-Jan-08 916.25 956.32 969.6716-Jan-08 874.70 944.52 964.0217-Jan-08 891.65 934.98 959.4718-Jan-08 880.65 925.32 954.3221-Jan-08 800.75 906.55 945.9222-Jan-08 754.80 884.88 935.1623-Jan-08 820.15 870.92 927.8424-Jan-08 793.60 857.77 918.2525-Jan-08 872.45 854.16 912.8828-Jan-08 897.50 850.25 907.0829-Jan-08 870.45 845.67 901.0030-Jan-08 879.80 846.18 895.3531-Jan-08 873.45 844.36 889.67 1-Feb-08 879.75 844.27 884.79 4-Feb-08 895.55 853.75 880.15 5-Feb-08 895.30 867.80 876.34 6-Feb-08 864.90 872.28 871.60 52 Babasabpatilfreepptmba.com
  53. 53. A STUDY ON TECHNICAL ANALYSIS At 7-Feb-08 855.00 878.42 868.09 8-Feb-08 853.85 876.56 865.3611-Feb-08 805.10 867.32 858.7812-Feb-08 807.60 861.03 853.3513-Feb-08 812.65 854.32 850.2514-Feb-08 866.60 853.63 849.0015-Feb-08 901.65 855.82 850.0518-Feb-08 891.05 855.37 854.5619-Feb-08 900.05 855.85 861.8220-Feb-08 880.85 857.44 864.8621-Feb-08 890.20 860.96 869.6922-Feb-08 892.05 864.78 870.6725-Feb-08 901.65 874.44 870.8826-Feb-08 912.00 884.88 872.9527-Feb-08 914.05 895.02 874.6728-Feb-08 891.05 897.46 875.5529-Feb-08 904.50 897.75 876.783-Mar-08 868.25 895.47 875.424-Mar-08 886.60 894.12 874.985-Mar-08 875.55 893.59 875.527-Mar-08 846.15 889.19 875.0710-Mar-08 850.80 885.06 874.9211-Mar-08 902.55 885.15 879.7912-Mar-08 893.25 883.28 884.0813-Mar-08 843.05 876.18 885.6014-Mar-08 849.45 872.02 884.7417-Mar-08 822.00 863.77 880.7618-Mar-08 801.05 857.05 876.2619-Mar-08 781.15 846.50 870.3124-Mar-08 773.50 836.30 864.9425-Mar-08 777.25 829.41 859.3026-Mar-08 777.95 822.12 853.5927-Mar-08 768.75 808.74 846.9528-Mar-08 784.80 797.90 840.5931-Mar-08 784.55 792.05 834.11 53 Babasabpatilfreepptmba.com
  54. 54. A STUDY ON TECHNICAL ANALYSIS AtRate of Change: Date Close Price ROC 1st ROC 2nd 2-Apr-07 720.25 3-Apr-07 713.60 4-Apr-07 678.55 100.00 5-Apr-07 693.40 9-Apr-07 738.2010-Apr-07 735.2511-Apr-07 732.3512-Apr-07 720.5513-Apr-07 748.8016-Apr-07 778.4017-Apr-07 798.4018-Apr-07 795.0519-Apr-07 815.0520-Apr-07 841.9523-Apr-07 812.0524-Apr-07 819.8525-Apr-07 811.5026-Apr-07 808.8027-Apr-07 800.3530-Apr-07 821.25 14.02 114.02 3-May-07 835.45 17.08 117.08 4-May-07 828.25 22.06 122.06 7-May-07 814.05 17.40 117.40 8-May-07 817.80 10.78 110.78 9-May-07 819.70 11.49 111.4910-May-07 802.20 9.54 109.5411-May-07 800.15 11.05 111.0514-May-07 820.20 9.54 109.5415-May-07 808.00 3.80 103.8016-May-07 806.20 0.98 100.9817-May-07 834.90 5.01 105.0118-May-07 820.75 0.70 100.7021-May-07 807.80 -4.06 95.9422-May-07 811.45 -0.07 99.9323-May-07 809.50 -1.26 98.7424-May-07 810.20 -0.16 99.8425-May-07 824.40 1.93 101.9328-May-07 817.90 2.19 102.1929-May-07 826.95 0.69 100.6930-May-07 805.80 -3.55 96.4531-May-07 831.50 0.39 100.39 1-Jun-07 835.60 2.65 102.65 4-Jun-07 838.75 2.56 102.56 5-Jun-07 837.40 2.16 102.16 6-Jun-07 820.35 2.26 102.26 7-Jun-07 803.40 0.41 100.41 8-Jun-07 808.95 -1.37 98.6311-Jun-07 801.95 -0.75 99.2512-Jun-07 795.55 -1.32 98.6813-Jun-07 789.35 -5.46 94.5414-Jun-07 805.05 -1.91 98.09 54 Babasabpatilfreepptmba.com
  55. 55. A STUDY ON TECHNICAL ANALYSIS At15-Jun-07 806.55 -0.15 99.8518-Jun-07 805.65 -0.71 99.2919-Jun-07 819.55 1.24 101.2420-Jun-07 841.25 3.83 103.8321-Jun-07 836.85 1.51 101.5122-Jun-07 821.90 0.49 100.4925-Jun-07 816.50 -1.26 98.7426-Jun-07 814.90 1.13 101.1327-Jun-07 811.90 -2.36 97.6428-Jun-07 870.40 4.16 104.1629-Jun-07 900.40 7.35 107.35 2-Jul-07 883.45 5.50 105.50 3-Jul-07 886.80 8.10 108.10 4-Jul-07 938.45 16.81 116.81 5-Jul-07 902.35 11.55 111.55 6-Jul-07 905.40 12.90 112.90 9-Jul-07 890.95 11.99 111.9910-Jul-07 883.70 11.95 111.9511-Jul-07 899.10 11.68 111.6812-Jul-07 902.90 11.95 111.9513-Jul-07 927.65 15.14 115.1416-Jul-07 965.75 17.84 117.8417-Jul-07 960.70 14.20 114.2018-Jul-07 957.85 14.46 114.4619-Jul-07 967.05 17.66 117.6620-Jul-07 988.50 21.07 121.0723-Jul-07 993.95 21.97 121.9724-Jul-07 969.45 19.41 119.4125-Jul-07 921.65 5.89 105.8926-Jul-07 927.45 3.00 103.0027-Jul-07 875.45 -0.91 99.0930-Jul-07 893.75 0.78 100.7831-Jul-07 933.40 -0.54 99.461-Aug-07 903.80 0.16 100.162-Aug-07 899.10 -0.70 99.303-Aug-07 910.50 2.19 102.196-Aug-07 890.60 0.78 100.787-Aug-07 891.00 -0.90 99.108-Aug-07 897.80 -0.56 99.449-Aug-07 887.45 -4.33 95.6710-Aug-07 882.70 -8.60 91.4013-Aug-07 905.35 -5.76 94.2414-Aug-07 905.75 -5.44 94.5616-Aug-07 871.30 -9.90 90.1017-Aug-07 874.40 -11.54 88.4620-Aug-07 872.10 -12.26 87.7421-Aug-07 854.85 -11.82 88.1822-Aug-07 852.85 -7.46 92.5423-Aug-07 866.85 -6.53 93.4724-Aug-07 876.35 0.10 100.1027-Aug-07 905.40 1.30 101.3028-Aug-07 910.05 -2.50 97.5029-Aug-07 919.35 1.72 101.7230-Aug-07 925.15 2.90 102.9031-Aug-07 920.35 1.08 101.08 3-Sep-07 948.85 6.54 106.54 55 Babasabpatilfreepptmba.com

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