COMPANY ANALYSIS REPORT

A Study on

TECHNICAL ANALYSIS OF TOP 5 COMPANIES IN AUTOMOBILE

INDUSTRY UNDER NSE

Submitted in the partial fulfillment of the Requirement

For the award of the degree of
Master of Business Administration

By
Mr. V. ESHWAR
Reg.No:17751E00H4

Under the guidance of

DR. PRIYA DHARSHINI

Assistant Professor, Department of M.B.A.

SREENIVASA INSTITUTE OF TECHNOLOGY AND

MANAGEMENT STUDIES, MURUKAMBATTU
(POST),(AUTONOMOUS).
CHITTOOR-517 127.
2017-2019
 SREENIVASA INSTITUTE OF TECHNOLOGY
AND
MANAGEMENT STUDIES (SITAMS)
DR.D.K.AUDIKESAWALU MARG, BANGALORE-
TIRUPATHI BYE-PASS ROAD, MURUKAMBATTU,
CHITTOOR - 517 217.
(APPROVED BY AICTE NEW DELHI & AFFILIATED TO J.N.T.U ANANTAPUR.)

CERTIFICATE
This is to certify that the company analysis report entitled “A STUDY ON
TECHNICAL ANALYSIS OF TOP 5 COMPANIES IN AUTOMOBILE INDUSTRY
UNDER NSE”. Is the record of bonafied work done and submitted by Mr. V. ESHWAR
(REG No:17751E00H4) in partial fulfilling of the requirements for the award of the degree in
MASTER OF BUSINESS ADMINISTRATION at SREENIVASA INSTITUTE OF
TECHNOLOGY AND MANAGEMENT STUDIES, (SITAMS), CHITTOOR

GUIDE HEAD OF THE MBA DEPARTMENT

Dr. PRIYA DHARSHINI Dr. U.BALAKRISHNA, Ph.D.,

ASSISTANT PROFESSOR PROFESSOR AND HOD,
MBA DEPARTMENT MBA DEPARTMENT
SITAMS, CHITTOOR SITAMS, CHITOOR.
 DECLARATION

I hereby declare that the company analysis report entitled “A STUDY ON

TECHNICAL ANALYSIS OF TOP 5 COMPANIES IN AUTOMOBILE

INDUSTRY UNDER NSE” has done by me in partial fulfillment of master’s

degree in business administration under SREENIVASA INSTITUTE OF

TECHNOLOGY AND MANAGEMENT STUDIES, (SITAMS), CHITTOOR .This

work has been done by me and that I have not submitted these results in any

form previously for the award of degree, diploma, others.

V.ESHWAR
Reg.No.17751E00H4
 ACKNOWLEDGEMENT

I express my deep sense of gratitude to my project guide Dr. PRIYA

DHARSHINI., Faculty member for his continuous encouragement and inspiring guidance in

every phase of my research Endeavour.

I sincerely express my thanks to Dr. P.RAMESH KUMAR, Principal,

SITAMS, Dr. U.BALAKRISHNA Ph.D., Head of the Department of M.B.A., SITAMS, and

to for their encouragement and valuable suggestions.

I also express my thanks to all my faculty members of M.B.A., my

friends and my family members for their co-operation in the accomplishment of the Industrial

analysis Report’s.

V.ESHWAR
Reg.No.17751E00H4
 CHAPTER: 1
INTRODUCTION
TECHNICAL ANALYSIS
At the most basic level, technical analysis refers to the use of price charts and other bits of
market information to make investment decisions. While fundamental analysis attempts to
measure a company’s intrinsic value by sifting through its financial statements and other hard
data, technical analysis helps us think about which of these factors are already priced into the
stock—and which might not yet be recognized. In fact, many traders combine fundamental
and technical analysis in an attempt to find the best time to place their bets.

Just like fundamental investing, technical analysis has its own language. But instead of
scrutinizing earnings, revenue, and valuation, technicians pore over charts looking for trends,
support, and resistance. All three have specific meanings in the context of technical analysis.
A “trend,” for instance, is the direction a stock is heading. That might seem obvious, but it
isn’t always easy to determine because stock prices don’t move in straight lines. As a result,
technicians examine the highs and lows a stock makes over time, and it’s the overall direction
of these ebbs and flows that constitute a trend.

A technical analyst might warn against buying a stock in a downtrend, or might suggest
increasing holdings when it’s in an uptrend. The area between the lows and highs through a
trend is called the price channel, and it helps us visualize a stock’s price volatility within a
trend. Technical analysts look for levels of “support” and “resistance.”

A support level is where demand is perceived to be strong enough to prevent a stock from
falling further. Support is said to be found when a stock rebounds multiple times off a certain
price. When a stock repeatedly falls back after rising to a certain level, it is said to have hit
resistance. The area between the support and resistance levels is called the range, and a stock
that bounces between the two is said to be “range bound.” The support or resistance levels are
confirmed as more rebounds are observed and can then be used as critical thresholds to
anticipate a change of course.

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 When the price breaks through either of the two levels, however, it often indicates some
significant change in investor expectations, and the possibility of a new trend taking hold.
When a break occurs, the market will start a new trend and look for new levels to land on.
There’s nothing magical about these levels. Investors who bought a stock below a resistance
level, for example, might be more comfortable holding their positions––or adding to them––if
the price remains above that level. As a result, the previous resistance might turn into new
support.

The importance of technical analysis is multifaceted. First while fundamental analysis

may provide a gauge of the supply/demand situations (i.e., price/earnings ratios, economic
statistics) and so forth, there is no psychological component involved in such analysis. Yet
the markets are influenced at times, to a major extent, by emotionalism. AS John Maynard
Keynes stated, “There is nothing as disastrous as a rational investment policy in an irrational
world.” Technical analysis provides the only mechanism to measure the “irrational”
(emotional) component present in all markets.

Technical Analysis is also an important component of disciplined trading. Discipline helps

mitigate the nemesis of all traders, namely, emotion. As soon as you have money in the
market emotionalism is in the driver’s seat and rationale and objectivity are merely
passengers. If you doubt this, try paper trading. Then try trading with your own funds. You
will soon discover how deeply the counterproductive aspects of tension, anticipation, and
anxiety alter the way you trade and view the markets–usually in proportion to the funds
committed.

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 REVIEW OF LITERATURE

A. CONCEPTUAL REVIEW

Technical Analysis can be defined as an art and science of forecasting future prices based
on an examination of the past price movements. Technical analysis is not astrology for
predicting prices. Technical analysis is based on analyzing current demand-supply of
commodities, stocks, indices, futures or any tradable instrument.

Technical analysis is a methodology that makes buy and sell decisions using market
statistics. It primarily involves studying charts showing the trading history and statistics for
whatever security is being analyzed.

Technical analysis of stock trends focuses on the observation of price charts and specific
indicators, aiming to identify consistent trend patterns in the movement of stocks as well as
consistent relationships between price sequences that seem to interact in a prescriped manner.

Technical analysis involve putting stock information like prices, volumes and open interest
on a chart and applying various patterns and indicators to it in order to assess the future price
movements. The time frame in which technical analysis is applied may range from intraday
(1-minute, 5-minutes, 10-minutes, 15-minutes, 30-minutes or hourly), daily, weekly or
monthly price data.

There are essentially two methods of analyzing investment opportunities in the security
market i.e., fundamental analysis and technical analysis. You can use fundamental
information like financial and non-financial aspects of the company or technical information
which ignores fundamentals and focuses on actual price movements.

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Basic assumptions of Technical analysis:

The field of technical analysis is based on three assumptions:

1. The market discounts everything.

2. Price moves in trends.

3. History tends to repeat itself.

1. The market discounts everything

Technical analysis is criticized for considering only prices and ignoring the fundamental
analysis of the company, economy etc. Technical analysis assumes that, at any given time, a
stock’s price reflects everything that has or could affect the company - including fundamental
factors. The market is driven by mass psychology and pulses with the flow of human
emotions. Emotions may respond rapidly to extreme events, but normally change gradually
over time.

2. Price moves in trends

“Trade with the trend” is the basic logic behind technical analysis. Once a trend has been
established, the future price movement is more likely to be in the same direction as the trend
than to be against it. Technical analysts frame strategies based on this assumption only.

3. History tends to repeat itself

People have been using charts and patterns for several decades to demonstrate patterns in
price movements that often repeat themselves. The repetitive nature of price movements is
attributed to market psychology; in other words, market participants tend to provide a
consistent reaction to similar market stimuli over time. Technical analysis uses chart patterns
to analyze market movements and understand trends.

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Strengths of Technical analysis:

1. Not Just for stocks

Technical analysis has universal applicability. It can be applied to any financial instrument
- stocks, futures and commodities, fixed-income securities, for-ex, etc

2. Focus on price
Fundamental developments are followed by price movements. By focusing only on price
action, technicians focus on the future. The price pattern is considered as a leading indicator
and generally leads the economy by 6 to 9 months. To track the market, it makes sense to look
directly at the price movements. More often than not, change is a subtle beast. Even though
the market is prone to sudden unexpected reactions, hints usually develop before signifi cant
movements. You should refer to periods of accumulation as evidence of an impending
advance and periods of distribution as evidence of an impending decline.

3. Supply, demand, and price action

Technicians make use of high, low and closing prices to analyze the price action of a stock.
A good analysis can be made only when all the above information is present. Separately, these
will not be able to tell much. However, taken together, the open, high, low and close reflect
forces of supply and demand.

4. Support and resistance

Charting is a technique used in analysis of support and resistance level. These are trading
range in which the prices move for an extended period of time, saying that forces of demand
and supply are deadlocked. When prices move out of the trading range, it signals that either
supply or demand has started to get the upper hand. If prices move above the upper band of
the trading range, then demand is winning. If prices move below the lower band, then supply
is winning.

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 5. Pictorial price history
A price chart offers most valuable information that facilitates reading historical account of
a security’s price movement over a period of time. Charts are much easier to read than a table
of numbers. On most stock charts, volume bars are displayed at the bottom. With this
historical picture, it is easy to identify the following:

• Market reactions before and after important events

• Past and present volatility

• Historical volume or trading levels

• Relative strength of the stock versus the index.

6. Assist with entry point

Technical analysis helps in tracking a proper entry point. Fundamental analysis is used to
decide what to buy and technical analysis is used to decide when to buy. Timings in this context
play a very important role in performance. Technical analysis can help spot demand (support)
and supply (resistance) levels as well as breakouts. Checking out for a breakout above resistance
or buying near support levels can improve returns.

First of all you should analyze stock’s price history. If a stock selected by you was great for
the last three years has traded flat for those three years, it would appear that market has a
different opinion. If a stock has already advanced significantly, it may be prudent to wait for a
pullback. Or, if the stock is trending lower, it might pay to wait for buying interest and a trend
reversal.

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Weaknesses of Technical Analysis:
1. Analyst bias
Technical analysis is not hard core science. It is subjective in nature and your personal biases
can be reflected in the analysis. It is important to be aware of these biases when analyzing a
chart. If the analyst is a perpetual bull, then a bullish bias will overshadow the analysis. On the
other hand, if the analyst is a disgruntled eternal bear, then the analysis will probably have a
bearish tilt.

2. Open to interpretation
Technical analysis is a combination of science and art and is always open to interpretation.
Even though there are standards, many times two technicians will look at the same chart and
paint two different scenarios or see different patterns. Both will be able to come up with logical
support and resistance levels as well as key breaks to justify their position. Is the cup half-empty
or half-full? It is in the eye of the beholder.

3. Too late
You can criticize the technical analysis for being too late. By the time the trend is identified, a
substantial move has already taken place. After such a large move, the reward to risk ratio is not
great. Lateness is a particular criticism of Dow Theory.

4. Always another level

Technical analysts always wait for another new level. Even after a new trend has been
identified, there is always another “important” level close at hand. Technicians have been
accused of sitting on the fence and never taking an unqualified stance. Even if they are bullish,
there is always some indicator or some level that will qualify their opinion.

5. Trader’s remorse
An array of pattern and indicators arises while studying technical analysis. Not all the signals
work. For instance: A sell signal is given when the neckline of a head and shoulders pattern is
broken. Even though this is a rule, it is not steadfast and can be subject to other factors such as
volume and momentum. In that same vein, what works for one particular stock may not work for
another. A 50-day moving average may work great to identify support and resistance for Infosys,
but a 70-day moving average may work better for Reliance. Even though many principles of
technical analysis are universal, each security will have its own idiosyncrasies.

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 6. Technical analysis is also useful in controlling risk
It is Technical Analysis only that can provide you the discipline to get out when you’re on the
wrong side of a trade. The easiest thing in the world to do is to get on the wrong side of a trade
and to get stubborn. That is also potentially the worst thing you can do. You think that if you ride
it out you’ll be okay. However, there will also be occasions when you won’t be okay. The stock
will move against you in ways and to an extent that you previously found virtually unimaginable.

7. It is more important to control risk than to maximize profits!

There is asymmetry between zero and infinity. What does that mean? Most of us have very
finite capital but infinite opportunities because of thousands of stocks. If we lose an opportunity,
we will have thousands more tomorrow. If we lose our capital, will we get thousands more
tomorrow? It is likely that we will not. We will also lose our opportunities. Our capital holds
more worth to us than our opportunities because we must have capital in order to take advantage
of tomorrow’s opportunities.

It is more important to control risk than to maximize profits! Technical Analysis, if practiced
with discipline, gives you specific parameters for managing risk. It’s simply supply and demand.
Waste what’s plentiful, preserve what’s scarce. Preserve your capital because your capital is your
opportunity. You can be right a thousand times, become very wealthy and then get wiped out
completely if you manage your risk poorly just once. One last time: That is why it is more
important to control risk than to maximize profits!

Principles on technical analysis:

In general, there are a number of points to keep in mind about the suitability of an indicator to
a chart pattern.

The first step in performing technical analysis should be the determination of the type of price
action that the market is experiencing. Since the conclusions drawn by employing technical
analysis often depend on the presumptions made about the type of the market action (whether the
market is trending, breaking out, consolidating, or ranging), the trader should carefully study the
price chart, and the fundamental factors that influence it, before employing the tools provided by
technical analysis.

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1. Oscillators

Oscillators are best suited to analyzing ranging markets where the trend is confined and
going nowhere. The basic purpose behind the construction of an oscillator is to artificially
limit the price action into a predefined range in order to create buy or sell signals, and it’s
only natural that oscillators are most effective when the price action is itself in a range.

2. Moving averages

Moving averages are more suitable for the study of trending markets, where the often
violent price movements invalidate the signals generated by the oscillators.

3. Support and resistance lines

Support and resistance lines can be very helpful in determining the boundaries of
ranging markets, and they can also be helpful in deciding on entry or exit points when the
trader desires to join an existing trend. A successful breakout from a well-defined price
range can be very powerful and the trader can attempt to reduce the volatility of his
portfolio by avoiding trading close to major support or resistance lines when he’s not safe
about his analysis or assumptions.

4. Simple trend lines

Simple trend lines, whether drawn manually or created by moving averages, can be
exceedingly useful in reducing the role of speculation in analyzing price action. If, for
instance, a moving average of a certain period (like the 100- and 50-day moving
averages) provides an insurmountable barrier to the price action for a considerable time,
the trader can use it as a naturally occurring trend line without worrying about the
intricacies of technical analysis. Conversely, when such a barrier line is invalidated by
the price action, the trader can regard this as a signal for a countertrend move. But in all
cases, the trader must avoid changing his tools constantly or seeking the best indicator,
since this will only cause distraction.

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 5. Keep it simple

And finally, the golden rule of technical analysis is to keep it simple. Even indicators
of the same type are prone to creating conflicting signals, and there’s no reason to expect
that false signals generated by a multitude of indicators can be combined to create a
correct signal (though this may be possible logically, but in practice it’s extremely
unlikely). Since we will not know which indicator tells the truth until the price action
confirms it, there’s little to be gained by compounding the uncertainty inherent in our
analysis by adding to the noise in our data with more and more indicators.

Hypothesis of technical analysis:

1. Efficient-market hypothesis
The efficient-market hypothesis (EMH) contradicts the basic tenets of technical analysis by
stating that past prices cannot be used to profitably predict future prices. Thus it holds that
technical analysis cannot be effective. Economist Eugene Fama published the seminal paper on
the EMH in the Journal of Finance in 1970, and said "In short, the evidence in support of the
efficient markets model is extensive, and (somewhat uniquely in economics) contradictory
evidence is sparse."

Technicians say that EMH ignores the way markets work, in that many investors base their
expectations on past earnings or track record, for example. Because future stock prices can be
strongly influenced by investor expectations, technicians claim it only follows that past prices
influence future prices. They also point to research in the field of behavioral finance, specifically
that people are not the rational participants EMH makes them out to be.

By considering the impact of emotions, cognitive errors, irrational preferences, and the
dynamics of group behavior, behavioral finance offers succinct explanations of excess market
volatility as well as the excess returns earned by stale information strategies. Cognitive errors
may also explain the existence of market inefficiencies that spawn the systematic price
movements that allow objective Technical analysis methods to work.

EMH advocates reply that while individual market participants do not always act rationally
(or have complete information) their aggregate decisions balance each other, resulting in a
rational outcome (optimists who buy stock and bid the price higher are countered by pessimists
who sell their stock, which keeps the price in equilibrium). Likewise, complete information is

10
reflected in the price because all market participants bring their own individual, but incomplete,
knowledge together in the market.

2. Random walk hypothesis

The random walk hypothesis may be derived from the weak-form efficient markets
hypothesis, which is based on the assumption that market participants take full account of any
information contained in past price movements (but not necessarily other public information). In
his book A Random Walk Down Wall Street, Princeton economist Burtoni Malkiel said that
technical forecasting tools such as pattern analysis must ultimately be self-defeating: "The
problem is that once such regularity is known to market participants, people will act in such a
way that prevents it from happening in the future.” Malkiel has stated that while momentum may
explain some stock price movements, there is not enough momentum to make excess profits.
Malkiel has compared technical analysis to "astrology".

In the late 1980s, professors Andrew Lo and Craig McKinley published a paper which cast
doubt on the random walk hypothesis. In a 1999 response to Malkiel, Lo and McKinley collected
empirical papers that questioned the hypothesis' applicability that suggested a non-random and
possibly predictive component to stock price movement, though they were careful to point out
that rejecting random walk does not necessarily invalidate EMH, which is an entirely separate
concept from RWH. In a 2000 paper, Andrew Lo back-analyzed data of U.S. from 1962 to 1996
and found that "several technical indicators do provide incremental information and may have
some practical value". Burton Malkiel dismissed the irregularities mentioned by Lo and
McKinley as being too small to profit from.

Technicians say that the EMH and random walk theories both ignore the realities of markets,
in that participants are not completely rational and that current price moves are not independent
of previous moves. Some signal processing researchers negate the random walk hypothesis that
stock market prices resemble Wiener processes, because the statistical moments of such
processes and real stock data vary significantly with respect to window size and similarity
measure. They argue that feature transformations used for the description of audio and bio-
signals can also be used to predict stock market prices successfully which would contradict the
random walk hypothesis.

The random walk index (RWI) is a technical indicator that attempts to determine if a stock’s
price movement is random in nature or a result of a statistically significant trend. The random

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walk index attempts to determine when the market is in a strong uptrend or downtrend by
measuring price ranges over N and how it differs from what would be expected by a random
walk (randomly going up or down). The greater the range suggests a stronger trend.

APPLIED REVIEW:

Sudheer. V (2015)
Technical analysis is an art or science of planting the stock information like price movements,
trading volume and market scenario in the form of charts for the purpose of forecasting the future
price trends. It can aid the investors to anticipate what is ‘possible’ to happen to prices over the
short-run time. And also helps in understanding the intrinsic value of shares and knowing
whether the scripts are undervalued or over valued by scrutinizing the turning points of the
market. This research study attempts to apply technical analysis tools & techniques on selective
scripts to assist precise investment decision in Indian equity/stock market. This analytical study
was purely based on secondary data which had been collected from National Stock Exchange
(NSE) website, journals and magazines. For the purpose of analysis Moving Average
Convergence Divergence (MACD) technique was used to identify the scripts are technically
strong or not. It facilitates investors to recognize the current trend and risks associated with the
scrip at par with the market. This paper aims at carrying out Technical analysis of the securities
of selected companies and to assist investment decisions in the Indian stock market. And
technical analysis provides unbiased solutions in a biased world.

Sanjay Sehgal (2007)

The study evaluates the economic feasibility of technical analysis in the Indian stock market.
It discusses that technical indicators do not outperform Simple Buy and Hold strategy on net
return basis for individual stocks. Technical indicators seem to do better during market upturns
compared to market downturns. However, technical based trading strategies are not feasible via
passive strategy irrespective of market cycle conditions. Technical indicators also do not provide
economically significant profit for industry as well as economy based data. Combining
fundamentals with technical information, they find, that technical indicators are more profitable
for small stocks compared to big stocks and for high value stocks compared to low value stocks.
However, the economic feasibility of fundamentals' based technical strategies is still
questionable. Their results seem to confirm with the efficient market hypothesis.

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S. Vasantha (2012)

Technical analysis was the study of historic price movements of securities, trading volumes,
and market action, primarily through the use of charts for the purpose of forecasting future price
trends. Through technical indicators, investors can analyze the short-term price movement of the
stock, the most important market turning points and project the price movement .This paper
attempts to apply technical analysis on five selective stocks of the Information technology sector
such as Tata Consultancy Services (TCS), Hindustan Computers Limited Technologies (HCL),
Infosys, Wipro and Polaris, which would help the investors to identify the current trends and
risks associated with the scrip at par with the market. This study was only based on secondary
data which had been collected from NSE website, journals and magazines. The technical
indicators have been analyzed by using twelve months share prices of the companies, which was
for the period of January - December 2011. The various techniques such as Relative Strength
Index, Bollinger Bands, Moving Average Convergence Divergence and Simple Moving Average
were used to take a decision on whether to buy or sell the stocks of the IT sector.

S. Nagendra (2018)

This paper threw light on the practical usefulness of fundamental and technical analysis.
Company level fundamental analysis may involve examination of financial data, management,
business concepts, and competition. Technical analysis is about analyzing past price action and
from that deriving a predictive model for the future. Fundamental analysis is more useful for
long term trades and investments; whereas, technical analysis is more useful from a short term
perspective. For the purpose of data analysis and interpretation, five market capitalization
services companies were selected. These are TCS, Reliance, Coal India, HUL, and Hindustan
Zinc. Data for 10 years were collected for these companies. Stock market prices of 10 years of
these companies were employed for the technical analysis. Also, balance sheets of 10 years of
these companies were employed for fundamental analysis. In the study, it was found that both
the analysis were useful in dealing with stock market activities.

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Sarika mahajan (2008)

This paper examines the empirical relationship (contemporaneous and causal) between
volume and return, and volume and volatility in the light of competing hypothesis about market
structure by using daily data of Sensitive Index of the Bombay Stock Exchange. Consistent with
mixture of distribution hypothesis, positive contemporaneous relationship between volume and
volatility is observed. Causality test further support the sequentially arrival of information
hypothesis, which implies that new information is not simultaneously available to all traders and
it takes time to absorb, which hampers the price discovery efficiency of the market. In addition,
GARCH (1,1) documents small decline in the persistence of variance (volatility clustering) over
the time if one includes trading volume as a proxy for information arrivals in the equation of
conditional volatility but GARCH effects remain significant, which highlights the inefficiency in
market. Thus, volume provides information on the precision and dispersion of information
signals rather than serving as a proxy for the information signal itself.

Pushpa B. V. (2017)

Investment decision by investors can be based on both fundamental and technical analysis.
Technical analysis as a part of investment decision making of an investor helps predicting the
future share prices which can help in formulating buy-hold- sell decisions. It helps in identifying
trend reversals at an earlier stage to formulate the buy or sell strategy. It relies on price
movement of a security and uses this data to predict its future price movements. This paper aims
at technical analysis of select companies under Nifty 50 based on different sectors for a period
from January 2011 to December 2016. The tools used for analysis include moving averages, RSI,
Bollinger bands and MACD. The paper concludes that most of the stocks analyzed revealed
technically strong position. To analyze the share price movement of selected companies to find
out returns. To employ various technical tools to analyze the price movements. To group the
overbought and oversold companies based on RSI. To suggest the investors on buy hold or sell
strategies based on technical indicators.

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C. Boobalan (2014)

Technical Analysis is of the stock market relating to factors affecting the supply and demand
of stocks. It helps in understanding the intrinsic value of shares and knowing whether the shares
are undervalued or overvalued. The stock market indicators would help the investor to identify
major market turning points. This is a significant technical analysis of selected companies which
helps to understand the price behavior of the shares, the signals given by them and the major
turning points of the market price. This paper is aims at carrying out Technical Analysis of the
securities of the selected companies and to assist investment decisions in this Indian Market.
To study the relevance of technical analysis in Indian capital market. To analyze the
performance of select companies in Indian stock market and to predict the future trends in the
share prices through Technical Analysis. To find out risk and return for selected securities.
Technical analysis on selected stocks and interpret on whether to buy or sell 5. To suggesting the
investors in making investment decisions in selected stock.

Chhatoi B. P. (2014)
Moving average (MA) is one of the most common technical indicators used to reduce rattle
in a time series, so that the underlying behavior can be more clearly perceived. It is essentially a
trend following mechanism focusing to recognize whether a new trend has begun or that an old
trend has enabled or reversed. This article incorporates use of 100 days exponential moving
average (100 DEMA) indicator on Bombay Stock Exchange (BSE) 30 Index to test its
profitability. Success of indicator is studied with a strategy of Price Crossover Signal system.
When 100 DEMA line crosses BSE Index line from its below, it generates Buy signal, whereas
pierces BSE 30 Index line from its above, it raises Sale signal. After studying Buying and Selling
signals generated by indicator, article concludes with testing of hypothesis and comment on
profitability of use of 100 DEMA in long run. This article discerns the fact of applying MA
technique in long run investment and embodies its fact sheet of employing it by long-term
investors, investors having index portfolio. It is a guide to technical analysts, who use technical
indicators for trend forecasting. Article also advices whether to invest with the help of MA or
else.

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Technical analysis tools:

A chart pattern or price pattern is a pattern within a chart when prices are graphed. In stock
and commodity markets trading, chart pattern studies play a large role during technical analysis.
When data is plotted there is usually a pattern which naturally occurs and repeats over a period.
Chart patterns are used as either reversal or continuation signals.

There are four primary types of charts used by investors and traders depending on the type of
information they’re seeking and their desired goals. These chart types include line charts, bar
charts, candlestick charts, and point and figure charts. In the following sections, we will focus on
the S&P 500 over the same period to illustrate the differences between the charts when the
underlying data set is the same.

1. Line Charts

Line charts are the most basic type of chart because it represents only the closing prices over
a set period. The line is formed by connecting the closing prices for each period over the
timeframe. While this type of chart doesn’t provide much insight into intraday price movements,
many investors consider the closing price to be more important than the open, high, or low price
within a given period. These charts also make it easier to spot trends since there’s less ‘noise’
happening compared to other chart types.

Line Chart Example – Source: StockCharts.com

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 2. Bar Charts

Bar charts expand upon the line chart by adding the open, high, low, and close – or the daily
price range, in other words – to the mix. The chart is made up of a series of vertical lines that
represent the price range for a given period with a horizontal dash on each side that represents
the open and closing prices. The opening price is the horizontal dash on the left side of the
horizontal line and the closing price is located on the right side of the line. If the opening price is
lower than the closing price, the line is often shaded black to represent a rising period. The
opposite is true for a falling period, which is represented by a red shade.

Bar Chart Example – Source: StockCharts.com

3. Candlestick Charts

Candlestick charts originated in Japan over 300 years ago, but have since become extremely
popular among traders and investors. Like a bar chart, candlestick charts have a thin vertical line
showing the price range for a given period that’s shaded different colors based on whether the
stock ended higher or lower. The difference is a wider bar or rectangle that represents the
difference between the opening and closing prices.

17
 Candlestick Chart Example – Source: StockCharts.com

4. Point and Figure Charts

Point and figure charts are not very well known or used by the average investor, but they have
a long history of use dating back to the first technical traders. The chart reflects price movements
without time or volume concerns, which helps remove noise – or insignificant price movements
– that can distort a trader’s view of the overall trend. These charts also try to eliminate
the skewing effect that time has on chart analysis.

Point and Figure Chart Example – Source: StockCharts.com

18
 Point and figure charts are characterized by a series of Xs and Os. The Xs represent upward
price trends and the Os represent downward price trends. There are also numbers and letters in
the chart that represent months and given investors a rough idea of dates. Each box on the chart
represents the price scale, which adjusts depending on the price of the stock: The higher the
stock’s price the more each box represents. On most charts, a box represents $1 or 1 point.

Moving averages
The moving average (MA) was a simple technical analysis tool that smooth out price data by
creating a constantly updated average price. The average is taken over a specific period of time,
like 10 days, 20 minutes, 30 weeks or any time period the trader chooses. There are advantages
to using a moving average in your trading, as well as options on what type of moving average to
use. Moving average strategies are also popular and can be tailored to any time frame, suiting
both long-term investors and short-term traders.

Why Use a Moving Average

A moving average helps cut down the amount of "noise" on a price chart. Look at the the
direction of the moving average to get a basic idea of which way the price is moving. If it is
angled up, the price is moving up (or was recently) overall; angled down, and the price is moving
down overall; moving sideways, and the price is likely in a range.

A moving average can also act as support or resistance. In an uptrend, a 50-day, 100-day or
200-day moving average may act as a support level, as shown in the figure below. This is
because the average acts like a floor (support), so the price bounces up off of it. In a downtrend,
a moving average may act as resistance; like a ceiling, the price hits the level and then starts to
drop again.

19
Types of Moving Averages:

Simple Moving Average (SMA) and the Exponential Moving Average (EMA) are the most
popular types of moving averages. These moving averages can be used to spot the direction of
the trend or to identify potential support and resistance levels.

1. Simple Moving Average:

A simple moving average is computed by taking the average price of a security over a
certain number of periods. Simple Moving averages are usually constructed using the closing
price, while it it is also possible to calculate it from the open, the high and the low data
points.. For example: a 5-day SMA is calculated by adding the closing price for the last 5 days
and dividing the total by 5.

Daily closing price 5, 6, 7, 8, 9 & 10

First day of 5-day SMA: (5+6+7+8+9)/5 =7

Second day of 5-day SMA: (6+7+8+9+10)/5 =8

20
Whether you choose a 21-day average or a 52-week average the calculation is same instead of
adding five days you add 21-day or 52 weeks and divide by the same, respectively.

2. Exponential Moving Average:

Exponential moving average was used to reduce lag in simple moving average. It reduces the
lag by applying more weight to recent prices relative to older prices, and so it will react
immediately to a recent price change than a SMA. For example: a 5 period exponential
moving average weighs the most recent price 33.33%
The formula for an exponential moving average was

EMA= (Closing price –EMA (previous day)) * (Multiplier) + EMA (previous day)

A 5-period EMA’s Multiplier is calculated as below:

2/(Time period+1)= 2/(5+1) = 33.33%

Role Of Moving Average In Determining Market Trends:

Moving average can be utilized to determine the trends,. For instance, if the moving
average is rising, then the trend is considered up. On the other hand, if the moving average is
falling, the trend is considered to be down. It also helps in identifying supports & resistance.

As seen in the following chart of Reliance capital, 100 day medium term moving average
which was previously acting as resistance level is now acting as a strong suppo rt. Stock also
broke 20-day short term moving average several occasions but able to sustain above 100 day
moving average, which indicates that the medium term trend of the stock is very strong. An
investor can gain insights from the two moving averages in order to make their buy or sell
decisions depending upon time horizon to hold.

21
Indicators of Technical analysis:
There are two primary types of indicators:

1. Leading Indicators:

Leading indicators precede price movements and try to predict the future. These
indicators are most helpful during periods of sideways or non-trending price
movements since they can help identify breakouts or breakdowns.

Example:

2. Lagging Indicators:

Lagging indicators follow price movements and act as a confirmation tool. These
indicators are most useful during trending periods where they can be used to confirm
that a trend is still in placing or if it’s weakening.

22
 Example:

Indicators can be further divided into two categories based on how they’re built:

1. Oscillator:

Oscillators are the most common type of technical indicator and are generally
bound within a range. For example, an oscillator may have a low of 0 and a high of
100 where zero represents oversold conditions and 100 represents overbought
conditions.

Rate of Change (ROC)

The Rate-of-Change (ROC) indicator, which is also referred to as simply Momentum, is a

pure momentum oscillator that measures the percent change in price from one period to the next.
The ROC calculation compares the current price with the price “n” periods ago. The plot forms
an oscillator that fluctuates above and below the zero line as the Rate-of-Change moves from
positive to negative. As a momentum oscillator, ROC signals include centerline crossovers,
divergences and overbought-oversold readings. Divergences fail to foreshadow reversals more
often than not. Even though centerline crossovers are prone to whipsaw, especially short-term,
these crossovers can be used to identify the overall trend. Identifying overbought or oversold
extremes comes naturally to the Rate-of-Change oscillator.

23
 ROC = [(Close - Close n periods ago) / (Close n periods ago)] * 100

EXAMPLE:

12-day
Date Price ROC
28-Apr-10 11045.27 close 12 days ago
29-Apr-10 11167.32
30-Apr-10 11008.61
3-May-10 11151.83
4-May-10 10926.77
5-May-10 10868.12
6-May-10 10520.32
7-May-10 10380.43 close 12 days ago
10-May-10 10785.14
11-May-10 10748.26
12-May-10 10896.91
13-May-10 10782.95
14-May-10 10620.16 -3.85 today's close
17-May-10 10625.83 -4.85
18-May-10 10510.95 -4.52
19-May-10 10444.37 -6.34
20-May-10 10068.01 -7.86
21-May-10 10193.39 -6.21
24-May-10 10066.57 -4.31
25-May-10 10043.75 -3.24 today's close

Relative Strength Index

Developed by J. Welles Wilder, the Relative Strength Index (RSI) is a momentum oscillator
that measures the speed and change of price movements. RSI oscillates between zero and 100.
Traditionally, and according to Wilder, RSI is considered overbought when above 70 and
oversold when below 30. Signals can also be generated by looking for divergences, failure
swings, and centerline crossovers. RSI can also be used to identify the general trend.

100
RSI = 100 - --------
1 + RS

RS = Average Gain / Average Loss

24
 To simplify the calculation explanation, RSI has been broken down into its basic
components: RS, Average Gain and Average Loss. This RSI calculation is based on 14 periods,
which is the default suggested by Wilder in his book. Losses are expressed as positive values, not
negative values.

The very first calculations for average gain and average loss are simple 14-period averages.

 First Average Gain = Sum of Gains over the past 14 periods / 14.
 First Average Loss = Sum of Losses over the past 14 periods / 14

The second, and subsequent, calculations are based on the prior averages and the current gain
loss:

 Average Gain = [(previous Average Gain) x 13 + current Gain] / 14.

 Average Loss = [(previous Average Loss) x 13 + current Loss] / 14.

Taking the prior value plus the current value is a smoothing technique similar to that used in
calculating an exponential moving average. This also means that RSI values become more
accurate as the calculation period extends. Sharp Charts uses at least 250 data points prior to the
starting date of any chart (assuming that much data exists) when calculating its RSI values. To
exactly replicate our RSI numbers, a formula will need at least 250 data points.

Wilder's formula normalizes RS and turns it into an oscillator that fluctuates between zero and
100. In fact, a plot of RS looks exactly the same as a plot of RSI. The normalization step makes
it easier to identify extremes because RSI is range bound. RSI is 0 when the Average Gain equals
zero. Assuming a 14-period RSI, a zero RSI value means prices moved lower all 14 periods.
There were no gains to measure. RSI is 100 when the Average Loss equals zero. This means
prices moved higher all 14 periods. There were no losses to measure.

25
 14-
QQQQ Avg Avg
Date Change Gain Loss RS day
Close Gain Loss
RSI
14-Dec-09 44.34
15-Dec-09 44.09 -0.25 0.25
16-Dec-09 44.15 0.06 0.06
17-Dec-09 43.61 -0.54 0.54
18-Dec-09 44.33 0.72 0.72
21-Dec-09 44.83 0.50 0.50
22-Dec-09 45.10 0.27 0.27
23-Dec-09 45.42 0.33 0.33
24-Dec-09 45.84 0.42 0.42
28-Dec-09 46.08 0.24 0.24
29-Dec-09 45.89 -0.19 0.19
30-Dec-09 46.03 0.14 0.14
31-Dec-09 45.61 -0.42 0.42
4-Jan-10 46.28 0.67 0.67 RS RSI
5-Jan-10 46.28 0.24 0.10 2.39 70.53
6-Jan-10 46.00 -0.28 0.28 0.22 0.11 1.97 66.32
7-Jan-10 46.03 0.03 0.03 0.21 0.10 1.99 66.55
8-Jan-10 46.41 0.38 0.38 0.22 0.10 2.27 69.41
11-Jan-10 46.22 -0.19 0.19 0.20 0.10 1.97 66.36
12-Jan-10 45.64 -0.58 0.58 0.19 0.14 1.38 57.97
13-Jan-10 46.21 0.57 0.57 0.22 0.13 1.70 62.93
14-Jan-10 46.25 0.04 0.04 0.20 0.12 1.72 63.26
15-Jan-10 45.71 -0.54 0.54 0.19 0.15 1.28 56.06
19-Jan-10 46.45 0.74 0.74 0.23 0.14 1.66 62.38
20-Jan-10 45.78 -0.67 0.67 0.21 0.18 1.21 54.71
21-Jan-10 45.35 -0.43 0.43 0.20 0.19 1.02 50.42
22-Jan-10 44.03 -1.33 1.33 0.18 0.27 0.67 39.99
25-Jan-10 44.18 0.15 0.15 0.18 0.26 0.71 41.46
26-Jan-10 44.22 0.04 0.04 0.17 0.24 0.72 41.87
27-Jan-10 44.57 0.35 0.35 0.18 0.22 0.83 45.46
28-Jan-10 43.42 -1.15 1.15 0.17 0.29 0.59 37.30
29-Jan-10 42.66 -0.76 0.76 0.16 0.32 0.49 33.08
1-Feb-10 43.13 0.47 0.47 0.18 0.30 0.61 37.77

RSI RS (Avg Gain/Avg

70 2.20
Loss)
60

50 1.20

40

30 0.20
1 3 5 7 9 11 13 15 1 3 5 7 9 11 13 15

26
 2. Non-bounded:

Non-bounded indicators are less common, but still help form buy and sell signals as well as
show strength or weakness in trends. However, they accomplish this in many ways without the
use of a set range.

Indicators generate buy and sell signals through crossovers or divergence. Crossovers are the
most popular technique whereby the price moves through a moving average or when two moving
averages crossover. Divergence occurs when the direction of a price trend and the direction of an
indicator are moving in opposite directions, which tends to suggest that the direction of the price
trend is weakening.

Indicators can be extremely helpful in identifying momentum, trends, volatility, and other
aspects of a security. But, it’s important to note that indicators work best when combined with
other forms of technical analysis to maximize the odds of success.

Stock Price changes of top 5 companies in automobile industry

1. MARUTI SUZUKI INDIA LTD.

Change
Date Price Open High Low Vol. %
18-Jan 9,509.70 9,749.00 9,789.00 9,250.00 12.25M -2.26%
18-Feb 8,850.95 9,545.00 9,563.70 8,601.50 10.88M -6.93%
18-Mar 8,861.10 8,874.00 9,084.00 8,542.10 9.98M 0.11%
18-Apr 8,814.95 8,990.00 9,350.00 8,715.10 9.47M -0.52%
18-
May 8,537.20 8,915.00 8,998.00 8,255.50 10.18M -3.15%
18-Jun 8,825.60 8,610.00 9,094.95 8,590.05 8.08M 3.38%
18-Jul 9,520.55 8,878.00 9,929.00 8,750.00 10.94M 7.87%
18-Aug 9,096.40 9,535.00 9,587.75 9,012.20 10.76M -4.46%
-
18-Sep 7,347.95 9,100.00 9,118.95 7,292.65 16.12M 19.22%
18-Oct 6,616.40 7,354.00 7,485.00 6,500.00 21.33M -9.96%
18-Nov 7,661.60 6,648.95 7,727.00 6,600.00 16.27M 15.80%
18-Dec 7,465.50 7,688.50 7,949.75 7,170.00 15.27M -2.56%

27
2. MAHINDRA AND MAHINDRA LTD.

Change
Date Price Open High Low Vol. %
18-Jan 763.05 751 775.65 738.85 44.99M 1.59%
18-Feb 728.35 768.9 802.55 700.4 48.24M -4.55%
18-Mar 738.9 728 752 702.45 41.92M 1.45%
18-Apr 873.3 748.9 878.95 737.2 52.37M 18.19%
18-May 922.95 879.5 933.5 812.25 54.43M 5.69%
18-Jun 897.7 922.5 927.95 874.1 52.91M -2.74%
18-Jul 935.95 907 941.8 878.65 43.62M 4.26%
18-Aug 965.3 939.5 993 910.05 45.98M 3.14%
18-Sep 860.95 974.9 977.65 839.55 52.22M -10.81%
18-Oct 765.95 860.5 864.45 715 82.38M -11.03%
18-Nov 790.9 770.5 807.7 738.1 59.28M 3.26%
18-Dec 803.85 800 814 694 69.47M 1.64%

3. TATA MOTORS LTD.

Change
Date Price Open High Low Vol. %
18-Jan 399.5 430.95 443.5 395 170.43M -7.49%
18-Feb 369.9 399.9 403.8 356.5 181.51M -7.41%
18-Mar 326.85 369.75 376.3 324.3 161.93M -11.64%
18-Apr 340.4 335 372.35 326 242.72M 4.15%
18-May 282.5 349.2 351.65 281.6 307.24M -17.01%
18-Jun 269.3 284.5 315.55 261.85 286.08M -4.67%
18-Jul 264.1 276 277 247.3 225.62M -1.93%
18-Aug 267.5 250 274.7 243.1 308.33M 1.29%
18-Sep 223.7 271.4 282 219.5 255.08M -16.37%
18-Oct 179.1 225 232.8 164.6 434.21M -19.94%
18-Nov 171.95 182 200.75 170.35 340.51M -3.99%
18-Dec 172.7 173.25 180.5 154.65 293.36M 0.44%

28
4. BAJAJ AUTO LTD.

Change
Date Price Open High Low Vol. %
18-Jan 3,337.15 3,340.00 3,404.95 3,140.05 5.68M 0.11%
18-Feb 3,020.60 3,340.00 3,468.35 2,960.10 6.50M -9.49%
18-Mar 2,744.70 3,067.10 3,080.00 2,732.05 5.61M -9.13%
18-Apr 2,952.60 2,755.00 2,977.50 2,746.25 7.08M 7.57%
18-May 2,750.30 3,019.65 3,043.40 2,703.50 7.78M -6.85%
18-Jun 2,810.30 2,780.00 2,939.40 2,705.40 10.41M 2.18%
18-Jul 2,700.05 2,815.00 3,194.95 2,605.00 26.92M -3.92%
18-Aug 2,744.85 2,717.00 2,770.00 2,606.00 9.94M 1.66%
18-Sep 2,687.45 2,765.00 2,949.00 2,636.00 10.55M -2.09%
18-Oct 2,593.70 2,687.00 2,769.90 2,420.00 11.42M -3.49%
18-Nov 2,745.70 2,613.10 2,769.70 2,568.05 7.12M 5.86%
18-Dec 2,720.15 2,760.00 2,905.00 2,670.00 7.79M -0.93%

5. EICHER MOTOR LTD.

Change
Date Price Open High Low Vol. %
18-Jan 26,923.60 30,399.95 30,420.00 26,208.05 1.64M -11.26%
18-Feb 27,437.75 26,984.00 28,521.50 26,500.00 1.16M 1.91%
18-Mar 28,372.65 27,311.45 29,059.95 27,251.15 772.06K 3.41%
18-Apr 31,188.60 28,510.00 32,236.70 27,800.00 786.56K 9.92%
18-May 30,780.65 31,349.00 31,499.00 29,100.05 795.23K -1.31%
18-Jun 28,590.45 30,650.00 30,650.00 27,751.60 790.68K -7.12%
18-Jul 27,798.55 28,655.00 29,124.95 26,761.10 1.17M -2.77%
18-Aug 28,059.75 27,846.00 29,470.00 26,601.00 1.06M 0.94%
18-Sep 24,185.40 28,100.00 29,800.00 23,523.70 1.22M -13.81%
18-Oct 21,864.60 24,280.00 24,999.00 20,001.15 2.97M -9.60%
18-Nov 23,405.30 21,750.00 25,350.00 21,196.75 2.00M 7.05%
18-Dec 23,158.35 23,320.00 24,220.00 21,800.00 1.29M -1.06%

29
 STATEMENT OF THE PROBLEM

Technical analysis is the study of price movement and trend in markets in order to forecast
prices. Investment timing plays a crucial role for trading in stock market trading. The investors face
difficulty while identifying the opportunities. So this analysis is directed towards the one of
different tools of technical analysis which helps the investor to identify and decide when to buy or
sell.

30
 OBJECTIVES OF THE STUDY

Main objective:
 To study the price movements of top five automobile company stocks.

Secondary objectives:
 To identify the buying and selling points of the automobile stocks.
 To analyze the overbought and oversold regions based on the price trends.
 To identify the whether the stock is trending and the strength of the trend.
 To suggest buying and selling strategies for the selected automobile stocks.

31
 NEED FOR THE STUDY

Technical analysis is simply a method of finding out whether it worth buying or selling a stock.
This study can be made on the basis of data that is generated through the actions of the people in the
market. Technical analysis attempts to measure the collective psyche of the investors which is ruled
by greed and fear. The basic premise under which technical analysis works is the study of demand
and supply, past prices and volume in the market and the direction of the price trend thereof in the
future. Investors that favor technical analysis make use of a number of charts and other tools that
help to chart the future activity in the investment market by identifying patterns. Knowledge of
technical analysis is a skill that any investor can use to make better investments in the stock market.

Indicator is the basis of technical analysis. They are used to determine the future trends of stock
or economies. Technical analysis indicator helps the investor to know when to enter or exit a trade,
in order to make profit. Technical analysis indicator looks at price information and translates it into
simple, easy-to-read signals. These signals help the investor determine the correct time to buy or
sell. Technical analysis indicator provides clues to the investor, thus helping them to interpret the
market patterns and the future behavior of the price. Thus combinations of price, volume and time
sensitive Technical analysis indicator are used to maximize profits. A technical analysis indicator is
nothing but a graphic representation of price action. It consists of series of data points that are
derived by applying a formula to the price data of a specific security. Price data here is nothing but
any combination of the open, high, low or close over a period of time. In some cases the indicators
include only the closing prices, while others incorporate volume and open interest into their
formulas. And then the price data is entered into the formula and data points are produced.

However, if you think closely you will understand that a single data point will not make any
sense. It does not offer much information and does not indicate anything. For proper analysis, a
series of data points over a period of time are required to create valid reference points. Thus by
creating a time series of data points, a proper comparison can be made between present and past
levels of information. When it comes to analysis, technical indicators are usually shown in a
graphical form above or below a security’s price chart. Once a graphical representation is created,

32
an indicator can then be compared with the corresponding price chart of the security. Also, one
point to remember is that the Technical analysis indicator is distinguished by the fact that it does
not analyze any part of the fundamental business, like earnings, revenue and profit margins. They
are designed primarily for analyzing short-term price movements. If you are a long-term investor,
then the Technical analysis indicator may prove to be of little value as they do not cover the
fundamentals of what is happening in the Company of interest.

A technical indicator offers a different viewpoint to analyze the price action. Some indicators,
such as moving averages, are derived from simple technical analysis indicator formulas and are
quite easy to understand. Other indicators like the Stochastic have complex formulas and require
more study to fully understand them.

33
 RESEARCH METHODOLOGY

Research is the process of looking for a specific answer to a specific question in an organized,
objective, reliable way. Research is systematic, controlled, empirical and critical investigation of
hypothetical propositions about the presumed relations among natural phenomena. Research is the
pursuit of truth with the help of study, observation, comparison and experiment; the search for
knowledge through objective and systematic method of finding solutions to a problem

Purpose of Research
Research in whatever field of inquiry has four purposes, i.e. descriping, explaining and predicting
phenomena and ultimately controlling events.

RESEARCH DESIGN:

The word ‘design’ has various meanings. But, in relation to the subject concern, it is a pattern or
an outline of research project’s workings. It is the statement of essential elements of a study that
provides basic guidelines of conducting the project. It is same as the blue print of architect’s work.

The research design is similar to broad plan or model that states how the entire research project
would be conducted. It is desirable that it must be in written form and must be simple and clearly
stated. The real project is carried out as per the research design laid down in advance. A detailed
outline of how an investigation will take place. A research design will typically include how data is
to be collected, what instruments will be employed, how the instruments will be used and the
intended means for analyzing data collected.

Analytical Research:

Analytical Research is a system of procedures and techniques of analysis applied to quantitative

data. It may consist of a system of mathematical and statistical models applicable to numerical data.
Analytical approach is concentrates on the process of the final result rather giving importance to the
result. Analytical approach stands applicable in all stages of research, right from the articulation of

34
thesis to the formulation of arguments on the issues mentioned in the research. The main aim of the
study is to test hypothesis and specifying interpretation of relationships. It concentrates on
analyzing data in depth and examining relationship from various angles.
Use of the Analytical Method is critical to solving the sustainability problem because it appears that
current processes are inadequate. They are intuitive, simple, and based on how activists approach
everyday problems.

Uses:

 This method is extensively used in business and other fields in which numerical data is
generated.

 It is used for measuring variables, comparing groups and examining association between the
groups.

 Data may be collected from either primary or secondary sources.

Sample design:

The samples are selected based on NSE of top five companies in automobile industries. They
are:

1. MARUTHI SUZUKI INDIA LTD.

2. MAHINDRA AND MAHINDRA LTD.

3. TATA MOTORS LTD.

4. BAJAJ AUTO LTD.

5. EICHER MOTOR LTD.

35
Data collection
Secondary data:
Secondary data refers to data which is collected by someone who is someone other than the user.
Common sources of secondary data for social science include censuses, information collected by
government departments, organizational records and data that was originally collected for other
research purposes. Primary data, by contrast, are collected by the investigator conducting the
research.

Secondary data analysis can save time that would otherwise be spent collecting data and,
particularly in the case of quantitative data, can provide larger and higher-quality databases that
would be unfeasible for any individual researcher to collect on their own. In addition, analysts of
social and economic change consider secondary data essential, since it is impossible to conduct a
new survey that can adequately capture past change and/or developments. However, secondary data
analysis can be less useful in marketing research, as data may be outdated or inaccurate.

Sources of secondary data:

Secondary data can be obtained from different sources:

 Information collected through censuses or government departments like housing, social

security, electoral statistics, and tax records.
 Internet searches or libraries.
 Progress reports.
 Books and Journals.

Advantages and disadvantages of secondary data

Secondary data is available from other sources and may already have been used in previous
research, making it easier to carry out further research. It is time-saving and cost-efficient: the data
was collected by someone other than the researcher. Administrative data and census data may cover
both larger and much smaller samples of the population in detail. Information collected by the
government will also cover parts of the population that may be less likely to respond to the census
(in countries where this is optional).

36
 However, secondary data can present problems, too. The data may be out of date or inaccurate.
If using data collected for different research purposes, it may not cover those samples of the
population researchers want to examine, or not in sufficient detail. Administrative data, which is not
originally collected for research, may not be available in the usual research formats or may be
difficult to get access to.

Technical tools
Technical analysis has become extensive in recent years. Technical analysis works 60 to 70% of
the time, and this is because fundamental events (earnings reports, lawsuits, mergers or acquisitions
and many more events) always trump any technical pattern. However, in the absence of
fundamental events, which is 60% to 70% of the time, technical analysis works because traders
don't have any other information to go by. The following are the tools used:

1. RATE OF CHANGE (ROC)

The Rate-of-Change (ROC) indicator, which is also referred to as simply Momentum, is a

pure momentum oscillator that measures the percent change in price from one period to the next.
The ROC calculation compares the current price with the price “n” periods ago. The plot forms an
oscillator that fluctuates above and below the zero line as the Rate-of-Change moves from positive
to negative. As a momentum oscillator, ROC signals include centerline crossovers, divergences and
overbought-oversold readings. Divergences fail to foreshadow reversals more often than not so this
article will forgo a discussion on divergences. Even though centerline crossovers are prone to
whipsaw, especially short-term, these crossovers can be used to identify the overall trend.
Identifying overbought or oversold extremes comes naturally to the Rate-of-Change oscillator.

Formula:
ROC = [(Close - Close n periods ago) / (Close n periods ago)] * 100

Procedure for Calculating the Price Rate of Change (ROC) Indicator

The main step in calculating the ROC is picking the "n" value. Short-term traders may choose a
small n value, such as nine. Longer-term investors may choose a value such as 200. The n value is
how many periods ago the current price is being compared to. Smaller values will see the ROC

37
react more quickly to price changes, but that can also mean more false signals. A larger value
means the ROC will react slower, but the signals could be more meaningful when they occur.

1. Select an n value. It can be anything such as 12, 25, or 200. Short-term trader traders
typically use a smaller number while longer-term investors use a larger number.
2. Find the most recent period's closing price.
3. Find the period's close price from n periods ago.
4. Plug the prices from steps two and three into the ROC formula.
5. As each period ends, calculate the new ROC value.

Uses:

The Price Rate of Change (ROC) is classed as a momentum or velocity indicator because it
measures the strength of price momentum by the rate of change. For example, if a stock's price at
the close of trading today is $10, and the closing price five trading days prior was $7, then the five-
day ROC is 42.85, calculated as (10 - 7 / 7) x 100 = 42.85.

Like most momentum oscillators, the ROC appears on a chart in a separate window below the
price chart. The ROC is plotted against a zero line that differentiates positive and negative values.
Positive values indicate upward buying pressure or momentum, while negative values below zero
indicate selling pressure or downward momentum. Increasing values in either direction, positive or
negative, indicate increasing momentum, and moves back toward zero indicate waning momentum.

Limitations of ROC:

One potential problem with using the ROC indicator is that its calculation gives equal weight to
the most recent price and the price from n periods ago, despite the fact that some technical analysts
consider more recent price action to be of more importance in determining likely future price
movement.

The indicator is also prone to whipsaws, especially around the zero line. This is because when
the price consolidates the price changes shrink, moving the indicator toward zero. Such times can
result in multiple false signals for trend trades, but does help confirm the price consolidation.

38
 While the indicator can be used for divergence signals, the signals often occur far too early.
When the ROC starts to diverge, the price can still run in the trending direction for some time.
Therefore, divergence should not be acted on as a trade signal, but could be used to help confirm a
trade if other reversal signals are present from other indicators and analysis methods.

2. RLEATIVE STRENGTH INDEX (RSI)

The relative strength index (RSI) is a momentum indicator that measures the magnitude of
recent price changes to evaluate overbought or oversold conditions in the price of a stock or other
asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can
have a reading from 0 to 100. The indicator was originally developed by J. Welles Wilder Jr. and
introduced in his seminal 1978 book, New Concepts in Technical Trading Systems.

Traditional interpretation and usage of the RSI is that values of 70 or above indicate that a
security is becoming overbought or overvalued and may be primed for a trend reversal or
corrective pullback in price. An RSI reading of 30 or below indicates an oversold
or undervalued condition.

Formula:

100
RSI = 100 - --------
1 + RS

RS = Average Gain / Average Loss

To simplify the calculation explanation, RSI has been broken down into its basic
components: RS, Average Gain and Average Loss. This RSI calculation is based on 14 periods,
which is the default suggested by Wilder in his book. Losses are expressed as positive values, not
negative values.

The very first calculations for average gain and average loss are simple 14-period averages.

39
 First Average Gain = Sum of Gains over the past 14 periods / 14.
 First Average Loss = Sum of Losses over the past 14 periods / 14.

The second, and subsequent, calculations are based on the prior averages and the current gain
loss:

 Average Gain = [(previous Average Gain) x 13 + current Gain] / 14.

 Average Loss = [(previous Average Loss) x 13 + current Loss] / 14.

Procedure for calculating RSI:

RSI Calculation Step by Step

1. Calculate up moves and down moves (get U and D)
2. Average the up moves and down moves (get AvgU and AvgD)
3. Calculate Relative Strength (get RS)
4. Calculate the Relative Strength Index (get RSI)

Step 1: Calculating Up Moves and Down Moves

We’ll illustrate the calculation of RSI on the example of the most common period, 14. For RSI
calculation you need closing prices of the last 15 days (for RSI with a period of 10, you need the
last 11 closing prices etc.).
Let’s start with calculating the up moves and down moves in the last 14 days (or 14 price bars
in general).
First, calculate the bar-to-bar changes for each bar: Change = Closet – Closet-1
For each bar,

Up move (U) equals:

 Closet – Closet-1 if the price change is positive.

 Zero if the price change is negative or zero.

Down move (D) equals:

 The absolute value of Closet – Closet-1 if the price change is negative.

 Zero if the price change is positive or zero.

40
 These up and down moves are calculated in columns C and D in the RSI Calculator.
Now you have the first important input for the RSI formula, the increases and declines in the
last N days (with N being the RSI period). The next step is to average them.

Step 2: Averaging the Advances and Declines

Three different approaches are commonly used. They differ in the way how average up and
down moves is calculated:

 Simple Moving Average

 Exponential Moving Average
 Wilder’s Smoothing Method

Simple Moving Average

Under this method, which is the most straightforward, AvgU and AvgD are calculated as simple
moving averages:
AvgU = sum of all up moves (U) in the last N bars divided by N
AvgD = sum of all down moves (D) in the last N bars divided by N
N = RSI period

Exponential Moving Average

Here AvgU and AvgD are calculated from up moves and down moves using an exponential
moving average in the same way as you would calculate an EMA of price. The EMA period is the
RSI period. The formula is:

AvgUt = α * Ut + (1 – α) * AvgUt-1
AvgDt = α * Dt + (1 – α) * AvgDt-1
α = 2 / (N + 1)
N = RSI period

Wilder’s Smoothing Method

J. Welles Wilder the inventor of RSI, calculated the indicator using a smoothing method with the
same logic as an exponential moving average, only the smoothing factor is different:
α=1/N

41
And therefore 1 – α = ( N – 1 ) / N
N = RSI period
For example, for RSI 14 the formula for average up move is:
AvgUt = 1/14 * Ut + 13/14 * AvgUt-1

You will find the logic of these calculations is very similar to the calculation of Average True
Range (ATR) another indicator invented by J. Welles Wilder.

Step 3: Calculating Relative Strength

Now as you have the average up move (AvgU) and average down move (AvgD) in the last 14
price bars, the next step is to calculate Relative Strength, which is defined as the ratio of average
up moves and average down moves.

RS = AvgU / AvgD

Step 4: Calculating the Relative Strength Index (RSI)

Finally, we know the Relative Strength and we can apply the whole RSI formula:
RSI = 100 – 100 / (1 + RS)

Limitations:
If we gave you the impression that RSI was some flawless indicator, it really isn’t. In fact, there
is no such thing in online trading, since each strategy and indicator has its own limitations.
Here are just a few of the limitations traders could encounter when using RSI:

1. RSI isn’t always helpful, since it can move without featuring a clear trend for a long time.
2. It can send misleading signals.
3. RSI can remain at an overbought level or oversold level for a long time.
4. When a market features a strong trend, the RSI loses its usefulness.

3. AROON

Developed by Tushar Chande in 1995, Aroon is an indicator system that determines whether a
stock is trending or not and how strong the trend is. “Aroon” means “Dawn's Early Light” in
Sanskrit. Chande chose this name because the indicators are designed to reveal the beginning of a

42
new trend. The Aroon indicators measure the number of periods since price recorded an x-day high
or low. There are two separate indicators: Aroon-Up and Aroon-Down. A 25-day Aroon-Up
measures the number of days since a 25-day high. A 25-day Aroon-Down measures the number of
days since a 25-day low. In this sense, the Aroon indicators are quite different from
typical momentum oscillators, which focus on price relative to time. Aroon is unique because it
focuses on time relative to price. Chartists can use the Aroon indicators to spot emerging trends,
identify consolidations, define correction periods and anticipate reversals.

The Aroon indicators are shown in percentage terms and fluctuate between 0 and 100. Aroon-Up
is based on price highs, while Aroon-Down is based on price lows. These two indicators are plotted
side-by-side for easy comparison. The default parameter setting in Sharp Charts is 25 and the
example below is based on 25 days.

Formula:
Aroon-Up = ((25 - Days Since 25-day High)/25) x 100
Aroon-Down = ((25 - Days Since 25-day Low)/25) x 100

The Aroon indicators fluctuate above/below a centerline (50) and are bound between 0 and 100.
These three levels are important for interpretation. At its most basic, the bulls have the edge when
Aroon-Up is above 50 and Aroon-Down is below 50. This indicates a greater propensity for new x-
day highs than lows. The converse is true for a downtrend. The bears have the edge when Aroon-
Up is below 50 and Aroon-Down is above 50.

A surge to 100 indicates that a trend may be emerging. This can be confirmed with a decline in
the other Aroon indicator. For example, a move to 100 in Aroon-Up combined with a decline below
30 in Aroon-Down shows upside strength. Consistently high readings mean prices are regularly
hitting new highs or new lows for the specified period. Prices are moving consistently higher when
Aroon-Up remains in the 70-100 range for an extended period. Conversely, consistently low
readings indicate that prices are seldom hitting new highs or lows. Prices are NOT moving lower
when Aroon-Down remains in the 0-30 range for an extended period. However, this does not mean
that prices are moving higher. For that, we need to check Aroon-Up.

43
 Aroon-Up and Aroon-Down are complementary indicators that measure the elapsed time
between new x-day highs and lows, respectively. They are shown together so chartists can easily
identify the stronger of the two and determine the trend bias. A surge in Aroon-Up combined with a
decline in Aroon-Down signals the emergence of an uptrend. Conversely, a surge in Aroon-Down
combined with a decline in Aroon-Up signals the start of a downtrend. A consolidation is present
when both move lower in parallel fashion or when both remain at low levels (below 30). Chartists
can use the Aroon indicators to determine if a security is trending or trading flat and then use other
indicators to generate appropriate signals. For example, chartists might use a momentum
oscillator to identify oversold levels when 25-week Aroon indicates that the long-term trend is up.

4. DIRECTIONAL MOVEMENT INDEX (DMI)

The Directional Movement Index, or DMI, is an indicator developed by J. Welles Wilder in

1978 that identifies in which direction the price of an asset is moving. The indicator does this by
comparing prior highs and lows and drawing two lines: a positive directional movement line (+DI)
and a negative directional movement line(-DI). An optional third line, called directional movement
(DX) shows the difference between the lines. When +DI is above -DI, there is more upward
pressure than downward pressure in the price. If -DI is above +DI, then there is more downward
pressure in the price. This indicator may help traders assess the trend direction. Crossovers between
the lines are also sometimes used as trade signals to buy or sell.

Formula:

First TR14 = Sum of first 14 periods of TR1

Second TR14 = First TR14 - (First TR14/14) + Current TR1
Subsequent Values = Prior TR14 - (Prior TR14/14) + Current TR1
Calculating the Directional Movement Index (DMI)

1. Calculate +DM, -DM, and True Range (TR) for each period. Typically 14 periods are used.
2. +DM is the Current High - Previous High.
3. -DM is the Previous Low - Current Low.
4. Use +DM when Current High - Previous High is greater than Previous Low - Current Low.
Use -DM when Previous Low - Current Low is greater than Current High - Previous High.

44
 5. TR is the greater of the Current High - Current Low, Current High - Previous Close, or
Current Low - Previous Close.
6. Smooth the 14-period averages of +DM, -DM, and TR. Below is the formula for TR. Insert
the -DM and +DM values to calculate the smoothed averages of those as well.
7. First 14TR = Sum of first 14 TR readings.
8. Next 14TR value = First 14TR - (Prior 14TR/14) + Current TR
9. Next, divide the smoothed +DM value by the smoothed TR value to get +DI. Multiply by
100.
10. Divide the smoothed -DM value by the smoothed TR value to get-DI. Multiply by 100.
11. The optional Directional Movement Index (DX) is +DI minus -DI, divided by the sum of
+DI and -DI (all absolute values). Multiply by 100.

Uses:

The DMI is primarily used to help asses trend direction and provide trade signals. Crossovers are
the main trade signals. A long trade is taken when the +DI crosses above -DI and uptrend could be
underway. A sell signal occurs when the -DI drops below -DI. A short trade is initiated when -DI
drops below +DI because a downtrend could be underway. While this method may produce some
good signals, it will also produce some bad ones since a trend may not necessarily develop after
entry.

The indicator can also be used as a trend or trade confirmation tool. If the +DI is well above -DI,
the trend has strength to the upside and this would help confirm current long trades or new long
trade signals based on other entry methods. If -DI is well above +DI this confirms the strong
downtrend or short positions.

5. STOCHASTIC

Developed by George C. Lane in the late 1950s, the Stochastic Oscillator is a momentum
indicator that shows the location of the close relative to the high-low range over a set number of
periods. According to an interview with Lane, the Stochastic Oscillator “doesn't follow price, it
doesn't follow volume or anything like that. It follows the speed or the momentum of price. As a
rule, the momentum changes direction before price.” As such, bullish and bearish divergences in

45
the Stochastic Oscillator can be used to foreshadow reversals. This was the first, and most
important, signal that Lane identified. Lane also used this oscillator to identify bull and bear set-ups
to anticipate a future reversal. Because the Stochastic Oscillator is range bound, is also useful for
identifying overbought and oversold levels.

%K = (Current Close - Lowest Low)/(Highest High - Lowest Low) * 100

%D = 3-day SMA of %K

Lowest Low = lowest low for the look-back period

Highest High = highest high for the look-back period
%K is multiplied by 100 to move the decimal point two places

The default setting for the Stochastic Oscillator is 14 periods, which can be days, weeks, months
or an intraday timeframe. A 14-period %K would use the most recent close, the highest high over
the last 14 periods and the lowest low over the last 14 periods. %D is a 3-day simple moving
average of %K. This line is plotted alongside %K to act as a signal or trigger line.

The Stochastic Oscillator measures the level of the close relative to the high-low range over a
given period of time. Assume that the highest high equals 110, the lowest low equals 100 and the
close equals 108. The high-low range is 10, which is the denominator in the %K formula. The close
less the lowest low equals 8, which is the numerator. 8 divided by 10 equals .80 or 80%. Multiply
this number by 100 to find %K %K would equal 30 if the close was at 103 (.30 x 100). The
Stochastic Oscillator is above 50 when the close is in the upper half of the range and below 50
when the close is in the lower half. Low readings (below 20) indicate that price is near its low for
the given time period. High readings (above 80) indicate that price is near its high for the given
time period. The IBM example above shows three 14-day ranges (yellow areas) with the closing
price at the end of the period (red dotted) line. The Stochastic Oscillator equals 91 when the close
was at the top of the range. The Stochastic Oscillator equals 15 when the close was near the bottom
of the range. The close equals 57 when the close was in the middle of the range.

46
 LIMITATIONS

 Analysis involves using of limited Technical tools.

 The study is restricted only to five selected stocks.

 The study depends more on secondary data rather than on primary data.

 We can’t predict the prices of the stocks for long term.

 This technical analysis can’t be applicable to newly listed companies script.

47
 SCOPE OF THE STUDY

The study conducted on SHAREKHAN STOCK BROKING LTD., is to analyze the price
fluctuations in stock market. Technical analysis is the most widely used tool for analyzing and
predicting the trend of the stock market. This approach is the oldest approach to equity investment.
Technical analysis helps to study the behavior of the price of the stock to determine the future
prices of stock.

 The study deals with “Top five companies of Automobile industry at NSE”.

 The study includes forecasting of stock prices using past data and technical tools like
RSI, ROC etc.

 Past data taken for the period of Jan 2018-dec 2018 and calculated on monthly basis.

 This study is related to technical analysis to predict the future behavior of the stocks.

 The analysis has been done on 5 selected stocks of NSE.

 The analysis involves using of limited tools out of various tools.

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 CHAPTER: 2

INDUSTRY PROFILE

STOCK MARKETS IN INDIA:

Stock exchanges are the perfect type of market for securities whether of government and semi-
government bodies or other public bodies as also for shares and debentures issued by the joint-stock
companies. In the stock market, purchases and sales of shares are affected in conditions of free
competition. Government securities are traded outside the trading ring in the form of over the
counter sales or purchase. The bargains that are struck in the trading ring by the members of the
stock exchanges are at the fairest prices determined by the basic laws of supply and demand.

Definition of a stock exchange:

“Stock exchange means anybody or individuals whether incorporated or not, constituted for the
purpose of assisting, regulating or controlling the business of buying, selling or dealing in
securities.” The securities include:
 Shares of public company
 Government securities
 Bonds

History of Stock Exchanges:

The only stock exchanges operating in the 19th century were those of Mumbai setup in 1875
and Ahmadabad set up in 1894. These were organized as voluntary nonprofit-marking associations
of brokers to regulate and protect their interests. Before the control on securities under the
constitution in 1950, it was a state subject and the Bombay securities contracts (control) act of 1925
used to regulate trading in securities. Under this act, the Mumbai stock exchange was recognized in
1927 and Ahmadabad in 1937. During the war boom, a number of stock exchanges were organized.
Soon after it became a central subject, central legislation was proposed and a committee headed by
A.D.Gorwala went into the bill for securities regulation. On the basis of the committee’s
recommendations and public discussion, the securities contract (regulation) act became law in 1956.

49
Functions of Stock Exchanges:
Stock exchanges provide liquidity to the listed companies. By giving quotations to the listed
companies, they help trading and raise funds from the market. Over the hundred and twenty years
during which the stock exchanges have existed in this country and through their medium, the
central and state government have raised crores of rupees by floating public loans. Municipal
corporations, trust and local bodies have obtained from the public their financial requirements, and
industry, trade and commerce- the backbone of the country’s economy-have secured capital of
crores or rupees through the issue of stocks, shares and debentures for financing their day-to-day
activities, organizing new ventures and completing projects of expansion, diversification and
modernization. By obtaining the listing and trading facilities, public investment is increased and
companies were able to raise more funds. The quoted companies with wide public interest have
enjoyed some benefits and assets valuation has become easier for tax and other purposes.

Operating stock exchanges:

 Bombay Stock Exchange (BSE) in Mumbai, one of the two principal large stock exchanges of
India
 National Stock Exchange of India (NSE) in Mumbai, one of the two principal large stock
exchanges of India
 NSE International Exchange
 Calcutta Stock Exchange in Kolkata, a smaller stock exchange
 Magadha Stock Exchange
 India International Exchange (INX)
 Metropolitan Stock Exchange of India

Former stock exchanges:

 Ahmadabad Stock Exchange (closed in 2018)

 Delhi Stock Exchange (closed in 2017)
 Guwahati Stock Exchange (closed in 2015)
 Jaipur Stock Exchange (closed in 2015)

50
 Madhya Pradesh Stock Exchange (closed in 2015)
 Madras Stock Exchange (MSE) (closed in 2015)
 OTC Exchange of India (closed in 2015)
 Pune Stock Exchange, was located in Pune (closed in 2015)
 Uttar Pradesh Stock Exchange (closed in 2015)
 Vadodara Stock Exchange (closed in 2015)
 Bangalore Stock Exchange (closed in 2014)
 Cochin Stock Exchange, was located in Kochi (trading stopped in 2005, closed in 2014)
 Inter-connected Stock Exchange of India (closed in 2014)
 Ludhiana Stock Exchange (closed in 2014)
 Bhubaneswar Stock Exchange (closed in 2005)
 Coimbatore Stock Exchange (requested exiting trading in 2009)
 Hyderabad Stock Exchange (closed in 2007)
 Mangalore Stock Exchange (closed in 2004)
 Trivandrum Stock Exchange (closed in 2007)

NSE (National Stock Exchange)

The National Stock Exchange of India Limited has genesis in the report of the High Powered
Study Group on Establishment of New Stock Exchanges, which recommended promotion of a
National Stock Exchange by financial institutions (FI’s) to provide access to investors from all
across the country on an equal footing. Based on the recommendations, NSE was promoted by
leading Financial Institutions at the behest of the Government of India and was incorporated in
November 1992 as a tax-paying company unlike other stock exchanges in the country. On its

51
recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April
1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994.
The Capital Market (Equities) segment commenced operations in November 1994 and operations in
Derivatives segment commenced in June 2000 NSE's mission is setting the agenda for change in the
securities markets in India. The NSE was set-up with the main objectives of:

 Establishing a nation-wide trading facility for equities and debt instruments.

 Ensuring equal access to investors all over the country through an appropriate
communication network.
 Providing a fair, efficient and transparent securities market to investors using electronic
trading systems.
 Enabling shorter settlement cycles and book entry settlements systems, and
 Meeting the current international standards of securities markets.

The standards set by NSE in terms of market practices and technology, have become industry
benchmarks and are being emulated by other market participants. NSE is more than a mere market
facilitator. It's that force which is guiding the industry towards new horizons and greater
opportunities.

NSE offers trading and investment in the following segments:

Equity

 Equities
 Indices
 Mutual Funds
 Exchange Traded Funds
 Initial Public Offerings
 Security Lending and Borrowing Scheme etc.
Derivatives

 Equity Derivatives (including Global Indices like CNX 500, Dow Jones and FTSE )
 Currency Derivatives
 Interest Rate Futures

52
Debt

 Corporate Bonds

Equity Derivatives
The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with
the launch of index futures on 12 June 2000. The futures and options segment of NSE has made a
global mark. In the Futures and Options segment, trading in NIFTY 50 Index, NIFTY IT index,
NIFTY Bank Index, NIFTY Next 50 index and single stock futures are available. Trading in Mini
Nifty Futures & Options and Long term Options on NIFTY 50 are also available. The average daily
turnover in the F&O Segment of the Exchange during the financial year April 2013 to March 2014
stood at ₹1.52236 trillion (US$21 billion).

On 29 August 2011, National Stock Exchange launched derivative contracts on the world's most
followed equity indices, the S&P 500 and the Dow Jones Industrial Average. NSE is the first Indian
exchange to launch global indices. This is also the first time in the world that futures contracts on
the S&P 500 index were introduced and listed on an exchange outside of their home country, USA.
The new contracts include futures on both the DJIA and the S&P 500, and options on the S&P 500.

On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options)
on FTSE 100, the widely tracked index of the UK equity stock market. This was the first of its kind
of an index of the UK equity stock market launched in India. FTSE 100 includes 100 largest UK
listed blue chip companies and has given returns of 17.8 per cent on investment over three years.
The index constitutes 85.6 per cent of UK's equity market capital.

On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan
Exchange Group, Inc. (JPX) on preparing for the launch of NIFTY 50 Index futures, a
representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a
subsidiary of JPX.

Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY
50 Index futures by March 2014, the integration date of the derivatives markets of OSE and Tokyo
Stock Exchange, Inc. (TSE), a subsidiary of JPX. This is the first time that retail and institutional
investors in Japan will be able to take a view on the Indian markets, in addition to current ETFs, in

53
their own currency and in their own time zone. Investors will therefore not face any currency risk,
because they will not have to invest in dollar denominated or rupee denominated contracts.

In August 2008, currency derivatives were introduced in India with the launch of Currency
Futures in USD–INR by NSE. It also added currency futures in Euros, Pounds and Yen. The
average daily turnover in the F&O Segment of the Exchange on 20 June 2013 stood at ₹419.2616
billion (US$5.8 billion) in futures and ₹273.977 billion (US$3.8 billion) in options, respectively.

Interest Rate Futures

In December 2013, exchanges in India received approval from market regulator SEBI for
launching interest rate futures (IRFs) on a single GOI bond or a basket of bonds that will be cash
settled. Market participants have been in favor of the product being cash settled and being available
on a single bond. NSE will launch the NSE Bond Futures on 21 January on highly liquid 7.16
percent and 8.83 percent 10-year GOI bonds. Interest Rate Futures were introduced for the first time
in India by NSE on 31 August 2009, exactly one year after the launch of Currency Futures. NSE
became the first stock exchange to get an approval for interest-rate futures, as recommended by the
SEBI-RBI committee.

Debt Market
On 13 May 2013, NSE launched India's first dedicated debt platform to provide a liquid and
transparent trading platform for debt related products. The Debt segment provides an opportunity to
retail investors to invest in corporate bonds on a liquid and transparent exchange platform. It also
helps institutions who are holders of corporate bonds. It is an ideal platform to buy and sell at
optimum prices and help Corporate to get adequate demand, when they are issuing the bonds.

BSE (Bombay Stock Exchange)

54
 The Stock Exchange, Mumbai, popularly known as "BSE" was established in 1875 as "The
Native Share and Stock Brokers Association". It is the oldest one in Asia, even older than the
Tokyo Stock Exchange, which was established in 1878. It is a voluntary non-profit making
Association of Persons (AOP) and is currently engaged in the process of converting itself into
demutualised and corporate entity. It has evolved over the years into its present status as the
premier Stock Exchange in the country. It is the first Stock Exchange in the Country to have
obtained permanent recognition in 1956 from the Govt. of India under the Securities Contracts
(Regulation) Act 1956.The Exchange, while providing an efficient and transparent market for
trading in securities, debt and derivatives upholds the interests of the investors and ensures
redresses of their grievances whether against the companies or its own member-brokers. It also
strives to educate and enlighten the investors by conducting investor education programmers and
making available to them necessary informative inputs.
A Governing Board having 20 directors is the apex body, which decides the policies and
regulates the affairs of the Exchange. The Governing Board consists of 9 elected directors, who are
from the broking community (one third of them retire ever year by rotation), three SEBI nominees,
six public representatives and an Executive Director & Chief Executive Officer and a Chief
Operating Officer. The Executive Director as the Chief Executive Officer is responsible for the day-
to-day administration of the Exchange and the Chief Operating Officer and other Heads of
Department assist him. The Exchange has inserted new Rule No.126 A in its Rules, Byelaws
pertaining to constitution of the Executive Committee of the Exchange. Accordingly, an Executive
Committee, consisting of three elected directors, three SEBI nominees or public representatives,
Executive Director & CEO and Chief Operating Officer has been constituted. The Committee
considers judicial & quasi matters in which the Governing Board has powers as an Appellate
Authority, matters regarding annulment of transactions, admission, continuance and suspension of
member brokers, declaration of a member-broker as defaulter, norms, procedures and other matters
relating to arbitration, fees, deposits, margins and other monies payable by the member-brokers to
the Exchange, etc.

55
Regulatory frame work of stock exchange
A comprehensive legal framework was provided by the “Securities Contract Regulation Act,
1956” and “Securities Exchange Board of India 1952”. Three tier regulatory structure comprising
 Ministry of finance
 The Securities And Exchange Board of India
 Governing body

Members of the stock exchange:

The securities contract regulation act 1956 has provided uniform regulation for the admission of
members in the stock exchanges. The qualifications for becoming a member of a recognized stock
exchange are given below:
 The minimum age prescriped for the members is 21 years.
 He should be an Indian citizen.
 He should be neither a bankrupt nor compound with the creditors.
 He should not be convicted for fraud or dishonesty.
 He should not be engaged in any other business connected with a company.
 He should not be a defaulter of any other stock exchange.
 The minimum required education is a pass in 12th standard examination.
Securities and exchange board of India (SEBI)

The securities and exchange board of India was constituted in 1988 under a resolution of
government of India. It was later made statutory body by the SEBI act 1992.according to this act,
the SEBI shall constitute of a chairman and four other members appointed by the central
government. With the coming into effect of the securities and exchange board of India act, 1992
some of the powers and functions exercised by the central government, in respect of the regulation
of stock exchange were transferred to the SEBI.

56
Objectives and functions of SEBI :

 To protect the interest of investors in securities.

 Regulating the business in stock exchanges and any other securities market.
 Registering and regulating the working of intermediaries associated with securities market
as well as working of mutual funds.
 Promoting and regulating self-regulatory organizations.
 Prohibiting insider trading in securities.
 Regulating substantial acquisition of shares and takeover of companies.
 Performing such functions and exercising such powers under the provisions of capital
issues (control) act, 1947and the securities to it by the central government.

57
 COMPANY PROFILE

Sharekhan is the largest standalone retail brokerage in the country and the third largest in terms
of customer base after ICICI Direct and HDFC Securities. Sharekhan is one of the pioneers of
online trading in India. It offers a broad range of financial products and services including securities
brokerage, mutual fund distribution, loan against shares, ESOP financing, IPO financing and wealth
management.

Background
Sharekhan was founded by Mumbai-based entrepreneur Shripal Morakhia in 2000. Sharekhan
pioneered the online retail broking industry and leveraged on the first wave of digitization, when
dematerialization (demat) of securities came into effect and electronic trading was introduced in the
stock exchanges.

In India, Sharekhan has over 4800+ employees, and is present in over 575 cities through 153
branches, more than 2,500 business partners. The company has 1.4 million customer bases and on
an average, executes more than 4 lakhs trades per day. Sharekhan is now a fully owned subsidiary
of BNP Paribas, it was rebranded as Sharekhan by BNP Paribas.

BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 75
countries, with more than 189,000 employees. It has had a presence in India for over 150 years
having established its first branch in Kolkata, in 1860. With this unparalleled experience of the
Indian market, it is among the leading corporate banks in the country. Through its branches in eight
key cities — Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Ahmadabad and Pune —
BNP Paribas offers sophisticated solutions in its three core businesses — corporate and institutional
banking, investment solutions and retail banking — many of them in association with strong local
partners.

58
 Founded February 2000
Founder Shripal Morakhia

Headquarters Mumbai,
India

Country of origin India

CEO Jaideep Aurora

Industry Financial Services

Parent BNP Paribas

Website Sharekhan.com

Vision

 To be the best retail brokering Brand in the retail business of stock market.

Mission

 To educate and empower the individual investor to make better investment decisions
through quality advice and superior service.

Sharekhan is infact-

 Among the top 3 branded retail service providers.

 No. 1 player in online business.
 Largest network of branded broking outlets in the country serving more than 7, 00,000
clients.

REASON TO CHOOSE SHAREKHAN LIMITED

Experience

S.S. Kantilal Ishwarlal Securities Private Limited (SSKI) has more than eight decades of trust
and credibility in the Indian stock market. In the Asia Money broker's poll held recently, SSKI won

59
the for 2004' award. Ever since it launched Sharekhan as its retail broking division in February
2000, it has been providing institutional individual investors.
Technology

With its online trading account one can buy and sell with an internet connection. One can get
access to its powerful online trading tools that will help him take complete control over his
investment in shares.

Accessibility

Sharekhan provides ADVICE, EDUCATION, TOOLS AND EXE investors. These services are
accessible through its centers across the country over the internet (through the website
www.sharekhan.com) as well as over the Voice Tool.

Knowledge

In a business where the right information at the right t profits, one can get access to a wide range
of information on Sharekhan limited’s content-rich portal. One can empower him to take informed
decisions.

Convenience

One can call its Dial-N-Trade number to get in transactions. Sharekhan ltd. have a dedicated call
Toll Free Number 1800-22-7500.

Customer Service
Sharekhan limited’s customer service team will assist one for any help that one may require
relating to transactions, billing, demat and other queries. Its customer service can be contacted via a
toll-free number, email or live chat on www.sharekhan.com.

60
Investment Advice
Sharekhan has dedicated research teams of more than 30 people for fundamental and technical
researches. Its analysts constantly track the pulse of the market and provide timely investment
advice to its clients in the form of daily research emails, online chat, printed reports and SMS on
their mobile phone.

PRODUCTS AND SERVICES OF SHAREKHAN LIMITED

The different types of products and services offered by Sharekhan Ltd. are as follows:

 Equity and derivatives trading

 Depository services
 Online services
 Commodities trading
 Dial-n-trade
 Portfolio management
 Share shops
 Fundamental research
 Technical research

TOP 5 COMPETITORS

 Angel Broking
 Karvy
 Motilal Oswal
 Ventura Securities
 IIFL

61
 CHAPTER: 3

DATA ANALYSIS & INTERPRETATION

1. ROC
Calculation of ROC for MARUTHI SUZUKI INDIA LTD. (NSE) from jan 2018
to dec 2018.

Date Price Rate of Change(ROC)

Jan-2018 9,509.70 -----
Feb-2018 8,850.95 -----
Mar-2018 8,861.10 -6.82
Apr-2018 8,814.95 -0.40
May-2018 8,537.20 -3.65
Jun-2018 8,825.60 0.12
July-2018 9,520.55 11.51
Aug-2018 9,096.40 3.06
Sep-2018 7,347.95 -22.82
Oct-2018 6,616.40 -27.26
Nov-2018 7,661.60 4.26
Dec-2018 7,465.50 12.83

62
 ROC
15
10
5
0
jan feb mar apr may jun july aug sep oct nov dec
-5
ROC
-10
-15
-20
-25
-30

FORMULA:

ROC=Close Price – Close Price ‘n’ Periods Ago/ Close Price ‘n’ Periods Ago *100

INTERPRETATION:

The above table shows the rate of change indicator:

a. The price of the stock was declining from MARCH to MAY where the ROC is negative.
b. ROC was positive in the month of JUNE, JULY, and AUGUST which indicates upward
price movement.
c. The trend changes to negative again during the month of SEPTEMBER and OCTOBER.
d. NOVEMBER and DECEMBER had exhibited positive rise in share price.
e. The ROC was very high in the month of DECEMBER (12.83) and very low in the month of
OCTOBER (-27.26).

63
Calculation of ROC for MAHINDRA AND MAHINDRA LTD. (NSE) from jan
2018 to dec 2018.

Date price Rate of Change(ROC)

Jan-2018 763.05 -----
Feb-2018 728.35 -----
Mar-2018 738.9 -3.16
Apr-2018 873.3 19.90
May-2018 922.95 24.90
Jun-2018 897.7 2.79
July-2018 935.95 1.40
Aug-2018 965.3 7.53
Sep-2018 860.95 -8.01
Oct-2018 765.95 -20.65
Nov-2018 790.9 -8.13
Dec-2018 803.85 4.94

64
 ROC
30

20

10

0 ROC
jan feb mar apr may jun july aug sep oct nov dec

-10

-20

-30

FORMULA:

ROC=Close Price – Close Price ‘n’ Periods Ago/ Close Price ‘n’ Periods Ago *100

INTERPRETATION:

The above table shows the rate of change indicator:

a. The price of the stock was declining in the month of MARCH where the ROC is negative.
b. ROC was positive in the month of APRIL to AUGUST which indicates upward price
movement.
c. The trend changes to negative again during the month of SEPTEMBER to NOVEMBER.
d. DECEMBER had exhibited positive rise in share price.
e. The ROC was very high in the month of MAY (24.90) and very low in the month of
OCTOBER (-20.65).

65
Calculation of ROC for TATA MOTORS LTD. (NSE) from jan 2018 to dec
2018.

Date Price Rate of Change(ROC)

Jan-2018 399.5 -----
Feb-2018 369.9 -----
Mar-2018 326.85 -18.18
Apr-2018 340.4 -7.97
May-2018 282.5 -13.56
Jun-2018 269.3 -20.88
July-2018 264.1 -6.51
Aug-2018 267.5 -0.66
Sep-2018 223.7 -15.29
Oct-2018 179.1 -33.04
Nov-2018 171.95 -23.13
Dec-2018 172.7 -3.57

66
 ROC
0
jan feb mar apr may jun july aug sep oct nov dec
-5

-10

-15
ROC
-20

-25

-30

-35

FORMULA:

ROC=Close Price – Close Price ‘n’ Periods Ago/ Close Price ‘n’ Periods Ago *100

INTERPRETATION:

The above table shows the rate of change indicator:

a. The price of the stock is declining in every month where the ROC is negative.
b. The ROC is not high as every month is in negative and very low in the month of OCTOBER
(-33.04).

67
Calculation of ROC for BAJAJ AUTO LTD. (NSE) from jan 2018 to dec 2018.

Date Price Rate of Change(ROC)

Jan-2018 3,337.15 -----
Feb-2018 3,020.60 -----
Mar-2018 2,744.70 -17.75
Apr-2018 2,952.60 -2.25
May-2018 2,750.30 0.20
Jun-2018 2,810.30 -4.81
July-2018 2,700.05 -1.82
Aug-2018 2,744.85 -2.32
Sep-2018 2,687.45 -0.46
Oct-2018 2,593.70 -5.50
Nov-2018 2,745.70 2.15
Dec-2018 2,720.15 4.87

68
 ROC
5

0
jan feb mar apr may jun july aug sep oct nov dec

-5
ROC
-10

-15

-20

FORMULA:

ROC=Close Price – Close Price ‘n’ Periods Ago/ Close Price ‘n’ Periods Ago *100

INTERPRETATION:

The above table shows the rate of change indicator:

a. The price of the stock was declining in MARCH and APRIL where the ROC is negative.
b. ROC was positive in the month of MAY which indicates upward price movement.
c. The trend changes to negative again during the month of JUNE to OCTOBER.
d. NOVEMBER and DECEMBER had exhibited positive rise in share price.
e. The ROC was very high in the month of DECEMBER (4.87) and very low in the month of
OCTOBER (-17.75).

69
Calculation of ROC for EICHER MOTOR LTD. (NSE) from jan 2018 to dec
2018.

Date Price Rate of Change(ROC)

Jan-2018 26,923.60 -----
Feb-2018 27,437.75 -----
Mar-2018 28,372.65 5.38
Apr-2018 31,188.60 13.67
May-2018 30,780.65 8.48
Jun-2018 28,590.45 -8.33
July-2018 27,798.55 -9.68
Aug-2018 28,059.75 -1.89
Sep-2018 24,185.40 -12.99
Oct-2018 21,864.60 -22.07
Nov-2018 23,405.30 -3.22
Dec-2018 23,158.35 5.91

70
 ROC
20

15

10

0
jan feb mar apr may jun july aug sep oct nov dec ROC
-5

-10

-15

-20

-25

FORMULA:

ROC=Close Price – Close Price ‘n’ Periods Ago/ Close Price ‘n’ Periods Ago *100

INTERPRETATION:

The above table shows the rate of change indicator:

a. The price of the stock was positive from MARCH to MAY where the ROC is positive.
b. ROC was negative in the month of JUNE to NOVEMBER which indicates downward price
movement.
c. The trend changes to positive again during the month of DECEMBER.
d. The ROC was very high in the month of APRIL (13.67) and very low in the month of
OCTOBER (-22.07).

71
 2. RSI

Calculation of RSI for MARUTHI SUZUKI INDIA LTD. (NSE) from jan 2018
to dec 2018.

Date Price Gain Loss

Jan-2018
9,509.70

Feb-2018 658.75
8,850.95

Mar-2018 10.5
8,861.10

Apr-2018 46.15
8,814.95

May-2018 277.75
8,537.20

Jun-2018 288.4
8,825.60

July-2018 694.95
9,520.55

Aug-2018 424.15
9,096.40

Sep-2018 1748.45
7,347.95

Oct-2018 731.55
6,616.40

Nov-2018 1045.2
7,661.60

Dec-2018 196.1
7,465.50

Avg. gain= 509.675 Avg. loss=583.27

72
CALCULATION

Calculation of Relative Strength (RS)

Rs = Avg. gain /Avg. loss

Avg. gain = 2038.7/4

= 509.675

Avg. loss = 4082.9/7

= 583.27

RS =509.675/583.27

= 0.8738

Calculation of RSI

RSI = 100 - 100/1+Rs

= 100 - 100/1+0.8738

= 100 – 100/1.8738

= 100-53.36

= 46.64

INTERPRETATION:

Since the RSI falls between 30 to 70, it is signal for holding the shares. If RSI is less than 30, it
shows strong uptrend; hence it is a buy signal. If RSI is more than 70, it is a selling signal. Here the
RSI value is 46.64, so it is time for holding the shares.

73
Calculation of RSI for MAHINDRA AND MAHINDRA LTD. (NSE) from jan
2018 to dec 2018.

Date Price Gain Loss

Jan-2018
763.05

Feb-2018 34.7
728.35

Mar-2018 10.55
738.9

Apr-2018 134.4
873.3

May-2018 49.65
922.95

Jun-2018 25.25
897.7

July-2018 38.25
935.95

Aug-2018 29.35
965.3

Sep-2018 104.35
860.95

Oct-2018 95
765.95

Nov-2018 24.95
790.9

Dec-2018 12.95
803.85

Avg. gain= 42.87 Avg. loss=64.825

74
CALCULATION

Calculation of Relative Strength (RS)

Rs = Avg. gain /Avg. loss

Avg. gain = 300.1/7

= 42.87

Avg. loss = 259.3/4

= 64.825

RS =42.87/64.825

= 0.6613

Calculation of RSI

RSI = 100 - 100/1+Rs

= 100 - 100/1+0.6613

= 100 – 100/1.6613

= 100-60.19

= 39.81

INTERPRETATION:

Since the RSI falls between 30 to 70, it is signal for holding the shares. If RSI is less than 30, it
shows strong uptrend; hence it is a buy signal. If RSI is more than 70, it is a selling signal. Here the
RSI value is 39.81, so it is time for holding the shares.

75
Calculation of RSI for TATA MOTORS LTD. (NSE) from jan 2018 to dec 2018.

Date Price Gain Loss

Jan-2018
399.5

Feb-2018 29.6
369.9

Mar-2018 43.05
326.85

Apr-2018 13.55
340.4

May-2018 57.9
282.5

Jun-2018 13.2
269.3

July-2018 5.2
264.1

Aug-2018 3.4
267.5

Sep-2018 43.8
223.7

Oct-2018 44.6
179.1

Nov-2018 7.15
171.95

Dec-2018 0.75
172.7

Avg. gain= 5.9 Avg. loss=30.563

76
CALCULATION

Calculation of Relative Strength (RS)

Rs = Avg. gain /Avg. loss

Avg. gain = 17.7/3

= 5.9

Avg. loss = 244.5/8

= 30.563

RS =5.9/30.563

= 0.1930

Calculation of RSI

RSI = 100 - 100/1+Rs

= 100 - 100/1+0.1930

= 100 – 100/1.1930

= 100-83.82

= 16.18

INTERPRETATION:

Since the RSI falls between 30 to 70, it is signal for holding the shares. If RSI is less than 30, it
shows strong uptrend; hence it is a buy signal. If RSI is more than 70, it is a selling signal. Here the
RSI value is 16.18, so it is time for buying the shares.

77
Calculation of RSI for BAJAJ AUTO LTD. (NSE) from jan 2018 to dec 2018.

Date Price Gain Loss

Jan-2018
3,337.15

Feb-2018 316.55
3,020.60

Mar-2018 275.9
2,744.70

Apr-2018 207.9
2,952.60

May-2018 202.3
2,750.30

Jun-2018 60
2,810.30

July-2018 110.25
2,700.05

Aug-2018 44.8
2,744.85

Sep-2018 57.4
2,687.45

Oct-2018 93.75
2,593.70

Nov-2018 152
2,745.70

Dec-2018 25.55
2,720.15

Avg. gain= 116.175 Avg. loss=154.53

78
CALCULATION

Calculation of Relative Strength (RS)

Rs = Avg. gain /Avg. loss

Avg. gain = 464.7/4

= 116.175

Avg. loss = 1081.7/7

= 154.53

RS =116.175/154.53

= 0.7518

Calculation of RSI

RSI = 100 - 100/1+Rs

= 100 - 100/1+0.7518

= 100 – 100/1.7518

= 100-57.08

= 42.92

INTERPRETATION:

Since the RSI falls between 30 to 70, it is signal for holding the shares. If RSI is less than 30, it
shows strong uptrend; hence it is a buy signal. If RSI is more than 70, it is a selling signal. Here the
RSI value is 42.92, so it is time for holding the shares.

79
Calculation of RSI for EICHER MOTOR LTD. (NSE) from jan 2018 to dec
2018.

Date Price Gain Loss

Jan-2018
26,923.60

Feb-2018 514.15
27,437.75

Mar-2018 934.9
28,372.65

Apr-2018 2815.95
31,188.60

May-2018 407.95
30,780.65

Jun-2018 2190.2
28,590.45

July-2018 791.9
27,798.55

Aug-2018 261.2
28,059.75

Sep-2018 3874.35
24,185.40

Oct-2018 2320.8
21,864.60

Nov-2018 1540.7
23,405.30

Dec-2018 246.95
23,158.35

Avg. gain= 1213.38 Avg.

loss=1638.69

80
CALCULATION

Calculation of Relative Strength (RS)

Rs = Avg. gain /Avg. loss

Avg. gain = 6066.9/5

= 1213.38

Avg. loss = 9832.15/6

= 1638.69

RS =1213.38/1638.69

= 0.7405

Calculation of RSI

RSI = 100 - 100/1+Rs

= 100 - 100/1+0.7405

= 100 – 100/1.7405

= 100-57.45

= 42.55

INTERPRETATION:

Since the RSI falls between 30 to 70, it is signal for holding the shares. If RSI is less than 30, it
shows strong uptrend; hence it is a buy signal. If RSI is more than 70, it is a selling signal. Here the
RSI value is 42.55, so it is time for holding the shares.

81
CONSOLIDATED TABLE FOR RSI:

SCRIPT RSI SIGNAL

1. MARUTHI SUZUKI 46.64 HOLD

INDIA LTD.

2. MAHINDRA AND 39.81 HOLD

MAHINDRA LTD.

3. TATA MOTORS LTD. 16.18 BUY

4. BAJAJ AUTO LTD.

42.92 HOLD

5. EICHER MOTOR
42.55 HOLD

82
 3. AROON

Calculation of AROON for MARUTHI SUZUKI INDIA LTD. (NSE) from oct
2018 to dec 2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close 24 Trend
24 Day Day AROON AROON
High Low UP DOWN
1-Oct-18 7,354.00 7,485.00 7,206.00 7,463.95
3-Oct-18 7,400.00 7,410.70 7,211.00 7,246.00
4-Oct-18 7,150.00 7,288.00 7,021.00 7,198.75
5-Oct-18 7,054.80 7,220.00 6,801.85 6,904.35
8-Oct-18 6,915.00 6,989.00 6,774.25 6,889.75
9-Oct-18 6,819.75 6,940.00 6,661.00 6,699.45
10-Oct-18 6,748.00 7,050.00 6,723.25 6,985.85
11-Oct-18 6,800.00 6,950.00 6,705.20 6,875.50
12-Oct-18 6,950.00 7,326.00 6,950.00 7,287.20
15-Oct-18 7,320.00 7,340.00 7,126.05 7,182.00
16-Oct-18 7,214.00 7,278.00 7,123.80 7,150.90
17-Oct-18 7,237.65 7,245.00 6,853.45 6,885.60
19-Oct-18 6,830.00 6,965.00 6,715.50 6,756.45
22-Oct-18 6,818.00 6,905.00 6,722.05 6,812.20
23-Oct-18 6,779.00 6,857.00 6,666.00 6,771.30
24-Oct-18 6,850.00 6,885.00 6,690.00 6,768.30
25-Oct-18 6,700.00 6,853.70 6,620.20 6,723.20
26-Oct-18 6,750.00 6,795.00 6,500.00 6,717.30
29-Oct-18 6,722.00 6,810.00 6,691.05 6,798.70
30-Oct-18 6,798.00 6,868.95 6,675.20 6,697.00
31-Oct-18 6,760.00 6,760.00 6,500.00 6,616.40
1-Nov-18 6,648.95 6,739.95 6,600.00 6,711.75
2-Nov-18 6,769.80 7,159.00 6,750.05 7,135.45
5-Nov-18 7,138.00 7,254.70 7,060.05 7,177.25 7,485 6500 4.17 75.00 DOWN
6-Nov-18 7,195.00 7,238.00 7,050.00 7,075.00 7,411 6500 4.17 70.83 DOWN
7-Nov-18 7,140.00 7,143.00 7,090.00 7,127.90 7,340 6500 33.33 66.67 DOWN
9-Nov-18 7,130.00 7,315.00 7,040.85 7,283.50 7,340 6500 29.17 62.50 DOWN
12-Nov-18 7,300.00 7,352.50 7,052.00 7,087.80 7,353 6500 100.00 58.33 UP
13-Nov-18 7,049.95 7,168.75 7,021.00 7,150.45 7,353 6500 95.83 54.17 UP
14-Nov-18 7,180.10 7,409.00 7,180.10 7,369.05 7,409 6500 100.00 50.00 UP
15-Nov-18 7,378.90 7,515.10 7,333.55 7,478.30 7,515 6500 100.00 45.83 UP
16-Nov-18 7,500.00 7,544.05 7,302.55 7,341.20 7,544 6500 100.00 41.67 UP
19-Nov-18 7,360.00 7,449.00 7,290.00 7,411.65 7,544 6500 95.83 37.50 UP

83
 20-Nov-18 7,411.65 7,444.50 7,311.65 7,333.95 7,544 6500 91.67 33.33 UP
21-Nov-18 7,340.00 7,466.00 7,331.50 7,424.50 7,544 6500 87.50 29.17 UP
22-Nov-18 7,393.95 7,480.00 7,361.20 7,411.10 7,544 6500 83.33 25.00 UP
26-Nov-18 7,425.00 7,577.75 7,387.30 7,554.70 7,578 6500 100.00 20.83 UP
27-Nov-18 7,570.00 7,657.80 7,500.75 7,647.60 7,658 6500 100.00 16.67 UP
28-Nov-18 7,658.00 7,680.50 7,549.60 7,574.20 7,681 6500 100.00 12.50 UP
29-Nov-18 7,613.00 7,642.00 7,531.00 7,546.75 7,681 6500 95.83 8.33 UP
30-Nov-18 7,574.00 7,727.00 7,570.05 7,661.60 7,727 6500 100.00 4.17 UP
3-Dec-18 7,688.50 7,800.00 7,630.10 7,779.95 7,800 6500 100.00 12.50 UP
4-Dec-18 7,780.00 7,784.95 7,701.00 7,721.65 7,800 6500 95.83 8.33 UP
5-Dec-18 7,696.70 7,739.90 7,520.00 7,554.05 7,800 6500 91.67 4.17 UP
6-Dec-18 7,450.05 7,486.30 7,180.00 7,209.70 7,800 6600 87.50 4.17 UP
7-Dec-18 7,244.00 7,349.95 7,201.00 7,313.95 7,800 6750 83.33 4.17 UP
10-Dec-18 7,200.00 7,395.00 7,170.00 7,350.50 7,800 7021 79.17 25.00 UP
11-Dec-18 7,240.50 7,346.00 7,215.55 7,305.35 7,800 7021 75.00 20.83 UP
12-Dec-18 7,340.00 7,507.30 7,295.00 7,471.85 7,800 7021 70.83 16.67 UP
13-Dec-18 7,477.50 7,700.00 7,477.50 7,670.50 7,800 7021 66.67 12.50 UP
14-Dec-18 7,684.00 7,690.00 7,545.95 7,662.15 7,800 7021 62.50 8.33 UP
17-Dec-18 7,691.90 7,800.00 7,650.00 7,734.05 7,800 7021 58.33 4.17 UP
18-Dec-18 7,710.00 7,785.00 7,655.00 7,772.35 7,800 7170 54.17 75.00 DOWN
19-Dec-18 7,781.00 7,949.75 7,781.00 7,936.00 7,950 7170 100.00 70.83 UP
20-Dec-18 7,850.00 7,919.00 7,763.65 7,807.05 7,950 7170 95.83 66.67 UP
21-Dec-18 7,830.00 7,835.00 7,515.00 7,536.30 7,950 7170 91.67 62.50 UP
24-Dec-18 7,560.00 7,595.65 7,470.00 7,529.15 7,950 7170 87.50 58.33 UP
26-Dec-18 7,488.00 7,600.00 7,402.00 7,569.10 7,950 7170 83.33 54.17 UP
27-Dec-18 7,649.00 7,668.85 7,479.30 7,499.95 7,950 7170 79.17 50.00 UP
28-Dec-18 7,548.00 7,580.00 7,490.00 7,505.55 7,950 7170 75.00 45.83 UP
31-Dec-18 7,550.00 7,572.75 7,443.10 7,465.50 7,950 7170 70.83 41.67 UP

INTERPRETATION:

The AROON indicator fluctuates between 0 to 100. The AROON indicator shows a down trend
from NOVEMBER 5 to 9. The UP trend is higher than the DOWN trend. The ending of the above
table is in UP position, so it indicates buy.

84
Calculation of AROON for MAHINDRA AND MAHINDRA LTD. (NSE) from
oct 2018 to dec 2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close 24 Trend
24 Day Day AROON AROON
High Low UP DOWN
1-Oct-18 860.5 864.45 840.95 847.6
3-Oct-18 845.5 845.5 787 791.6
4-Oct-18 780.15 800 765.45 794.7
5-Oct-18 791 795.75 752.9 769.55
8-Oct-18 768.75 780.95 753.3 774.85
9-Oct-18 775.55 782.45 760.3 764.8
10-Oct-18 768 774.6 750.9 764.1
11-Oct-18 747 756.5 715 730.15
12-Oct-18 738.5 775.9 735.55 768.5
15-Oct-18 775 775.45 738 749
16-Oct-18 753.6 780 750.1 777.7
17-Oct-18 789.2 790.75 751.2 759.4
19-Oct-18 748.1 758 732.1 741.2
22-Oct-18 747 749 731 733.75
23-Oct-18 730.5 734.4 716.2 729.95
24-Oct-18 740.8 749.2 725.65 736.25
25-Oct-18 728 744.5 724 733.75
26-Oct-18 731 741.8 722.7 728.2
29-Oct-18 728 752.85 728 749.5
30-Oct-18 751 762.75 737 746.3
31-Oct-18 749 769.1 735.15 765.95
1-Nov-18 770.5 778.7 751 756.05
2-Nov-18 765.05 795.9 765.05 783.55
5-Nov-18 784 784.65 770 775.45 864 715 4.17 33.33 DOWN
6-Nov-18 780 782 768.85 778.4 846 715 4.17 29.17 DOWN
7-Nov-18 788 794 783.65 792.9 800 715 4.17 25.00 DOWN
9-Nov-18 800 805.9 791 795.25 806 715 100.00 20.83 UP
12-Nov-18 798 807.7 778.1 780.9 808 715 100.00 16.67 UP
13-Nov-18 775.5 793.8 773.85 790.05 808 715 95.83 12.50 UP
14-Nov-18 793.1 797.4 765.5 769.6 808 715 91.67 8.33 UP
15-Nov-18 774 775.8 755 766.5 808 715 87.50 4.17 UP
16-Nov-18 767.65 776.5 759.75 767.6 808 716 83.33 29.17 UP
19-Nov-18 775.3 783.6 770.1 781.35 808 716 79.17 25.00 UP
20-Nov-18 780 792.4 773.35 782.6 808 716 75.00 20.83 UP
21-Nov-18 787.8 787.8 764.7 769.1 808 716 70.83 16.67 UP

85
22-Nov-18 770.1 772.95 743.1 746.1 808 716 66.67 12.50 UP
26-Nov-18 748 755 739.25 747.9 808 716 62.50 8.33 UP
27-Nov-18 747 753.9 738.1 751.75 808 716 58.33 4.17 UP
28-Nov-18 754.7 759.2 745.55 748.4 808 723 54.17 12.50 UP
29-Nov-18 756 780.3 752 773.2 808 723 50.00 8.33 UP
30-Nov-18 778 796 776.7 790.9 808 723 45.83 4.17 UP
3-Dec-18 800 800.8 756.6 761.05 808 728 41.67 4.17 UP
4-Dec-18 762 762 738.5 740.3 808 735 37.50 8.33 UP
5-Dec-18 740.3 740.3 715.1 718.05 808 715 33.33 100.00 DOWN
6-Dec-18 717.5 722 706.5 710.95 808 707 29.17 100.00 DOWN
7-Dec-18 726.8 726.8 709.6 721.1 808 707 25.00 95.83 DOWN
10-Dec-18 710 725.5 700 710.55 808 700 20.83 100.00 DOWN
11-Dec-18 699.9 729.9 694 722.35 808 694 16.67 100.00 DOWN
12-Dec-18 725 753 721.25 750.8 808 694 12.50 95.83 DOWN
13-Dec-18 755 765.1 746.25 759.2 808 694 8.33 91.67 DOWN
14-Dec-18 753.1 764 751.6 757.25 808 694 4.17 87.50 DOWN
17-Dec-18 760 763 750.5 756.35 801 694 58.33 83.33 DOWN
18-Dec-18 755.6 772 752.4 770.95 801 694 54.17 79.17 DOWN
19-Dec-18 775 787 767.1 782.65 801 694 50.00 75.00 DOWN
20-Dec-18 779.7 797 778.5 795.45 801 694 45.83 70.83 DOWN
21-Dec-18 795 814 777.7 781.15 814 694 100.00 66.67 UP
24-Dec-18 782.9 792.5 775 788.65 814 694 95.83 62.50 UP
26-Dec-18 785.65 793.5 772 787.7 814 694 91.67 58.33 UP
27-Dec-18 794.5 802 788.1 795.65 814 694 87.50 54.17 UP
28-Dec-18 799.35 807 797 803.55 814 694 83.33 50.00 UP
31-Dec-18 808.9 810 801.2 803.85 814 694 79.17 45.83 UP

INTERPRETATION:

The AROON indicator fluctuates between 0 to 100. The AROON indicator shows a down trend
from NOVEMBER 6 to 9. The ending of the above table is in UP position, so it indicates buy.

86
Calculation of AROON for TATA MOTORS LTD. (NSE) from oct 2018 to dec
2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close 24 Trend
24 Day Day AROON AROON
High Low UP DOWN
1-Oct-18 225 230.45 220 229.35
3-Oct-18 230 232.8 225.8 227.6
4-Oct-18 224 230.8 221.75 223.25
5-Oct-18 222.75 226.45 214.75 216.25
8-Oct-18 217.8 218.5 208.1 212.35
9-Oct-18 205.7 206 170.3 184.35
10-Oct-18 186 190.95 185.05 188.75
11-Oct-18 180.65 187.75 178 182.95
12-Oct-18 185.95 188.4 182.6 183.75
15-Oct-18 186.5 186.5 182.7 184.35
16-Oct-18 185.2 187.25 184.55 185.85
17-Oct-18 187.6 187.8 179.1 179.95
19-Oct-18 178.95 179.75 174 174.7
22-Oct-18 176.4 176.85 170.05 170.75
23-Oct-18 170 175.7 169.55 170.65
24-Oct-18 173.9 175 169 170.65
25-Oct-18 168.95 169.75 164.6 165.35
26-Oct-18 166 172.8 165.9 168.5
29-Oct-18 169.95 176.5 167.7 175.35
30-Oct-18 177 181.5 176.05 177.25
31-Oct-18 178.3 180 173.45 179.1
1-Nov-18 182 186.05 178.2 179.45
2-Nov-18 180.95 191.85 180.9 190.3
5-Nov-18 191.3 191.3 186.65 189.8 233 165 8.33 70.83 DOWN
6-Nov-18 192.45 199.95 191.75 193.25 233 165 4.17 66.67 DOWN
7-Nov-18 194.95 195.75 193.35 194.85 231 165 4.17 62.50 DOWN
9-Nov-18 192.9 200.75 192 195.25 226 165 4.17 58.33 DOWN
12-Nov-18 194.45 194.45 185.2 186.05 219 165 4.17 54.17 DOWN
13-Nov-18 180.75 183 178.35 179.5 206 165 4.17 50.00 DOWN
14-Nov-18 180.5 183 176.25 176.8 201 165 87.50 45.83 UP
15-Nov-18 178 182.7 177.5 180.2 201 165 83.33 41.67 UP
16-Nov-18 180.9 181.85 177.85 179.9 201 165 79.17 37.50 UP
19-Nov-18 180.6 185.5 179.1 184.6 201 165 75.00 33.33 UP
20-Nov-18 184.05 188.3 183.2 183.75 201 165 70.83 29.17 UP
21-Nov-18 184.4 186.75 183.75 184.15 201 165 66.67 25.00 UP

87
22-Nov-18 185.5 186.15 181.75 182.55 201 165 62.50 20.83 UP
26-Nov-18 183.9 184.45 177 181.75 201 165 58.33 16.67 UP
27-Nov-18 181.7 184.55 178.55 180.05 201 165 54.17 12.50 UP
28-Nov-18 181 181.35 174 174.45 201 165 50.00 8.33 UP
29-Nov-18 175.95 179.35 173.45 177.25 201 165 45.83 4.17 UP
30-Nov-18 172 174.9 170.35 171.95 201 166 41.67 4.17 UP
3-Dec-18 173.25 176.45 170 175.45 201 168 37.50 4.17 UP
4-Dec-18 177.95 178.75 175.3 175.75 201 170 33.33 95.83 DOWN
5-Dec-18 173 173 168.6 169.2 201 169 29.17 100.00 DOWN
6-Dec-18 168.5 168.7 161.6 162.65 201 162 25.00 100.00 DOWN
7-Dec-18 162.25 164.2 160.8 162.4 201 161 20.83 100.00 DOWN
10-Dec-18 159.9 160.5 156.5 157.1 201 157 16.67 100.00 DOWN
11-Dec-18 155 159.5 154.65 158.1 201 155 12.50 100.00 DOWN
12-Dec-18 159.5 167.1 158 164.1 201 155 8.33 95.83 DOWN
13-Dec-18 166 168 165.55 166.85 201 155 4.17 91.67 DOWN
14-Dec-18 166 168.4 164.85 166.95 194 155 4.17 87.50 DOWN
17-Dec-18 167.25 175.95 167.25 173.95 188 155 25.00 83.33 DOWN
18-Dec-18 174 177.6 173.1 174.75 188 155 20.83 79.17 DOWN
19-Dec-18 176.5 176.5 172.5 173.9 188 155 16.67 75.00 DOWN
20-Dec-18 173 177.3 171.75 176.4 188 155 12.50 70.83 DOWN
21-Dec-18 177 180.5 175.15 176.25 188 155 8.33 66.67 DOWN
24-Dec-18 176.25 177.85 171.5 172.5 188 155 4.17 62.50 DOWN
26-Dec-18 171.45 172.2 167.6 170.9 187 155 4.17 58.33 DOWN
27-Dec-18 172.75 173.4 167.7 168.25 186 155 4.17 54.17 DOWN
28-Dec-18 169.4 172.2 169.15 170.85 185 155 8.33 50.00 DOWN
31-Dec-18 172.45 173.9 171.75 172.7 185 155 4.17 45.83 DOWN

INTERPRETATION:

The AROON indicator fluctuates between 0 to 100. The AROON indicator shows a down trend
from NOVEMBER 5 to 13. The ending of the above table is in DOWN position, so it indicates sell.

88
Calculation of AROON for BAJAJ AUTO LTD. (NSE) from oct 2018 to dec
2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close 24 Trend
24 Day Day AROON AROON
High Low UP DOWN
1-Oct-18 2,687.00 2,745.00 2,619.60 2,730.10
3-Oct-18 2,735.00 2,769.90 2,702.00 2,731.40
4-Oct-18 2,687.00 2,719.50 2,626.25 2,657.00
5-Oct-18 2,635.00 2,635.00 2,520.00 2,543.05
8-Oct-18 2,526.05 2,604.10 2,501.25 2,584.10
9-Oct-18 2,590.00 2,590.05 2,530.30 2,548.85
10-Oct-18 2,560.00 2,628.90 2,556.00 2,581.80
11-Oct-18 2,540.00 2,555.90 2,505.45 2,525.80
12-Oct-18 2,549.50 2,648.95 2,530.10 2,623.05
15-Oct-18 2,644.00 2,647.40 2,576.10 2,620.45
16-Oct-18 2,638.00 2,648.00 2,605.00 2,610.50
17-Oct-18 2,638.00 2,649.65 2,538.00 2,547.80
19-Oct-18 2,535.25 2,542.85 2,480.00 2,510.25
22-Oct-18 2,530.10 2,574.70 2,496.70 2,556.90
23-Oct-18 2,540.00 2,598.70 2,526.00 2,586.50
24-Oct-18 2,615.00 2,619.90 2,456.60 2,475.15
25-Oct-18 2,455.00 2,498.70 2,420.00 2,477.55
26-Oct-18 2,483.00 2,533.60 2,446.70 2,513.75
29-Oct-18 2,533.00 2,558.35 2,474.25 2,549.10
30-Oct-18 2,554.00 2,583.00 2,532.90 2,556.25
31-Oct-18 2,550.00 2,614.00 2,486.15 2,593.70
1-Nov-18 2,613.10 2,619.00 2,568.05 2,598.85
2-Nov-18 2,620.00 2,700.00 2,620.00 2,657.75
5-Nov-18 2,670.00 2,687.45 2,622.55 2,672.55 2,770 2420 8.33 70.83 DOWN
6-Nov-18 2,673.20 2,698.00 2,658.95 2,674.60 2,770 2420 4.17 66.67 DOWN
7-Nov-18 2,694.00 2,695.00 2,681.15 2,692.55 2,720 2420 4.17 62.50 DOWN
9-Nov-18 2,680.00 2,745.00 2,673.50 2,693.05 2,745 2420 100.00 58.33 UP
12-Nov-18 2,700.00 2,726.00 2,640.95 2,652.30 2,745 2420 95.83 54.17 UP
13-Nov-18 2,649.00 2,673.40 2,613.00 2,665.50 2,745 2420 91.67 50.00 UP
14-Nov-18 2,675.00 2,714.90 2,652.00 2,676.50 2,745 2420 87.50 45.83 UP
15-Nov-18 2,681.00 2,699.00 2,661.10 2,668.85 2,745 2420 83.33 41.67 UP
16-Nov-18 2,680.00 2,705.90 2,675.15 2,695.35 2,745 2420 79.17 37.50 UP
19-Nov-18 2,704.00 2,708.00 2,670.00 2,679.65 2,745 2420 75.00 33.33 UP
20-Nov-18 2,679.65 2,679.65 2,655.00 2,666.50 2,745 2420 70.83 29.17 UP
21-Nov-18 2,673.00 2,673.00 2,591.10 2,604.65 2,745 2420 66.67 25.00 UP

89
22-Nov-18 2,600.00 2,624.00 2,580.80 2,590.35 2,745 2420 62.50 20.83 UP
26-Nov-18 2,606.00 2,662.90 2,576.00 2,649.50 2,745 2420 58.33 16.67 UP
27-Nov-18 2,642.00 2,643.95 2,570.90 2,599.65 2,745 2420 54.17 12.50 UP
28-Nov-18 2,612.00 2,625.00 2,584.00 2,603.90 2,745 2420 50.00 8.33 UP
29-Nov-18 2,633.00 2,737.00 2,602.05 2,724.00 2,745 2420 45.83 4.17 UP
30-Nov-18 2,721.00 2,769.70 2,702.00 2,745.70 2,770 2447 100.00 4.17 UP
3-Dec-18 2,760.00 2,764.95 2,714.00 2,736.00 2,770 2474 95.83 4.17 UP
4-Dec-18 2,740.10 2,790.00 2,726.25 2,763.85 2,790 2486 100.00 8.33 UP
5-Dec-18 2,759.00 2,774.50 2,731.10 2,764.10 2,790 2486 95.83 4.17 UP
6-Dec-18 2,740.00 2,799.40 2,705.85 2,718.10 2,799 2568 100.00 4.17 UP
7-Dec-18 2,722.00 2,793.00 2,716.30 2,786.20 2,799 2571 95.83 66.67 UP
10-Dec-18 2,713.00 2,769.95 2,702.80 2,725.10 2,799 2571 91.67 62.50 UP
11-Dec-18 2,710.00 2,760.00 2,685.00 2,739.60 2,799 2571 87.50 58.33 UP
12-Dec-18 2,742.00 2,858.00 2,738.65 2,848.40 2,858 2571 100.00 54.17 UP
13-Dec-18 2,860.00 2,885.65 2,821.70 2,836.10 2,886 2571 100.00 50.00 UP
14-Dec-18 2,836.00 2,837.35 2,785.20 2,823.15 2,886 2571 95.83 45.83 UP
17-Dec-18 2,833.00 2,853.00 2,826.10 2,840.95 2,886 2571 91.67 41.67 UP
18-Dec-18 2,840.00 2,873.80 2,822.05 2,840.90 2,886 2571 87.50 37.50 UP
19-Dec-18 2,853.90 2,882.00 2,845.05 2,863.00 2,886 2571 83.33 33.33 UP
20-Dec-18 2,855.00 2,900.00 2,832.00 2,887.20 2,900 2571 100.00 29.17 UP
21-Dec-18 2,897.00 2,905.00 2,801.00 2,808.45 2,905 2571 100.00 25.00 UP
24-Dec-18 2,825.50 2,832.70 2,715.85 2,724.65 2,905 2571 95.83 20.83 UP
26-Dec-18 2,713.70 2,749.80 2,670.00 2,734.60 2,905 2571 91.67 16.67 UP
27-Dec-18 2,763.90 2,764.00 2,696.60 2,737.00 2,905 2571 87.50 12.50 UP
28-Dec-18 2,753.90 2,759.95 2,711.75 2,717.50 2,905 2571 83.33 8.33 UP
31-Dec-18 2,738.00 2,763.00 2,710.00 2,720.15 2,905 2571 79.17 4.17 UP

INTERPRETATION:

The AROON indicator fluctuates between 0 to 100. The AROON indicator shows a down trend
from NOVEMBER 5 to 7. The ending of the above table is in UP position, so it indicates buy.

90
Calculation of AROON for EICHER MOTOR LTD. (NSE) from oct 2018 to dec
2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close 24 Day 24 Day AROON AROON Trend
High Low UP DOWN
1-Oct-18 24,280.00 24,999.00 23,230.00 24,749.50
3-Oct-18 24,750.00 24,750.00 23,050.00 23,235.75
4-Oct-18 22,900.00 22,900.00 20,001.15 21,907.85
5-Oct-18 21,597.25 22,669.45 20,975.10 21,190.45
8-Oct-18 21,400.00 22,314.00 20,651.05 22,134.75
9-Oct-18 21,912.90 22,181.15 20,801.30 21,085.70
10-Oct-18 21,327.30 22,810.00 21,327.30 22,582.35
11-Oct-18 21,300.00 22,600.00 21,182.45 22,357.45
12-Oct-18 22,944.00 24,199.00 22,501.00 23,903.75
15-Oct-18 24,100.00 24,134.05 23,000.05 23,434.50
16-Oct-18 23,550.00 23,950.00 22,750.00 23,002.15
17-Oct-18 23,380.00 23,727.40 21,850.00 21,978.10
19-Oct-18 21,978.10 22,380.00 21,351.05 21,625.30
22-Oct-18 21,950.00 22,560.00 21,850.00 22,425.10
23-Oct-18 22,040.00 22,475.00 21,901.00 22,258.15
24-Oct-18 22,600.00 22,690.00 21,851.00 22,624.70
25-Oct-18 22,324.00 22,427.30 21,900.00 22,092.20
26-Oct-18 22,272.30 22,300.00 21,705.00 21,806.40
29-Oct-18 21,990.00 22,084.00 21,290.00 21,461.90
30-Oct-18 21,500.00 21,513.40 20,985.00 21,026.15
31-Oct-18 21,200.00 21,990.00 20,701.15 21,864.60
1-Nov-18 21,750.00 22,299.80 21,750.00 21,992.10
2-Nov-18 22,300.00 23,080.55 22,200.00 22,674.10
5-Nov-18 22,701.00 22,765.00 22,374.10 22,552.25 24,999 20001 4.17 12.50 DOWN
6-Nov-18 22,650.00 22,827.30 22,370.00 22,559.65 24,750 20001 4.17 8.33 DOWN
7-Nov-18 22,700.00 22,825.90 22,600.15 22,650.30 24,199 20001 29.17 4.17 UP
9-Nov-18 22,739.50 22,739.50 22,405.00 22,495.25 24,199 20651 25.00 8.33 UP
12-Nov-18 22,370.00 22,495.25 21,820.40 21,933.55 24,199 20651 20.83 4.17 UP
13-Nov-18 21,451.00 23,400.00 21,196.75 23,241.85 24,199 20701 16.67 66.67 DOWN
14-Nov-18 23,300.00 24,184.00 23,056.00 23,240.10 24,199 20701 12.50 62.50 DOWN
15-Nov-18 23,400.00 24,041.95 23,291.50 23,945.35 24,199 20701 8.33 58.33 DOWN
16-Nov-18 24,120.00 24,830.00 23,925.10 24,735.00 24,830 20701 100.00 54.17 UP
19-Nov-18 24,990.00 25,340.00 24,726.40 24,897.10 25,340 20701 100.00 50.00 UP
20-Nov-18 24,897.10 25,350.00 24,450.55 24,595.80 25,350 20701 100.00 45.83 UP
21-Nov-18 24,744.00 25,300.00 23,960.10 24,216.40 25,350 20701 95.83 41.67 UP
22-Nov-18 24,420.00 24,479.95 23,940.00 24,109.05 25,350 20701 91.67 37.50 UP

91
26-Nov-18 24,160.00 24,488.00 23,626.60 23,848.30 25,350 20701 87.50 33.33 UP
27-Nov-18 24,017.95 24,039.75 23,580.00 23,807.55 25,350 20701 83.33 29.17 UP
28-Nov-18 23,780.00 24,050.00 23,040.00 23,111.35 25,350 20701 79.17 25.00 UP
29-Nov-18 23,300.00 23,596.05 22,952.05 23,521.30 25,350 20701 75.00 20.83 UP
30-Nov-18 23,500.00 23,739.95 23,310.00 23,405.30 25,350 20701 70.83 16.67 UP
3-Dec-18 23,320.00 23,898.00 22,953.00 23,567.30 25,350 20701 66.67 12.50 UP
4-Dec-18 23,505.00 23,738.70 23,300.00 23,401.40 25,350 20701 62.50 8.33 UP
5-Dec-18 23,280.00 23,280.00 22,685.00 22,793.45 25,350 20701 58.33 4.17 UP
6-Dec-18 22,770.00 22,770.00 22,100.00 22,211.35 25,350 21197 54.17 33.33 UP
7-Dec-18 22,400.00 22,486.15 21,963.40 22,369.25 25,350 21197 50.00 29.17 UP
10-Dec-18 22,098.20 22,599.80 21,865.00 22,404.85 25,350 21197 45.83 25.00 UP
11-Dec-18 22,011.00 22,766.05 21,800.00 22,640.60 25,350 21197 41.67 20.83 UP
12-Dec-18 22,640.60 23,850.00 22,640.60 23,722.00 25,350 21197 37.50 16.67 UP
13-Dec-18 23,800.00 24,124.95 23,200.00 23,305.40 25,350 21197 33.33 12.50 UP
14-Dec-18 23,350.00 23,800.00 23,150.70 23,716.15 25,350 21197 29.17 8.33 UP
17-Dec-18 23,951.00 23,951.00 23,550.00 23,697.80 25,350 21197 25.00 4.17 UP
18-Dec-18 23,570.00 23,900.00 23,343.95 23,865.65 25,350 21800 20.83 79.17 DOWN
19-Dec-18 23,865.65 24,220.00 23,808.05 23,955.70 25,350 21800 16.67 75.00 DOWN
20-Dec-18 23,800.00 24,178.00 23,700.10 24,092.00 25,350 21800 12.50 70.83 DOWN
21-Dec-18 24,146.00 24,190.00 23,411.10 23,597.60 25,350 21800 8.33 66.67 DOWN
24-Dec-18 23,479.95 23,575.00 23,119.20 23,210.70 25,350 21800 4.17 62.50 DOWN
26-Dec-18 23,100.00 23,450.00 22,700.00 23,081.35 25,300 21800 4.17 58.33 DOWN
27-Dec-18 23,300.00 23,383.00 22,887.90 22,994.50 24,488 21800 8.33 54.17 DOWN
28-Dec-18 23,011.00 23,310.00 22,995.00 23,124.10 24,488 21800 4.17 50.00 DOWN
31-Dec-18 23,350.00 23,390.00 23,007.75 23,158.35 24,220 21800 70.83 45.83 UP

INTERPRETATION:

The AROON indicator fluctuates between 0 to 100. The AROON indicator shows a down trend
from NOVEMBER 5 to 6. The ending of the above table is in UP position, so it indicates buy.

92
 4. DMI

Calculation of DMI for MARUTHI SUZUKI INDIA LTD. (NSE) from oct 2018
to dec 2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close TR +DM 1 -DM 1 TR14 +DM14 -DM14 +DI14 -DI14 DMI

1-Oct-18 7,354.00 7,485.00 7,206.00 7,463.95

3-Oct-18 7,400.00 7,410.70 7,211.00 7,246.00 252.95 0.00 0.00

4-Oct-18 7,150.00 7,288.00 7,021.00 7,198.75 267.00 0.00 190.00

5-Oct-18 7,054.80 7,220.00 6,801.85 6,904.35 418.15 0.00 219.15

8-Oct-18 6,915.00 6,989.00 6,774.25 6,889.75 214.75 0.00 27.60

9-Oct-18 6,819.75 6,940.00 6,661.00 6,699.45 279.00 0.00 113.25

10-Oct-18 6,748.00 7,050.00 6,723.25 6,985.85 350.55 110.00 0.00

11-Oct-18 6,800.00 6,950.00 6,705.20 6,875.50 280.65 0.00 18.05

12-Oct-18 6,950.00 7,326.00 6,950.00 7,287.20 450.50 376.00 0.00

15-Oct-18 7,320.00 7,340.00 7,126.05 7,182.00 213.95 14.00 0.00

16-Oct-18 7,214.00 7,278.00 7,123.80 7,150.90 154.20 0.00 2.25

17-Oct-18 7,237.65 7,245.00 6,853.45 6,885.60 391.55 0.00 270.35

19-Oct-18 6,830.00 6,965.00 6,715.50 6,756.45 249.50 0.00 137.95

22-Oct-18 6,818.00 6,905.00 6,722.05 6,812.20 182.95 0.00 0.00

23-Oct-18 6,779.00 6,857.00 6,666.00 6,771.30 191.00 0.00 56.05 3896.70 500.00 1034.65 12.83 26.55 DOWN

24-Oct-18 6,850.00 6,885.00 6,690.00 6,768.30 195.00 28.00 0.00 3813.36 492.29 960.75 12.91 25.19 DOWN

25-Oct-18 6,700.00 6,853.70 6,620.20 6,723.20 233.50 0.00 69.80 3774.48 457.12 961.92 12.11 25.48 DOWN

26-Oct-18 6,750.00 6,795.00 6,500.00 6,717.30 295.00 0.00 120.20 3799.88 424.47 1013.41 11.17 26.67 DOWN

29-Oct-18 6,722.00 6,810.00 6,691.05 6,798.70 118.95 15.00 0.00 3647.41 409.15 941.03 11.22 25.80 DOWN

30-Oct-18 6,798.00 6,868.95 6,675.20 6,697.00 193.75 58.95 0.00 3580.63 438.88 873.81 12.26 24.40 DOWN

31-Oct-18 6,760.00 6,760.00 6,500.00 6,616.40 260.00 0.00 175.20 3584.87 407.53 986.60 11.37 27.52 DOWN

1-Nov-18 6,648.95 6,739.95 6,600.00 6,711.75 139.95 0.00 0.00 3468.76 378.42 916.12 10.91 26.41 DOWN

2-Nov-18 6,769.80 7,159.00 6,750.05 7,135.45 447.25 419.05 0.00 3668.24 770.44 850.69 21.00 23.19 DOWN

5-Nov-18 7,138.00 7,254.70 7,060.05 7,177.25 194.65 95.70 0.00 3600.87 811.11 789.92 22.53 21.94 UP

6-Nov-18 7,195.00 7,238.00 7,050.00 7,075.00 188.00 0.00 10.05 3531.67 753.17 743.55 21.33 21.05 UP

7-Nov-18 7,140.00 7,143.00 7,090.00 7,127.90 68.00 0.00 0.00 3347.40 699.37 690.44 20.89 20.63 UP

9-Nov-18 7,130.00 7,315.00 7,040.85 7,283.50 274.15 172.00 0.00 3382.45 821.42 641.12 24.28 18.95 UP

93
12-Nov-18 7,300.00 7,352.50 7,052.00 7,087.80 300.50 37.50 0.00 3441.35 800.25 595.33 23.25 17.30 UP

13-Nov-18 7,049.95 7,168.75 7,021.00 7,150.45 147.75 0.00 31.00 3343.29 743.09 583.80 22.23 17.46 UP

14-Nov-18 7,180.10 7,409.00 7,180.10 7,369.05 258.55 240.25 0.00 3363.03 930.26 542.10 27.66 16.12 UP

15-Nov-18 7,378.90 7,515.10 7,333.55 7,478.30 181.55 106.10 0.00 3304.37 969.91 503.38 29.35 15.23 UP

16-Nov-18 7,500.00 7,544.05 7,302.55 7,341.20 241.50 0.00 31.00 3309.84 900.63 498.43 27.21 15.06 UP

19-Nov-18 7,360.00 7,449.00 7,290.00 7,411.65 159.00 0.00 12.55 3232.42 836.30 475.37 25.87 14.71 UP

20-Nov-18 7,411.65 7,444.50 7,311.65 7,333.95 132.85 0.00 0.00 3134.39 776.56 441.42 24.78 14.08 UP

21-Nov-18 7,340.00 7,466.00 7,331.50 7,424.50 134.50 21.50 0.00 3045.00 742.60 409.89 24.39 13.46 UP

22-Nov-18 7,393.95 7,480.00 7,361.20 7,411.10 118.80 14.00 0.00 2946.30 703.55 380.61 23.88 12.92 UP

26-Nov-18 7,425.00 7,577.75 7,387.30 7,554.70 190.45 97.75 0.00 2926.30 751.05 353.43 25.67 12.08 UP

27-Nov-18 7,570.00 7,657.80 7,500.75 7,647.60 157.05 80.05 0.00 2874.33 777.45 328.18 27.05 11.42 UP

28-Nov-18 7,658.00 7,680.50 7,549.60 7,574.20 130.90 22.70 0.00 2799.92 744.62 304.74 26.59 10.88 UP

29-Nov-18 7,613.00 7,642.00 7,531.00 7,546.75 111.00 0.00 18.60 2710.93 691.43 301.57 25.51 11.12 UP

30-Nov-18 7,574.00 7,727.00 7,570.05 7,661.60 180.25 85.00 0.00 2697.54 727.05 280.03 26.95 10.38 UP

3-Dec-18 7,688.50 7,800.00 7,630.10 7,779.95 169.90 73.00 0.00 2674.76 748.11 260.03 27.97 9.72 UP

4-Dec-18 7,780.00 7,784.95 7,701.00 7,721.65 83.95 0.00 0.00 2567.65 694.68 241.46 27.05 9.40 UP

5-Dec-18 7,696.70 7,739.90 7,520.00 7,554.05 219.90 0.00 181.00 2604.15 645.06 405.21 24.77 15.56 UP

6-Dec-18 7,450.05 7,486.30 7,180.00 7,209.70 374.05 0.00 340.00 2792.19 598.98 716.27 21.45 25.65 DOWN

7-Dec-18 7,244.00 7,349.95 7,201.00 7,313.95 148.95 0.00 0.00 2741.70 556.20 665.10 20.29 24.26 DOWN

10-Dec-18 7,200.00 7,395.00 7,170.00 7,350.50 225.00 45.05 0.00 2770.86 561.52 617.60 20.27 22.29 DOWN

11-Dec-18 7,240.50 7,346.00 7,215.55 7,305.35 134.95 0.00 0.00 2707.89 521.41 573.48 19.26 21.18 DOWN

12-Dec-18 7,340.00 7,507.30 7,295.00 7,471.85 212.30 161.30 0.00 2726.77 645.47 532.52 23.67 19.53 UP

13-Dec-18 7,477.50 7,700.00 7,477.50 7,670.50 228.15 192.70 0.00 2760.15 792.06 494.48 28.70 17.92 UP

14-Dec-18 7,684.00 7,690.00 7,545.95 7,662.15 144.05 0.00 0.00 2707.05 735.49 459.16 27.17 16.96 UP

17-Dec-18 7,691.90 7,800.00 7,650.00 7,734.05 150.00 110.00 0.00 2663.69 792.95 426.36 29.77 16.01 UP

18-Dec-18 7,710.00 7,785.00 7,655.00 7,772.35 130.00 0.00 0.00 2603.42 736.31 395.91 28.28 15.21 UP

19-Dec-18 7,781.00 7,949.75 7,781.00 7,936.00 177.40 164.75 0.00 2594.87 848.47 367.63 32.70 14.17 UP

20-Dec-18 7,850.00 7,919.00 7,763.65 7,807.05 172.35 0.00 17.35 2581.87 787.86 358.72 30.52 13.89 UP

21-Dec-18 7,830.00 7,835.00 7,515.00 7,536.30 320.00 0.00 248.65 2717.45 731.59 581.75 26.92 21.41 UP

24-Dec-18 7,560.00 7,595.65 7,470.00 7,529.15 125.65 0.00 45.00 2649.00 679.33 585.19 25.64 22.09 UP

26-Dec-18 7,488.00 7,600.00 7,402.00 7,569.10 198.00 0.00 68.00 2657.78 630.81 611.40 23.73 23.00 UP

27-Dec-18 7,649.00 7,668.85 7,479.30 7,499.95 189.55 68.85 0.00 2657.49 654.60 567.72 24.63 21.36 UP

28-Dec-18 7,548.00 7,580.00 7,490.00 7,505.55 90.00 0.00 0.00 2557.67 607.84 527.17 23.77 20.61 UP

31-Dec-18 7,550.00 7,572.75 7,443.10 7,465.50 129.65 0.00 46.90 2504.63 564.43 536.42 22.54 21.42 UP

94
 60

50

40

30 NEGATIVE DM14
POSTIVE DM14

20

10

0
1-Oct-18 1-Nov-18 1-Dec-18

INTERPRETATION:

The positive DMI line is rising during 2nd NOVEMBER to 4th DECEMBER which shows bullish
trend. The negative DMI line is declining during 14th NOVEMBER to 3rd DECEMBER which
shows bearish trend. The higher highs represent selling signal and lower lows represents buying.

95
 Calculation of DMI for MAHINDRA AND MAHINDRA LTD. (NSE) from oct
2018 to dec 2018.

(Green = Upward Trend, Red = Downward Trend)

+DM
Date Open High Low Close TR 1 -DM 1 TR14 +DM14 -DM14 +DI14 -DI14 DMI

1-Oct-18 860.5 864.45 840.95 847.6

3-Oct-18 845.5 845.5 787 791.6 60.60 0.00 53.95

4-Oct-18 780.15 800 765.45 794.7 34.55 0.00 21.55

5-Oct-18 791 795.75 752.9 769.55 42.85 0.00 12.55

8-Oct-18 768.75 780.95 753.3 774.85 27.65 0.00 0.00

9-Oct-18 775.55 782.45 760.3 764.8 22.15 1.50 0.00

10-Oct-18 768 774.6 750.9 764.1 23.70 0.00 9.40

11-Oct-18 747 756.5 715 730.15 49.10 0.00 35.90

12-Oct-18 738.5 775.9 735.55 768.5 45.75 19.40 0.00

15-Oct-18 775 775.45 738 749 37.45 0.00 0.00

16-Oct-18 753.6 780 750.1 777.7 31.00 4.55 0.00

17-Oct-18 789.2 790.75 751.2 759.4 39.55 10.75 0.00

19-Oct-18 748.1 758 732.1 741.2 27.30 0.00 19.10

22-Oct-18 747 749 731 733.75 18.00 0.00 1.10

23-Oct-18 730.5 734.4 716.2 729.95 18.20 0.00 14.80 477.85 36.20 168.35 7.58 35.23 DOWN

24-Oct-18 740.8 749.2 725.65 736.25 23.55 14.80 0.00 467.27 48.41 156.33 10.36 33.46 DOWN

25-Oct-18 728 744.5 724 733.75 20.50 0.00 1.65 454.39 44.96 146.81 9.89 32.31 DOWN

26-Oct-18 731 741.8 722.7 728.2 19.10 0.00 1.30 441.04 41.74 137.62 9.47 31.20 DOWN

29-Oct-18 728 752.85 728 749.5 24.85 11.05 0.00 434.38 49.81 127.79 11.47 29.42 DOWN

30-Oct-18 751 762.75 737 746.3 25.75 9.90 0.00 429.11 56.16 118.66 13.09 27.65 DOWN

31-Oct-18 749 769.1 735.15 765.95 33.95 6.35 0.00 432.40 58.49 110.19 13.53 25.48 DOWN

1-Nov-18 770.5 778.7 751 756.05 27.70 9.60 0.00 429.22 63.92 102.32 14.89 23.84 DOWN

2-Nov-18 765.05 795.9 765.05 783.55 39.85 17.20 0.00 438.41 76.55 95.01 17.46 21.67 DOWN

5-Nov-18 784 784.65 770 775.45 14.65 0.00 0.00 421.75 71.08 88.22 16.85 20.92 DOWN

6-Nov-18 780 782 768.85 778.4 13.15 0.00 1.15 404.77 66.01 83.07 16.31 20.52 DOWN

7-Nov-18 788 794 783.65 792.9 15.60 12.00 0.00 391.46 73.29 77.14 18.72 19.71 DOWN

9-Nov-18 800 805.9 791 795.25 14.90 11.90 0.00 378.40 79.96 71.63 21.13 18.93 UP

12-Nov-18 798 807.7 778.1 780.9 29.60 0.00 12.90 380.97 74.24 79.41 19.49 20.84 DOWN

96
13-Nov-18 775.5 793.8 773.85 790.05 19.95 0.00 4.25 373.71 68.94 77.99 18.45 20.87 DOWN

14-Nov-18 793.1 797.4 765.5 769.6 31.90 0.00 8.35 378.91 64.02 80.77 16.89 21.32 DOWN

15-Nov-18 774 775.8 755 766.5 20.80 0.00 10.50 372.65 59.44 85.50 15.95 22.94 DOWN

16-Nov-18 767.65 776.5 759.75 767.6 16.75 0.70 0.00 362.78 55.90 79.39 15.41 21.88 DOWN

19-Nov-18 775.3 783.6 770.1 781.35 16.00 7.10 0.00 352.87 59.01 73.72 16.72 20.89 DOWN

20-Nov-18 780 792.4 773.35 782.6 19.05 8.80 0.00 346.71 63.59 68.46 18.34 19.74 DOWN

21-Nov-18 787.8 787.8 764.7 769.1 23.10 0.00 8.65 345.05 59.05 72.22 17.11 20.93 DOWN

22-Nov-18 770.1 772.95 743.1 746.1 29.85 0.00 21.60 350.25 54.83 88.66 15.65 25.31 DOWN

26-Nov-18 748 755 739.25 747.9 15.75 0.00 3.85 340.98 50.91 86.17 14.93 25.27 DOWN

27-Nov-18 747 753.9 738.1 751.75 15.80 0.00 1.15 332.43 47.28 81.17 14.22 24.42 DOWN

28-Nov-18 754.7 759.2 745.55 748.4 13.65 5.30 0.00 322.33 49.20 75.37 15.26 23.38 DOWN

29-Nov-18 756 780.3 752 773.2 31.90 21.10 0.00 331.21 66.79 69.99 20.16 21.13 DOWN

30-Nov-18 778 796 776.7 790.9 22.80 15.70 0.00 330.35 77.72 64.99 23.53 19.67 UP

3-Dec-18 800 800.8 756.6 761.05 44.20 0.00 20.10 350.95 72.16 80.45 20.56 22.92 DOWN

4-Dec-18 762 762 738.5 740.3 23.50 0.00 18.10 349.39 67.01 92.80 19.18 26.56 DOWN

5-Dec-18 740.3 740.3 715.1 718.05 25.20 0.00 23.40 349.63 62.22 109.57 17.80 31.34 DOWN

6-Dec-18 717.5 722 706.5 710.95 15.50 0.00 8.60 340.16 57.78 110.35 16.99 32.44 DOWN

7-Dec-18 726.8 726.8 709.6 721.1 17.20 4.80 0.00 333.06 58.45 102.46 17.55 30.76 DOWN

10-Dec-18 710 725.5 700 710.55 25.50 0.00 9.60 334.77 54.28 104.74 16.21 31.29 DOWN

11-Dec-18 699.9 729.9 694 722.35 35.90 0.00 6.00 346.76 50.40 103.26 14.53 29.78 DOWN

12-Dec-18 725 753 721.25 750.8 31.75 23.10 0.00 353.74 69.90 95.89 19.76 27.11 DOWN

13-Dec-18 755 765.1 746.25 759.2 18.85 12.10 0.00 347.32 77.01 89.04 22.17 25.64 DOWN

14-Dec-18 753.1 764 751.6 757.25 12.40 0.00 0.00 334.91 71.51 82.68 21.35 24.69 DOWN

17-Dec-18 760 763 750.5 756.35 12.50 0.00 1.10 323.49 66.40 77.87 20.53 24.07 DOWN

18-Dec-18 755.6 772 752.4 770.95 19.60 9.00 0.00 319.98 70.66 72.31 22.08 22.60 DOWN

19-Dec-18 775 787 767.1 782.65 19.90 15.00 0.00 317.03 80.61 67.15 25.43 21.18 UP

20-Dec-18 779.7 797 778.5 795.45 18.50 10.00 0.00 312.88 84.85 62.35 27.12 19.93 UP

21-Dec-18 795 814 777.7 781.15 36.30 17.00 0.00 326.83 95.79 57.90 29.31 17.71 UP

24-Dec-18 782.9 792.5 775 788.65 17.50 0.00 2.70 320.99 88.95 56.46 27.71 17.59 UP

26-Dec-18 785.65 793.5 772 787.7 21.50 0.00 3.00 319.56 82.60 55.43 25.85 17.34 UP

27-Dec-18 794.5 802 788.1 795.65 14.30 8.50 0.00 311.04 85.20 51.47 27.39 16.55 UP

28-Dec-18 799.35 807 797 803.55 11.35 5.00 0.00 300.17 84.11 47.79 28.02 15.92 UP

31-Dec-18 808.9 810 801.2 803.85 8.80 3.00 0.00 287.53 81.10 44.38 28.21 15.43 UP

97
 60

50

40

30 NEGATIVE DM14
POSTIVE DM14
20

10

0
1-Oct-18 1-Nov-18 1-Dec-18

INTERPRETATION:

The positive DMI line is rising during 25th OCTOBER to 9th NOVEMBER which shows bullish
trend. The negative DMI line is declining during 5th DECEMBER to 31st DECEMBER which
shows bearish trend. The higher highs represent selling signal and lower lows represents buying.

98
Calculation of DMI for TATA MOTORS LTD. (NSE) from oct 2018 to dec
2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close TR +DM 1 -DM 1 TR14 +DM14 -DM14 +DI14 -DI14 DMI

1-Oct-18 225 230.45 220 229.35

3-Oct-18 230 232.8 225.8 227.6 7.00 2.35 0.00

4-Oct-18 224 230.8 221.75 223.25 9.05 0.00 4.05

5-Oct-18 222.75 226.45 214.75 216.25 11.70 0.00 7.00

8-Oct-18 217.8 218.5 208.1 212.35 10.40 0.00 6.65

9-Oct-18 205.7 206 170.3 184.35 42.05 0.00 37.80

10-Oct-18 186 190.95 185.05 188.75 6.60 0.00 0.00

11-Oct-18 180.65 187.75 178 182.95 10.75 0.00 7.05

12-Oct-18 185.95 188.4 182.6 183.75 5.80 0.65 0.00

15-Oct-18 186.5 186.5 182.7 184.35 3.80 0.00 0.00

16-Oct-18 185.2 187.25 184.55 185.85 2.90 0.75 0.00

17-Oct-18 187.6 187.8 179.1 179.95 8.70 0.00 5.45

19-Oct-18 178.95 179.75 174 174.7 5.95 0.00 5.10

22-Oct-18 176.4 176.85 170.05 170.75 6.80 0.00 3.95

23-Oct-18 170 175.7 169.55 170.65 6.15 0.00 0.50 137.65 3.75 77.55 2.72 56.34 DOWN

24-Oct-18 173.9 175 169 170.65 6.00 0.00 0.55 133.82 3.48 72.56 2.60 54.22 DOWN

25-Oct-18 168.95 169.75 164.6 165.35 6.05 0.00 4.40 130.31 3.23 71.78 2.48 55.08 DOWN

26-Oct-18 166 172.8 165.9 168.5 7.45 3.05 0.00 128.45 6.05 66.65 4.71 51.89 DOWN

29-Oct-18 169.95 176.5 167.7 175.35 8.80 3.70 0.00 128.08 9.32 61.89 7.28 48.32 DOWN

30-Oct-18 177 181.5 176.05 177.25 6.15 5.00 0.00 125.08 13.65 57.47 10.92 45.95 DOWN

31-Oct-18 178.3 180 173.45 179.1 6.55 0.00 2.60 122.69 12.68 55.96 10.33 45.61 DOWN

1-Nov-18 182 186.05 178.2 179.45 7.85 6.05 0.00 121.78 17.82 51.97 14.64 42.67 DOWN

2-Nov-18 180.95 191.85 180.9 190.3 12.40 5.80 0.00 125.48 22.35 48.25 17.81 38.46 DOWN

5-Nov-18 191.3 191.3 186.65 189.8 4.65 0.00 0.00 121.17 20.75 44.81 17.13 36.98 DOWN

6-Nov-18 192.45 199.95 191.75 193.25 10.15 8.65 0.00 122.66 27.92 41.61 22.76 33.92 DOWN

7-Nov-18 194.95 195.75 193.35 194.85 2.50 0.00 0.00 116.40 25.93 38.64 22.27 33.19 DOWN

9-Nov-18 192.9 200.75 192 195.25 8.75 5.00 0.00 116.84 29.08 35.88 24.89 30.71 DOWN

12-Nov-18 194.45 194.45 185.2 186.05 10.05 0.00 6.80 118.54 27.00 40.11 22.78 33.84 DOWN

99
13-Nov-18 180.75 183 178.35 179.5 7.70 0.00 6.85 117.77 25.07 44.10 21.29 37.44 DOWN

14-Nov-18 180.5 183 176.25 176.8 6.75 0.00 2.10 116.11 23.28 43.05 20.05 37.07 DOWN

15-Nov-18 178 182.7 177.5 180.2 5.90 0.00 0.00 113.72 21.62 39.97 19.01 35.15 DOWN

16-Nov-18 180.9 181.85 177.85 179.9 4.00 0.00 0.00 109.60 20.07 37.12 18.31 33.87 DOWN

19-Nov-18 180.6 185.5 179.1 184.6 6.40 3.65 0.00 108.17 22.29 34.47 20.61 31.86 DOWN

20-Nov-18 184.05 188.3 183.2 183.75 5.10 2.80 0.00 105.54 23.50 32.00 22.26 30.32 DOWN

21-Nov-18 184.4 186.75 183.75 184.15 3.00 0.00 0.00 101.00 21.82 29.72 21.60 29.42 DOWN

22-Nov-18 185.5 186.15 181.75 182.55 4.40 0.00 2.00 98.19 20.26 29.60 20.63 30.14 DOWN

26-Nov-18 183.9 184.45 177 181.75 7.45 0.00 4.75 98.62 18.81 32.23 19.08 32.68 DOWN

27-Nov-18 181.7 184.55 178.55 180.05 6.00 0.10 0.00 97.58 17.57 29.93 18.00 30.67 DOWN

28-Nov-18 181 181.35 174 174.45 7.35 0.00 4.55 97.96 16.31 32.34 16.65 33.02 DOWN

29-Nov-18 175.95 179.35 173.45 177.25 5.90 0.00 0.55 96.86 15.15 30.58 15.64 31.57 DOWN

30-Nov-18 172 174.9 170.35 171.95 6.90 0.00 3.10 96.84 14.07 31.50 14.53 32.52 DOWN

3-Dec-18 173.25 176.45 170 175.45 6.45 1.55 0.00 96.38 14.61 29.25 15.16 30.35 DOWN

4-Dec-18 177.95 178.75 175.3 175.75 3.45 2.30 0.00 92.94 15.87 27.16 17.07 29.22 DOWN

5-Dec-18 173 173 168.6 169.2 7.15 0.00 6.70 93.45 14.73 31.92 15.77 34.15 DOWN

6-Dec-18 168.5 168.7 161.6 162.65 7.60 0.00 7.00 94.38 13.68 36.64 14.50 38.82 DOWN

7-Dec-18 162.25 164.2 160.8 162.4 3.40 0.00 0.80 91.04 12.70 34.82 13.96 38.25 DOWN

10-Dec-18 159.9 160.5 156.5 157.1 5.90 0.00 4.30 90.43 11.80 36.63 13.05 40.51 DOWN

11-Dec-18 155 159.5 154.65 158.1 4.85 0.00 1.85 88.83 10.95 35.87 12.33 40.38 DOWN

12-Dec-18 159.5 167.1 158 164.1 9.10 7.60 0.00 91.58 17.77 33.31 19.41 36.37 DOWN

13-Dec-18 166 168 165.55 166.85 3.90 0.90 0.00 88.94 17.40 30.93 19.57 34.77 DOWN

14-Dec-18 166 168.4 164.85 166.95 3.55 0.00 0.70 86.14 16.16 29.42 18.76 34.15 DOWN

17-Dec-18 167.25 175.95 167.25 173.95 9.00 7.55 0.00 88.98 22.56 27.32 25.35 30.70 DOWN

18-Dec-18 174 177.6 173.1 174.75 4.50 1.65 0.00 87.13 22.59 25.37 25.93 29.11 DOWN

19-Dec-18 176.5 176.5 172.5 173.9 4.00 0.00 0.60 84.90 20.98 24.15 24.71 28.45 DOWN

20-Dec-18 173 177.3 171.75 176.4 5.55 0.80 0.00 84.39 20.28 22.43 24.03 26.58 DOWN

21-Dec-18 177 180.5 175.15 176.25 5.35 3.20 0.00 83.71 22.03 20.83 26.32 24.88 UP

24-Dec-18 176.25 177.85 171.5 172.5 6.35 0.00 3.65 84.08 20.46 22.99 24.33 27.34 DOWN

26-Dec-18 171.45 172.2 167.6 170.9 4.90 0.00 3.90 82.98 19.00 25.25 22.90 30.43 DOWN

27-Dec-18 172.75 173.4 167.7 168.25 5.70 1.20 0.00 82.75 18.84 23.44 22.77 28.33 DOWN

28-Dec-18 169.4 172.2 169.15 170.85 3.95 0.00 0.00 80.79 17.50 21.77 21.66 26.95 DOWN

31-Dec-18 172.45 173.9 171.75 172.7 3.05 1.70 0.00 78.07 17.95 20.21 22.99 25.89 DOWN

100
 70

60

50

40
NEGATIVE DM14
30 POSTIVE DM14

20

10

0
1-Oct-18 1-Nov-18 1-Dec-18

INTERPRETATION:

The positive DMI line is rising during 25th OCTOBER to 9th NOVEMBER which shows bullish
trend. The negative DMI line is declining during 14th NOVEMBER to 3rd DECEMBER which
shows bearish trend. The higher highs represent selling signal and lower lows represents buying.

101
Calculation of DMI for BAJAJ AUTO LTD. (NSE) from oct 2018 to dec 2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close TR +DM 1 -DM 1 TR14 +DM14 -DM14 +DI14 -DI14 DMI

1-Oct-18 2,687.00 2,745.00 2,619.60 2,730.10

3-Oct-18 2,735.00 2,769.90 2,702.00 2,731.40 67.90 24.90 0.00
4-Oct-18 2,687.00 2,719.50 2,626.25 2,657.00 105.15 0.00 75.75
5-Oct-18 2,635.00 2,635.00 2,520.00 2,543.05 137.00 0.00 106.25
8-Oct-18 2,526.05 2,604.10 2,501.25 2,584.10 102.85 0.00 18.75
9-Oct-18 2,590.00 2,590.05 2,530.30 2,548.85 59.75 0.00 0.00
10-Oct-18 2,560.00 2,628.90 2,556.00 2,581.80 80.05 38.85 0.00
11-Oct-18 2,540.00 2,555.90 2,505.45 2,525.80 76.35 0.00 50.55
12-Oct-18 2,549.50 2,648.95 2,530.10 2,623.05 123.15 93.05 0.00
15-Oct-18 2,644.00 2,647.40 2,576.10 2,620.45 71.30 0.00 0.00
16-Oct-18 2,638.00 2,648.00 2,605.00 2,610.50 43.00 0.60 0.00
17-Oct-18 2,638.00 2,649.65 2,538.00 2,547.80 111.65 0.00 67.00
19-Oct-18 2,535.25 2,542.85 2,480.00 2,510.25 67.80 0.00 58.00
22-Oct-18 2,530.10 2,574.70 2,496.70 2,556.90 78.00 31.85 0.00
23-Oct-18 2,540.00 2,598.70 2,526.00 2,586.50 72.70 24.00 0.00 1196.65 213.25 376.30 17.82 31.45 DOWN
24-Oct-18 2,615.00 2,619.90 2,456.60 2,475.15 163.30 0.00 69.40 1274.48 198.02 418.82 15.54 32.86 DOWN
25-Oct-18 2,455.00 2,498.70 2,420.00 2,477.55 78.70 0.00 36.60 1262.14 183.87 425.51 14.57 33.71 DOWN
26-Oct-18 2,483.00 2,533.60 2,446.70 2,513.75 86.90 34.90 0.00 1258.89 205.64 395.11 16.34 31.39 DOWN
29-Oct-18 2,533.00 2,558.35 2,474.25 2,549.10 84.10 24.75 0.00 1253.07 215.70 366.89 17.21 29.28 DOWN
30-Oct-18 2,554.00 2,583.00 2,532.90 2,556.25 50.10 24.65 0.00 1213.66 224.94 340.68 18.53 28.07 DOWN
31-Oct-18 2,550.00 2,614.00 2,486.15 2,593.70 127.85 0.00 46.75 1254.82 208.88 363.10 16.65 28.94 DOWN
1-Nov-18 2,613.10 2,619.00 2,568.05 2,598.85 50.95 5.00 0.00 1216.14 198.96 337.16 16.36 27.72 DOWN
2-Nov-18 2,620.00 2,700.00 2,620.00 2,657.75 101.15 81.00 0.00 1230.43 265.75 313.08 21.60 25.44 DOWN
5-Nov-18 2,670.00 2,687.45 2,622.55 2,672.55 64.90 0.00 0.00 1207.44 246.76 290.72 20.44 24.08 DOWN
6-Nov-18 2,673.20 2,698.00 2,658.95 2,674.60 39.05 10.55 0.00 1160.24 239.69 269.95 20.66 23.27 DOWN
7-Nov-18 2,694.00 2,695.00 2,681.15 2,692.55 20.40 0.00 0.00 1097.77 222.57 250.67 20.27 22.83 DOWN
9-Nov-18 2,680.00 2,745.00 2,673.50 2,693.05 71.50 50.00 0.00 1090.86 256.67 232.76 23.53 21.34 UP
12-Nov-18 2,700.00 2,726.00 2,640.95 2,652.30 85.05 0.00 32.55 1097.99 238.34 248.69 21.71 22.65 DOWN
13-Nov-18 2,649.00 2,673.40 2,613.00 2,665.50 60.40 0.00 27.95 1079.96 221.31 258.88 20.49 23.97 DOWN
14-Nov-18 2,675.00 2,714.90 2,652.00 2,676.50 62.90 41.50 0.00 1065.72 247.00 240.38 23.18 22.56 UP
15-Nov-18 2,681.00 2,699.00 2,661.10 2,668.85 37.90 0.00 0.00 1027.50 229.36 223.21 22.32 21.72 UP
16-Nov-18 2,680.00 2,705.90 2,675.15 2,695.35 37.05 6.90 0.00 991.15 219.88 207.27 22.18 20.91 UP
19-Nov-18 2,704.00 2,708.00 2,670.00 2,679.65 38.00 0.00 5.15 958.36 204.17 197.61 21.30 20.62 UP

102
20-Nov-18 2,679.65 2,679.65 2,655.00 2,666.50 24.65 0.00 15.00 914.55 189.59 198.50 20.73 21.70 DOWN
21-Nov-18 2,673.00 2,673.00 2,591.10 2,604.65 81.90 0.00 63.90 931.13 176.05 248.22 18.91 26.66 DOWN
22-Nov-18 2,600.00 2,624.00 2,580.80 2,590.35 43.20 0.00 10.30 907.82 163.47 240.79 18.01 26.52 DOWN
26-Nov-18 2,606.00 2,662.90 2,576.00 2,649.50 86.90 38.90 0.00 929.87 190.70 223.59 20.51 24.05 DOWN
27-Nov-18 2,642.00 2,643.95 2,570.90 2,599.65 78.60 0.00 5.10 942.06 177.07 212.72 18.80 22.58 DOWN
28-Nov-18 2,612.00 2,625.00 2,584.00 2,603.90 41.00 0.00 0.00 915.77 164.43 197.53 17.96 21.57 DOWN
29-Nov-18 2,633.00 2,737.00 2,602.05 2,724.00 134.95 112.00 0.00 985.30 264.68 183.42 26.86 18.62 UP
30-Nov-18 2,721.00 2,769.70 2,702.00 2,745.70 67.70 32.70 0.00 982.62 278.48 170.32 28.34 17.33 UP
3-Dec-18 2,760.00 2,764.95 2,714.00 2,736.00 50.95 0.00 0.00 963.39 258.58 158.15 26.84 16.42 UP
4-Dec-18 2,740.10 2,790.00 2,726.25 2,763.85 63.75 25.05 0.00 958.32 265.16 146.85 27.67 15.32 UP
5-Dec-18 2,759.00 2,774.50 2,731.10 2,764.10 43.40 0.00 0.00 933.27 246.22 136.36 26.38 14.61 UP
6-Dec-18 2,740.00 2,799.40 2,705.85 2,718.10 93.55 0.00 25.25 960.16 228.64 151.87 23.81 15.82 UP
7-Dec-18 2,722.00 2,793.00 2,716.30 2,786.20 76.70 0.00 0.00 968.28 212.31 141.03 21.93 14.56 UP
10-Dec-18 2,713.00 2,769.95 2,702.80 2,725.10 83.40 0.00 13.50 982.51 197.14 144.45 20.06 14.70 UP
11-Dec-18 2,710.00 2,760.00 2,685.00 2,739.60 75.00 0.00 17.80 987.33 183.06 151.93 18.54 15.39 UP
12-Dec-18 2,742.00 2,858.00 2,738.65 2,848.40 119.35 98.00 0.00 1036.16 267.98 141.08 25.86 13.62 UP
13-Dec-18 2,860.00 2,885.65 2,821.70 2,836.10 63.95 27.65 0.00 1026.10 276.49 131.01 26.95 12.77 UP
14-Dec-18 2,836.00 2,837.35 2,785.20 2,823.15 52.15 0.00 36.50 1004.96 256.74 158.15 25.55 15.74 UP
17-Dec-18 2,833.00 2,853.00 2,826.10 2,840.95 29.85 15.65 0.00 963.02 254.05 146.85 26.38 15.25 UP
18-Dec-18 2,840.00 2,873.80 2,822.05 2,840.90 51.75 20.80 0.00 945.99 256.71 136.36 27.14 14.41 UP
19-Dec-18 2,853.90 2,882.00 2,845.05 2,863.00 41.10 8.20 0.00 919.52 246.57 126.62 26.82 13.77 UP
20-Dec-18 2,855.00 2,900.00 2,832.00 2,887.20 68.00 18.00 0.00 921.84 246.96 117.58 26.79 12.75 UP
21-Dec-18 2,897.00 2,905.00 2,801.00 2,808.45 104.00 0.00 31.00 959.99 229.32 140.18 23.89 14.60 UP
24-Dec-18 2,825.50 2,832.70 2,715.85 2,724.65 116.85 0.00 85.15 1008.27 212.94 215.32 21.12 21.36 DOWN
26-Dec-18 2,713.70 2,749.80 2,670.00 2,734.60 79.80 0.00 45.85 1016.05 197.73 245.79 19.46 24.19 DOWN
27-Dec-18 2,763.90 2,764.00 2,696.60 2,737.00 67.40 14.20 0.00 1010.88 197.81 228.23 19.57 22.58 DOWN
28-Dec-18 2,753.90 2,759.95 2,711.75 2,717.50 48.20 0.00 0.00 986.87 183.68 211.93 18.61 21.47 DOWN
31-Dec-18 2,738.00 2,763.00 2,710.00 2,720.15 53.00 3.05 0.00 969.38 173.61 196.79 17.91 20.30 DOWN

103
 60

50

40

30 NEGATIVE DM14
POSTIVE DM14

20

10

0
1-Oct-18 1-Nov-18 1-Dec-18

INTERPRETATION:

The positive DMI line is rising during 26th OCTOBER to 14th NOVEMBER which shows bullish
trend. The negative DMI line is declining during 2nd NOVEMBER to 10th DECEMBER which
shows bearish trend. The higher highs represent selling signal and lower lows represents buying.

104
 Calculation of DMI for EICHER MOTOR LTD. (NSE) from oct 2018 to dec
2018.

(Green = Upward Trend, Red = Downward Trend)

Date Open High Low Close TR +DM 1 -DM 1 TR14 +DM14 -DM14 +DI14 -DI14 DMI

1-Oct-18 24,280.00 24,999.00 23,230.00 24,749.50

3-Oct-18 24,750.00 24,750.00 23,050.00 23,235.75 1,700.00 0.00 180.00

4-Oct-18 22,900.00 22,900.00 20,001.15 21,907.85 3,234.60 0.00 3048.85

5-Oct-18 21,597.25 22,669.45 20,975.10 21,190.45 1,694.35 0.00 0.00

8-Oct-18 21,400.00 22,314.00 20,651.05 22,134.75 1,662.95 0.00 324.05

9-Oct-18 21,912.90 22,181.15 20,801.30 21,085.70 1,379.85 0.00 0.00

10-Oct-18 21,327.30 22,810.00 21,327.30 22,582.35 1,724.30 628.85 0.00

11-Oct-18 21,300.00 22,600.00 21,182.45 22,357.45 1,417.55 0.00 144.85

12-Oct-18 22,944.00 24,199.00 22,501.00 23,903.75 1,841.55 1599.00 0.00

15-Oct-18 24,100.00 24,134.05 23,000.05 23,434.50 1,134.00 0.00 0.00

16-Oct-18 23,550.00 23,950.00 22,750.00 23,002.15 1,200.00 0.00 250.05

17-Oct-18 23,380.00 23,727.40 21,850.00 21,978.10 1,877.40 0.00 900.00

19-Oct-18 21,978.10 22,380.00 21,351.05 21,625.30 1,028.95 0.00 498.95

22-Oct-18 21,950.00 22,560.00 21,850.00 22,425.10 934.70 180.00 0.00

23-Oct-18 22,040.00 22,475.00 21,901.00 22,258.15 574.00 0.00 0.00 21404.20 2407.85 5346.75 11.25 24.98 DOWN

24-Oct-18 22,600.00 22,690.00 21,851.00 22,624.70 839.00 215.00 0.00 20714.33 2450.86 4964.84 11.83 23.97 DOWN

25-Oct-18 22,324.00 22,427.30 21,900.00 22,092.20 724.70 0.00 0.00 19959.43 2275.80 4610.21 11.40 23.10 DOWN

26-Oct-18 22,272.30 22,300.00 21,705.00 21,806.40 595.00 0.00 195.00 19128.76 2113.24 4475.91 11.05 23.40 DOWN

29-Oct-18 21,990.00 22,084.00 21,290.00 21,461.90 794.00 0.00 415.00 18556.42 1962.30 4571.20 10.57 24.63 DOWN

30-Oct-18 21,500.00 21,513.40 20,985.00 21,026.15 528.40 0.00 305.00 17759.36 1822.13 4549.69 10.26 25.62 DOWN

31-Oct-18 21,200.00 21,990.00 20,701.15 21,864.60 1,288.85 476.60 0.00 17779.69 2168.58 4224.71 12.20 23.76 DOWN

1-Nov-18 21,750.00 22,299.80 21,750.00 21,992.10 549.80 309.80 0.00 17059.51 2323.48 3922.94 13.62 23.00 DOWN

2-Nov-18 22,300.00 23,080.55 22,200.00 22,674.10 1,088.45 780.75 0.00 16929.42 2938.27 3642.73 17.36 21.52 DOWN

5-Nov-18 22,701.00 22,765.00 22,374.10 22,552.25 390.90 0.00 0.00 16111.08 2728.39 3382.54 16.93 21.00 DOWN

6-Nov-18 22,650.00 22,827.30 22,370.00 22,559.65 457.30 62.30 0.00 15417.59 2595.81 3140.93 16.84 20.37 DOWN

7-Nov-18 22,700.00 22,825.90 22,600.15 22,650.30 266.25 0.00 0.00 14582.58 2410.39 2916.58 16.53 20.00 DOWN

9-Nov-18 22,739.50 22,739.50 22,405.00 22,495.25 334.50 0.00 195.15 13875.47 2238.22 2903.40 16.13 20.92 DOWN

12-Nov-18 22,370.00 22,495.25 21,820.40 21,933.55 674.85 0.00 584.60 13559.21 2078.35 3280.61 15.33 24.19 DOWN

105
13-Nov-18 21,451.00 23,400.00 21,196.75 23,241.85 2,203.25 904.75 0.00 14793.95 2834.64 3046.28 19.16 20.59 DOWN

14-Nov-18 23,300.00 24,184.00 23,056.00 23,240.10 1,128.00 784.00 0.00 14865.24 3416.17 2828.69 22.98 19.03 UP

15-Nov-18 23,400.00 24,041.95 23,291.50 23,945.35 801.85 0.00 0.00 14605.28 3172.16 2626.64 21.72 17.98 UP

16-Nov-18 24,120.00 24,830.00 23,925.10 24,735.00 904.90 788.05 0.00 14466.95 3733.63 2439.03 25.81 16.86 UP

19-Nov-18 24,990.00 25,340.00 24,726.40 24,897.10 613.60 510.00 0.00 14047.20 3976.94 2264.81 28.31 16.12 UP

20-Nov-18 24,897.10 25,350.00 24,450.55 24,595.80 899.45 0.00 275.85 13943.27 3692.87 2378.89 26.48 17.06 UP

21-Nov-18 24,744.00 25,300.00 23,960.10 24,216.40 1,339.90 0.00 490.45 14287.23 3429.09 2699.42 24.00 18.89 UP

22-Nov-18 24,420.00 24,479.95 23,940.00 24,109.05 539.95 0.00 20.10 13806.66 3184.16 2526.70 23.06 18.30 UP

26-Nov-18 24,160.00 24,488.00 23,626.60 23,848.30 861.40 0.00 313.40 13681.87 2956.72 2659.62 21.61 19.44 UP

27-Nov-18 24,017.95 24,039.75 23,580.00 23,807.55 459.75 0.00 46.60 13164.34 2745.52 2516.25 20.86 19.11 UP

28-Nov-18 23,780.00 24,050.00 23,040.00 23,111.35 1,010.00 0.00 540.00 13234.03 2549.42 2876.52 19.26 21.74 DOWN

29-Nov-18 23,300.00 23,596.05 22,952.05 23,521.30 644.00 0.00 87.95 12932.75 2367.31 2759.00 18.30 21.33 DOWN

30-Nov-18 23,500.00 23,739.95 23,310.00 23,405.30 429.95 143.90 0.00 12438.93 2342.12 2561.93 18.83 20.60 DOWN

3-Dec-18 23,320.00 23,898.00 22,953.00 23,567.30 945.00 0.00 357.00 12495.43 2174.83 2735.94 17.40 21.90 DOWN

4-Dec-18 23,505.00 23,738.70 23,300.00 23,401.40 438.70 0.00 0.00 12041.60 2019.48 2540.51 16.77 21.10 DOWN

5-Dec-18 23,280.00 23,280.00 22,685.00 22,793.45 716.40 0.00 615.00 11897.89 1875.23 2974.05 15.76 25.00 DOWN

6-Dec-18 22,770.00 22,770.00 22,100.00 22,211.35 693.45 0.00 585.00 11741.49 1741.29 3346.61 14.83 28.50 DOWN

7-Dec-18 22,400.00 22,486.15 21,963.40 22,369.25 522.75 0.00 136.60 11425.56 1616.91 3244.17 14.15 28.39 DOWN

10-Dec-18 22,098.20 22,599.80 21,865.00 22,404.85 734.80 113.65 0.00 11344.25 1615.07 3012.44 14.24 26.55 DOWN

11-Dec-18 22,011.00 22,766.05 21,800.00 22,640.60 966.05 166.25 0.00 11500.00 1665.95 2797.27 14.49 24.32 DOWN

12-Dec-18 22,640.60 23,850.00 22,640.60 23,722.00 1,209.40 1083.95 0.00 11887.97 2630.91 2597.46 22.13 21.85 UP

13-Dec-18 23,800.00 24,124.95 23,200.00 23,305.40 924.95 274.95 0.00 11963.78 2717.94 2411.93 22.72 20.16 UP

14-Dec-18 23,350.00 23,800.00 23,150.70 23,716.15 649.30 0.00 49.30 11758.52 2523.80 2288.95 21.46 19.47 UP

17-Dec-18 23,951.00 23,951.00 23,550.00 23,697.80 401.00 151.00 0.00 11319.63 2494.53 2125.45 22.04 18.78 UP

18-Dec-18 23,570.00 23,900.00 23,343.95 23,865.65 556.05 0.00 206.05 11067.13 2316.35 2179.69 20.93 19.70 UP

19-Dec-18 23,865.65 24,220.00 23,808.05 23,955.70 411.95 320.00 0.00 10688.57 2470.89 2023.99 23.12 18.94 UP

20-Dec-18 23,800.00 24,178.00 23,700.10 24,092.00 477.90 0.00 107.95 10403.00 2294.40 1987.37 22.06 19.10 UP

21-Dec-18 24,146.00 24,190.00 23,411.10 23,597.60 778.90 0.00 289.00 10438.83 2130.51 2134.42 20.41 20.45 DOWN

24-Dec-18 23,479.95 23,575.00 23,119.20 23,210.70 478.40 0.00 291.90 10171.60 1978.33 2273.86 19.45 22.35 DOWN

26-Dec-18 23,100.00 23,450.00 22,700.00 23,081.35 750.00 0.00 419.20 10195.06 1837.03 2530.64 18.02 24.82 DOWN

27-Dec-18 23,300.00 23,383.00 22,887.90 22,994.50 495.10 0.00 0.00 9961.94 1705.81 2349.88 17.12 23.59 DOWN

28-Dec-18 23,011.00 23,310.00 22,995.00 23,124.10 315.50 0.00 0.00 9565.87 1583.97 2182.03 16.56 22.81 DOWN

31-Dec-18 23,350.00 23,390.00 23,007.75 23,158.35 382.25 80.00 0.00 9264.85 1550.83 2026.17 16.74 21.87 DOWN

106
 50

45

40

35

30

25 NEGATIVE DM14
POSTIVE DM14
20

15

10

0
1-Oct-18 1-Nov-18 1-Dec-18

INTERPRETATION:

The positive DMI line is rising during 29th OCTOBER to 19th NOVEMBER which shows bullish
trend. The negative DMI line is declining during 20th NOVEMBER to 4th DECEMBER which
shows bearish trend. The higher highs represent selling signal and lower lows represents buying.

107
 5. STOCHASTIC

Calculation of STOCHASTIC for MARUTHI SUZUKI INDIA LTD. (NSE)

from oct 2018 to dec 2018.
(Green = Upward Trend, Red =
Downward Trend)
%K
%K Slow %D
Date Open High Low Close Highest Lowest 5-day
High 5 Low 5 Stochastic Average Average
Days Days Oscillator (E,5) (E,9)
1-Oct-18 7,354.00 7,485.00 7,206.00 7,463.95
3-Oct-18 7,400.00 7,410.70 7,211.00 7,246.00
4-Oct-18 7,150.00 7,288.00 7,021.00 7,198.75
5-Oct-18 7,054.80 7,220.00 6,801.85 6,904.35
8-Oct-18 6,915.00 6,989.00 6,774.25 6,889.75 7485 6774 16.25
9-Oct-18 6,819.75 6,940.00 6,661.00 6,699.45 7411 6661 5.13
10-Oct-18 6,748.00 7,050.00 6,723.25 6,985.85 7288 6661 51.81
11-Oct-18 6,800.00 6,950.00 6,705.20 6,875.50 7220 6661 38.37
12-Oct-18 6,950.00 7,326.00 6,950.00 7,287.20 7326 6661 94.17 41.15
15-Oct-18 7,320.00 7,340.00 7,126.05 7,182.00 7340 6661 76.73 53.01
16-Oct-18 7,214.00 7,278.00 7,123.80 7,150.90 7340 6705 70.21 58.74
17-Oct-18 7,237.65 7,245.00 6,853.45 6,885.60 7340 6705 28.42 48.63
19-Oct-18 6,830.00 6,965.00 6,715.50 6,756.45 7340 6716 6.56 34.61 47.23 DOWN
22-Oct-18 6,818.00 6,905.00 6,722.05 6,812.20 7340 6716 15.48 28.23 40.90 DOWN
23-Oct-18 6,779.00 6,857.00 6,666.00 6,771.30 7278 6666 17.21 24.56 35.45 DOWN
24-Oct-18 6,850.00 6,885.00 6,690.00 6,768.30 7245 6666 17.67 22.26 31.05 DOWN
25-Oct-18 6,700.00 6,853.70 6,620.20 6,723.20 6965 6620 29.87 24.80 28.97 DOWN
26-Oct-18 6,750.00 6,795.00 6,500.00 6,717.30 6905 6500 53.65 34.42 30.78 UP
29-Oct-18 6,722.00 6,810.00 6,691.05 6,798.70 6885 6500 77.58 48.81 36.79 UP
30-Oct-18 6,798.00 6,868.95 6,675.20 6,697.00 6885 6500 51.17 49.59 41.06 UP
31-Oct-18 6,760.00 6,760.00 6,500.00 6,616.40 6869 6500 31.55 43.58 41.90 UP
1-Nov-18 6,648.95 6,739.95 6,600.00 6,711.75 6869 6500 57.39 48.18 43.99 UP
2-Nov-18 6,769.80 7,159.00 6,750.05 7,135.45 7159 6500 96.43 64.26 50.75 UP
5-Nov-18 7,138.00 7,254.70 7,060.05 7,177.25 7255 6500 89.74 72.76 58.09 UP
6-Nov-18 7,195.00 7,238.00 7,050.00 7,075.00 7255 6500 76.19 73.90 63.36 UP
7-Nov-18 7,140.00 7,143.00 7,090.00 7,127.90 7255 6600 80.63 76.14 67.62 UP
9-Nov-18 7,130.00 7,315.00 7,040.85 7,283.50 7315 6750 94.42 82.24 72.49 UP
12-Nov-18 7,300.00 7,352.50 7,052.00 7,087.80 7353 7041 15.06 59.85 68.28 DOWN

108
13-Nov-18 7,049.95 7,168.75 7,021.00 7,150.45 7353 7021 39.05 52.91 63.16 DOWN
14-Nov-18 7,180.10 7,409.00 7,180.10 7,369.05 7409 7021 89.70 65.18 63.83 UP
15-Nov-18 7,378.90 7,515.10 7,333.55 7,478.30 7515 7021 92.55 74.30 67.32 UP
16-Nov-18 7,500.00 7,544.05 7,302.55 7,341.20 7544 7021 61.22 69.94 68.19 UP
19-Nov-18 7,360.00 7,449.00 7,290.00 7,411.65 7544 7021 74.69 71.52 69.30 UP
20-Nov-18 7,411.65 7,444.50 7,311.65 7,333.95 7544 7180 42.27 61.77 66.79 DOWN
21-Nov-18 7,340.00 7,466.00 7,331.50 7,424.50 7544 7290 52.94 58.83 64.14 DOWN
22-Nov-18 7,393.95 7,480.00 7,361.20 7,411.10 7544 7290 47.67 55.11 61.13 DOWN
26-Nov-18 7,425.00 7,577.75 7,387.30 7,554.70 7578 7290 91.99 67.40 63.22 UP
27-Nov-18 7,570.00 7,657.80 7,500.75 7,647.60 7658 7312 97.05 77.29 67.91 UP
28-Nov-18 7,658.00 7,680.50 7,549.60 7,574.20 7681 7332 69.54 74.70 70.17 UP
29-Nov-18 7,613.00 7,642.00 7,531.00 7,546.75 7681 7361 58.11 69.17 69.84 DOWN
30-Nov-18 7,574.00 7,727.00 7,570.05 7,661.60 7727 7387 80.75 73.03 70.90 UP
3-Dec-18 7,688.50 7,800.00 7,630.10 7,779.95 7800 7501 93.30 79.79 73.87 UP
4-Dec-18 7,780.00 7,784.95 7,701.00 7,721.65 7800 7531 70.87 76.82 74.85 UP
5-Dec-18 7,696.70 7,739.90 7,520.00 7,554.05 7800 7520 12.16 55.26 68.32 DOWN
6-Dec-18 7,450.05 7,486.30 7,180.00 7,209.70 7800 7180 4.79 38.44 58.36 DOWN
7-Dec-18 7,244.00 7,349.95 7,201.00 7,313.95 7800 7180 21.60 32.83 49.85 DOWN
10-Dec-18 7,200.00 7,395.00 7,170.00 7,350.50 7785 7170 29.35 31.67 43.79 DOWN
11-Dec-18 7,240.50 7,346.00 7,215.55 7,305.35 7740 7170 23.75 29.03 38.87 DOWN
12-Dec-18 7,340.00 7,507.30 7,295.00 7,471.85 7507 7170 89.49 49.18 42.31 UP
13-Dec-18 7,477.50 7,700.00 7,477.50 7,670.50 7700 7170 94.43 64.27 49.63 UP
14-Dec-18 7,684.00 7,690.00 7,545.95 7,662.15 7700 7170 92.86 73.80 57.68 UP
17-Dec-18 7,691.90 7,800.00 7,650.00 7,734.05 7800 7216 88.72 78.77 64.71 UP
18-Dec-18 7,710.00 7,785.00 7,655.00 7,772.35 7800 7295 94.52 84.02 71.15 UP
19-Dec-18 7,781.00 7,949.75 7,781.00 7,936.00 7950 7478 97.09 88.38 76.89 UP
20-Dec-18 7,850.00 7,919.00 7,763.65 7,807.05 7950 7546 64.66 80.47 78.09 UP
21-Dec-18 7,830.00 7,835.00 7,515.00 7,536.30 7950 7515 4.90 55.28 70.48 DOWN
24-Dec-18 7,560.00 7,595.65 7,470.00 7,529.15 7950 7470 12.33 40.96 60.64 DOWN
26-Dec-18 7,488.00 7,600.00 7,402.00 7,569.10 7950 7402 30.51 37.48 52.92 DOWN
27-Dec-18 7,649.00 7,668.85 7,479.30 7,499.95 7919 7402 18.95 31.30 45.71 DOWN
28-Dec-18 7,548.00 7,580.00 7,490.00 7,505.55 7835 7402 23.91 28.84 40.09 DOWN
31-Dec-18 7,550.00 7,572.75 7,443.10 7,465.50 7669 7402 23.80 27.16 35.78 DOWN

109
 200
180
160
140
120
100
%D
80
%k
60
40
20
0

INTERPRETATION:

The stochastic indicator shows overbought and oversold. More than 80 overbought and less than 20
oversold. The above graph shows holding position.

110
Calculation of STOCHASTIC for MAHINDRA AND MAHINDRA LTD. (NSE)
from oct 2018 to dec 2018.
(Green = Upward Trend, Red =
Downward Trend)
%K
%K Slow %D
Date Open High Low Close Highest Lowest 5-day
High 5 Low 5 Stochastic Average Average
Days Days Oscillator (E,5) (E,9)
1-Oct-18 860.5 864.45 840.95 847.6
3-Oct-18 845.5 845.5 787 791.6
4-Oct-18 780.15 800 765.45 794.7
5-Oct-18 791 795.75 752.9 769.55
8-Oct-18 768.75 780.95 753.3 774.85 864 753 19.68
9-Oct-18 775.55 782.45 760.3 764.8 846 753 12.85
10-Oct-18 768 774.6 750.9 764.1 800 751 26.88
11-Oct-18 747 756.5 715 730.15 796 715 18.76
12-Oct-18 738.5 775.9 735.55 768.5 782 715 79.32 31.50
15-Oct-18 775 775.45 738 749 782 715 50.41 37.80
16-Oct-18 753.6 780 750.1 777.7 780 715 96.46 57.35
17-Oct-18 789.2 790.75 751.2 759.4 791 715 58.61 57.77
19-Oct-18 748.1 758 732.1 741.2 791 732 15.52 43.69 45.62 DOWN
22-Oct-18 747 749 731 733.75 791 731 4.60 30.66 40.64 DOWN
23-Oct-18 730.5 734.4 716.2 729.95 791 716 18.44 26.59 35.95 DOWN
24-Oct-18 740.8 749.2 725.65 736.25 791 716 26.89 26.69 32.87 DOWN
25-Oct-18 728 744.5 724 733.75 758 716 41.99 31.79 32.51 DOWN
26-Oct-18 731 741.8 722.7 728.2 749 716 36.36 33.31 32.78 UP
29-Oct-18 728 752.85 728 749.5 753 716 90.86 52.50 39.35 UP
30-Oct-18 751 762.75 737 746.3 763 723 58.93 54.64 44.45 UP
31-Oct-18 749 769.1 735.15 765.95 769 723 93.21 67.50 52.13 UP
1-Nov-18 770.5 778.7 751 756.05 779 723 59.55 64.85 56.37 UP
2-Nov-18 765.05 795.9 765.05 783.55 796 728 81.81 70.50 61.08 UP
5-Nov-18 784 784.65 770 775.45 796 735 66.34 69.11 63.76 UP
6-Nov-18 780 782 768.85 778.4 796 735 71.19 69.81 65.77 UP
7-Nov-18 788 794 783.65 792.9 796 751 93.32 77.64 69.73 UP
9-Nov-18 800 805.9 791 795.25 806 765 73.93 76.41 71.96 UP
12-Nov-18 798 807.7 778.1 780.9 808 769 31.02 61.28 68.40 DOWN
13-Nov-18 775.5 793.8 773.85 790.05 808 769 54.57 59.04 65.28 DOWN
14-Nov-18 793.1 797.4 765.5 769.6 808 766 9.72 42.60 57.72 DOWN
15-Nov-18 774 775.8 755 766.5 808 755 21.82 35.67 50.37 DOWN

111
16-Nov-18 767.65 776.5 759.75 767.6 808 755 23.91 31.75 44.16 DOWN
19-Nov-18 775.3 783.6 770.1 781.35 797 755 62.15 41.88 43.40 DOWN
20-Nov-18 780 792.4 773.35 782.6 797 755 65.09 49.62 45.48 UP
21-Nov-18 787.8 787.8 764.7 769.1 792 755 37.70 45.65 45.53 UP
22-Nov-18 770.1 772.95 743.1 746.1 792 743 6.09 32.46 41.18 DOWN
26-Nov-18 748 755 739.25 747.9 792 739 16.27 27.06 36.47 DOWN
27-Nov-18 747 753.9 738.1 751.75 792 738 25.14 26.42 33.12 DOWN
28-Nov-18 754.7 759.2 745.55 748.4 788 738 20.72 24.52 30.26 DOWN
29-Nov-18 756 780.3 752 773.2 780 738 83.18 44.07 34.86 UP
30-Nov-18 778 796 776.7 790.9 796 738 91.19 59.78 43.17 UP
3-Dec-18 800 800.8 756.6 761.05 801 738 36.60 52.05 46.13 UP
4-Dec-18 762 762 738.5 740.3 801 739 2.89 35.67 42.64 DOWN
5-Dec-18 740.3 740.3 715.1 718.05 801 715 3.44 24.92 36.74 DOWN
6-Dec-18 717.5 722 706.5 710.95 801 707 4.72 18.19 30.55 DOWN
7-Dec-18 726.8 726.8 709.6 721.1 801 707 15.48 17.29 26.13 DOWN
10-Dec-18 710 725.5 700 710.55 762 700 17.02 17.20 23.15 DOWN
11-Dec-18 699.9 729.9 694 722.35 740 694 61.23 31.87 26.06 UP
12-Dec-18 725 753 721.25 750.8 753 694 96.27 53.34 35.15 UP
13-Dec-18 755 765.1 746.25 759.2 765 694 91.70 66.13 45.48 UP
14-Dec-18 753.1 764 751.6 757.25 765 694 88.96 73.74 54.90 UP
17-Dec-18 760 763 750.5 756.35 765 694 87.69 78.39 62.73 UP
18-Dec-18 755.6 772 752.4 770.95 772 721 97.93 84.90 70.12 UP
19-Dec-18 775 787 767.1 782.65 787 746 89.33 86.38 75.54 UP
20-Dec-18 779.7 797 778.5 795.45 797 751 96.67 89.81 80.30 UP
21-Dec-18 795 814 777.7 781.15 814 751 48.27 75.96 78.85 DOWN
24-Dec-18 782.9 792.5 775 788.65 814 752 58.85 70.26 75.99 DOWN
26-Dec-18 785.65 793.5 772 787.7 814 767 43.92 61.48 71.15 DOWN
27-Dec-18 794.5 802 788.1 795.65 814 772 56.31 59.76 67.35 DOWN
28-Dec-18 799.35 807 797 803.55 814 772 75.12 64.88 66.53 DOWN
31-Dec-18 808.9 810 801.2 803.85 810 772 83.82 71.19 68.08 UP

112
 200
180
160
140
120
100
%D
80
%k
60
40
20
0

INTERPRETATION:

The stochastic indicator shows overbought and oversold. More than 80 overbought and less than 20
oversold. The above graph shows overbought.

113
Calculation of STOCHASTIC for TATA MOTORS LTD. (NSE) from oct 2018
to dec 2018.
(Green = Upward Trend, Red =
Downward Trend)
%K
%K Slow %D
Date Open High Low Close Highest Lowest 5-day
High 5 Low 5 Stochastic Average Average
Days Days Oscillator (E,5) (E,9)
1-Oct-18 225 230.45 220 229.35
3-Oct-18 230 232.8 225.8 227.6
4-Oct-18 224 230.8 221.75 223.25
5-Oct-18 222.75 226.45 214.75 216.25
8-Oct-18 217.8 218.5 208.1 212.35 233 208 17.21
9-Oct-18 205.7 206 170.3 184.35 233 170 22.48
10-Oct-18 186 190.95 185.05 188.75 231 170 30.50
11-Oct-18 180.65 187.75 178 182.95 226 170 22.53
12-Oct-18 185.95 188.4 182.6 183.75 219 170 27.90 24.12
15-Oct-18 186.5 186.5 182.7 184.35 206 170 39.36 29.20
16-Oct-18 185.2 187.25 184.55 185.85 191 178 60.62 39.67
17-Oct-18 187.6 187.8 179.1 179.95 188 178 18.75 32.70
19-Oct-18 178.95 179.75 174 174.7 188 174 4.86 23.42 29.82 DOWN
22-Oct-18 176.4 176.85 170.05 170.75 188 170 3.94 16.93 25.52 DOWN
23-Oct-18 170 175.7 169.55 170.65 188 170 6.03 13.29 21.45 DOWN
24-Oct-18 173.9 175 169 170.65 188 169 8.78 11.79 18.23 DOWN
25-Oct-18 168.95 169.75 164.6 165.35 180 165 4.95 9.51 15.32 DOWN
26-Oct-18 166 172.8 165.9 168.5 177 165 31.84 16.95 15.86 UP
29-Oct-18 169.95 176.5 167.7 175.35 177 165 90.34 41.41 24.38 UP
30-Oct-18 177 181.5 176.05 177.25 182 165 74.85 52.56 33.77 UP
31-Oct-18 178.3 180 173.45 179.1 182 165 85.80 63.64 43.73 UP
1-Nov-18 182 186.05 178.2 179.45 186 166 67.25 64.84 50.77 UP
2-Nov-18 180.95 191.85 180.9 190.3 192 168 93.58 74.42 58.65 UP
5-Nov-18 191.3 191.3 186.65 189.8 192 173 88.86 79.23 65.51 UP
6-Nov-18 192.45 199.95 191.75 193.25 200 173 74.72 77.73 69.58 UP
7-Nov-18 194.95 195.75 193.35 194.85 200 178 76.55 77.34 72.17 UP
9-Nov-18 192.9 200.75 192 195.25 201 181 72.29 75.65 73.33 UP
12-Nov-18 194.45 194.45 185.2 186.05 201 185 5.47 52.26 66.31 DOWN
13-Nov-18 180.75 183 178.35 179.5 201 178 5.13 36.55 56.39 DOWN
14-Nov-18 180.5 183 176.25 176.8 201 176 2.24 25.12 45.96 DOWN
15-Nov-18 178 182.7 177.5 180.2 201 176 16.12 22.12 38.01 DOWN

114
16-Nov-18 180.9 181.85 177.85 179.9 194 176 20.05 21.43 32.49 DOWN
19-Nov-18 180.6 185.5 179.1 184.6 186 176 90.27 44.38 36.45 UP
20-Nov-18 184.05 188.3 183.2 183.75 188 176 62.24 50.33 41.08 UP
21-Nov-18 184.4 186.75 183.75 184.15 188 178 61.57 54.08 45.41 UP
22-Nov-18 185.5 186.15 181.75 182.55 188 178 44.98 51.04 47.29 UP
26-Nov-18 183.9 184.45 177 181.75 188 177 42.04 48.04 47.54 UP
27-Nov-18 181.7 184.55 178.55 180.05 188 177 26.99 41.02 45.37 DOWN
28-Nov-18 181 181.35 174 174.45 187 174 3.53 28.53 39.75 DOWN
29-Nov-18 175.95 179.35 173.45 177.25 186 173 29.92 28.99 36.17 DOWN
30-Nov-18 172 174.9 170.35 171.95 185 170 11.27 23.08 31.81 DOWN
3-Dec-18 173.25 176.45 170 175.45 185 170 37.46 27.87 30.50 DOWN
4-Dec-18 177.95 178.75 175.3 175.75 181 170 50.66 35.47 32.15 UP
5-Dec-18 173 173 168.6 169.2 179 169 5.58 25.51 29.94 DOWN
6-Dec-18 168.5 168.7 161.6 162.65 179 162 6.12 19.05 26.31 DOWN
7-Dec-18 162.25 164.2 160.8 162.4 179 161 8.91 15.67 22.76 DOWN
10-Dec-18 159.9 160.5 156.5 157.1 179 157 2.70 11.34 18.96 DOWN
11-Dec-18 155 159.5 154.65 158.1 173 155 18.80 13.83 17.25 DOWN
12-Dec-18 159.5 167.1 158 164.1 169 155 67.26 31.64 22.04 UP
13-Dec-18 166 168 165.55 166.85 168 155 91.39 51.56 31.88 UP
14-Dec-18 166 168.4 164.85 166.95 168 155 89.45 64.19 42.65 UP
17-Dec-18 167.25 175.95 167.25 173.95 176 155 90.61 73.00 52.77 UP
18-Dec-18 174 177.6 173.1 174.75 178 158 85.46 77.15 60.89 UP
19-Dec-18 176.5 176.5 172.5 173.9 178 165 70.98 75.09 65.63 UP
20-Dec-18 173 177.3 171.75 176.4 178 165 90.59 80.26 70.50 UP
21-Dec-18 177 180.5 175.15 176.25 181 167 67.92 76.15 72.39 UP
24-Dec-18 176.25 177.85 171.5 172.5 181 172 11.11 54.47 66.41 DOWN
26-Dec-18 171.45 172.2 167.6 170.9 181 168 25.58 44.84 59.22 DOWN
27-Dec-18 172.75 173.4 167.7 168.25 181 168 5.04 31.57 50.01 DOWN
28-Dec-18 169.4 172.2 169.15 170.85 181 168 25.19 29.45 43.15 DOWN
31-Dec-18 172.45 173.9 171.75 172.7 178 168 49.76 36.22 40.84 DOWN

115
 180

160

140

120

100

80 %D

60 %k

40

20

INTERPRETATION:

The stochastic indicator shows overbought and oversold. More than 80 overbought and less than 20
oversold. The above graph shows overbought.

116
Calculation of STOCHASTIC for BAJAJ AUTO LTD. (NSE) from oct 2018 to
dec 2018.
(Green = Upward Trend, Red =
Downward Trend)
%K
%K Slow %D
Date Open High Low Close 5-day
Stochas
Highest Lowest tic
High 5 Low 5 Oscillat Average Average
Days Days or (E,5) (E,9)
1-Oct-18 2,687.00 2,745.00 2,619.60 2,730.10
3-Oct-18 2,735.00 2,769.90 2,702.00 2,731.40
4-Oct-18 2,687.00 2,719.50 2,626.25 2,657.00
5-Oct-18 2,635.00 2,635.00 2,520.00 2,543.05
8-Oct-18 2,526.05 2,604.10 2,501.25 2,584.10 2770 2501 30.84
9-Oct-18 2,590.00 2,590.05 2,530.30 2,548.85 2770 2501 17.72
10-Oct-18 2,560.00 2,628.90 2,556.00 2,581.80 2720 2501 36.91
11-Oct-18 2,540.00 2,555.90 2,505.45 2,525.80 2635 2501 18.36
12-Oct-18 2,549.50 2,648.95 2,530.10 2,623.05 2649 2501 82.46 37.26
15-Oct-18 2,644.00 2,647.40 2,576.10 2,620.45 2649 2505 80.14 51.55
16-Oct-18 2,638.00 2,648.00 2,605.00 2,610.50 2649 2505 73.21 58.77
17-Oct-18 2,638.00 2,649.65 2,538.00 2,547.80 2650 2505 29.37 48.97
19-Oct-18 2,535.25 2,542.85 2,480.00 2,510.25 2650 2480 17.83 38.59 47.03 DOWN
22-Oct-18 2,530.10 2,574.70 2,496.70 2,556.90 2650 2480 45.33 40.84 44.96 DOWN
23-Oct-18 2,540.00 2,598.70 2,526.00 2,586.50 2650 2480 62.78 48.15 46.03 UP
24-Oct-18 2,615.00 2,619.90 2,456.60 2,475.15 2650 2457 9.61 35.30 42.45 DOWN
25-Oct-18 2,455.00 2,498.70 2,420.00 2,477.55 2620 2420 28.79 33.13 39.34 DOWN
26-Oct-18 2,483.00 2,533.60 2,446.70 2,513.75 2620 2420 46.90 37.72 38.80 DOWN
29-Oct-18 2,533.00 2,558.35 2,474.25 2,549.10 2620 2420 64.58 46.67 41.43 UP
30-Oct-18 2,554.00 2,583.00 2,532.90 2,556.25 2620 2420 68.16 53.84 45.56 UP
31-Oct-18 2,550.00 2,614.00 2,486.15 2,593.70 2614 2420 89.54 65.74 52.29 UP
1-Nov-18 2,613.10 2,619.00 2,568.05 2,598.85 2619 2447 88.31 73.26 59.28 UP
2-Nov-18 2,620.00 2,700.00 2,620.00 2,657.75 2700 2474 81.28 75.93 64.83 UP
5-Nov-18 2,670.00 2,687.45 2,622.55 2,672.55 2700 2486 87.16 79.68 69.78 UP
6-Nov-18 2,673.20 2,698.00 2,658.95 2,674.60 2700 2486 88.12 82.49 74.02 UP
7-Nov-18 2,694.00 2,695.00 2,681.15 2,692.55 2700 2568 94.35 86.45 78.16 UP
9-Nov-18 2,680.00 2,745.00 2,673.50 2,693.05 2745 2620 58.44 77.11 77.81 DOWN
12-Nov-18 2,700.00 2,726.00 2,640.95 2,652.30 2745 2623 24.30 59.51 71.71 DOWN
13-Nov-18 2,649.00 2,673.40 2,613.00 2,665.50 2745 2613 39.77 52.93 65.45 DOWN
14-Nov-18 2,675.00 2,714.90 2,652.00 2,676.50 2745 2613 48.11 51.32 60.74 DOWN

117
15-Nov-18 2,681.00 2,699.00 2,661.10 2,668.85 2745 2613 42.31 48.32 56.60 DOWN
16-Nov-18 2,680.00 2,705.90 2,675.15 2,695.35 2726 2613 72.88 56.50 56.57 DOWN
19-Nov-18 2,704.00 2,708.00 2,670.00 2,679.65 2715 2613 65.41 59.47 57.54 UP
20-Nov-18 2,679.65 2,679.65 2,655.00 2,666.50 2715 2652 23.05 47.33 54.13 DOWN
21-Nov-18 2,673.00 2,673.00 2,591.10 2,604.65 2708 2591 11.59 35.42 47.90 DOWN
22-Nov-18 2,600.00 2,624.00 2,580.80 2,590.35 2708 2581 7.51 26.11 40.64 DOWN
26-Nov-18 2,606.00 2,662.90 2,576.00 2,649.50 2708 2576 55.68 35.97 39.08 DOWN
27-Nov-18 2,642.00 2,643.95 2,570.90 2,599.65 2680 2571 26.44 32.79 36.98 DOWN
28-Nov-18 2,612.00 2,625.00 2,584.00 2,603.90 2673 2571 32.32 32.64 35.53 DOWN
29-Nov-18 2,633.00 2,737.00 2,602.05 2,724.00 2737 2571 92.17 52.48 41.18 UP
30-Nov-18 2,721.00 2,769.70 2,702.00 2,745.70 2770 2571 87.93 64.30 48.89 UP
3-Dec-18 2,760.00 2,764.95 2,714.00 2,736.00 2770 2571 83.05 70.55 56.11 UP
4-Dec-18 2,740.10 2,790.00 2,726.25 2,763.85 2790 2584 87.31 76.13 62.78 UP
5-Dec-18 2,759.00 2,774.50 2,731.10 2,764.10 2790 2602 86.22 79.50 68.35 UP
6-Dec-18 2,740.00 2,799.40 2,705.85 2,718.10 2799 2702 16.53 58.51 65.07 DOWN
7-Dec-18 2,722.00 2,793.00 2,716.30 2,786.20 2799 2706 85.89 67.63 65.93 UP
10-Dec-18 2,713.00 2,769.95 2,702.80 2,725.10 2799 2703 23.08 52.78 61.55 DOWN
11-Dec-18 2,710.00 2,760.00 2,685.00 2,739.60 2799 2685 47.73 51.10 58.06 DOWN
12-Dec-18 2,742.00 2,858.00 2,738.65 2,848.40 2858 2685 94.45 65.55 60.56 UP
13-Dec-18 2,860.00 2,885.65 2,821.70 2,836.10 2886 2685 75.31 68.80 63.31 UP
14-Dec-18 2,836.00 2,837.35 2,785.20 2,823.15 2886 2685 68.85 68.82 65.14 UP
17-Dec-18 2,833.00 2,853.00 2,826.10 2,840.95 2886 2685 77.72 71.79 67.36 UP
18-Dec-18 2,840.00 2,873.80 2,822.05 2,840.90 2886 2739 69.56 71.04 68.59 UP
19-Dec-18 2,853.90 2,882.00 2,845.05 2,863.00 2886 2785 77.45 73.18 70.12 UP
20-Dec-18 2,855.00 2,900.00 2,832.00 2,887.20 2900 2785 88.85 78.40 72.88 UP
21-Dec-18 2,897.00 2,905.00 2,801.00 2,808.45 2905 2801 7.16 54.66 66.80 DOWN
24-Dec-18 2,825.50 2,832.70 2,715.85 2,724.65 2905 2716 4.65 37.99 57.20 DOWN
26-Dec-18 2,713.70 2,749.80 2,670.00 2,734.60 2905 2670 27.49 34.49 49.63 DOWN
27-Dec-18 2,763.90 2,764.00 2,696.60 2,737.00 2905 2670 28.51 32.50 43.92 DOWN
28-Dec-18 2,753.90 2,759.95 2,711.75 2,717.50 2905 2670 20.21 28.40 38.75 DOWN
31-Dec-18 2,738.00 2,763.00 2,710.00 2,720.15 2833 2670 30.82 29.21 35.57 DOWN

118
 200
180
160
140
120
100
%D
80
%k
60
40
20
0

INTERPRETATION:

The stochastic indicator shows overbought and oversold. More than 80 overbought and less than 20
oversold. The above graph shows holding position.

119
 Calculation of STOCHASTIC for EICHER MOTOR LTD. (NSE) from oct 2018
to dec 2018.
(Green = Upward Trend, Red =
Downward Trend)
%K
%K Slow %D
Date Open High Low Close Highest Lowest 5-day
High 5 Low 5 Stochastic Average Average
Days Days Oscillator (E,5) (E,9)
1-Oct-18 24,280.00 24,999.00 23,230.00 24,749.50
3-Oct-18 24,750.00 24,750.00 23,050.00 23,235.75
4-Oct-18 22,900.00 22,900.00 20,001.15 21,907.85
5-Oct-18 21,597.25 22,669.45 20,975.10 21,190.45
8-Oct-18 21,400.00 22,314.00 20,651.05 22,134.75 24999 20001 42.69
9-Oct-18 21,912.90 22,181.15 20,801.30 21,085.70 24750 20001 22.84
10-Oct-18 21,327.30 22,810.00 21,327.30 22,582.35 22900 20001 89.04
11-Oct-18 21,300.00 22,600.00 21,182.45 22,357.45 22810 20651 79.04
12-Oct-18 22,944.00 24,199.00 22,501.00 23,903.75 24199 20651 91.68 65.06
15-Oct-18 24,100.00 24,134.05 23,000.05 23,434.50 24199 20801 77.50 69.20
16-Oct-18 23,550.00 23,950.00 22,750.00 23,002.15 24199 21182 60.32 66.24
17-Oct-18 23,380.00 23,727.40 21,850.00 21,978.10 24199 21182 26.38 52.96
19-Oct-18 21,978.10 22,380.00 21,351.05 21,625.30 24199 21351 9.63 38.51 58.40 DOWN
22-Oct-18 21,950.00 22,560.00 21,850.00 22,425.10 24134 21351 38.59 38.54 51.78 DOWN
23-Oct-18 22,040.00 22,475.00 21,901.00 22,258.15 23950 21351 34.90 37.33 46.96 DOWN
24-Oct-18 22,600.00 22,690.00 21,851.00 22,624.70 23727 21351 53.60 42.75 45.56 DOWN
25-Oct-18 22,324.00 22,427.30 21,900.00 22,092.20 22690 21351 55.35 46.95 46.02 UP
26-Oct-18 22,272.30 22,300.00 21,705.00 21,806.40 22690 21705 10.29 34.73 42.26 DOWN
29-Oct-18 21,990.00 22,084.00 21,290.00 21,461.90 22690 21290 12.28 27.25 37.26 DOWN
30-Oct-18 21,500.00 21,513.40 20,985.00 21,026.15 22690 20985 2.41 18.97 31.16 DOWN
31-Oct-18 21,200.00 21,990.00 20,701.15 21,864.60 22427 20701 67.40 35.11 32.48 UP
1-Nov-18 21,750.00 22,299.80 21,750.00 21,992.10 22300 20701 80.74 50.32 38.43 UP
2-Nov-18 22,300.00 23,080.55 22,200.00 22,674.10 23081 20701 82.92 61.19 46.01 UP
5-Nov-18 22,701.00 22,765.00 22,374.10 22,552.25 23081 20701 77.80 66.72 52.92 UP
6-Nov-18 22,650.00 22,827.30 22,370.00 22,559.65 23081 20701 78.11 70.52 58.78 UP
7-Nov-18 22,700.00 22,825.90 22,600.15 22,650.30 23081 21750 67.66 69.57 62.38 UP
9-Nov-18 22,739.50 22,739.50 22,405.00 22,495.25 23081 22200 33.53 57.55 60.77 DOWN
12-Nov-18 22,370.00 22,495.25 21,820.40 21,933.55 22827 21820 11.24 42.12 54.55 DOWN
13-Nov-18 21,451.00 23,400.00 21,196.75 23,241.85 23400 21197 92.82 59.02 56.04 UP
14-Nov-18 23,300.00 24,184.00 23,056.00 23,240.10 24184 21197 68.40 62.15 58.08 UP
15-Nov-18 23,400.00 24,041.95 23,291.50 23,945.35 24184 21197 92.01 72.10 62.75 UP

120
16-Nov-18 24,120.00 24,830.00 23,925.10 24,735.00 24830 21197 97.39 80.53 68.68 UP
19-Nov-18 24,990.00 25,340.00 24,726.40 24,897.10 25340 21197 89.31 83.46 73.60 UP
20-Nov-18 24,897.10 25,350.00 24,450.55 24,595.80 25350 23056 67.12 78.01 75.07 UP
21-Nov-18 24,744.00 25,300.00 23,960.10 24,216.40 25350 23292 44.93 66.98 72.38 DOWN
22-Nov-18 24,420.00 24,479.95 23,940.00 24,109.05 25350 23925 12.91 48.96 64.57 DOWN
26-Nov-18 24,160.00 24,488.00 23,626.60 23,848.30 25350 23627 12.86 36.93 55.36 DOWN
27-Nov-18 24,017.95 24,039.75 23,580.00 23,807.55 25350 23580 12.86 28.90 46.54 DOWN
28-Nov-18 23,780.00 24,050.00 23,040.00 23,111.35 25300 23040 3.16 20.32 37.80 DOWN
29-Nov-18 23,300.00 23,596.05 22,952.05 23,521.30 24488 22952 37.06 25.90 33.83 DOWN
30-Nov-18 23,500.00 23,739.95 23,310.00 23,405.30 24488 22952 29.51 27.10 31.59 DOWN
3-Dec-18 23,320.00 23,898.00 22,953.00 23,567.30 24050 22952 56.04 36.75 33.31 UP
4-Dec-18 23,505.00 23,738.70 23,300.00 23,401.40 24050 22952 40.93 38.14 34.92 UP
5-Dec-18 23,280.00 23,280.00 22,685.00 22,793.45 23898 22685 8.94 28.41 32.75 DOWN
6-Dec-18 22,770.00 22,770.00 22,100.00 22,211.35 23898 22100 6.19 21.00 28.83 DOWN
7-Dec-18 22,400.00 22,486.15 21,963.40 22,369.25 23898 21963 20.98 20.99 26.22 DOWN
10-Dec-18 22,098.20 22,599.80 21,865.00 22,404.85 23739 21865 28.81 23.60 25.35 DOWN
11-Dec-18 22,011.00 22,766.05 21,800.00 22,640.60 23280 21800 56.80 34.67 28.45 UP
12-Dec-18 22,640.60 23,850.00 22,640.60 23,722.00 23850 21800 93.76 54.36 37.09 UP
13-Dec-18 23,800.00 24,124.95 23,200.00 23,305.40 24125 21800 64.75 57.83 44.00 UP
14-Dec-18 23,350.00 23,800.00 23,150.70 23,716.15 24125 21800 82.42 66.02 51.34 UP
17-Dec-18 23,951.00 23,951.00 23,550.00 23,697.80 24125 21800 81.63 71.22 57.97 UP
18-Dec-18 23,570.00 23,900.00 23,343.95 23,865.65 24125 22641 82.53 74.99 63.64 UP
19-Dec-18 23,865.65 24,220.00 23,808.05 23,955.70 24220 23151 75.28 75.09 67.46 UP
20-Dec-18 23,800.00 24,178.00 23,700.10 24,092.00 24220 23151 88.03 79.40 71.44 UP
21-Dec-18 24,146.00 24,190.00 23,411.10 23,597.60 24220 23344 28.95 62.59 68.49 DOWN
24-Dec-18 23,479.95 23,575.00 23,119.20 23,210.70 24220 23119 8.31 44.50 60.49 DOWN
26-Dec-18 23,100.00 23,450.00 22,700.00 23,081.35 24220 22700 25.09 38.03 53.00 DOWN
27-Dec-18 23,300.00 23,383.00 22,887.90 22,994.50 24190 22700 19.77 31.94 45.98 DOWN
28-Dec-18 23,011.00 23,310.00 22,995.00 23,124.10 24190 22700 28.46 30.78 40.91 DOWN
31-Dec-18 23,350.00 23,390.00 23,007.75 23,158.35 23575 22700 52.38 37.98 39.94 DOWN

121
 180

160

140

120

100

80 %D

60 %k

40

20

INTERPRETATION:

The stochastic indicator shows overbought and oversold. More than 80 overbought and less than 20
oversold. The above graph shows overbought.

122
 CHAPTER: 4

FINDINGS

MARUTHI SUZUKI INDIA LTD., shows the ROC is very high in the month of DECEMBER
(12.83) and very low in the month of OCTOBER (-27.26).

MAHINDRA AND MAHINDRA LTD., shows the ROC is very high in the month of MAY (24.90)
and very low in the month of OCTOBER (-20.65).

TATA MOTORS LTD., shows the ROC is not high as every month is in negative and very low in
the month of OCTOBER (-33.04).

BAJAJ AUTO LTD., shows the ROC is very high in the month of DECEMBER (4.87) and very
low in the month of OCTOBER (-17.75).

EICHER MOTOR LTD., shows the ROC is very high in the month of APRIL (13.67) and very low
in the month of OCTOBER (-22.07).

The trend of the shares using ROC is found to be much common as it was very low in month
of OCTOBER for all the shares.

MARUTHI SUZUKI INDIA LTD., shows the RSI value is 46.64, so it is time for holding the
shares.

MAHINDRA AND MAHINDRA LTD., shows the RSI value is 39.81, so it is time for holding the
shares.

TATA MOTORS LTD., shows the RSI value is 16.18, so it is time for buying the shares.

BAJAJ AUTO LTD., shows the RSI value is 42.92, so it is time for holding the shares.

EICHER MOTOR LTD., shows the RSI value is 42.55, so it is time for holding the shares.

The maximum company’s shares are in holding position except TATA MOTORS, as its
shares are in buying position.

MARUTHI SUZUKI INDIA LTD., shows the AROON indicator is down trend from NOVEMBER
5 to 9. The UP trend is higher than the DOWN trend. The ending of the table is in UP position, so it
indicates buy.

123
MAHINDRA AND MAHINDRA LTD., shows the AROON indicator is down trend from
NOVEMBER 6 to 9. The ending of the table is in UP position, so it indicates buy.

TATA MOTORS LTD., shows the AROON indicator is down trend from NOVEMBER 5 to 13.
The ending of the table is in DOWN position, so it indicates sell.

BAJAJ AUTO LTD., shows the AROON indicator is down trend from NOVEMBER 5 to 7. The
ending of the table is in UP position, so it indicates buy.

EICHER MOTOR LTD., shows the AROON indicator is down trend from NOVEMBER 5 to 6.
The ending of the table is in UP position, so it indicates buy.

The trend of shares using AROON is found that in the month of NOVEMBER every company
has got down trend, Only TATA MOTORS got up trend.

MARUTHI SUZUKI INDIA LTD., shows the positive DMI line is rising during 2nd NOVEMBER
to 4th DECEMBER which shows bullish trend. The negative DMI line is declining during 14th
NOVEMBER to 3rd DECEMBER which shows bearish trend.

MAHINDRA AND MAHINDRA LTD., shows the positive DMI line is rising during 25th
OCTOBER to 9th NOVEMBER which shows bullish trend. The negative DMI line is declining
during 5th DECEMBER to 31st DECEMBER which shows bearish trend.

TATA MOTORS LTD., shows the positive DMI line is rising during 25th OCTOBER to 9th
NOVEMBER which shows bullish trend. The negative DMI line is declining during 14th
NOVEMBER to 3rd DECEMBER which shows bearish trend.

BAJAJ AUTO LTD., shows the positive DMI line is rising during 26th OCTOBER to 14th
NOVEMBER which shows bullish trend. The negative DMI line is declining during 2nd
NOVEMBER to 10th DECEMBER which shows bearish trend.

EICHER MOTOR LTD., shows the positive DMI line is rising during 29th OCTOBER to 19th
NOVEMBER which shows bullish trend. The negative DMI line is declining during 20th
NOVEMBER to 4th DECEMBER which shows bearish trend.

The trend of shares using Directional Movement Index (DMI) is found that the month of
OCTOBER shows bullish trend and the month of DECEMBER shows bearish trend. The
graph shows that bullish trend is higher.

MARUTHI SUZUKI INDIA LTD., shows the stochastic indicator graph that the stocks are in
holding position.

MAHINDRA AND MAHINDRA LTD., shows the stochastic indicator graph that the stocks are in
overbought position.

124
TATA MOTORS LTD., shows the stochastic indicator graph that the stocks are in overbought
position.

BAJAJ AUTO LTD., shows the stochastic indicator graph that the stocks are in holding position.

EICHER MOTOR LTD., shows the stochastic indicator graph that the stocks are in overbought
position.

The trend of the shares using STOCHASTIC found that the maximum companies are with
overbought position and others are in holding position.

125
 SUGGESTIONS

1. Related to investment in MARUTHI SUZUKI INDIA LTD.

a. The history repeats is the base for technical analysis. Hence the buying of shares is
not advised in the month of OCTOBER. Such investment may bring only lower
returns.
b. MARUTHI SUZUKI INDIA LTD. shares are safe for investment as it does not
have trend of overbought or oversold position.
c. The scrip owners of MARUTHI SUZUKI INDIA LTD. may hold the shares.
Buying or selling will not yield returns. In case if there is an uptrend in the next
quarter, the shares can be hold. In case if there is an downtrend in the next quarter,
the shares can be bought.
d. The bullish trend of MARUTHI SUZUKI INDIA LTD. indicates a positive
position of share in business. It is a continuously traded shares of the company.

2. Related to investment in MAHINDRA AND MAHINDRA LTD.

a. The history repeats is the base for technical analysis. Hence the buying of shares is
not advised in the month of OCTOBER. Such investment may bring only lower
returns.
b. MAHINDRD AND MAHINDRA LTD. shares are not safe for investment as it is
of overbought position.
c. The scrip owners of MAHINDRA AND MAHINDRA LTD. may hold the shares.
Buying or selling will not yield returns. In case if there is an uptrend in the next
quarter, the shares can be hold. In case if there is an downtrend in the next quarter,
the shares can be bought.
d. The bullish trend of MAHINDRA AND MAHINDRA LTD. indicates a positive
position of share in business. It is a continuously traded share of the company.

126
3. Related to investment in TATA MOTORS LTD.

a. The history repeats is the base for technical analysis. Hence the buying of shares is
not advised in the month of OCTOBER. Such investment may bring only lower
returns.
b. TATA MOTORS LTD. shares are not safe for investment as it is of overbought
position.
c. The scrip owners of TATA MOTORS LTD. may hold the shares. Buying or
selling will not yield returns. In case if there is an uptrend in the next quarter, the
shares can be hold. In case if there is a downtrend in the next quarter, the shares
can be bought.
d. The bullish trend of TATA MOTORS LTD. indicates a positive position of share
in business. It is a continuously traded share of the company.

4. Related to investment in BAJAJ AUTO LTD.

a. The history repeats is the base for technical analysis. Hence the buying of shares is
not advised in the month of OCTOBER. Such investment may bring only lower
returns.
b. BAJAJ AUTO LTD. shares are safe for investment as it does not have trend of
overbought or oversold position.
c. The scrip owners of BAJAJ AUTO LTD. may hold the shares. Buying or selling
will not yield returns. In case if there is an uptrend in the next quarter, the shares
can be hold. In case if there is a downtrend in the next quarter, the shares can be
bought.
d. The bullish trend of BAJAJ AUTO LTD. indicates a positive position of share in
business. It is a continuously traded share of the company.

127
5. Related to investment in EICHER MOTORS LTD.

a. The history repeats is the base for technical analysis. Hence the buying of shares is
not advised in the month of OCTOBER. Such investment may bring only lower
returns.
b. EICHER MOTORS LTD. shares are not safe for investment as it is of overbought
position.
c. The scrip owners of EICHER MOTORS LTD. may hold the shares. Buying or
selling will not yield returns. In case if there is an uptrend in the next quarter, the
shares can be hold. In case if there is an downtrend in the next quarter, the shares
can be bought.
d. The bullish trend of EICHER MOTORS LTD. indicates a positive position of
share in business. It is a continuously traded share of the company.

128
 CHAPTER: 5

CONCLUSION

BIBLIOGRAPHY

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pp.26-36.
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Indicator for Trading in Index, Siddhant – A Journal of Decision Making, vol.14, Issue.1,
pp.35-44.
 FISCHER JORDAN (2008), Security Analysis & Portfolio Management, Dorling
Kindersley Pvt. Ltd., 6th edition, pp. 522-543.
 JACK D. SCHWAGER (2015), Getting started in Technical Analysis, John Wiley and Sons
Inc., 2nd edition, pp.24.
 JOHN J. MURPHY (1999), Technical Analysis of the Financial Markets; A Comprehensive
guide to trading methods and applications, Penguin Group(USA) Inc. and Halt, 1st edition,
pp.11.
 MARTIN J. PRING (2014), Technical Analysis explained, McGraw Hill Education, 5th
edition, pp.499.
 MARK ANDREW LIM (2016), The Handbook of Technical Analysis, Wiley, 5th edition,
pp. 30.
 M. RANGANATHAM (2006), Investment Analysis and Portfolio Management, Dorling
Kindersley Pvt. Ltd., pp.303-363.
 PUSHPA B.V. (2017), Investment Decision Making using Technical Analysis, IOSR
Journal of Business and Management, vol.19, issue.9, pp. 24-33.
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McGraw-Hill publishing company Ltd., 3rd edition, pp. 463-477.
 SUDHEER.V (2015),Trading through Technical Analysis; An empirical study from Indian
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 SANJAY SEGHAL (2007), Tests of Technical Analysis in India, SAGE Journals, vol.11,
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 SARIKA MAHAJAN, An empirical Analysis of stock price-volume relationship in Indian
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  S. KEVIN (2016), Security Analysis & Portfolio Management, Asoke K. Gosh, PHI
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WEBSITES:

 https://www.sharekhan.com
 https://www.pdfdrive.com
 https://www.investing.com
 https://www.wikipedia.org
 http://www.moneycontrol.com
 https://stockcharts.com
 https://owler.com
 https://tradinggeeks.net
 https://marketcalls.in
 https://researchgate.net
 https://tradingview.com
 https://marketxls.com
 https://moneyworks4me.com
 https://scripd.com
 https://sharegyaan.com
 https://investopedia.com

130
 APPENDICES
A. Stock Price changes for the year 2018 (MONTHLY):

1. MARUTHI SUZUKI INDIA LTD.

131
2. MAHINDRA AND MAHINDRA LTD.

132
3. TATA MOTORS LTD.

133
4. BAJAJ AUTO LTD.

134
5. EICHER MOTOR LTD.

135
 B. Stock Price changes for the year 2018 (DAILY):

1. MARUTHI SUZUKI INDIA LTD.

136
2. MAHINDRA AND MAHINDRA LTD.

137
3. TATA MOTORS LTD.

138
4. BAJAJ AUTO LTD.

139
5. EICHER MOTOR LTD.

140