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Technical Analysis of BSE Sensex

Introduction:
Financial theorists define stock price at the present value of all future earnings expectation of the company.

In the present economic scenario, the Indian industry is growing fast and the income levels of the people are also increasing. When people saved more money, they will invest in stock market expecting to earn more return with less risk. Once investors interested in investing, they look for companies which give higher return in the future. There are two approaches for forecasting of future prices of shares. They are fundamental analysis and technical analysis. ! stock exchange is an organi"ed place or market where listed securities are traded. In #$%& the 'om(ay )tock *xchange o(tained recognition from the +overnment of India under the )ecurities ,ontracts -.egulation/ !ct #$%&. The 01 stock sensitive index or )ensex was first compiled in #$2&. The )ensex is compiled (ased on the performance of the stocks of 01 financially sound (enchmark companies . Technical analysts mainly study the stock price movements of the security market. If there is an uptrend in the price movement investor may purchase the scrip. With the onset of fall in price he may sell it and move from the scrip. 'asically, technical analysts aim at good returns on investment. The Indians stock market always fluctuations in the share price. Technical analysis helps to the investors for the (etter decision making for (uying 3 selling of shares.

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Technical Analysis of BSE Sensex

Background of the study:


In the present economic scenario, the Indian industry is growing fast and the income levels of the people are also increasing. When people saved more money, they will invest in stock market expecting to earn more return with less risk. Once investors interested in investing, they look for companies which give higher return in the future. There are two approaches for forecasting of future prices of shares. They are fundamental analysis and technical analysis. 4ost market analysts pay attention to (oth fundamental and technical factors even though they may emphasi"e one over the other. Technical analysts mainly study the stock price movements of the security market. If there is an uptrend in the price movement investor may purchase the scrip. With the onset of fall in price he may sell it and move from the scrip. 'asically, technical analysts aim at good returns on investment. While fundamental price analysis often asks the 5uestion6 7Where should the price (e87 given economic conditions, technical analysis asks the 5uestion6 79ow will we get there87 !s such, technical analysis often deals with the timing of pricing decisions within a given price range. While sophisticated mathematical models are often employed with technical analysis, the only data used is past price history, volume traded, and in futures markets the open interest -i.e., how many futures contracts are outstanding/. !s such, technical analysis is simply the analysis of price trends (y looking at past prices, volume, and open interest technical analysts attempt to identify (uy and sell signals (ased on underlying market emotion. The idea is to reduce the opportunity cost of (uying too early or selling too late. Technical analysis is a process of identifying trend reversals at an earlier stage to formulate the (uying and selling strategy. With the help of several indicators they analyses the relationship (etween price volume and supply demand for the overall market and the individual stock. :olume is favora(le on the upswing i.e. the num(er of shares traded is greater than (efore and on the downside the num(er of shares traded dwindles. If it is other way round, trend reversals can (e expected.

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Technical Analysis of BSE Sensex

Technical analysis is a very powerful tool and is a pre re5uisite for anyone who wants to predict financial market movements and (uild successful trading system. The term 7technical analysis7 is a complicated sounding name for a very (asic approach to investing. )imply put, stock market analysis is the study of prices, with charts (eing the primary tool. )o while it seems as if volume and technical analysis in general all have some market forecasting a(ilities. <sed together, they can (e 5uite helpful in trading and investing, (ut should (e looked at more as helpful hints as to a markets (ias, more than anything else. ! technical analyst doesn=t look at income statements, (alance sheets, company policies, or anything fundamental a(out the company. The technical analysis looks at the actual history of trading and price in a security or index. This is usually done in the form of a chart. The security can (e a stock, future, index, or a sector. It is flexi(le enough to work on anything that is traded in the financial markets. For a real )ecurities !nalysis make sure to get real time streaming 5uotes if you trade often. The 5uotes should automatically update themselves. >ou should also (e a(le to see (ar charts that show intraday price action. *very trader and technical analyst knows the importance of charts and indicators. 'ut if these were all it took to make profita(le trading decisions, everyone would (e a winner. *ither fundamental analysis or technical analysis alone is not sufficient to predict the future trend of the stocks. Technical analysis is more effective in predicting future price and can make more profit.

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Technical Analysis of BSE Sensex

General Introduction:

Background to the Stock Exchange:


! stock exchange is a organi"ed place or market where listed securities are traded. The )ecurities ,ontracts .egulation !ct,#$%& defines it as !n !ssociation organi"ation or (ody of individuals, whether incorporated or not esta(lished for the purpose of assisting , regulation and controlling (usiness in (uying , selling and dealing in securities. The working of the stock exchange in India is regulated (y the )ecurities ,ontracts -.egulation/ rule #$%&. The main o(?ective of the act is to esta(lish unitary control over all the stock exchange (y the central government with a view to making them really helpful for the economic development of the country. ! stock exchange, organi"ed market for trading of stocks and (onds. )uch markets were originally open to all, (ut at present only mem(ers of the owing association may (uy and sell directly. 4em(ers or stock (rokers (uy and sell for themselves or for others, charging commissions for their services. ! stock may (e (ought or sold only if it is listed on the exchange and it may not listed unless it meets certain re5uirements set (y the exchanges (oard of governors. There are stock exchanges an all important financial centers of the world. The mem(er (rokers are essentially the middlemen, who transact in securities on (ehalf of the pu(lic for a commission or on their own (ehalf. The stock market is typically governed (y a (oard consisting of directors, a ma?ority of whom are elected (y the mem(er (rokers. The other mem(ers of (oard are nominated (y the government. +overnment nominees include representatives of the 4inistry of finance, as well as some pu(lic representative, who are expected to safeguard the interest on investors in the functioning of exchanges. The (oard is headed (y a president, who is an elected mem(er, usually nominated (y the government, from among the elected mem(ers. The *xecutive @irector, who is appointed (y the stock exchange with government approval, is the operational chief of the stock exchange are carried out in accordance with the rules and regulations governing its functioning.

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Technical Analysis of BSE Sensex

The Definition of a stock:


)tock is a share in the ownership of a company. )tock represents a claim on the companys assets and earnings. !s you ac5uire more stocks, your ownership stake in the company (ecomes greater. Whether you say stocks, e5uity, or shares, it all means the same thing. 9olding a companys stock means that you are one of the many owners -shareholders/ of a company, and as such, you have a claim -al(eit usually very small/ to everything the company owns. !s an owner, you are entitled to your share of the companys earnings as well as any voting rights attached to the stock.

India stock exchanges:


There are ; leading stock exchanges in India6 #/ 'om(ay stock exchange -')*/ ;/ Bational )tock *xchange-B)*/

BSE-Bombay Stock Exchange :


SENSEX - THE BAROMETER OF INDIAN CAPITAL MARKETS

The 'om(ay )tock *xchange, is the oldest stock exchange in !sia, was esta(lished in #2C% as the Bative )hare and )tock 'rokers !ssociation at @alal )treet in 4um(ai. In #$%&, the ')* o(tained recognition from the +overnment of India the first stock exchange to do soDunder the )ecurities ,ontracts -.egulation/ !ct, #$%&. The )ensex, first compiled in #$2&, is a E4arket ,apitali"ation Weighted Index of 01 component stocks representing a sample of large and financially sound companies. The ')* )ensex is the (enchmark index of the Indian capital markets. The 01 stock sensitive index or )ensex was first compiled in #$2&. The )ensex is compiled (ased on the performance of the stocks of 01 financially sound (enchmark companies. In #$$1 the

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#$$;.

Technical Analysis of BSE Sensex

')* crossed the #111 mark for the first time. It crossed ;111, 0111 and A111 figures in

NSE- National Stock Exchange :


'ased on the recommendations (y 9igh Fowered )tudy +roup on esta(lished on Bew )tock *xchanges, B)* was promoted (y leading Financial Institutions at the (ehest of the +overnment of India and was incorporated in Bovem(er #$$; as a tax paying company unlike other stock exchanges in the country. On its recognition as a stock exchange under the securities contracts -.egulation/ !ct, #$%& in !pril #$$0, B)* commenced operations in the Wholesale @e(t market -W@4/ segment in Gune #$$A. The capital market -*5uities/ segment commenced operations in Bovem(er #$$A and operations in @erivatives segment commenced in Gune ;111.

rimary and Secondary ca!ital "arkets:


! company cannot easily attract investors to invest in their securities if the investors cannot su(se5uently trade these securities at will. In other words, securities cannot have a good primary market unless it is ensured of an active secondary market.

rimary market:
)ecurities generally have two stages in their lifespan. The first stage is when the

company initially issues the security directly from its treasury at a predetermined offering price. Frimary market is the market for issue of new securities. It therefore essentially consist of the companies issuing securities, the pu(lic su(scri(ing to these securities, the regulatory agencies like )*'I and the +overnment, and the intermediaries such as (rokers, merchant (ankers and (anks who underwrite the issues and help in collecting su(scription money from the pu(lic. securities on the secondary market. It is referred to as Initial Fu(lic offer -IFO/. Investment dealers fre5uently (uy initial offering on the primary market and the

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Technical Analysis of BSE Sensex

Secondary "arket:
The second stage is when an investor or dealer makes the shares, (ought from a company treasury, availa(le for sale to other investors on the secondary market. )econdary market is the market for trading in existing securities, after they have (een created in the primary market. It essentially consists of the pu(lic who are (uyers and sellers of securities, (rokers, mutual funds, and most importantly the stock exchanges where the trading takes place, such as the ')* -'om(ay )tock *xchange/ or B)* -Bational )tock *xchange/. The two markets mentioned a(ove are not to (e understood as two physically segregated institutions. The same parties are generally involved in (oth the markets. The ma?or difference is in fact that the securities is (orn in the primary market (ut matures in the secondary market.

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Technical Analysis of BSE Sensex

Statement of the roblem :


!s the stock market is highly volatile, it is very difficult for the ordinary investor or speculator to predict the movements of stock prices. 4any people want to invest in shares in order to make huge profits. In this scenario, many companies are availa(le and investors are in a dilemma to choose a particular company for investing which gives more return, rather than putting their hands in a company which is more risky.

#b$ecti%es of the Study:


#. To know how price fluctuations takes place in the stock market. selected companies. 0. To know a(out the effectiveness of technical analysis while making trading decisions.

;. To study the analysis of price movement of shares and company performance of

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trading i.e. (uying or selling.

Technical Analysis of BSE Sensex

A. To identify the trends in the stock movements and recommends the investor for %. To study the various factors affecting the price movement of shares and company performance.

Significance and Im!ortance of study : #/ Investors wealth is precious. 9ence needs to analy"e the prevailing economic conditions of the country and also the shares of the respective companies. ;/ Investment is the commitment of fund expectation with some positive rate of return and is always associated with risk, may (e diversifia(le non diversifia(le or (oth for reducing the risk and increasing the return, analy"ing the securities, considering the price movement of the shares and performance of the companies is a must.

0/ !s each investor has his own preference and choice of investments, considering the shares and the relative movement of hes shares and price movements with companys performances ena(les of getting (etter portfolio.

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Technical Analysis of BSE Sensex

A/ Fortfolio management is assuming importance and more and more people are showing interest in investing in companies which are doing good.

Sco!e of the Study:


The study is limited to analy"ing of the past share price and predicting future trend (y using moving average method. #% companies stock from ')* )ensex companies are selected for the study. )ix 4onths weekly closing stock price from &th Gune ;1## to ;%th Bovem(er ;1## is taken for identifying the stocks trend.

&esearch "ethodology : "ethodology of the study:


Technical analysis is purely (ased on the secondary data. @ata is collected separately of #% ')* companies which includes company profiles, 9istorical prices and other financial information. The re5uisite data for the study is collected from secondary source like6 Text (ook 3 4aga"ines Bews papers We( sites Sam!le Si'e: )ix month weekly closing prices of #% ')* )ensex company index have taken for testing the relevance of technical analysis.

Statistical Tools (sed:


4oving !verage analysis

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+raphs Ta(les

Technical Analysis of BSE Sensex

lan of )nalysis6
The ta(les and various types of graphs are used for

analysis and su(se5uent interpretation for (etter understanding. The conclusion is drawn from the interpretation and suggestions are given. For the data analysis and su(se5uent interpretation, the advanced version of 4) *xcel is used. This software has made easy to construct the ta(les for analysis and various types of graphs (y this automated data analysis. It has minimi"ed and reduced human error and helped in (ringing out an accurate outlay of the information.

,ompanies selected for )tudy6


I selected following #% companies stocks from ')* )ensex on the (asis of market capitali"ation as on @ecem(er ;1th ;1##.

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Technical Analysis of BSE Sensex

,ode %11;1$ %110;% %112C% %111#1 %0;#CA %11#21 %11%#1 %0;%A1 %11##; %0;A%A %11&$& %11%C1 %110#; %11%;1 %11AC1

,ompany Infosys Tech .eliance Industries IT, Himited 9@F, I,I,I 'ank 9@F, 'ank Harsen 3 Tou(ro Tata ,onsult )tate 'ank of India 'harti !irtel 9<H Tata 4otors OB+, 434 Tata )teel

)ector Information Technology Oil 3 +as F4,+ Finance Finance Finance ,apital +oods Information Technology Finance Telecom F4,+ Transport *5uipments Oil 3 +as Transport *5uipments 4etal, 4etal Froducts 3 4ining

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Technical Analysis of BSE Sensex

*ayout of the Dissertation :


In order to give a clear picture, the entire pro?ect has (een divided into )ix chapters. ! chronological list with su( titles is given (elow. +,) TE&-I6 IBT.O@<,TIOB This chapter deals with the introduction to the topic and stock market, background of the study +,) TE& -II: .*)*!.,9 4*TO@OHO+> This chapter deals with the o(?ectives of study, significance and importance of the study, research methodology adopted, layout of dissertation and limitation of the study. +,) TE&-III6 ,OB,*FT<!H F.!4*WO.I This chapter deals with the theory of the concepts relevant to the study. +,) TE&-I.: ,O4F!B>) F.OFIH* ,ompanys profile deals with the companys (rief introduction, present aspects of the companys. +,) TE&-.: !B!H>)I) !B@ IBT*.F.*T!TIOB OF T9* @!T! It deals with the analysis and interpretation of the data collected to draw inference. +,) TE&-.I: FIB@IB+), )<++*)TIOB) 3 ,OB,H<)IOB) It deals with the conclusions drawn on the (asis of the data collected and analy"ed and suggestions made with the conclusions.

*imitations of the Study: #. The time period for the study is limited to )ix 4onths only.

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Technical Analysis of BSE Sensex

;. The study is limited to information availa(le through secondary sources. 0. The study is limited to information of trend (y moving average method.

,istory of Technical )nalysis:


Technical analysis is, perhaps, the oldest form of security analysis. It is (elieved that the first technical analysis occurred in #Cth century Gapan, where analysts used charts to plot price changes in rice. Indeed, many present day Gapanese analysts still rely on technical analysis to forecast prices in their stock exchange, which is the second largest in the world. In the <nited )tates, technical analysis has (een used for more than #11 years. This form of analysis was especially helpful at the turn of the century when financial statements were not commonly availa(le to investors. &ichard Schabacker -#$1; #$02/ is considered to (e a grandfather of technical analysis who laid the foundations for modern pattern analysis. 9e classified tools which helped technical analysts not only to forecast future market movements, (ut also to foresee when the prevailing trend would finish. 9e was the first to classify common charts patterns, develop the theory of price gaps, formalise the use of trend lines and prove the importance of support and resistance levels. .ichard )cha(acker most popular tool is 'ar charts. The vast ma?ority of chart patterns fall into two main groups6 reversal and continuation. .eversal patterns indicate the trend may change and may (e (roken down into top and (ottom formations. In recent years, the ever increasing use of personal computers has led to su(stantial growth in technical analysis, and numerous software packages have (een developed to meet these increased needs. Thus, technical analysis can (e applied not only to stocks and their markets (ut also to (onds, commodities, fixed income markets, industries within markets, and currencies. 4oreover, one of the most popular current applications of technical analysis is for futures derivatives.

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Technical Analysis of BSE Sensex

"eaning of Technical )nalysis:


It is a process of identification trend reversals at an earlier stage to formulate the (uying and selling strategy with the help of several indicators the relationship (etween price volume and supply J demand for the overall market and individual stock. Technical analysis is the examination of past price movements to forecast future price movements. Technical analysts are sometimes referred to as chartists (ecause they rely almost exclusively on charts for their analysis.

)ssum!tion of Technical analysis :


#. "arket discounts e%erything ! ma?or criticism of technical analysis is that it only considers price movement, ignoring the fundamental factors of the company. 9owever, technical analysis assumes that, at any given time, a stock=s price reflects everything that has or could affect the company including fundamental factors. Technical analysts (elieve that the company=s fundamentals, along with (roader economic factors and market psychology, are all priced into the stock, removing the need to actually consider these factors separately. This only leaves the analysis of price movement, which technical theory views as a product of the )upply and demand for a particular stock in the market. /0 rice "o%es in Trends In technical analysis, price movements are (elieved to follow trends. This means that after a trend has (een esta(lished, the future price movement is more likely to (e in the

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Technical Analysis of BSE Sensex

same direction as the trend than to (e against it. 4ost technical trading strategies are (ased

10 ,istory Tends To &e!eat Itself !nother important idea in technical analysis is that history tends to repeat itself, mainly in terms of price movement. The repetitive nature of price movements is attri(uted to market psychologyK in other words, market participants tend to provide a consistent reaction to similar market stimuli over time. Technical analysis uses chart patterns to analy"e market movements and understand trends. !lthough many of these charts have (een used for more than #11 years, they are still (elieved to (e relevant (ecause they illustrate patterns in price movements that often repeat themselves.

2ho (ses Technical )nalysis3 :


Investors for their short term trading decisions use Technical !nalysis. This short term may (e further divided in day trading, short term investment and for hedging purposes. The role played (y Technical !nalysis in each case is as follows6 40 Day Traders: ! day trader is one who takes and s5uares off his position (oth on the same day. 4ostly a day trader counts on turnover rather than margin. ! day trader will Interpret the market movement in the manner stated (elow. )uppose 4r. L is a day trader who deals in )3F ,BL Bifty. The movement of Bifty @uring a particular day is stated (elow, if 4r. L follows the recommendations made (y Technical !nalysis he should sell the Bifty at #$1A #$12 levels and again at #2$1 level. It can (e clearly seen that (uying is coming at the level of #2C1 #2C%K it is (etter 9e )5uares off and can even (ecome a net (uyer at this range.

/0 Short term in%estors: These people form the (iggest clientele (ase of (oth the
(rokers and the Technical !nalyst. !nother aspect, which should (e noted, is the declining trend in terms of short term E9igh created (y the stock. We can clearly reduce that each short term rally is creating a lower high over the given term. In such a situation

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it is recommended (y analyst to (uy at the resistance level (ut sell it off immediately if it (reaks the level (y a margin of ; 0M.

10 ,edgers: These are generally (ig investors, who have lot of money at stake and
hence they look to have some hedging of their risk. The strategy followed (y this section of investors is that they compare the stock in consideration with the index and on the (asis of the result of this comparison they take their position in the stock.

Technical tools:
+enerally used technical tools are6 #/ @ow theory ;/ :olume of trading 0/ )hort selling A/ 'ars 3 line charts 3 %/ 4oving averages

"o%ing )%erage :
The market indices do not rise or fall in straight line. The upward and downward are interrupted counter moves. The underlying trend can (e studied (y smoothening of the data. To smooth the data moving average techni5ue is used. The word moving means that the (ody of moves ahead to include the recent o(servation. If it is five day moving average, on the sixth day the (ody of data moves to include the sixth day o(servation eliminating the first days o(servation. Hikewise it continues. In the moving average calculation, closing price of the stock is used. The moving averages are used to study the movement of the market as well as the individual scrip price. The moving average indicates the underlying trend in the scrip. The period of average determines the period of the trend that is (eing identified. For identifying short term trend, #1 day to 01 day moving averages are used. In the case of

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identify long term trend.

Technical Analysis of BSE Sensex

medium term trend %1 day to #;% day are adopted. ;11 day moving average is used to ! 4oving !verage is an indicator that shows the average value of a security=s price over a period of time. When calculating a moving average, a mathematical analysis of the security=s average value over a predetermined time period is made. !s the securities price changes, its average price moves up or down. There are several popular ways to calculate a moving average. 4eta )tock for Gava calculates a 7simple7 moving average meaning that e5ual weight is given to each price over the calculation period.

Index and stock price moving average : Individual stock price compared with the
stock market indices. The moving average of the stock and the index are plotted in the same sheet and trends are compared. If B)* or ')* index is a(ove stocks moving average line, the particular stock has (ullish trend. The price may increase a(ove the market average. If the )ensex or Bifty is (elow the stocks moving average, the (earish market can (e expected for the particular stock. If the moving average of the stock penetrates the stock market from a(ove, it generates sell signal. <nfavoura(le market condition prevails for the particular scrip. If the stock line pushes up through the market average, it is a (uy signal.

Stock price and stock prices moving average (uy and sell signals are provided (y
the moving averages. 4oving averages are used along with the price of the scrip. The stock price may intersect the moving average at a particular point. @ownward penetration of the rising average indicates the possi(ility of a further fall. 9ence sell signal is generated. <pward penetration of a falling average would indicate the possi(ility of the further rise and gives the (uy signal. !s average indicates the underlying trend, its violation may signal trend reversal.

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Technical Analysis of BSE Sensex

Comparison of the two moving averages When long term and short term moving
averages are drawn, the intersection of two moving averages generates (uy or sell signal. When the scrip price is falling and if the short term average intersects the long term moving average from a(ove and falls (elow it, the sell signal is generated. If the scrip price is rising, the short term average would (e a(ove the long term average. The short term average intersects the long term average from (elow indicating a further rise in price, given (uy signal. 'ut, if the short term average move a(ove the long term average and the long term average is falling, investor should treat intersection with suspicion. The short term movement may not hold long. 9ence, the investor should wait for the long average to turn up (efore (uying the scrip. )imilarly, if the short term average moves (elow the long term average (efore the long term average has flattened out or (efore it reverses its direction, the investor should wait for the fall in the long average for reversal of direction (efore moving out of the scrip. The two most popular types of moving averages are the )imple 4oving !verage -)4!/ and the *xponential 4oving !verage -*4!/. They are descri(ed in more detail (elow.

Sim!le "o%ing )%erage :


! simple moving average is formed (y computing the average -mean/ price of a security over a specified num(er of periods. While it is possi(le to create moving averages from the Open, the 9igh, and the How data points, most moving averages are created using the closing price.

Formula for the )imple 4oving !verage -)4!/6

Where,

F price of i (arK n 4! period.

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Technical Analysis of BSE Sensex

Ex!onential "o%ing )%erages 5E")6:


In order to reduce the lag in simple moving averages, technicians often use exponential moving averages -also called exponentially weighted moving averages/. *4!=s reduce the lag (y applying more weight to recent prices relative to older prices. The weighting applied to the most recent price depends on the specified period of the moving average. The shorter the *4!=s period, the more weight that will (e applied to the most recent price. The important thing to remem(er is that the exponential moving average puts more weight on recent prices. !s such, it will react 5uicker to recent price changes than a simple moving average. Which moving average you use will depend on your trading and investing style and preferences. The simple moving average o(viously has a lag, (ut the exponential moving average may (e prone to 5uicker (reaks. )ome traders prefer to use exponential moving averages for shorter time periods to capture changes 5uicker. )ome investors prefer simple moving averages over long time periods to identify long term trend changes. In addition, much will depend on the individual security in 5uestion. ! %1 day )4! might work great for identifying support levels in the B!)@!N, (ut a #11 day *4! may work (etter for the @ow Transports. 4oving average type and length of time will depend greatly on the individual security and how it has reacted in the past.

2hen to use3:
'ecause moving averages follow the trend, they work (est when a security is trending and are ineffective when a security moves in a trading range. With this in mind, investors and traders should first identify securities that display some trending characteristics (efore attempting to analy"e with moving averages. This process does not have to (e a scientific examination. <sually, a simple visual assessment of the price chart can determine if a security exhi(its characteristics of trend. (ses #f "o%ing )%erages : There are many uses for moving averages, (ut two (asic uses stand out6

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Technical Analysis of BSE Sensex

Trend identificationOconfirmation )upport and .esistance level identificationOconfirmation

Trend Identification7+onfirmation:
There are three ways to identify the direction of the trend with moving averages6 direction, location and crossovers. The first trend identification techni5ue uses the direction of the moving average to determine the trend. If the moving average is rising, the trend is considered up. If the moving average is declining, the trend is considered down. The direction of a moving average can (e determined simply (y looking at a plot of the moving average or (y applying an indicator to the moving average. In either case, we would not want to act on every su(tle change, (ut rather look at general directional movement and changes.

Su!!ort and &esistance *e%els:


!nother use of moving averages is to identify support and resistance levels. This is usually accomplished with one moving average and is (ased on historical precedent. !s with trend identification, support and resistance level identification through moving averages works (est in trending markets. Trend lines: In the preceding section, we saw how support and resistance levels can (e penetrated (y a change in investor expectations -which results in shifts of the supplyOdemand lines/. This type of a change is often a(rupt and 7news (ased.7 In this section, we=ll review 7trends.7 ! trend represents a consistent change in prices -i.e., a change in investor expectations/. Trends differ from supportOresistance levels in that trends represent change, whereas supportOresistance levels represent (arriers to change.

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Technical Analysis of BSE Sensex

!s shown in the following chart, a rising trend is defined (y successively higher low prices. ! rising trend can (e thought of as a rising support level the (ulls are in control and are pushing prices higher.

!s shown in the next chart, a falling trend is defined (y successively lower high prices. ! falling trend can (e thought of as a falling resistance level the (ears are in control and are pushing prices lower.

The Buy and Sell signals provided by the moving average analysis are as follows:

B(8 SIGN)*

SE** SIGN)*

)tock price line rise through the )tock price lines falls through the moving average line when the graph of the moving average line is flattening out. moving average line when the graph of the moving average line is flattening out.

)tock price line falls (elow the moving )tock price line rises a(ove the moving average line which is rising. average line which is falling.

)tock price line, which is a(ove the )tock price line, which is (elow the moving average line, falls (ut (egins to rise again (efore reaching the moving average line. moving average line, rises (ut (egins to fall again (efore reaching the moving average line. ;;

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Technical Analysis of BSE Sensex

Infosys Technologies *imited :


Infosys Technologies Himited is a multinational information technology )ervices ,ompany head5uartered in 'angalore, India. It is one of India=s largest IT companies, with &% development centers in India and over &A offices worldwide. The company was founded in #$2#. It was formerly known as Infosys ,onsultants Frivate Himited and changed its name to Infosys Technologies Frivate Himited in !pril #$$;. The company works with glo(al corporations and new generation technology companies to deliver end to end solutions. . Infosys completed its initial pu(lic offering of e5uity shares in India in #$$0 and its initial pu(lic offering of !@)s in the <nited )tates in #$$$. It (ecame the first Indian software company to (e added to the B!)@!N #11 indexes. It has received ,apa(ility 4aturity 4odel level -,44 %/ status which indicates that the company has a high 5uality of organi"ation management system and processes and methodology. The company has five su(sidiaries glo(ally Infosys 'FO Himited, Infosys Technologies -!ustralia/, Infosys Technologies -,hina/, Infosys ,onsulting -<)/ and Infosys Technologies -Hatin !merica/. Infosys 'FO, previously known as Frogeon, is a su(sidiary 'FO of the company. The company has presence across the glo(e with &% glo(al development centers spread over <)!, India, ,hina, !ustralia, Gapan, <k, +ermany, France, )wit"erland, Betherlands, and ,anada. Infosys and its su(sidiaries had #A#2;; employees as on 01 Gune ;112. Infosys provides software services like application development 3 maintenance, consulting services 3 package implementation, infrastructure management, systems integration, product engineering and 'FO. These services are provided to more than %11 active clients across industry segments like (anking, financial services, insurance, manufacturing, telecom, retail, transportation and others. 'anking 3 financial services

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Technical Analysis of BSE Sensex

segment -'F)I/ is the largest industry vertical contri(uting 0& per cent to revenues. It is followed (y telecom, manufacturing and retail. -)ources6 www.infosys.com/

&eliance Industries *td:


.eliance Industries Himited is a Fortune +lo(al %11 company and is the largest private sector company in India. The .eliance +roup, founded (y @hiru(hai 9. !m(ani. .eliance Industries esta(lished a synthetic fi(ers mill at Baroda in +u?arat during #$&&. Its (usinesses span the entire petroleum value chain. It operates in three ma?or segments vi". exploration 3 production of crude oil, refining 3 marketing of petroleum products and production of petrochemicals 3 its intermediates. The other segment of the ,ompany includes textile, retail (usiness, special economic "one -)*P/ development and telecomO(road(and (usiness. @uring the fiscal year ended 4arch 0#, ;1##, .eliance Industries Htd ac5uired $%M interest in Infotel 'road(and )ervices Himited. !mong the private sector companies, .eliance Industries Htd is the largest exploration acreage holder with 00 domestic exploration (locks covering an area of a(out 0,0&,111 s5. km. as on 01 )eptem(er ;11C. !dditionally, it has interest in an exploration (lock each in >emen, Oman and !ustralia. The company also has five coal (ed methane -,'4/ (locks covering an area of a(out A,111 s5. km. .eliance Industry Himited has spelled large capex plans entailing an investment of over .s.22, 111 crore over the next five years. The company has planned to (uild one of the largest integrated cracker and petrochemicals complex -with a total capacity of ; 44TF!/ and polypropylene plant at a cost of .s.#0, ;11 crore in the )*P to (e set up (y the company. *xploration and production of oil and gas -mainly in the I+ (asin/ as well as its retail (usiness expansion is likely to cost .s.;%, 111 crore each.

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Technical Analysis of BSE Sensex


-)ources6 www.ril.com/

IT+ *imited: - =Indian To(acco ,ompany of India Himited=/ The company was incorporated way (ack in #$#1 under the name of Imperial To(acco ,ompany of India Himited and was renamed as I.T., Himited in #$CA. Hater in ;11#, the dots were removed from the name and today the company is known as IT, Himited. IT, Himited is one of India=s foremost private sector companies with a market capitali"ation of nearly <) Q #% 'illion and a turnover of over <) Q A.C% (illion. IT, ranks third in pre tax profits among India=s private sector corporations. IT, is ranked among the World=s 'est 'ig ,ompanies and !sia=s =Fa(ulous %1= (y For(es maga"ine, among India=s 4ost .espected ,ompanies (y 'usiness World maga"ine and among India=s 4ost :alua(le ,ompanies (y 'usiness Today maga"ine. IT, has a diversified presence in ,igarettes, 9otels, Faper(oards, Fackaging, !gri 'usiness, Foods, Information Technology, aggar(attis, Fersonal ,are, +reeting, +ifting 3 )tationery, )afety 4atches and other F4,+ products. In Gune ;111, the company initiated its Re choupal= network, a we( (ased information and procurement tool for farmers. ,urrently, the company reaches out to over 0.% million farmers in 02,%11 villages across nine states with a strong network of &,A11 e choupals. It also has #2 rural malls, Rchoupal saagar= operating in three states 4adhya Fradesh, 4aharashtra and <ttar Fradesh. IT, ventured into hospitality (usiness in #$C% (y opening its first hotel in ,hennai called R9otel ,hola=. Today, the company operates over C1 hotels across India classified under five (rands IT, 9otels Huxury collection, IT,DWelcome group )heraton 9otels, Welcome 9otels, Fortune 9otels and Welcome 9eritage. IT, en?oys the leadership position in the Indian cigarette (usiness with a market share of 2;.& per cent -;11% 1&/. )ome of its popular cigarette (rands are Insignia, India

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Technical Analysis of BSE Sensex

Iings, ,lassic, +old Flake, Bavy ,ut, 'erkeley and 'ristol. The company has an installed capacity to manufacture #12 (illion sticks per annum, spread over four manufacturing facilities located at West 'engal, Iarnataka, 'ihar and <ttar Fradesh

-)ource6 www.IT,.in/

,ousing De%elo!ment 9inance +or!oration *td0


The 9ousing @evelopment Finance ,orporation Htd -9@F, Htd/, incorporated in the year #$CC (y )hree 9asmukh(hai Farekh aims at furthering home ownership (y providing long term finance to the household sector. It also offers property related services and deposit products with safer investment options (acked (y competitive returns. ,harita(le Trusts, *ducational Institutions, Individuals, .eligious Trusts and others whom the management decides can deposit with 9@F,. @uring the year #$C$ On Bovem(er 9@F, introduced 9@F, ,ertificate of @eposit )cheme. !nd @uring the year #$21 company introduced Hoan Hinked @eposit scheme, which encourages small savers to (egin a pass (ook account with 9@F, for a minimum of .s.;11 and deposit, as and when funds are availa(le in multiples of .s. #11. !fter a period of 0 years, the depositor may withdraw his accumulated deposit which has earned $M per annum or renew it with 9@F,. It also provides housing finance consultancy services to various international agencies like The World 'ank, !sian @evelopment 'ank, <nited )tates= !gency for International @evelopment etc. FII=s hold more than &1 M of 9@F,=s e5uity, Indian Fu(lic holds less than #% M and the rest are (eing held (y (anks and others.

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Technical Analysis of BSE Sensex

9@F, has (ranches across all ma?or Indian cities and countries like Iuwait, Natar, )audi !ra(ia, )ultanate of Oman and <!*.

-)ources6 www.hdfc.com/

I+I+I Bank *td:


I,I,I 'ank was esta(lished in #$$A (y the Industrial ,redit and Investment ,orporation of India. I,I,I reduced its stake in the (ank through a pu(lic offering of shares in #$$2. Its !merican @epository .eceipts -!@.s/ were listed on the Bew >ork )tock *xchange -B>)*/ in #$$$ ;111. I,I,I 'ank launched internet (anking operations in #$$2 In ;111 1#, I,I,I 'ank ac5uired 'ank of 4adura (y way of an all stock amalgamation. On 0 4ay ;11;, I,I,I merged with I,I,I 'ank. Two more companies I,I,I Fersonal Financial )ervices and I,I,I ,apital )ervices -su(sidiaries of I,I,I/ were (rought under the merged entity. The merged entity emerged as the second largest in terms of (usiness si"e after )tate 'ank of India. I,I,I 'ank has an international presence in #2 countries. It now has su(sidiaries in the <I, .ussia and ,anada, offshore (anking units in )ingapore and 'ahrain, an advisory (ranch in @u(ai and (ranches in 'ahrain, 9ong Iong, )ri Hanka, 'elgium and Nuarter. It also esta(lished international finance centers and representative offices in the <), the <!*, ,hina, 'angladesh, )outh !frica, Indonesia, Thailand and 4alaysia. ,handa Iochhar is the Fresent chairperson of I,I,I 'ank. Total income .s.0;&;#$.A%0 4illion and Bet Frofit .s.%#%#0.C&; 4illion ->ear ending march ;1##/.The 'ank has a network of ;,%00 (ranches and &,211 !T4s in India, and has a presence in #$ countries, including India.

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Technical Analysis of BSE Sensex

!ccording to media reports, I,I,I 'ank plans to float an initial pu(lic offer -IFO/ for I,I,I )ecurities, its wholly owned capital market su(sidiary.

-)ources6 www.icici(ank.com/

,D9+ Bank *imited:


The 9ousing @evelopment Finance ,orporation Himited -9@F,/ was amongst the first to receive an =in principle= approval from the .eserve 'ank of India -.'I/ to set up a (ank in the private sector.. The (ank was incorporated in !ugust #$$A in the name of =9@F, 'ank Himited=, with its registered office in 4um(ai, India. 9@F, 'ank commenced operations as a )cheduled ,ommercial 'ank in Ganuary #$$%. 9@F, 'ank offers a wide range of commercial and transactional (anking services and treasury products to wholesale and retail customers. The (ank has three key (usiness segments6 Wholesale Banking Services The 'ank=s target market ranges from large, (lue chip manufacturing companies in the Indian corporate to small 3 mid si"ed corporate and !gri (ased (usinesses. etail Banking Services The o(?ective of the .etail 'ank is to provide its target market customers a full range of financial products and (anking services, giving the customer a one stop window for all hisOher (anking re5uirements. Treasury - Within this (usiness, the (ank has three main product areas Foreign

*xchange and @erivatives, Hocal ,urrency 4oney 4arket 3 @e(t )ecurities, and *5uities. The Treasury (usiness is responsi(le for managing the returns and market risk on this investment portfolio. 9@F, 'ank=s (usiness philosophy is (ased on four core values Operational *xcellence, ,ustomer Focus, Froduct Headership and Feople.

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Technical Analysis of BSE Sensex

9@F, 'ank currently has an nationwide network of ;,#%1 'ranches and &,C11 !T4=s in #,#A# Indian towns and cities.

-)ource6 www.hdfc.com/

*arsen : Toubro *td:


Harsen and Tou(ro, founded (y two @anish engineers, 4r. 9enning 9olck Harsen and )oren Iristian Tou(ro as a partnership firm in #$02, was incorporated as a company in #$A&. It is one of the flagship company of Harsen 3 Tou(ro +roup 3 the largest engineering 3 construction conglomerate in !sia. )tarted its (usiness with the noncore cement sector, today the company is highly diversified. H3T carries out its diversified activities through its different divisions vi", ,onstruction *,,, *ngineering 3 ,onstruction Fro?ects, 9eavy *ngineering 4anufacture, *lectrical 3 *lectronics, Information Technology and 4achinery 3 Industrial Froducts division. The *,, -engineering construction 3 contracts/ division of H3T is the largest division of the company. It constructs all kinds of (uildings, provides infrastructural facilities, takes up hydropower 3 irrigation pro?ects, constructs thermal 3 non conventional power plants 3 offers electrification services to ma?or industries. The company is headed (y the ,hairman cum 4@ 4r.!.4.Baik. and ,ompany )ecretary 4r. B 9ariharan. ,urrent total income of the company .s. A%AA%%.A 4illion and Bet Frofit .s. 022C.% 4illion.->ear *nding 4arch ;1##/. Business area of the com!any includes:

Turnkey Fro?ects ,onstruction

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Technical Analysis of BSE Sensex

*ngineered Froducts 3 )ystems *lectrical 3 *lectronic Froducts 3 )ystems IT 3 *ngineering )ervices 4achinery :alves 3 Industrial ,onsuma(les Financial )ervices )hip(uilding -)ources6 www.larsentou(ro.com /

Tata +onsultancy Ser%ices *td:


Tata ,onsultancy )ervices -T,)/ is the largest Indian software company in terms of sales. It is a part of the Tata group, one of !sia=s largest conglomerates. It was founded (y Gamset?i Tata in #2A2 and it is one of Indias most respected institutions today. T,) started its operations in #$&2 as a division of Tata )ons pioneering the offshore software services delivery model. Tata )ons is a closely held firm of the Tata group. In ;11; 10, Orchid Frint India, then owned (y Tata )ons, was re christened as T,) which led to the creation of T,) as a separate company as we know it today. In ;11A 1%, T,) @ivision of Tata )ons was amalgamated into T,). In ;11A, the company made an initial pu(lic offering and was su(se5uently listed on the B)* and the ')*. Tata )ons is the single largest shareholder with a C% per cent stake in the company. T,) has a glo(al presence with #%% offices across A; countries. It has developed various glo(al delivery centers -+@,/ as well as regional delivery centers -.@,/ to cater to its clients. It is largest IT employer in India, having total manpower strength of #, ;#,&#1 employees. It provides services to wide range of segment like (anking 3 financial services, energy, resources 3 utilities, government, telecom, media 3 information services, etc.

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Technical Analysis of BSE Sensex


The company is headed (y the ,hairman 4r. .atan B Tata 3 4@ 4r. B

,handrasekaran and ,urrent total income of the company .s. ;$$012.% 4illion and Bet Frofit .s. C%&$$.$ 4illion.->ear *nding 4arch ;1##/.

-)ources6 www.tcs.com /

State Bank #f India:


)'I was constituted through an !ct of Farliament on 2 4ay #$%%, after the .eserve 'ank of India ac5uired a controlling stake in the Imperial 'ank of India, which then came to (e known as )tate 'ank of India. @uring the process of nationali"ation, the private ownership was retained, though on a minority (asis. The )tate 'ank of India -)u(sidiary 'anks/ !ct was passed in #$%$, ena(ling )tate 'ank of India to take over eight former )tate associated (anks as its su(sidiaries. In ;11#, the (ank created one more su(sidiary, although a non (anking one, (y hiving off its technology division. The (ank has now decided to merge on of its su(sidiaries )tate 'ank of )aurashtra with itself. !fter this merger (ecomes successful, the (ank. )'I international (anking group expanded rapidly with the num(er of foreign offices increasing to 20 (y 4arch ;11C from %A at the end of 4arch ;11%. The (ank carries out a range of financial services through its Indian su(sidiaries )'I ,apital 4arkets Htd., )'I @F9I Htd., )'I ,ards and Fayments )ervices Frivate Htd., )'I Hife Insurance ,ompany Htd., )'I Funds 4anagement Frivate Htd. and )'I Factors and ,ommercial )ervices Frivate Htd. Branches6 The corporate center of )'I is located in 4um(ai. In order to cater to different functions, there are several other esta(lishments in and outside 4um(ai, apart from the corporate center. The (ank (oasts of having as many as #A local head offices and %C

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Technical Analysis of BSE Sensex

Ponal Offices, located at ma?or cities throughout India. It is recorded that )'I has a(out #0%A; (ranches, well networked to cater to its customers throughout India. !nd more than ;112A !T4s in India. ,urrent total income of the 'ank is .s. $C;#2$.%2 4illion and Bet Frofit .s. 2;&A%.#$ 4illion. ->ear *nding 4arch ;1##/. -)ources www.s(i.co.in /

Bharti )irtel *imited

'harti Tele :entures Htd, owned (y the 'harti Telecom group, was incorporated in the year #$$%. The economic activities of the company consist of mo(ile, fixed line, long distance -national and international/, :)!T and Internet services and providing of network solution. The promoters of the company 4O) 'harti Telecom Htd. hold over A% percent of the e5uity capital and foreign companies hold around ;; percent, while the pu(lic holds an insignificant share. The company is headed (y 4r. )unil 'harti 4ittal, as its ,hairman and 4anaging @irector. The (usiness at 'harti Tele :entures is divided into three main (usiness units vi"6 mo(ile services, (road(and 3 telephone services and enterprise services. The mo(ile services unit offers +)4 mo(ile services across India while the (road(and 3 telephone services provide services in most ma?or cities. The *nterprise services unit provides carriers -long distance services/ and services to corporate. !ll these services are provided under the !irtel (rand. The registered office of the company is situated in Bew @elhi and it operates its +)4 mo(ile services in ;0 telecom circles and provides (road(and and telephone services in $% cities. !irtels high speed optic fi(re network currently spans over $1,;1% kms covering all the ma?or cities in the country !nd has recently launched India=s (est @irect to 9ome -@T9/ service, !irtel digital T:

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Technical Analysis of BSE Sensex


'harti !irtel is structured into three strategic (usiness units 4o(ile

services, Tele media services and *nterprise services. !ll these services are provided under the !irtel (rand. ,urrent total income of the 'ank is .s.02%1C& 4illion and Bet Frofit .s. CC#&$ 4illion. ->ear *nding 4arch ;1##/.

-)ource6 www.(hartiairtel.in/

,industan (nile%er *td:


9industan <nilever Htd was incorporated as Hever 'rothers India Htd in #$;;. Two <nilever su(sidiaries, 9industan :anaspati 4anufacturing ,ompany and <nited Traders, were merged with Hever 'rothers India in #$%& and the merged entity was rechristened =9industan Hever Htd=. In Gune ;11C, the company=s name was changed to =9industan <nilever Htd= to reflect its glo(al identity. Farent, <nilever holds %#.A0 per cent e5uity in the company. 9<H made a host of ac5uisitions, mostly glo(al, (y parent company <nilever. Frominent among them were6 Tata Oil 4ills ,ompany was merged with 9<H in #$$0. 'rooke 'ond Hipton India was merged with the company in #$$& after these international tea (rands were earlier ac5uired (y its parent company. The merger, also, (rought Iothari +eneral Foods, Iissan and @ollops Ice cream (usiness into 9<H=s fray. Hakme Hever, a %16%1 ?oint venture company for cosmetics, was finally sold (y Hakme to the company in #$$2. Fonds India amalgamated with the company in #$$2 after <nilever glo(ally ac5uired it in #$$&. International 'est Foods was ac5uired in ;11# su(se5uent to the international ac5uisition of 'est Foods, <)! (y <nilever. In ;110,

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+roup of ,ompanies.

Technical Analysis of BSE Sensex

9<H ac5uired the cooked shrimp and pasteuri"ed cra(meat (usiness of the !malgam

It has employee strength over #%111 3 #;11 managers. It has created widespread network through its ;111 suppliers 3 associates. There C% manufacturing locations in India itself. It caters its wide range of products to &.0million outlets. It has market capitali"ation of ##.%(illion. <nder the )uper :alue )tore Frogramme program, the company is refur(ishing its traditional network of kirana stores along the lines of modern trade format and offering higher discounts on products in return for increased shelf space. Brands: !ome " personal care: - <nder this it has (rands that caters to every income segment of population. In this segment it has (rands like Hakme, !xe, Fepsodent, )urf *xcel, Wheel, Hux, @ove, Fair 3 Hovely 3 many more. #oods " Beverages: $ <nder this segment it has (rand like Iissan, Innor )oups, !nnapurna, Iwality Walls, 'rooke 'ond 3 Hipton. It has also launch water purifier with the name Fureit. The company is headed (y the ,hairman 4r. 9arish 4anwani 3 4@ 4r. Bitin Faran?pe and ,urrent total income of the company .s. ;11#10.2 4illion and Bet Frofit .s. ;#%0;.% 4illion. ->ear *nding 4arch ;1##/.

-)ources www.hul.com/

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Technical Analysis of BSE Sensex

Tata "otors *td


Tata 4otors Htd -T4H/, widely known as T*H,O, is one of the oldest Indian automo(ile companies. The company was esta(lished in #$A% as Tata *ngineering and Hocomotive ,o Htd -T*H,O/, primarily to manufacture locomotives and other engineering products. The company=s first automo(ile, a commercial vehicle, was launched in #$%A in colla(oration with @aimler 'en" !+ of West +ermany. Today, Tata 4otors is India=s largest Indian automo(ile company with annual revenues of .s. A2A&0A.0 4illion -4arch ;1##/ and The company claims to (e the world=s fifth largest medium and heavy truck manufacturer and the second largest heavy (us manufacturer The company is the leader in the Indian commercial vehicles space and the third largest in the Indian passenger vehicles space with presence in compact, mid si"e car and multi utility vehicles. These automo(ile segments together accounted for nearly $0 per cent of the company=s revenues. !nd other segments which account for the (alance include diesel engines for marine applications, spare parts. The company developed India=s first indigenous light commercial vehicle Tata A1C in #$2&. In #$$2 the company developed India=s first sports utility vehicle Tata )afari and the first indigenously manufactured passenger car Tata Indica. In )eptem(er

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Technical Analysis of BSE Sensex

;11A, Tata 4otors (ecame the first company from Indian engineering sector to (e listed on the Bew >ork )tock *xchange. In Ganuary ;112, the company unveiled the world=s cheapest car Tata Bano for .s. one lakh -ex dealer/ Froduct range of the company includes6 Fassenger ,ars, <tility :ehicles, Truks, ,ommercial Fassenger ,arriers 3 @efense :ehicles. Tata 4otors is an arm of one of the largest Indian (usiness conglomerates. The company is headed (y the ,hairman 4r. .atan B Tata 3 4@ 4r. F 4 Telang and ,urrent total Bet profit of the company .s. #2##2.; million. ->ear *nding 4arch ;1##/. - )ources6 www.tatamotors.com/

#il : Natural Gas +or!oration *td:


In #$%%, +overnment of India decided to develop the oil and natural gas resources in the various regions of the country as part of the Fu(lic )ector development. Oil and Batural +as @irectorate was set up towards the end of #$%%, as a su(ordinate office under the then 4inistry of Batural .esources and )cientific .esearch. It was esta(lished in #$%$ and was incorporated on 4arch ;&, #$$0 under the companies !ct #$%&. !fter The li(erali"ed economic policy, adopted (y the +overnment of India in Guly #$$#, sought to deregulate and de license the core sectors -including petroleum sector/ with partial disinvestments of government e5uity in Fu(lic )ector <ndertakings and other measures. )o that OB+, was re organi"ed as a limited ,ompany under the ,ompany=s !ct, #$%& in Fe(ruary #$$A. Oil 3 Batural +as ,orporation -OB+,/ is into exploration and production activities, (oth onshore and offshore. It owns and operates more than ##,111 Im of pipeline in India including nearly 0,;11 Im of su( sea pipelines. The OB+, group has #A properties in #1 foreign countries. It is a pu(lic sector unit and one of the (iggest Indian 4ultinational ,orporations.

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Technical Analysis of BSE Sensex

It is the only fully integrated petroleum company in India operating along the entire hydrocar(on value chain. It has esta(lished & (illion tons of in place hydrocar(on reserves with more than 011 discoveries of oil and gas. !round five out of the six producing (asins have (een discovered (y the company. It holds %C.;M, the largest share of hydrocar(on acreages in India. Oil 3 Batural +as ,orporationRs su(sidiary 4angalore .efinery 3 Fetrochemicals -4.FH/ will supply all petroleum re5uirements. The company is headed (y the ,hairman cum 4@ 4r. )udhir :asudeva and ,urrent total income of the company .s. $CC0A$.;% 4illion and Bet Frofit .s. #2$;A1.1; 4illion.->ear *nding 4arch ;1##/. -)ource6 www.ongcindia.com/

"ahindra : "ahindra *td:


4ahindra and 4ahindra -4B4/ was incorporated in #$A% and is one of the flagship company of the 4ahindra +roup. 4B4=s core (usinesses are manufacturing, distri(ution and sale of farm e5uipment and utility vehicles. The ma?ority stakeholders of the company are institutional investors holding a(ove %& percent and the Indian promoters holds more than ;; percent while the Indian pu(lic holds a(ove #1 percent of stake in the company. 4r. Ieshu( 4ahindra is the chairman of the company. 4B4 manufactures utility vehicles and tractors. In the automo(ile sector the company manufactures H,:s, cars, ?eeps, multi utility vehicles and three wheelers. Its activities in the farm e5uipment sector comprise of designing, development, manufacturing and marketing of tractors, farm implements, (asic and advanced agri implements, earth moving and construction e5uipment and manufacturing of industrial engines. In the defense sector the company manufactures light armored multi role vehicle, simulators for weapons 3 weapon systems, mo(ile surveillance platforms, sea mines and small arms. It has ventured into 0 wheeler segment with an electric (attery operated vehicle through its su(sidiary 4ahindra *co 4o(iles

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Technical Analysis of BSE Sensex

434 has its registered office in 4um(ai and its plants are in 4aharashtra, <ttar Fradesh, .a?asthan and !ndhra Fradesh. Its plants in 4um(ai and Basik manufacture multi utility vehicles and engines are produced at the Igatpuri plant. <tility :ehicles, Hight commercial vehicles and 0 wheelers are manufactured at the Paheera(ad plant in !ndhra Fradesh and three wheelers at the 9aridwar plant. The company has sales offices with a supporting network of dealers throughout the country. 434 also has a presence in the International market. The 4@ of company is !nand + 4ahindra and ,urrent total income of the company .s. ;0$A$;.A 4illion and Bet Frofit .s. ;&&;# 4illion.->ear *nding 4arch ;1##/. -)ources www.mahindra.com/

Tata Steel *imited:


Tata )teel is India=s largest integrated private sector steel company. *sta(lished in #$1C, its steel plant at Gamshedpur produces four million tonnes of hot and cold rolled flat and long products. Fresent steel production capacity of 01 4illion Tonnes Fer !nnum -4TF!/. The ,ompany is (ackward integrated with owned iron ore mines and collieries. Tata )teel is among the lowest cost steel producers in the world. The steel ma?or has won the Frime 4inister=s Trophy four times. This award is instituted (y the Indian ministry of steel and awarded to the country=s (est integrated steel plant. In ;111, it (ecame the first Tata company to win the G.@ Tata N: award, given to the company with =world class= operations under the +roup=s Tata 'usiness *xcellence 4odel. )reas of business: !part from the main steel division, Tata )teel=s operations are grouped under strategic profit centers like6 'earings @ivision, Ferro !lloys and 4inerals @ivision, !grico @ivision, Tata +rowth )hop -T+)/, Tu(es @ivision 3 Wire @ivision.

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Technical Analysis of BSE Sensex


The company has a production facility in Gamshedpur which manufactures

welded steel tu(es. The company also has a Ferro chrome plant in Orissa, (earings plant in West 'engal and wire manufacturing facilities in 4aharashtra and Iarnataka. Its marketing network spans ;A cities in India and #% countries across the glo(e in Borth !merica, *urope, southern !frica and !sia. The company is headed (y the ,hairman 4r. .atan B Tata 3 4@ 4r. 9 4 Berurkar and ,urrent total income of the company .s. 0120;%.C 4illion and Bet Frofit .s. &2&%&.$ 4illion.->ear *nding 4arch ;1##/.

(Source: www.tatasteel.com)

Infosys Technologies *imited :


The ta(le showing the share price, % weekly moving average of

Infosys Technologies Himited from 1& 1% ;1## to ;% ## ;1##.

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0$

Companys

Technical Analysis of BSE Sensex

% Weekly 4oving !verage of Infosys Technologies Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## ;,22&.$1 ; #0O1%O;1## ;,221.1% 0 ;1O1%O;1## ;,2%1.%% A ;CO1%O;1## ;,C2C.$% % 10O1&O;1## ;,2#0.%1 ;,2A0.C$ & #1O1&O;1## ;,2&#.&1 ;,202.C0 C #CO1&O;1## ;,C&A.A1 ;,2#%.&1 2 ;AO1&O;1## ;,2&;.#1 ;,2#C.$# $ 1#O1CO;1## ;,$0A.01 ;,2AC.#2 #1 12O1CO;1## ;,$CC.$1 ;,221.1& ## #%O1CO;1## ;,C01.%% ;,2%0.2% #; ;;O1CO;1## ;,2;%.0% ;,2&&.1A #0 ;$O1CO;1## ;,C&&.21 ;,2A&.$2 #A 1%O12O;1## ;,%$1.%% ;,CC2.;0 #% #;O12O;1## ;,0CA.A% ;,&%C.%A #& #$O12O;1## ;,;;%.A1 ;,%%&.%# #C ;&O12O;1## ;,;1A.%% ;,A0;.0% #2 1;O1$O;1## ;,0#%.%% ;,0A;.#1 #$ 1$O1$O;1## ;,;C#.;1 ;,;C2.;0 ;1 #&O1$O;1## ;,0$0.A1 ;,;2;.1; ;# ;0O1$O;1## ;,0A1.#1 ;,01A.$& ;; 01O1$O;1## ;,%00.21 ;,0C1.2# ;0 1CO#1O;1## ;,%1C.1% ;,A1$.## ;A #AO#1O;1## ;,CAA.&% ;,%10.21 ;% ;#O#1O;1## ;,C;;.C1 ;,%&$.&& ;& ;2O#1O;1## ;,2%$.&% ;,&C0.%C ;C 1AO##O;1## ;,2;$.#1 ;,C0;.&0 ;2 ##O##O;1## ;,CC%.&1 ;,C2&.0A ;$ #2O##O;1## ;,C0$.%1 ;,C2%.0# 01 ;%O##O;1## ;,&11.&1 ;,C&1.2$
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A1

Companys

Technical Analysis of BSE Sensex

Chart %: ,hart showing % Weekly 4oving !verage of Infosys Technologies Himited.

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A#

Companys

Technical Analysis of BSE Sensex

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust a normal. Hater on the chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term.

&eliance Industries *imited :

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A;

Companys

Technical Analysis of BSE Sensex


The ta(le showing the share price, % weekly moving average of

.eliance Industries Himited from 1& 1% ;1## to ;% ## ;1##. Chart &: % Weekly 4oving !verage of .eliance Industries Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## $%%.A1 ; #0O1%O;1## $A2.&% 0 ;1O1%O;1## $;#.A1 A ;CO1%O;1## $A&.01 % 10O1&O;1## $0&.#% $A#.%2 & #1O1&O;1## $AA.11 $0$.01 C #CO1&O;1## 2&2.A1 $;0.;% 2 ;AO1&O;1## 2C1.A1 $#0.1% $ 1#O1CO;1## 2&;.#% 2$&.;; #1 12O1CO;1## 2%A.A1 2C$.2C ## #%O1CO;1## 2C0.01 2&%.C% #; ;;O1CO;1## 2C0.&1 2&&.C$ #0 ;$O1CO;1## 2;C.C1 2%2.;% #A 1%O12O;1## C$#.&% 2AA.#% #% #;O12O;1## C&1.21 2;%.A0 #& #$O12O;1## C0#.;1 C$C.1# #C ;&O12O;1## C#$.%1 C&&.#$ #2 1;O1$O;1## 21%.A1 C%;.%% #$ 1$O1$O;1## 2;%.#1 C%;.10 ;1 #&O1$O;1## 2;C.A% C&%.0& ;# ;0O1$O;1## CC1.C% CC0.;C ;; 01O1$O;1## 212.01 C$#.10 ;0 1CO#1O;1## 21#.A% 21C.A; ;A #AO#1O;1## 2&&.21 2#$.C1 ;% ;#O#1O;1## 20%.A1 2;#.;$ ;& ;2O#1O;1## 2$2.11 2A&.CA ;C 1AO##O;1## 2C$.&1 2&#.11 ;2 ##O##O;1## 220.2% 2CC.A2 ;$ #2O##O;1## 212.1% 2&%.C0 01 ;%O##O;1## C%A.11 2A$.A%
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A0

Companys

Technical Analysis of BSE Sensex

,hart showing % Weekly 4oving !verage of .eliance Industries Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust a normal. Hater on the chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term . !nd first clear (uying signal happens in #st week of !ugust and first sell signal

happens in the month of Gune and Bovem(er second week.

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AA

Companys

Technical Analysis of BSE Sensex

IT+ *imited :

The ta(le showing the share price, % weekly moving average of

IT, Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of IT, Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## #20.A% ; #0O1%O;1## #2$.%1 0 ;1O1%O;1## #2%.21 A ;CO1%O;1## #2$.#1 % 10O1&O;1## #$0.%% #22.;2 & #1O1&O;1## #$#.&% #2$.$; C #CO1&O;1## #$#.2% #$#.10 2 ;AO1&O;1## #$%.1% #$;.22 $ 1#O1CO;1## ;1#.C1 #$%.A1 #1 12O1CO;1## ;11.;% #$&.CA ## #%O1CO;1## ;1#.01 #$2.&C #; ;;O1CO;1## ;1C.01 ;1#.C& #0 ;$O1CO;1## ;12.01 ;1A.;% #A 1%O12O;1## #$&.%1 ;10.;# #% #;O12O;1## #$2.01 ;1;.2; #& #$O12O;1## #$2.2% ;1;.00 #C ;&O12O;1## #$&.2% ;11.;A #2 1;O1$O;1## ;10.;1 #$$.;; #$ 1$O1$O;1## #$C.C1 #$$.A& ;1 #&O1$O;1## #$2.#1 #$$.A; ;# ;0O1$O;1## #$#.&1 #$C.$C ;; 01O1$O;1## #$C.2% #$2.#C ;0 1CO#1O;1## #$$.;1 #$C.%C ;A #AO#1O;1## ;1%.#1 #$$.1% ;% ;#O#1O;1## ;10.&% ;11.#& ;& ;2O#1O;1## ;#%.#% ;1A.2C ;C 1AO##O;1## ;#1.0% ;1C.0C ;2 ##O##O;1## ;#;.2% ;#1.#1 ;$ #2O##O;1## ;1;.#% ;1$.%# 01 ;%O##O;1## #$;.;% ;1C.;0

MSNM BESANT

A%

Companys

Technical Analysis of BSE Sensex

Chart ': ,hart showing % Weekly 4oving !verage of IT, Himited

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust a normal. Hater on the chart starts to show downward trend and it is looking a (ullish trend. !s the stock price intersects the moving average line from (elow it is advised to (uy the stock as there is further rise in price and it is (ullish trend in the short term and sell it when prices is high. !nd first clear (uying signal happens in ;0rd )eptem(er and first sell signal happens in ;2th Octo(er.

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A&

Companys

Technical Analysis of BSE Sensex

,D9+ *imited :
The ta(le showing the share price, % weekly moving average of

9@F, Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of 9@F, Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## &&A.C% ; #0O1%O;1## &A&.C% 0 ;1O1%O;1## &%2.#1 A ;CO1%O;1## &%&.01 % 10O1&O;1## &%$.C1 &%C.#; & #1O1&O;1## &%1.$% &%A.0& C #CO1&O;1## &0$.#% &%;.2A 2 ;AO1&O;1## &&&.$% &%A.&# $ 1#O1CO;1## C1#.C% &&0.C1 #1 12O1CO;1## C##.$% &CA.#% ## #%O1CO;1## &$0.A% &2;.&% #; ;;O1CO;1## C1&.1% &$&.10 #0 ;$O1CO;1## &22.%1 C11.0A #A 1%O12O;1## &&&.&1 &$0.0# #% #;O12O;1## &C1.11 &2A.$; #& #$O12O;1## &02.21 &C0.$$ #C ;&O12O;1## &;#.A1 &%C.1& #2 1;O1$O;1## &%$.2% &%#.00 #$ 1$O1$O;1## &&1.&1 &%1.#0 ;1 #&O1$O;1## &&1.A% &A2.;; ;# ;0O1$O;1## &;%.$% &A%.&% ;; 01O1$O;1## &0$.;% &A$.;; ;0 1CO#1O;1## &A%.#1 &A&.;C ;A #AO#1O;1## &&&.0% &AC.A; ;% ;#O#1O;1## &0A.;% &A;.#2 ;& ;2O#1O;1## &2&.$1 &%A.0C ;C 1AO##O;1## &2;.$1 &&0.#1 ;2 ##O##O;1## &&2.1% &&C.&$ ;$ #2O##O;1## &A0.0% &&0.1$ 01 ;%O##O;1## &#0.;1 &%2.22
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AC

Companys

Technical Analysis of BSE Sensex

Chart (: ,hart showing % Weekly 4oving !verage of 9@F, Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust downside. Hater on the chart starts to show upward trend and it is continuously fluctuating. It is looking a (ullish trend. !s the stock price intersects the moving average line from (elow it is advised to (uy the stock as there is further rise in price and it is (ullish trend in the short term and sell it when prices is high. !nd first clear (uying signal happens in #Cth Gune and first sell signal happens in 2th Guly.

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A2

Companys

Technical Analysis of BSE Sensex

I+I+I Bank :
The ta(le showing the share price, % weekly moving average of

I,I,I 'ank from 1& 1% ;1## to ;% ## ;1## % Weekly 4oving !verage of I,I,I 'ank )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## #,12#.0% ; #0O1%O;1## #,1C%.C1 0 ;1O1%O;1## #,1AA.;% A ;CO1%O;1## #,1&$.11 % 10O1&O;1## #,1A2.21 #,1&0.2; & #1O1&O;1## #,10A.$% #,1%A.%A C #CO1&O;1## #,10#.A% #,1A%.&$ 2 ;AO1&O;1## #,1&%.;% #,1A$.2$ $ 1#O1CO;1## #,1$A.C1 #,1%%.10 #1 12O1CO;1## #,1&1.11 #,1%C.;C ## #%O1CO;1## #,1&1.1% #,1&;.;$ #; ;;O1CO;1## #,1&2.01 #,1&$.&& #0 ;$O1CO;1## #,10C.C% #,1&A.#& #A 1%O12O;1## $&&.#1 #,102.AA #% #;O12O;1## $0$.21 #,1#A.A1 #& #$O12O;1## 200.#% $&$.1; #C ;&O12O;1## 2;1.#% $#$.0$ #2 1;O1$O;1## 22C.;1 22$.;2 #$ 1$O1$O;1## 2$&.A1 2C%.0A ;1 #&O1$O;1## 221.$% 2%&.0# ;# ;0O1$O;1## 2AA.&% 2%2.&# ;; 01O1$O;1## 2C%.0% 2&$.&% ;0 1CO#1O;1## 2;A.01 2%C.1C ;A #AO#1O;1## 2$1.A% 2%%.22 ;% ;#O#1O;1## 2C1.0% 2%0.C& ;& ;2O#1O;1## $0;.$% 2C#.A; ;C 1AO##O;1## 22%.;1 2C0.0$ ;2 ##O##O;1## 2;;.%1 2C0.10 ;$ #2O##O;1## CC1.#% 2A2.$C 01 ;%O##O;1## C#$.A1 2#2.C2
MSNM BESANT
A$

Companys

Technical Analysis of BSE Sensex

Chart ): ,hart showing % Weekly 4oving !verage of I,I,I 'ank.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust a normal. Hater on the chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term. !nd first clear sell signal happens in the month of Guly second week.

MSNM BESANT

%1

Companys

Technical Analysis of BSE Sensex

,D9+ Bank :
The ta(le showing the share price, % weekly moving average of

9@F, 'ank from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of 9@F, 'ank )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## ;,;$$.#% ; #0O1%O;1## ;,;%A.A% 0 ;1O1%O;1## ;,0#&.11 A ;CO1%O;1## ;,;$2.#% % 10O1&O;1## ;,0A$.$% ;,010.%A & #1O1&O;1## ;,0%$.#1 ;,0#%.%0 C #CO1&O;1## ;,0%1.$% ;,00A.20 2 ;AO1&O;1## ;,02#.A% ;,0AC.$; $ 1#O1CO;1## ;,A$&.$1 ;,02C.&C #1 12O1CO;1## ;,%%2.;1 ;,A;$.0; ## #%O1CO;1## %1$.11 ;,1%$.01 #; ;;O1CO;1## %1#.A1 #,&2$.0$ #0 ;$O1CO;1## A2C.A1 #,0#1.%2 #A 1%O12O;1## AC0.;% $1%.2% #% #;O12O;1## A&2.;% A2C.2& #& #$O12O;1## A&#.$% AC2.A% #C ;&O12O;1## A02.C1 A&%.$# #2 1;O1$O;1## AC#.#% A&;.&& #$ 1$O1$O;1## AC;.C% A&;.%& ;1 #&O1$O;1## A20.&% A&%.&A ;# ;0O1$O;1## A%C.&% A&A.C2 ;; 01O1$O;1## A&C.;% AC1.A$ ;0 1CO#1O;1## AA$.21 A&&.;; ;A #AO#1O;1## ACA.#% A&&.%1 ;% ;#O#1O;1## A2&.01 A&C.10 ;& ;2O#1O;1## A2;.%1 AC;.11 ;C 1AO##O;1## A2;.#1 ACA.$C ;2 ##O##O;1## A&0.$% ACC.21 ;$ #2O##O;1## A%C.C1 ACA.%# 01 ;%O##O;1## A0#.%1 A&0.%%
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%#

Companys

Technical Analysis of BSE Sensex

Chart *: ,hart showing % Weekly 4oving !verage of 9@F, 'ank.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning of the first ; month moving average line is ?ust raised. Hater on the chart starts to show downward trend. It is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term.

MSNM BESANT

%;

Companys

Technical Analysis of BSE Sensex

* : T *imited :
The ta(le showing the share price, % weekly moving average of

H 3 T Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of H 3 T Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## #,%AA.A% ; #0O1%O;1## #,%;2.21 0 ;1O1%O;1## #,&%#.$1 A ;CO1%O;1## #,&02.01 % 10O1&O;1## #,C##.$1 #,&#C.1C & #1O1&O;1## #,&$0.C1 #,&A&.$; C #CO1&O;1## #,&C$.21 #,&CC.#; 2 ;AO1&O;1## #,C0$.11 #,&$A.%A $ 1#O1CO;1## #,21C.C% #,CA2.A0 #1 12O1CO;1## #,20%.#% #,C%0.12 ## #%O1CO;1## #,2#2.11 #,CCC.$A #; ;;O1CO;1## #,2;%.%1 #,21C.12 #0 ;$O1CO;1## #,C;%.$% #,21A.AC #A 1%O12O;1## #,&0$.$% #,CC1.$# #% #;O12O;1## #,&A0.;1 #,C0;.%; #& #$O12O;1## #,%AA.$% #,&CC.$# #C ;&O12O;1## #,%0#.0% #,&#$.12 #2 1;O1$O;1## #,&1$.0% #,%$%.C& #$ 1$O1$O;1## #,&2$.$% #,&1%.C& ;1 #&O1$O;1## #,&1$.&1 #,%$$.1A ;# ;0O1$O;1## #,A%;.;% #,%21.%1 ;; 01O1$O;1## #,0%2.;1 #,%A%.2C ;0 1CO#1O;1## #,0$0.A% #,%1;.&$ ;A #AO#1O;1## #,A1C.21 #,AA&.;& ;% ;#O#1O;1## #,00&.11 #,0$#.%A ;& ;2O#1O;1## #,A#0.;% #,020.CA ;C 1AO##O;1## #,0$;.2% #,0$1.&C ;2 ##O##O;1## #,001.&% #,0C2.## ;$ #2O##O;1## #,;A0.11 #,0A%.#% 01 ;%O##O;1## #,;&%.21 #,00#.##
MSNM BESANT
%0

Companys

Technical Analysis of BSE Sensex

Chart +: ,hart showing % Weekly 4oving !verage of H 3 T Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust upward up to !ugust. Hater on the chart starts to show downward trend and it is continuously falling. It is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term. !nd first clear (uying signal happens in the month of Bovem(er and first sell signal happens in the month of Guly second week.

MSNM BESANT

%A

Companys

Technical Analysis of BSE Sensex

Tata +onsultancy Ser%ices *imited :


The ta(le showing the share price, % weekly moving average of

Tata ,onsultancy )ervices Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of Tata ,onsultancy )ervices Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## #,#AA.%% ; #0O1%O;1## #,#;C.C1 0 ;1O1%O;1## #,#C&.A1 A ;CO1%O;1## #,#A#.A% % 10O1&O;1## #,#%0.#% #,#A2.&% & #1O1&O;1## #,#22.&% #,#%C.AC C #CO1&O;1## #,##1.%1 #,#%A.10 2 ;AO1&O;1## #,#0&.;1 #,#A%.$$ $ 1#O1CO;1## #,#2&.0% #,#%;.&0 #1 12O1CO;1## #,#C#.%1 #,#%&.01 ## #%O1CO;1## #,#A2.1% #,#A2.#2 #; ;;O1CO;1## #,#0;.C1 #,#%;.&; #0 ;$O1CO;1## #,#0A.A% #,#%;.;C #A 1%O12O;1## #,1%&.C1 #,#;&.0A #% #;O12O;1## $%#.;1 #,12;.;2 #& #$O12O;1## $;$.21 #,102.&0 #C ;&O12O;1## $A$.#% #,11#.$; #2 1;O1$O;1## #,1;#.&% $C$.0& #$ 1$O1$O;1## #,1#%.$% $C#.;# ;1 #&O1$O;1## #,1;$.;1 $2&.2# ;# ;0O1$O;1## $$#.A1 $$$.#0 ;; 01O1$O;1## #,10C.%1 #,1#&.21 ;0 1CO#1O;1## #,1A2.C1 #,1;;.;# ;A #AO#1O;1## #,#0A.%1 #,102.C; ;% ;#O#1O;1## #,1A2.;% #,1A;.%0 ;& ;2O#1O;1## #,##$.&% #,1&2.#2 ;C 1AO##O;1## #,1$$.#1 #,121.%1 ;2 ##O##O;1## #,#01.21 #,1$&.$; ;$ #2O##O;1## #,122.1% #,12C.&0 01 ;%O##O;1## #,1&;.$% #,1$1.%C
MSNM BESANT
%%

Companys

Technical Analysis of BSE Sensex

Chart , : ,hart showing % Weekly 4oving !verage of Tata ,onsultancy Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust a normal. Hater on the chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term. !nd first clear (uying signal happens in third week of !ugust and first sell signal happens in the month of Gune second week.. .

MSNM BESANT

%&

Companys

Technical Analysis of BSE Sensex

State Bank #f India :


The ta(le showing the share price, % weekly moving average of

)tate 'ank of India from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of )tate 'ank of India )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## ;,&A;.$% ; #0O1%O;1## ;,&A$.1% 0 ;1O1%O;1## ;,0;;.1% A ;CO1%O;1## ;,;0A.%1 % 10O1&O;1## ;,0#;.21 ;,A0;.;C & #1O1&O;1## ;,;A;.$% ;,0%;.;C C #CO1&O;1## ;,;##.#1 ;,;&A.&2 2 ;AO1&O;1## ;,;22.#% ;,;%C.$1 $ 1#O1CO;1## ;,A;#.#1 ;,;$%.;; #1 12O1CO;1## ;,AC2.&% ;,0;2.0$ ## #%O1CO;1## ;,AC1.$% ;,0C0.$$ #; ;;O1CO;1## ;,A$A.1% ;,A01.%2 #0 ;$O1CO;1## ;,0A;.11 ;,AA#.0% #A 1%O12O;1## ;,;0;.2% ;,A10.C1 #% #;O12O;1## ;,#$0.A% ;,0A&.&& #& #$O12O;1## ;,10$.$1 ;,;&1.A% #C ;&O12O;1## #,222.C% ;,#0$.0$ #2 1;O1$O;1## #,$$0.$1 ;,1&$.CC #$ 1$O1$O;1## #,$%A.$1 ;,1#A.#2 ;1 #&O1$O;1## #,$A%.%% #,$&A.&1 ;# ;0O1$O;1## #,$%%.%1 #,$AC.C; ;; 01O1$O;1## #,$##.#1 #,$%;.#$ ;0 1CO#1O;1## #,C%#.2% #,$10.C2 ;A #AO#1O;1## #,22;.%1 #,22$.01 ;% ;#O#1O;1## #,$A2.&1 #,22$.$# ;& ;2O#1O;1## #,$1C.11 #,221.;# ;C 1AO##O;1## #,$&A.;% #,2$1.2A ;2 ##O##O;1## #,C$C.&% #,$11.11 ;$ #2O##O;1## #,C;%.%1 #,2&2.&1 01 ;%O##O;1## #,&$1.C1 #,2#C.1;
MSNM BESANT
%C

Companys

Technical Analysis of BSE Sensex

Chart -: ,hart showing % Weekly 4oving !verage of )'I 'ank.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. The chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term. !nd first clear sell signal happens in the month of Guly.

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Companys

Technical Analysis of BSE Sensex

Bharti )irtel *imited :


The ta(le showing the share price, % weekly moving average of

'harti !irtel Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of 'harti !irtel Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## 0%1.C% ; #0O1%O;1## 0&C.;1 0 ;1O1%O;1## 0C0.C1 A ;CO1%O;1## 0C;.;% % 10O1&O;1## 0C2.A% 0&2.AC & #1O1&O;1## 0C0.$1 0C0.1& C #CO1&O;1## 021.0% 0C%.&$ 2 ;AO1&O;1## 0$#.0% 0C$.;; $ 1#O1CO;1## 020.A% 02#.A& #1 12O1CO;1## 0$2.#1 02%.0$ ## #%O1CO;1## 0$;.&1 02$.#0 #; ;;O1CO;1## A#1.$% 0$%.;% #0 ;$O1CO;1## A0C.11 A1A.02 #A 1%O12O;1## A#%.#% A#1.C; #% #;O12O;1## 02$.01 A12.$& #& #$O12O;1## 020.%1 A1C.#A #C ;&O12O;1## 0$2.C% A1A.C1 #2 1;O1$O;1## A12.&% 0$$.10 #$ 1$O1$O;1## A11.0% 0$&.1C ;1 #&O1$O;1## 02%.2% 0$%.02 ;# ;0O1$O;1## 0CA.2% 0$0.&% ;; 01O1$O;1## 0C2.#1 02$.%; ;0 1CO#1O;1## 0%A.21 0C2.C% ;A #AO#1O;1## 020.C% 0C%.A0 ;% ;#O#1O;1## 0CC.$1 0C0.2A ;& ;2O#1O;1## 0$#.2% 0CC.;A ;C 1AO##O;1## 0$C.$% 02#.;# ;2 ##O##O;1## 0$%.%1 02$.0% ;$ #2O##O;1## 0$C.&% 0$;.#0 01 ;%O##O;1## 0CA.$1 0$#.%0
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Companys

Technical Analysis of BSE Sensex

Chart %.: ,hart showing % Weekly 4oving !verage of 'harti !irtel Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. The chart showing upward trend and it is looking a (ull market. !s the stock price intersects the moving average line from (elow, it is advised to (uy the stock as there may (e further rise in price the short term. !nd sell it when prices are high. !nd first clear (uying signal happens in #st week of Octo(er.

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Companys

Technical Analysis of BSE Sensex

,industan (nile%er *imited :


The ta(le showing the share price, % weekly moving average of

9industan <nilever Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of 9industan <nilever Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## ;CA.C1 ; #0O1%O;1## 01&.A% 0 ;1O1%O;1## 0#1.1% A ;CO1%O;1## 01;.A% % 10O1&O;1## 0#2.01 01;.0$ & #1O1&O;1## 0##.0% 01$.C; C #CO1&O;1## 0;#.1% 0#;.&A 2 ;AO1&O;1## 0;A.#1 0#%.A% $ 1#O1CO;1## 00&.C% 0;;.0# #1 12O1CO;1## 00A.11 0;%.A% ## #%O1CO;1## 0;$.%1 0;$.12 #; ;;O1CO;1## 000.$1 00#.&% #0 ;$O1CO;1## 0;0.$% 00#.&; #A 1%O12O;1## 0#2.A1 0;C.$% #% #;O12O;1## 0#%.&% 0;A.;2 #& #$O12O;1## 0#%.1% 0;#.0$ #C ;&O12O;1## 0#2.$% 0#2.A1 #2 1;O1$O;1## 0;1.01 0#C.&C #$ 1$O1$O;1## 000.;% 0;1.&A ;1 #&O1$O;1## 0A1.1% 0;%.%; ;# ;0O1$O;1## 00#.11 0;2.C# ;; 01O1$O;1## 0A1.;% 00;.$C ;0 1CO#1O;1## 0;$.;1 00A.C% ;A #AO#1O;1## 00;.#1 00A.%; ;% ;#O#1O;1## 0;&.#1 00#.C0 ;& ;2O#1O;1## 0A$.A% 00%.A; ;C 1AO##O;1## 0C2.2% 0A0.#A ;2 ##O##O;1## 0$&.#% 0%&.%0 ;$ #2O##O;1## 0$1.2% 0&2.;2 01 ;%O##O;1## 0C%.;1 0C2.#1
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Companys

Technical Analysis of BSE Sensex

Chart %%: ,hart showing % Weekly 4oving !verage of 9industan <nilever Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. The chart showing upward trend and it is looking a (ull market. !s the stock price intersects the moving average line from (elow, it is advised to (uy the stock as there may (e further rise in price the short term. !nd sell it when prices are high. !nd first clear (uying signal happens in last week of 4ay. !nd second clear (uying signal happens in second week of august.

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Companys

Technical Analysis of BSE Sensex

Tata "otors *imited :


The ta(le showing the share price, % weekly moving average of

Tata 4otors Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of Tata 4otors Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## #,;11.$% ; #0O1%O;1## #,;#1.$1 0 ;1O1%O;1## #,#&2.21 A ;CO1%O;1## #,122.&% % 10O1&O;1## #,1;%.#1 ##02.22 & #1O1&O;1## #,1#$.C% ##1;.&A C #CO1&O;1## $21.21 #1%&.&; 2 ;AO1&O;1## $&A.&% #1#%.C$ $ 1#O1CO;1## $$A.%1 $$&.$$ #1 12O1CO;1## #,1%0.01 #11;.&0 ## #%O1CO;1## #,10&.#% #11%.$# #; ;;O1CO;1## $$&.2% #11$.#; #0 ;$O1CO;1## $AC.A1 #11%.&C #A 1%O12O;1## 22$.%1 $2A.&C #% #;O12O;1## 21#.#1 $0A.;0 #& #$O12O;1## C#0.A1 2&$.&2 #C ;&O12O;1## &$$.;1 2#1.#% #2 1;O1$O;1## C%%.#1 CC#.&$ #$ 1$O1$O;1## C&0.&1 CA&.%# ;1 #&O1$O;1## #&#.C1 &#2.&0 ;# ;0O1$O;1## #AC.A1 A2C.2$ ;; 01O1$O;1## #%&.#1 0C&.A0 ;0 1CO#1O;1## #%2.21 ;&2.0% ;A #AO#1O;1## #C$.$1 #%0.0# ;% ;#O#1O;1## #CC.$% #%A.2& ;& ;2O#1O;1## ;1&.;1 #&&.&; ;C 1AO##O;1## #22.11 #C0.11 ;2 ##O##O;1## #2#.C1 #CC.%2 ;$ #2O##O;1## #C1.01 #C%.&& 01 ;%O##O;1## #C#.21 #CA.A0
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Companys

Technical Analysis of BSE Sensex

Chart %&: ,hart showing % Weekly 4oving !verage of Tata 4otors Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. The chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term. !nd first clear sell signal happens in the month of 4ay second week. !nd also second week of Guly.

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Companys

Technical Analysis of BSE Sensex

#NG+ :
The ta(le showing the share price, % weekly moving average of

OB+, from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of OB+, )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## 01%.$% ; #0O1%O;1## 01A.C1 0 ;1O1%O;1## ;CA.1% A ;CO1%O;1## ;20.11 % 10O1&O;1## ;C$.$% ;2$.%0 & #1O1&O;1## ;&&.$1 ;2#.C; C #CO1&O;1## ;&%.#1 ;C0.21 2 ;AO1&O;1## ;C;.21 ;C0.%% $ 1#O1CO;1## ;C&.01 ;C;.;# #1 12O1CO;1## ;C&.;1 ;C#.A2 ## #%O1CO;1## ;C2.#% ;C0.C0 #; ;;O1CO;1## ;C$.C% ;C&.&& #0 ;$O1CO;1## ;&2.&% ;C%.20 #A 1%O12O;1## ;C&.#1 ;C%.2# #% #;O12O;1## ;C$.01 ;C&.A0 #& #$O12O;1## ;C%.C% ;C%.$% #C ;&O12O;1## ;C2.11 ;C%.&1 #2 1;O1$O;1## ;&0.$1 ;CA.&% #$ 1$O1$O;1## ;&#.2% ;C#.21 ;1 #&O1$O;1## ;CA.C1 ;C1.22 ;# ;0O1$O;1## ;%C.21 ;&C.;$ ;; 01O1$O;1## ;&%.C1 ;&A.20 ;0 1CO#1O;1## ;&A.A% ;&A.$A ;A #AO#1O;1## ;&&.&% ;&%.$1 ;% ;#O#1O;1## ;&%.A1 ;&A.1A ;& ;2O#1O;1## ;2A.&1 ;&$.A1 ;C 1AO##O;1## ;CC.&% ;C#.C$ ;2 ##O##O;1## ;&%.21 ;C;.1& ;$ #2O##O;1## ;%$.;% ;C1.%2 01 ;%O##O;1## ;%#.2% ;&C.2C
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Companys

Technical Analysis of BSE Sensex

Chart %': ,hart showing % Weekly 4oving !verage of OB+, Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. The chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term. !nd first clear sell signal happens in the month of Octo(er last week.

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Companys

Technical Analysis of BSE Sensex

"ahindra : "ahindra *imited :


The ta(le showing the share price, % weekly moving average of

4ahindra 3 4ahindra Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of 4ahindra 3 4ahindra Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## C#;.%% ; #0O1%O;1## &$#.$1 0 ;1O1%O;1## &$1.C1 A ;CO1%O;1## C1;.#1 % 10O1&O;1## &&C.;1 &$;.2$ & #1O1&O;1## &&;.;% &2;.20 C #CO1&O;1## &AA.$% &C0.AA 2 ;AO1&O;1## &C;.;1 &&$.CA $ 1#O1CO;1## &$#.01 &&C.%2 #1 12O1CO;1## C#&.2% &CC.%# ## #%O1CO;1## C#2.2% &22.20 #; ;;O1CO;1## C;;.$1 C1A.A; #0 ;$O1CO;1## C#2.;% C#0.&0 #A 1%O12O;1## &%%.11 C1&.0C #% #;O12O;1## CA1.01 C##.1& #& #$O12O;1## C#$.#1 C##.## #C ;&O12O;1## C1A.&% C1C.A& #2 1;O1$O;1## C&&.#1 C#C.10 #$ 1$O1$O;1## C$#.01 CAA.;$ ;1 #&O1$O;1## C$C.2% C%%.21 ;# ;0O1$O;1## CC&.01 C&C.;A ;; 01O1$O;1## 21;.%% C2&.2; ;0 1CO#1O;1## C$%.$% C$;.C$ ;A #AO#1O;1## 21%.&1 C$%.&% ;% ;#O#1O;1## 21#.#1 C$&.01 ;& ;2O#1O;1## 2&2.%1 2#A.CA ;C 1AO##O;1## 20%.1% 2;#.;A ;2 ##O##O;1## 202.A1 2;$.C0 ;$ #2O##O;1## C0C.21 2#&.#C 01 ;%O##O;1## C1&.01 C$C.;#
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Companys

Technical Analysis of BSE Sensex

Chart %(: ,hart showing % Weekly 4oving !verage of 4ahindra 3 4ahindra Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. The chart showing upward trend and it is looking a (ull market. !s the stock price intersects the moving average line from (elow, it is advised to (uy the stock as there may (e further rise in price the short term. !nd sell it when prices are high. !nd first clear (uying signal happens in last week of Octo(er.

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Companys

Technical Analysis of BSE Sensex

Tata Steel *imited :


The ta(le showing the share price, % weekly moving average of

Tata )teel Himited from 1& 1% ;1## to ;% ## ;1##. % Weekly 4oving !verage of Tata )teel Himited )l Bo. @ate )hare Frice % Weekly 4oving !verage # 1&O1%O;1## %$A.1% ; #0O1%O;1## %$A.11 0 ;1O1%O;1## %C2.0% A ;CO1%O;1## %2%.0% % 10O1&O;1## %C0.%1 %2%.1% & #1O1&O;1## %&$.;1 %21.12 C #CO1&O;1## %C;.;% %C%.C0 2 ;AO1&O;1## %C2.&% %C%.C$ $ 1#O1CO;1## &1;.11 %C$.#; #1 12O1CO;1## %$A.A% %20.0# ## #%O1CO;1## %C0.01 %2A.#0 #; ;;O1CO;1## %2A.01 %2&.%A #0 ;$O1CO;1## %&%.#1 %20.20 #A 1%O12O;1## %0;.$1 %C1.1# #% #;O12O;1## AC&.0% %A&.0$ #& #$O12O;1## A%$.;1 %;0.%C #C ;&O12O;1## A;;.;% A$#.#& #2 1;O1$O;1## A22.%1 AC%.2A #$ 1$O1$O;1## AC&.$% A&A.&% ;1 #&O1$O;1## A%$.C% A&#.00 ;# ;0O1$O;1## A0;.01 A%%.$% ;; 01O1$O;1## A#%.;% A%A.%% ;0 1CO#1O;1## A#$.&1 AA1.CC ;A #AO#1O;1## A02.A1 A00.1& ;% ;#O#1O;1## A0;.#% A;C.%A ;& ;2O#1O;1## A21.&1 A0C.;1 ;C 1AO##O;1## A&C.$1 AAC.C0 ;2 ##O##O;1## A01.11 AA$.2# ;$ #2O##O;1## 0$;.%1 AA1.&0 01 ;%O##O;1## 0CA.#1 A;$.1;
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Companys

Technical Analysis of BSE Sensex

Chart %): ,hart showing % Weekly 4oving !verage of Tata )teel Himited.

Interpretation:
This chart covers 01 weeks from 1& 1% ;1## through ;% ## ;1##. The moving average line itself starts in the first week of Gune. In the (eginning the moving average line is ?ust a normal. Hater on the chart starts to show downward trend and it is looking a (ear market. !s the stock price intersects the moving average line from (elow and share price line is in downward, so it is advised to sell the stock as there may (e further falling in price the short term. !nd first clear sell signal happens in the month of Guly #st week. !nd also #st week )eptem(er.

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Companys

Technical Analysis of BSE Sensex

#I/0I/1S:
The market is highly volatile and there is always fluctuation in the stock prices along with )ensex Index. It has (een o(served from the study that IT,, 'harti !irtel Himited, 9industan <nilever Himited and 4ahindra 3 4ahindra Himited %weekly moving average is showing upward trend, so there will (e (ullish trend in the short term of these stocks. Infosys Technologies Htd, .eliance Industries Htd, I,I,I 'ank, 9@F, 'ank, H3T, Tata ,onsultancy )ervices, )'I, Tata 4otors Htd, and OB+, showing downward trend, so there will (e (earish trend in the short term. When there is an upward trend of a particular stock, speculator (uys the share in order to sell at a higher price in future. It is o(served from the study that, the technical analysis tells the investor when to invest and when to disinvest. Hong term investor certainly holds the scrip for long irrespective of what the trend may (e in the short term. It has (een noticed that there is a wide fluctuation in the overall financial performance In the month of Guly most of the company share price was fall.

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Companys

Technical Analysis of BSE Sensex

S2113STI4/S:

It is advisa(le to (uy the shares of a particular company, when the share prices shows a slight upward trend and sell it when the trend goes down. It is advisa(le to (uy the shares of a particular company, when the moving average line shows upward trend and sell it when the trend shows slight downward.
The IT,, 'harti !irtel Himited, 9industan <nilever Himited and 4ahindra 3 4ahindra Himited company as their moving average line is in the upward trend in the short term so, it is advisa(le to (uy the shares of the those company.

It is advisa(le to (uy the shares of a particular company, when the moving average line shows upward trend and sell it when the trend shows slight downward.
It is advisa(le to use (oth fundamental analysis as well as technical analysis

for trading decisions, (ecause will reduce errors in forecasting future Frices

! single indictor is not enough for arriving at a selling or (uying decision. ! com(ination of Technical !nalysis indicators is re5uired for more accurate decisions.

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Companys

Technical Analysis of BSE Sensex

C4/C52SI4/:

From the study, it can (e concluded that the technical analysis is widely accepted worldwide and a very useful tools for analysis of share price (ehavior. The analysis of stock (y moving average method is easy and simple to understand and is very useful tool for making short term trading decisions. From the research it is found that IT,, 'harti !irtel
Himited, 9industan <nilever Himited and 4ahindra 3 4ahindra Himited have upward

trend and Infosys Technologies Htd, .eliance Industries Htd, I,I,I 'ank, 9@F, 'ank,
H3T, Tata ,onsultancy )ervices, )'I, Tata 4otors Htd, and OB+, have downward

trend in the short term. The long term trend can (e identified (y calculating 01 weeks Weekly moving averages. The stock market highly volatile and needs more effort to analy"e the shares and the return on investment, which is su(?ect to market risk. )o decisions are taken carefully at right time (efore trading. *ven though the technical analysis may (e useful tool for analysis of stocks, it should (e used in com(ination with fundamental analysis. This is (ecauseK every single news and events happened in the economy, industry and company have an impact on share prices.
Thus it was suggested that the usage of technical analysis would (e likely to increase volatility in stock markets. This may show that there are potential negative impacts on society as a whole of widespread usage of technical analysis, particularly through a reduction in physical investment.

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