Project Wip

SL. NO. 1

CONTENTS Acknowledgement

2

Introduction

3

About The Company

4

About Analysis

PAGE NO.

Technical

5 6 7 8 9

ACKNOWLEDGEMENT I would like to thank Dr. Amit Bhandari and Dr. K.K.Roy, faculty of IISWBM, for their kind guidance and kind cooperation in carrying out this project with a lot of moral support with their word of wisdom. Without their help this project would have been difficult to finish. I would ofcourse like to thank Mr. ohit Handa , The Chief Manager , KOTAK MAHINDRA BANK LTD. for providing me this opportunity of undertaking this study and his kind support in carrying out the project with his vast experience and knowledge. I would also like to pay my gratitude to Prof. Asoke Kr. Banerjee for his cooperation and guidance.

Lastly, I should and therefore I definitely would acknowledge the support my family and my friends for enduring me for these two

INTRODUCTION This project was undertaken to find a brief analysis about the movements of the stock market in India. While making this analysis I have considered security of Kotak Mahindra Bank Ltd. And J P Associate Ltd. for which a detail technical Analysis has been done on the basis of past data available. Ultimate objective is to make a technical forecasting of the security.

Company History Kotak Mahindra is one of India's leading financial conglomerates, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. The group has a net worth of over Rs. 5,997 crore, employs over 20,000 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across 370 cities and towns in India and offices in New York, London, San Francisco, Dubai, Mauritius and Singapore. The Group services around 5 million customer accounts. The Company deals in Bill discounting, leasing and hire purchase, corporate finance, management of fixed deposit mobilisation, financing against securities, money market operations, consumer finance, investment banking and clients' money management. In 1985 The Kotak Mahindra Group was incorporated on 21st November as Kotak Capital Management Finance Limited. This company has been promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. In 1986 The company obtained the certificate of commencement of business on 11 th February 1986. Industrialists Harish Mahindra and Anand Mahindra took a stake and that's when the company changed its name to Kotak Mahindra Finance Limited on 8th April. In 2003 Kotak Mahidra Finance Limited Converts to a Commercial Bank The First Indian Company to do so.

Vision To MeetThe Unlimited Needs Of People Ways .

Mission

In Infinite number Of

Business Vision  Kotak Mahindra Finance Limited In 1986, = Activity of Bill Discounting In 1987, = Enter into the Market of Lease & Hire Purchas In 1990, = The Autofinance Division Started In 1991, = The Investment Banking Division Started Takes over FICOM - India’s largest Financial Retail Mktg. Network In 1992, = Enters the Funds Syndication Sector Kotak Securities In 1995, = Incorporated Brokerage and Distribution Business



Kotak Mahindra Capital Company In 1995, = Incorporated Investment Banking Division



 Kotak Mahindra Prime Limited In 1996, = The Auto Finance Business is Hived Of = Takes a Significant Stake in Ford Credit kotak Mahindra Limited = The Launch of Matrix Information Services Limited  Kotak Mahindra Asset Management Company In 1998, = Enter the Mutual Fund Market In 2000, = Kotak Mahindra ties up with the Old Mutual Plc. For Life = Kotak Securities launches On Line Broking Site In 2001, = Launches Insurance Services = Matrix sold to Friday Corporation  Kotak Mahindra Bank In 2003, = Kotak Mahidra Finance Limited Converts to a Commercial Bank The First Indian Company to do so In 2004, In 2005,

= = = = =

Launches India Growth Funds, a Private Equity Fund Kotak Group realigns JV in Ford Credit Buys Kotak Mahindra Prime Sells Ford Credit Kotak Mahidra Launches a Real Estate Fund

SCHEMES / PRODUCTS

 

   

KOTAK BANK KOTAK SECURITIES KOTAK CAR FINANCE KOTAK LIFE INSURANCE KOTAK MUTUAL FUND KOTAK BANK

KOTAK SECURITIES

DEPOSIT  EASY EQUITY CREDIT CARDS  EASY MF LOANS  P.M.S. INVESTMENT SERVICES  EASY INSURANCE NRI SERVICES  EASY IPO CONVENIENCE BANKING  EASY DERIVATIVES CORPORATE BANKING  RESEARCH SMALLBUSINESS KOTAK CAR FINANCE KOTAK LIFE INSURANCE KOTAK MUTUAL FUND BANKING  COMMERCIAL LOAN        

 MARGIN MONEY SCHEME SERVICES

 KOTAK LIFE INSURANCE

 SECURITY DEPOSIT SCHEME

 INDIVIDUALS

 ADVANCE

EMI

SCHEME

 GROUPS

 EQUITY SCHEME  DEBT SCHEME  BALANCED SCHEME FOF SCHEME

 RURAL

 SPECIAL SCHEME

SERVICES Kotak Mahindra Bank offers complete financial solutions for infinite customer needs. The savings account goes beyond the traditional role of savings, and provides a range of services, from funds transfer options, to attractive returns, earned through a comprehensive suite of investment options that can be accessed through Internet or phone banking services. Kotak Mahindra Bank offers tech-savvy products such as the Virtual Card and Kotak BillPay, among others, that enable customers to shop, make payments, invest, redeem funds and

track portfolio anywhere, anytime. Apart from SMS – banking facility, Kotak Mahindra Bank’s Mobile Banking platform enables transactions using GPRS, thereby allowing for a seamless synergy of optimum service quality using advanced technology & higher security standards.

Kotak Mahindra Bank recently launched E-Tax, yet another convenience banking service extended to all our Current and Savings Account customers, where they can pay their Direct Taxes online. E-Tax makes payment of taxes such as Income Tax for companies (corporation tax), Income Tax for individuals, TDS, Securities transaction tax, Interest tax, Hotel receipts tax, Estate duty, Wealth tax, Gift tax, Banking cash transaction tax, Fringe benefits tax or any other tax collected by CBDT, convenient and hassle free

ORGANISATIONAL STRUCTURE

Network    

BRANCHES FRANCHISEES REPRESENTATIVE OFFICE SATTELITE OFFICE

OVERSEAS OFFICE

Corporate Identity

TECHNICAL ANALYSIS Meaning :Technical Analysis can be defined as a study of the stock market considering factors related to the supply and demand of stocks . Technical Analysis does not look at underlying earnings potential of company while evaluating stocks ( i.e. It is not like fundamental analysis ).It uses charts and computer programs to study the stock’s trading volume and price movements in the hope of identifying a trend. In fact the decision made on the basis of Technical Analysis is doneonly after inferring a trend and judging the future movementof the stock on the basis of thetrend. Technical Analysis assumes that the market is efficient and the price hasalready taken into consideration the other factors related to the company and the industry. It is because of this assumption that many think Technical Analysis is a tool, which is effective for short-term investing.

History :Technical Analysis, the tool of investment for the average investor, thrived in the late nineteenth century when Charles Dow, then editor of the Wall Street Journal, proposed the Dow Theory. He recognized that the movement is caused by the action / reaction of the people dealing in stocks rather the news in itself. Walter Deemer was one of the technical analysts of that time. He started at Merrill Lynch in New York as a member of Bob Farrell’s department. Then when the legendary Gerry Tsai moved from Fidelity to found the Manhattan Fund in 1996, Deemer joined him. Tsai used to consult him before every majorblock trade, at the start of a time when large volume institutional trading became the norm and the meal ticket for brokers. Deemer,could recreate market history on the charts and cite statistics. He maintained contact with the group of other pros around then, who shared their insights with each other in a collegial confidence worthy of the priesthood.

WAY OF TECHNICAL ANALYSIS Technical Analysis is done by identifying the trend from past movements and then using it as a tool to predict future price movements of the stock. It can be done by using any of the following methods: a ) Moving Average This method is used to predict the trend and specify various support and resistance levels in the short and long term period. Most commonly used moving averages are 30 DMAs and 200 DMAs. Where DMA means Days Moving Average. b) Charts & Patterns Some analysts' uses charts and patterns to decide on the trend and then judge the future movement. The tool used by such analyst is converting the chart in one of the many form of many shapes commonly formed by stocks. Some of such patterns are:

TRENDS Trends can be classified broadly in 3 types. They are:

Uptrend: Generally a stock moves in any direction with phases of consolidation or moving against the trend for a short period. But still it creates a higher Highs and Lows in case of an uptrend. In short each short rally will create new High for the stock.

Downward: In this case as against Uptrend the stock creates lower Highs and Lows. Furthermore.in case of Downtrend the fall is much more steeper than the rise in case of Uptrend. c) Range-bound: In case of such a trend the price moves in a small range for the long period. There is no apparent direction as far as trend is concerned in this case

Role of Volume: Volume plays a key role in deciding about the kind of future movement in stock. Whenever there is a sudden rise in the volume of the stock and if it is not followed by a price fall, it is a sign of consolidation and that the price may rise in near future. Generally if any stock breaks any trend it is accompanied by huge rise in volume. In case of range bound trend the volume tends to die down to a great extent. Smart investors uses technical analysis to judge the rise in volume and take early positions in the stock during breakthroughs.

Who uses technical Analysis?

Investors for their short-term trading decisions use Technical Analysis. This short-term may be further divided in day trading, short-term investment and for hedging purposes. The role played by Technical Analysis in each case is as follows:

1)

Day Traders: A day trader is one who takes and squares off his position both on the same day. Mostly a day trader counts on turnover rather than margin. A day trader will interpret the market movement through this idea.

2)

Short term investors: These people form the biggest clientele base of both the brokers and the Technical Analyst. To explain the working lets take the price movement curve of Infosys

3. Hedgers: These are generally big investors, who have lot of money at stake and hence they look to have some hedging of their risk. The strategy followed by this section of investors is that they compare the stock in consideration with the index and on the basis of the result of this comparison they take their position in the stock.

Is technical Analysis Helpful? If we use only technical analysis in itself and do not

consider other aspects it is very unlikely that we will have much success in the long run, particularly in case of short-term investments. But if we use Technical analysis along with fundamental analysis or discount the industry and company related news while considering the valuation, brightens.

our

chances

of

minimizing

the

risk

One thing that we must realize is that technical analysis provides us only with the trend and judge future on that basis, it can be far from actual in few cases, one of them was the day Infosys crashed by 30% on a single day. By no imagination and no analysis one could have guessed the same or rather have come closed to it. Therefore the best use of technical analysis is to realize the trend and levels at which it will break the trend so that one is prepared to take positions when such trend breaks. It is because of this disadvantage that Technical analysis more useful only for shortterm investing...

IISWBM

Indian Institute of Social Welfare and Business Management

Technical analysis Technical analysis is a collection of methods to predict future stock prices taking into account only the past and present data - prices and (optionally) volume. There is no consideration given to the fundamentals of the company or the industry under consideration. I personally use technical analysis(TA) only after I have zeroed in onto a company that I want to invest in. That is, I use it to determine when to enter (buy) and when to exit (sell). Over and above that - I do not execute blindly the output from TA. I look at the market sentiment, company and industry timing etc. Even so, technical analysis does help me big time with the decision making. How is TA performed? No need to understand that. Attached is a spreadsheet that will help you carry out TA based on different indicators: Moving average, Moving Average Convergence / Divergence or Relative strength index. Relative Strength Index (RSI) The RSI is a financial technical analysis oscillator showing price strength by comparing upward and downward close-to-close movements. The RSI is popular because it is relatively easy to interpret. It was developed by J. Welles Wilder and published in Commodities magazine (now called Futures magazine) in June 1978, and in his New Concepts in Technical Trading Systems the same year. The term relative strength also refers to the strength of a security in relation to its sector or the overall market. The Relative Strength Index is described here. For each day an upward change U or downward change D amount is calculated. On an up day, i.e. today's close higher than yesterday's, U = closetoday − closeyesterday D=0 Or on the contrary, on a down day ( D is a positive number), U=0

D = closeyesterday − closetoday If today's close is the same as yesterday's, both U and D are zero. An average for U is calculated with an exponential moving average using a given N-days smoothing factor, and likewise for D. The ratio of those averages is the Relative Strength,

This is converted to a Relative Strength Index between 0 and 100,

Technical Indicators Most Popular Technical Analysis Articles

• • •

MACD - Easy to interpret moving average crossovers, MACD histogram, & divergences. Stochastics - Buy oversold, sell overbought, and interpreting stochastic price divergences. Relative Strength Index - Overbought/ oversold indicator, RSI divergences.

RELATIVE SRENGTH INDEX ( RSI ) One of the most popular technical analysis indicators, the Relative Strength Index (RSI) is an oscillator that measures current price strength in relation to previous prices. The RSI is a versatile tool, it can be used to:

RSI Alternative Buy and Sell Signals and Divergences :• • • •

Generate buy and sell signals Show overbought and oversold conditions Confirm price movement Warn of potential price reversals through divergences

The chart below of WALMART shows how the RSI can generate easy to follow overbought and oversold conditions :

The chart below of eBay (EBAY) shows how the RSI can generate easy to follow buy and sell signals:

RSI Buy Signal Buy when the RSI crosses above the oversold line (30). RSI Sell Signal Sell when the RSI crosses below the overbought line (70).

Varying the time period of the Relative Strength Index can increase or decrease the number of buy and sell signals. In the chart below of Gold, two RSI time periods are shown, 14-day (default) and 5-day. Notice how decreasing the time period made the RSI more volatile, increasing the number of buy and sell signals substantially.

MACD which stands for Moving Average Convergence / Divergence, is a technical analysis indicator created by Gerald Appel in the 1960s. It shows the difference between a fast and slow exponential moving average (EMA) of closing prices. During the 1980s MACD proved to be a valuable tool for any trader. Since the crash of the market in 2000, most strategies no longer recommend using MACD as the primary method of analysis, but instead believe it should be used as a monitoring tool only. It is prone to whipsaw, and if a trader is not careful it is possible that they might suffer substantial loss, especially if they are leveraged or trading options. The standard periods recommended back in the 1960s by Gerald Appel are 12 and 26 days:

A signal line (or trigger line) is then formed by smoothing this with a further EMA. The standard period for this is 9 days,

MACD is a indicator, and is designed to identify trend changes. It's generally not recommended for use in ranging market conditions. Three types of trading signals are generated, • • •

MACD line crossing itself. MACD line crossing 10. Divergence between price and 10.

The signal line crossing is the usual trading rule. This is to buy when the MACD crosses up through the signal line, or sell when it crosses down through the signal line. These crossings may occur too frequently, and other tests may have to be applied. The histogram shows when a crossing occurs. When the MACD line crosses through zero on the histogram it is said that the MACD line has crossed the signal line. The histogram can also help visualizing when the two lines are coming together. Both may still be rising, but coming together, so a falling histogram suggests a crossover may be approaching. A crossing of the MACD line up through zero is interpreted as bullish, or down through zero as bearish. These crossings are of course simply the original EMA(12) line crossing up or down through the slower EMA(26) line. Positive divergence between MACD and price arises when price makes a new selloff low, but the MACD doesn't make a new low (i.e. it remains above where it fell to on that previous price low). This is interpreted as bullish, suggesting the downtrend may be nearly over. Negative divergence is the same thing when rising (i.e. price makes a new rally high, but MACD doesn't rise as high as before), this is interpreted as bearish. Divergence may be similarly interpreted on the price versus the histogram, where the new price levels are not confirmed by new histogram levels. Longer and sharper divergences (distinct peaks or troughs) are regarded as more significant than small shallow patterns in this case. It is recommended to look at a MACD on a weekly scale before looking at a daily scale to avoid making short term trades against the direction of the intermediate trend. Sometimes it is prudent to apply a price filter to the Bullish Moving Average Crossover to ensure that it will hold. An example of a price filter would be to buy if MACD breaks above the 9-day EMA and remains above for three days. The buy signal would then commence at the end of the third day. For an example,

MACD 1. MACD Defined The MACD indicator is one of the most popular technical analysis tools. There are three main components of the MACD shown in the picture below:

1. MACD: The 12-period exponential moving average (EMA) minus the 26period EMA.

2. MACD Signal Line: A 9-period EMA of the MACD.

3. MACD Histogram: The MACD minus the MACD Signal Line.

Daily Chart of Nasdaq 100 ETF

The MACD indicator is an effective and versatile tool. There are three main ways to interpret the MACD technical analysis indicator,

1. 2. 3.

Moving Average Crossovers MACD Histograms MACD Divergences

Moving Average Crossovers The primary method of interpreting the MACD is with moving average crossovers. When the shorter-term 12-period exponential moving average (EMA) crosses over the longer-term 26-period EMA a buy signal is generated; this is seen on the Nasdaq 100 exchange traded fund (QQQQ) chart below with the two purple lines.

MACD

( Daily Chart of Nasdaq 100 ETF)

Remember that the MACD line (the blue line) is created from the 12-period and 26-period EMA. Consequently: 1. When the shorter-term 12-period EMA crosses above the longer-term 26period EMA, the MACD line crosses above the Zero line. 2. When the 12-period EMA crosses below the 26-period EMA, the MACD line crosses below the Zero line. Moving Average Crossover Buy Signal A buy signal is generated when the MACD (blue line) crosses above the zero line. Moving Average Crossover Sell Signal When the MACD crosses below the zero line, then a sell signal is generated. The prior buy and sell signals get a person into a trade later in the move of a stock or future. A more common buy and sell signal is shown in the graph below of the Nasdaq 100 exchange traded fund QQQQ:

MACD ( Daily Chart of Nasdaq 100 ETF)

Online Trading Concepts Most Common MACD Buy and Sell Signals MACD Buy Signal A buy signal is generated when the MACD (blue line) crosses above the MACD Signal Line (red line). MACD Sell Signal Similarly, when the MACD crosses below the MACD Signal Line a sell signal is generated. The MACD moving average crossover is one of many ways to interpret the MACD technical indicator. Using the MACD histogram and MACD divergence warnings are two other important methods of using the MACD. • •

MACD Histograms

The MACD Histogram is simply the difference between the MACD line (blue line) and the MACD signal line (red line). The MACD histogram is illustrated in the chart below of the Nasdaq 100 QQQQ's:

MACD ( Daily Chart of Nasdaq 100 ETF

Two important terms are derived from the MACD histogram and are illustrated above in the chart of the QQQQ's: •

•

Convergence: The MACD histogram is shrinking in height. This occurs because there is a change in direction or a slowdown in the stock, future, bond, or currency trend. When that occurs, the MACD line is getting closer to the MACD signal line. Divergence: The MACD histogram is increasing in height (either in the positive or negative direction). This occurs because the MACD is accelerating faster in the direction of the prevailing market trend.

When a stock, future, or currency pair is moving strongly in a direction, the MACD histogram will increase in height. When the MACD histogram does not increase in height or begins to shrink, the market is slowing down and is a warning of a possible reversal. The graph below of the E-mini Nasdaq 100 Index Future shows this phenomenon:

MACD ( Daily Chart E- mini Nasdaq 100 Future ( NQ )

The letter "T" represents when the top or peak of the MACD histogram occurs. In contrast, the letter "B" shows when the bottom of the MACD histogram occurs. Notice how closely the tops and bottoms of the MACD histogram are to the tops of the Nasdaq 100 e-mini future. MACD Histogram Buy Signal When the MACD histogram is below the zero line and begins to converge towards the zero line. MACD Histogram Sell Signal When the MACD histogram is above the zero line and begins to converge towards the zero line. Note: In the example above, three consecutive days of shrinking MACD histogram from top or bottom served as the buy or sell signals shown with arrows. This is an agressive example. One could wait until the MACD histogram went to zero, but that would be the same signal as the MACD moving average crossover. The MACD is not only good for buy and sell signals, the MACD can be used for warnings of potential change in the direction of stocks, futures, and currency pairs.

MACD Divergences Bearish divergence occurs when a technical analysis indicator is suggesting that a price should be going down but the price of the stock, future, or currency pair is continuing to maintain its current uptrend.

Bullish divergence occurs when the indicator is indicating that price should be bottoming and heading higher, yet the actual price action is continuing downward.

These valuable divergences can signal to get out of a long or short position before profits erode. The following chart of the E-mini S&P 500 Index Future shows some of these divergences:

MACD ( Daily Chart E- mini S&P 500 Future ( ES )

High 1 to High 2 Looking at the E-mini S&P 500 future, from High 1 to High 2, the futures contract made higher highs, which is usually viewed as bullish. However, the MACD moving average failed to make a new high. This bearish divergence was an early warning sign of things to come with the E-mini S&P 500 futures contract. Low 1 to Low2 In yet another bearish sign for the E-mini S&P 500 futures contract, the future made higher lows from Low 1 to Low 2, which again is usually considered positive. Nevertheless, the MACD technical indicator made a clear lower low from Low 1 to Low 2. This bearish divergence warned of the impending downturn of the S&P 500 future and the market as a whole. Low 2 to Low 3 In addition to bearish and bullish divergences, the MACD can confirm price movement as well. The E-mini S&P 500 futures contract made a substantial lower low which was confirmed by the MACD when it made a lower low as well.

Simple Moving Average ( SMA ) The Simple Moving Average is arguably the most popular technical analysis tool used by traders. The Simple Moving Average (SMA) is used mainly to identify trend direction, but is commonly used to generate buy and sell signals. The SMA is an average, or in statistical speak - the mean. An example of a Simple Moving Average is presented below: •

The prices for the last 5 days were 25, 28, 26, 24, 25. The average would be (25+28+26+26+27)/5 = 25.6. Therefore, the SMA line below the last days price of 27 would be 26.4. In this case, since prices are generally moving higher, the SMA line of 26.4 would be acting as support .The chart below of the Dow Jones Industrial Average exchange traded fund (DIA) shows a 20-day Simple Moving Average acting as support for prices.

SMA ( Daily Chart Dow Jones Industrial Average ETF ( DIA )

Moving Average Acting as Support - Buy Signal When price is in an uptrend and subsequently, the moving average is in an uptrend, and the moving average has been tested by price and price has bounced off the moving average a few times (i.e. the moving average is serving as a support line), then buy on the next pullbacks back to the Simple Moving Average. A Simple Moving Average can serve as a line of resistance as the chart of the DIA shows:

SMA ( Daily Chart Dow Jones Industrial Average ETF ( DIA )

Moving Average Acting as Resistance Sell Signal At times when price is in a downtrend and the moving average is in a downtrend as well, and price tests the SMA above and is rejected a few consecutive times (i.e. the moving average is serving as a resistance line), then buy on the next rally up to the Simple Moving Average. The examples above have been only using one Simple Moving Average; however, traders often use two or even three Simple Moving Averages. The advantages to using more than one Simple Moving Average is discussed on the next page.

Stochastic RSI The Stochastic RSI combines two very popular technical analysis indicators, Stochastics and the Relative Strength Index (RSI). Whereas Stochastics and RSI are based off of price, Stochastic RSI derives its values from the Relative Strength Index (RSI); it is basically the Stochastic indicator applied to the RSI indicator.

As will be shown below in the chart of the S&P 500 E-mini Futures contract, the Stochastic RSI gives more profitable buy and sell signals and overbought and oversold readings, than the Relative Strength Index.

Stochastic RSI :- Daily Chart E- mini S&P 500 Future ( ES )

In the chart above of the E-mini S&P 500 Futures contract, the RSI indicator spent most of its time between overbought (70) and oversold (30), giving no buy or sell signals. However, the Stochastic RSI used the RSI indicator to uncover many profitable buy and sell signals. How to interpret the buy and sell signals of the Stochastic RSI is given next in the chart of the S&P 500 E-mini:

Stochastic RSI :- Daily Chart E- mini S&P 500 Future ( ES )

Stochastic RSI Buy Signal Buy when the Stochastic RSI crosses above the Oversold Line (20). Stochastic RSI Sell Signal Sell when the Stochastic RSI crosses below the Overbought Line (80). The Stochastic RSI is an effective and potentially profitable use of the popular Stochastic indicator and RSI indicator. To read more about the Stochastic indicator and the RSI indicator, click the links below

Stochastics

1. Stochastics Fast & Slow 2. Stochastic Buy & Sell Signals 3. Stochastic Price Divergences

Stochastics Fast & Slow Stochastic Fast Stochastic Fast plots the location of the current price in relation to the range of a certain number of prior bars (dependent upon user-input, usually 14-periods). In general, stochastics are used to measure overbought and oversold conditions. Above 80 is generally considered overbought and below 20 is considered oversold. The inputs to Stochastic Fast are as follows: • •

Fast %K: [(Close - Low) / (High - Low)] x 100 Fast %D: Simple moving average of Fast K (usually 3-period moving average)

Stochastic Slow Stochastic Slow is similar in calculation and interpretation to Stochastic Fast. The difference is listed below: • •

Slow %K: Equal to Fast %D (i.e. 3-period moving average of Fast %K) Slow %D: A moving average (again, usually 3-period) of Slow %K

The Stochastic Slow is generally viewed as superior due to the smoothing effects of the moving averages which equates to less false buy and sell signals. A comparison of the two stochastics, fast and slow, is shown below in the chart of the Nasdaq 100 ETF (QQQQ):

Stochastic Fast & Slow Daily chart - Nasdaq 100 ETF

As will be shown on the next page, Stochastics offer clear buy and sell signals and help in determining overbought or oversold price conditions.

Stochastic Buy & Sell Signals

Stochastics Buy Signal When the Stochastic is below the 20 oversold line and the %K line crosses over the %D line, buy. Stochastics Sell Signal When the Stochastic is above the 80 overbought line and the %K line crosses below the %D line, sell. Stochastic Fast buy and sell signals are illustrated below in the chart of the E-mini S&P 500 Future:

Stochastic Fast :- Daily Chart E- mini S&P 500 Future ( ES )

Stochastic Slow is presented below in the chart of the E-mini Russell 2000 Futures contract. Notice how much smoother the %K and %D lines are and how many fewer false signals were given by the Stochastic Slow than were given by the Stochastic Fast indicator.

Stochastic Slow :- Daily Chart E- mini Russel 2000 Future ( ER2 )

In addition to giving clear buy and sell signals, the Stochastic technical analysis indicator is also helpful in detecting price divergences and confirming trend.

4. Stochastic Price Divergences

Stochastics can be used to confirm price trend. In the example below of the Nasdaq 100 ETF (QQQQ), the Stochastic indicator spent most of its time in the overbought area. When Stochastics get stuck in the overbought area, like at the very right of the chart, this is a sign of a strong bullish run. Signals to sellshort would be ignored; however, before the signal not to short was given, many losses unfortunately would have accrued from failed shorting attempts on the left half of the chart.

Stochastic Fast & Slow Daily chart - Nasdaq 100 ETF

A powerful and more common occurence is Stochastic divergences. The chart below of Gold futures illustrates Stochastic divergences and confirmations:

Stochastic Slow Daily chart 100 OZ GOLD ( ZG )

Low 1 to Low 2 The Stochastic Slow confirmed the upward movement of gold futures prices by making a higher low. High 1 to High 2 Gold futures rallied to make a higher high; however, the Stochastic Slow indicator failed to make a higher high, instead it made a lower high. This divergence coupled with a trendline break in the price of gold would be a strong warning to futures traders that the recent rally had probably ended and any long futures positions should be exited or at least scaled back. Low 3 to Low 4 Gold prices continued its downward tumble, making a lower low at Low 4. On the other hand, the Stochastic Slow indicator was signaling a higher low. This bullish divergence would have warned traders to exit their shortsells, the price of gold had a strong potential of bottoming.

Option Strategies Most Popular Option Strategy Articles

• • •

Call Option - If bullish, buy call options to maximize leverage and minimize risk to the downside. Put Option - Puts are a risk defined alternative to shorting stock, puts max leverage and minimize risk Bull Call Spread - A risk defined and reward defined alternative to buying call options. Bear Put Spread - A cheaper alternative to buying put options outright, however, defines max reward.

Candlestick Patterns Most Popular Candlestick Chart Pattern Articles • • • •

Candlestick Basics - If the closing price is above the opening price, then candlestick is bullish. Doji - A doji formation is a sign of indecision, neither bulls nor bears can take control. Bearish Engulfing - When new highs are rejected and the bears push prices below yesterday's low. Bullish Engulfing - When new lows are rejected and bulls push prices above yesterday's high.

O Online Trading Concept

Candlestick Basics

Candlestick charts are an effective way of visualizing price movements. There are two basic candlesticks: • •

Bullish Candle: When the close is higher than the open (usually green or white) Bearish Candle: When the close is lower than the open (usually red or black)

Candlestick Parts There are three main parts to a candlestick:

1) Upper Shadow: The vertical line between the high of the day and the close (bullish candle) or open (bearish candle)

2) Real Body: The difference between the open and close; colored portion of the candlestick

3) Lower Shadow: The vertical line between the low of the day and the open (bullish candle) or close (bearish candle)

Candlestick Patterns The power of Candlestick Charts is with multiple candlesticks forming reversal and continuation patterns. OnlineTradingConcepts.com has many detailed explanations of these candlestick patterns; the links are given below:

• • • • • • • •

Bullish Engulfing Pattern Bearish Engulfing Pattern Dark Cloud Cover Doji Dragonfly Doji Evening Star Gravestone Doji Hammer

• •

Hanging Man Harami

• • • • • •

Inverted Hammer Morning Star Piercing Pattern Shooting Star Tweezer Tops & Bottoms Windows

Doji

The Doji is a powerful Candlestick formation, signifying indecision between bulls and bears. A Doji is quite often found at the bottom and top of trends and thus is considered as a sign of possible reversal of price direction, but the Doji can be viewed as a continuation pattern as well.

A Doji is formed when the opening price and the closing price are equal. A long-legged Doji, often called a "Rickshaw Man" is the same as a Doji, except the upper and lower shadows are much longer than the regular Doji formation. The creation of the Doji pattern illustrates why the Doji represents such indecision. After the open, bulls push prices higher only for prices to be rejected and pushed lower by the bears. However, bears are unable to keep prices lower, and bulls then push prices back to the opening price. Of course, a Doji could be formed by prices moving lower first and then higher second, nevertheless, either way, the market closes back where the day started. The chart below of General Electric (GE) stock shows two examples of Doji's:

DOJI : - Daily Chart General Electric ( GE )

In a Doji pattern, the market explores its options both upward and downward, but cannot commit either way. After a long uptrend, this indecision manifest by the Doji could be viewed as a time to exit one's position, or at least scale back. Similarly, after a long downtrend, like the one shown above of General Electric stock, reducing one's position size or exiting completely could be an intelligent move. It is important to emphasize that the Doji pattern does not mean reversal, it means indecision. Doji's are often found during periods of resting after a significant move higher or lower; the market, after resting, then continues on its way. Nevertheless, a Doji pattern is a great sign that a prior trend is losing its strength, and taking some profits might be well advised.

• • • • • • • • • • •

stick Patterns Candlestick Basics Bearish Engulfing Bullish Engulfing Dark Cloud Cover Hammer Hanging Man Inverted Hammer Morning Star Piercing Pattern Shooting Star

Gravestone Doji The Gravestone Doji is a significant bearish reversal candlestick pattern that mainly occurs at the top of uptrends.

The Gravestone Doji is created when the open, low, and close are the same or about the same price (Where the open, low, and close are exactly the same price is quite rare). The most important part of the Graveston Doji is the long upper shadow. The long upper shadow is generally interpreted by technicians as meaning that the market is testing to find where supply and potential resistance is located. The construction of the Gravestone Doji pattern occurs when bulls are able to press prices upward. However, an area of resistance is found at the high of the day and selling pressure is able to push prices back down to the opening price. Therefore, the bullish advance upward was entirely rejected by the bears.

Gravestone Doji Example The chart below of Altria (MO) stock illustrates a Gravestone Doji that occured at the top of an uptrend:

Gravestone Doji Daily Chart Altria ( MO )

In the chart above of Altria (MO) stock, the market began the day testing to find where support would enter the market. Altria eventually found resistance at the high of the day, and subsequently fell back to the opening's price. The Gravestone Doji is an extremely helpful Candlestick reversal pattern to help traders visually see where resistance and supply is likely located. After an uptrend, the Gravestone Doji can signal to traders that the uptrend could be over and that long positions should probably be exited. But other indicators should be used in conjunction with the Gravestone Doji pattern to determine an actual sell signal. A potential trigger could be a break of the upward trendline support.

Evening Star

The Evening Star Pattern is a bearish reversal pattern, usually occuring at the top of an uptrend. The pattern consists of three candlesticks:

• • •

Large Bullish Candle (Day 1) Small Bullish or Bearish Candle (Day 2) Large Bearish Candle (Day 3)

The first part of an Evening Star reversal pattern is a large bullish green candle. On the first day, bulls are definitely in charge, usually new highs were made. The second day begins with a bullish gap up. It is clear from the opening of Day 2 that bulls are in control. However, bulls do not push prices much higher. The candlestick on Day 2 is quite small and can be bullish, bearish, or neutral (i.e. Doji). Generally speaking, a bearish candle on Day 2 is a stronger sign of an impending reversal. But it is Day 3 that is the most significant candlestick. Day 3 begins with a gap down, (a bearish signal) and bears are able to press prices even further downward, often eliminating the gains seen on Day 1.

Evening Star Candlestick Chart Example The chart below of Exxon-Mobil (XOM) stock shows an example a Evening Star bearish reversal pattern that occured at the end of an uptrend:

Evening Star Pattern

Daily Chart : - Exxon – Mobil ( XOM )

Day 1 of the Evening Star pattern for Exxon-Mobil (XOM) stock above was a strong bullish candle, in fact it was so strong that the close was the same as the high (very bullish sign). Day 2 continued Day 1's bullish sentiment by gapping up. However, Day 2 was a Doji, which is a candlestick signifying indecision. Bulls were unable to continue the large rally of the previous day; they were only able to close slightly higher than the open. Day 3 began with a bearish gap down. In fact, bears took hold of Exxon-Mobil stock the entire day, the open was the same as the high and the close was the same as the low (a sign of very bearish sentiment). Also, Day 3 powerfully broke below the upward trendline that had served as support for XOM for the past week. Both the trendline break and the classic Evening Star pattern gave traders a signal to sell short Exxon-Mobil stock. The Evening Star pattern is a very powerful three candlestick bearish reversal pattern. The bullish equivalent of the Evening Star is the Morning Star pattern

Online Trading Concepts Morning Star

The Morning Star Pattern is a bearish reversal pattern, usually occuring at the bottom of a downtrend. The pattern consists of three candlesticks:

• • •

Large Bearish Candle (Day 1) Small Bullish or Bearish Candle (Day 2) Large Bullish Candle (Day 3)

The first part of a Morning Star reversal pattern is a large bearish red candle. On the first day, bears are definitely in charge, usually making new lows. The second day begins with a bearish gap down. It is clear from the opening of Day 2 that bears are in control. However, bears do not push prices much lower. The candlestick on Day 2 is quite small and can be bullish, bearish, or neutral (i.e. Doji). Generally speaking, a bullish candle on Day 2 is a stronger sign of an impending reversal. But it is Day 3 that holds the most significance. Day 3 begins with a bullish gap up, and bulls are able to press prices even further upward, often eliminating the losses seen on Day 1.

Morning Star Candlestick Chart Example The chart below of the S&P 400 Midcap exchange traded fund (MDY) shows an example a Morning Star bullish reversal pattern that occured at the end of a downtrend:

Morning Star Pattern Dialy Chart S&P Midcap 400 Depository Receipts ( MDY )

Day 1 of the Morning Star pattern for the Midcap 400 (MDY) chart above was a strong bearish red candle. Day 2 continued Day 1's bearish sentiment by gapping down. However, Day 2 was a Doji, which is a candlestick signifying indecision. Bears were unable to continue the large decreases of the previous day; they were only able to close slightly lower than the open. Day 3 began with a bullish gap up. The bulls then took hold of the Midcap 400 exchange traded fund for the entire day. Also, Day 3 broke above the downward trendline that had served as resistance for MDY for the past week and a half. Both the trendline break and the classic Morning Star pattern gave traders a signal to go long and buy the Midcap 400 exchange traded fund. The Morning Star pattern is a very powerful three candlestick bullish reversal pattern. The bearish equivalent of the Morning Star is the Evening Star pattern (see: Evening Star).

Bearish Engulfing Pattern The Bearish Engulfing Candlestick Pattern is a bearish reversal pattern, usually occuring at the top of an uptrend. The pattern consists of two Candlesticks:

• •

Smaller Bullish Candle (Day 1) Larger Bearish Candle (Day 2)

Generally, the bullish candle real body of Day 1 is contained within the real body of the bearish candle of Day 2. The market gaps up (bullish sign) on Day 2; but, the bulls do not push very far higher before bears take over and push prices further down, not only filling in the gap down from the morning's open but also pushing prices below the previous day's open. With the Bullish Engulfing Pattern, there is an incredible change of sentiment from the bullish gap up at the open, to the large bearish real body candle that closed at the lows of the day. Bears have successfully overtaken bulls for the day and possibly for the next few periods. The chart below of Verizon (VZ) stock shows an example two Bearish Engulfing Patterns occuring at the end of uptrends:

Bearish Engulfing Pattern Daily Chart – Verizon ( VZ )

Bearish Engulfing Sell Signal Three methodologies for selling using the Bearish Engulfing Pattern are listed below in order of most aggressive to most conservative: 1. 2.

3.

Sell at the close of Day 2. An even stronger indication to sell is given when there is a substantial increase in volume that accompanies the large move downward in price Sell on the day after the Bearish Engulfing Pattern occurs; by waiting until the next day to sell, a trader is making sure that the bearish reversal pattern is for real and was not just a one day occurance. In the chart above of Verizon, a trader would probably entered on the day after the Bearish Engulfing Pattern because the selling continued. Usually trader's wait for other signals, such as a price break below the upward support line , before entering a sell order. However, in the case of Verizon above, the Bearish Engulfing Pattern occured at the same time as the trendline break below support.

Bullish Engulfing Pattern The Bullish Engulfing Candlestick Pattern is a bullish reversal pattern, usually occuring at the bottom of a downtrend. The pattern consists of two Candlesticks:

• •

Smaller Bearish Candle (Day 1) Larger Bullish Candle (Day 2)

The bearish candle real body of Day 1 is usually contained within the real body of the bullish candle of Day 2. On Day 2, the market gaps down; however, the bears do not get very far before bulls take over and push prices higher, filling in the gap down from the morning's open and pushing prices past the previous day's open. The power of the Bullish Engulfing Pattern comes from the incredible change of sentiment from a bearish gap down in the morning, to a large bullish real body candle that closes at the highs of the day. Bears have overstayed their welcome and bulls have taken control of the market. The chart below of the S&P 500 Depository Receipts Exchange Traded Fund (SPY) shows an example of a Bullish Engulfing Pattern occuring at the end of a downtrend:

Bullish Engulfing Pattern Daily Chart - S & P depository ETF

Bullish Engulfing Buy Signal There are three main times to buy using the Bullish Engulfing Pattern; the buy signals that are presented below are ordered from the most aggressive to most conservative:

1. Buy at the close of Day 2 when prices rallied upwards from the gap down in the

2.

3.

morning. A strong indication that the rally on Day 2 was significant and truly a reversal of market sentiment, is if there was a substantial increase in volume that accompanied the large move upward in price (see: Volume). Buy on the day after the Bullish Engulfing Pattern occurs; by waiting until the next day to buy, a trader is making sure that the bullish reversal and enthusiasm of the prior day is continuing and was not just a one day occurance like a short covering rally. In the chart above of the SPY's, a trader would likely not enter the market long on the day after the Bullish Engulfing Pattern because the market gapped down significantly and even made new lows. A trader using methodology #2, would likely wait for a more concrete buy signals such as the one presented in method #3 next. After a trader sees the Bullish Engulfing Pattern, the trader would wait for another signal, mainly a price break above the downward resistance line (see: Support & Resistance), before entering a buy order.

Chart Patterns

Double Bottom - Buy after a breakout of upside resistance, uses support & resistance concepts. Head & Shoulders - Sell after prices fall below support created by left shoulder and head. Flag - Continuation pattern, buy a breakout above consolidation or sell a breakout below support.

Support & Resistance - Buy at support and sell at resistance; if support or resistance is broken through, buy in direction of move.

Support and Resistance Support and Resistance is one of the most important and fundamental part of technical analysis:

• •

Support: Prices should rise after touching support. Resistance: Prices should fall after hitting resistance.

An example of price respecting support and resistance lines is given next in the chart of the Semiconductor HOLDRS (SMH):

Support and Resistance Daily Chart - semiconductor Holdrs ( SMH )

When support and resistance has been firmly established: Buy Signal - Price touches support

Buy Signal Buy when price touches the support line

Sell Signal Sell when price touches the resistance line.

Breaking Support & Resistance Another fundamental concept of support and resistance is listed next and is shown in the chart below of Alcoa (AA) stock:

• •

If price breaks below support, then that support level becomes the new resistance level. If price breaks above support, then that resistance level becomes the new support level.

Support and Resistance Daily Chart - Alcoa ( AA )

Support and Resistance are basic yet vitally important technical analysis tools. On every time frame, intra-day, daily, weekly, and monthly, Support and Resistance levels are respected by traders. Knowledge of these levels helps keep a trader on the correct side of the market, thus helping the trader profit.

Income Statement

(Sep '08)

(Mar '08) Quarterly

Net Sales Other Income PBDIT Net Profit

Balance Sheet Annual Total Share Capital

344.67

746.13

2535.37 Net Worth

3593.71

60.64

463.46 Total Debt

21542.90

455.26

1707.35

47.87

293.93

•

Profit & Loss

•

Quarterly Results

•

Half Yearly Results

•

Key Financial Ratios

Net Block

210.25

Investments

9141.99

Net Current Assets

12682.30

Total Assets

28312.36

•

Balance Sheet

•

Half Yearly Results

Profit & Loss account

• •

Quarterly Results Key Financial

------------------- in Rs. Cr. ------------------Mar '04

Mar '05

Mar '06

Mar '07

Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

288.42

420.30

694.02

1,354.10

2,535.36

Other Income

97.46

132.13

237.33

287.83

310.48

Total Income

385.88

552.43

931.35

1,641.93

2,845.84

117.83

194.82

339.09

699.24

1,309.56

Employee Cost

44.14

85.13

171.39

292.98

519.23

Selling and Admin Expenses

65.52

103.78

142.87

286.82

326.66

Depreciation

16.05

23.46

29.60

34.74

50.86

Miscellaneous Expenses

63.61

60.36

130.17

186.79

345.60

0.00

0.00

0.00

0.00

0.00

144.60

240.26

399.02

696.06

999.25

44.72

32.47

75.01

105.27

243.10

307.15

467.55

813.12

1,500.57

2,551.91

Mar '04

Mar '05

Mar '06

Mar '07

Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

Net Profit for the Year

78.73

84.89

118.23

141.37

293.93

Extraordionary Items

0.00

0.00

0.00

0.00

0.00

Income Interest Earned

Expenditure Interest expended

Preoperative Exp Capitalised Operating Expenses Provisions & Contingencies Total Expenses

Profit brought forward

157.83

182.04

194.42

503.12

354.18

Total

236.56

266.93

312.65

644.49

648.11

0.00

0.00

0.00

0.00

0.00

14.29

15.42

19.46

22.86

25.87

1.83

2.20

2.73

3.88

4.40

Earning Per Share (Rs)

13.22

6.88

3.82

4.33

8.53

Equity Dividend (%)

24.00

12.50

6.00

7.00

7.50

101.85

61.38

27.95

50.95

104.26

30.40

50.65

1.10

39.55

74.98

8.00

4.24

3.00

224.02

14.70

16.12

17.62

22.19

26.74

30.27

Balance c/f to Balance Sheet

182.04

194.42

286.36

354.18

528.17

Total

236.56

266.93

312.65

644.49

648.12

Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised)

Book Value (Rs) Appropriations Transfer to Statutory Reserves Transfer to Other Reserves Proposed Dividend/Transfer to Govt

Source : Asian CERC

Balance Sheet

------------------- in Rs. Cr. ------------------Mar '04

Mar '05

Mar '06

Mar '07

Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

Total Share Capital

59.53

123.32

309.29

326.16

344.67

Equity Share Capital

59.53

123.32

309.29

326.16

344.67

Share Application Money

0.00

0.00

0.00

0.00

0.00

Preference Share Capital

0.00

0.00

0.00

0.00

0.00

546.78

633.61

555.30

1,335.77

3,249.04

0.00

0.00

0.00

0.00

0.00

606.31

756.93

864.59

1,661.93

3,593.71

4,459.34

4,299.54

6,565.92

11,000.09

16,423.65

511.63

985.51

1,609.23

5,099.75

5,119.25

4,970.97

5,285.05

8,175.15

16,099.84

21,542.90

239.68

470.89

1,135.38

2,153.65

3,175.75

5,816.96

6,512.87

10,175.12

19,915.42

28,312.36

Mar '04

Mar '05

Mar '06

Mar '07

Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

126.85

238.73

418.80

751.22

1,710.29

Capital and Liabilities:

Reserves Revaluation Reserves Net Worth Deposits Borrowings Total Debt Other Liabilities & Provisions Total Liabilities

Assets Cash & Balances with RBI

Balance with Banks, Money at Call

551.57

181.66

173.71

544.75

439.18

Advances

2,097.02

4,017.14

6,348.54

10,924.07

15,552.22

Investments

2,882.77

1,826.97

2,855.53

6,861.96

9,141.99

Gross Block

134.46

168.57

205.28

273.57

391.42

Accumulated Depreciation

49.20

71.47

100.05

132.48

181.17

Net Block

85.26

97.10

105.23

141.09

210.25

0.00

0.00

0.00

0.00

0.00

73.48

151.26

273.31

692.33

1,258.43

5,816.95

6,512.86

10,175.12

19,915.42

28,312.36

925.81

3,593.29

3,836.39

4,049.54

7,172.79

Bills for collection

12.68

48.33

298.97

502.31

826.55

Book Value (Rs)

101.85

61.38

27.95

50.95

104.26

Capital Work In Progress Other Assets Total Assets Contingent Liabilities

Source : Asian CERC

Quarterly Results

------------------- in Rs. Cr. ------------------Sep '07

Dec '07

Mar '08

Jun '08

Sep '08

Sales Turnover

591.82

682.65

763.67

712.47

746.13

Other Income

122.35

204.54

39.35

83.13

60.64

Total Income

714.16

887.19

803.02

795.59

806.77

Total Expenses

297.48

410.73

348.55

353.71

351.51

Operating Profit

294.34

271.92

415.12

358.76

394.62

Profit On Sale Of Assets

--

--

--

--

--

Profit On Sale Of Investments

--

--

--

--

--

Gain/Loss On Foreign Exchange

--

--

--

--

--

VRS Adjustment

--

--

--

--

--

Other Extraordinary Income/Expenses

--

--

--

--

--

Total Extraordinary Income/Expenses

--

--

--

--

--

Tax On Extraordinary Items

--

--

--

--

--

Net Extra Ordinary Income/Expenses

--

--

--

--

--

Gross Profit

416.69

476.46

454.47

441.89

455.26

Interest

308.42

335.21

372.89

360.00

380.59

PBDT

108.27

141.25

81.59

81.88

74.68

Depreciation

--

--

--

--

--

Depreciation On Revaluation Of Assets

--

--

--

--

--

PBT

108.27

141.25

81.59

81.88

74.68

Tax

32.89

39.58

12.38

27.35

26.81

Net Profit

75.38

101.67

69.21

54.53

47.87

Prior Years Income/Expenses

--

--

--

--

--

Depreciation for Previous Years Written Back/ Provided

--

--

--

--

--

Dividend

--

--

--

--

--

Dividend Tax

--

--

--

--

--

Dividend (%)

--

--

--

--

--

2.31

2.95

2.01

1.58

1.39

--

--

--

--

--

326.95

344.21

344.67

345.05

345.34

--

--

3,190.82

--

--

10.00

10.00

10.00

10.00

10.00

Earnings Per Share Book Value Equity Reserves Face Value

Source : Asian CERC Quarterly Results

------------------- in Rs. Cr. ------------------Sep '08

Sep '07

Dec '07 Mar '08Jun '08

ales Turnover

591.82

682.65

763.67 712.47 746.13

ther Income

122.35

204.54

39.35 83.13 60.64

otal Income

714.16

887.19

803.02 795.59 806.77

otal Expenses

297.48

410.73

348.55 353.71 351.51

perating Profit

294.34

271.92

415.12 358.76 394.62

rofit On Sale Of Assets

--

--

--

--

--

rofit On Sale Of Investments

--

--

--

--

--

--

--

--

--

--

RS Adjustment

--

--

--

--

--

ther Extraordinary Income/Expenses

--

--

--

--

--

otal Extraordinary Income/Expenses

--

--

--

--

--

ax On Extraordinary Items

--

--

--

--

--

et Extra Ordinary Income/Expenses

--

--

--

--

--

ross Profit

416.69

476.46

454.47 441.89 455.26

terest

308.42

335.21

372.89 360.00 380.59

BDT

108.27

141.25

81.59 81.88 74.68

epreciation

--

--

--

--

--

epreciation On Revaluation Of Assets

--

--

--

--

--

BT

108.27

141.25

81.59 81.88 74.68

ax

32.89

39.58

12.38 27.35 26.81

et Profit

75.38

101.67

69.21 54.53 47.87

--

--

Gain/Loss On Foreign Exchange

rior Years Income/Expenses

--

--

--

epreciation for Previous Years Written Back/ Provided

--

--

--

--

--

vidend

--

--

--

--

--

vidend Tax

--

--

--

--

--

vidend (%)

--

--

--

--

--

2.31

2.95

2.01

1.58

1.39

--

--

--

--

--

326.95

344.21

arnings Per Share

ook Value

quity

eserves

--

ace Value

10.00

-- 3,190.82 10.00

ource : Asian CERC

Series

Date

Prev Close

Open Price

High Price Low Price Last Price

Close Price

Average Price

Total Traded Quantity

344.67 345.05 345.34

Turnover in Lacs

EQ

03-Sep2007

706.85

719.50

729.00

707.00

723.55

724.15

720.88

770346

5,553.29

EQ

04-Sep2007

724.15

777.00

777.00

720.10

726.05

730.10

731.69

714624

5,228.81

EQ

05-Sep2007

730.10

705.15

737.00

705.15

715.00

717.70

723.22

355274

2,569.43

EQ

06-Sep2007

717.70

651.65

735.00

651.65

733.00

732.50

728.53

460914

3,357.88

EQ

07-Sep2007

732.50

738.00

739.90

715.60

719.00

717.90

726.70

320417

2,328.46

EQ

10-Sep2007

717.90

703.65

750.00

703.65

748.00

748.00

736.68

725574

5,345.19

EQ

11-Sep2007

748.00

751.00

760.95

736.10

738.15

738.55

748.79

870543

6,518.51

EQ

12-Sep2007

738.55

744.75

756.35

744.00

750.10

748.55

749.56

540374

4,050.45

EQ

13-Sep2007

748.55

754.00

777.00

748.00

773.50

774.05

762.56

1093513

8,338.74

EQ

14-Sep2007

774.05

783.00

792.00

768.00

781.00

772.15

781.63

1022022

7,988.39

EQ

17-Sep2007

772.15

760.00

803.90

760.00

795.00

797.75

787.33

737686

5,807.99

--

--

10.00 10.00 10.00

EQ

18-Sep2007

797.75

773.40

820.50

714.40

816.00

816.25

808.74

EQ

19-Sep2007

816.25

830.00

849.50

828.90

839.10

837.60

839.95

748204

6,284.56

EQ

20-Sep2007

837.60

847.50

865.90

833.35

854.95

853.55

853.24

868688

7,411.97

EQ

21-Sep2007

853.55

835.50

876.70

835.50

870.00

869.05

868.74

659038

5,725.31

EQ

24-Sep2007

869.05

869.05

897.90

868.10

891.00

890.40

883.16

523446

4,622.87

EQ

25-Sep2007

890.40

890.00

899.50

860.35

891.00

888.80

880.02

576483

5,073.16

EQ

26-Sep2007

888.80

881.00

932.80

870.15

923.00

912.10

909.97

960576

8,740.92

EQ

27-Sep2007

912.10

930.00

938.00

883.05

895.75

893.05

907.58

1019684

9,254.43

EQ

28-Sep2007

893.05

895.00

927.00

895.00

926.00

922.20

915.90

558461

5,114.93

EQ 01-Oct-2007

922.20

925.00

950.00

915.15

944.15

945.25

937.02

764631

7,164.77

EQ 03-Oct-2007

945.25

948.00

998.00

915.15

996.75

988.35

970.82

EQ 04-Oct-2007

988.35

992.00

1,012.70

980.00

997.00

1,001.30

997.06

665826

6,638.69

EQ 05-Oct-2007

1,001.30

961.20

1,009.80

947.50

953.00

957.60

974.98

573152

5,588.14

EQ 08-Oct-2007

957.60

967.00

988.90

884.00

915.00

911.80

916.50

882673

8,089.71

EQ 09-Oct-2007

911.80

915.15

976.00

892.70

972.05

972.30

951.77

752123

7,158.51

EQ 10-Oct-2007

972.30

980.00

991.00

954.00

976.05

978.95

976.32

538257

5,255.12

EQ 11-Oct-2007

978.95

976.00

999.90

962.65

987.00

985.85

984.69

292647

2,881.68

EQ 12-Oct-2007

985.85

971.45

988.20

956.00

968.00

965.10

975.66

300604

2,932.88

EQ 15-Oct-2007

965.10

984.10

1,009.00

971.00

998.00

996.20

988.32

479846

4,742.41

EQ 16-Oct-2007

996.20

998.00

1,034.00

971.55

993.50

999.35 1,002.83

647386

6,492.20

1245320 10,071.46

1257017 12,203.39

EQ 17-Oct-2007

999.35

940.00

959.75

808.00

926.70

933.75

930.55

750463

6,983.42

EQ 18-Oct-2007

933.75

939.75

982.00

895.00

900.00

909.15

946.85

698080

6,609.75

EQ 19-Oct-2007

909.15

900.00

910.00

801.00

832.15

830.80

847.06

828917

7,021.40

EQ 22-Oct-2007

830.80

831.10

858.95

810.00

839.00

838.95

836.76

786399

6,580.30

EQ 23-Oct-2007

838.95

900.00

959.95

845.00

950.50

951.30

925.05

1065376

9,855.27

EQ 24-Oct-2007

951.30

970.00

987.70

948.00

958.20

959.05

967.66

734376

7,106.23

EQ 25-Oct-2007

959.05

969.00

1,005.00

951.00

974.00

972.95

980.09

1484402 14,548.50

EQ 26-Oct-2007

972.95

996.00

1,052.90

982.10

1,028.00

1,027.05 1,022.91

1280074 13,094.01

EQ 29-Oct-2007

1,027.05

1,050.00

1,067.90 1,028.00

1,039.00

1,042.20 1,047.17

575662

6,028.14

EQ 30-Oct-2007

1,042.20

1,036.00

1,058.00 1,002.00

1,012.45

1,013.20 1,029.10

738869

7,603.69

EQ 31-Oct-2007

1,013.20

1,017.00

1,037.00

991.00

1,000.05

1,000.85 1,015.27

536346

5,445.35

EQ

01-Nov2007

1,000.85

1,016.00

1,043.00

991.00

999.00

999.35 1,010.82

538268

5,440.95

EQ

02-Nov2007

999.35

975.00

1,017.00

960.00

1,011.00

1,011.80

995.46

289660

2,883.44

EQ

05-Nov2007

1,011.80

1,007.80

1,035.00

975.00

986.00

981.90

999.90

679604

6,795.35

EQ

06-Nov2007

981.90

1,000.00

1,008.70

943.00

960.10

954.05

974.46

474671

4,625.46

EQ

07-Nov2007

954.05

964.70

977.00

925.00

934.80

934.40

945.13

455725

4,307.18

EQ

08-Nov2007

934.40

945.00

989.00

895.00

964.65

966.35

956.37

548043

5,241.31

EQ

09-Nov2007

966.35

979.00

980.00

935.00

941.00

944.20

950.71

54232

515.59

EQ

12-Nov2007

944.20

937.60

948.75

910.20

929.00

934.10

932.55

484890

4,521.84

EQ

13-Nov2007

934.10

940.00

990.00

930.10

983.00

978.35

968.87

497629

4,821.40

EQ

14-Nov2007

978.35

997.00

EQ

15-Nov2007

1,009.25

EQ

16-Nov2007

EQ

1,021.00

986.05

1,007.30

1,009.25 1,005.32

454802

4,572.21

1,005.00

1,099.00 1,002.10

1,060.00

1,061.50 1,049.31

803554

8,431.80

1,061.50

1,090.00

1,114.00 1,001.60

1,096.00

1,091.85 1,094.23

844561

9,241.45

19-Nov2007

1,091.85

1,109.90

1,141.90 1,103.00

1,115.00

1,112.65 1,121.06

958197 10,741.92

EQ

20-Nov2007

1,112.65

1,115.00

1,168.00 1,101.00

1,152.00

1,140.00 1,143.26

773255

8,840.31

EQ

21-Nov2007

1,140.00

1,150.00

1,170.00 1,071.00

1,103.00

1,087.25 1,110.29

600987

6,672.71

EQ

22-Nov2007

1,087.25

1,085.00

1,140.00 1,020.05

1,137.00

1,118.10 1,077.54

783290

8,440.23

EQ

23-Nov2007

1,118.10

1,082.70

1,160.00 1,082.70

1,130.00

1,125.05 1,128.22

669808

7,556.91

EQ

26-Nov2007

1,125.05

1,150.00

1,174.00 1,129.10

1,133.05

1,142.65 1,141.81

417174

4,763.34

EQ

27-Nov2007

1,142.65

1,130.00

1,149.80 1,112.00

1,125.60

1,124.65 1,123.55

359329

4,037.23

EQ

28-Nov2007

1,124.65

1,085.15

1,167.00 1,085.15

1,105.00

1,109.40 1,139.34

556308

6,338.22

EQ

29-Nov2007

1,109.40

1,209.80

1,209.80 1,117.80

1,121.00

1,123.50 1,129.38

617392

6,972.70

EQ

30-Nov2007

1,123.50

1,140.00

1,248.00 1,126.00

1,243.05

1,233.50 1,207.32

EQ

03-Dec2007

1,233.50

1,248.00

1,274.00 1,206.25

1,256.00

1,249.05 1,254.15

587481

7,367.91

EQ

04-Dec2007

1,249.05

1,254.00

1,277.00 1,211.25

1,268.80

1,269.05 1,262.53

525021

6,628.56

EQ

05-Dec2007

1,269.05

1,275.00

1,311.00 1,272.05

1,307.90

1,305.05 1,291.68

486078

6,278.56

EQ

06-Dec2007

1,305.05

1,310.00

1,330.00 1,295.20

1,308.00

1,305.95 1,308.33

372437

4,872.70

1188042 14,343.51

EQ

07-Dec2007

1,305.95

1,310.00

1,315.00 1,254.00

1,286.00

1,294.35 1,274.05

EQ

10-Dec2007

1,294.35

1,335.80

1,335.80 1,241.00

1,313.00

1,309.80 1,296.81

EQ

11-Dec2007

1,309.80

1,399.00

1,399.00 1,308.05

1,317.00

1,318.10 1,320.12

387717

5,118.33

EQ

12-Dec2007

1,318.10

1,300.00

1,324.80 1,297.00

1,310.00

1,311.70 1,310.99

666394

8,736.33

EQ

13-Dec2007

1,311.70

1,315.00

1,325.85 1,282.00

1,300.00

1,300.50 1,310.52

422126

5,532.04

EQ

14-Dec2007

1,300.50

1,251.65

1,308.70 1,251.65

1,262.00

1,263.55 1,283.47

450580

5,783.06

EQ

17-Dec2007

1,263.55

1,301.80

1,301.80 1,140.25

1,185.00

1,162.00 1,201.06

645434

7,752.06

EQ

18-Dec2007

1,162.00

1,155.35

1,245.00 1,112.00

1,151.10

1,144.00 1,145.22

598607

6,855.39

EQ

19-Dec2007

1,144.00

1,189.00

1,189.85 1,090.00

1,140.00

1,123.80 1,140.29

844984

9,635.28

EQ

20-Dec2007

1,123.80

1,150.00

1,178.00 1,124.10

1,165.00

1,164.35 1,161.21

757623

8,797.57

EQ

24-Dec2007

1,164.35

1,170.00

1,204.00 1,161.90

1,197.00

1,195.85 1,177.37

578304

6,808.80

EQ

26-Dec2007

1,195.85

1,200.00

1,260.00 1,199.00

1,256.00

1,255.35 1,235.54

322031

3,978.83

EQ

27-Dec2007

1,255.35

1,260.00

1,295.95 1,231.15

1,242.00

1,239.85 1,248.25

552503

6,896.60

EQ

28-Dec2007

1,239.85

1,250.00

1,301.00 1,220.95

1,284.00

1,291.30 1,270.91

478346

6,079.36

EQ

31-Dec2007

1,291.30

1,339.80

1,339.80 1,261.00

1,300.00

1,296.60 1,291.35

322451

4,163.96

EQ 01-Jan-2008

1,296.60

1,350.00

1,350.00 1,275.00

1,285.00

1,290.90 1,292.58

210980

2,727.08

EQ 02-Jan-2008

1,290.90

1,315.00

1,405.00 1,286.10

1,384.00

1,396.75 1,359.32

764443 10,391.19

EQ 03-Jan-2008

1,396.75

1,409.00

1,409.00 1,338.00

1,356.95

1,347.25 1,363.99

549662

646004

8,230.43

1077122 13,968.21

7,497.31

EQ 04-Jan-2008

1,347.25

1,355.00

1,398.00 1,355.00

1,372.00

1,378.50 1,376.12

413789

5,694.22

EQ 07-Jan-2008

1,378.50

1,350.00

1,438.00 1,323.10

1,391.00

1,387.40 1,393.41

605739

8,440.43

EQ 08-Jan-2008

1,387.40

1,403.50

1,404.90 1,291.40

1,330.15

1,328.15 1,346.48

524820

7,066.59

EQ 09-Jan-2008

1,328.15

1,276.20

1,341.50 1,276.20

1,297.00

1,297.30 1,312.39

672411

8,824.64

EQ 10-Jan-2008

1,297.30

1,304.90

1,338.70 1,245.00

1,247.55

1,252.55 1,301.58

757188

9,855.42

EQ 11-Jan-2008

1,252.55

1,232.00

1,265.00 1,196.05

1,232.20

1,233.65 1,227.16

1192499 14,633.86

EQ 14-Jan-2008

1,233.65

1,233.65

1,286.00 1,215.00

1,277.55

1,280.30 1,265.78

910659 11,526.90

EQ 15-Jan-2008

1,280.30

1,240.15

1,318.00 1,240.15

1,262.95

1,265.20 1,290.40

597359

7,708.34

EQ 16-Jan-2008

1,265.20

1,258.00

1,258.00 1,186.00

1,251.90

1,243.40 1,228.19

779515

9,573.90

EQ 17-Jan-2008

1,243.40

1,257.95

1,288.45 1,220.05

1,265.90

1,262.50 1,251.65

674959

8,448.11

EQ 18-Jan-2008

1,262.50

1,205.65

1,260.00 1,100.00

1,134.00

1,126.60 1,181.73

1001748 11,837.97

EQ 21-Jan-2008

1,126.60

1,120.00

1,139.90

860.00

985.00

963.70 1,022.00

1602273 16,375.24

EQ 22-Jan-2008

963.70

930.00

1,049.70

800.00

999.00

EQ 23-Jan-2008

1,011.30

1,208.80

1,208.80 1,022.00

1,109.80

1,011.30

894.59

2302467 20,597.67

1,103.70 1,066.04

3292822 35,102.69