A Study On Equity Analysis of Selected Banking Stocks

A STUDY ON EQUITY ANALYSIS OF SELECTED BANKING STOCKS
1. A. INDUSTRY PROFILE
INTRODUCTION
The banking section will navigate through all the aspects of the Banking System in India.
It will discuss upon the matters with the birth of the banking concept in the country to
new players adding their names in the industry in coming few years.
As per the Reserve Bank of India (RBI), Indias banking sector is sufficiently
capitalized and well-regulated. The financial and economic conditions in the country are
far superior to any other country in the world. Credit, market and liquidity risk studies
suggest that Indian banks are generally resilient and have withstood the global downturn
well.
Indian banking industry is expected to witness better growth prospects in 2016 as a sense
of optimism stems from the Governments measures towards revitalizing the industrial
growth in the country. In addition, RBIs new measures may go a long way in helping the
restructuring of the domestic banking industry.
However, in the introduction part of the entire banking cosmos, the past has been well
explained under three different heads namely:
History of Banking in India
Nationalization of Banks in India

IFIM COLLEGE, BANGALORE
1
Scheduled Commercial Banks in India
The first deals with the history part since the dawn of banking system in India.
Government took major step in the 1969 to put the banking sector into systems and it
nationalized 14 private banks in the mentioned year. This has been elaborated in
nationalization of Banks in India. The last but not the least explains about the scheduled
and unscheduled banks in India. Section 42 (6) (a) of RBI Act 1934 lays down the
condition of scheduled commercial banks.
History of Banking in India

Without a sound and effective banking system in India it cannot have a healthy economy.
The banking system of India should not only be hassle free but it should be able to meet
new challenges posed by the technology and any other external and internal factors.
For the past three decades India's banking system has several outstanding achievements
to its credit. The most striking is its extensive reach. It is no longer confined to only
metropolitans or cosmopolitans in India. In fact, Indian banking system has reached even
to the remote corners of the country. This is one of the main reasons of India's growth
process.
The government's regular policy for Indian bank since 1969 has paid rich dividends with
the nationalization of 14 major private banks of India.
Not long ago, an account holder had to wait for hours at the bank counters for getting a
draft or for withdrawing his own money. Today, he has a choice. Gone are days when the

2
most efficient bank transferred money from one branch to other in two days. Now it is
simple as instant messaging or dial a pizza. Money have become the order of the day.
The first bank in India, though conservative, was established in 1786. From 1786 till
today, the journey of Indian Banking System can be segregated into three distinct phases.
They are as mentioned below:
Early phase from 1786 to 1969 of Indian Banks
Nationalization of Indian Banks and up to 1991 prior to Indian banking sector

Reforms.
New phase of Indian Banking System with the advent of Indian Financial &
Banking Sector Reforms after 1991.
The first bank in India, though conservative, was established in 1786. From 1786 till
today, the journey of Indian Banking System can be segregated into three distinct phases.
They are as mentioned below:
Early phase from 1786 to 1969 of Indian Banks
Nationalization of Indian Banks and up to 1991 prior to Indian banking sector

Reforms.
New phase of Indian Banking System with the advent of Indian Financial &
Banking Sector Reforms after 1991.

3
Phase I The General Bank of India was set up in the year 1786. Next came Bank of
Hindustan and Bengal Bank. The East India Company established Bank of Bengal
(1809), Bank of Bombay (1840) and Bank of Madras (1843) as independent units and
called it
Presidency Banks. These three banks were amalgamated in 1920 and Imperial Bank of
India was established which started as private shareholders banks, mostly European
shareholders.
In 1865 Allahabad Bank was established and first time exclusively by Indians, Punjab
National Bank Ltd. was set up in 1894 with headquarters at Lahore. Between 1906 and
1913, Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank,
and Bank of Mysore were set up. Reserve Bank of India came in 1935.
During the first phase the growth was very slow and banks also experienced periodic
failures between 1913 and 1948. There were approximately 1100 banks, mostly small. To
streamline the functioning and activities of commercial banks, the Government of India
came up with The Banking Companies Act, 1949 which was later changed to Banking
Regulation Act 1949 as per amending Act of 1965 (Act No. 23 of 1965). Reserve Bank of
India was vested with extensive powers for the supervision of banking in India as the
Central Banking Authority.
During those days public had lesser confidence in the banks. As an aftermath deposit
mobilization was slow. Abreast of it the savings bank facility provided by the Postal
department was comparatively safer. Moreover, funds were largely given to traders.
4
Phase II Government took major steps in this Indian Banking Sector Reform after
independence. In 1955, it nationalized Imperial Bank of India with extensive banking
facilities on a large scale especially in rural and semi-urban areas. It formed State Bank of
India to act as the principal agent of RBI and to handle banking transactions of the Union
and State Governments all over the country.
Seven banks forming subsidiary of State Bank of India was nationalized in 1960 on 19th
July, 1969, major process of nationalization was carried out. It was the effort of the then
Prime Minister of India, Mrs. Indira Gandhi. 14 major commercial banks in the country
were nationalized.
Second phase of nationalization Indian Banking Sector Reform was carried out in 1980
with seven more banks. This step brought 80% of the banking segment in India under
Government ownership.
The following are the steps taken by the Government of India to Regulate Banking
Institutions in the Country:
1949: Enactment of Banking Regulation Act.
1955: Nationalization of State Bank of India.
1959: Nationalization of SBI subsidiaries.
1961: Insurance cover extended to deposits.
1969: Nationalization of 14 major banks.

5
1971: Creation of credit guarantee corporation.

1975: Creation of regional rural banks.
1980: Nationalization of seven banks with deposits over 200 crore.
After the nationalization of banks, the branches of the public sector bank India rose to
approximately 800% in deposits and advances took a huge jump by 11,000%.
Banking in the sunshine of Government ownership gave the public implicit faith and
immense confidence about the sustainability of these institutions.
Phase III This phase has introduced many more products and facilities in the banking
sector in its reforms measure. In 1991, under the chairmanship of M Narasimham, a
committee was set up by his name which worked for the liberalization of banking
practices.
The country is flooded with foreign banks and their ATM stations. Efforts are being put
to give a satisfactory service to customers. Phone banking and net banking is introduced.
The entire system became more convenient and swift. Time is given more importance
than
money.
The financial system of India has shown a great deal of resilience. It is sheltered from any
crisis triggered by any external macroeconomics shock as other East Asian Countries
suffered. This is all due to a flexible exchange rate regime, the foreign reserves are high,
the capital account is not yet fully convertible, and banks and their customers have
limited foreign exchange exposure.

6
Currently Pradhan Mantri Jan Dhan Yojana is a scheme for comprehensive financial
inclusion launched by the Prime Minister of India, Narendra Modi, in 2014. Run
by Department of Financial Services, Ministry of Finance, on the inauguration day, 1.5
Crore (15 million) bank accounts were opened under this scheme. By 15 July 2015,
16.92 crore accounts were opened, with around Rs. 20288.37 crore (US$3.0 billion) were
deposited under the scheme, which also has an option for opening new bank accounts
with zero balance.

The commercial banking structure in India consists of:
Unscheduled Banks in India
Scheduled Banks in India constitute those banks which have been included in the Second
Schedule of Reserve Bank of India (RBI) Act, 1934. RBI in turn includes only those
banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the
Act.
As on 30th June, 1999, there were 300 scheduled banks in India having a total network of
64,918 branches. The scheduled commercial banks in India comprise of State bank of
India and its associates (8), nationalized banks (19), foreign banks (45), private sector
7
banks (32), co-operative banks and regional rural banks. "Scheduled banks in India"
means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of
1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act,
1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under
section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act,
1980 (40 of 1980), or any other bank being a bank included in the Second Schedule to the
Reserve Bank of India Act, 1934 (2 of 1934), but does not include a co-operative bank".
"Non-scheduled bank in India" means a banking company as defined in clause (c) of
section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled
bank".
Fig: 1.A.i
The following are the Scheduled Banks in India (Public Sector):

8
State Bank of India
Central Bank of India
State Bank of Bikaner and Jaipur
Corporation Bank
State Bank of Hyderabad
Dena Bank
State Bank of Indore
Indian Overseas Bank
State Bank of Mysore
Indian Bank
State Bank of Saurashtra
Oriental Bank of Commerce
State Bank of Travancore
Punjab National Bank
Andhra Bank
Punjab and Sind Bank
Allahabad Bank
Syndicate Bank
Bank of Baroda
Union Bank of India
Bank of India
United Bank of India
Bank of Maharashtra
UCO Bank
Canara Bank
Vijay Bank
Fig: 1.A.a
9
The following are the Scheduled Banks in India (Private Sector):
ING Vysya Bank Ltd
Axis Bank Ltd
IndusInd Bank Ltd
HDFC Bank Ltd
Centurion Bank Ltd
Bank of Punjab Ltd
IDBI Bank Ltd
ICICI Bank Ltd
Jammu & Kashmir Bank Ltd.
South Indian Bank
Fig: 1.A.b
The following are the Scheduled Foreign Banks in India:
American Express Bank Ltd.

ANZ Gridlays Bank Plc.
Bank of America NT & SA

10
Citi Bank N.C.
Deutsche Bank A.G.
Hong Kong and Shanghai Banking Corporation
Bank of Tokyo Ltd.
Standard Chartered Bank.
Banquc Nationale de Paris
The Chase Manhattan Bank Ltd.
Dresdner Bank AG.
Barclays Bank Plc
Fig: 1.A.c
Broad Classification of Banks in India:

1) The RBI: The RBI is the supreme monetary and banking authority in the country and has
the responsibility to control the banking system in the country. It keeps the reserves of all
scheduled banks and hence is known as the Reserve Bank.
2) Public Sector Banks:
State Bank of India and its Associates (6)
Nationalized Banks (19)
Bharatiya Mahila Bank & IDBI Bank
Regional Rural Banks Sponsored by Public Sector Banks
3) Private Sector Banks:
Old Generation Private Banks (22)

11
Foreign New Generation Private Banks (8)
Banks in India (40)
4) Co-operative Sector Banks:
State Co-operative Banks
Central Co-operative Banks
Primary Agricultural Credit Societies
Land Development Banks
State Land Development Banks
5) Development Banks: Development Banks mostly provide long term finance for setting
up industries. They also provide short-term finance (for export and import activities)
Industrial Finance Co-operation of India (IFCI)
Industrial Development of India (IDBI)
Industrial Investment Bank of India (IIBI)
Small Industries Development Bank of India (SIDBI)
National Bank for Agriculture and Rural Development (NABARD)
Export-Import Bank of India.

12
Organizational Structure of Banks in India:

Fig: 1.A.ii
In India banks are classified in various categories according to differ rent criteria. The
Reserve Bank of India
Co-operative Banks
Commercial Banks
Nationalized
Private
Agricultural Credit
Development Banks
Short-term creditLong-term credit
Urban Credit
EXIM
Industrial
Agricultural
above charts indicate the banking structure.
PRODUCTS AND SERVICES OFFERED BY BANKS:
Investme
nt
Banking
Consumer
Banking
Asset
Managem
ent
Commerci
al Banking
Pensions

13
Retail
Banking
Mortgages
Private
Banking
Credit
Cards
Broad Classification of Products in a bank:

The different products in a bank can be broadly classified into:
Retail Banking.
Trade Finance.
Treasury Operations.
Retail Banking and Trade finance operations are conducted at the branch level while the
wholesale banking operations, which cover treasury operations, are at the hand office or a
designated branch.
Retail Banking:
Deposits
Loans, Cash Credit and Overdraft
Negotiating for Loans and advances
Remittances
Book-Keeping (maintaining all accounting records)
Receiving all kinds of bonds valuable for safe keeping

14
Trade Finance:
Issuing and confirming of letter of credit.
Drawing, accepting, discounting, buying, selling, collecting of bills of exchange,

promissory notes, drafts, bill of lading and other securities.
Treasury Operations:
Buying and selling of bullion. Foreign exchange
Acquiring, holding, underwriting and dealing in shares, debentures, etc.
Purchasing and selling of bonds and securities on behalf of constituents.
The banks can also act as an agent of the Government or local authority. They insure,
guarantee, underwrite, participate in managing and carrying out issue of shares,
debentures, etc.
Apart from the above-mentioned functions of the bank, the bank provides a whole lot of
other services like investment counseling for individuals, short-term funds management
and portfolio management for individuals and companies. It undertakes the inward and
outward remittances with reference to foreign exchange and collection of varied types for
the Government.
Following Services Can Be Availed On The Internet:
Bill Payment
Funds Transfer
15
Special Promotions & Offers
Ticket Booking
Online loans and credit cards
Online Shopping
Online Tax payment
Prepaid mobile recharge.
SWOT ANALYSIS ON INDIAN BANKING INDUSTRY

STRENGTHS
Indian banks have compared favorably on growth, asset quality and profitability
with other emerging economies banks over the last few years.
Policy makers have made some notable changes in policy and regulation to help
strengthen the sector. These changes include strengthening prudential norms,
enhancing the payments system and integrating regulations between commercial
and co-operative banks.
Bank lending has been a significant driver of GDP growth and employment.
Extensive reach: the vast networking & growing number of branches & ATMs.
Indian banking system has reached even to the remote corners of the country.

16
In terms of quality of assets and capital adequacy, Indian banks are considered to
have clean, strong and transparent balance sheets relative to other banks in
comparable economies in its region.
Foreign banks will have the opportunity to own up to 74 per cent of Indian private
sector banks and 20 per cent of government owned banks.
WEAKNESS
PSUs need to fundamentally strengthen institutional skill levels especially in sales

and marketing, service operations, risk management and the overall organizational
performance ethic & strengthen human capital.
Old private sector banks also have the need to fundamentally strengthen skill
levels.
The cost of intermediation remains high and bank penetration is limited to only a
few customer segments and geographies.
Structural weaknesses such as a fragmented industry structure, restrictions on

capital availability and deployment, lack of institutional support infrastructure,

17
restrictive labor laws, weak corporate governance and ineffective regulations

beyond Scheduled Commercial Banks (SCBs), unless industry utilities and
service bureaus.
Refusal to dilute stake in PSU banks: The government has refused to dilute its
stake in PSU banks below 51% thus choking the headroom available to these
banks for raining equity capital.
OPPORTUNITY
The market is seeing discontinuous growth driven by new products and services
that include opportunities in credit cards, consumer finance and wealth
management on the retail side, and in fee-based income and investment banking
on the wholesale banking side. These require new skills in sales & marketing,
credit and operations.
With increased interest in India, competition from foreign banks will only
intensify.
Given the demographic shifts resulting from changes in age profile and household
income, consumers will increasingly demand enhanced institutional capabilities
and service levels from banks.

18
New private banks could reach the next level of their growth in the Indian
banking sector by continuing to innovate and develop differentiated business
models to profitably serve segments like the rural/low income and affluent/HNI
segments; actively adopting acquisitions as a means to grow and reaching the
next level of performance in their service platforms. Attracting, developing and
retaining more leadership capacity
Foreign banks committed to making a play in India will need to adopt alternative
approaches to win the race for the customer and build a value-creating
customer franchise in advance of regulations potentially opening up post 2009. At
the same time, they should stay in the game for potential acquisition opportunities
as and when they appear in the near term. Maintaining a fundamentally long-term
value-creation mindset.
Reach in rural India for the private sector and foreign banks.
With the growth in the Indian economy expected to be strong for quite some timeespecially in its services sector-the demand for banking services, especially retail
banking, mortgages and investment services are expected to be strong.
Reserve Bank of India (RBI) has approved a proposal from the government to
amend the Banking Regulation Act to permit banks to trade in commodities and
commodity derivatives.

19
Hybrid capital: In an attempt to relieve banks of their capital crunch, the RBI has
allowed them to raise perpetual bonds and other hybrid capital securities to shore
up their capital. If the new instruments find takers, it would help PSU banks, left
with little headroom for raising equity.
THREATS
Threat of stability of the system: failure of some weak banks has often threatened
the stability of the system.
Rise in inflation figures which would lead to increase in interest rates.
Increase in the number of foreign players would pose a threat to the PSB as well
as the private players.
1. B. ABOUT THE SUBJECT

20
Stock Markets:
Stock Market is a market where the trading of company stock, both listed
securities and unlisted takes place. It is different from stock exchange because it includes
all the national stock exchanges of the country. For example, we use the term, "the stock
market was up today" or "the stock market bubble."
Stock Exchanges:
Stock Exchanges are an organized marketplace, either corporation or mutual
organization, where members of the organization gather to trade company stocks or other
securities. The members may act either as agents for their customers, or as principals for
their own accounts. Stock exchanges also facilitates for the issue and redemption of
securities and other financial instruments including the payment of income and dividends.
The record keeping is central but trade is linked to such physical place because modern
markets are computerized. The trade on an exchange is only by members and stock
broker do have a seat on the exchange.
Capital Market: The capital market is divided into two segments via:
a) Primary Market:
Most companies are usually started privately by their promoters. However the
promoters capital and the borrowed capital from banks or financial institutions might not
be sufficient for running the business over the long term. That is when corporate and the
government looks at the primary market to raise long term funds by issuing securities
21
such as debt or equity. These securities may be issued at face value, at premium or at
discount.
b) Secondary Market:
The secondary market provides liquidity to the investors in the primary market.
Today we would not invest in any instrument if there was no medium to liquidate our
position. The secondary markets provide an efficient platform for trading of those
securities initially offered in the primary market. Also those investors who have applied
for shares in an IPO may or may not get allotment. If they dont then they can always buy
the shares (sometimes at a discount or at a premium) in the secondary market. Trading in
the secondary market is done through stock exchange. The Stock exchange is a place
where the buyers and sellers meet to trade in shares in an organized manner.
There are two leading stock exchanges in India which help us trade are:
BOMBAY STOCK EXCHANGE (BSE):
Bombay Stock Exchange was established in 1875 as "The Native Share and Stock
Brokers Association". It is the oldest one in Asia, even older than the Tokyo Stock
Exchange, which was established in 1878. It is a voluntary non-profit making Association
of Persons (AOP) and has converted itself into demutualized and corporate entity. It has
evolved over the years into its present status as the Premier Stock Exchange in the
country. It is the first Stock Exchange in the Country to have obtained permanent
recognition in 1956 from the Govt. of India under the Securities Contracts (Regulation)
22
Act, 1956. The Exchange, while providing an efficient and transparent market for trading
in securities, debt and derivatives upholds the interests of the investors and ensures
redressal of their grievances whether against the companies or its own member-brokers. It
also strives to educate and enlighten the investors by conducting investor education
programs and making available to them necessary informative inputs. A Governing Board
having 20 directors is the apex body, which decides the policies and regulates the affairs
of the Exchange. The Governing Board consists of 9 elected directors, who are from the
broking community (one third of them retire every year by rotation), three SEBI
nominees, six public representatives and an Executive Director & Chief Executive
Officer and a Chief Operating Officer.
The Executive Director as the Chief Executive Officer is responsible for the dayto-day administration of the Exchange and he is assisted by the Chief Operating Officer
and other Heads of Department the Exchange has inserted new Rule in its Rules, Byelaws & Regulations pertaining to constitution of the Executive Committee of the
Exchange. Accordingly, an Executive Committee, consisting of three elected directors,
three SEBI nominees or public representatives, Executive Director & CEO and Chief
Operating Officer has been constituted. The Committee considers judicial & quasi
matters in which the Governing Board has powers as an Appellate Authority, matters
regarding annulment of transactions, admission, continuance and suspension of memberbrokers, declaration of a member-broker as defaulter, norms, procedures and other
matters relating to arbitration, fees, deposits, margins and other monies payable by the
member-brokers to the Exchange, etc.
23
NATIONAL STOCK EXCHANGE (NSE):
National Stock Exchange of India Limited has genesis in the report of the High
Powered Study Group on Establishment of New Stock Exchanges. It recommended
promotion of a National Stock Exchange by financial institutions (FIs) to provide access
to investors from all across the country on an equal footing. Based on the
recommendations, NSE was promoted by leading Financial Institutions at the behest of
the Government of India and was incorporated in November 1992 as a tax-paying
company unlike other stock exchanges in the country.
The National Stock Exchange (NSE) operates a nation-wide, electronic market,

offering trading in Capital Market, Derivatives Market and Currency Derivatives
segments including equities, equities based derivatives, Currency futures and options,
equity based ETFs, Gold ETF and Retail Government Securities. Today NSE network
stretches to more than 1,500 locations in the country and supports more than 2, 30,000
terminals. With more than 10 asset classes in offering, NSE has taken many initiatives to
strengthen the securities industry and provides several new products like Mini Nifty,
Long Dated Options and Mutual Fund Service System. Responding to market needs, NSE
has introduced services like DMA, FIX capabilities, co-location facility and mobile
trading to cater to the evolving need of the market and various categories of market
participants.
NSE has made its global presence felt with cross-listing arrangements, including
24
license agreements covering benchmark indexes for U.S. and Indian equities with CME
Group and has also signed a Memorandum of Understanding (MOU) with Singapore
Exchange (SGX) to cooperate in the development of a market for India-linked products
and services to be listed on SGX. The two exchanges also will look into a bilateral
securities trading link to enable investors in one country to seamlessly trade on the other
country's exchange.
NSE is committed to operate a market ecosystem which is transparent and at the

same time offers high levels of safety, integrity and corporate governance, providing ever
growing trading & investment opportunities for investors. NSE has played a catalytic role
in reforming the Indian securities market in terms of microstructure, market practices and
trading volumes. The market today uses state-of-art information technology to provide an
efficient and transparent trading, clearing and settlement mechanism, and has witnessed
several innovations in products & services viz. demutualization of stock exchange
governance, screen based trading, compression of settlement cycles, dematerialization
and electronic transfer of securities, securities lending and borrowing, professionalization
of trading members, fine-tuned risk management systems, emergence of clearing
corporations to assume counterparty risks, market of debt and derivative instruments and
intensive use of information technology.
The fluctuating Indian securities market has probed the need for the study in order
to understand the market conditions and to identify the price movements. This study
would give an idea about the tools that can be used to determine how the price
fluctuations in the future can be predicted. The past one year data of 10 companies were
25
chosen for the study, from which the technical analysis has been made.
Fundamental Analysis
It is one of the major techniques involved in the securities market. The
fundamental analysis involves intense knowledge on the economy, industry and company
as a whole, and hence, it has not been included in the part of this study.
When talking about stocks, fundamental analysis is a technique that attempts to
determine a security's value by focusing on underlying factors that affect a
company's actual business and its future prospects. On a broader scope, you can perform
fundamental analysis on industries or the economy as a whole. The term simply refers to
the analysis of the economic well-being of a financial entity as opposed to only its price
movements.
Fundamental analysis serves to answer questions, such as:
Is the company's revenue growing?
Is it actually making a profit?
Is it in a strong-enough position to beat out its competitors in the future?
Is it able to repay its debts?
Is management trying to "cook the books"?

26
Of course, these are very involved questions, and there are literally hundreds of others
you might have about a company. It all really boils down to one question: Is the
company's stock a good investment? Think of fundamental analysis as a toolbox to help
you answer this question.
Economic Analysis
The economic forecast is important for making decisions concerning both the timings of
an investment and the relative investment desirability among the various industries in the
economy.
Rate of GDP
GDP is a measure of the total production of goods and services in the economy during a
year. It is indicator of economic growth. Generally, GDP growth rate ranges from 6-8
percent. The growth rate of economy points out the prospectus for the industrial sector
and the returns investors can expect from investment in shares. The higher the growth
rate of GDP the more favourable it is for stocks.
Price Level and Fluctuations
If the inflation rate increases, then the growth rate would be very little. The increasingly
inflation rate significantly affect the demand of consumer product industry. The industry
which enjoy a strong market for their product and which do not come under purview of

27
price control may benefit from inflation. If there is a mild level of inflation, it is good to
the stock market but high rate of inflation is harmful to the stock market.
Agriculture and Monsoons
Increase or decrease in agricultural production has a significant impact on the industrial
production and corporate performance. Companies using agricultural raw materials as
inputs or supplying inputs to agriculture are directly affected by change in agriculture
production. A good monsoon leads to higher demand for inputs and results in bumper
crops. This would lead to buoyancy in stock market.
Government Budget Deficit
Government revenue come from various direct and indirect taxes and government made
expenditure on various development activities. The excess of expenditure over revenue
leads to budget deficit. The deficit budget may lead to high rate of inflation and adversely
affects the cost of production and surplus budget may results in deflation. Hence balanced
budget is highly favourable to the stock market.
Infrastructure Facilities and Arrangements
A wide network of communication system, regular supply of power, a well-developed
transportation system boost the industrial production and improves the growth of the
economy. Banking and financial sector should be sound enough to provide adequate
support t industry and agriculture. Thus, good infrastructure facilities affect the stock
market favorably.
Industry Analysis
28
Learning about how the industry works will give an investor a deeper
understanding of a company's financial health.
Customers
Some companies serve only a handful of customers, while others serve millions.
In general, it's a red flag (a negative) if a business relies on a small number of
customers for a large portion of its sales because the loss of each customer could
dramatically affect revenues. For example, think of a military supplier who has
100% of its sales with the U.S. government. One change in government policy
could potentially wipe out all of its sales.
Market Share
Understanding a company's present market share can tell volumes about the
company's business. The fact that a company possesses an 85% market share tells
you that it is the largest player in its market by far. Furthermore, this could also
suggest that the company possesses some sort of "economic moat," in other
words, a competitive barrier serving to protect its current and future earnings,
along with its market share.
Industry Growth
One way of examining a company's growth potential is to first examine whether
the amount of customers in the overall market will grow. This is crucial because
without new customers, a company has to steal market share in order to grow.
29
In some markets, there is zero or negative growth, a factor demanding careful

consideration. For example, a manufacturing company dedicated solely to
creating audio compact cassettes might have been very successful in the '70s, '80s
and early '90s. However, that same company would probably have a rough time
now due to the advent of newer technologies, such as CDs and MP3s.
Competition
Simply looking at the number of competitors goes a long way in understanding
the competitive landscape for a company. Industries that have limited barriers to
entry and a large number of competing firms create a difficult operating
environment for firms.
One of the biggest risks within a highly competitive industry is pricing power.
This refers to the ability of a supplier to increase prices and pass those costs on to
customers. Companies operating in industries with few alternatives have the
ability to pass on costs to their customers. A great example of this is Wal-Mart.
They are so dominant in the retailing business, that Wal-Mart practically sets the
price for any of the suppliers wanting to do business with them. If you want to sell
to Wal-Mart, you have little, if any, pricing power.
Regulation
Certain industries are heavily regulated due to the importance or severity of the
industry's products and/or services. As important as some of these regulations are

30
to the public, they can drastically affect the attractiveness of a company for
investment purposes.
In industries where one or two companies represent the entire industry for a
region (such as utility companies), governments usually specify how much profit
each company can make. In these instances, while there is the potential for sizable
profits, they are limited due to regulation.
Company Analysis
In this section we are going to highlight some of the company-specific qualitative and
quantitative factors that you should be aware of.
Study on Financial Statements
Financial statements are the medium by which a company discloses information

concerning its financial performance. The three most important financial statements
- income statements, balance sheets and cash flow statements - we will briefly introduce
each financial statement's specific function, along with where they can be found.
The Major Statements
Balance Sheet

31
The balance sheet represents a record of a company's assets, liabilities and equity at a
particular point in time. The balance sheet is named by the fact that a business's financial
structure balances in the following manner:
Assets = Liabilities + Shareholders\' Equity

Assets represent the resources that the business owns or controls at a given point in time.
This includes items such as cash, inventory, machinery and buildings. The other side of
the equation represents the total value of the financing the company has used to acquire
those assets. Financing comes as a result of liabilities or equity. Liabilities represent debt
(which of course must be paid back), while equity represents the total value of money
that the owners have contributed to the business - including retained earnings, which is
the profit made in previous years.
The Income Statement
While the balance sheet takes a snapshot approach in examining a business, the income
statement measures a company's performance over a specific time frame. Technically,
you could have a balance sheet for a month or even a day, but you'll only see public
companies report quarterly and annually.
The income statement presents information about revenues, expenses and profit that was
generated as a result of the business' operations for that period.
Statement of Cash Flows
The statement of cash flows represents a record of a business' cash inflows and outflows
32
over a period of time. The cash flow statement is important because it's very difficult for
a business to manipulate its cash situation. Typically, a statement of cash flows focuses on
the following cash-related activities:
Operating Cash Flow (OCF): Cash generated from day-to-day business operations
Cash from investing (CFI): Cash used for investing in assets, as well as the
proceeds from the sale of other businesses, equipment or long-term assets
Cash from financing (CFF): Cash paid or received from the issuing and borrowing
of funds
Business Model
Even before an investor looks at a company's financial statements or does any research,
one of the most important questions that should be asked is: What exactly does the
company do? This is referred to as a company's business model it's how a company
makes money. You can get a good overview of a company's business model by checking
out its website.
Sometimes business models are easy to understand. Take McDonalds, for instance, which
sells hamburgers, fries, soft drinks, salads and whatever other new special they are
promoting at the time. It's a simple model, easy enough for anybody to understand.

33
Other times, you'd be surprised how complicated it can get. Boston Chicken Inc. is a
prime example of this. Back in the early '90s its stock was the darling of Wall Street. At
one point the company's CEO bragged that they were the "first new fast-food restaurant
to reach $1 billion in sales since 1969". The problem is, they didn't make money by
selling chicken. Rather, they made their money from royalty fees and high-interest loans
to franchisees. Boston Chicken was really nothing more than a big franchisor. On top of
this, management was aggressive with how it recognized its revenue. As soon as it was
revealed that all the franchisees were losing money, the house of cards collapsed and the
company went bankrupt.
At the very least, you should understand the business model of any company you invest
in. The "Oracle of Omaha", Warren Buffett, rarely invests in tech stocks because most of
the time he doesn't understand them. This is not to say the technology sector is bad, but
it's not Buffett's area of expertise; he doesn't feel comfortable investing in this area.
Similarly, unless you understand a company's business model, you don't know what the
drivers are for future growth, and you leave yourself vulnerable to being blindsided like
shareholders of Boston Chicken were.
Competitive Advantage
Another business consideration for investors is competitive advantage. A company's longterm success is driven largely by its ability to maintain a competitive advantage - and
keep it. Powerful competitive advantages, such as Coca Cola's brand name and
Microsoft's domination of the personal computer operating system, create a moat around
34
a business allowing it to keep competitors at bay and enjoy growth and profits. When a
company can achieve competitive advantage, its shareholders can be well rewarded for
decades.
Management
Just as an army needs a general to lead it to victory, a company relies upon management
to steer it towards financial success. Some believe that management is the most important
aspect for investing in a company. It makes sense - even the best business model is
doomed if the leaders of the company fail to properly execute the plan.
So how does an average investor go about evaluating the management of a company?
This is one of the areas in which individuals are truly at a disadvantage compared to
professional investors. You can't set up a meeting with management if you want to invest
a few thousand dollars.
Every public company has a corporate information section on its website. Usually there
will be a quick biography on each executive with their employment history, educational
background and any applicable achievements. Let's be honest: We're looking for dirt, and
no company is going to put negative information on its corporate website.
Instead, here are a few ways for you to get a feel for management:
1. Conference calls
Chief Executive Officer (CEO) and Chief Financial Officer (CFO) host quarterly
conference calls. (Sometimes you'll get other executives as well.) The first portion of the
35
call is management basically reading off the financial results. What is really interesting is
the question-and-answer portion of the call. This is when the line is open for analysts to
call in and ask management direct questions. Answers here can be revealing about the
company, but more importantly, listen for candor. Do they avoid questions, like
politicians, or do they provide forthright answers?
2. Management Discussion and Analysis

The Management Discussion and Analysis is found at the beginning of the annual report.
In theory, the MD&A is supposed to be frank commentary on the management's outlook.
Sometimes the content is worthwhile, other times its boilerplate. One tip is to compare
what management said in past years with what they are saying now. Is it the same
material rehashed? Have strategies actually been implemented? If possible, sit down and
read the last five years of MD& as; it can be illuminating.
3. Ownership and Insider Sales
Just about any large company will compensate executives with a combination of cash,
restricted stock and options. While there are problems with stock options (See Putting
Management under the Microscope), it is a positive sign that members of management
are also shareholders. The ideal situation is when the founder of the company is still in
charge. Examples include Bill Gates (in the '80s and '90s), Michael Dell and Warren
Buffett. When you know that a majority of management's wealth is in the stock, you can
have confidence that they will do the right thing. As well, it's worth checking out if
management has been selling its stock. This has to be filed with the Securities and
36
Exchange Commission (SEC), so it's publicly available information. Talk is cheap - think
twice if you see management unloading all of its shares while saying something else in
the media.
4. Past Performance
Another good way to get a feel for management capability is to check and see how
executives have done at other companies in the past. You can normally find biographies
of top executives on company web sites. Identify the companies they worked at in the
past and do a search on those companies and their performance.
Corporate Governance
Corporate governance describes the policies in place within an organization denoting the
relationships and responsibilities between management, directors and stakeholders. These
policies are defined and determined in the company charter and its bylaws, along with
corporate laws and regulations. The purpose of corporate governance policies is to ensure
that proper checks and balances are in place, making it more difficult for anyone to
conduct unethical and illegal activities.
Good corporate governance is a situation in which a company complies with all of its
governance policies and applicable government regulations in order to look out for the
interests of the company's investors and other stakeholders.
Although, there are companies and organizations (such as Standard & Poor's) that attempt
to quantitatively assess companies on how well their corporate governance policies serve
37
stakeholders, most of these reports are quite expensive for the average investor to
purchase.
Fortunately, corporate governance policies typically cover a few general areas: structure
of the board of directors, stakeholder rights and financial and information transparency.
With a little research and the right questions in mind, investors can get a good idea about
a company's corporate governance.
Technical Analysis
Technical analysis can be defined as a method that attempts to forecast future
price trends by the means of analyzing market action. It was established as early as 18th
century. However, most of its methods as we know them today were created in the first
decades of 20th century. The core idea of technical analysis is that history tends to repeat
itself. That is why we can find certain situations in the market that occur regularly. These
situations can be discovered by Chart analysis and technical indicators, which we can use
for our advantage and that is precisely what technical analysis is trying to do.
There are several approaches to technical analysis such as the Dow Theory,
Elliot wave theory, Fibonacci's analysis, cyclical analysis and so on. However, the most
commonly used methods can be divided into two major branches namely Chart analysis
(also called charting) and statistical approach. With Chart analysis, the analyst is trying to
find patterns that price creates in the Chart and that occur repeatedly. For example, head
and shoulders or double bottoms are considered typical Chart patterns. As soon as the
analyst identifies such a pattern, he can make a trade based on the direction the price
38
should follow based on the type of the pattern.
Another branch of technical analysis is constituted by the statistical techniques,

which comprise mostly the study and use of various technical indicators. These indicators
are computed from historical market data and are mostly used for forecasting trend
reversals or changes in strength of the trend. Many of the indicators yield precise buy and
sell signals. There are several kinds of indicators from the very simple ones like moving
averages to the very complicated such as Swing index, for which the mathematical
formula is several lines long. Yet, the major drawback of using technical indicators is that
they provide too many trading signals that are often contradicting each other. It is so
because different indicators work best in different kind of market (or phase of the trend).
The Basic Assumptions of Technical Analysis are

1. Market Fluctuations Discount Everything else. Technical analysts
believe that changes in the price of a security and how well it trades in the
market embody all available information about that security from everyone
involved with it and therefore represents the fair value of that security.
39
Sudden changes in how a stock trades often precedes major news about the
company that issued the stock. Technical analysts don't concern themselves
with the price-to-earnings ratio, shareholder equity, return on equity or other
factors that fundamental analysts do.
2. Price Movements can often be charted and predicted. Technical

analysts acknowledge that there are periods when prices move randomly, but there are
also times when they move in an identifiable trend. Once a trend is identified, it is
possible to make money from it, either by buying low and selling high during an upward
trend (bull market) or by selling short during a downward trend (bear market). By
adjusting the length of time the market is being analyzed, it is possible to spot both shortand long-term trends.
3. History Repeats Itself. People don't change their motivations overnight;

therefore, traders will react the same way to conditions as they did in the past when those
conditions repeat themselves. Because people react the same way, technical analysts can
use the knowledge of how other traders reacted in the past to profit each time those
conditions repeat them.
Tools of Technical analysis

SIMPLE MOVING AVERAGE (SMA)
It is a tool commonly used by traders and technical analysts to analyze the price
movement of securities. Simple Moving Average (SMA) is a moving average that is
40
calculated by adding the closing price of the security for a number of time periods and
then dividing this total by the number of time. In this study Simple moving average is
used. A simple moving average is formed by computing the average (mean) price of a
security over a specified number of periods. While it is possible to create moving
averages from the Open, the High, and the Low data points, most moving average are
created using the closing price. For example: a 5-day simple moving average is calculated
by adding the closing prices for the last 5 days and dividing the total by 5.
10 + 11 + 12 + 13 + 14 = 60
(60 / 5) = 12
The calculation is repeated for each price bar on the chart. The averages are then
joined to form a smooth curving line - the moving average line. Continuing our example,
if the next closing price in the average is 15, then this new period would be added and the
oldest day, which is 10, would be dropped. The new 5-day simple moving average would
be calculated as follows:
11 + 12 + 13 + 14 + 15 = 65
(65 / 5) = 13.
RELATIVE STRENGTH INDEX

RSI is an oscillator used to identify the inherent technical strength and weakness
of a particular scrip or market. RSI can be calculated for scrip by adopting the following
formula.
41
RSI=100-100
1+RS
RS=Average Gain per Day
Average loss per Day
The RSI can be calculated for any number of days depending on the wish of the
technical analyst and the time frame of trading adopted in a particular stock market. RSI
is calculated for 5, 7, 9 and 14 days. If the period taken for calculation is more, the
possibility of getting wrong signals is reduced.
The broad rule is, if the RSI crosses seventy there may be downturn and it is time
to sell. If the RSI falls below thirty it is time to pick up the script. If the RSI is rising in
the overbought zone, it would indicate the downfall of the price. If RSI falls in the
overbought zone, it gives a clear signal of sell. This condition occurs after a sharp rise in
price during a period of heavy buying. When the RSI is in the oversold region, it
generates the buy signal. The term oversold is used to describe a security or market that
has declined to an unreasonably low level.
In simple words, the RSI ranges from 0 to 100. An asset is deemed to be
overbought once the RSI approaches the 70 level, meaning that it may be getting
overvalued and is a good candidate for a pullback. Likewise, if the RSI approaches 30, it
is an indication that the asset may be getting oversold and therefore likely to become
undervalued.
A trader using RSI should be aware that large surges and drops in the price of an
42
asset will affect the RSI by creating false buy or sell signals. The RSI is best used as a
valuable complement to other stock-picking tools.
Rate of change is the speed at which a variable changes over a specific period
of time. ROC measures the rate of change between the current price and the price n
number of days in the past. ROC helps to find out the overbought and oversold positions
in scrip. Closing prices are used to calculate the ROC. Daily closing prices are used for
the daily ROC and weekly closing prices for weekly ROC. In this study I have used
weekly closing prices for calculation. Many traders pay close attention to the speed at
which one variable changes relative to another.
The Rate of Change (ROC) indicator is a very simple yet effective momentum
oscillator that measures the percent change in price from one period to the next. The
(ROC) calculation compares the current price with the price n periods ago.
ROC = ((Todays close Close n periods ago) / (Close n periods ago)) * 100
The main advantage of ROC is the identification of overbought and oversold
region. The historic high and low values of the ROC should be identified at first to locate
the overbought and oversold region. If the scrips ROC reaches the historic high values,
the scrip is in the overbought region. If the scrips ROC reaches the historic low value,
the scrip is in the oversold region.
2.
RESEARCH STUDY
2. I.TITLE OF THE STUDY

STUDY ON EQUITY ANALYSIS OF SELECTED BANKING STOCKS
STATEMENT OF PROBLEM
43
To suggest the investors to make investment in good stocks using technical

analysis.
Stock investment requires meticulous planning and careful evaluation of the
underlying stock before making investment. A statistical data in the recent past
indicated that 95 per cent of the investors in the stock markets are losers, since
they undertake investment without any information and without discipline.
Which stock to invest?
What type of security to buy?
When to sell the securities?
Where to Invest? How to Invest? Whether hold, sell or buy securities?
It is much required for the investors to study the market and to understand market
psychology so that they can make optimal decisions.
2 .II. Objectives
To know the movements of stock prices of selected company stocks through
Technical analysis.
To analyze the risk involved in the selected companies share price.
To know how best we can utilize these analyses to meet the financial goals.
To suggest better ways and means for the investors to enhance the knowledge
about stock investment in the secondary market.
2. III. SCOPE OF THE STUDY

44
The scope of the study is identified after and during the study is conducted. The
project is based on tools like technical analysis. Further, the study is based on
information of last two years.
To help the investor in making decisions based on report. Analysis of the shares of
companies.
Studying the stock price movement of the security market. Helps to identify trend
reversals at an earlier stage to formulate the buying and selling strategy.
2. IV.RESEARCH METHODOLOGY
Research Design
Research design is the procedure of collecting, analyzing and interpreting the data to
diagnose the problem and react to the opportunity in such a way where the costs can
be minimized and the desired level of accuracy can be achieved to arrive at a
particular conclusion.
The sample of the stocks for the purpose of collecting secondary data has been selected
on the basis of convenient sampling. The stocks are chosen in an unbiased manner and

45
each stock is chosen independent of the other stocks chosen. The stocks are chosen from
the Banking sector.
The sample size for the number of stocks is four for technical analysis of stocks as
technical analysis requires detailed study. For these four stocks technical analysis is done.
The validity of any research is based on the systematic method of data collection and
analysis. Secondary data from website, newspapers are used for the present study.
Analytical research design has been used in this study.
Data Collection Method:

To carry out this project, secondary data was collected which is the closing stock prices
of the following companies:
State Bank India.

ICICI Bank Ltd.
HDFC Bank Ltd.
Bank of Baroda Ltd.
Statistical Tools used:
Simple Moving Average

Relative Strength Index
Rate of Change Indicator
2. V.REVIEW OF LITERATURE
Cooter (1962) found that the stock prices move at random when studied at one week
interval. The data for his study was weekend prices of forty five stocks from New York
stock exchange .He tested randomness of share by means of a mean square successive
46
difference test. He concluded that there was not one random walk model. He concluded
that the share price trends could be predicted when studied at fourteen week interval.
Taylor and Allen (1992) conducted a survey on the use of technical analysis among
chief foreign exchange dealers in the London market in 1988. The results indicated that
64% of respondents reported using moving averages and/or other trend-following
systems and 40% reported using other trading systems such as momentum indicators or
oscillators.
Fernando Fernandez Rodriguez, Simon Sosvilla Rivero, Julian Andrada Felix
(1999) assessed whether some simple forms of technical analysis can predict stock price
movement in the Madrid stock exchange, covering thirty-one-year period from Jan 1966
Oct 1997.the results provide strong support for profitability of those technical trading
rules. By making use of bootstrap techniques the author shows the returns obtained from
these trading rules are not consistent with several null models frequently used in finance.
Cheung, Chinn, and Marsh (2000) surveyed the views of UK-based foreign exchange
Dealers on technical analysis in 1998 and found that 26% of the dealers responded that
technical trading is the most important factor that determines exchange rate movements
over the medium run.
Oberlechner (2001) reported findings from a survey on the importance of technical and
fundamental analysis among foreign exchange traders and financial journalists in
47
Frankfurt, London, Vienna, and Zurich in 1996. For foreign exchange traders, technical
analysis seemed to be a more important forecasting tool than fundamental analysis up to a
3- month forecasting13 horizon, while for financial journalists it seemed to be more
important up to 1-month.
Cheung and Chinn (2001) published survey results for US-based foreign exchange
traders conducted in 1998. In the survey, about 30% of the traders indicated that technical
trading best describes their trading strategy. About 31% of the traders responded that
technical trading was the primary factor determining exchange rate movements up to 6
months.
C. L. Osler (2001) provides a micro-structural explanation for the success of two
familiar predictions from technical analysis: (1) trends tend to be reversed at predictable
support and resistance levels, and (2) trends gain momentum once predictable support
and resistance levels are crossed. The explanation is based on a close examination of
stop-loss and take-profit orders at a large foreign exchange dealing bank.
Ravindra and Wang (2006) examine the relationship of trading volume to stock
indices in Asian markets. Stock market indices from six developing markets in Asia are
analyzed over the 34 month period ending in October 2005. In the South Korean market,
the causality extends from the stock indices to trading volume while the causality is the
opposite in the Taiwanese market.

48
R.Chitra (2011) has performed technical analysis of selected stocks of Energy sector
and has found that technical analysis is a useful tool for prediction of stock prices for a
short term
2. VI.NEED OF THE STUDY

To start any business capital plays a major role. Capital can be acquired in two ways by
issuing shares or by taking debt from financial institutions or borrowing money from
financial institutions. The owners of the company have to pay regular interest and
principal amount at the end.
Stock is ownership in a company, with each share of stock representing a tiny piece of
ownership. The more shares you own, the more of the company you own. The more
shares you own, the more dividend you earn when the company makes profit. In the
financial world, ownership is called Equity.
Advantages of selling stock:
A company can raise more capital than it could borrow.
A company does not have to make periodic interest payments to creditors.
A company does not have to make principal payments.
Stock/shares play a major role in acquiring capital to the business in return investors are
paid dividends to the shares they own. The more shares you own the more dividends you
receive. The role of equity analysis is to provide information to the market. An efficient
market relies on information: a lack of information creates inefficiencies that result in
49
stocks being misrepresented (over or under valued). This is valuable because it fills
information gaps so that each individual investor does not need to analyze every stock
there by making the markets more efficient. If there is no equity analysis investor may
invest in wrong stocks and finally end up in loses.
2. VII.LIMITATIONS OF THE
RESEARCH
The analysis is focused on four banking companies.

The study excludes Fundamental Analysis, which is one of the most important
techniques of analysis.
The study focuses on the companies already existing in the Securities Market and
it excludes the companies that newly listed ones into the market.
Times period of the study is too short.
3. COMPANY PROFILE
Type
Traded as
: Public
: BSE: 532134
Industry
: Banking, Financial services.
Founded
Founder
Headquarters
Area served
: 20 July 1908.
: Maharaja H. H. Sir Sayajirao Gaekwad III.
: Vadodara, India.
: Worldwide
Key people
: Mr. P S Jayakumar (CEO& MD)

Mr. Bharat Dangar (Director),

50
Products
: Credit cards, consumer banking, corporate banking ,finance and

insurance, investment banking, mortgage loans, private banking, private
equity, wealth management.
Total assets
: $113.3 billion (2015).
Owner
: Government of India.
Website
: www.bankofbaroda.com.
Share Holding Pattern of Bank of Baroda

51
Fig: 3.a
Type
Traded as
: Public
: NSE: SBIN
BSE: 500112
LSE: SBID
State Bank of
BSE SENSEX Constituent
Industry
Founded
Headquarters
Area served
Key people
CNX Nifty Constituent

: Banking, financial services
: 27 January 1921, Imperial Bank of India
: Mumbai, Maharashtra, India
: Worldwide
: Smt. Arundhati Bhattacharya (Chairperson)
Products
: Consumer banking, corporate banking, finance and

insurance, investment banking, loans, private, private
equity, savings, securities, asset, wealth management, credit cards
Revenue
Rs.257289 crore (US$38 billion) (2015)
Profit
Rs.17517 crore (US$2.6 billion) (2015)

52
Total assets
Total equity:
Rs.2700110 crore (US$400 billion) (2015)
Rs. 203417 crore (US$30 billion) (2015)
Owner
: Government of India.
Members
: 286 million users with 450 million accounts (2016)
Number of employees: 222,033 (2014)

Slogan
: The Banker to Every Indian.

Share Holding Pattern of SBI

53
Fig: 3.b
Type
Traded as
: Public
: BSE: 500180
NSE: HDFCBANK
NYSE: HDB
: August 1994
: Worldwide
: Aditya Puri (MD)
:Investment Banking ,Investment Management ,Wealth
Industry
Founded
Headquarters
Area served
Key people
Products
Management ,Private Banking ,Corporate Banking ,Private

Equity ,Finance and Insurance ,Consumer Banking ,Mortgages ,Credit
Cards
Revenue
Profit
Total assets
Number of employees
Website
: Rs.9940.7 crore (US$1.5 billion) (2015)

: Rs.3356.8 crore (US$490 million) (2015)
: Rs.687892 crore (US$100 billion) (2015)
: 76,286
(March 2015)
: HDFCBank.com
Share Holding Pattern of HDFC

54
Fig: 3.c
Type
Traded as:
: Public
BSE: 532174
NYSE: IBN
Industry
Founded
Headquarters
Area served
Key people
Products

: 1994
: Worldwide
: Mr. M. K. Sharma (Chairman) &
Mrs. Chanda Kochhar (MD & CEO)
: Credit cards, Consumer banking, corporate banking,
finance and insurance, investment banking, mortgage loans, private

banking, wealth management, Personal Loan, Payment Solutions.
Revenue
: US$9.8 billion (2015)
Operating income
: US$3.2 billion (2015)
Profit
: US$1.8 billion (2015)
Total assets
Total equity
:
:
US$103.4 billion (2015)

US$12.9 billion (2015)

55
Number of employees
Website
: 67,857 (2015)
: www.icicibank.com.
No of Shares
0%
6% 3%
6%
23%
61%
Promoters
FinancialInstitutions
GeneralPublic
NBanksMutualFunds
Others
CentralGovt
Share Holding Pattern of ICICI
Fig: 3.d
4. Data Analysis & Interpretation

4. I. Simple Moving Average of SBI

56
SIMPLE MOVING AVERAGE of SBI

3500
3000
2500
2000
1500
1000
500
0
Close Price
SMA(30)
Fig: 4.I.a
Interpretation
The chart shows 30 day moving average of SBI limited for a period of one year from
January 2014 to December 2014.The chart shows that the market are in increasing trend
at the beginning but from June the trend is flat and finally there is a sudden decline at the
end of November . It is always good to sell when the SMA curve goes up crossing the
closing price and can buy when the closing price goes up crossing the SMA curve. So it is
good to buy in the month of March.
4. I. Relative Strength Index of SBI

57
RSI of SBI
100
90
80
70
60
50
40
30
20
10
0
Fig: 4.I.b
Interpretation
The chart shows the Relative Strength Index of State Bank of India for a period of one
year from January 2014 till December 2014.The RSI indicates the buy and sell signal for
the best profitable investment and to minimize the loss. The buy signal is in the month of
July and August. The sell signal is in the month of March, May and November.
4. I. Rate of Change of SBI

58
ROC 14 Days of SBI

60
40
20
0
-20
-40
-60
-80
-100
Fig: 4.I.c
Interpretation:
The chart shows 14 day Rate of Change in price of State Bank of India during one year
period from January 2014 till December 2014.The Rate of Change helps in identifying
the overbought and over sold conditions during the period. The stock has reached
overbought condition during May and this has made the price to fall. The oversold
condition was realized during December and this has made the price to raise.
4. II. Simple Moving Average of ICICI

59
SIMPLE MOVING AVERAGE OF ICICI

2000
1800
1600
1400
1200
1000
800
600
400
200
0
Close Price
SMA(30)
Fig: 4.I.d
Interpretation
The chart shows 30days moving average of ICICI Bank Ltd. for a period of one year
from January 2014 till December 2014. The chart shows that market is good since
beginning and a major decline is in the month of December. It is always good to sell
when the SMA curve goes up crossing the closing price.
4. II. Relative strength index of ICICI

60
RSI OF ICICI
100
90
80
70
60
50
40
30
20
10
0
Fig: 4.I.e
Interpretation
The chart shows the Relative Strength Index of ICICI Bank Ltd. for a period of one year
from January 2014 till December 2014.The RSI indicates the buy and sell signal for the
best profitable investment and to minimize the loss. When the value is near 30 we can
buy and when the value is near 70 we can sell. The buy signal is in February and
December. The sell signal is in March, May and November.
4. II. Rate of change of ICICI

61
ROC 14DAYS OF ICICI

40
20
-20
-40
-60
-80
-100
Fig: 4.I.f
Interpretation:
The chart shows 14 day Rate of Change in price of ICICI Bank Ltd. during one year
overbought condition during March and this has made the price to fall. The oversold
condition was realized during December and this has made the price to rise.

62
4. III. Simple Moving Average of HDFC
SIMPLE MOVING AVERAGE OF HDFC

1200
1000
800
600
400
200
Close Price
SMA(30)
Fig: 4.I.g
Interpretation
The chart shows 30days moving average of HDFC Ltd. for a period of one year from
January 2014 till December 2014. The chart shows that market is bullish for the entire
year. It is always good to sell when the SMA curve goes up crossing the closing price and
can buy when the closing price goes up crossing the SMA curve
63
4. III. Relative Strength Index of HDFC
RSI OF HDFC
90
80
70
60
50
40
30
20
10
0
Fig: 4.I.h
Interpretation
The chart shows the Relative Strength Index of HDFC Ltd. for a period of one year from
January 2014 till December 2014.The RSI indicates the buy and sell signal for the best

64
profitable investment and to minimize the loss. The buy signal is in the month of
February and April. The sell signal is in the month of March and May.
4. III. Rate of Change of HDFC
ROC 14DAYS OF HDFC

15
10
-5
-10
Fig: 4.I.i
Interpretation
The chart shows 14 day Rate of Change in price of HDFC Bank Ltd. during one year
65
overbought condition during March and May and this has made the price to fall. The
oversold condition was realized during February, August and December and this has
made the price to rise.
4. IV. Simple Moving Average of Bank of Baroda
SIMPLE MOVING AVERAGE OF BOB

1200
1000
800
600
400
200
Close Price
Fig: 4.I.j
Interpretation
66
SMA(30)
The chart shows 30days moving average of Bank of Baroda Ltd. for a period of one year
from January 2014 till December 2014. The Chart shows that market is bullish trend and
then stabilizes only in the month of June. It is always good to sell when the SMA curve
goes up crossing the closing price and can buy when the closing price goes up crossing
the SMA curve. Sell at June and Buy at November.
4. IV. Relative Strength Index of Bank of Baroda
RSI OF BOB
100
90
80
70
60
50
40
30
20
10
0
Fig: 4.I.k
Interpretation
67
The chart shows the Relative Strength Index of Bank of Baroda Ltd. for a period of one
year from January 2014 till December 2014.The RSI indicates the buy and sell signal for
the best profitable investment and to minimize the loss. The buy signal is in the month of
February and October. The sell signal is in the month of March, May and November.
4. IV. Rate of Change of BOB
ROC 14DAYS OF BOB

30
25
20
15
10
5
0
-5
-10
-15
-20
Fig: 4.I.l
Interpretation
68
The chart shows 14 day Rate of Change in price of Bank of Baroda Ltd. during one year
overbought condition during March and this has made the price to fall. The oversold
condition was realized during the month of February and this has made the price to rise.
5. Findings
State Bank of India (5.a):
ICICI (5.b):
INDICATOR
BUY
SELL
SMA
March
November
RSI
July and August
May and November
ROC
December
May
INDICATOR
BUY
SELL
SMA
March and October
December
RSI
February and December
March, May and November
ROC
December
March

69
HDFC (5.c):
INDICATOR
BUY
SELL
SMA
March and May
August
RSI
February and April
March and May
ROC
February,
August
and March and May
December
Bank of Baroda (5.d):

INDICATOR
BUY
SELL
SMA
March and November
June
RSI
February and October
May and November
ROC
February
March
5. I.SUGGESTIONS
70
Technical analysis will improve the investment decision. Technical analysis is simple and
more reliable .The investor should have the knowledge regarding the market terms. So
that they can take maximum return from maximum investment. In case a trader entering
into the new industry first he has to select stocks to buy in new industry after making
careful study prospects and charts of the stock.
After analyzing the past performance of selected stocks, it is found that the performance
of the stocks of Bank of Baroda can be bought because their market is in bullish trend
and the stocks of HDFC are in neutral condition and it is good to wait for the perfect
market. The stocks of SBI and ICICI are in increasing trend since beginning and there is a
sudden down trend at the end and it can be bought in the buy signal using the technical
indicators.
The investors can take their investment decisions by considering the simple indicators. In
SMA, the investor can buy the stock when the closing price goes up crossing the SMA
curve and should sell when the SMA curve goes above the closing price. In RSI, the
investor can buy at the level of 30 and sell at the level of 70. These indicator can be
followed for making a profitable trade.
Investment Rules
Invest for long term in equity markets.

Align your thought process with the business cycle of the company.
Set the purpose for investment.
Disciplined investment during market volatility helps attains profits.
Planning, Knowledge and discipline are very crucial for investment.

71
6. CONCLUSION
Technical analysis is a technique which gives an idea about future share prices of selected
companies in which we invest. On the basis of the knowledge of technical analysis one
can make the perfect investment decision of the stock market. By using the technical
indicators the future market of securities would be known in which to invest. The more
accurate prediction of stock prices of selected companies the investor to carry out
fundamental analysis of stock prices, they can predict of future trend of stock prices.
On the basis of prediction of four companies different pattern of stock prices of these
companies give an idea of future trend of these companies could be analyzed with the
right technical analysis tools, technical analysis of utmost importance to predict trend of
short and medium term price movement and help the investors to select the right plan and
decisions to invest in the remunerative stocks.
Annexure

72
The calculation of simple moving average, Relative strength index and Rate of change is
done for two years it is shown here
CALULATION OF SIMPLE MOVING AVERAGE
ICICI
Close
SMA(3
0)
Close
SBI
SMA(3
Price
1765.3
1742.5
1716.1
1687.6
BOB
Close
SMA(3
Price
665.05
656.85
663.35
Price
657.7
650.2
649.95
Date
1-Jan-14
2-Jan-14
3-Jan-14
Price
1097.4
1075.1
1067
6-Jan-14
1040.7
1049.9
5
1659.7
662
637.9
7-Jan-14
5
1054.0
664.75
616.75
8-Jan-14
9-Jan-14
5
1051.5
1024.5
1655.4
1639.1
1608.8
664.65
663.05
629.85
620.15
10-Jan-14
5
1641.9
662.15
612.45
13-Jan-14
1056.2
1037.5
672.75
617.8
14-Jan-14
5
1058.3
1626.9
1643.5
672.15
620.7
15-Jan-14
5
1060.8
680.35
643
16-Jan-14
1637
1622.0
673.95
639.85
17-Jan-14
20-Jan-14
21-Jan-14
1035
1044.1
1078.8
1087.0
5
1641
1658.6
1645.7
668.3
669.85
676.75
628.9
622.35
632.25
22-Jan-14
5
1657.0
677.7
631.65
23-Jan-14
1079.1
679.4
627.4

73
0)
HDFC
Close
SMA(3
0)
0)

1057.9
1621.9
24-Jan-14
5
1010.0
5
1594.5
673.95
602.55
27-Jan-14
5
1019.1
5
1595.9
649.7
569.95
28-Jan-14
5
1001.9
5
1573.6
645.25
567.6
29-Jan-14
5
1517.5
645.6
556.05
30-Jan-14
31-Jan-14
974.75
988.5
5
1525.6
1489.8
632.4
628.9
533.35
548.95
3-Feb-14
4-Feb-14
5-Feb-14
963.7
970.1
966.15
5
1516
1521.1
1504.2
626.35
630.55
637.2
531.45
542.35
542.45
6-Feb-14
957.6
5
1526.7
647.35
537.75
7-Feb-14
10-Feb-14
961.75
959.55
5
1514.3
647.9
643.75
557.5
562.3
1026.58
657.568
598.373
11-Feb-14
969.1
5
1023.31
1518.5
1608.95
1601.19
645.1
3
656.921
560.1
3
595.173
12-Feb-14
999.25
3
1020.18
1532.7
1499.6
7
1593.10
645.65
561.7
13-Feb-14
981.2
3
1017.56
2
1585.06
633.25
656.135
531.6
591.22
587.426
14-Feb-14
988.4
1009.4
3
1016.52
1475.1
8
1577.92
641.75
655.415
655.033
536.15
17-Feb-14
5
1037.7
2
1016.11
1473.4
1499.0
650.55
3
654.893
533.75
583.955
18-Feb-14
5
1030.6
5
1015.33
5
1508.6
1572.57
1567.67
660.55
537.7
581.32
19-Feb-14
5
1008.4
8
1562.42
669.35
655.05
531.45
578.04
574.481
20-Feb-14
1013.9
1481.5
662.75
655.04
513.4

74

1024.7
1013.90
655.128
21-Feb-14
1503.1
1510.7
1558.9
1554.52
664.8
3
655.043
518.3
3
568.316
24-Feb-14
1036.2
1013.24
1013.01
5
1506.7
7
1550.52
670.2
3
654.998
527
7
565.538
25-Feb-14
1030.7
5
1521.6
2
1546.45
670.8
3
654.866
537.35
3
562.031
26-Feb-14
1036.4
1012.28
1011.70
8
1542.94
676.4
7
654.651
537.8
7
559.058
28-Feb-14
1043.7
1029.6
1531.7
8
1539.49
667.5
550.65
3
556.281
3-Mar-14
1011.53
1012.33
1518.5
7
1536.45
666.15
654.58
545.6
4-Mar-14
1068.3
1097.1
7
1012.94
1549.7
3
1533.61
670.45
654.6
576.55
554.755
554.086
5-Mar-14
5
1133.6
8
1014.50
1573.5
7
1531.29
669.1
654.345
654.271
612.2
7
553.536
6-Mar-14
2
1018.57
1576.2
1648.7
8
1531.02
675.5
7
655.336
615.15
7
554.273
7-Mar-14
1201.3
5
1023.10
5
1691.3
2
1533.33
711.35
649.5
3
555.948
10-Mar-14
1193.8
1198.4
3
1029.38
5
1675.1
5
1536.02
734.35
657.35
659.871
652.8
11-Mar-14
5
1210.7
5
1644.7
2
1537.64
725.35
7
662.548
647.25
558.525
12-Mar-14
5
1218.2
1035.77
8
1540.25
725.55
642.15
561.01
13-Mar-14
5
1213.7
1042.98
1050.94
1651.8
3
1544.78
742.25
665.77
643.35
563.92
568.033
14-Mar-14
7
1058.15
1653.5
5
1550.54
731.7
669.08
656.75
18-Mar-14
1204.8
1210.2
7
1066.37
1698.4
1707.3
5
1557.79
733.75
672.575
660.3
571.745
576.038
19-Mar-14
20-Mar-14
5
1200.9
5
1074.06
5
1677.9
5
1563.19
737.8
730.8
676.29
679.631
660.25
641.4
3
579.34

75
571.343

8
3
1569.24
7
682.853
583.121
21-Mar-14
1199
1197.9
1081.83
1089.84
1702.6
3
1575.84
733.85
3
685.673
655.9
7
587.058
22-Mar-14
2
1099.19
1702.4
1725.4
8
1582.47
731.95
3
689.091
655.85
3
590.641
24-Mar-14
1242.4
1252.5
7
1108.96
5
1741.0
750.45
665
7
594.041
25-Mar-14
3
1118.55
1590.03
1598.35
749.6
692.62
695.983
664.3
26-Mar-14
1256.9
7
1127.23
1768.2
1839.5
3
1608.58
746
679
598.005
602.431
27-Mar-14
1259.5
1258.7
2
1136.48
5
1902.2
2
1622.00
746.95
699.36
703.083
694.5
7
609.058
28-Mar-14
5
1245.4
3
1145.05
2
1636.77
744.95
3
706.653
730.4
3
615.231
31-Mar-14
2
1152.19
1918.3
1894.5
5
1650.81
748.85
3
709.571
721.35
7
621.918
1-Apr-14
1223.8
1242.5
7
1159.02
3
1665.29
738.1
734.35
2-Apr-14
3
1165.84
1933.5
1895.3
5
1678.18
730.55
711.905
713.873
775.95
629.86
637.343
3-Apr-14
1235.2
1230.3
2
1173.23
5
1904.2
5
1692.27
728.4
755.95
3
645.443
4-Apr-14
5
1209.0
8
1179.38
5
1922.2
7
1706.24
725.8
715.975
717.993
756.4
3
653.203
7-Apr-14
5
1259.5
2
1186.82
5
1984.2
8
1722.03
725.35
751.1
3
662.026
9-Apr-14
5
1246.1
7
1194.00
5
2026.8
2
1739.36
742.1
720.39
722.658
791.7
7
670.336
10-Apr-14
8
1200.64
8
1755.12
738.85
3
724.706
786.65
7
678.436
11-Apr-14
1235.5
1218.0
5
1206.45
1994.3
3
1769.51
737.85
780.8
7
685.168
15-Apr-14
1963.5
723.4
726.57
752.6

76

1212.87
1959.7
1784.22
16-Apr-14
1222.3
8
1219.33
5
1799.82
725.25
728.54
730.143
757.45
692.23
698.716
17-Apr-14
1262
1281.5
5
1225.48
2017.8
8
1816.40
718.55
3
731.726
771.15
7
704.483
21-Apr-14
2
1230.62
2070.7
2049.3
2
1832.17
716.6
7
733.421
785.2
3
709.998
22-Apr-14
1287.9
1299.0
3
1233.88
5
2064.5
3
1846.03
726.35
780.6
3
715.203
23-Apr-14
2
1236.39
5
2083.1
3
1859.09
734.25
734.185
805.65
25-Apr-14
1269.3
1273.8
8
1238.91
3
1873.43
726.25
733.915
733.913
810.2
720.45
28-Apr-14
5
1262.0
2
1240.62
2105.3
725.3
3
733.591
821.55
726.26
29-Apr-14
2
1241.50
2065.3
2078.9
1887.45
1901.68
715.9
7
732.791
817.2
732.095
737.966
30-Apr-14
1244.8
7
1242.77
8
1914.76
718.25
7
732.296
819.5
7
742.768
2-May-14
1251.8
1254.1
2045.8
2044.8
5
1926.31
716.85
800.8
3
747.741
5-May-14
5
1274.5
1244.42
1246.56
5
2051.7
3
1937.79
716.9
731.735
731.131
809.5
7
752.606
6-May-14
3
1950.97
719.7
806.2
7
758.026
7-May-14
1272.5
1248.95
1251.96
2073.4
5
1963.93
716.05
730.64
730.146
804
8-May-14
1289.4
1374.8
2091.5
8
1979.61
719.05
7
730.988
808.7
763.12
768.921
9-May-14
12-May-
5
1399.2
1257.86
1263.08
2172.7
2243.7
5
1996.89
757.2
3
732.371
829.9
7
774.733
14
13-May-
5
1402.6
8
1268.09
5
2276.2
2
2014.73
791.95
839.35
3
781.853
14
14-May-
5
1409.6
2
1273.18
5
2282.7
2
2031.88
787.2
775.25
733.625
734.6
877.9
958.85
3
791.181

77

14
15-May-
3
1277.63
14
16-May-
1393.1
7
1284.50
2279.1
5
2063.60
788.1
7
737.963
921.35
3
805.548
14
19-May-
1464.8
5
1292.02
2414.3
3
2085.32
804.7
3
740.061
934.55
3
813.808
14
20-May-
1471.1
7
1299.54
2570
2526.0
7
2106.37
811.8
7
742.646
969.15
3
820.611
14
21-May-
1449.4
1439.3
7
1306.10
815.65
938.45
7
825.908
14
22-May-
5
1451.3
7
1313.31
2460.1
2123.93
2144.47
809.85
745.29
747.763
934.85
3
831.558
14
23-May-
5
1460.7
2
1320.99
2511.8
2755.2
8
2172.84
802.6
3
749.886
925.45
14
26-May-
5
1452.5
2
1329.10
5
2198.76
789.5
7
752.318
954.6
838.165
843.488
14
27-May-
8
1335.37
2699.8
3
2220.36
798.3
910.8
14
28-May-
1447.5
1456.1
3
1342.37
2632.2
2
2239.80
804.85
754.41
757.228
888.5
846.715
14
29-May-
5
1437.8
3
1349.11
2610.1
2600.0
3
2259.99
823.4
3
759.651
874.55
849.645
852.858
14
30-May-
8
1355.79
5
2279.27
810.55
7
762.008
877.2
14
2-Jun-14
1418.4
1462.4
1458.2
7
1363.8
1370.34
2541.9
2644.2
5
2302.09
794.1
819.95
3
765.165
768.698
843.4
875.05
855.885
859.805
863.093
3-Jun-14
2
1376.59
2643.3
2322.94
2343.32
824.55
869.8
4-Jun-14
1469.2
1460.9
7
1382.36
2682.3
2696.7
7
2364.90
816.55
772.03
774.648
891.15
866.625
870.111
5-Jun-14
5
1481.7
5
1388.45
5
2732.1
804.9
3
777.338
885.2
6-Jun-14
9-Jun-14
5
1486.6
5
1395.69
5
2703.3
2387.16
2407.83
814.95
820.05
3
780.465
904.3
904.9
873.4
876.556

78
3
2046.53
7
798.743
735.971

1481.2
8
1402.61
5
2664.7
3
2426.48
7
878.803
783.536
10-Jun-14
2
1409.48
5
2690.6
2
2447.32
817.45
7
787.021
888.95
3
881.293
11-Jun-14
1468.2
3
1416.65
7
2467.82
820.45
7
791.076
891.9
12-Jun-14
1459.9
1429.5
3
1422.57
2693.8
2606.3
2
2486.50
839.9
7
795.033
875.5
883.16
884.481
13-Jun-14
5
1415.6
8
1427.96
5
2579.2
835.55
3
799.106
840.45
7
885.843
16-Jun-14
2504.32
2524.40
839.1
7
803.331
850.35
3
888.171
17-Jun-14
1449.1
1433.78
2654.4
2638.1
8
2543.23
846.45
7
807.263
876.05
7
889.973
18-Jun-14
1420.4
1438.71
3
2560.38
834
3
810.816
858.05
3
891.118
19-Jun-14
1411.5
1442.78
1443.57
2606.1
7
2573.98
825.65
7
813.026
843.05
3
891.181
20-Jun-14
1398.8
1413.2
8
1444.04
2580.6
2601.3
3
2585.90
823.5
7
814.008
831.8
7
891.036
23-Jun-14
5
1445.24
3
2598.67
821.4
835
7
890.568
24-Jun-14
1438.6
1419.8
3
1445.58
2659.5
2691.7
8
2612.31
828.8
815.395
817.021
863.85
3
887.531
25-Jun-14
3
1445.92
2
2624.85
824.05
867.75
7
885.131
26-Jun-14
1403.3
3
1443.25
2655.5
2636.7
8
2632.27
812.65
817.84
818.196
849.35
7
882.188
27-Jun-14
1384.8
1418.4
7
1441.50
3
2636.13
815.4
846.25
3
879.121
30-Jun-14
2
1441.11
2685.9
7
2641.29
821.35
818.515
818.763
877.15
7
877.116
1-Jul-14
1437.7
1452.2
2
1441.54
2680.8
5
2649.32
823.1
878.3
2-Jul-14
2701.1
839.3
819.745
880.35
875.3

79

1441.55
2691.9
2655.33
820.898
873.653
3-Jul-14
1451.7
1462.4
5
2699.0
837.2
3
823.126
876.05
3
871.006
4-Jul-14
5
1450.9
1441.61
1441.55
5
2682.4
2653.46
2652.88
856.35
7
824.518
875.2
7-Jul-14
5
2576.7
2
2651.03
840.05
3
825.361
865.75
869.505
8-Jul-14
1412.5
1440.39
1438.62
5
2581.5
3
2650.08
830.15
7
825.593
831.35
867.6
866.261
9-Jul-14
1403.2
1390.8
5
1437.05
5
2547.8
2
2648.34
830.35
3
826.073
834.4
10-Jul-14
8
1434.96
5
2421.5
824.95
826.45
864.57
11-Jul-14
1355.6
5
1431.02
2644.33
2636.59
812.15
826.675
826.558
783.7
862.58
859.956
14-Jul-14
1344.3
1393.5
8
1428.87
2412.1
3
2632.35
816.45
3
826.631
796.35
15-Jul-14
5
1459.0
2
1428.53
2516.2
2573.1
7
2628.71
826.75
7
827.266
830
858.63
856.851
16-Jul-14
3
1428.12
5
2597.6
8
2625.41
835.6
7
828.148
837.8
7
855.513
17-Jul-14
1448.7
5
1427.97
5
2561.4
5
2619.72
831.35
3
828.731
845.05
18-Jul-14
1477.2
5
2523.1
5
2613.71
832.45
7
828.998
836.55
853.255
850.968
21-Jul-14
1482.6
1427.84
1427.90
8
2609.02
828.05
3
829.746
836.3
22-Jul-14
1483.2
5
1429.15
2524
7
2604.01
839.9
7
830.261
831.85
849.065
23-Jul-14
1505.8
1505.2
2540.3
2555.7
5
2599.41
835.9
7
830.338
853.95
847.8
848.033
24-Jul-14
1430.67
1432.21
3
2595.90
842.2
3
830.336
882.5
3
848.736
25-Jul-14
28-Jul-14
1475.9
1451.5
5
1433.41
2501.2
2490.2
8
2592.94
835.5
829.75
7
830.025
861.55
866.1
7
849.261

80

1489.5
1434.75
5
2470.9
2
2586.82
30-Jul-14
8
1436.51
5
2439.7
7
2580.21
838.75
3
829.756
886.2
849.6
31-Jul-14
1473
2
1438.67
3
2574.65
833.65
870.65
850.02
1-Aug-14
1476.4
1491.3
2439.4
2460.8
7
2570.66
815.25
829.41
894.35
851.73
853.958
4-Aug-14
1441.76
1444.16
5
2469.7
5
2566.27
813.15
829.065
829.016
898.65
3
856.451
5-Aug-14
1485.5
1446.8
8
1444.44
5
2426.6
8
2558.51
819.95
909.8
7
857.403
6-Aug-14
3
1445.28
5
2437.1
809.55
828.375
827.966
892.4
7-Aug-14
1445.2
1437.3
8
1446.42
5
2415.2
2550.03
2542.02
811.8
7
827.421
878.3
857.755
858.051
8-Aug-14
11-Aug-
3
1448.26
2
2534.55
796.3
858.25
7
859.521
14
12-Aug-
1440
3
1449.77
2412.7
2429.3
3
2526.00
793.6
826.695
826.221
890.35
14
13-Aug-
1463.8
5
1450.25
5
2368.6
2
2515.59
807.15
7
825.863
913.25
860.725
860.753
14
14-Aug-
1452
2
1451.09
7
2504.28
812.35
3
825.411
879.15
3
860.706
14
18-Aug-
1477.6
1529.8
7
1453.70
2361.8
7
2495.23
825.75
7
825.246
878.95
7
861.031
14
19-Aug-
5
1543.0
2
1456.38
2420.3
832.25
7
824.171
885.8
7
861.441
14
20-Aug-
2439.8
2413.0
2486.59
824.1
7
823.521
887.5
7
861.923
14
21-Aug-
1542.5
1459.44
1463.83
2477.61
2473.97
820.55
7
823.571
880.2
14
22-Aug-
1544.3
3
1468.31
2467.8
8
2472.04
831.65
7
824.113
901.15
864.25
867.098
14
1537.7
2523.6
846.6
919.85

81
7
829.768

25-Aug-
1514.3
1472.43
2470.75
14
26-Aug-
5
1510.0
3
1477.58
2509.1
2493.1
5
2473.14
843.4
895.7
14
27-Aug-
5
1540.9
2
1484.13
2
2476.17
842.5
825.74
826.411
890.9
872.98
876.026
14
28-Aug-
5
1556.5
2503
2460.4
2
2474.31
836.6
7
826.951
887.75
7
877.388
14
5
1598.8
1489.57
3
2471.98
842.95
870.85
1-Sep-14
1494.23
2503.4
2522.0
8
2469.46
841.55
827.15
889.3
879.105
880.563
2-Sep-14
1590.9
1579.2
1498.97
1502.37
858.5
828.055
828.861
888.8
3-Sep-14
5
1571.2
2
1505.32
2501.5
2467.47
2466.29
856.65
7
829.656
886.55
882.23
4-Sep-14
5
1548.3
7
1507.49
2488
8
2466.01
851.9
7
829.951
876.8
883.58
5-Sep-14
8
1509.57
2515.4
2
2466.80
848.75
7
830.888
885.1
885.355
886.563
8-Sep-14
1568.2
8
1510.99
2564.2
8
2467.19
864
3
831.661
890.2
3
887.256
9-Sep-14
10-Sep-
1547.7
3
1514.17
2567.4
7
2468.92
865.4
903.3
7
888.761
14
11-Sep-
1571.4
2553
3
2472.62
857.05
832.38
833.218
906.7
7
890.681
14
12-Sep-
1565.9
1564.9
1517.99
1520.50
2601.4
8
2477.78
854.9
3
833.771
923.7
7
892.613
14
15-Sep-
3
1523.13
2625.6
3
2483.93
855.35
7
834.641
944.15
3
895.268
14
16-Sep-
1551.9
3
1524.79
2624.3
5
2488.07
859.75
950.3
3
896.238
14
17-Sep-
1526.3
7
1526.05
2563.7
2562.0
8
2491.45
850.15
835.805
836.913
923.45
3
897.241
14
18-Sep-
1529.1
1565.3
5
1528.71
5
2618.7
2
2496.41
846.4
856.85
3
838.143
928.75
956.9
7
898.811

82
824.728
869.406

14
19-Sep-
5
1570.4
7
1532.83
8
2501.14
14
22-Sep-
2568.5
2601.9
859.95
3
841.321
949.1
7
903.223
14
23-Sep-
1577.3
1538.4
1537.24
5
2555.9
2506.64
856.75
7
843.066
953.95
3
905.568
14
24-Sep-
1540.61
1543.16
2511.33
848.65
7
845.076
928.6
14
25-Sep-
1516.6
1466.8
3
1543.26
2487.4
2378.3
2513.82
853.9
7
846.546
905.4
906.07
905.221
14
26-Sep-
5
1478.0
5
1544.13
2512.12
2514.59
851.25
887.8
7
905.843
14
29-Sep-
5
1457.4
3
1543.46
2442.9
5
2517.45
871.25
848.51
849.791
897.8
3
906.503
14
30-Sep-
5
1435.2
2
1540.30
2447.5
2442.3
2
2518.18
864.2
898.75
14
5
1428.4
8
1536.48
7
2517.62
871.5
851.1
852.568
902.5
907.06
907.423
1-Oct-14
8
1532.74
2423
7
2516.18
868.15
3
853.961
898.4
3
906.958
7-Oct-14
1430.1
1449.6
2
1529.58
2369.8
5
2514.31
862.35
7
855.193
866.25
3
905.523
8-Oct-14
7
1527.92
2411.8
2480.2
8
2512.87
868.6
3
856.578
858.1
9-Oct-14
1487.9
7
1526.11
3
2510.94
888.15
3
857.363
872.35
903.94
902.708
10-Oct-14
1460
1476.5
5
1524.99
2451.3
7
2510.55
866.95
858.75
13-Oct-14
8
1522.85
2481.3
2521.6
2
2511.17
876.3
858.49
859.561
865.3
901.855
14-Oct-14
1476.7
7
1519.76
5
2465.6
3
2511.34
868.75
7
860.101
872.3
901.34
901.221
16-Oct-14
1463.7
2
1516.65
7
2511.97
859.15
867.3
17-Oct-14
1505.6
2522.3
885.3
861.56
872.15
900.65

83
3
839.823
7
900.701

1514.85
2513.50
20-Oct-14
1537
7
1514.80
2567.9
2584.5
5
2516.27
894.8
862.77
864.078
873.35
900.135
900.046
21-Oct-14
1577.6
1570.8
2
1514.78
5
2575.5
3
2519.19
895.9
3
865.473
883.9
22-Oct-14
5
1576.2
8
1515.71
5
2582.3
2
2521.42
893.75
887.85
900.415
23-Oct-14
8
1515.85
3
2522.43
896.5
867.065
889.6
900.565
27-Oct-14
1572.4
8
1517.64
2594.6
7
2525.40
897.15
868.17
869.163
904
901.025
28-Oct-14
1601.2
2
1518.72
2656.4
3
2528.39
895.2
920.55
901.6
29-Oct-14
1603.9
5
1520.24
2642.7
2638.1
3
2529.61
891.45
870.31
905.5
901.56
901.181
30-Oct-14
1611.5
1625.4
5
1522.26
5
2701.6
8
2532.15
895.4
871.66
912.35
7
900.726
31-Oct-14
5
1642.0
2
1525.26
5
2721.2
3
2535.38
912.2
873.555
930.5
3-Nov-14
7
1530.13
5
2782.2
910.45
875.245
877.331
949.35
900.695
5-Nov-14
1672.3
5
2742.3
2542.67
912.75
952.7
901.67
902.731
7-Nov-14
10-Nov-
1685.6
1535.35
1538.73
2548.68
2552.56
899
879.085
880.663
960.6
7
903.596
14
11-Nov-
1667
1684.0
8
1542.52
2735.2
2737.5
2
2558.19
904.2
3
882.246
982.85
1010.7
7
905.651
14
12-Nov-
5
1546.82
7
2562.86
907.45
7
884.078
7
907.806
14
13-Nov-
1706.4
8
1551.95
2742.1
2719.1
8
2568.30
911.7
1018.6
14
14-Nov-
1692.3
5
2788.4
8
2578.34
916.2
886.33
888.843
998.6
1015.0
910.14
14
17-Nov-
1695.2
1673.6
1557.91
1564.80
5
2940.1
3
2597.07
929.3
919.55
3
891.12
5
1055.8
913.795
919.396

84

14
18-Nov-
3
1571.56
5
2939.5
5
1052.5
14
19-Nov-
1681
1682.1
8
1579.05
5
2629.08
932.4
5
1037.2
924.555
929.171
14
20-Nov-
2911.4
926.8
895.245
896.781
5
1025.5
7
933.273
14
21-Nov-
1689.1
1587.52
1597.70
297.1
2557.58
2486.98
917.6
7
898.926
5
1038.8
14
24-Nov-
1734
1772.9
5
1609.13
305.05
2
2418.27
932.5
7
901.678
937.955
943.793
14
25-Nov-
3
1618.71
308.5
2
2348.04
944.9
3
904.486
1041.4
14
26-Nov-
1737.1
1711.9
5
1626.18
304.95
3
2275.57
952.85
1013.1
1011.8
948.96
14
27-Nov-
3
1634.92
306.2
950.95
906.58
953.61
958.811
14
28-Nov-
1722.3
7
1644.19
305.85
2204.06
2132.06
947.65
909.27
911.973
1014.8
7
966.241
14
1754.6
1757.5
5
1653.55
321.45
5
2058.65
957.4
1088.2
1083.7
1-Dec-14
5
1770.5
7
1663.78
319.45
8
1987.09
950.4
914.695
917.481
5
1084.2
973.29
980.521
2-Dec-14
5
1673.36
318.75
5
1913.60
942.75
7
919.053
7
987.696
3-Dec-14
1793.1
8
1634.19
317.55
3
1838.68
932.45
3
920.576
1087.4
1083.9
7
994.716
4-Dec-14
361.85
7
1593.59
320.25
2
1763.11
940.5
7
922.136
7
1002.08
5-Dec-14
359.45
2
1553.05
317.65
8
1687.70
942.7
7
923.261
1105
7
1008.69
8-Dec-14
354.65
313.25
8
1611.85
927.5
7
924.283
1086
1049.5
2
1014.02
9-Dec-14
10-Dec-
350.4
1512.19
1471.52
306.7
3
1535.90
927.15
3
1019.62
14
352.5
316.1
930.95
925.41
1072

85
2613.62
893.158

11-Dec-
1457.83
1072.4
1024.68
14
12-Dec-
347.9
1429.75
314.35
5
1380.12
933.9
926.7
928.063
7
1029.82
14
15-Dec-
346.6
1387.84
311.3
2
1302.52
932.35
3
929.601
1059.7
1055.4
7
1034.59
14
16-Dec-
345.5
1345.64
310.35
8
1222.33
941.55
7
930.048
7
1037.23
14
17-Dec-
330.65
1302.48
1258.82
295.9
7
1141.69
925.6
3
930.428
1009.6
3
1039.20
14
18-Dec-
332.5
8
1214.59
302.05
921.85
3
931.138
1008.4
1056.0
2
1042.64
14
19-Dec-
345.2
2
1170.25
307.05
1059.19
934.05
3
932.531
5
1041.7
7
1045.35
14
22-Dec-
355.4
2
1126.64
304.25
977.92
897.001
940.8
5
1056.2
2
1047.79
14
23-Dec-
358.85
307.65
963.25
934.5
5
1059.3
8
1049.41
14
24-Dec-
353.05
1082.28
1037.17
307.05
815.985
734.776
959.5
936.235
5
1059.5
8
1050.78
14
26-Dec-
353.15
2
992.461
305.85
7
654.393
945.75
937.37
938.426
5
1068.6
3
1053.11
14
29-Dec-
351
7
947.601
307.65
3
571.691
947.9
7
939.166
5
1068.7
8
1054.90
14
30-Dec-
349.4
7
903.506
307.4
7
484.013
951.5
7
940.393
5
1082.8
8
1055.80
14
31-Dec-
350.8
309.8
3
396.423
956.35
3
941.046
8
1056.87
14
353
859.24
311.85
952
1084.5

86
CALCULATION OF RELATIVE STRENGTH INDEX AND RATE OF CHANGE

Date
RSI
RSI
SBI
ICICI
RSI
RSI
ROC
ROC
HDFC
BOB
SBI
14
ICICI
14day
HDFC
14DAY
BOB
14DAY
Days
1-Jan-14
2-Jan-14
3-Jan-14
6-Jan-14
7-Jan-14
8-Jan-14
9-Jan-14
10-Jan-
ROC
ROC
14
13-Jan14
14-Jan14
15-Jan14
16-Jan14
17-Jan14
-
20-Jan-
4.8569
0.7217
5.3747
14
7.0413
-
9
-
21-Jan-
30.898
46.169
59.543
40.399
4.8149
0.3441
3.0296
2.7606
14
68
69
23
85
2
-
54
11
22-Jan-
32.040
52.612
69.287
42.618
4.0994
2.1632
38
62
2.8156
14
1
02
87
1.8791

-
23-Jan-
38.387
52.646
66.294
41.303
1.8131
3.6898
2.6283
1.6460
14
41
54
42
51
7
-
24
99
3
-
24-Jan-
37.408
53.859
61.199
37.592
2.2774
0.7619
1.3839
2.3023
14
97
92
63
14
5
-
41
-
79
27-Jan-
37.480
42.388
39.946
34.795
3.6758
4.1743
14
56
32
5
-
8
-
2.2493
-
9.5102
-
28-Jan-
38.454
43.466
37.752
28.257
2.6325
3.0765
2.6845
8.4737
14
07
87
53
07
6
-
6
-
6
-
29-Jan-
37.578
41.206
38.806
27.896
2.2058
2.4994
9.2089
14
29
74
93
55
2.1879
-
5
-
3
-
2
-
30-Jan-
34.220
41.170
33.518
25.281
7.5763
7.7116
5.9977
13.669
14
53
21
01
25
6
-
1
-
7
-
5
-
31-Jan-
27.984
37.182
23.631
29.779
6.2265
4.7274
6.4345
11.559
14
86
89
99
74
7
-
8
-
8
-
5
-
25.951
36.336
23.090
25.858
9.3517
8.9431
7.9370
17.348
92
73
48
1
-
7
-
9
-
4
-
28.340
32.753
19.297
20.985
7.3915
8.5544
6.4396
15.237
97
30.221
57
31.597
16
27.412
87
21.420
7
-
6
-
5
-
9
-
84
36
42
19
6.2236
6.6521
4.6536
13.746
3-Feb-14
4-Feb-14
5-Feb-14

88
30.027
6-Feb-14
1
-
7
-
2
-
37.798
22.235
8.3333
8.2846
3.3589
13.593
6
-
6
-
4.2630
11.822
13
33.875
49
76
3
-
30.859
32.482
37.065
31.716
7.9494
7-Feb-14
44
45
41
94
8
-
-10.85
2
-
9
-
10-Feb-
25.400
20.562
29.902
29.695
7.9872
5.0095
10.979
14
61
82
56
21
4
-
11.729
-
9
-
2
-
11-Feb-
27.647
21.069
30.242
29.421
8.3612
10.193
5.0485
10.726
14
99
41
42
92
4
-
7
-
7
-
8
-
12-Feb-
28.377
32.337
29.256
30.811
5.5026
5.5484
4.1991
6.7795
14
67
98
92
4
-
7
-
2
-
2
-
13-Feb-
28.581
32.787
26.953
29.895
5.9515
2.8562
2.5319
6.7286
14
44
62
57
15
2
-
9
-
4
-
6
-
14-Feb-
28.869
44.060
44.521
38.611
7.5722
3.0172
0.5424
5.5408
14
63
36
02
86
9
-
7
-
17-Feb-
28.344
47.502
53.446
38.598
6.3705
0.7485
0.7667
4.0104
14
23
57
03
85
4
-
29
18-Feb-
36.971
58.718
58.636
43.485
1.2190
6.4631
4.4512
14
19-Feb-
71
48.144
95
65.091
63
72.489
98
49.236
7
-
96
4.2640
97
6.4318

89
0.8156
-

1.1110
14
29
79
35
33
4
-
36
65
3.1879
-
20-Feb-
41.483
55.151
69.853
35.987
0.5604
4.6435
5.8114
3.3963
14
05
37
39
6
-
61
47
7
-
21-Feb-
52.706
66.486
72.684
44.245
0.8509
5.6334
5.4317
4.4344
14
84
63
37
08
2
-
66
1
-
24-Feb-
48.839
67.376
73.065
43.150
0.6804
7.2504
5.1789
2.8481
14
78
45
74
38
27
08
9
-
25-Feb-
46.813
66.831
71.026
47.914
0.1661
7.6336
3.6224
0.0743
14
24
81
28
96
96
-
68
61
8
-
26-Feb-
53.897
70.857
69.276
50.021
0.3340
7.7618
4.3988
3.5336
14
85
71
18
92
27
3
-
28-Feb-
51.174
71.335
61.708
46.918
1.1490
8.7697
3.6893
2.0718
14
38
59
48
58
46
36
5
-
50.992
67.189
63.844
42.504
6.2480
3.2630
2.5888
3-Mar-14
91
56.540
8
71.287
25
65.116
49
55.868
0
1.1091
65
6.9101
6
3.8410
2
2.6437
4-Mar-14
88
58.222
55
71.126
28
63.851
71
64.494
54
4.9244
83
11.817
9
5.6612
6
15.161
5-Mar-14
49
67.577
46
80.471
15
76.859
83
78.408
82
6.8537
16
14.695
71
5.2590
78
14.734
6-Mar-14
7-Mar-14
5
82.671
72
84.272
5
82.830
7
82.046
73
11.901
47
19.005
57
9.3459
68
21.686

90

10-Mar-
68
85.537
38
81.030
19
84.858
93
83.488
05
12.828
4
15.037
38
11.172
18
21.405
14
11-Mar-
26
79.626
13
79.389
57
77.181
05
80.540
12
11.036
34
16.280
51
8.3663
99
21.789
14
12-Mar-
51
71.399
17
82.322
21
75.406
84
81.060
36
11.019
99
20.060
26
9.4756
44
25.077
14
13-Mar-
37
78.583
33
89.749
87
82.932
61
90.269
24
9.8928
49
18.882
7
11.650
91
24.126
14
14-Mar-
42
77.050
91
87.485
89
75.890
6
90.756
88
9.4489
65
17.134
12
9.1763
95
24.620
14
18-Mar-
36
79.762
12
83.774
09
75.248
55
90.467
49
12.719
72
16.891
65
9.3843
49
22.880
14
19-Mar-
09
81.324
04
85.974
31
75.908
52
89.799
43
12.203
43
16.774
17
9.0774
8
22.768
14
20-Mar-
17
73.349
75
82.484
74
70.811
22
79.976
86
9.5482
41
15.061
69
9.4831
69
16.480
14
21-Mar-
27
74.463
2
81.335
02
76.571
85
80.166
14
12.123
8
16.447
46
10.162
52
20.216
14
22-Mar-
21
77.341
75
85.839
89
76.236
24
82.531
81
9.8535
34
12.136
88
9.1729
28
13.754
14
24-Mar-
66
76.778
01
86.180
04
78.653
72
79.952
2
9.6568
1
13.238
44
12.158
23
8.6246
14
25-Mar-
91
76.183
38
85.015
3
78.936
59
73.114
16
10.458
85
10.488
12
10.969
32
7.9899
14
26-Mar-
78
77.874
77
82.476
02
75.862
46
75.652
7
7.2448
25
4.6283
65
4.8710
21
4.5419
14
27-Mar-
56
77.797
94
73.336
07
67.554
87
71.306
82
8.7622
19
5.5034
2
1.7158
55
6.3878
14
28-Mar-
2
79.025
01
77.532
24
56.592
82
78.075
31
13.556
34
5.0314
03
2.7021
68
12.846
14
31-Mar-
6
83.477
85
68.562
04
65.604
25
76.146
99
16.631
99
2.8659
44
3.2113
66
12.333

91

14
1-Apr-14
2-Apr-14
3-Apr-14
25
79
71
92
57
-
57
85.035
54.799
57.309
80.815
14.696
0.4555
0.5591
14.144
06
56
26
51
09
72
1
-
71
86.264
58.254
42.372
84.894
16.933
2.3728
0.1571
18.149
16
08
88
74
78
12
7
-
98
78.462
57.147
47.584
75.228
11.596
2.5232
0.7291
14.485
99
62
19
89
21
3
-
84
44.226
74.832
11.532
1.6608
1.6264
14.562
76.469
4-Apr-14
08
58.753
58
04
49
14
6
-
67
77.004
49.629
40.459
72.855
14.559
0.6786
0.7457
17.103
7-Apr-14
27
85.574
17
64.449
77
57.533
35
84.081
43
16.542
58
5.0500
6
1.1242
21
20.704
9-Apr-14
10-Apr-
91
86.152
37
60.993
33
53.324
63
80.976
35
19.058
42
4.0235
08
0.9426
38
19.943
14
24
47
07
39
4
-
87
-
58
11-Apr-
80.355
58.379
53.970
78.810
15.581
0.5553
1.6789
17.413
14
66
83
39
24
44
8
-
53
15-Apr-
74.362
43.821
30.747
68.567
12.776
2.7543
13.292
14
16-Apr-
91
72.938
37
42.087
33
32.912
19
69.402
77
10.833
8
-
3.4952
-
19
11.553
14
17-Apr-
96
74.586
37
51.125
28
31.540
21
69.274
05
9.6898
2.7528
0.1984
2.7815
-
76
11.036
14
29
83
01
21
91
3.8021
72

92

3
21-Apr-
73.627
54.528
29.860
69.086
8.8553
1.8113
3.8056
7.5027
14
72
65
65
03
21
2
-
38
22-Apr-
66.424
55.852
38.808
62.166
6.8315
3.4084
3.0046
8.2137
14
74
24
66
75
07
1
-
66
23-Apr-
66.360
60.854
41.618
68.960
8.9731
6.1488
0.5216
9.7092
14
25-Apr-
89
71.344
6
58.921
83
42.975
86
67.734
07
7.7398
81
2.1528
1
-
67
4.4139
14
57
39
31
0.5886
-
44
28-Apr-
70.211
56.499
46.623
62.418
11.077
3.1290
0.4255
8.6778
14
76
17
79
11
48
9
-
23
29-Apr-
69.907
55.474
42.647
68.234
8.4573
2.5765
1.3640
8.0380
14
46
01
06
59
98
03
1
-
75
30-Apr-
70.238
52.804
45.545
68.580
8.1519
2.9568
0.9788
9.1066
14
65
19
72
68
05
67
4
-
44
2-May-
63.827
58.783
45.040
63.564
3.1019
3.4025
1.1494
14
64
64
84
41
28
0.6153
1
-
25
5-May-
57.855
48.616
31.739
55.882
0.8880
0.6419
2.9708
2.9047
14
6-May-
85
53.557
8
57.022
13
36.032
35
56.536
78
2.8807
77
3.1606
3
-
23
3.2530
14
14
75
09
28
64
2.4598
74

93

5
7-May-
61.663
59.555
34.691
57.950
5.5971
4.4702
1.0160
6.8296
14
23
79
01
65
48
4
-
57
8-May-
69.607
68.479
46.359
72.916
6.7227
5.4896
0.8548
6.7661
14
9-May-
84
76.364
67
77.812
83
66.631
67
76.108
96
7.6766
51
8.9421
8
5.3788
23
7.6184
14
12-May-
99
77.102
22
76.501
96
79.572
11
75.353
78
8.3570
55
9.1841
88
10.514
92
6.8963
14
13-May-
08
75.923
26
74.938
93
77.817
16
79.150
77
11.071
91
8.9098
93
8.3775
32
12.464
14
14-May-
82
80.581
22
75.005
18
68.938
94
87.869
8
10.568
53
8.5139
04
5.5839
77
19.015
14
15-May-
76
78.989
13
68.896
81
70.085
13
73.345
89
9.4064
14
9.7534
29
8.5163
7
13.718
14
16-May-
33
84.023
93
83.614
79
77.497
44
74.244
28
14.677
07
14.989
51
10.947
83
13.754
14
19-May-
43
87.463
17
83.712
37
79.065
49
76.385
24
24.437
99
16.564
19
13.395
49
18.593
14
20-May-
72
86.910
19
80.972
86
84.816
41
69.808
13
21.506
32
16.436
73
13.560
98
14.514
14
21-May-
2
78.172
06
82.946
75
81.220
85
68.765
05
20.251
38
14.982
74
12.973
95
16.739
14
22-May-
81
83.525
66
83.230
18
78.105
25
70.910
25
22.835
43
15.723
43
11.954
51
14.323
14
23-May-
18
64
83.615
54
71.920
92
72.778
42
34.287
8
14.609
25
9.6984
66
18.407
14
26-May-
87.888
82.860
36
80.159
29
72.902
65
64.568
8
30.211
08
14.149
85
11.486
34
13.283
14
27-May-
91
77.073
27
79.352
1
75.444
25
61.144
25
25.852
31
12.261
63
11.932
58
9.8676

94

14
28-May-
64
75.028
57
78.764
13
77.453
82
58.478
26
20.131
52
5.9133
41
8.7427
89
5.3801
14
29-May-
96
72.145
88
64.144
3
66.191
18
56.395
63
15.879
72
2.7586
36
2.3486
66
4.5094
14
93
59
35
67
21
33
42
-
30-May-
65.659
54.397
50.734
50.513
11.670
1.1228
0.8765
3.9298
14
96
24
04
76
51
75
24
3
-
68.005
61.563
59.773
49.632
15.833
3.7420
5.7658
8.7396
87
77
02
97
64
82
4
-
67.740
59.510
65.387
35.708
15.979
4.6766
4.6250
5.5950
98
76
02
55
99
48
5
-
69.172
65.226
59.156
44.888
11.100
0.3003
1.4725
4.6439
61
09
74
29
53
82
-
98
-
5
-
65.173
48.967
50.066
41.436
4.9319
0.6899
0.8499
8.6622
25
55
49
75
07
6
-
3
-
60.003
52.649
51.027
38.107
8.1589
2.2319
0.0858
3.6389
91
06
46
83
58
8
-
61.146
60.103
51.423
43.083
9.8878
3.2827
1.2594
3.2037
9-Jun-14
74
03
09
32
92
2
-
10-Jun-
63.324
61.677
52.509
40.996
6.0892
2.0601
1.8502
3.9440
14
11-Jun-
44
62.049
81
54.668
91
56.065
47
43.248
59
-
51
0.5100
37
3.9202
3
-
2-Jun-14
3-Jun-14
4-Jun-14
5-Jun-14
6-Jun-14

95

2.3446
14
45
88
24
14
1
-
12
03
6.5682
-
12-Jun-
43.877
49.763
66.416
33.220
0.2222
0.5060
5.2110
3.8757
14
65
03
94
4
-
07
-
74
1
-
13-Jun-
41.247
44.292
62.495
34.500
0.9820
1.2400
3.8143
5.4079
14
54
81
99
7
-
7
-
75
9
-
16-Jun-
44.633
42.429
61.725
41.109
1.1819
2.7813
1.9067
2.7671
14
17-Jun-
63
54.053
28
48.500
44
58.546
3
50.331
5
2.0903
1
0.7824
28
4.4290
4
-
14
18-Jun-
81
53.447
96
46.446
53
58.720
42
46.037
44
3.7865
18
0.1410
91
5.0245
0.1311
1.7370
14
34
75
71
66
38
-
04
-
56
17
-
19-Jun-
56.096
48.531
62.485
49.921
1.4408
3.4805
0.6951
3.6569
14
87
91
16
47
9
-
64
-
3
-
20-Jun-
42.928
34.388
51.729
39.318
2.3720
0.1273
4.3688
14
62
81
18
35
3
-
4.0768
-
2
-
23-Jun-
45.532
39.485
48.427
41.317
3.0179
3.8081
0.5939
6.3008
14
96
98
36
37
3
-
9
-
62
5
-
24-Jun-
47.667
43.301
56.152
43.434
1.3812
1.5298
2.9693
2.4118
14
25-Jun-
28
49.506
23
41.398
69
60.334
34
45.761
9
-
3
-
13
1.1166
8
-
14
42
07
59
48
1.4786
4.1774
33
4.0418

96

9
-
9
-
26-Jun-
42.446
33.283
48.776
36.607
1.7700
5.6033
0.9023
14
04
61
36
3
-
9
-
8
-
6.1388
-
27-Jun-
43.303
29.500
47.463
35.877
1.0507
6.5113
0.2507
4.8034
14
84
18
68
6
-
2
-
30-Jun-
52.082
38.647
52.052
47.349
0.1765
0.1096
1.6537
14
31
87
63
51
4
-
3.3885
-
96
-
48.988
44.607
51.413
46.920
0.4825
1.5206
2.0002
0.3198
1-Jul-14
81
50.723
5
48.676
33
49.668
29
51.174
9
3.6353
5
1.5879
4
0.4488
17
4.7474
2-Jul-14
92
51
62
52
12
06
-
57
60.049
54.271
50.934
60.130
4.3694
2.5465
0.2264
3.0222
31
94
84
87
33
85
-
64.757
59.137
58.305
57.455
1.6821
0.9212
1.1695
0.0970
4-Jul-14
33
54.037
06
50.395
25
47.163
75
46.575
13
1.6792
61
2.1508
91
0.7254
3
0.8973
7-Jul-14
71
05
12
07
03
84
-
42.971
48.380
48.253
41.996
0.0708
0.5450
1.3878
8-Jul-14
61
47.002
48
48.301
97
52.301
4
47.206
1.1262
0.0368
47
0.3145
25
0.8318
2
0.3125
9-Jul-14
10-Jul-
81
46.080
27
48.370
67
50.688
97
48.234
13
-
55
-1.585
15
0.4321
75
-
14
19
57
18
91
2.0566
89
1.0239
3-Jul-14

97

2
-
5
-
11-Jul-
32.820
39.112
46.014
36.577
8.9471
2.0089
9.2782
14
56
37
65
71
7
-
5.7695
-
3
-
3
-
14-Jul-
23.935
31.192
44.532
30.703
10.389
5.3209
0.9222
8.2281
14
95
66
98
26
2
-
8
-
8
-
15-Jul-
33.937
45.323
51.139
40.776
5.2457
0.6947
1.7350
2.2782
14
23
61
24
94
2
-
64
1
-
16-Jul-
42.740
58.443
59.896
47.023
2.4120
5.3617
2.4773
0.9985
14
02
13
51
96
6
-
85
12
2
-
17-Jul-
46.587
59.922
56.790
49.697
3.2856
2.1326
1.2175
3.6595
14
54
36
12
28
8
-
08
18-Jul-
38.887
59.270
54.928
38.452
4.4520
2.7474
1.1359
14
95
95
79
3
-
44
49
4.7535
-
21-Jul-
36.710
57.409
52.147
37.993
6.5880
2.0898
5.0036
14
78
24
51
14
6
-
61
1.3404
9
-
22-Jul-
34.565
55.353
50.270
36.322
6.2389
2.1698
0.3225
5.0453
14
75
51
62
04
-
7
-
23-Jul-
36.945
58.694
49.423
44.336
2.9642
2.3880
2.4280
14
24-Jul-
86
37.839
95
57.112
76
42.921
24
51.638
5.8817
-
04
3.7423
4
0.2559
2
1.9347

98

4.7232
14
44
46
24
9
-
76
37
39
25-Jul-
35.549
53.913
47.482
49.103
2.9319
4.4884
0.6444
3.6326
14
71
73
01
71
9
-
96
62
-
46
28-Jul-
41.876
56.399
49.767
58.498
3.5366
3.4421
0.0722
3.7991
14
41
74
98
41
3
-
32
37
30-Jul-
39.888
62.947
54.421
3.0182
7.0963
1.6728
7.2297
14
31-Jul-
46
40.071
97
62.164
05
54.593
61.693
59.646
3
0.7515
8
8.6603
29
2.6472
17
11.094
14
64
96
45
44
85
72
94
-
81
1-Aug-
52.132
69.751
51.545
76.338
1.1317
9.8266
0.1469
12.306
14
87
47
36
97
94
-
76
15
4-Aug-
55.662
73.759
48.318
75.359
2.1997
7.0180
14
68
04
44
5
-
47
-1.645
-
84
5-Aug-
43.072
67.280
46.405
72.265
4.0184
1.8128
1.8729
8.5939
14
33
59
92
63
2
-
23
1
-
37
6-Aug-
27.209
47.449
36.453
64.459
6.5828
2.6222
5.6032
14
09
83
46
75
7
-
0.1277
-
4
-
19
7-Aug-
23.893
49.240
39.617
58.497
4.8527
2.1662
2.4806
4.9907
14
8-Aug-
95
25.059
78
40.505
63
33.348
32
55.236
2
-
6
-
3
-
36
2.6246

99
8.2710

3.0520
3.8343
14
71
12
69
49
4.2764
-
7
-
1
-
56
11-Aug-
28.540
39.715
33.879
61.305
4.4096
2.9126
5.5125
7.0325
14
11
27
17
7
-
2
-
6
-
18
12-Aug-
32.674
45.788
34.914
65.805
4.3675
2.7892
3.4394
14
35
79
83
9
-
2
-
1
-
6.9442
13-Aug-
22.972
37.744
39.271
54.675
7.3207
3.5376
3.5442
14
76
87
07
32
5
-
9
-
0.3796
14-Aug-
18.611
44.346
42.961
49.263
5.5733
0.1151
1.1669
2.0196
14
43
76
06
94
2
-
84
16
18-Aug-
37.072
48.606
55.340
2.8089
5.3978
0.3012
2.2745
14
55
60.086
94
23
5
-
64
96
-
64
19-Aug-
42.152
67.863
47.627
54.772
1.2606
3.5916
1.7466
0.1466
14
75
41
05
52
5
-
89
94
20-Aug-
41.197
62.102
41.989
48.580
1.0943
4.7182
1.0968
14
21-Aug-
93
53.979
86
67.475
44
49.163
89
57.034
7
1.1642
62
4.5990
1.5714
2.0116
82
0.7603
14
22-Aug-
29
60.321
49
64.792
88
63.495
13
56.019
21
2.5499
25
3.1079
53
4.1136
29
2.3590
14
25-Aug-
16
56.016
47
55.333
48
62.899
83
49.363
32
1.5932
22
1.9421
32
2.8599
94
-
14
96
95
79
26
79
07
1.5497

100

9
26-Aug-
52.867
55.734
60.125
45.805
2.7404
4.3681
4.0701
0.1680
14
27-Aug-
65
60.186
64
72.806
73
62.657
59
48.898
03
2.7019
1
6.6253
62
3.0549
9
1.0759
14
28-Aug-
79
52.863
59
75.278
93
64.037
37
48.258
26
1.8714
81
8.2930
4
5.8583
42
1.4681
14
82
09
85
12
42
39
45
04
-
60.301
81.703
73.360
57.314
3.7592
11.031
6.0420
0.1179
51
97
87
49
74
25
87
3
-
62.315
79.019
79.207
49.570
3.8158
8.6828
6.3618
2.6772
2-Sep-14
58
58.055
23
73.290
92
74.899
99
41.656
36
5.6086
8
8.7637
91
5.4533
5
0.8417
3-Sep-14
15
25
74
14
22
-
64.894
74.431
69.984
49.133
5.3433
6.3379
3.1668
0.2446
55
47
84
82
81
18
1
-
68.233
64.657
62.965
52.139
3.9292
1.2092
1.9825
0.0790
5-Sep-14
62
67.484
14
59.176
05
66.290
13
51.549
65
5.0987
69
1.6298
77
4.8416
2
0.3042
8-Sep-14
81
66.143
84
51.075
41
72.767
3
55.149
79
6.3964
89
0.3371
45
5.4658
25
2.6244
9-Sep-14
10-Sep-
72
68.277
14
56.035
36
69.109
93
58.862
69
3.4524
15
1.7548
46
3.0541
04
0.6158
14
11-Sep-
39
67.742
92
54.442
95
63.431
88
57.746
68
3.0828
4
1.8339
69
0.9803
8
0.4185
14
12-Sep-
36
64.786
62
55.738
54
56.072
48
58.248
97
4.6430
08
3.3413
92
1.4168
47
5.4091
1-Sep-14
4-Sep-14

101

14
15-Sep-
89
67.365
05
58.265
17
61.160
47
71.113
99
5.2604
68
2.7714
84
2.0474
77
6.6674
14
09
46
41
69
14
31
-
78
15
16-Sep-
59.372
53.270
54.667
60.753
2.4250
0.9507
1.6196
4.0214
14
92
28
48
22
1
-
51
02
17-Sep-
58.019
47.311
56.140
63.355
4.1293
1.7635
0.4092
6.6486
14
83
35
05
26
2
-
77
77
18-Sep-
70.703
51.825
58.283
76.115
4.6077
2.0952
1.8180
7.6014
14
64
73
67
33
33
6
-
74
84
19-Sep-
58.354
43.032
60.747
69.402
1.8417
1.2854
0.1688
6.7844
14
72
38
66
99
56
4
-
99
28
22-Sep-
59.878
46.645
48.782
70.558
4.0155
0.1234
0.0116
7.6025
14
83
29
19
54
91
8
-
73
04
23-Sep-
56.333
41.126
44.878
61.580
2.7311
2.0875
5.9078
14
58
36
83
09
-
1
-
0.3815
47
24-Sep-
49.938
38.789
51.272
57.333
1.1131
2.0505
0.6067
2.2935
14
13
74
26
33
4
-
7
-
75
-
26
25-Sep-
37.904
34.940
51.600
50.660
7.2478
6.4628
1.4756
14
26-Sep-
86
39.584
87
32.792
51
54.375
79
51.816
7
-
2
-
9
0.6759
0.2696
-
14
41
52
38
44
4.8492
4.5002
88
0.6088

102
29-Sep-
39.729
14
31
30-Sep14
6
-
8
-
49.322
48.845
4.1323
0.8342
0.8768
32.78
03
47
9
-
7.2515
-
57
1
-
40.369
23.872
58.261
48.936
6.1140
8.3434
1.9417
2.2951
05
58
86
17
2
-
4
-
48
2
-
33.645
23.754
57.473
43.143
7.7163
8.7223
1.4964
4.8456
03
06
21
63
3
-
2
-
63
3
-
27.733
24.319
53.723
30.147
9.6978
7.8484
0.3024
8.8445
29
18
81
2
-
4
-
13
8
-
32.726
30.997
54.616
26.740
5.9250
5.0219
2.1702
7.0767
39
96
59
67
3
-
05
2
-
43.302
43.184
67.958
36.233
3.1927
4.9326
6.0726
9-Oct-14
03
24
41
84
6
-
2.6944
-
56
8
-
10-Oct-
41.484
38.738
58.336
31.949
6.3942
6.7301
1.1787
10.257
14
04
59
71
46
7
-
2
-
36
1
-
13-Oct-
38.978
34.535
57.961
23.418
3.3949
5.9791
1.9012
8.8294
14
43
01
52
46
8
-
8
-
73
2
-
14-Oct-
46.182
33.386
53.475
27.609
3.0861
6.3779
1.4006
8.5591
14
16-Oct-
68
39.287
5
30.298
51
50.902
33
24.759
5
-
9
-
42
1.2372
5
-
1-Oct-14
7-Oct-14
8-Oct-14

103

3.5329
4.8587
6.6013
14
96
26
69
9
-
59
4
-
17-Oct-
47.398
44.362
62.131
31.326
1.4030
0.7253
3.6772
3.6724
14
93
45
74
71
46
1
-
20-Oct-
56.451
53.389
63.168
37.591
7.9698
4.7823
5.1160
1.6276
14
35
83
06
95
11
57
06
2
-
21-Oct-
69.397
68.980
64.520
48.402
5.7984
6.7352
2.8292
1.5482
14
22-Oct-
93
63.935
29
66.150
33
58.278
95
45.713
36
5.2318
25
7.7807
68
3.4193
3
-
14
29
37
15
05
69
13
47
1.2128
-
23-Oct-
64.101
71.830
62.272
46.084
5.7321
9.8240
2.8686
1.4293
14
27-Oct-
22
65.687
21
77.024
04
60.264
72
50.588
84
7.0821
72
10.077
17
3.3404
6
0.6233
14
28-Oct-
79
72.114
63
81.323
11
60.946
24
57.913
3
12.093
36
11.964
37
3.8093
3
6.2683
14
29-Oct-
84
77.949
66
81.394
99
61.975
54
65.974
85
9.5737
2
10.640
58
2.6306
98
5.5238
14
30-Oct-
61
75.108
51
80.555
31
61.241
77
72.315
62
6.3662
5
8.3070
7
0.8163
32
4.5853
14
31-Oct-
15
74.831
03
78.590
61
60.326
92
73.176
94
10.212
1
11.332
04
5.2194
16
8.3551
14
3-Nov-
76
80.925
73
89.705
32
72.422
56
84.659
95
9.6703
19
11.208
47
3.8970
67
9.7133
14
5-Nov-
65
82.190
56
90.286
68
70.261
53
84.274
34
10.334
56
13.245
67
5.0647
94
9.2170
14
7-Nov-
61
73.629
07
90.784
26
65.730
51
84.384
5
11.222
75
15.160
48
4.6383
12
10.757

104

14
10-Nov-
55
82.231
85
88.842
63
74.550
74
89.667
19
8.4407
21
10.719
05
2.1348
52
12.692
14
11-Nov-
26
79.579
19
87.671
41
66.085
01
91.078
09
6.6065
98
9.5673
7
1.4137
77
15.732
14
12-Nov-
5
76.982
52
87.181
69
63.286
84
91.417
66
6.0958
39
24
1.7635
52
15.239
14
13-Nov-
65
70.449
74
78.489
16
65.149
17
81.033
39
5.5755
8.1643
7.7314
9
2.5118
28
12.473
14
14-Nov-
71
77.336
82
81.488
25
72.803
55
82.235
08
7.9811
83
7.5463
88
3.6586
95
14.101
14
17-Nov-
93
83.483
98
72.799
08
63.566
17
85.170
02
13.318
92
6.4392
73
2.4967
84
16.797
14
18-Nov-
06
83.000
63
75.011
8
68.142
3
82.974
05
10.659
01
4.9837
95
4.1554
57
14.339
14
19-Nov-
1
76.073
52
71.364
05
65.674
47
76.049
16
10.167
62
4.8787
96
3.9654
25
14.549
14
62
48
11
63
-
33
97
20-Nov-
12.040
71.992
62.305
77.203
88.738
4.8153
2.4793
12.407
14
39
77
88
72
3
-
89
39
52
21-Nov-
12.284
76.515
65.827
77.851
88.708
6.6781
2.2253
11.644
14
19
15
65
17
8
-
51
89
28
24-Nov-
10.547
78.808
64.494
76.217
88.663
7.9717
3.7838
9.6961
14
49
59
68
49
3
-
43
43
08
25-Nov-
9.9539
67.266
67.815
64.426
89.039
3.8749
4.3933
6.3398
14
26-Nov-
26
8.1345
12
57.338
13
66.104
34
63.513
4
-
03
1.5632
17
5.7786
76
5.3352
14
21
52
55
82
88.834
42
43
07

105

27-Nov-
8.2447
56.867
72.491
62.669
14
51
91
47
28-Nov-
8.7541
65.592
73.602
14
22
74
1-Dec-
8.6748
14
4
-
3.3173
4.8053
3.2507
88.818
-
37
53
69.873
88.257
4.1893
5.5044
7.6626
48
61
7
-
06
36
27
63.774
68.441
65.107
88.350
2.9975
4.2448
6.3960
47
36
39
62
2
-
39
17
34
2-Dec-
8.5305
62.458
62.953
64.012
88.277
4.6238
2.8978
8.5770
14
3-Dec-
54
8.5945
73
68.954
69
56.466
81
70.423
6
-
85
5.7751
39
0.3389
08
7.1277
14
31
49
37
18
88.612
-
3
-
65
28
4-Dec-
6.4460
10.650
54.643
66.854
89.107
78.379
2.2782
2.6613
14
91
73
45
21
7
-
6
-
88
63
5-Dec-
1.1529
10.772
60.238
63.308
89.193
78.616
1.1046
4.9831
14
58
49
83
96
9
-
9
-
76
36
8-Dec-
1.1513
10.349
47.876
58.347
89.240
78.916
0.0755
4.6999
14
28
47
95
89
9
-
29
28
9-Dec-
1.1606
10.261
50.158
52.776
3.2312
79.255
1.0407
2.3402
14
54
69
87
52
35
2
-
59
-
08
10-Dec-
65.397
10.001
56.372
3.6223
79.671
0.1662
3.1910
14
11-Dec-
08
58.378
2
7.4946
32
50.754
57
1.8962
3
-
2
-
29
2.9815

106
60
57.657

80.377
1.1641
14
38
34
31
25
72
3
-
4
-
63
12-Dec-
52.540
5.2264
42.342
53.985
2.0823
80.047
2.1514
4.5997
14
83
81
89
19
09
2
-
4
-
43
15-Dec-
55.142
5.3430
43.209
60.301
1.3553
79.818
0.9884
4.3089
14
86
46
13
63
23
-
3
-
9
-
39
-
16-Dec-
42.161
5.3786
36.966
49.550
3.2532
80.801
2.3268
0.5124
14
34
02
58
27
3
-
8
-
1
-
2
-
17-Dec-
47.342
4.8561
36.796
48.711
6.0351
81.049
3.7131
7.3332
14
66
03
32
76
5
-
8
-
1
-
18-Dec-
38.177
3.6290
38.342
42.780
3.8816
1.7203
2.5559
14
34
06
49
15
7
-
80.359
-
3
-
4
-
19-Dec-
37.682
4.0865
45.195
40.967
4.5490
79.927
0.2068
3.9197
14
33
78
74
2
-
1
-
6
-
22-Dec-
41.381
3.4829
58.936
44.320
3.1176
79.987
3.3031
2.8646
14
99
31
36
49
2
-
2
-
26
3
-
23-Dec-
41.771
2.0191
62.505
44.309
4.1217
2.4319
2.0202
2.2694
14
16
25
78
19
8
-
5
-
02
8
-
24-Dec-
38.443
43.741
52.305
44.983
3.7147
1.7526
0.3235
4.1131
14
02
01
67
55
39

107

-
26-Dec-
41.869
43.898
52.284
42.140
1.7877
1.0291
2.1994
1.5976
14
92
92
71
54
8
-
61
29-Dec-
44.899
46.025
61.741
45.938
0.2282
0.2853
2.6263
1.8293
14
74
74
68
31
36
-
9
-
28
55
30-Dec-
52.913
50.316
63.683
58.763
1.9930
0.4822
2.7283
1.0121
14
53
46
22
16
4
-
96
27
31-Dec-
45.365
50.394
59.813
53.693
0.7952
1.4659
1.9381
1.1235
14
32
94
52
85
38
09
96
BIBILOGRAPHY
Books
Prasanna Chandra-Investment analysis and Portfolio Management-McGraw Hill.

Punithavathy Pandian-Security Analysis and Portfolio Management-Vikas
Publishing House.
V.A.Avadhani- Security Analysis and Portfolio Management-Himalaya Publishing
House.

108
Sudhindra Bhat- Security Analysis and Portfolio Management-Excel Books.

I M Pandey-Financial Management-Vikas Publishing House.
Web sites
www.in.yahoo.finance.com.
www.indianstockcharts.com.
www.moneycontrol.com.
www.investopedia.com.
www.nseindia.com.
www.bseindia.com.

109

A Study On Equity Analysis of Selected Banking Stocks

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

A Study On Equity Analysis of Selected Banking Stocks

Transféré par

Droits d'auteur :

Formats disponibles

A STUDY ON EQUITY ANALYSIS OF SELECTED BANKING STOCKS

History of Banking in India

Nationalization of Banks in India