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0601024 Equity Research Fundamental and Technical analysis and its impact on stock prices

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					                      A

            PROJECT REPORT ON

  “Equity Research: Fundamental and
Technical analysis and its impact on stock
                 prices”
                      FOR




                   BY
        CHAUDHARI KAILAS NANABHAU
                  MBA-II

                 2006-2008

          UNDER THE GUIDANCE OF
           PROF. MAHESH HALALE


               SUBMITED TO

            UNIVERSITY OF PUNE

 IN PARTIAL FULFILMENT OF THE REQUIREMENT
   FOR THE AWARD OF DEGREE OF MASTER OF
       BUSINESS ADMINISTRATION (MBA)


             THROUGH
VISHWAKARMA INSTITUTE OF MANAGEMENT
              PUNE - 48




                  1
                             ACKNOWLEDGMENT

It’s a great privilege that I have done my project in such a well-organized and
diversified organization. I am great full to all those who helped and supported me in
completing the project.
First of all I would sincerely like to thank Mr. Rakesh P. Sonawane (Branch
Manager, Nasik), for his valuable guidance and kind co-operation during the project.
I am highly grateful to Mr. Nayan Bhandari (Business Associates of Reliance
money) for the help provided by them in various forms.

I am also thankful to our director Dr. Sharad Joshi and my project guide Prof.
Mahesh Halale for helping me in completing the project.

Last but not least, I am also thankful to all college staff and my friends for helping me
directly or indirectly in my project.




                                           2
               TO WHOM SO EVER IT MAY CONCERN


This is to certify that Mr. Kailas N. Chaudhari is a bonafide student of our institute.
He has successfully carried out his summer project “ Equity Research :
Fundamental and Technical analysis and its impact on stock prices” titled at
Reliance Money. This is the original study of Mr. Kailas N. Chaudhari and important
sources of data used by him have been acknowledged in his report .


The report is submitted in partial fulfillment of two years full time course of Masters
in Business Administration 2006-2008 as per rules.




___________________                             ________________________
Prof. Mr.Mahesh Halale                              Dr. Sharad L. Joshi
   (Project Guide)                                    (Director)
                                       Vishwakarma Institute of Management




                                 CONTENT




                                            3
Sr.No.                  Topic             Page No.
  1      Executive Summery                  1-3

  2      Company Profile                    4-5

  3      Objective of Project               6-6

  4      Research Methodology               7-7

  5      Data Presentation                  8-26

  6      Data Analysis & Interpretation    27-59

  7      Finding                           60-61

  8      Suggestion And Conclusion         62-64


  9      Limitation                        65-65

  10     Bibliography                      66-66




                                4
INTRODUCTION




     5
COMPANY PROFILE




       6
OBJECTIVE
   AND
RATIONALE




    7
  RESEARCH
METHODOLOGY




     8
DATA PRESENTATION




        9
 DATA ANALYSIS
      AND
INTERPRETATION




      10
FINDINGS




   11
SUGGESTION
   AND
CONCLUSION




    12
LIMITATION OF
    STUDY




      13
BIBLIOGRAPHY




     14
EXECUTIVE SUMMARY

EQUITY ANALYSIS is the systematic study of the performance of companies in
stock market with help of fundamental analysis and technical analysis. Equity
analysis consists of fundamental analysis & technical analysis. While decision in
investment of shares should be base on actual movement of shares price measured
more in money & percentage term & nothing else.


In equity analysis, calculations are based on FACTS & not on HOPE. The subject of
equity analysis, i.e. the to attempt to determine future share price movement with the
help of RATIO ANALYSIS, STUDY OF GRAPH. Equity analysis does not discuss
how to buy & sell shares, but does discuss the methods, which enables the investor to
arriving at buying & selling decision.


The Technical Approach to investment is essentially a reflection of the idea that
prices moves in a trend that are determined by the changing attitude of investor’s
toward a variety of economic, monetary, political and psychological forces. The art of
technical analysis, for it is an art, is to identify a trend reversal at a relatively early
stage and ride on that trend until the weight of the evidence shows or proves the trend
has reversed.




                                            15
INTRODUCTION TO BSE AND NSE

Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich
heritage. Popularly known as “BSE”, it was established as “ The Native Share &
Stock Brokers Association ” in 1875. It is the first stock exchange in country to obtain
permanent recognition in 1956 from the Government of India under the Securities
Contracts (Regulation) Act, 1956. The Exchange’s pivotal and pre-eminent role in the
development of the Indian capital market is widely recognized and its index,
SENSEX, is tracked worldwide. Earlier an Association of Persons (AOP), the
Exchange is now a demutualised and corporative entity incorporated under the
provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and
Demutualization) Scheme, 2005 notified by the Securities and Exchange Board of
India (SEBI).


With demutualization, the trading rights and ownership rights have been de linked
effectively addressing concerns regarding perceived and real conflicts of interest. The
Exchange is professionally managed under the overall direction of the Board of
Directors. The Board comprises eminent professionals. Representatives of Trading
Members and the Managing Director of the Exchange. The Board is inclusive and is
designed to benefit from the participation of market intermediaries.

The Exchange has a nation-wide reach with a presence in 417 cities and towns of
India. The systems and processes of the Exchange are designed to safeguard market
integrity and enhance transparency in operations. During the year 2004-2005, the
trading volumes on the Exchange showed robust growth.


The Exchange provides an efficient and transparent market for trading in equity, debt
instruments and derivatives. The BSE On Line Trading System (BOLT) is a
proprietary system of the Exchange and is BS 7799-2-2002 certified. The surveillance
and clearing and settlement functions of the Exchange are ISO 9001:2000 certified.




                                          16
SENSEX – THE BAROMETER OF INDIAN CAPITAL MARKETS
For the premier Stock Exchange that pioneered the stock broking activity in Indian,
128 years of experience seems to be a proud milestone. A lot has changed since 1875
when 318 persons became members of what today is called “The Stock Exchange,
Mumbai” by paying a princely amount of Re1. Till the decade of eighties, there was
no scale to measure the ups and downs in the Indian stock market. The Stock
Exchange, Mumbai (BSE) in 1986 came out with a stock index that subsequently
became the barometer of the Indian stock market.
First compiled in 1986, SENSEX is a basket of 30 constituent stocks representing a
sample of large, liquid and representative companies. The base year of SENSEX is
1978-79 and the base value is 100. The index is widely reported in both domestic and
international markets through print as well as electronic media. The entry and exit of
any specific stock depends on the market capitalization of the top 30 companies in the
market and are from different sectors.
NATIONAL STOCK EXCHANGE
The National Stock Exchange (NSE) is India’s leading stock exchange covering
various cities and towns across the country. NSE was set up by leading institutions to
provide a modern, fully automated screen-based trading system with national reach.
The Exchange has brought about unparalleled transparency, speed & efficiency,
safety and market integrity. It has set up facilities and procedures.
NSE has played a catalytic role in reforming the Indian securities market in terms of
microstructure, market practices and trading volumes. The market today uses state-of-
art information technology to provide an efficient and transparent trading, clearing
and settlement mechanism, and has witnessed several innovations in products &
services viz. demutualization of stock exchange governance, screen based trading,
Professionalisation of trading members, fine-tuned risk management systems,
emergence of clearing corporations to assume counter party risks, market of debt and
derivative instruments and intensive use of information technology. IDBI & other
financial institution with paid equity capital of Rs 25 cores set up NSE. It started
operation in Wholesale debt market in June 1994 & in equity, in Nov 1994.



                                           17
Reliance Money is a subsidiary company of Reliance Capital; one of India's leading
and fastest growing private sector financial services company, ranking among the top
3 private sector financial services and banking companies, in terms of net worth.
Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group.


Reliance Money is a comprehensive electronic transaction platform offering a wide
range of asset classes. Its endeavor is to change the way India transacts in financial
markets and avails financial services. Reliance Money is a single window, enabling
you to access, amongst others in Equities, Equity & Commodities Derivatives,
Mutual Funds, IPO s, Life & General Insurance products, Offshore Investments,
Money Transfer, Money Changing and Credit Cards.




                   Division of Reliance
                          Capital

  Reliance money                    Reliance mutual                Reliance General
                                         fund                      and life insurance




     Equities,                         An asset                     Mediclaim, travel
commodities, forex                   management                     care, lip plans, life
 trading, services                 company-floating                   Insurance, car
 And distribution                fund offers for retail                 insurance
house for financial                  participation
     products




                                         18
    Reliance Capital offers a comprehensive direct equities service for our private
    clients, our services include:
•           An equity portfolio review and recommendation service;
•           Comprehensive and short form research reports on Australia's leading
            Companies, together with regular economic and market reviews;
•           Access to floats and new issues;
•           Access to International shares and detailed research information
•           Access to government bonds;
•           Clients who may be looking for advice on not only stocks but also on hybrids,
            warrants and options strategies
•           Ongoing management of your portfolio aligned to your long term wealth
           creation goals
•           We can also provide access to Separately Managed Accounts (SMA's) and
            Individually Managed Accounts for simple and transparent equities
           administration.

    To achieve long term financial success you will need a portfolio that increases in
    value over time. One of the sectors best able to achieve this growth is Australian
    listed shares.

    Listed shares can provide you with an income stream through the payment of
    dividends. Through dividend imputation, this income stream can be tax effective.
    Depending on your particular requirements you may choose shares that focus on
    growth opportunities, or on an income stream, or that provide a combination of both.

    Reliance Capital’s approach to financial management has the flexibility to ensure that
    your individual needs are met. Our step-by-step wealth management service helps
    you structure a comprehensive financial strategy that meets both your immediate
    financial requirements and your long-term wealth creation goals and objectives.

    Reliance Capital applies academic research to the practical world of investing. Our
    objective is to help clients develop globally diversified portfolios and to add value
    through reduced costs and taxes.




                                               19
OBJECTIVE
It was good opportunity to familiarize myself with the stock market i.e. the capital
market & their co-relation with economical environment through “ EQUITY
RESEARCH”. The analysis of equity gives me the opportunity to understand
thoroughly this behavioral pattern’s of different equity & overall capital market.


The main objective of the project research is as follows.


    1. To Study the equity analysis and obtain the knowledge of equity market
    2. To Study the present behavior & predicting the future behavior of equity in
        stock market.
    3. Obtain the knowledge about how to select the companies for investment.


To analyze the performance of company’s through Balance Sheet & Technical graph
of their shares.



RATIONALE
The present market scenario has shown us the Boom in Share Market. Even some of
the research firms showed that Share Market is the fastest growing in India.
From last two years share market is in boom. Now it is possible for the investors to
trade from their own place. As compare to last two years there is a growth in the
number of share brokers and market analysts. Media is playing an important role in
these regards. Now the common man is also thinking of some investment in share
market. Too many investors invest their money for the short span, the intention is
speculative.




                                          20
RESEARCH METHODLOGY

During my project, I collected data through various sources primary & secondary.


Primary source includes :-
   1) Discussion with branch manager
   2) Discussion with experts
   3) Questionnaires for investors
   4) Live trading in the market


Secondary source includes :-
   1) Various books related to stock market
   2) Books related to Financial Management
   3) Web sites were used as the vital information source.


   Reliance Money felt need of evaluating the price patterns of leading scripts
   mainly from the five main blue chip companies and also interested in determining
   the trends along with price performance in near future. This equity analysis will
   facilitate to investor for profitable investment.




                                           21
                             EQUITY ANALYSIS

FUNDAMENTAL ANALYSIS
The investor, while buying stock, has the primary purpose of gain. If he invests for a
short period of time, it is speculative but when he holds if for a fairly long period of
time, the anticipation is that he would receive some return on his investment. The
fundamental analysis is a method of finding out the future price of a stock, which an
investor wishes to buy. The method for forecasting the future behavior of investment
and the rate of return on them is clearly through an analysis of the broad economic
forces, industry analysis, the company analysis and ration analysis.


A. Influence of the economy on the company.
   These are the following factor: -

                     01.   Economic Growth
                     02.   Populations
                     03.   Monsoons and Agriculture Production
                     04.   Natural resources and availability of raw material
                     05.   Industrial Productions
                     06.   Inflation
                     07.   Interest rate
                     08.   Foreign exchange reserve
                     09.   Balance of payment position
                     10.   Budget deficits
                     11.   Public debt and foreign debt
                     12.   Domestic saving and capital output rate
                     13.   Employments
                     14.   Taxation policies
                     15.   Infrastructure facilities
                     16.   Government policies
                     17.   Political Stability
                     18.   International developments
                     19.   Capital formations
                     20.   Saving pattern
                     21.   Economic indicators
                     22.   Foreign direct investments
                     23.   Rupee-Dollar Fluctuation
                     24.   Stock News




                                            22
B. Industrial Analysis.

      The industry analysis should take in to account the following factors as
      influence the performance of the company, whose share prices are to be
      analyzed.


      Product Line.
      It is also necessary to know the industries with a high growth potential like
      computers, electronics, chemicals, diamonds, textiles etc. and whether the
      industry is in the priority sector of the key industry group of capital goods or
      consumers goods group.


      Raw Material and Inputs.
      Under these head, we have to look in to industries depending on imports of
      scare raw materials, competition from other companies and industries and the
      barriers to entry of new company, protection from foreign competition, import
      and export restriction etc.


      Capacity Installed and Utilized.
      The demand for industrial product in the economy is estimated by the
      planning commission and the Government, and the units are given licensed
      capacity on the basis of these estimates.


      Industry Characteristics.
      It included whether the industry is cyclical, fluctuating of stable. It is also
      important industry produce seasonal product or FMCG. It also included
      demand of product freight charges, cost of production, advertisement cost,
      skill of operation, profitability.




                                           23
Demand and Market.
It includes demand of the product in the market and price of raw material and
other input cost like freight, electricity, season, monsoon, etc. if the nature of
product is such as drugs, fertilizer or other consumer goods, whose price and
distribution control by Government.


Government Policy with regard to Industry
Government Policy is announced in the industrial policy resolution and
Subsequent announcement from time to time by the Government. The Policy
strategy as laid down in the five years plans according to planning
commission and expected demand in the economy.


Management.
If the promoters and the management are the efficient and capable of steering
the company through the difficult days such management likes TATA &
BIRLA, who have reputation, buildup their companies on the strong
foundation. The management has to be assessed in the terms of their
capabilities, popularity, honesty and integrity.




                                   24
TECHNICAL ANALYSIS

The methods used to analyze securities and make investment decisions fall into two
very   broad    categories:   Fundamental        Analysis   and   Technical     Analysis.
Fundamental analysis involves analyzing the characteristics of a company in order to
estimate its value. Technical analysis takes a completely different approach; it doesn’t
care one bit about the “value” of a company or a commodity. Technicians (some time
called chartists) are only interested in the price movement in the market.
Despite all the fancy and exotic tools it employs, technical analysis really just studies
supply and demand in a market in an attempt to determine what direction, or trend,
will continue in the future. In other words, technical analysis attempts to understand
the emotions in the market by studying the market it self, as opposed to its
components. If you understand the benefits and limitation of technical analysis it can
give you a new set of tools or skills than will enable you to better trader or investor.


DEFINITION


Technical analysis is a method of evaluating the securities by analyzing the statistics
generated by the market activity, such as past price and volume. In technical analysis,
analysts use charts and other tools to identify patterns that can suggest future
activity.
Just as there are many investment styles on fundamental side, there is also much
different type of technical traders. Some rely on chart patterns. In any case, technical
analysts exclusive use of historical price and volume data is what separates them from
their fundamental counterparts. Unlike fundamental analysis technical analysts don’t
care whether a stock is undervalued the only thing that matter is a security’s past
trading data and what information this data can provide about where the security
might move in the future




                                            25
Assumptions:


1. The Market Discounts Everything


A major criticism of technical analysis is that it only considers price movement,
ignoring the fundamental factors of the company. However, technical analysis
assumes that, at any given a time, a stocks price reflects everything that has or could
affect the company- including Fundamental Factors. Technical analysts believe that
the company’s fundamentals, along with broader economic factors and market
psychology, are all priced into the stock, removing the need to actually consider these
factors separately.
This only leaves the analysis of price movement, which technical theory views as a
product of supply and demand for a particular stock in the market.


2. Price Moves In Trends


In technical analysis, price movements are believed to follow trends. This means that
after a trend has been established, the future price movement is more likely to be in
the same direction as the trend that to be against it. Most technical trading strategies
are based on this assumption.


3. History Tends To Repeat Itself


Another important idea in technical analysis is that history tends to repeat itself,
mainly in terms of price movement. The repetitive nature of price movement 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 chats
patterns to analyze market movements and understand trends. Although many of
these charts have been use for more than 100 years they are still believed to be
relevant because they illustrate patterns in price movements that often repeat
themselves.


                                          26
Line charts
A style of charts that is created by connecting a series of data points together with a
line. This is the most basic type of charts used in finance and connecting a series of
past prices together with a line generally creates it.




Bar chart
A style of chart used by some technical analysts, on whom as illustrated below, the
top of the vertical line indicates the highest price a security traded at during the day,
and the bottom represents the lowest price. The closing price is displayed on the right
side of the bar, and the opening price is shown on the left side of the bar. A single bar
like the one below represents one day of trading.




These are the most popular type of chart used in technical analysis. The visual
representation of price activity over a given period of time is used to spot trends and
patterns.



                                            27
Candlestick
A price chart that displays the high, low, open and close for a security each day over a
specified period of time.




There are many trading strategies based upon patterns in candlestick charting.


Technical analysis: the use of trend
One of the most important concepts in technical analysis is that of trend. The meaning
in finance isn’t all that different from the general definition of the term- a trend is
really nothing more than the general direction in which a security or market is
headed. Take a look at the chart below:




                                          28
It isn’t hard to see that the trend in figure is up. However, isn’t not always this easy to
see a trend.




There are lots of ups and downs in this chart, but there isn’t a clear indication of
which direction this security is headed.


The Importance of Trend
It is important to be able to understand and identify trends so that you can trade with
them rather than trade against them. Two important sayings in technical analysis are “
the trend is your friend” and “ don’t buck the trend” Illustrating how important trend
analysis is for technical trade.

Types of Trend
There are three types of trend:


    •   Up Trends
    •   Downtrends
    •   Sideways/ Horizontal Trends




                                            29
As the names imply, when each successive peak and trough is higher, it’s referred to
as an upward trend. If the peaks and troughs are getting lower. It’s a downtrend.
When there is little movement up or down in the peaks and troughs, it’s a sideways or
horizontal trend. If you want to get really technical, you might even say that a
sideways trend is actually not a trend on its own, but a lack of a well-defined trend in
either direction. In any case, the market can really only trend in these three ways: up,
down or nowhere.


Uptrend
Describes the price movement of a financial asset when the overall direction is
upward. A formal uptrend is when each successive peak and trough is higher than the
ones found earlier in the trend.




Notice how each successive peak and trough is located above the previous ones. For
example, the peak at trend is higher than the peak at uptrend. The uptrend will be
deemed broken if the next low on the chart falls below trend.




                                          30
Downtrend
Describes the price movement of a financial asset when the overall direction is
downtrend. A formal downtrend occurs when each successive peak and trough is
lower than the ones found earlier in the trend.




Notice how each successive peak and trough is lower than the previous one. For
example, the low trend is lower than the low at Point. The downtrend will be deemed
broken once the price closes above the high at high direction trend.

Downtrend is the opposite of uptrend.

Trend lines
A trend line is a simple charting technique that adds a line to a chart to represent the
trend in the market or a stock. Drawing a trend line is as simple as drawing a straight
line that follows a general trend. These lines are used to clearly show the trend and
are also used in the identification of the reversals.




                                            31
As you see in above Figure, an upward trend lines is drawn at the lows of an upward
trend. This line represents the support the stock has every time it moves from a high
to a low. Notice how the price is propped up by this support. This type of trend line
helps traders to anticipate the point at which a stock’s price will begin moving
upwards again. Similarly, a downward trend line is drawn at the highs of the
downward trend. This line represents the resistance level that a stock faces every time
the price moves from a low to a high.


Trend Lengths:
Along with this trend direction, there is three-trend classification. A trend of any
direction can be classified as a long-term trend, intermediate trend or a short-term. In
terms of the stock market, a major trend is generally categorized as one lasting longer
than a year. An intermediate trend is considered to last between one and three months
and a near-term trend is anything less than a month. A long-term trend is composed of
several intermediate trends, which obtain move against the direction of the major
trend. If the major trend is upward and there is a downward correction in price
movement followed by a continuation of the up trend, the correction is considered to
be an intermediate trend. The short term trends are components both major and
intermediate trends. Take a look a Figure to get a sense of how these three trends
lengths might look.


                                          32
When analyzing trends, it is important that the chart is constructed to best reflect the
type of trend being analyzed. To help identify long-term trends, chartists to get a
better idea of the long-term trend use weekly charts or daily charts spanning a five-
year period. Daily data charts are best use when analyzing both intermediate and
short-term trends. It is also important to remember that the longer the trend, the more
important it is; for example, a month trend is not as significant as five-year trend.


Channels
A Channel, or channel lines, is the addition of two parallel trend lines that act as
strong areas of support and resistance. The upper trend line connects a series of highs,
while the lower trend line connects a series of lows. A channel can slope upward,
downward or sideways but regardless of the direction, the interpretation remains the
same. Traders will expect a given security to trade between two levels of support and
resistance until it breaks beyond one of the levels in which case traders can expect a
sharp move in Direction of the break. Along with clearly displaying the trend,
channel is mainly used to illustrate important areas of support and resistance.




                                           33
Above graph a descending channel on stock chart; the upper trend line has been
placed on the highs and lower trend line is on the lows. The price has bounced off of
these line several times, and has remained rang-bound for several months. As long as
the price does not fall below the lower line or move beyond the upper resistance, the
range bound downtrend is expected to continue.

Double Bottom
A charting pattern used in technical analysis. It describes the drop of a stock (or
index), a rebound, another drop to the same (or similar) level as the original drop, and
finally another rebound.




                                           34
Double Top
A term used in technical analysis to describe the rise of a stock, a drop, another rise to
the same level as the original rise, and finally another drop.




The double top looks like the letter “M”. The twice-touched high is considered a
resistance level.


Triple Bottom

A pattern used in technical analysis to predict the reversal of a prolonged downtrend.
The pattern is identified when the price of an asset creates three troughs at nearly the
same price level. The third bounce off the support is an indication that buying interest
(demand) is outweighing selling interest (Supply) and that trend is in the process of
reversing.




                                           35
                                                     1        2       3




Once the first bottom is created, the price reaches a peak and retraces back toward the
prior support. This is when buyer enters again and pushes the price of the asset
higher, creating bottom No.2. The price of the asset then created another peak and
heads lower for its final test of the support. The final bounce of the support level
creates bottom No.3 and traders will get ready to enter a long position once the price
breaks above the previous resistance (Illustrated by the black on the chart). This
pattern is considered to be a very reliable indication that the downtrend has reversed
and that the new trend in the upward direction. Sudden change in the price direction
of a stock, index, commodity or derivative security. Also referred to as a “Trend
Reversal”, “Rally” or “Correction”.

Triple Top
A pattern used in technical analysis to predict the reversal of prolonged up trend. This
pattern is identified when the price of an asset creates three peaks at nearly the same
price level. The bonus off the resistance near the third peak is clear indication that
buying interest is becoming exhausted. The traders to predict the reversal of the up
trend use it.




                                          36
The three consecutive tops make this pattern visually similar to the head and
shoulders pattern but, in this case, the middle peak is nearly equal to the other peak
rather than being higher. Many traders will enter into a short position once the price
of asset falls below the identified support level. (Shown by the line in the chart
above).


Head and Shoulders Pattern
A technical analysis term used to describe a chart formation in which a stocks price:
           1   Rises to a peak and subsequently declines.
           2. Then, the price rises above the former peak and again declines
           3. And finally, rises again, but not to the second peak, and declines once
               more.
The First and Third peaks are shoulders, and second peak forms the head.




The “Head -and –Shoulders” pattern is believed to be one of the most reliable trend
reversal patterns.


                                          37
Volume
The number of shares or contracts traded in a security or an entire market during a
given period of time. It is simply the amount of shares that trade hands from sellers to
buyers as a measure of activity. If a buyer of a stock purchases 100 shares from a
seller, then the volume for that period increases by the 100 shares based on that
transaction.
Volume is an important indicator in the technical analysis as it is used to measure the
worth of a market move. If the market have made strong price move either up or
down the perceived strength of that move depends on the volume of that period. The
higher the volume during that price move the more significant the move.




Support
The price, which, historically, a stock had difficulty falling below. It is thought of as
the level at which a lot of buyers tend to enter the stock. Often referred to as the
“Support Level”.




                                            38
Resistance
The Price at which a stock or market can trade, but which it cannot exceed, for a
certain period of time. Often referred to as “Resistance Level”.




                                          39
Moving Average- MA
An indicator frequently used in technical analysis showing the average value of a
security’s price over a set of period. Moving averages are generally used to measure
momentum and define areas of possible support and resistance.




                                         40
Infosys Technologies Ltd (Infosys) was incorporated on July 2, 1981, as a private ltd
company. It became public limited company. To became public limited company on
June 1992 and subsequently the name was also changed to Infosys Technologies Ltd.
It was the first Indian company to be listed on American Stock Exchange. The
company is one of India’s leading information technologies (IT) services companies.
Enterprise Services, Product R&D services and Consulting Services. The company is
having its Headquarters in Banglore and has 17 offshore development facilities like
Aerospace & Defense, Automotive, and Banking & Capital Markets. Communication
Services, Energy, Insurance, Healthcare, Media, Transportation Services etc., Infosys
Technologies came out with an IPO in Feb. 1993 at a premium of Rs 95 for a face
value of Rs 10 per share. Since then, it has issued three bonus issues (each in the ratio
of 1:1) and split its face value of Rs 5 each. In Feb 2000, the ADRs were split in the
ratio of 2:1. In 2004-05 the company has signed up 136 new clients and had a total
client base of 438 at the end of the year. The company’s product-FINACLE, is an
integrated core banking solution that is centralized, muliti-currency and multi-
language-enabled, functionally rich, and addresses both retail and corporate banking
requirements. During 2002, GOI has raised the investment limit in an Indian
Company for FII from 49% to the maximum level approved by FDI and the
maximum limit for the software industry as approved by FDI is 100% at present, the
company is in the plan of increasing the limit of such investment to 100%. In 2006
The Company has completed the construction of an employee training facility in
Mysore, India to further enhance our employee training capabilities. The Mysore
Training complex wills accommodate 4,500 trainees at a time.




                                           41
                    INFOSYS TECHNOLOGIES LTD. (INFOSYS)


      Type           Audited      Audited        Audited         Audited         Audited

  Date of begin      1-Apr-07    1-Jan-07        1-Oct-06        1-Jul-06        1-Apr-06

   Date of End       1-Jun-07    31-Mar-07 31-Dec-06             30-Sep-06       30-Jun-06

   Description                              Value {Rs.million}

Net Sales                35510         35550           34540          32730              28670
Other income              2550          1200             600            660               1290
Total income             38060         36750           35140          33390              29960
Expenditure             -25410        -24070          -23050         -22190             -19930
Operating Profit         12650         12680           12090          11200              10030

Gross Profit             12650           12680        12090           11200             10030
Depreciation             -1340           -1330        -1290           -1100               -970
Profit before Tax        11310           11350        10800          -10100               9060
Tax                      -1030            -120        -1220           -1140              -1040
Provision and
Cost.                   --                  10       --              --                   -30
Profit after Tax         10280           11240            9580            8960           7990
Extraordinary
Items                   --           -               --              --                    60
Net Profit               10280           11240            9580            8960           8050

Equity Capital            2860          2860           2790            2780              1380
Reserves               119040        108760           93630           82730            76900
EPS                    18          19.96            17.2           16.15           29.13

Result Type             Q            Q               Q               Q              Q




                                             42
Price Fluctuations of Infosys Tech

    Date     Open       High         Low    Close
  1-Jun-07   1933       1950         1932   1939
  4-Jun-07   1950       1969         1909   1916
  5-Jun-07   1920       1950         1908   1943
  6-Jun-07   1974       1974         1930   1938
  7-Jun-07   1847       1972         1847   1957
  8-Jun-07   1950       1975         1912   1951
 11-Jun-07   1974       1996         1970   1980
 12-Jun-07   1962       1999         1962   1990
 13-Jun-07   1715       1999         1715   1989
 14-Jun-07   1995       2031         1995   2019
 15-Jun-07   2030       2038         2000   2009
 18-Jun-07   2025       2029         1986   1989
 19-Jun-07   1990       1991         1942   1957
 20-Jun-07   1966       1974         1950   1954
 21-Jun-07   1954       1966         1935   1958
 22-Jun-07   1965       1965         1935   1951
 25-Jun-07   1951       1963         1919   1937
 26-Jun-07   1930       1948         1920   1922
 27-Jun-07   1931       1946         1928   1935
 28-Jun-07   1940       1948         1913   1925
 29-Jun-07   1950       1970         1920   1929
  2-Jul-07   1944       1955         1929   1944
  3-Jul-07   1950       1953         1935   1947
  4-Jul-07   1961       1961         1922   1931
  5-Jul-07   1931       1940         1910   1917
  6-Jul-07   1847       1977         1847   1972
  9-Jul-07   1989       2009         1986   1994
 10-Jul-07   1995       2042         1995   2021
 11-Jul-07   2000       2000         1925   1930
 12-Jul-07   1950       1960         1915   1922
 13-Jul-07   1932       1958         1922   1940
 16-Jul-07   1945       1955         1928   1936
 17-Jul-07   1940       1959         1934   1939
 18-Jul-07   1941       1955         1935   1945
 19-Jul-07   1948       2000         1946   1997
 20-Jul-07   2000       2019         1971   1986
 23-Jul-07   1974       1984         1931   1948
 24-Jul-07   1948       1980         1941   1975
 25-Jul-07   1976       2010         1945   1989
 26-Jul-07   1998       2050         1995   2034
 27-Jul-07   2001       2015         1962   2008
 30-Jul-07   2008       2010         1966   1986
 31-Jul-07   1990       2035         1955   1976




                         43
                                          infosys


            2080
            2060
            2040
            2020
            2000
            1980
            1960
            1940
            1920                                                                    Open
   Prices




            1900                                                                    High
            1880                                                                    Low
            1860                                                                    Close
            1840
            1820
            1800
            1780
            1760
            1740
            1720
            1700
             6/ 007

              11 7
              16 7
              21 7
              26 7
             7/ 007
             7/ 007

              11 7
              16 7
              21 7
              26 7

                       7
            6/ 200
            6/ 200
            6/ 200




            7/ 200
            7/ 200
            7/ 200
                     00
            6/ 200




            7/ 200
                   2




                 /2

                   2




                 /2
                 /
                 /
                 /




                 /
                 /
                 /
                1/
                6/




                1/
                6/
             6/




                                      June & july 2007

                                     Graph No.1


Technical analysis of Infosys Technology ltd.

From the chart of Infosys Technology Ltd we can say that script is having bullish
trend as it is breaking new highs, it may further go up.




                                           44
Fundamental: -

  1. There is a fluctuation in equity dividend. There is no fixed policy regarding
     payment of dividend.
  2. Rupee Dollar Fluctuation- As most of software companies in India having
     their clients in the abroad, mostly in USA. There fore their earning is getting
     from of dollar. If the dollar price decrease its affect their revenue badly and
     recently dollar price has come down to 40.53 from 42.95rs, it will affect forth-
     coming results, and currently fundamentally, it is not looking strong.
  3. In India, salary of software professional will be increasing, and it will
     marginally affect profit of companies and because of that, EPS will be come
     down.
  4. Infosys technology Ltd. On July 2007 has announced that it has signed a
     multi-million dollar outsourcing contract with Royal Philips Electronics. The
     deal with Philips reinforces the company’s leadership position in
     transformation based BPO services. The company’s BPO has significant
     growth over 70% in revenues and an increase in client base of over one-third
     in FY 2007.
  5. Gross Profit Ratio of the Company is stable from last five years. It is a good
     sign of consistency and smooth working of the company.
  6. The Net Profit Ratio is constant for last four years. It means company has
     good Future.




                                        45
Reliance Industries Ltd.
The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest
private sector enterprise, with businesses in the energy and materials value chain.
Group's annual revenues are in excess of USD 22 billion. The flagship company,
Reliance Industries Limited, is a Fortune Global 500 company and is the largest
private sector company in India

Backward vertical integration has been the cornerstone of the evolution and growth of
Reliance. Starting with textiles in the late seventies, Reliance pursued a strategy of
backward vertical integration - in polyester, fiber intermediates, plastics,
petrochemicals, petroleum refining and oil and gas exploration and production - to be
fully integrated along the materials and energy value chain. The Group's activities
span exploration and production of oil and gas, petroleum refining and marketing,
petrochemicals (polyester, fiber intermediates, plastics and chemicals), textiles and
retail. Reliance enjoys global leadership in its businesses, being the largest polyester
yarn and fiber producer in the world and among the top five to ten producers in the
world in major petrochemical products.

The Group exports products in excess of USD 7 billion to more than 100 countries in
the world. There are more than 25,000 employees on the rolls of Group Companies.
Major Group Companies are Reliance Industries Limited (including main subsidiaries
Reliance Petroleum Limited and Reliance Retail Limited), Indian Petrochemicals
Corporation Limited and Reliance Industrial Infrastructure Limited.

Reliance Industries (RIL), a petrochemical major is the flagship company of Reliance
Group has business interests in textile, polyester, petrochemical, oil and gas and oil
refinery, polymer, chemical, Acrylic and fiber Intermediates. Reliance is worlds
largest producer of polyester fiber & yarn. The company is also worlds – 3rd largest
producer of paraxylene (PX), 5th largest producer of Mono ethylene glycol (MEG), 6th
largest producer of Purified terephthalic Acid (PTA) & 7th largest producer of


                                          46
Polypropylene PP). Within the country, Reliance is the largest manufacturer of
Polyester Fiber & Yarn, PX, PTA and MEG. The market shares of the company are in
a leading position for all its major business in India. RIL has grown into
petrochemical major since its modest. Beginning with the systematic fabric mill at
Naorda. The company has set up text rising/twisting facilities in 1979. Further the
company has set up facility at Patalganga, Maharashtra to produced PFY in 1982,
PSF in 1986, and liner alkyl benzene (LAB) and PTA in 1988. The company has set
up petrochemical facility to produced HDPE and PVC at Hazira at Gujarat in
technical collaboration with DuPont and BF Goodich respectively.




                                        47
                                Reliance Industries ltd.



         Type       UnAudited      UnAudited       UnAudited       UnAudited       UnAudited

   Date of begin     1-Apr-07       1-Jan-07        1-Oct-06        1-Jul-06        1-Apr-06


   Date of End      30-Jun-07      31-Mar-07       31-Dec-06       30-Sep-06       30-Jun-06
      Description                              Value {Rs.million}


Gross Sales            294930          273990         277710          295500          261660
Excise Duty             -14370          -15040         -12990          -10760          -16440
Net Sales              280560          258950         264720          284740          245220
Other income                1050             850             420             220             440
Total income           281610          259800         265140          284960          245660
Expenditure            -228790        -211960         -217630         -239090         -202850
Operating Profit        52820              47840       47510           45870           42810
Interest                 -2880             -2770        -2930           -2780           -2660
Gross Profit            49940              45070       44580           43090           40150
Depreciation             -9580          -10220         -10620          -10180           -9070
Profit before Tax       40360              34850       33960           32960           31080
Tax                      -7720             -6320        -5970           -5820           -5610
Profit after Tax        32640              28530       27990           27090           25470
Net Profit              32640              28530       27990           27090           25470
Equity Capital          13940              13940       13940           13940           13940
EPS                    23.4           20.5            20.1            19.4            18.3
Result Type             Q               Q              Q               Q               Q




                                      48
Price Fluctuations Share of Reliance Industries
     Date      Open       High       Low          Close
   1-Jun-07    1773       1780       1747         1751
   4-Jun-07    1769       1769       1739         1742
   5-Jun-07    1739       1751       1722         1745
   6-Jun-07    1751       1758       1682         1691
   7-Jun-07    1673       1707       1660         1669
   8-Jun-07    1664       1698       1647         1657
  11-Jun-07    1800       1800       1660         1666
  12-Jun-07    1675       1712       1663         1699
  13-Jun-07    1698       1710       1670         1675
  14-Jun-07    1686       1703       1685         1696
  15-Jun-07    1700       1710       1668         1682
  18-Jun-07    1698       1698       1667         1672
  19-Jun-07    1672       1730       1670         1727
  20-Jun-07    1727       1749       1722         1733
  21-Jun-07    1735       1748       1721         1734
  22-Jun-07    1735       1735       1699         1705
  25-Jun-07    1708       1714       1697         1709
  26-Jun-07    1709       1720       1700         1703
  27-Jun-07    1699       1720       1693         1699
  28-Jun-07    1709       1715       1686         1692
  29-Jun-07    1700       1711       1689         1701
   2-Jul-07    1704       1712       1679         1684
   3-Jul-07    1676       1713       1676         1707
   4-Jul-07    1711       1732       1709         1718
   5-Jul-07    1718       1725       1681         1710
   6-Jul-07    1714       1731       1685         1710
   9-Jul-07    1703       1719       1701         1711
  10-Jul-07    1715       1715       1695         1703
  11-Jul-07    1717       1719       1686         1703
  12-Jul-07    1707       1725       1707         1719
  13-Jul-07    1730       1791       1726         1773
  16-Jul-07    1780       1789       1767         1777
  17-Jul-07    1789       1839       1780         1828
  18-Jul-07    1835       1839       1804         1823
  19-Jul-07    1823       1909       1817         1893
  20-Jul-07    1899       1915       1881         1892
  23-Jul-07    1880       1915       1875         1909
  24-Jul-07    1912       1931       1908         1913
  25-Jul-07    1895       1912       1875         1903
  26-Jul-07    1910       1949       1906         1942
  27-Jul-07    1920       1936       1855         1868
  30-Jul-07    1885       1899       1840         1849
  31-Jul-07    1865       1902       1833         1894


                         49
                                     Reliance


            1965
            1955
            1945
            1935
            1925
            1915
            1905
            1895
            1885
            1875
            1865
            1855
            1845
            1835                                                           Open
            1825
   Prices




            1815                                                           High
            1805
            1795                                                           Low
            1785                                                           Close
            1775
            1765
            1755
            1745
            1735
            1725
            1715
            1705
            1695
            1685
            1675
            1665
            1655
            1645
               -J 7

               -J 7
               -J 7
               -J 7
                       7
              -J 7
              -J 7
              -J 7

              -J 7
              -J 7

               -J 7
             11 l-0

             17 l-0
             23 l-0
             27 l-0
                    -0
            07 n-0
            13 n-0
            19 n-0

            25 n-0
            29 n-0

             05 n-0




                  ul
                  u
                  u

                  u
                  u
                 u
                 u
                 u
                 u

                 u
                 u
              -J
            01




                                 June & July 2007


                                    Graph No.2

Technical analysis of Reliance Industry: -

The chart of Reliance Industry is looking bullish and No Correction is seen from the
last two months and stock is in full movement and candle sticks are showing positive
sign for long term investment.




                                        50
Fundamental: -
  1. Earning per share shows increasing trend from last four Quarters, it means
     profit generation capacity is increasing.


  2. Company has announced good result for last quarter that’s why it is
     looking bullish.


  3. Reliance has entered in Retail market they have already started
     “RELIANCE FRESH” out lets


  4. With in a short span of six years as an E&P operator, the company has
     discovered a hydrocarbons in the four offshore basin of India namely
     Krishna, Godavari, Mahanadi, sourashtra and now cauvery, basin with
     major commercial finds in deep water. This discovery establishes the
     company as a pioneer in the challenging deep-water exploration.




                                    51
The Company was incorporated on 24th December 1949 as Hindustan Electric
Company Limited. In 1965, the Company’s name was changed to Hindustan Brown
Boveri Limited (HBB). Pursuant to the Scheme of Amalgamation of Asea Limited
with HBB with effect from 1st January 1989, the name was further changed to Asea
Brown      Boveri   Limited   (ABB)   with   effect   from   13th   October   1989.
Flakt India Limited was amalgamated with ABB with effect from 5th October 1995.
During 1994-95, a joint venture Company - ‘ABB Daimler-Benz Transportation AG’
(Adtranz) was established by ABB Zurich and Daimler-Benz AG, Germany, in
Germany. A subsidiary of Adtranz was incorporated in India viz. ’ABB Daimler-
Benz Transportation Limited which took over the Transportation Business of the
Company effective 1st January 1996.
ABB’s power generation business was globally transferred into the new 50-50 JV
with Alstom in 1999. In India the power generation business has been demerged and
transferred to ABB Alstom Power India Ltd. with effect from 1st April 1999. In
consideration of the transfer of the power business, each shareholder of ABB has
been allotted one share in ABB Alstom Power India Ltd. for every share held in the
company.
Capital:
The Authorised Share Capital of the Company is Rs.500,000,000 and the paid-up
share capital of the Company as at the end of the financial year ended 31st December
1999 is Rs.414,183,560, consisting of 41,418,356 Equity Shares of the face value of
Rs.10 each.
Shareholding Pattern:
Asea Brown Boveri Limited, India, is a partly owned subsidiary of ABB Asea Brown
Boveri Limited, Zurich, Switzerland (ABBZH). ABBZH and Fläkt AB, Sweden, a
100 percent subsidiary of ABBZH, hold 50.99% of Equity Shares in the Company.
The balance stake is held by: FIs 22.14%, FIIs 3.63%, MFs 2.32, Non-resident
Individual 0.08%, Nationalised Banks 0.15%, Bodies Corporate 0.93%,Directors and
their relatives 0.01%, NSDL (Transit) 1.95% and General Public 17.8%.




                                        52
                                     ABB LTD.


      Type          Un audited      Audited        Un audited Un audited Un audited


  Date of begin     01/1/2007      01/10/2006      1/07/2006       1/04/2006      01/1/2006


   Date of End      31/3/2007      31/12/2006      30/9/2006       30/6/2006      31/3/2006

   Description                               Value {Rs.million}

Net Sales             13124.44        14263.15        10705.6        9742.21         8029.13
Other income            151.69          174.06          230.4          152.97         179.51
Total income          13276.13        14437.22          10936        9895.17         8208.63
Expenditure          -11842.61       -12316.42       -9599.84        -8722.17       -7334.61
Operating Profit       1433.52          2120.8        1336.16        1173.01          874.03
Interest                 -10.02            -1.09           -2.47          -1.75          -1.94
Gross Profit            1423.5         2119.71        1333.68        1171.26          872.09
Depreciation             -86.17         -71.16          -66.25         -65.21         -62.06
Profit before Tax      1337.33         2048.55        1267.43        1106.05          810.03
Tax                         -471           -699            -443           -387           -297
Profit after Tax        866.33         1349.55         821.43          719.05         513.03
Net Profit              866.33         1349.55         821.43          719.05         513.03
Equity Capital          423.82          423.82         423.82          423.82         423.82
EPS                   20.44          31.84           19.38           16.97          12.11
Result Type             Q              Q               Q              Q              Q




                                           53
Price Fluctuations Shares of ABB Co. Ltd
    Date     Open    High      Low         Close
  1-Jun-07   4627    4758      4603        4698
  4-Jun-07   4769    4769      4652        4666
  5-Jun-07   4680    4702      4610        4631
  6-Jun-07   4769    4769      4500        4579
  7-Jun-07   4510    4598      4502        4554
  8-Jun-07   4510    4615      4481        4531
 11-Jun-07   4570    4595      4505        4520
 12-Jun-07   4520    4579      4475        4537
 13-Jun-07   4501    4535      4370        4408
 14-Jun-07   4444    4500      4420        4485
 15-Jun-07   4525    4584      4470        4516
 18-Jun-07   4554    4665      4525        4603
 19-Jun-07   4625    4648      4590        4611
 20-Jun-07   4699    4699      4627        4657
 21-Jun-07   4661    4750      4651        4724
 22-Jun-07   4730    4779      4700        4726
 25-Jun-07   4726    4800      4676        4701
 26-Jun-07   4670    4819      4670        4792
 27-Jun-07   4800    4841      4751        4767
 28-Jun-07    960    1055       950        1036
 29-Jun-07   1050    1100       958        1094
  2-Jul-07   1104    1145      1094        1111
  3-Jul-07   1119    1134      1116        1126
  4-Jul-07   1150    1150      1105        1121
  5-Jul-07   1130    1130      1091        1111
  6-Jul-07   1090    1142      1090        1133
  9-Jul-07   1137    1150      1109        1115
 10-Jul-07   1125    1125      1103        1107
 11-Jul-07   1090    1117      1083        1087
 12-Jul-07   1100    1125      1090        1117
 13-Jul-07   1134    1145      1120        1125
 16-Jul-07   1135    1137      1098        1113
 17-Jul-07   1120    1120      1081        1085
 18-Jul-07   1088    1096      1055        1071
 19-Jul-07   1060    1085      1060        1076
 20-Jul-07   1077    1089      1067        1072
 23-Jul-07   1076    1149      1065        1138
 24-Jul-07   1165    1175      1125        1148
 25-Jul-07   1131    1145      1117        1134
 26-Jul-07   1144    1150      1120        1132
 27-Jul-07   1125    1125      1051        1079
 30-Jul-07   1063    1099      1046        1070
 31-Jul-07   1080    1153      1072        1147


                      54
                                          ABB


            5100
            4950
            4800
            4650
            4500
            4350
            4200
            4050
            3900
            3750
            3600
            3450
            3300                                                                Open
   Prices




            3150                                                                High
            3000
            2850                                                                Low
            2700                                                                Close
            2550
            2400
            2250
            2100
            1950
            1800
            1650
            1500
            1350
            1200
            1050
             900
                6 7
               11 0 7
               16 07
               21 07
               26 07

                1/ 7
                6 7
               11 0 7
               16 07
               21 07
               26 07
               31 07

                       7
             7/ 00




                    00
             6/ 00




             7/ 00
            6 / /2 0




            7 / /2 0
            6/ /20
            6/ /20
            6/ /20




            7/ /20
            7/ /20
            7/ /20
            7/ /20
                   2




                 /2

                   2




                 /2
                1/
             6/




                          For the Month of June & July 2007


                                     Graph No.3

Technical analysis of ABB: -

The stock of ABB is in consolidation phase that’s why its become unpredictable that
where it would be go. In 7th July 2007 in this period the company has declared record
date for stock spilt. (i.e. for every 1share= 5shares). Because the record date was new
the stock went up for upward 4800 level (upside at 200 points) & for this level it spilt
(4800/5) = 960Rs. & then went up again follow as it 400 in case volatile in the stock.


                                          55
                                     STOCK SPLIT


                                        ABB

             4950
             4850
   Prices


             4750
             4650
             4550
             4450
             4350
                                                                              Open
              6/ /07
              6/ /07
              6/ /07
              6/ /07
              6/ /07

                      7
               6/ 7
               6/ 7
              6/ /07




                   /0
                     0
                     0
                  1/
                  4/


                10
                13
                16
                19
                22
                25
                  7


                                                                              High
               6/




                                                                              Low
                         For the month of june 2007
                                                                              Close


                                        ABB

            1200
            1150
            1100
Prices




            1050
            1000
             950
             900
             7/ 07
             7/ 07
            7/ /07
             7/ 07




            7/ /07
            7/ /07
            7/ /07
            7/ /07
            7/ /07
            7/ /07
            7/ /07
                   7
                 /0
               1/
               4/
                 /



               7
              28




              10
              13
              16
              19
              22
              25
              28
              31
            6/




                          Fot the month of July 2007




     Fundamental: -
     1. ABB comes under capital goods sector it’s main competitors are siemens
            and crompton greaves but ABB has strong order book than those
            competitor. The next 5 to 6 year it is expected to be completed
     2.     Bags order worth 289 cr. from Delhi metro rail corporation.
     3. ABB has very good EPS as compare to its competitor so stock is good.


                                            56
Larsen & Toubro Limited (L&T) is a technology-driven engineering and construction
organization, and one of the largest companies in India's private sector. It has
additional interests in manufacturing, services and Information Technology. A strong,
customer-focused approach and the constant quest for top-class quality have enabled
the Company to attain and sustain leadership in its major lines of business across
seven decades.
L&T has an international presence, with a global spread of offices. A thrust on
international business over the last few years has seen overseas earnings growing to
18 per cent of total revenue. With factories and offices located around the country,
further supplemented by a wide marketing and distribution network, L&T's image
and equity extends to virtually every district of India.
L&T believes that progress must necessarily be achieved in harmony with the
environment. A commitment to community welfare and environmental protection
constitute an integral part of the corporate vision.


History


The evolution of L&T into the country's largest engineering and construction
organizations is among the more remarkable success stories in Indian industry. The
company was founded in Bombay (Mumbai) in 1938 by two Danish engineers,
Henning Holck-Larsen and Soren Kristian Toubro - both of whom were strongly
committed to developing India's engineering talent and enabling it to meet the
demands of industry. Beginning with the import of machinery from Europe, L&T
rapidly took      on   engineering and      construction assignments of increasing
sophistication. Today, the company sets engineering benchmarks in terms of scale
and complexity.




                                            57
                     LARSON AND TOUBRO LTD. (L & T)


      Type          Unaudited      Audited       Unaudited Unaudited Unaudited


  Date of begin     01/4/2007     01/1/2007      1/10/2006       1/07/2006    01/4/2006


  Date of End       30/6/2007     31/03/2007     31/12/2006      30/9/2006    30/6/2006

   Description                              Value {Rs.million}


Gross Sales            45738.7        63657.4       41995.1          38043       35318.3
Excise Duty             -686.6          -1175        -810.9          -682.3       -549.3
Net Sales              45052.1        62482.4       41184.2         37360.7       34769
Other income            2114.7         2041.4        1279.3          1117.3        474.3
Total income           47166.8        64523.8       42463.5          38478       35243.3
Expenditure           -40821.6         -54384      -36928.9        -34978.8     -32328.6
Operating Profit        6345.2        10139.8        5534.6          3499.2       2914.7
Interest                -157.2           -63.3        -12.2          -106.1       -157.7
Gross Profit               6188       10076.5        5522.4          3393.1          2757
Depreciation            -424.1         -698.1         -356.7         -336.4       -308.9
Profit before Tax       5763.9         9378.4         5165.7         3056.7       2448.1
Tax                    -1995.4        -2370.7        -1726.7        -1044.5       -876.8
Profit after Tax        3768.5         7007.7            3439        2012.2       1571.3
Net Profit              3768.5         7007.7            3439        2012.2       1571.3
Equity Capital           567.6          566.5            561.1         280         278.3
EPS                   13.3          24.95          12.27           14.39       11.37
Result Type            Q              Q              Q              Q            Q




                                          58
Price Fluctuations of shares of Larson & Toubro Ltd.
    Date     Open       High       Low       Close
 1-Jun-07    2005       2028       1985      2000
 4-Jun-07    2025       2030       1966      1972
 5-Jun-07    1979       1979       1937      1945
 6-Jun-07    1925       1990       1915      1921
 7-Jun-07    1901       1940       1879      1897
 8-Jun-07    1901       1920       1865      1885
 11-Jun-07   1900       1929       1881      1892
 12-Jun-07   1927       1929       1881      1907
 13-Jun-07   1910       1921       1860      1868
 14-Jun-07   1965       1965       1880      1924
 15-Jun-07   1933       1966       1930      1948
 18-Jun-07   1949       1969       1919      1927
 19-Jun-07   1942       2003       1924      1996
 20-Jun-07   2003       2035       2003      2027
 21-Jun-07   2005       2150       2005      2105
 22-Jun-07   2105       2125       2087      2108
 25-Jun-07   2108       2199       2056      2174
 26-Jun-07   2180       2180       2142      2160
 27-Jun-07   2165       2165       2135      2144
 28-Jun-07   2147       2166       2127      2154
 29-Jun-07   2163       2207       2160      2198
  2-Jul-07   2230       2278       2207      2235
  3-Jul-07   2265       2298       2241      2261
  4-Jul-07   2283       2320       2245      2293
  5-Jul-07   2300       2364       2300      2331
  6-Jul-07   2335       2388       2330      2365
  9-Jul-07   2365       2428       2365      2416
 10-Jul-07   2435       2435       2380      2389
 11-Jul-07   2379       2415       2363      2381
 12-Jul-07   2400       2417       2367      2378
 13-Jul-07   2400       2450       2393      2400
 16-Jul-07   2400       2434       2388      2415
 17-Jul-07   2439       2439       2376      2392
 18-Jul-07   2395       2395       2296      2330
 19-Jul-07   2341       2419       2338      2380
 20-Jul-07   2410       2500       2395      2479
 23-Jul-07   2480       2669       2447      2625
 24-Jul-07   2695       2732       2617      2670
 25-Jul-07   2666       2666       2540      2569
 26-Jul-07   2570       2635       2506      2545
 27-Jul-07   2500       2530       2400      2420
 30-Jul-07   2420       2500       2370      2443
 31-Jul-07   2461       2630       2461      2608


                         59
                                                                 LNT

             2800
             2750
             2700
             2650
             2600
             2550
             2500
             2450
             2400                                                                                               Open
             2350
   Prices




                                                                                                                High
             2300
                                                                                                                Low
             2250
             2200                                                                                               Close
             2150
             2100
             2050
             2000
             1950
             1900
             1850
             1800
                    7

                               7

                                          7

                                                     7

                                                                7

                                                                           7

                                                                                      7

                                                                                                 7

                                                                                                            7
                 -0

                          -0

                                     -0

                                                -0

                                                           -0

                                                                      -0

                                                                                 -0

                                                                                            -0

                                                                                                       -0
                1

                           8

                                      5

                                                 2

                                                            9

                                                                       6

                                                                                  3

                                                                                             0

                                                                                                        7
             -0

                        -0

                                   -1

                                              -2

                                                         -2

                                                                    -0

                                                                               -1

                                                                                          -2

                                                                                                     -2
            06

                    06

                               06

                                          06

                                                     06

                                                                07

                                                                           07

                                                                                      07

                                                                                                 07




                                     For the month of June & July 2007


                                                                Graph No.4


Technical Analysis: The chart of Larson & Toubro is looking I saw how support and
resistance levels can be penetrated by a change in investor expectations. This type of
a change is often abrupt and “news based”. In this section I will review “trends”. A
trend represents a consistent change in prices (i.e. a change in investor expectations)
            As shown in the following chart, a rising trend is defined by successively
higher low prices. A rising trend can be thought of as a rising support level-the bulls
are in control and are pushing prices higher.




                                                                      60
Fundamental: -


    1. Larsen & Toubro Ltd (L&T) has announced that the Company has secured
       two more Design and Build contracts from Delhi Metro Railway
       Corporation (DMRC) for the construction of the underground station at
       Saket (Delhi) and a tunnel as part of its Phase II Project.
    2. Larsen & Toubro Ltd has announced that the Company has bagged an order
       for Rs. 980 corers for the supply and installation of Blast Furnace from Tata
       Steel for its project in kalinganagar orissa.
    3. Larsen & Toubro Ltd (L&T) going to set up IT special economic zone with
       Arun Excello at vallancheri Tamilnadu.
    4. The company currently has order book worth Rs. 41600 corers.




                                         61
The origin of the State Bank of India goes back to the first decade of the nineteenth
century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806.
Three years later the bank received its charter and was re-designed as the Bank of
Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of
British India sponsored by the Government of Bengal. The Bank of Bombay (15
April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal.
These three banks remained at the apex of modern banking in India till their
amalgamation as the Imperial Bank of India on 27 January 1921.
Primarily Anglo-Indian creations, the three presidency banks came into existence
either as a result of the compulsions of imperial finance or by the felt needs of local
European commerce and were not imposed from outside in an arbitrary manner to
modernize India's economy. Their evolution was, however, shaped by ideas culled
from similar developments in Europe and England, and was influenced by changes
occurring in the structure of both the local trading environment and those in the
relations of the Indian economy to the economy of Europe and the global economic
framework.


First Five-Year Plan
In 1951, when the First Five Year Plan was launched, the development of rural India
was given the highest priority. The commercial banks of the country including the
Imperial Bank of India had till then confined their operations to the urban sector and
were not equipped to respond to the emergent needs of economic regeneration of the
rural areas. In order, therefore, to serve the economy in general and the rural sector in
particular, the All India Rural Credit Survey Committee recommended the creation of
a state-partnered and state-sponsored bank by taking over the Imperial Bank of India,
and integrating with it, the former state-owned or state-associate banks. An act was
accordingly passed in Parliament in May 1955 and the State Bank of India was
constituted on 1 July 1955. More than a quarter of the resources of the Indian banking
system thus passed under the direct control of the State. Later, the State Bank of India


                                           62
(Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take
over eight former State-associated banks as its subsidiaries (later named Associates).
The State Bank of India was thus born with a new sense of social purpose aided by
the 480 offices comprising branches, sub offices and three Local Head Offices
inherited from the Imperial Bank. The concept of banking as mere repositories of the
community's savings and lenders to creditworthy parties was soon to give way to the
concept of purposeful banking sub serving the growing and diversified financial
needs of planned economic development. The State Bank of India was destined to act
as the pacesetter in this respect and lead the Indian banking system into the exciting
Field of national development.




                                           63
                            STATE BANK OF INDIA
Type                    UnAudited UnAuditid UnAudited UnAudited            UnAudited

Date of begin            1-Apr-07     1-Jan-07      1-Oct-06    1-Jul-06    1-Apr-06

Date of End              30-Jun-07 31-Mar-07       31-Dec-06   30-Sep-06   30-Jun-06
Description                                 Value {Rs.million}
Operating income          113865.1    115414.6     97359.4     93774.7       88361.5
Interest on advance        79885.2     70565.6     64135.5     59017.1       54673.5
Income on Investment       28943.6     28452.6     28331.2      28744        29402.1
Interest on Balances        4970.6     16270.3        3524.8      3959.8      3441.2
Other Intersts                65.7       126.1        1367.9      2053.8       844.7
Other Income                8425.8      28943        18110.3     14337.6      17626
Total Income              122290.9    144357.6      115469.7    108112.3    105987.5
Interest Expanded         -68891.2    -72213.3      -57846.1    -54788.2     -49520.6
Operating Expenses        -29785.1    -32460.2        -29074    -28598.4     -28102.4
Payment for Employees     -20263.7    -20238.8      -20297.1    -19547.1     -19242.9
Other Operating
Expenses                   -9521.4    -12221.4       -8776.9     -9051.3      -8859.5
Total Expenditure for
Banks                     -98676.3   -104673.5      -86920.1    -83386.6      -77623
Operating Profit           23614.6     39684.1       28549.6     24725.7     28364.5
Profit before tax          23614.6     39684.1       28549.6     24725.7     28364.5
Tax                        -7762.8    -10626.3       -6237.1     -6067.4      -7559.1
Tax provisions and
contingencies              -1593.7    -14125.9      -11661.9     -6813.4    -12819.7
Profit after tax           14258.1     14931.9       10650.6     11844.9      7985.7
Net profit                 14258.1     14931.9       10650.6     11844.9      7985.7
Equity Capital               5263        5263          5263        5263        5263
Reserves                  305036.6    305036.6      271177.9    271177.9    271177.9
Percent of shares
Govt.of India                59.73        --          --          --           --
Capital Adequacy
Ratio in %                   13.13         12.34       11.86       12.63        11.97
EPS                         27.09          28.37       20.24       22.51        15.17
Result Type                Q              Q           Q           Q            Q




                                     64
Price Fluctuations Of shares of State Bank Of India
     Date     Open      High       Low       Close
  1-Jun-07    1364      1385       1356      1379
  4-Jun-07    1400      1418       1390      1406
  5-Jun-07    1400      1445       1393      1437
  6-Jun-07    1445      1454       1381      1390
  7-Jun-07    1382      1402       1353      1361
  8-Jun-07    1331      1387       1321      1357
  11-Jun-07   1356      1379       1336      1340
  12-Jun-07   1354      1354       1306      1332
  13-Jun-07   1325      1333       1280      1290
  14-Jun-07   1300      1326       1295      1314
  15-Jun-07   1325      1349       1307      1324
  18-Jun-07   1340      1345       1313      1319
  19-Jun-07   1325      1378       1313      1372
  20-Jun-07   1383      1430       1373      1424
  21-Jun-07   1433      1465       1400      1447
  22-Jun-07   1445      1478       1445      1455
  25-Jun-07   1460      1460       1434      1450
  26-Jun-07   1456      1466       1443      1457
  27-Jun-07   1455      1468       1435      1447
  28-Jun-07   1460      1475       1448      1471
  29-Jun-07   1472      1532       1472      1526
   2-Jul-07   1530      1551       1523      1531
   3-Jul-07   1548      1590       1542      1582
   4-Jul-07   1599      1620       1556      1564
   5-Jul-07   1575      1578       1532      1547
   6-Jul-07   1550      1799       1527      1551
   9-Jul-07   1556      1580       1536      1571
  10-Jul-07   1578      1580       1546      1551
  11-Jul-07   1540      1557       1515      1541
  12-Jul-07   1548      1569       1548      1559
  13-Jul-07   1565      1584       1554      1560
  16-Jul-07   1560      1618       1545      1612
  17-Jul-07   1615      1625       1574      1583
  18-Jul-07   1589      1589       1560      1576
  19-Jul-07   1577      1608       1577      1596
  20-Jul-07   1610      1620       1576      1584
  23-Jul-07   1584      1591       1567      1585
  24-Jul-07   1605      1608       1567      1576
  25-Jul-07   1570      1584       1536      1569
  26-Jul-07   1570      1575       1542      1552
  27-Jul-07   1520      1528       1470      1499
  30-Jul-07   1524      1615       1510      1578
  31-Jul-07   1622      1636       1540      1624



                         65
                                                                               SBI
            1850
            1825
            1800
            1775
            1750
            1725
            1700
            1675
            1650
            1625
            1600
            1575
   Prices




            1550
            1525
            1500
            1475
            1450
            1425
            1400
            1375
            1350
            1325
            1300
            1275                                                                                                                                                              Open
            1250
            1225                                                                                                                                                              High
            1200                                                                                                                                                              Low
                   6/1/2007
                              6/6/2007
                                          6/11/2007
                                                       6/16/2007
                                                                   6/21/2007
                                                                                6/26/2007
                                                                                            7/1/2007
                                                                                                       7/6/2007
                                                                                                                  7/11/2007
                                                                                                                              7/16/2007
                                                                                                                                          7/21/2007
                                                                                                                                                      7/26/2007
                                                                                                                                                                  7/31/2007

                                                                                                                                                                              Close




                                         For the Month of June & July 2007

                                                      Graph No.5

Technical analysis of State Bank Of India: -

The chart of State Bank Of India is looking bullish and No Correction is seen from
the last two months and stock is in full movement and candle sticks is showing
positive sign for long term investment.




                                                                                      66
Fundamental: -
  1. RBI has increased CRR by 0.5 %. It may affect the performance of Bank
  2. Interest rate hike.
  3. State Bank of India (SBI) has informed BSE that the Bank has decided to
     revise interest rates on domestic term deposits rate with effect from August
     09, 2007.
  4. Government of India also thinking about the merger of subsidiaries of State
     Bank of India with in it. It will make huge impact on SBI stock.




                                       67
                   RESEARCH STUDY OF INVESTOR.

1) Where do you invest your money?
    In the Reliance money, I have asked 200 people where you like invests your
money.
Investment types                No. of respondents                   Percentage
Stock market                             40                              20
Bank F.D                                 60                              30
Real estate                              80                              40
Mutual funds                             20                              10
     Total                              200                             100
                                     Table. 1

                                    No. of respondents




                        10%
                                                         20%


                                                                             Stock market
                                                                             Bank F.D
                                                                             Real estate
                                                                             Mutual funds
         40%
                                                               30%




                                      Graph 6
Interpretation:
From the above table & pie chart, it represent that people invest only 20 % of money
in Stock market & 10% in Mutual Funds. 40% of people generally interested in Real
estate and Bank F.D 30%. Because the chances of risk and losses are minimum than
Stock Market & Mutual Funds. Even the returns are more in Stock Market & Mutual
Funds, but due safety people prefer Real estate and Band F.D.




                                         68
How will you decide a company for investment?

Selection of company for         No. of Respondents                 Percentage
investment
Own Decision                               30                            15
Broker Advice                              84                            42
Speculation                                46                            23
Research Reports                           40                             20
                                           200                           100
                                         Table 2
                                     No. of Respondents




                   20%                           15%


                                                                     Own Decision
                                                                     Broker Advice
                                                                     Speculation
                                                                     Research Reports
            23%
                                                          42%




                                        Graph 7
Interpretation: From the above table & pie chart it represents that 42% of people
take Advice of Broker while investment in stocks, and 23% of people invest on the
basis of speculation, and 20% on basis of Research Reports by Technical analyst and
15% invest on there own decision. But many experts feel that if people invest money
in stock market by Research Report then chances of profit is high and losses are
minimum because Research Report give good suggestion and already they have
calculated risk in stocks so it will be beneficial while investment. If investment on the
basis of speculation the chances of losses are high and profits minimum. If you do not
have, any knowledge of stock market so should ask to your Broker who will advice
you in better way because these people have good knowledge than us.




                                            69
2) What kind of trading you do?

Types of Trading                  No. of Respondent             Percentage
Intra day                                 86                        43
Short term                                44                        22
Medium Trading                            22                        11
Long term Trading                         48                        24
                                          200                      100

                                         Table 3

                                      No. of Respondent




                  24%

                                                          43%     Intra day
                                                                  Short term
                                                                  Medium Trading
                                                                  Long term Trading
            11%

                           22%




                                         Graph 8
   Interpretation: From the above Graph & Pie chart it represent that 43% people
   do intraday in which the profit and risk both are the high but many research
   suggest that it is always better to investment of money in long term than short
   term or medium term or intraday (i.e. speculations). If we invest money on long-
   term basis then returns are good & the risk is minimum. Therefore, it is always
   good invest money for long-term basis




                                          70
   2) What are the factors do you consider while selection of company?


Factor consider for            No. of Respondents                 Percentage
selection of company
Fundamental Analysis                    86                              43
Technical Analysis                      44                              22
Both                                    20                              10
Speculation                             50                             25
                                        200                            100
                                         Table 4


                                  No. of Respondents




               25%

                                                       43%     Fundamental Analysis
                                                               Technical Analysis
                                                               Both

         10%                                                   speculation

                        22%




                                        Graph 9

   Interpretation: From the above Graph & Pie chart it represent that 43% of
   people take the help of fundamental and 22% of people take the help of technical
   analysis by which the risk can be calculated and profit can be maximize.
   However, even that 25% of people invest on the basis of speculation, which is
   risky. 10% are people invest money by both (i.e. fundamentally and technical) by
   which prediction can be good. If people invest money on the basis of analysis
   then the risk can be minimize and profit can be maximize.




                                         71
   3) Where will you most prefer to invest your money?

Most prefer companies           No. of Respondents             Percentage
Large cap                               105                       52.5
Mid cap                                 40                         20
Small cap                               55                        27.5
                                        200                       100
                                        Table 5



                                 No. of Respondents




            28%


                                                                     Large cap
                                                                     Mid cap
                                                                     Small cap
                                                         52%


             20%




                                       Graph 10

Interpretation: From the above Graph & table, we can say that 50% percent of
people like to invest money in Blue Chips companies because the volumes of trading
and good results are more. Therefore, the profit is more. Mid cap and small, give
minimum profit than blue chips or large cap.




                                          72
   4) Which Companies shares will you buy?


Like to invest in sectors        No. of Respondent                 Percentage
I.T                                      110                          55%
Banking                                  60                           30%
Engineering                              30                           15%
                                         200                          100
                                      Table 6

                                    No. of Respondent




                     15%



                                                                          I.T
                                                                          Banking
                                                                          Engineering
                                                             55%
         30%




                                      Graph 11

Interpretation: From the above Graph & chart, we can say that 55% of people prefer
I.T. Sector for investment because these companies are strong by fundamentally and
it have large market capitalization than others. After that, 30% of people prefer
banking sector it has large market capitalization and after that, 15% of people like to
invest in Engineering companies.




                                           73
                                    Finding
1. Infosys

With the reference to graph no.1, Technical analysis of script interprets that, wait &
watch because script forms interprets that after correction comes in stock it gets well
supported level.
       Fundamental analysis interprets that EPS is per share Rs.19.96 in 2007
continues increasing last 5 year. Infosys fundamental analysis interprets that;
company gives equity dividend 300% this year.
       It means that script is strong and investor should remain in stock for long
period. Returns are very good. The target price is Rs.2040.so there is an upside there,
the structure is positive but one needs to put a stop at around Rs 2020. Particular
stock has some news eg;-result, entering into new business, merger with other
company, & on basis of that news the price goes up or down.


2. Reliance Industries

With the reference to Graph no 2, Technical analysis of script interprets that, wait &
watch because script forms has always rising pattern over period. The fundamental
analysis interprets that; company gives equity dividend 100% this year. EPS is
Rs.20.5 per share. Reliance Industries shareholders & creditors approve Scheme of
Amalgamation. Gross Profit & Net Profit is also maintained. Reliance Industries
script is fundamentally strong. An investor should buy in current rally for long period.
Returns are very good. The starter price Rs 1945 so there is a structure is positive a
stop at around Rs. 1795.




                                          74
3. ABB
With the reference to Graph no 3, Technical analysis of script interprets that, wait &
watch because script forms Stock Split.
ABB Ltd. Fundamentally is shows that are much fluctuation in EPS is Rs.20.44 per
share. Company has decided the dividend but not declared.
Fundamental analysis suggests that it has a split stock that s why this stock is very
good for buy for delivery .Investor can buy a stock for long period of time the target
price is Rs.1500.


4. L&T
With the reference to Graph no 4, The technical analysis of the script interprets that
buy in up trend rally because of script has always rising pattern over period. L& T in
this script I found that fundamental analysis that, company gives equity dividend
500% this year. EPS is Rs.24.95 per share. Company also offers the bonus share 1:1
per share in 2007.gross profit & net profit is consistent. Script is fundamentally
strong. Particular stock has some news e.g.;-result, entering into new business, merger
with other company, & on basis of that news the price goes up or down.


5. State Bank of India
With the reference to Graph no 5, Technical analysis of script interprets that, rising
pattern over period. State Bank of India Fundamental analysis interprets that EPS is
improving EPS is Rs.13.13 per Share. Bank also gives equity dividends 150% this
year. Particular stock has some news e.g.;-result, entering into new business, merger
with other company, & on basis of that news the price goes up or down.




                                          75
                                       Suggestion Chart

 Script          EPS       Dividends      Bonus        Result   CMP      Target      Stop-
                                                                         Price       Loss
                                                                                     Price
 Infosys         19.96       300%          --           Sale    1976      2040       2020

Reliance         20.5        100%          --          ? HOLD   1894      1945       1795

     ABB         20.44            --       --           Buy     1147      1500       1240

 L&T             24.95       500%          1:1          Sale    2608      2750       2640

     SBI         28.37       150%          --           Buy     1624      1690       1630




                                       SUGGESTION
Following are suggestions made based on study with reference to watch on NEAT
Screen, interaction with clients, data analysis and findings:
1.         In IT sector Infosys is very good because it’s EPS is continuously increasing
           and company have given 300 % dividend it means stock is strong by
           fundamentally and technically it is also growing very well people should
           invest in this stock
2.         Reliance Industries is also looking strong by fundamentally and technically, in
           future it is entering in to new business, merger with other company so this is
           also good option for investment.
3.         ABB is split stock, split-ratio was (4800/5) = 960 is split price that is why this
           stock is very good for delivery due to split the price is down it was 4800
           before split.
4.         Technically L&T is in rising pattern, company offered the bonus share 1:1 per
           share and gross profit and net profit is consistent. This is good stock for
           investment




                                                  76
5.    As the largest bank in India SBI is also very good for investment, EPS is also
      increasing it will entering into new business and it will merger with other
      banks (State Bank of Sourashtra) on the basis of this price goes up or down.
6.    Share market is growing sectors if people invest money in stocks the returns
      will be good than Bank F.D & Real Estate. People also should invest money
      Mutual Funds as per return concerns.
7.    If people invest money on Research reports or broker advice then chances of
      risk is low and chances of return will be high.
8.    It is always better to invest money on long term basis than intra day because
      intraday is nothing but a speculation
9.    If people consider both i.e. fundamental analysis and technical analysis then it
      will be better than speculation
10.   Currently IT sector is in boom so it is better to invest money in IT and also
      good in Banking sector




                                         77
                                 CONCLUSION


With the help of project I concluded that blue chip companies are playing very
important role in the share market. Lot of investors is investing their money in the
blue chip companies. And this is the reason that the volume of blue chip companies is
high.


During this period of two months I came to know that in the process of equity
analysis of blue chip companies two weapons are playing a vital role i.e. Fundamental
Analysis and Technical Analysis.


The concept of Fundamental Analysis studies the performance of blue chip
companies. With the help of Fundamental Analysis can know the past performance of
the blue chip companies. Fundamental Analysis considers the long-term performance
of companies and this helps the investors to invest their money for long term as well
as can get the good returns.


Technical Analysis comprises short-term analysis of blue chip companies. Technical
Analysis really just studies supply and demand in the market in an attempt to
determine what direction or trend will continue in the future.


The study of technical as well as fundamental analysis can give detail information
about the well running companies in the market. Before investing in any company
one should study these two concepts.




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LIMITATIONS OF STUDY

    To understand the overall working of share market, the period of 60 days is
    not enough.


    Moreover, very few investor and agents have a detail knowledge of the study.


    A study is conducted in Nasik only, which restrict the scope of the study


    The data provided by the investor and the agents can’t be held true as 100%
    correct.


    The study was conducted to understand with respect to fundamental and
    technical analysis, which is a part of the equity share market.




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A to Z Analysis


Dalal Streets


www.bseindia.com


www.nseindia.com


www.reliancemoney.com


www.moneycontrol.com




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Description: Fundamental and Technical analysis