Index: "Fundamental & Technical Analysis of Automobile Sector"

Fundamental & Technical Analysis of Automobile
Sector
INDEX
1. Executive Summary1 6
2. Company Profile ........7
Profile. 8 -10
Products and Services...11 - 17
3. Overview of Stock Market.......18 - 24
4. Introduction to Fundamental & Technical Analysis........................25 - 38
5. EIC Analysis........39
Economic Analysis...40 - 43
Industry Analysis..44 - 53
Company analysis.54 - 61
6. Technical Analysis...62
Relative Strength Index(RSI)...63 76
Moving Average...77 90
Japanese Candlestick Chart...91 - 92
7. Findings.93 - 95
8. Conclusion.96
9. Suggestions......97
10. Bibliography....98 - 99
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EXECUTIVE SUMMARY
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CHAPTER 1
EXECUTIVE SUMMARY
I. TITLE OF THE PROJECT:
Fundamental & Technical Analysis of Automobile Sector Undertaken at
Geojit Financial Services Ltd.
II. ABOUT THE COMPANY:
Name & Address of the Company: -
Geojit Financial Services Ltd.

Bhavani Arcade, 2nd floor, No. 127-A,
B Block, New Cotton Market
Hubli 580029
III. SCOPE OF THE STUDY:

This study is most important because both fundamental and technical analysis
helps investors in better understanding the markets and gauges the direction in which
their investments might be headed and its utility helps in estimating the future trends of
the stock prices and to make a decent profit out of it.
IV. BACKGROUND OF THE PROJECT:

In the recent past, the bank interest rates have been increased steadily. But the rate
of Inflation has also been increased. There is no big difference between the interest rate
and Inflation rate. Because of inflation, value of money has been decreased and cost of
living has been increased. This has created panic among lower, middle and upper middle
class families who considered keeping their savings in banks as safe as well as
remunerative. So, the invertors are searching for proper investment avenues. Here, an
attempt is made to predict the future movement of scrips. This study helps the investors
to invest in shares.
The stock exchange comes in the secondary market. Stock exchange performs
activities such as trading in share, securities, bonds, mutual fund & commodities. Stock
Broking industry is growing at an enormous rate, as more and more people are attracted
towards stock exchanges with the hope of making profits.
To quote couple of examples, the Automobile industry in India has consistently
registered strong performance. The automobile industry had a growth of 15.4 % during
April-January 2007, with the average annual growth of 10-15% over the last decade or
so. With the incremental investment of $35-40 billion, the growth is expected to double in
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the next 10 years. Consistent growth and dedication have made the Indian automobile
industry the second- largest tractor and two-wheeler manufacturer in the world. It is also
the fifth-largest commercial vehicle manufacturer in the world. The Indian automobile
market is among the largest in Asia.
The Indian automobile industry is going through a phase of rapid change and high
growth. With new projects coming up on a regular basis, the industry is undergoing
technological change. The major players are expanding their plants and focusing on mass
customization, mass production, etc. Nearly every automobile company is investing at a
higher rate than ever before to achieve a high growth trajectory. The overall investment in
the sector has been increasing quite rapidly. It is expected that by the end of 2010 Indian
automobile sector will be investing a huge amount as Rs. 30,000 crores. At present the
industry is enjoying a growth rate of 14-17% per annum, with domestic sales growth at
12.8%. The growth rate is predicted to double by 2015.
V. OBJECTIVES OF THE STUDY:

1) To analyze individual company scrips by considering the factors relating to the
economy, industry and the respective company.
2) To predict investor positions (Buy, sell & hold).
3) To know the future trend of Stock Prices of Tata Motors and Maruti Udyog Ltd. in
capital market.
4) To know which securities to be bought and which securities not to be bought.
5) To know which securities to be sold and which securities not to be sold.
VI. METHODOLOGY:
Primary data is collected through direct interactions with the Branch Manager,
Employees and clients of Geojit Financial Services, Ltd.
The Secondary data is collected from the annual reports of the company, relevant
text books on the subject matter and companys official website.
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TOOLS:
1. Moving Average Method.
2. Relative Strength Index (RSI).
3. Candlestick Charting.
LIMITATIONS OF THE STUDY:

1. The study is limited only to automobile sector and 2 companies
2. I have used only 3 Technical tools to predict the movement of Scrips.
3. Fundamental Analysis is used to analyze only financial performance of the
companies.
4. Only Technical Analysis is used to predict the stock prices of the companies.
FINDINGS OF THE STUDY:
In case of RSI of Maruti Suzuki Scrip, the best time to sell the stock was between 12 th
July 07 to 31st July 07 and 9th October 07 to 18th October 07 since the RSI was above
70 & it had reached its peak level. The best time to buy the stock was between 2 nd Jan
08 to 24th Jan 08 since the RSI was below 30 for these many days.
In case of RSI of Tata Motors, the best time to sell the stock was between 27 th Sep 07
to 4th October 07 and 10th December 07 to 12th December 07 since the RSI was above
70 & it had reached its peak level. The best time to buy the stock was between 8 th
August 07 to 23rd August 07 and 23rd Jan 08 to 24th Jan 08 as well as between 7 th
March to 18th March 08 since the RSI was below 30 for these many days.
The 10 days moving average of Maruti Suzuki scrip, provides a message to the
investor that it is a right time to buy the Stock and, the trend of the Moving Average
line has been decreased, so it is also a right time to buy the stock.
In case of 10 days Moving Average of Tata Motors Ssrip, the actual Stock price is
just below its moving average line. It indicates that investors are becoming
increasingly bullish on the Stock Price of Tata Motors.
In Japanese Candle Stick Chart of Maruti Suzuki Ltd. we can see that the stock price
has been decreased. Simply Share Prices of Maruti Suzuki Ltd is falling down. It
indicates that the investors are becoming more bearish than bullish.
In case of Japanese Candle Stick Chart of Tata Motors, we can observe lot of
volatility in stock price. Both the Bullish and Bearish trends are taking place. The
Bullish trend is following by Bearish Trend
Fundamentally, financial performance of these companies in respect of sales and

profit is good.
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If an investor opts for long term investment then he will earn huge amount of return.
Long term Investment is known to be less risky.
This study may not provide any guidelines to Speculators. It is useful to Long Term
Investors.
Technical analysts evaluate securities by analyzing statistics generated by market

activity, past prices and volume.
One of the most basic and easy to use technical analysis indicators is the moving
average, which shows the average value of a security's price over a period of time.
The most commonly used moving averages are 10 days, 20 days, 30 days, 50 days,
100 days and 200-days moving average..
One of the most important areas for any investor to look when researching a company
is the financial statement. Financial reports are required by law and are published
both quarterly and annually.
Indian Economy is consistently achieving a tremendous growth in these Sectors.
If we consider RSI then almost all the scrips of these companies are lying between 30
and 70. It means an investor should hold the scrips until it reaches 70 to sell and 30 to
buy.
The stock prices always take a correction after a major climb.
Moving average is one of the best methods of predicting future movement of Stock
Price. If we use 200 Day Moving Average for Analysis then volatility of stock will be
less. It gives clear picture of movement of Stock.
CONCLUSION OF THE STUDY:

As we all know India is one of the fastest growing economies in the world. India
is consistently achieving growth in automobile sector. The automotive industry is
witnessing tremendous and unprecedented changes these days. On a global scale, the
assets of the top ten automotive corporations accounts for 28% of the assets of the
worlds top 50 companies, 29% of their employment and 30% of their total sales.
The Indian automobile industry is going through a technological change where
each firm is engaged in changing its processes and technologies to sustain the
competitive advantage and provide customers with the optimized products and services.
The automobile industry had a growth of 15.4 % during April-January 2007, with
the average annual growth of 10-15% over the last decade or so. With the incremental
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investment of $35-40 billion, the growth is expected to double in the next 10 years.
Consistent growth and dedication have made the Indian automobile industry the
second- largest tractor and two-wheeler manufacturer in the world. It is also the fifthlargest commercial vehicle manufacturer in the world. The Indian automobile market is
among the largest in Asia.
The Ministry of Heavy Industries has released the Automotive Plan 2006-2016,
with the motive of making India the most popular manufacturing hub for automobiles and
its components in Asia. The plan focuses on the removal of all the bottlenecks that are
inhibiting its growth in the domestic as well as international arena.
With comparatively higher rate of economic growth rate index against that of
great global powers, India has become a hub of domestic and exports business. The
automobile sector has been contributing its share to the shining economic performance of
India in the recent years.
customization, mass production, etc
Apart from domestic production, the industry is consistently focusing on the
automobile exports. The auto component segment is contributing a lot in the export arena.
The liberalized policies of the government are now making the companies go for more
and more exports.
Because of these reasons, the shares of automobile industry are performing well
and therefore the share market is attracting people to invest their hard earned money and
find fortune. But lack of knowledge about shares and stock market is making them
cautious of investing in this market. They need to be educated as well as guided to
minimize the risk and to assess the return on their investment.
SUGGESTIONS:
1. Before going to invest, an investor should have clear and adequate knowledge of
capital market.
2. It is better to go for Long term Investment rather than the Short term Investment.
Because it is less risky and also provides sufficient return.
3. The investors should know the value of money.
4. Practically, stock market activities are very risky. So, investors should be careful
while investing.
5. In case of half knowledge about stock market is very dangerous. So, whenever a
person wants to invest in stock market he should take necessary tips from the
experts or Technical Analysts.
6. Investors should also look into global pressure and market movement in order to
look for avenues of investing in different stocks and to take position; some of the
sources for understanding global pressure are CNBC TV18, News Paper,
Economy watch etc.
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COMPANY PROFILE
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CHAPTER 2
PROFILE OF GEOJIT FINANCIAL SERVICES LTD.
Geojit, a joint venture with Kerala State Industrial Development Corporation Ltd.
is a pioneer in the retail financial services sector. Over two decades the company has
grown to offering complete management solutions. Today the company has over Rs.20
billion in assets under its custody.
Geojits shares are listed on the Bombay Stock Exchange. The company is a
member of the National Stock Exchange of India Ltd., the Bombay Stock Exchange and
the National Securities Depository Ltd., and a charter member of the Association of
Financial Planners, India. More than 1000 professionals are operating through over 250
offices across the country provide services to a growing retail investor base of 200,000.
Prominent institutional clients include banks, mutual funds and other institutions such as
UTI and insurance companies.
Geojit has a large pool of certified professionals who plan, execute and manage
customized investment strategies for clientele. Financial literacy programmes are
conducted on a regular basis through the branch network to raise investment awareness.
Early application of innovative technology in the industry led to many national
firsts such as internet trading, electronic securities settlement on the web and an online
integrated trading screen for stocks and derivatives.
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YEAR EVENTS
1988
1994
The company, Geojit Securities Limited (GSL), was a partnership firm, with
two partners Mr. C.J. George and Mr. Ranjit, under the name and style of M/s
Geojit & Company established on 4th November, to act as stock and share
brokers with membership on the Cochin Stock Exchange.
- The company was incorporated as a Public Limited Company on 24 th
November and obtained its Certificate of commencement of business on
25th January 1995.
- The company is at present engaged in the activities of stock and share
broking, underwriting, marketing of initial public offering of companies and
mutual funds, corporate advisory services, investments in shares,
participating in Bought Out Deals, syndication of inter-corporate deposits,
debt, bought-outs etc.
- The company has at present branches at Trichur, Kottayam, Muvattupuzha
and Coimbatore apart from having representative offices at Mumbai.
1995
1996
1998
1999
2000
The company has a subsidiary in the name of Geojit Stock and Shares Limited
(GSSL) to carry on the activities as a Dealer of Over The Counter Exchange of
India.
- The company had made a public issue of equity shares aggregating to
Rs.95/- lakhs, during the period under report which received an
overwhelming support and was oversubscribed over 14 times.
- The Company held 100% of the paid up Capital of Rs.30,00,000/- M/s
Geojit Stock & Shares Ltd., a wholly owned subsidiary of the Company as
at 31st March.
The Company, a joint venture company with Kerala State Industrial
Development Corporation (KSIDC), has announced improved working results
for 1997-98.
- The equity shares of the company are presently listed at five Stock
Exchanges viz., Madras, Ahemedabad, Coimbatore, Delhi and Cochin
- The Company based in Kochi, to set up a full-fledged office in the UAE,
which will not only enable it to deal in Indian shares and securities, but also
help it become a licensed stock broking company in that country.
- Geojit Securities Ltd, a leading retail share broking firm launched Internet
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-
2001
2002
2003
2004
2005
2006
securities trading for the first time in India.

Geojit Securities is a joint venture with Kerala State Industrial Development
Corporation (KSIDC) with branches in 40 cities.
ABN Amro Bank is set to pick up an equity stake in Geojit Securities Ltd
one of the largest stock brokers and depository participant in the country.
The company is planning to introduce multi-bank, multi-DP interfaces to
facilitate and promote Internet trading in the country.Geojit Securities Ltd,
the first company to start online trading services, has signed a MoU with
UTI Bank to enable investors to buy\sell demat stocks through the
company's website.
The Company has signed a deal with Centurion Bank to provide payment
gateway for Internet trading.
The Company launched its online interface with HDFC Bank for Internet
trading.
Geojit Securities Ltd, a leading stock broking company, has decided to issue
bonus shares at 1:1 ratio, to capitalize part of general reserve.
- The Kochi-based retail broking firm, Geojit Securities Ltd., is setting up an

overseas venture jointly with a UAE partner to provide broking and
depository services to NRIs in the Gulf countries.
- Geojit Securities has inked a joint venture (JV) with UAE based brokerage
house Barjeel Shares & Bonds to set up a 20:80 joint venture with an initial
capital of $ 1 million, christened Barjeel Geojit Securities.
- Bonus Shares were issued by the company in the ratio 1:1.
Sheikh Sultan Bin Saud Al Qasimi appointed as Director of Geojit
Securities.
Mr. T Koshy appointed as Director of Geojit Securities with effect from
October 26, 2002
The Company has unveiled a new logo and changed its name to Geojit
Financial Services Ltd, offering a growing range of new and innovative
financial products and services.
- Geojit Securities inks pact with Doha Bank
- UTI Bank, Geojit in pact for trading platform in Qatar
- Delists shares from Cochin Stock Exchange
- Shares of Geojit Securities Ltd delisted from Coimbatore Stock Exchange
from May 21 and Madras Stock Exchange effective May 31
- Geojit Financial Services Ltd in association with Doha Bank launches India
Wealth Management Services for non-resident Indians living in Qatar
Geojit has tied up with global financial investments SAOG, Muscat, in the
Sultanate of Oman
Geojit Financial Services Ltd has informed that the Board of Directors of the
Company at its meeting held on October 22, 2006, has approved the proposal
of the Company to issue and allot to BNP Paribas S.A. (the "Investor"), on a
preferential allotment basis, equity shares, warrants convertible into equity
shares or any combination thereof, such that the total number of equity shares
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issued (whether as equity shares or upon the conversion of the warrants) shall
not exceed 7,96,31,170 equity shares of Re 1, at price of Rs 26 per equity
share, which has been determined in accordance with the applicable laws and
guidelines
PRODUCTS AND SERVICES
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PRODUCTS:
Equity
F & O (Futures and Options)
Margin Trading Funding Scheme
Loan Against Shares
Loan Against Commodity Trading
Depository
Commodity
Portfolio Management Services (PMS)
1) Equity:
Equity/ordinary share capital, as a long-term source of finance, represents
ownership capital/securities and its owners equity-holders/ordinary shareholders
share the reward and risk associated with the ownership of corporate enterprises. A
shareholder can exercise, sell in the market and renounce/forfeit his pre-emptive rights
partially/completely. He does not gain/lose from rights issues. Ordinary share capital is a
high-risk-high-reward source of finance for corporate. The shareholders share the risk,
return and control associated with ownership of companies.
2) F & O (Futures and Options):

The National Stock Exchange and The Stock Exchange, Mumbai have commenced
trading in Derivatives Market with Index Futures being the first instrument. Now both the
exchanges provide trading in Index Futures and Options and Stock Futures and Options.
A derivative is a financial contract, between two or more parties, which is derived
from the future value of an underlying asset. At any point of time there will always be
available near three months contract periods. For e.g. in the month of Jan 2006 one can
enter into Jan, Feb or Mar contracts. The last Thursday of each month is the expiry day
for that months contract. When one contract expires, a new contract is introduced. For
instance, on expiry of Jan 2006 contract, April contract shall get activated.
Currently, settlements of all Derivatives trades are in cash. There is Daily as well as
Final Settlement. As long as the position is open, the same will be marked to Market at
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the Daily Settlement Price, the difference will be credited or debited accordingly and the
position shall be brought forward to the next day at the daily settlement price. Any
position which remains open at the end of the final settlement day (i.e., last Thursday)
shall be closed out by the Exchange at the Final Settlement Price which will be the
closing spot value of the underlying.
There are two types of margins collected on the open position, viz., Initial Margin
which is collected upfront and Mark to Market Margin to be paid on T+1 day. As per
SEBI Guidelines it is mandatory for clients to give margin, failing which the outstanding
positions may be closed out.
There are three types of Members in the Futures and Options Segment:
Trading Members are only eligible to trade, their trades are settled by the Clearing
Members.
Trading cum clearing members are members who are eligible to trade and also settle
trades on their own behalf and also settle on behalf of other trading members.
Professional Clearing Members are members who are only specialized in the clearing
and settlement activities. They do not trade on their own behalf or on behalf of other
members
Self Clearing Members are those who trade and settle only their own trades. Geojit
Financial Services Ltd is trading cum clearing member at NSE.
3) Margin Trading Funding Scheme:

In Marginal Trading, an Investor buys securities by borrowing a portion of the
transaction value and using the securities in the portfolio as collateral. An investor who
purchases securities may pay for the securities fully in cash or may borrow a part of the
transaction value from the brokerage firm.
4) Loan Against Shares:

Geojit Credits Pvt. Ltd., a subsidiary of Geojit Financial Services Ltd, registered
as a Non-Banking Finance Company (NBFC) offers Loans against security of shares. The
facility is available to all customers of Geojit Financial Services Ltd.
Key Features of the Scheme:
1. All securities defined under Group I of NSE are eligible for Loan against Shares
2. Loan is provided against a minimum of two securities and minimum loan amount
is Rs.50000/Babasabpatilfreepptmba.com
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3. Loan up to 50% of the current market value of approved shares.
4. Upper ceiling on quantum of loan shall be as determined by Geojit Credits P Ltd
on a case to case basis
5. Speedy disbursal through RTGS / direct credit to the customers bank account /
cheque
6. Hassle free processing and simple documentation
7. Securities are to be transferred to Geojit Credits Pvt. Ltd
8. Fixed charges of 1.00 % of loan amount is charged upfront and is non refundable.
9. Rate of interest is 14 % p.a. for Loans above Rs 3 lacs and 15% pa for Loans upto
Rs 3 lacs. This is subject to change from time to time. Interest is charged on Daily
Outstanding Balance in Loan account at monthly rests. Interest debited every
month should be repaid by chque/DD payable at Kochi with in 7 days of debit.
10. The credit is provided as an overdraft facility for a period of One year at a time,
renewable by mutual consent.
11. Loan can also be redeemed by instructing Geojit Credits Pvt. Ltd to sell the
securities
12. Loans are re-valued daily
13. Margin calls are made if the value of the securities fall by 10% which can be met
with either by redeeming the loan partially or placing additional securities
14. Securities may be liquidated if the margins are not furnished in case of a fall of
20% value of the securities
5) Loan Against Commodity Trading:

Geojit Credits Pvt. Ltd offers loans against Pledge of Warehouse Receipts for
delivery at Commodity Exchanges.
Key Features of the Scheme
1. Loans against Pledge of Physical and Demat warehouse receipts
2. Loans up to 80% of sale value price contracted for Futures delivery
3. Loans are also considered against Pledge of warehouse receipts without Futures
Sell contract on a case-to-case basis at higher margins ranging from 30% to 50%
of the value
4. Loans available till sale proceeds are realised on settlement from the Commodity
Exchange else upto a maximum of three months
5. Provision to switch between different future contracts (subject to validity of
warehouse receipts)
6. Simple documentation
7. Speedy disbursal of loans through RTGS
6) Depository:
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A depository can be compared to a bank. It holds securities such as shares,

debentures, bonds, government securities, units etc. of investors in electronic form. There
are two depositories in India, The National Securities Depository Limited (NSDL) and
Central Depository Services Limited (CDSL). An individual who desires to avail the
depository services can approach a Depository Participant (DP). Banks, financial
institutions, custodians, brokers or any other entity eligible as per SEBI (Depositories and
Participants) Regulations, 1996 can apply to the Depository to become a Depository
Participant. As on 31st March, 2006 there are 526 Depository Participants in India.
Geojit, is a depository participant of NSDL & CDSL. Investors can open demat
accounts with NSDL & CDSL through Geojit. One can approach the nearest branch of
Geojit for opening an account. Agreement charges (statutory charges) along with Annual
Maintenance Charge (AMC) are collected upfront while opening an account. It takes two
to three days to open a demat account. Upon activation of the demat account, a Welcome
Letter is sent to the customer along with the Delivery Instruction Slip book.
DP facilities offered by Geojit
De-materialization: Consumers can convert their physical shares into electronic

form by surrendering the shares for dematerialization at the Geojit branch.
Re-materialization: Re-materialization enables consumers to convert the

dematerialized shares into physical form.
Repurchase: This facility helps consumers to submit the units of open-ended
Mutual Funds in case of re-purchase.
Pledge: Consumers can pledge securities to avail a loan.
Transfer: Consumers can transfer securities from one demat account to another.
IPOs: In case consumers have applied for an IPO and receive an allotment then
the securities are transferred directly to their demat account. The same applies for
bonus and rights issues.
Commodity De-mat Account: If consumers are a commodity player, they may
need to open a commodity de-mat account with Geojit.
Speed-e: If consumers register for Speed-e services, then transfer instructions can
be placed online over the internet to pre-notified Clearing Members Pool a/c. This
does away with the need to submit a physical delivery instruction slip.
Internet Services: If consumer have access to Internet then they can register with
Geojit to view their demat account over the Internet. This is very beneficial as
consumers can avail of a host of services at no extra cost. They will be able to
view their holdings,reports,ledgers and will have free access to Geojits research
reports at any time.
SMS Alert Facility: The alert messages for debits (transfers) and IPO credits
would be sent to the account holders who have subscribed to this facility.
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Depository provides this facility and no charge is levied on DPs for providing this
service to investors.
7) Commodity:
Geojit Commodities, a subsidiary of Geojit Financial Services Limited, is mainly
engaged in the business of Commody Futures Trading. Geojit Commodities is a member
of:
National Multi Commodity Exchange of India limited (NMCE)

National Commodity & Derivatives Exchange Limited (NCDEX)
Multi Commodity Exchange (MCX)
India Pepper and Spice Trade Association (IPSTA)
Singapore Commodity Exchange (SICOM)
Dubai Gold Commodity Exchange (DGCX).
Geojit provides information on commodity futures, along with technical and

fundamental analysis online at its website and also through the company's large branch
network. The company conducts Seminars, distributes free in-house literature and holds
interactive sessions that help raise awareness on the futures market. The number of
participants is continuously on the rise thus leading to increased volumes and market
efficiency.
Geojit Commodity offers futures trading through multiple exchanges in varied
commodities such as:
Agri commodities: oilseeds, soya, groundnut, pulses, rice, wheat, sugar, spices,
rubber, guar, pepper, cardamom, coffee, etc
Precious metals: gold and silver,
Base metals: steel, aluminium, nickel, zinc, copper, etc
Energy products: crude oil and furnace oil
Geojits clientele in commodities range from investors, co-operative societies, state
and national institutions to dealers, traders, manufacturers, financiers, speculators,
arbitragers,etc.
Geojit does not have proprietary interest in any commodity and therefore is price
neutral. Transaction costs are highly affordable attracting a spectrum of investors.
Membership in multiple exchanges gives clients the added advantage of arbitrage. Geojit
has specialized staff that provide the required guidance, help and enable clients to enter at
the appropriate price.
8) PMS (Portfolio Management Services):
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Geojit, a SEBI registered Portfolio Manager (Reg. No.INP000000316) offers
discretionary portfolio management services. Geojit has a team of experts who carefully
take investment decisions based on the clients' objectives. The Portfolio Management
team has a successful track record of more than 10 years in the capital market. The team
has access to Geojit's strong Equity Research, and Fundamental & Technical Analysis.
Investment Objective: To generate medium to long-term capital growth (2-3 years) by
identifying undervalued stocks and those with growth opportunities from a select list of
well researched stocks.
Strategy: Identifying growth stocks from a select list through extensive research.
Minimum Investment: Rs.10 lakhs for resident Indians and Rs.25 lakhs for NonResident Indians.
Reports: Portfolio and NAV are communicated bi-weekly via e-mail.
Risk factors: As the stocks are normally held for medium to long term, the net asset
value will be affected by market volatility.
PMS fee:
Option 1: 3% p.a. (charged @0.75% at the end of every quarter on the average of
beginning and ending NAV).
Option 2: 1% p.a. (charged @0.25% at the end of every quarter on the average of
beginning and ending NAV) and performance fee.
Performance fee: 20% on gain in NAV over and above 12% p.a. based on the high
watermark concept charged at the end of the year or on withdrawal.
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OVERVIEW OF EQUITY
MARKET
CHAPTER 3
OVERVIEW OF EQUITY MARKET IN INDIA
BSE (Bombay Stock Exchange)
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SENSEX - THE BAROMETER OF INDIAN CAPITAL MARKETS

Introduction:
For the premier Stock Exchange that pioneered the stock broking activity in India,
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.
Since then, the country's capital markets have passed through both good and bad
periods. The journey in the 20th century has not been an easy one. 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.
SENSEX is not only scientifically designed but also based on globally accepted
construction and review methodology. 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 Index was initially calculated based on the "Full Market Capitalization"
methodology but was shifted to the free-float methodology with effect from September 1,
2003. The "Free-float Market Capitalization" methodology of index construction is
regarded as an industry best practice globally. All major index providers like MSCI,
FTSE, STOXX, S&P and Dow Jones use the Free-float methodology.
Due to its wide acceptance amongst the Indian investors, SENSEX is regarded to
be the pulse of the Indian stock market. As the oldest index in the country, it provides the
time series data over a fairly long period of time (From 1979 onwards). Small wonder,
the SENSEX has over the years become one of the most prominent brands in the country.
The growth of equity markets in India has been phenomenal in the decade gone
by. Right from early nineties the stock market witnessed heightened activity in terms of
various bull and bear runs. The SENSEX captured all these events in the most judicial
manner. One can identify the booms and busts of the Indian stock market through
SENSEX.
SENSEX MILESTONES:
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Robust portfolio investments and heavy fund buying lifted the Bombay Stock
Exchange's benchmark 30-share Sensex past the magical 12,000 mark. The Sensex
finally closed at an all-time high of 12,040 points.
This is the fastest 1,000-point gain by the Sensex. It only took 15 trading sessions
for the index to cross from 11,000 to 12,000. Interestingly, the Sensex has taken only 10
months to gain 5,000 points!
The unprecedented Bull Run started on May 6, 2003 when the Sensex was at
3,001.21 level. In took just 67 trading sessions to cross the 4,000-mark and touch
4,026.27 points on August 19, 2003.
The rally continued and the index gained another 1,000 points in 54 trading
sessions to post 5,068.66 points on November 3, 2003.
Thereafter, it pierced through the 6,000 mark on January 2, 2004 in another 43
trading sessions. The market then seemed to pause for breath as it took a whopping 370
trading sessions to cross the 7,000 mark, at 7001.55 on June 20, 2005.
From 7,000-mark, the sentiment turned distinctly firm following good liquidity
that played a significant role to determine the market direction and Sensex crossed 8,000mark in just 55 trading sessions at 8, 060.26 on September 8, 2005 and 54 trading days to
cross 9,000-mark at 9, 005.63 on November 28, 2005.
From 9K to 10K, it took just 48 trading sessions. The index crossed 10,000-mark
on February 6, 2006 at 10,002.83.
From 10K to 11K, it only took 29 trading sessions.
The Bombay Stock Exchange, the oldest stock exchange in Asia, was established
in 1875 as the Native Share and Stock Brokers Association at Dalal Street in Mumbai. A
lot has changed since then when 318 persons became members upon paying Re 1.
In 1956, the BSE obtained permanent recognition from the Government of India
-- the first stock exchange to do so -- under the Securities Contracts (Regulation) Act,
1956.
The Sensex, first compiled in 1986, is a 'Market Capitalization-Weighted' Index of
30 component stocks representing a sample of large and financially sound companies.
The BSE- Sensex is the benchmark index of the Indian capital markets.
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The BSE Sensex comprises these 30 stocks: ACC, Bajaj Auto, Bharti Tele, BHEL,
Cipla, Dr Reddy's, Gujarat Ambuja, Grasim, HDFC, HDFC Bank, Hero Honda,
Hindalco, HLL, ICICI Bank, Infosys, ITC, L&T, Maruti, NTPC, ONGC, Ranbaxy,
Reliance, Reliance Energy, Satyam, SBI, Tata Motors, Tata Power, TCS, Tata Motors and
Wipro. Here's a timeline on the rise and rise of the Sensex through Indian stock market
history.
1000, July 25, 1990- On July 25, 1990, the Sensex touched the magical four-digit
figure for the first time and closed at 1,001 in the wake of a good monsoon and
excellent corporate results.
2000, January 15, 1992 -On January 15, 1992, the Sensex crossed the 2,000-mark
and closed at 2,020 followed by the liberal economic policy initiatives undertaken by
the then finance minister and current Prime Minister Dr Manmohan Singh.
3000, February 29, 1992 -On February 29, 1992, the Sensex surged past the
3000 mark in the wake of the market-friendly Budget announced by the then Finance
Minister, Dr Manmohan Singh.
4000, March 30, 1992 -On March 30, 1992, the Sensex crossed the 4,000-mark
and closed at 4,091 on the expectations of a liberal export-import policy. It was then
that the Harshad Mehta scam hit the markets and Sensex witnessed unabated selling.
5000, October 8, 1999 -On October 8, 1999, the Sensex crossed the 5,000-mark as
the BJP-led coalition won the majority in the 13th Lok Sabha election.
6000, February 11, 2000 -On February 11, 2000, the infotech boom helped the
Sensex to cross the 6,000-mark and hit and all time high of 6,006.
7000, June 20, 2005 -On June 20, 2005, the news of the settlement between the
Ambani brothers boosted investor sentiments and the scrips of RIL, Reliance Energy,
Reliance Capital and IPCL made huge gains. This helped the Sensex crossed 7,000
points for the first time.
8000, September 8, 2005 -On September 8, 2005, the Bombay Stock Exchange's
benchmark 30-share index -- the Sensex -- crossed the 8000 level following brisk
buying by foreign and domestic funds in early trading.
9000, November 28, 2005 -The Sensex on November 28, 2005 crossed the magical
figure of 9000 to touch 9000.32 points during mid-session at the Bombay Stock
Exchange on the back of frantic buying spree by foreign institutional investors and
well supported by local operators as well as retail investors.
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10,000, February 7, 2006 - The Sensex on February 6, 2006 touched 10,003 points
during mid-session. The Sensex finally closed above the 10K-mark on February 7,
2006.
11,000, March 27, 2006 - The Sensex on March 21, 2006 crossed the magical figure
of 11,000 and touched a life-time peak of 11,001 points during mid-session at the
Bombay Stock Exchange for the first time. However, it was on March 27, 2006 that
the Sensex first closed at over 11,000 points.
12,000, April 20, 2006 - The Sensex on April 20, 2006 crossed the magical figure of
12,000 and closed at a lifetime peak of 12,040 points for the first time.
13,000, October 30, 2006- The Sensex had touched the 13,000 level on October 30.
14,000, December 5, 2006- The Bombay Stock Exchange's 30-share benchmark

stock index, the Sensex, crossed the 14,000 mark, Tuesday, December 5, opening
with a bang at 14,028, up 154 points from its previous close, thanks to a freak trade at
the Reliance counter which saw the stock open at Rs. 1,350, up Rs. 90 from the
previous day's close. With the index completing the last 1,000 point journey in just 26
sessions.
15,000, July 6, 2007- The Sensex on July 6, 2007 crossed another milestone and
reached a magic figure of 15,000. it took almost 7 month and 1 day to touch such a
historic milestone.
16,000, September 19, 2007- The Sensex on September 19, 2007 crossed the 16,000
mark and reached a historic peak of 16322 while closing. The bull hits because of the
rate cut of 50 bps in the discount rate by the Fed chief Ben Bernanke in US.
17,000, September 26, 2007- The Sensex on September 26, 2007 crossed the 17,000
mark for the first time, creating a record for the second fastest 1000 point gain in just
5 trading sessions. It failed however to sustain the momentum and closed below
17000. The Sensex closed above 17000 for the first time on the following day.
Reliance group has been the main contributor in this bull run, contributing 256 points.
This also helped Mukesh Ambani's net worth to grow to over $50 billion or Rs.2
trillion. It was also during this record bull run that the Sensex for the first time
zoomed ahead of the Nikkei of Japan.
18,000, October 9, 2007- The Sensex crossed the 18k mark for the first time on
October 9, 2007. The journey from 17k to 18k took just 8 trading sessions which is
the third fastest 1000 point rise in the history of the sensex. The sensex closed at
18,280 at the end of day. This 788 point gain on 9th October was the second biggest
single day absolute gains.
19,000, October 15, 2007- The Sensex crossed the 19k mark for the first time on
October 15th 2007. It took just 4 days to reach from 18k to 19k. This is the fastest
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1000 points rally ever and also the 640 point rally was the second highest single day
rally in absolute terms. This made it a record 3000 point rally in 17 trading sessions
overall.
20,000, October 29, 2007- The Sensex crossed the 20k mark for the first time with a
massive 734.5 point gain but closed below the 20k mark. It took 11 days to reach
from 19k to 20k. The journey of the last 10,000 points was covered in just 869
sessions as against 7,297 sessions taken to touch the 10,000 mark from 1,000 levels.
In 2007 alone, there were six 1,000-point rallies for the Sensex.
21,000, January 8, 2008

NSE (NATIONAL STOCK EXCHANGE)
The Organization:
The National Stock Exchange of India Limited has genesis in the report of the
High Powered Study Group on Establishment of New Stock Exchanges, which
recommended promotion of a National Stock Exchange by financial institutions (FIs) to
provide access to investors from all across the country on an equal footing. Based on the
recommendations, NSE was promoted by leading Financial Institutions at the behest of
the Government of India and was incorporated in November 1992 as a tax-paying
company unlike other stock exchanges in the country.
On its recognition as a stock exchange under the Securities Contracts (Regulation)
Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market
(WDM) segment in June 1994. The Capital Market (Equities) segment commenced
operations in November 1994 and operations in Derivatives segment commenced in June
2000.
NIFTY:
The Nifty is relatively a new comer in the Indian market. S&P CNX Nifty is a 50
stock index accounting for 23 sectors of the economy. It is used for purposes such as
benchmarking fund portfolios; index based derivatives and index funds.
The base period selected for Nifty is the close of prices on November 3, 1995,
which marked the completion of one-year of operations of NSE's capital market segment.
The base value of index was set at 1000.
S&P CNX Nifty is owned and managed by India Index Services and Products
Ltd. (IISL), which is a joint venture between NSE and CRISIL. IISL is a specialized
company focused upon the index as a core product. IISL have a consulting and licensing
agreement with Standard & Poor's (S&P), who are world leaders in index services.
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FUNDAMENTAL & TECHNICAL

ANALYSIS
CHAPTER 4
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FUNDAMENTAL AND TECHNICAL ANALYSIS
FUNDAMENTAL ANALYSIS:
Fundamental analysis is the method of evaluating securities by attempting to
measure the intrinsic value of a particular stock. It is the study of everything from the
overall economy and industry conditions, to the financial condition and management of
specific companies (i.e., using real data to evaluate a stocks value). The method utilizes
items such as revenues, earnings, return on equity and profit margins to determine a
companys underlying value and potential for future growth.
One of the major assumptions under fundamental analysis is that, even though
things get mis priced in the market from time to time, the price of an asset will eventually
gravitate toward its true value. This seems to be a reasonable bet considering the long
upward march of quality stocks in general despite regular setbacks and periods of
irrational exuberance. The key strategy for the fundamentalist is to buy when prices are at
or below this intrinsic value and sell when they got overpriced.
Fundamental analysis for identifying industries with growth potential :
After the objects of investment portfolio in terms of risk and return have been
specified, one of the first decisions that an investment manager faces is to identify the
industries, which have a high growth potential. Two approaches are suggested in this
regard:
a) Statistical analysis of past performance: A statistical analysis of the immediate
past performance of the share price indices of the various industries and changes
therein related to the general price index of shares of all industries should be
made. The Reserve Bank of India index numbers of security prices published
every month in its bulletin may be taken to represent the behavior of share prices
of the various industries in the last few years. The relative changes in the price
index of each industry as compared with the changes in the average price index of
the shares of all industries would show those industries which are having a higher
growth potential in the past few years. It may be noted that an industry may not
remain a growth industry for all the time. The analysis of share price indices over
a number of years will enable the investment manager to identify the industries,
which are rated high by the investors at the time of analysis. By this, one can
perceive industries having a higher growth in their share prices indices and
examine whether the growth potential is still there or not. In other words, the
investment manager shall now have to make an assessment of the various
characteristics of the industries to finalize a list of industries in which he will try
to spread the investments.
b) Assessing the intrinsic value of an industry/company: After an investment
manager has identified statistically the industries in the share of which the
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investors show interest, he would assess the various factors, which influence the
value of a particular share. These factors generally relate to the strengths and
weaknesses of the company under consideration, characteristics of the industry
within which the company falls and the national and international economic
scene. It is the job of the investment manager to examine and weigh the various
factors and judge the quality of the share or the security under consideration. This
approach is known as the intrinsic value approach.
TECHNICAL ANALYSIS:
Technical analysis is the examination of past price movements to forecast future
price movements. Technical analysts are sometimes referred to as chartists because they
rely almost exclusively on charts for their analysis.
Moving Average:
A Moving Average is an indicator that shows the average value of a security's
price over a period of time. When calculating a moving average, a mathematical analysis
of the security's average value over a predetermined time period is made. As the
securities price changes, its average price moves up or down.
There are several popular ways to calculate a moving average. Meta Stock for
Java calculates a "simple" moving average--meaning that equal weight is given to each
price over the calculation period.
Interpretation:
The most popular method of interpreting a moving average is to compare the
relationship between a moving average of the security's price with the security's price
itself. A buy signal is generated when the security's price rises above its moving average
and a sell signal is generated when the security's price falls below its moving average.
This type of moving average trading system is not intended to get you in at the
exact bottom nor out at the exact top. Rather, it is designed to keep you in line with the
security's price trend by buying shortly after the security's price bottoms and selling
shortly after it tops.
The critical element in a moving average is the number of time periods used in
calculating the average. When using hindsight, you can always find a moving average
that would have been profitable. The key is to find a moving average that will be
consistently profitable. The most popular moving average is the 39-week (or 200-day)
moving average. This moving average has an excellent track record in timing the major
(long-term) market cycles.
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Advantages:
The advantage of moving average system of this type (i.e., buying and selling
when prices break through their moving average) is that you will always be on the "right"
side of the market: prices cannot rise very much without the price rising above its average
price. The disadvantage is that you will always buy and sell some late. If the trend does
not last for a significant period of time, typically twice the length of the moving average,
you will lose your money.
Support and Resistance:

Support and resistance represent key junctures where the forces of supply and
demand meet. In the financial markets, prices are driven by excessive supply (down) and
demand (up). Supply is synonymous with bearish, bears and selling. Demand is
synonymous with bullish, bulls and buying. These terms are used interchangeably
throughout this and other articles. As demand increases, prices advance and as supply
increases, prices decline. When supply and demand are equal, prices move sideways as
bulls and bears slug it out for control.
What Is Support?
Support is the price level at which demand is thought to be strong enough to
prevent the price from declining further. The logic dictates that as the price declines
towards support and gets cheaper, buyers become more inclined to buy and sellers
become less inclined to sell. By the time the price reaches the support level, it is believed
that demand will overcome supply and prevent the price from falling below support.
Support does not always hold and a break below support signals that the bears
have won out over the bulls. A decline below support indicates a new willingness to sell
and/or a lack of incentive to buy. Support breaks and new lows signal that sellers have
reduced their expectations and are willing sell at even lower prices. In addition, buyers
could not be coerced into buying until prices declined below support or below the
previous low. Once support is broken, another support level will have to be established at
a lower level.
Where Is Support Established?
Support levels are usually below the current price, but it is not uncommon for a
security to trade at or near support. Technical analysis is not an exact science and it is
sometimes difficult to set exact support levels. In addition, price movements can be
volatile and dip below support briefly. Sometimes it does not seem logical to consider a
support level broken if the price closes 1/8 below the established support level. For this
reason, some traders and investors establish support zones.
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What Is Resistance?
Resistance is the price level at which selling is thought to be strong enough to
prevent the price from rising further. The logic dictates that as the price advances towards
resistance, sellers become more inclined to sell and buyers become less inclined to buy.
By the time the price reaches the resistance level, it is believed that supply will overcome
demand and prevent the price from rising above resistance.
Resistance does not always hold and a break above resistance signals that the
bulls have won out over the bears. A break above resistance shows a new willingness to
buy and/or a lack of incentive to sell. Resistance breaks and new highs indicate buyers
have increased their expectations and are willing to buy at even higher prices. In addition,
sellers could not be coerced into selling until prices rose above resistance or above the
previous high. Once resistance is broken, another resistance level will have to be
established at a higher level.
Where Is Resistance Established?
Resistance levels are usually above the current price, but it is not uncommon for a
security to trade at or near resistance. In addition, price movements can be volatile and
rise above resistance briefly. Sometimes it does not seem logical to consider a resistance
level broken if the price closes 1/8 above the established resistance level. For this reason,
some traders and investors establish resistance zones.
So, Here, Identification of key support and resistance levels is an essential
ingredient to successful technical analysis. Even though it is sometimes difficult to
establish exact support and resistance levels, being aware of their existence and location
can greatly enhance analysis and forecasting abilities. If a security is approaching an
important support level, it can serve as an alert to be extra vigilant in looking for signs of
increased buying pressure and a potential reversal. If a security is approaching a
resistance level, it can act as an alert to look for signs of increased selling pressure and
potential reversal. If a support or resistance level is broken, it signals that the relationship
between supply and demand has changed. A resistance breakout signals that demand
(bulls) has gained the upper hand and a support break signals that supply (bears) has won
the battle.
Price Oscillator:
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The Price Oscillator displays the difference between two moving averages of a
security's price. The difference between the moving averages can be expressed in either
points or percentages.
The Price Oscillator is almost identical to the MACD, except that the Price
Oscillator can use any two user-specified moving averages. (The MACD always uses 12
and 26-day moving averages, and always expresses the difference in points.)
Interpretation:
Moving average analysis typically generates buy signals when a short-term
moving average (or the security's price) rises above a longer-term moving average.
Conversely, sell signals are generated when a shorter-term moving average (or the
security's price) falls below a longer-term moving average. The Price Oscillator
illustrates the cyclical and often profitable signals generated by these one or two moving
average systems.
Price Rate-Of-Change:
The Price Rate-of-Change ("ROC") indicator displays the difference between the
current price and the price x-time periods ago. The difference can be displayed in either
points or as a percentage. The Momentum indicator displays the same information, but
expresses it as a ratio.
Interpretation:
It is a well-recognized phenomenon that security prices surge ahead and retract in
a cyclical wave-like motion. This cyclical action is the result of the changing
expectations as bulls and bears struggle to control prices.
The ROC displays the wave-like motion in an oscillator format by measuring the
amount that prices have changed over a given time period. As prices increase, the ROC
rises; as prices fall, the ROC falls. The greater the change in prices, the greater the
change in the ROC.
The time period used to calculate the ROC may range from 1-day (which results
in a volatile chart showing the daily price change) to 200-days (or longer). The most
popular time periods are the 12- and 25-day ROC for short to intermediate-term trading.
These time periods were popularized by Gerald Appel and Fred Hitschler in their book,
Stock Market Trading Systems.
The 12-day ROC is an excellent short- to intermediate-term overbought/oversold
indicator. The higher the ROC, the more overbought the security; the lower the ROC, the
more likely a rally. However, as with all overbought/oversold indicators, it is prudent to
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wait for the market to begin to correct (i.e., turn up or down) before placing your trade. A
market that appears overbought may remain overbought for some time. In fact,
extremely overbought/oversold readings usually imply a continuation of the current
trend.
The 12-day ROC tends to be very cyclical, oscillating back and forth in a fairly
regular cycle. Often, price changes can be anticipated by studying the previous cycles of
the ROC and relating the previous cycles to the current market
Relative Strength Index (RSI):

The Relative Strength Index ("RSI") is a popular oscillator. It was first introduced
by Welles Wilder in an article in Commodities (now known as Futures) Magazine in
June, 1978.
The name "Relative Strength Index" is slightly misleading as the Relative
Strength Index does not compare the relative strength of two securities, but rather the
internal strength of a single security. A more appropriate name might be "Internal
Strength Index."
Interpretation:
When Wilder introduced the Relative Strength Index, he recommended using a
14-day Relative Strength Index. Since then, the 9-day and 25-day Relative Strength
Indexs have also gained popularity. The fewer days used to calculate the Relative
Strength Index, the more volatile the indicator.
The Relative Strength Index is a price-following oscillator that ranges between 0
and 100. A popular method of analyzing the Relative Strength Index is to look for a
divergence in which the security is making a new high, but the Relative Strength Index is
failing to surpass its previous high. This divergence is an indication of an impending
reversal. When the Relative Strength Index then turns down and falls below its most
recent trough, it is said to have completed a "failure swing." The failure swing is
considered a confirmation of the impending reversal.
In Mr. Wilder's book, he discusses five uses of the Relative Strength Index:
1. Tops and Bottoms. The Relative Strength Index usually tops above 70 and
bottoms below 30. It usually forms these tops and bottoms before the underlying
price chart.
2. Chart Formations. The Relative Strength Index often forms chart patterns such
as head and shoulders or triangles that may or may not be visible on the price
chart.
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3. Failure Swings (also known as support or resistance penetrations or breakouts).
This is where the Relative Strength Index surpasses a previous high (peak) or falls
below a recent low (trough).
4. Support and Resistance. The Relative Strength Index shows, sometimes more
clearly than price themselves, levels of support and resistance.
5. Divergences. As discussed above, divergences occur when the price makes a new
high (or low) that is not confirmed by a new high (or low) in the Relative Strength
Index. Prices usually correct and move in the direction of the Relative Strength
Index.
Trendlines:
In the preceding section, we saw how support and resistance levels can be
penetrated by a change in investor expectations (which results in shifts of the
supply/demand lines). This type of a change is often abrupt and "news based."
In this section, we'll review "trends." A trend represents a consistent change in
prices (i.e., a change in investor expectations). Trends differ from support/resistance
levels in that trends represent change, whereas support/resistance levels represent barriers
to change.
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.
As shown in the next chart, a falling trend is defined by successively lower highprices. A falling trend can be thought of as a falling resistance level--the bears are in
control and are pushing prices lower.
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The Bar Chart:

The Bar chart is one of the most popular types of charts used in technical analysis.
As illustrated on the left, the top of the vertical line indicates the highest price at which a
security traded 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 to the left represents one day of trading.
The chart below is an example of a bar chart for AT&T (T):
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The advantage of using a bar chart over a straight-line graph is that it shows the
high, low, open and close for each particular day.
Candle stick Charting:

Candlestick charts have been around for hundreds of years. They are often
referred to as "Japanese candles" because the Japanese would use them to analyze the
price of rice contracts.
Similar to a bar chart, candlestick charts also display the open, close, daily high
and daily low. The difference is the use of color to show if the stock went up or down
over the day.
The chart below is an example of a candlestick chart for AT&T (T). Green bars
indicate the stock price rose, red indicates a decline:
Investors seem to have a "love/hate" relationship with candlestick charts. People

either love them and use them frequently or they are completely turned off by them.
There are several patterns to look for with candlestick charts - here are a few of the
popular ones and what they mean.
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This is a bullish pattern - the stock opened at (or near) its low and
closed near its high
The opposite of the pattern above, this is a bearish pattern. It

indicates that the stock opened at (or near) its high and dropped
substantially to close near its low.
Known as "the hammer", this is a bullish pattern only if it occurs

after the stock price has dropped for several days. A small body along
with a large range identifies a hammer. This pattern indicates that a
reversal in the downtrend is in the works.
Known as a "star. For the most part, stars typically indicate a

reversal and or indecision. There is a possibility that after seeing a
star there will be a reversal or change in the current trend.
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Point and Figure Chart:
The point & figure (P&F) chart is somewhat rare. In fact, most charting services
do not even offer it. This chart plots day-to-day increases and declines in price: increases
are represented by a rising stack of "X"s, while decreases are represented by a declining
stack of "O"s. This type of chart was traditionally used for intraday charting (a stock
chart for just one day), mainly because it can be long and tedious to create a P&F chart
manually over a longer period of time.
The idea behind P&F charts is that they help you to filter out less significant price
movements and to focus on the most important trends. Below is an example of a P&F
chart for AT&T (T):
POPULAR CHARTING PATTERNS:

Technical analysts often use proven successful price patterns from great stocks as
tools to find new great stocks. Let's look at a few examples
Cup and Handle - This is a pattern on a bar chart that can be as short as seven
weeks and as long as 65 weeks. The cup is in the shape of a "U". The handle has a
slight downward drift. The right-hand side of the pattern has low trading volume.
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As the stock comes up to test the old highs, the stock will incur selling pressure
by the people who bought at or near the old high. This selling pressure will make
the stock price trade sideways with a tendency towards a downtrend for anywhere
from four days to four weeks, then it will take off.
This pattern looks like a pot with a handle. It is one of the easier patterns to
detect; and investors have made a lot of money using it.
Head and Shoulders - This is a chart formation resembling an "M" in which a

stock's price:
-
Rises to a peak and then declines, then

- Rises above the former peak and again declines, and then
- Rises again but not to the second peak and again declines.
The first and third peaks are shoulders, and the second peak forms the head. This
pattern is considered a very bearish indicator.
Double Bottom - This pattern resembles a "W" and occurs when a stock price
drops to a similar price level twice within a few weeks or months. You should buy
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when the price passes the highest point in the handle. In a perfect double bottom,
the second decline should normally go slightly lower than the first decline to
create a shakeout of jittery investors. The middle point of the "W" should not go
into new high ground. This is a very Bullish indicator.
The belief is that, after two drops in the stock price, the jittery investors will be
out and the long-term investors will still be holding on.
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EIC ANALYSIS
CHAPTER: 5
INDIAN ECONOMY: AN OVERVIEW
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The economy has moved decisively to a higher growth phase. Till a few years
ago, there was still a debate among informed observers about whether the economy had
moved above the 5 to 6 per cent average growth seen since the 1980s. There is now no
doubt that the economy has moved to a higher growth plane, with growth in GDP at
market prices exceeding 8 per cent in every year since 2003-04. The projected economic
growth of 8.7 per cent for 2007-08 is fully in line with this trend.
There was acceleration in domestic investment and saving rates to drive growth
and provide the resources for meeting the 9 per cent (average) growth target of the
Eleventh Five-Year Plan. Macroeconomic fundamentals continue to inspire confidence
and the investment limate is full of optimism. Buoyant growth of government revenues
made it possible to maintain fiscal consolidation as mandated under the Fiscal
Responsibility and Budget Management Act (FRBMA). The decisive change in growth
trend also means that the economy was, perhaps, not fully prepared for the different set of
challenges that accompany fast growth. Inflation flared up in the last half of 2006-07 and
was successfully contained during the current year, despite a global hardening of
commodity prices and an upsurge in capital inflows. An appreciation of the rupee, a
slowdown in the consumer goods segment of industry and infrastructure (both physical
and social) constraints, remained of concern.
Raising growth to double digit will therefore require additional reforms. Per
capita income and consumption 1.2 Growth is of interest not for its own sake but for the
improvement in public welfare that it brings about. Economic growth, and in particular
the growth in per capita income, is a broad quantitative indicator of the progress made in
improving public welfare. Per capita consumption is another quantitative indicator that is
useful for judging welfare improvement. It is therefore appropriate to start by looking at
the changes in real (i.e. at constant prices) per capita income and consumption 1.3.
The pace of economic improvement has moved up considerably during the last
five years (including 2007-08). The rate of growth of per capita income as measured by
per capita GDP at market prices (constant 1999-2000 prices) grew by an annual average
rate of 3.1 per cent during the 12- year period, 1980-81 to 1991-92. It accelerated
marginally to 3.7 per cent per annum during the next 11 years, 1992-93 to 2002-03. Since
then there has been a sharp acceleration in the growth of per capita income, almost
doubling to an average of 7.2 per cent per annum (2003-04 to 2007-08). This means that
average income would now double in a decade, well within one generation, instead of
after a generation (two decades). The growth rate of per capita income in 2007-08 is
projected to be 7.2 per cent, the same as the average of the five years to the current year.
1.4 Per capita private final consumption expenditure has increased in line with per capita
income. The growth of per capita consumption accelerated from an average of 2.2 per
cent per year during the 12 years from 1980-81 to 1991-92 to 2.6 per cent per year during
the next 11 years following the reforms of the 1990s. The growth rate has almost doubled
to 5.1 per cent per year during the subsequent five years from 2003-04 to 2007-08, with
the current years growth expected to be 5.3 per cent, marginally higher than the five year
average. The average growth of consumption is slower than the average growth of
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Sector
income, primarily because of rising saving rates, though rising tax collection rates can
also widen the gap
1. The Gross Domestic Product increased by 7.5 per cent, 9.4 per cent and 9.6 percent
in first three years, of the UPA Government resulting in an unprecedented average
growth rate of 8.8 per cent. The drivers of growth continue to be 'services' and
'manufacturing' which are estimated to grow at 10.7 per cent and 9.4 per cent
respectively.
2. Growth rate in agriculture for 2007-08 is estimated at 2.6 per cent.
3. Food grain production in 2007-08, estimated at 219.32 million tonnes-an all time
record. Rice production at 94.08 million tonnes, maize at 16.78 million tonnes, soya
bean at 9.45 million tonnes, cotton at 23.38 million bales each, an all time record.
4. Rashtriya Krishi Vikas Yojana launched with an outlay of Rs. 25,000 crore,
National Food Security Mission with an outlay of Rs. 4,882 crore under National
Policy for Farmers in the Eleventh Five Year Plan.
CAPITAL AND COMMODITY MARKETS:
The capital and commodity markets remained buoyant during 2007. Relatively
stable macroeconomic conditions as reflected in moderate rate of inflation, growthconducive interest rate situation, improved fiscal conditions and larger investor
participation augured well for capital and commodity markets as measured in terms of
volume and value of transactions.
Capital Markets:
The Indian capital market attained further depth and width in business transacted
during 2007. The Bombay Stock Exchange (BSE) Sensex, which had been witnessing an
upswing since the latter part of 2003, scaled a high of 20,000 mark at the close of
calendar year 2007. The National Stock Exchange (NSE) Index rose in tandem to close
above the 6,100 mark at the end of 2007. Both the indices more than tripled between
2003 and 2007, giving handsome yearly returns. Alongside the growth of business in the
Indian capital market, the regulatory and oversight norms have improved over the years,
ensuring a sound and stable market.
1. Measures to expand the market for corporate bonds: Exchange-traded currency and
interest rate futures to be launched and transparent credit derivatives market to be
developed with appropriate safeguards; Tradability of domestic convertible bonds to
be enhanced through the mechanism of enabling investors to separate the embedded
equity option from the convertible bond, and trade it separately; Development of a
market-based system for classifying financial instruments based
on their complexity and implicit risks to be encouraged.
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Sector
2. Permanent Account Number (PAN): Requirement of PAN extended to all
transactions in the financial market subject to suitable threshold exemption limits.
3. National market for securities: Empowered Committee of State Finance Ministers to
be requested to work with the Central Government to create pan Indian market for
securities that will expand the market base and enhance the revenues of the State
Governments.
Primary Market:
The primary capital market grew in 2006 and 2007 after the set back of 2005. The
amounts raised and the number of new issues which entered the market increased in
2007. The total amount of capital raised through different market instruments during
2007 was 31.5 per cent higher than during 2006, which itself had seen a rebound of 30.6
percent over the lows of 2005.
Secondary Market:
In the secondary market segment, the market activity expanded further during
2007-08 with BSE and NSE indices scaling new peaks of 21,000 and 6,300, respectively,
in January 2008. Although the indices showed some intermittent fluctuations, reflecting
change in the market sentiments, the indices maintained their northbound trend during the
year. This could be attributed to the larger inflows from Foreign Institutional Investors
(FIIs) and wider participation of domestic investors, particularly the institutional
investors. During 2007, on a point-to-point basis, Sensex and Nifty Indices rose by 47.1
and 54.8 per cent, respectively. The buoyant conditions in the Indian bourses were aided
by, among other things, India posting a relatively higher GDP growth amongst the
emerging economies, continued uptrend in the profitability of Indian corporates,
persistence of difference in domestic and international levels of interest rates, impressive
returns on equities and a strong Indian rupee on the back of larger capital inflows.
Budget Estimates:
1. Plan Expenditure estimated at Rs.243,386 crore.
2. Non-Plan Expenditure estimated at Rs.507,499 crore.
3. Revenue deficit for 2007-08 to be 1.4 per cent (against a BE of 1.5 per cent) and the
fiscal deficit to be 3.1 per cent (against a BE of 3.3 per cent); Revenue receipts of
Central Government for 2008-09 projected at Rs.602, 935 crore and revenue
expenditure at Rs.658,119 crore; Revenue deficit for 2008-09 estimated at Rs.55,184
crore, which amounts to 1.0 per cent of GDP; Fiscal deficit for 2008-09 estimated at
Rs.133,287 crore which is 2.5 per cent of GDP; elimination of Revenue Deficit may
need one more year; because of the conscious shift in expenditure in favour of health,
education and the social sector.
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Sector
4. Thirteenth Finance Commission to be requested to revisit the roadmap for fiscal
adjustment and suggest a suitably revised roadmap, after the obligations on account
of the Sixth Central Pay Commission becomes clear.
Stock markets:
Stock markets are an important instrument of financial intermediation. They saw
increased activity in 2007-08. Primary market issue of debt and equity increased along
with private placement. The secondary market too showed a rising trend, notwithstanding
intermittent ups and downs in the stock prices responding mainly to global developments.
The Bombay Stock Exchange (BSE) Sensex rose from 13,072 at end-March 2007 to
18,048 as on February 18, 2008, while the National Stock Exchange (NSE) index Nifty
50 rose from 3,822 to 5,277 during the same period. Both the indices gave a return of
around 38 per cent during this period. The higher net mobilization of resources by mutual
funds showed that investors were realizing the importance of using intermediaries in
risky markets. All the other indicators of capital market such as market capitalization,
turnover and price-earning ratio remained strong. The commodity market also showed
signs of expansion in terms of turnover and number of transactions during the year.
Industry and infrastructure:
The industrial sector witnessed a slowdown in the first nine months of the current
financial year. The growth of 9 per cent during April-December 2007, when viewed
against the back drop of the robust growth witnessed in the preceding four years, suggests
that there is a certain degree of moderation in the momentum of the industrial sector. The
consumer durable goods sector in particular has shown a distinct slowdown. This is
linked to the hardening of interest rates and therefore to the conditions prevailing in the
domestic credit sector. In contrast, the capital goods industry has sustained strong growth
performance during 2007-08 (April-December).
At the product group level, the moderation in growth has been selective.
Industries like chemicals, food products, leather, jute textiles, wood products and
miscellaneous manufacturing products witnessed acceleration in growth, while basic
metals, machinery and equipments, rubber, plastic and petroleum products and beverages
and tobacco recorded lower but strong growth during April-December 2007. Other
industries including textiles (except jute textiles), automotives, paper, non-metallic
mineral products and metal products slowed down visibly during the period. The
slowdown in the case of less import-intensive sectors like textiles is coincident with the
decline in the growth of exports arising from the sharp appreciation in the rupee vis-a-vis
the dollar. Within automobiles, while passenger cars, scooters and mopeds witnessed
buoyant growth, the production of motor cycles and three wheelers slackened. In a
nutshell, the industrial sector has produced mixed results in the current fiscal.
CHAPTER 6
OVERVIEW OF AUTOMOBILE INDUSTRY IN INDIA
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Sector
The global automotive industry is a highly diversified sector that comprises of

manufacturers, suppliers, dealers, retailers, original equipment manufacturers,
aftermarket parts manufacturers, automotive engineers, motor mechanics, auto
electricians, spray painters or body repairers, fuel producers, environmental and transport
safety groups, and trade unions. United States, Japan, China, Germany and South Korea
are the top five automobile manufacturing nations throughout the world. The United
States of America is the worlds largest producer and consumer of motor vehicles and
automobiles accounting for 6.6 million direct and spin-off jobs and represents nearly 10%
of the S10 trillion US economy. The automobile is one of the important industries in the
world, which provides employment to 25 million people in the world.

Starting from the two wheelers, trucks, and tractors to the multi utility vehicles,
commercial vehicles and the luxury vehicles, the Indian automobile industry has achieved
tremendous amount of success in the recent years.
As per Society of Indian Automobile Manufacturers (SIAM) the market share of
each segment of the industry is as follows:
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Sector
The market shares of the segments of the automobile industry
The key players like Hindustan Motors, Maruti Udyog, Fiat India Private Ltd,
Tata Motors, Bajaj Motors, Hero Motors, Ashok Leyland, Mahindra & Mahindra have
been dominating the vehicle industry. A few of the foreign players like Toyota Kirloskar
Motor Ltd., Skoda India Private Ltd., Honda Siel Cars India Ltd. have also entered the
market and have catered to the customers needs to a large extent.
Not only the Indian companies but also the international car manufacturing
companies are focusing on compact cars to be delivered in the Indian market at a much
smaller price. Moreover, the automobile companies are coming up with financial schemes
such as easy EMI repayment systems to boost sales.
There have been exhibitions like Auto-expo at Pragati Maidan, New Delhi to
share the technological advancements. Besides, there are many new projects coming up
in the automobile industry leading to the growth of the sector.
The Government of India has liberalized the foreign exchange and equity
regulations and has also reduced the tariff on imports, contributing significantly to the
growth of the sector. Having firmly established its presence in the domestic markets, the
Indian automobile sector is now penetrating the international arena. Vehicle exports from
India are at their highest levels. The leaders of the Indian automobile sector, such as Tata
Motors, Maruti and Mahindra and Mahindra are leading the exports to Europe, Middle
East and African and Asian markets.
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Sector
Growth in the Sector:
At present the industry is enjoying a growth rate of 14-17% per annum, with
domestic sales growth at 12.8%. The growth rate is predicted to double by 2015.
As it is seen, the total sales of passenger vehicles - cars, utility vehicles and multiutility vehicles - in the year 2005 reached the mark of 1.06 million. The current growth
rate indicates that by 2012 India will overtake Germany and Japan in sales volumes.
Financing schemes have become an important factor in the growth of automobile
sales. More and more financial schemes are coming up with easy installment plans to lure
the customers.
and more exports.
The automobile exports are increasing year by year. According to the Society of
Indian Automobile Manufactures (SIAM) automobile exports in the last five years are as
follows:
SWOT ANALYSIS OF INDIAN AUTOMOBILE INDUSTRY:

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Sector
STRENGTHS:
Globally cost competitive

Adheres to strict quality controls
Has access to latest technology
Provides support to critical infrastructure and metal industries
WEAKNESSES:
Industry has low level of research and development capability

Industry is exposed to cyclical downturns in the automotive industry
Most component companies are dependent on global majors for technology
OPPORTUNITIES:
May serve as sourcing hub for global automobile majors

Significant export opportunities may be realised through diversification of export
basket
Implementation of Value-Added-Tax (VAT) in FY2004 will negate the cascading
impact of prices
THREATS:
The presence of a large counterfeit components market poses a significant threat

Pressure on prices from OEMs continues
Imports pose price based competition in the replacement market
CHAPTER: 7
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Sector
BUDGET IMPACT ON THESE SECTORS
Budget 2008-09: Automobile Industry:

The Budget 2008 has finally brought welcome relief to the auto sector, which was
otherwise spinning under a slowdown caused by firm interest rates.
Mr. P. Chidambaram, Finance Minister on Friday, has announced a surprise cut in
excise duty for small cars (4,000 mm in length and engines with 1.2 litres capacity, if
petrol or 1.5 litres capacity, if diesel) from 16% to 12%.
With this move, small cars will cost Rs. 7000 to 16000 less. Maruti Suzuki, a
major listed player in the passenger car market, will be the main beneficiary.
The company has announced a reduction in prices of some of its models
following Finance Minister P. Chidambaram's proposal. The models are Maruti 800,
Omni, Zen, WagonR, Swift Diesel and Alto.
Commercial vehicles, too, stand to beneficiated with the budget proposal. The
excise duty on buses has been reduced to 12% while on trucks it was reduced to 14%. It
is anticipated that the reduction will bring down prices by Rs 20,000-Rs 40,000.
Excise duties on hybrid cars have also been reduced by 14% to 24% and on two
and three-wheelers to 16% from 24%.
The Players across all segments, be it the two-wheeler, car or commercial vehicle
makers, stand to benefit from the excise duty cuts announced. It is expected that duty
reduction will provide cheer to small carmakers, two wheeler makers and bus makers.
However, the budget failed to excite the industry captains, as corporate tax,
dividend distribution tax and surcharge were left unchanged, contrary to market
expectations.
In order to encourage clean fuel technology, Mr. Chidambaram also reduced
excise duty by 10% on hybrid cars, which are yet to be launched in the Indian market,
from 24%.
Budget 2008: Impact on Auto Sector

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Sector
Proposal
Excise duty on small cars reduced to
12% from 16%
Excise duty on two & three-wheelers
reduced to 12% from 16%
Excise duty on buses and other
transport vehicles reduced to 12% from
16%
Excise duty on hybrid cars reduced to
14% from 24%
Excise duty on electric cars down to
zero from 8%
Excise duty on specified electric car
parts withdrawn from 16%
Impact
Positive: Will be passed on to customers
and help demand growth.
Gainers: Maruti, Tata Motors, Hero
Honda, Bajaj Auto, Ashok Leyland
Budget Measures:
Reduction in excise duties from 16% to 12% on manufacturing of 2&3 wheelers,

buses and small cars.
Agricultural credit outlay increased to Rs 2,80,000 crore.
10% increase in defence sector allocation to Rs 1,05,600 crore.
Dividend tax paid by parent company allowed to be set off against the same paid by
its subsidiary.
Higher allocation towards road development programme such as the NHDP
Budget Impact:
Excise duty reductions will help lower prices and stimulate demand for 2&3 wheelers
and small cars.
Increased demand for new buses from STUs (State Transport Undertakings) as well
as private players.
Higher defence allocation will spur investment in new vehicles.
Higher agricultural credit outlay will help boost demand for tractors.
Increased thrust on road infrastructure is a positive for all the automobile

manufacturers especially passenger vehicles and CVs.
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Sector
Company Impact:
2&3 wheeler makers like Hero Honda, Bajaj and TVS Motors to benefit from
reduction in excise duties.
Small car players like Tata Motors and Maruti will reap the benefit from small cars
excise duty reductions.
Ashok Leyland and Tata Motors, the leading bus manufacturers will benefit from
excise duty reductions on buses.
Suppliers to the defence sector like M&M and Ashok Leyland to benefit from higher
defence sector allocation.
Increased agriculture credit outlay will benefit two-wheeler makers as well as tractor
manufacturers like M&M and Punjab Tractors.
Industry Wish list:
Excise duty of 16% which is applicable currently only on the small cars of certain
engine and length specifications should be made applicable to vehicles across all the
segments.
The weighted deduction of 150% of the expenses incurred on scientific research
should be extended for a further period of at least 10 years even after 2012. Small
cars, which attract 16% excise duty, should be defined on the basis of the length of
4,000 mm and the criteria based on engine capacity should be removed.
Definition of capital goods should be amended to treat motor vehicle as capital goods
for service providers such as Architect, Chartered Accountant, Cost Accountant,
Company Secretary and the like.
No interest shall be charged on differential excise duty paid on finalization of prices.

Alternatively this exemption from interest can be given for modvatable inputs or in
the situation where gap between provisionally assessed price and finally assessed
price is upto 20%.
An appropriate procedure/form etc. should be introduced for exempting goods from

levy of CST, which is to be used in manufacture of products to be exported.
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Sector
Budget over the years

Budget 2005-06
Custom duty on second
hand
motorcars
and
motorcycles reduced to
100% as compared to 105%
earlier. Custom duty on new
cars maintained at 60%.
Budget 2006-07
Agricultural lending target
set at Rs 1,750 bn for FY07,
an increase of 32.5%. One
time grant to farmers who
have availed loans from
scheduled
commercial
banks, RRBs and PSCs for
Kharif and Rabi 2005-06 of
a principle amount up to Rs
0.1 m and interest rate of up
to 2%. Short-term credit to
farmers at 7% for loans up
to Rs 0.3 m and 0.6 m
hectors to be brought under
irrigation in FY07.
Budget 2007-08
Customs duty on new and
second hand motor cars/two
wheelers will continue at
60% and 100% respectively
Peak customs duty reduced

Excise duty on cars having
from 20% to 15%.
engine capacity up to 1,200
Excise duty on tyres, tubes cc (petrol based engines)
and flaps reduced from 24% and 1,500 cc (diesel based
to 16%. Customs duty on engines) and length of the
car up to 4,000 mm reduced
lead cut to 5%.
from 24% to 16%.
A weighted deduction of
150%
for
expenditure
relating to in-house research
and development to be
extended to five more years
Excise duty on tractors of

engine capacity more than
1800 cc for semi trailers to
attract @ 16%.
Introduction of new income
tax brackets.
Budget support for NHDP

enhanced from Rs 93 bn to
Rs 99 bn in 2006-07.
Around 1,000 kms of
access-controlled
expressways (totaling six)
to be developed on BOT
basis.
Secondary
and
higher
education cess @ 1% of the
aggregate of duties of excise
has been imposed on
excisable goods including
automobiles. This would be
in addition to existing
education cess of 2%
imposed in budget 2004
Hike in the dividend

distribution tax from the
current 12.5% to 15%
Farm credit outlay to be
increased by Rs 500 bn and
5 m new farmers to be
added to the banking system
Custom duty on alloy steel

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Sector
and non-ferrous (primary
and secondary) metals
reduced from 10% to 7.5%.
Peak customs duty reduced
from 15% to 12.5%.
Key Positives
Key Negatives
Rising middle class: Expansion of

population between the age group of 25 to
50 years, increasing affluence of the Indian
middle class and heightened competition
amongst
automobile
manufacturers,
resulting in improved quality offerings, will
continue to be the key drivers for the
industry in terms of both market size and
production capacities.
Competition from imports: With India

coming under the WTO purview and the
increasing free trade agreements (FTAs),
competition is expected to rise multifold.
Indian companies also have to contend with
imports in the future. Already a number of
global auto companies are introducing
vehicles through the completely knocked
down (CKD) route.
Taxation anomalies: Indian automobile

industry is amongst the highly taxed
industries as not only the final product
bears heavy taxes but the cascading effect
of duties on some key raw materials and
components also hurts profit margins of
auto companies. Also, multiple tax rules
that exist in different states are eroding the
comparative advantage of a large domestic
market thus making the uniform
implementation of VAT (Value Added Tax)
Increasing exports: The Indian auto necessary.
industry has emerged as an export hub, on
account of its low cost technical manpower
and increasing focus on quality. To give a
perspective, in the last five years (FY02FY07), volume exports of Indian
automobiles have increased by 41%
CAGR, led by motorcycles (CAGR of
57%). This development has led to
domestic players increasing their share of
exports in the overall pie.
The 'Nano' effect: Penetration of cars in
India at around 7 per thousand is even
below countries like Pakistan and Sri
Lanka. However, the launch of Tata's small
car 'Nano', touted to be the cheapest in the
world is likely to change that. The price
will make cars affordable to thousands of
families, thus greatly pushing up the
density in the country and giving a big
boost to volumes.
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Sector
Infrastructure thrust: Improvement in
road infrastructure has led to increased
movement of goods through roadways.
Around 65% of all the goods movement in
the country takes place by roads as opposed
to 55% a decade ago. Also, owing to the
fact that an estimated 45% of CVs
(commercial vehicles) plying on the roads
are more than 10 years old, demand for
HCVs (heavy commercial vehicles) is
expected to grow by a steady rate in the
long term.
Low interest rate regime: Close to 80% of
the new vehicles being purchased in the
country are financed, thus underlying the
importance of a low interest rate regime to
the fortunes of the industry. Though the
interest rates have risen significantly in
recent times, we believe it is likely to have
only a small impact over the medium term
as there has been a substantial rise in
income levels.
Regulation led benefits: Implementation
of pollution norms like restriction on the
age of the vehicle plying on the road and
overloading of commercial vehicles would
seemingly aid higher volume growth of this
segment.
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Sector
CHAPTER: 8
COMPANY ANALYSIS
MARUTI SUZUKI INDIA LTD.
Maruti Suzuki India Limited is a publicly listed automaker in India. It is a
leading four-wheeler automobile manufacturer in South Asia. Suzuki Motor Corporation
of Japan holds a majority stake in the company. It was the first company in India to massproduce and sell more than a million cars. It is largely credited for having brought in an
automobile revolution to India. It is the market leader in India. On 17 September, 2007,
Maruti Udyog was renamed to Maruti Suzuki India Limited. The company's
headquarters remain in Gurgaon, near Delhi.
Maruti Suzuki is one of India's leading automobile manufacturers and the market
leader in the car segment, both in terms of volume of vehicles sold and revenue earned.
Until recently, 18.28% of the company was owned by the Indian government, and 54.2%
by Suzuki of Japan. The Indian government held an initial public offering of 25% of the
company in June 2003. As of May 10, 2007, Govt. of India sold its complete share to
Indian financial institutions. With this, Govt. of India no longer has stake in Maruti
Udyog.
Maruti Udyog Limited (MUL) was established in February 1981, though the
actual production commenced in 1983. Through 2004, Maruti has produced over 5
Million vehicles. Marutis are sold in India and various several other countries,
depending upon export orders. Cars similar to Marutis (but not manufactured by Maruti
Udyog) are sold by Suzuki in Pakistan and other South Asian countries.
The company annually exports more than 30,000 cars and has an extremely large
domestic market in India selling over 500,000 cars annually. Maruti 800, till 2004, was
the India's largest selling compact car ever since it was launched in 1983. More than a
million units of this car have been sold worldwide so far. Currently, Maruti Alto tops the
sales charts.
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Sector
Due to the large number of Maruti 800s sold in the Indian market, the term
"Maruti" is commonly used to refer to this compact car model. Till recently the term
"Maruti", in popular Indian culture, was associated to the Maruti 800 model.
Maruti Suzuki India Limited, a subsidiary of Suzuki Motor Corporation of Japan,
has been the leader of the Indian car market for over two decades.
Its manufacturing facilities are located at two facilities Gurgaon and Manesar
south of New Delhi. Marutis Gurgaon facility has an installed capacity of 350,000 units
per annum. The Manesar facilities, launched in February 2007 comprise a vehicle
assembly plant with a capacity of 100,000 units per year and a Diesel Engine plant with
an annual capacity of 100,000 engines and transmissions. Manesar and Gurgaon facilities
have a combined capability to produce over 700,000 units annually.
More than half the cars sold in India are Maruti cars. The company is a subsidiary
of Suzuki Motor Corporation, Japan, which owns 54.2 per cent of Maruti. The rest is
owned by the public and financial institutions. It is listed on the Bombay Stock Exchange
and National Stock Exchange in India.
During 2006-07, Maruti Suzuki sold about 675,000 cars, of which 39,000 were
exported. In all, over six million Maruti cars are on Indian roads since the first car was
rolled out on December 14, 1983.
Maruti Suzuki offers 10 models, ranging from the peoples car, Maruti 800, for
less than Rs 200,000 ($ 5000) ex-showroom to the premium sedan SX 4 and luxury SUV,
Grand Vitara.
Suzuki Motor Corporation, the parent company, is a global leader in mini and
compact cars for three decades. Suzukis technical superiority lies in its ability to pack
power and performance into a compact, lightweight engine that is clean and fuel efficient.
Maruti is clearly an employer of choice for automotive engineers and young
managers from across the country. Nearly 75,000 people are employed directly by Maruti
and its partners.
The company vouches for customer satisfaction. For its sincere efforts it has been
rated (by customers)first in customer satisfaction among all car makers in India for seven
years in a row in annual survey by J D Power Asia Pacific.
Maruti Suzuki was born as a government company, with Suzuki as a minor
partner, to make a peoples car for middle class India. Over the years, the product range
has widened, ownership has changed hands and the customer has evolved. What remains
unchanged, then and now, is Marutis mission to motorise India.
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Sector
FINANCIAL SUMMARY:
Maruti Suzuki India Ltd has announced the following Audited results for the
quarter ended December 31, 2007: The Company has posted profit after tax of Rs 467.04
crores for the quarter ended December 31, 2007 as compared to Rs 376.41 crores for the
quarter ended December 31, 2006 i.e., 24.08% increase in profit after tax in the year
2007. Total Income has increased from Rs 4451.47 crores for the quarter ended
December 31, 2006 to Rs 5651.17 crores for the quarter ended December 31, 2007.
Latest Quarterly Results
Rs. cr
year
Sales Income
2007/12
5,480.50
2006/12
4,323.04
var %
26.77
Other Income
170.67
128.43
32.89
4,867.25
3,815.88
27.55
14.36
15.74
-8.77
769.56
619.85
24.15
86.73
75.86
14.33
Tax
215.79
167.58
28.77
PAT
467.04
376.41
24.08
Equity
144.46
144.46
0.00
OPM (%)
11.19
11.73
-0.54
GPM (%)
10.93
11.37
-0.44
NPM (%)
8.52
8.70
-0.18
Expenditure
Interest
Gross Profit
Depreciation
Balance Sheet
Rs. cr
Year
Source of Funds
Equity Capital
Prefrential Capital
Reserves and Surplus
Secured Loans
Unsecured Loans
Total
Application of Funds
2007/03
2006/03
144.50
144.50
0.00
0.00
6,709.40
5,308.10
63.50
71.70
567.30
0.00
7,484.70
5,524.30
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Sector
Gross Block
Accumulated Deprecation
Net Block
NetCurrentAssets
Total
Particulars
Return on Equity
Book Value
Debt Equity
P/E Ratio
DPS
EPS
RONW
Current Ratio
Quick Ratio
Interest Coverage Ratio
Retention Ratio
Bonus Adjustment
Adjusted EPS
6,146.80
4,954.60
3,487.10
3,259.40
2,659.70
1,695.20
1,176.90
1,685.90
7,484.70
5,524.30
Fundamentals of Maruti Suzuki India Ltd.

2003
2004
2005
2006
0.0473
0.1510
0.1949
0.2181
107.23
124.30
151.56
188.73
0.14
0.08
0.07
0.01
1.50
5.07
3.93
1.57
1.20
11.60
16.1755
1
5.07
1.50
18.76
17.10
1.17
0.85
32.32
5.2187
1
18.76
2.00
29.55
19.03
1.68
1.25
49.70
4.1530
1
29.55
3.50
41.16
23.24
1.77
1.31
104.61
3.7969
1
41.16
2007
0.2279
237.23
0.09
14.58
4.50
54.07
22.63
1.42
1.13
68.23
3.7101
1
54.07
Price Chart:
Page 58

Sector
TATA MOTORS
Tata Motors Limited formerly known as TELCO (TATA Engineering and
Locomotive Company), (NYSE: TTM) - is India's largest passenger automobile and
commercial vehicle manufacturing company. It is a part of the Tata Group, and has its
headquarters in Mumbai, Maharashtra. One of the world's largest manufacturers of
commercial vehicles and known for its hatchback passenger vehicle Tata Indica, Tata
Motors has its manufacturing base in Jamshedpur, Lucknow, Pune and Singur. The OICA
ranked it as the world's 21st largest vehicle manufacturer, based on figures for2006.
Tata Motors was established in 1945, when the company began making trains.
Tata Motors was first listed on the NYSE in 2004. Tata Motors gained Rs. 320 billion
during 2001-2006 which was among the top 10 corporate profits in India. In 2004 it also
bought Daewoo's truck manufacturing unit, now known as Tata Daewoo Commercial
Vehicle, in South Korea. In March 2005, it acquired a 21% stake in Hispano Carrocera
SA, giving it controlling rights in the company. On 10 January 2008, Tata Motors
launched their much awaited Tata Nano, noted for its Rs 100,000 price-tag, at Auto Expo
2008 in Pragati Maidan, Delhi.
Tata Motors Limited is India's largest automobile company, with revenues of Rs.
32,426 crores (USD 7.2 billion) in 2006-07. It is the leader by far in commercial
vehicles in each segment, and the second largest in the passenger vehicles market with
winning products in the compact, midsize car and utility vehicle segments. The
company is the world's fifth largest medium and heavy commercial vehicle
manufacturer, and the world's second largest medium and heavy bus manufacturer.
The company's 22,000 employees are guided by the vision to be "best in the
manner in which we operate, best in the products we deliver, and best in our value
system and ethics." Tata Motors helps its employees realise their potential through
innovative HR practices. The company's goal is to empower and provide employees
with dynamic career paths in congruence with corporate objectives. All-round potential
development and performance improvement is ensured by regular in-house and external
training. The company has won several awards recognizing its training programmes.
Tata Motors, the first company from India's engineering sector to be listed in the
New York Stock Exchange (September 2004), has also emerged as an international
automobile company. In 2004, it acquired the Daewoo Commercial Vehicles Company,
Korea's second largest truck maker. The rechristened Tata Daewoo Commercial
Vehicles Company has launched several new products in the Korean market, while also
exporting these products to several international markets.
Page 59

Sector
The Tata Group is one of India's largest and most respected business
conglomerates, with revenues in 2006-07 of $28.8 billion, the equivalent of about 3.2 per
cent of the country's GDP, and the international revenues of the Group in 2006-07 were
US$ 10.8 billion, contributing to 38% of the total Group revenues. Tata companies
together employ over 300,000 people.
FINANCIAL SUMMARY:
The Company has posted a net profit of Rs 499.05 crores for the quarter ended
December 31, 2007 as compared to Rs 513.17 crores for the quarter ended December 31,
2006. Total Revenues has increased from Rs 8061.73 crores for the quarter ended
December 31, 2005 to Rs 8456.18 crores for the quarter ended December 31, 2007.
Latest Quarterly Results

Rs. cr
Year
Sales Income
2007/12
8,364.37
2006/12
8,047.41
var %
3.94
Other Income
91.81
14.32
541.13
7,531.80
7,123.86
5.73
91.77
85.17
7.75
Gross Profit
832.61
852.70
-2.36
Depreciation
167.51
143.50
16.73
Tax
166.05
195.57
-15.09
PAT
499.05
513.17
-2.75
Equity
385.54
385.32
0.06
OPM (%)
9.95
11.48
-1.53
GPM (%)
8.86
10.42
-1.56
NPM (%)
5.96
6.37
-0.41
Expenditure
Interest
Balance Sheet
Page 60

Sector
Rs. cr
Year
Source of Funds
Equity Capital
Prefrential Capital
Reserves and Surplus
Secured Loans
Unsecured Loans
Total
Application of Funds
Gross Block
Accumulated Deprecation
Net Block
NetCurrentAssets
Total
Particulars
Return on Equity
Book Value
Debt Equity
P/E Ratio
DPS
EPS
RONW
Current Ratio
Quick Ratio
Interest Coverage Ratio
Retention Ratio
Bonus Adjustment
Adjusted EPS
2007/03
2006/03
385.41
382.87
0.00
0.00
6,458.39
5,127.81
2,022.04
822.76
1,987.10
2,114.08
10,852.94
8,447.52
8,775.80
7,971.55
4,894.54
4,401.51
3,855.31
3,543.65
1,997.22
1,923.41
10,852.94
8,447.52
Fundamentals of Tata Motors

2003
2004
2005
0.1156
0.2257
0.3009
81.22
101.71
113.65
0.56
0.35
0.60
2006
0.2774
143.94
0.53
4.00
9.38
12.32
0.84
0.52
3.82
0.5192
1
9.38
13.00
39.94
24.17
1.24
0.96
8.08
0.9986
1
39.94
8.00
22.96
22.98
0,72
0.47
8.69
0.7599
1
22.96
12.50
34.19
30.12
0.99
0.76
10.24
0.8776
1
34.19
2007
0.2796
177.59
0.58
12.67
15.00
49.65
24.67
1.24
0.91
7.62
1.0525
1
49.65
Price Chart:
Page 61

Sector
Page 62

Sector
TECHNICAL ANALYSIS
CHAPTER: 9
Page 63

Sector
TECHNICAL ANALYSIS
[By Using RSI Method]
Company: Maruti Suzuki India Ltd.

Sector: Automobile Sector
Relative Strength Index
Dates
2-Apr-07
3-Apr-07
4-Apr-07
5-Apr-07
9-Apr-07
10-Apr-07
11-Apr-07
12-Apr-07
13-Apr-07
16-Apr-07
17-Apr-07
18-Apr-07
19-Apr-07
20-Apr-07
23-Apr-07
24-Apr-07
25-Apr-07
26-Apr-07
27-Apr-07
30-Apr-07
3-May-07
4-May-07
7-May-07
8-May-07
9-May-07
10-May-07
11-May-07
14-May-07
15-May-07
16-May-07
17-May-07
18-May-07
21-May-07
Dates
Closing
Price
749.25
756.45
745.95
755.9
789.45
786.15
781.95
758.95
771.95
778
762.1
764.25
771.9
778.6
766.9
796
791
797.5
795.9
806.1
814.35
807.45
804.95
800.75
802.3
794.9
795.5
803.7
806.55
802.55
816.8
810.1
821
Closing
Price
Gain
7.2
9.95
33.55
13
6.05
2.15
7.65
6.7
29.1
6.5
10.2
8.25
1.55
0.6
8.2
2.85
14.25
10.9
Loss
10.5
3.3
4.2
23
15.9
11.7
5
1.6
6.9
2.5
4.2
7.4
4
6.7
-
Avg.Gain
Avg.Loss
RS
RSI
10.78125
10.78125
13.51875
13.51875
13.0875
10.16429
10.16875
9.955556
9.955556
9.575
10.07857
9.0125
9.992857
8.985714
9.2
8.40625
5.45
6.55
6.557143
7.1
11.38
11.43333
11.43333
10.51667
10.51667
9.242857
10.23333
11.44
8.22
7.266667
6.828571
5.316667
5.614286
5.614286
5.614286
4.6
4.514286
4.433333
4.757143
5.283333
0.947386
0.942966
1.182398
1.28546
1.244453
1.099691
0.993689
0.870241
1.211138
1.317661
1.475941
1.695141
1.779898
1.600509
1.638677
1.827446
1.207278
1.477444
1.378378
1.343849
48.64911
48.53231
54.17884
56.24512
55.44572
52.37394
49.84172
46.53095
54.77442
56.85304
59.61132
62.89619
64.02746
61.54599
62.10222
64.63239
54.69534
59.63581
57.95455
57.33513
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 64

Sector
22-May-07
23-May-07
24-May-07
25-May-07
28-May-07
29-May-07
30-May-07
31-May-07
1-Jun-07
4-Jun-07
5-Jun-07
6-Jun-07
7-Jun-07
8-Jun-07
11-Jun-07
12-Jun-07
13-Jun-07
14-Jun-07
15-Jun-07
18-Jun-07
19-Jun-07
20-Jun-07
21-Jun-07
22-Jun-07
25-Jun-07
26-Jun-07
27-Jun-07
28-Jun-07
29-Jun-07
2-Jul-07
3-Jul-07
4-Jul-07
5-Jul-07
6-Jul-07
9-Jul-07
10-Jul-07
11-Jul-07
12-Jul-07
13-Jul-07
16-Jul-07
17-Jul-07
18-Jul-07
19-Jul-07
Dates
830.6
815.2
810.4
810.3
825.95
819.95
804.6
817.1
811.25
806.55
799.8
776.6
760.95
737.55
733.35
719.65
721.2
729.15
740.1
742.85
751.45
767.9
759.05
761.35
753.3
757.3
751.3
748.7
744.15
770.6
783.5
791.4
805.05
797
795.7
813.75
806.3
828.35
831.3
827.65
824.85
820.65
827.05
Closing
Price
9.6
15.65
12.5
1.55
7.95
10.95
2.75
8.6
16.45
2.3
4
26.45
12.9
7.9
13.65
18.05
22.05
2.95
6.4
Gain
15.4
4.8
0.1
6
15.35
5.85
4.7
6.75
23.2
15.65
23.4
4.2
13.7
8.85
8.05
6
2.6
4.55
8.05
1.3
7.45
3.65
2.8
4.2
-
7.025
6.85
6.85
6.85
7.95
8.864286
8.864286
10.56429
10.95833
12.58
12.58
12.1625
12.1625
12.58333
14.075
14.075
9.9
9.4125
8.2375
7.14
7.383333
8.041667
8.041667
7.221429
7.221429
6.81875
6.81875
6.81875
6.81875
9
10.26111
10.25556
10.55556
11.53125
11.95
12.17857
12.17857
15
13.49375
14.85
14.85
14.85
13.79375
5.283333
6.728571
6.428571
6.085714
6.4
6.342857
7.478571
7.478571
7.275
6.988889
7.294444
8.885
9.78
11.01818
10.45
10.30833
10.80909
11.88
11.88
12.53333
12.18125
12.18125
12.55625
13.67857
13.86429
12.30833
10.7
7.233333
7.291667
6.01
6.01
6.01
6.01
6.35
5.628571
5.628571
5.428571
5.428571
4.991667
4.8
4.342857
4.571429
4.575
1.329653
1.018047
1.065556
1.125587
1.242188
1.397523
1.185291
1.412607
1.5063
1.8
1.7246
1.36888
1.243609
1.142052
1.34689
1.3654
0.915896
0.792298
0.693392
0.569681
0.606123
0.660168
0.640451
0.527937
0.520866
0.553995
0.637266
0.942684
0.935143
1.497504
1.70734
1.706415
1.756332
1.815945
2.123096
2.163706
2.243421
2.763158
2.703255
3.09375
3.419408
3.248438
3.015027
57.07515
50.44713
51.58687
52.95417
55.4007
58.29028
54.23951
58.55107
60.10055
64.28571
63.29737
57.78596
55.42896
53.31579
57.39042
57.72386
47.80509
44.20571
40.94694
36.29278
37.73826
39.76512
39.04117
34.55229
34.24797
35.64971
38.92258
48.52483
48.32423
59.96003
63.06337
63.05075
63.7199
64.48794
67.9805
68.3915
69.16836
73.42657
72.99673
75.57252
77.37253
76.46193
75.09357
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 65

Sector
20-Jul-07
23-Jul-07
24-Jul-07
25-Jul-07
26-Jul-07
27-Jul-07
30-Jul-07
31-Jul-07
1-Aug-07
2-Aug-07
3-Aug-07
6-Aug-07
7-Aug-07
8-Aug-07
9-Aug-07
10-Aug-07
13-Aug-07
14-Aug-07
16-Aug-07
17-Aug-07
20-Aug-07
21-Aug-07
22-Aug-07
23-Aug-07
24-Aug-07
27-Aug-07
28-Aug-07
29-Aug-07
30-Aug-07
31-Aug-07
3-Sep-07
4-Sep-07
5-Sep-07
6-Sep-07
7-Sep-07
10-Sep-07
11-Sep-07
12-Sep-07
13-Sep-07
14-Sep-07
17-Sep-07
18-Sep-07
19-Sep-07
Dates
826.9
830.05
819.55
809.9
839.4
830.25
845.85
844.55
821.2
832.3
850.65
824.9
824.85
836.6
826.85
809.55
832.7
823.55
793.45
778.65
783.75
767.5
765.8
775.95
790.05
833.45
832.5
833.55
836.75
867.7
881.65
893.3
873.75
880.65
873.3
874.6
861.15
859.55
891.7
866.75
874.95
875.4
923.85
Closing
Price
3.15
29.5
15.6
11.1
18.35
11.75
23.15
5.1
10.15
14.1
43.4
1.05
3.2
30.95
13.95
11.65
6.9
1.3
32.15
8.2
0.45
48.45
0.15
10.5
9.65
9.15
1.3
23.35
25.75
0.05
9.75
17.3
9.15
30.1
14.8
16.25
1.7
0.95
19.55
7.35
13.45
1.6
24.95
-
11.98571
10.59286
11.04167
10.52
13.68333
13.68333
13.275
13.275
11.52
13.15
14.01667
14.01667
14.01667
14.90833
14.90833
17.26
18.24167
18.24167
15.99
15.99
13.89
13.89
13.89
13.7
12.85
17.94167
17.94167
16.15833
14.30714
16.3875
15.2375
14.83889
14.83889
14.045
15.03889
13.665
13.665
14.05556
16.06111
12.64375
12.15
12.08333
17.11111
3.942857
3.942857
4.7625
5.305556
4.9625
5.94375
5.94375
5.175
7.194444
7.194444
7.6375
10.50625
9.9875
9.9875
11.1875
11.86667
12.0375
11.975
13.98889
14.61667
14.61667
16.27778
13.87222
13.87222
13.87222
12.3875
12.5
12.5
12.89286
12.15833
12.15833
12.76
10.65
9.6125
9.16
7.3875
10.325
8.58
8.58
11.30833
13.38
13.38
13.38
3.039855
2.686594
2.31846
1.982827
2.757347
2.302138
2.233438
2.565217
1.601236
1.827799
1.835243
1.334127
1.403421
1.492699
1.332588
1.454494
1.515403
1.523312
1.14305
1.093957
0.950285
0.853311
1.001282
0.987585
0.926312
1.448369
1.435333
1.292667
1.109695
1.347841
1.253256
1.162922
1.393323
1.461118
1.6418
1.849746
1.323487
1.638177
1.871924
1.118091
0.908072
0.903089
1.278857
75.24664
72.87469
69.86554
66.47476
73.38547
69.71659
69.07317
71.95122
61.55673
64.63681
64.72965
57.15742
58.39264
59.88285
57.12917
59.25841
60.24494
60.36955
53.33753
52.24352
48.72544
46.0425
50.03202
49.68769
48.08732
59.15648
58.93786
56.38267
52.59979
57.40768
55.61977
53.76625
58.21709
59.36807
62.14702
64.90916
56.96123
62.09503
65.18014
52.78768
47.59107
47.45386
56.11836
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 66

Sector
20-Sep-07
21-Sep-07
24-Sep-07
25-Sep-07
26-Sep-07
27-Sep-07
28-Sep-07
1-Oct-07
3-Oct-07
4-Oct-07
5-Oct-07
8-Oct-07
9-Oct-07
10-Oct-07
11-Oct-07
12-Oct-07
15-Oct-07
16-Oct-07
17-Oct-07
18-Oct-07
19-Oct-07
22-Oct-07
23-Oct-07
24-Oct-07
25-Oct-07
26-Oct-07
29-Oct-07
30-Oct-07
31-Oct-07
1-Nov-07
2-Nov-07
5-Nov-07
6-Nov-07
7-Nov-07
8-Nov-07
9-Nov-07
12-Nov-07
13-Nov-07
14-Nov-07
15-Nov-07
16-Nov-07
19-Nov-07
20-Nov-07
Dates
910.15
931.4
980.75
991.15
961.95
980.15
998.75
990.15
1019.25
1042.25
1034.85
1025.25
1105.05
1101.05
1119.35
1096.75
1160.7
1184.7
1174
1139.35
1076.6
1060.15
1102.9
1118.45
1164.2
1182.2
1189.85
1087.4
1073.85
1006.55
1021.2
994.65
972
999.35
994.5
990.05
995.5
1003.05
1038.25
1037.15
1046.95
1053.8
1007
Closing
Price
21.25
49.35
10.4
18.2
18.6
29.1
23
79.8
18.3
63.95
24
42.75
15.55
45.75
18
7.65
14.65
27.35
5.45
7.55
35.2
9.8
6.85
-
13.7
29.2
8.6
7.4
9.6
4
22.6
10.7
34.65
62.75
16.45
102.45
13.55
67.3
26.55
22.65
4.85
4.45
1.1
46.8
15.38125
16.29375
21.00625
19.82778
21.44375
21.08333
23.00556
23.00556
23.615
22.7
22.7
24.31111
33.12778
31.2125
29.77778
30.84375
32.66875
34.36875
34.36875
36.67857
39.69167
39.69167
41.96667
40.725
41.44286
38.5125
29.49375
29.49375
31.09286
31.09286
24.05
24.05833
24.05833
24.52857
24.52857
24.52857
19.2
18.05714
16.55
16.30833
16.66667
15.26429
15.26429
13.43333
13.43333
13.43333
12.21
15.04167
16.58
16.58
15.61
19.1125
19.1125
14.725
13.7
13.7
12.08333
11.76
13.56667
13.56667
13.56667
10.48333
13.93571
20.0375
21.01875
21.01875
21.01875
22.96429
25.19167
25.19167
41.6
37.59286
43.97857
43.97857
41.8
43.29375
44.52857
36.25714
34.54286
34.54286
34.54286
34.54286
30.3625
30.3625
20.06429
24.81429
1.145006
1.212934
1.563741
1.623897
1.425623
1.271612
1.387549
1.47377
1.235579
1.187704
1.541596
1.774534
2.418086
2.583103
2.532124
2.273495
2.408016
2.533323
3.278418
2.631984
1.980869
1.888393
1.99663
1.937556
1.804666
1.528779
1.170774
0.708984
0.827095
0.707
0.546857
0.575558
0.5557
0.55085
0.676517
0.710091
0.555831
0.522746
0.479115
0.537121
0.548923
0.760769
0.615141
53.38009
54.81113
60.9945
61.88874
58.77348
55.97841
58.11604
59.57588
55.26885
54.28999
60.65464
63.95791
70.74386
72.09123
71.68842
69.45161
70.65741
71.69803
76.62688
72.46684
66.45274
65.37868
66.62918
65.95809
64.34513
60.45523
53.93348
41.48571
45.2683
41.4177
35.35279
36.53043
35.72025
35.51924
40.35253
41.52358
35.72568
34.32917
32.392
34.94331
35.439
43.20663
38.0859
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 67

Sector
21-Nov-07
22-Nov-07
23-Nov-07
26-Nov-07
27-Nov-07
28-Nov-07
29-Nov-07
30-Nov-07
3-Dec-07
4-Dec-07
5-Dec-07
6-Dec-07
7-Dec-07
10-Dec-07
11-Dec-07
12-Dec-07
13-Dec-07
14-Dec-07
17-Dec-07
18-Dec-07
19-Dec-07
20-Dec-07
24-Dec-07
26-Dec-07
27-Dec-07
28-Dec-07
31-Dec-07
1-Jan-08
2-Jan-08
3-Jan-08
4-Jan-08
7-Jan-08
8-Jan-08
9-Jan-08
10-Jan-08
11-Jan-08
14-Jan-08
15-Jan-08
16-Jan-08
17-Jan-08
18-Jan-08
21-Jan-08
22-Jan-08
Dates
954.25
965.25
947.45
951.7
937.45
967.5
990.1
1014.15
1032.85
1027.95
1034.4
1040.8
1041.45
1045.65
1077.6
1073.3
1037
1042.35
1012.8
1018
998
993.6
990.25
993.1
995.2
986.6
994.5
991.55
997.05
973.2
964.15
963.75
939.8
924.75
909.2
899.7
863.45
871.35
847.7
864.8
842
803.2
807.05
Closing
Price
11
4.25
30.05
22.6
24.05
18.7
6.45
6.4
0.65
4.2
31.95
5.35
5.2
2.85
2.1
7.9
5.5
7.9
17.1
3.85
52.75
17.8
14.25
4.9
4.3
36.3
29.55
20
4.4
3.35
8.6
2.95
23.85
9.05
0.4
23.95
15.05
15.55
9.5
36.25
23.65
22.8
38.8
-
15.26429
14.74286
14.74286
13.43125
11.44286
13.76875
14.75
16.81667
18.05556
15.9125
14.86111
14.48333
13.79444
12.835
14.57273
14.93
14.93
15.04
15.04
12.555
11.43889
9.8625
8.6
7.88125
7.3375
7.471429
8.507143
9.225
4.816667
4.816667
4.816667
4.71
4.71
4.5875
4.5875
4.5875
4.5875
5.85
7.1
9.6
10.16667
10.16667
9.616667
22.73571
22.73571
21.48571
21.29167
20.28571
22.85833
26.54
26.54
26.54
22.93333
27.3
27.3
27.3
22.425
12.31667
10.3125
14.9375
14.9375
18.7625
18.7625
19.01
16.575
14.68571
16.31667
16.31667
15.21429
15.21429
13.68125
13.68125
16.125
12.71875
11.35
10.72778
11.16
10.715
11.225
14.515
14.515
15.34545
16.02
16.63636
19.89545
19.89545
0.671379
0.648445
0.68617
0.630822
0.564085
0.602351
0.555765
0.633635
0.680315
0.693859
0.544363
0.530525
0.505291
0.572352
1.183171
1.447758
0.999498
1.006862
0.801599
0.669154
0.60173
0.595023
0.585603
0.483018
0.449694
0.49108
0.559155
0.67428
0.352063
0.298708
0.378706
0.414978
0.439047
0.411066
0.428138
0.408686
0.316052
0.403031
0.462678
0.599251
0.611111
0.511004
0.48336
40.16917
39.33676
40.69401
38.68123
36.06484
37.59172
35.72294
38.78681
40.48734
40.96321
35.24839
34.66294
33.56766
36.40102
54.19508
59.14628
49.98744
50.17096
44.49375
40.08941
37.56751
37.30496
36.93252
32.56995
31.0199
32.93451
35.86269
40.27285
26.03897
23.0004
27.46822
29.32752
30.50957
29.13161
29.97876
29.01186
24.01518
28.72575
31.63224
37.47073
37.93103
33.81886
32.58548
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 68

Sector
23-Jan-08
24-Jan-08
25-Jan-08
28-Jan-08
29-Jan-08
30-Jan-08
31-Jan-08
1-Feb-08
4-Feb-08
5-Feb-08
6-Feb-08
7-Feb-08
8-Feb-08
11-Feb-08
12-Feb-08
13-Feb-08
14-Feb-08
15-Feb-08
18-Feb-08
19-Feb-08
20-Feb-08
21-Feb-08
22-Feb-08
25-Feb-08
26-Feb-08
27-Feb-08
28-Feb-08
29-Feb-08
3-Mar-08
4-Mar-08
5-Mar-08
7-Mar-08
10-Mar-08
11-Mar-08
12-Mar-08
13-Mar-08
14-Mar-08
17-Mar-08
18-Mar-08
19-Mar-08
24-Mar-08
25-Mar-08
26-Mar-08
Dates
826.15
788.75
833.7
864.7
863
844.9
850.2
905.75
897.35
872.6
832.25
800
805.75
813.35
807.7
817.25
829.2
812.45
806.2
809.4
769.7
763.15
766.35
800.55
813.3
832.9
837.15
868.2
872.65
904.55
940.2
927.85
895.05
866.65
857.4
840.35
832.7
806.55
813.35
822.45
810.2
843.85
845.6
Closing
Price
19.1
44.95
31
5.3
55.55
5.75
7.6
9.55
11.95
3.2
3.2
34.2
12.75
19.6
4.25
31.05
4.45
31.9
35.65
6.8
9.1
33.65
1.75
37.4
1.7
18.1
8.4
24.75
40.35
32.25
5.65
16.75
6.25
39.7
6.55
12.35
32.8
28.4
9.25
17.05
7.65
26.15
12.25
-
11.9875
11.9875
18.58
20.65
20.65
20.65
18.45714
23.09375
25.26429
25.26429
26.625
26.625
23.64286
24.17857
25.025
22.81429
18.1
15.95
15.95
14.12857
15.6
7.61
6.875
10.77857
11.025
11.97778
11.81111
14.41667
13.42
15.655
18.025
18.025
18.025
19.67222
19.67222
19.67222
21.73125
19.95
19.1
17.6
19.825
20.25833
19.80833
19.5
22.335
24.77222
24.875
23.20625
23.525
25.52857
23.74167
21.55
21.70714
24.0375
25.21875
23.27857
23.27857
21.075
18.74286
18.74286
18.49375
19.0625
19.2
21.7625
20.07222
21.53125
21.07143
17.85833
14.98
14.98
14.98
17.3125
17.3125
17.3125
16.2125
22.85
23.96
17.87
19.97
17.91667
19.09286
19.09286
19.09286
18.2375
18.2375
18.2375
0.614744
0.536714
0.750034
0.830151
0.889846
0.87779
0.722999
0.97271
1.172357
1.16387
1.107644
1.055762
1.015649
1.038662
1.187426
1.217226
0.965701
0.862454
0.836721
0.735863
0.716829
0.379131
0.319303
0.511525
0.617359
0.799585
0.788459
0.962394
0.775162
0.90426
1.041155
1.111796
0.78884
0.821044
1.100852
0.985089
1.212907
1.044893
1.000374
0.921811
1.087046
1.110806
1.086132
38.07066
34.92607
42.85824
45.35969
47.08565
46.7459
41.96168
49.3083
53.96704
53.7865
52.55366
51.35624
50.38819
50.94822
54.28416
54.89859
49.12757
46.30739
45.55516
42.39177
41.75309
27.49057
24.20242
33.84167
38.1708
44.43162
44.08593
49.04184
43.66713
47.48616
51.00814
52.64695
44.09786
45.08645
52.40026
49.62442
54.81057
51.09769
50.00935
47.96574
52.08539
52.62474
52.0644
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 69

Sector
27-Mar-08
28-Mar-08
31-Mar-08
838.3
837.8
827
Average
15.662
7.3
0.5
10.8
15.04
17.39
12.825
12.825
17.02222
15.37
15.215
1.021606 50.53437
0.834418 45.48679
0.842918 45.73823
Relative Strength Index:

The RSI compares the magnitude of a stock's recent gains to the magnitude of its
recent losses and turns that information into a number that ranges from 0 to 100.
A 14 day RSI is calculated for stock it is recommended by wilder that a 14 period

will be a good indicator. By using the simple formula RSI = {100- [100 / (1+RS)]}.it
states that if RSI is below 30 buy & if it crosses above 70 then sell it.
From 2nd April 07 to 31st March 08 the RSI is calculated, the best time to sell the
stock was between 12th July 07 to 31st July 07 and 9th October 07 to 18th October 07 since
the RSI was above 70 & it had reached its peak level. The best time to buy the stock was
between 2nd Jan 08 to 24th Jan 08 since the RSI was below 30 for these many days.
Company: Tata Motors
Page 70

Sector
Relative Strength Index
Date
2-Apr-07
3-Apr-07
4-Apr-07
5-Apr-07
9-Apr-07
10-Apr-07
11-Apr-07
12-Apr-07
13-Apr-07
16-Apr-07
17-Apr-07
18-Apr-07
19-Apr-07
20-Apr-07
23-Apr-07
24-Apr-07
25-Apr-07
26-Apr-07
27-Apr-07
30-Apr-07
3-May-07
4-May-07
7-May-07
8-May-07
9-May-07
10-May-07
11-May-07
14-May-07
15-May-07
16-May-07
17-May-07
18-May-07
21-May-07
22-May-07
23-May-07
24-May-07
25-May-07
28-May-07
Date
Closing
Price
670.9
681.4
682.8
686.1
703.7
721.55
722.8
712.4
726.3
750.25
730.6
722.5
713.1
722.9
718.15
741.6
759.05
766.6
749.35
751.75
733.1
731.5
728.3
725.1
723.25
714.85
716.1
715.2
714.35
734.65
750.6
741.8
725.45
726.95
708
712.7
726.95
732.75
Closing
Price
Gain
10.5
1.4
3.3
17.6
17.85
1.25
13.9
23.95
9.8
23.45
17.45
7.55
2.4
1.25
20.3
15.95
1.5
4.7
14.25
5.8
Loss
10.4
19.65
8.1
9.4
4.75
17.25
18.65
1.6
3.2
3.2
1.85
8.4
0.9
0.85
8.8
16.35
18.95
-
Avg.Gain
Avg.Loss
RS
RSI
11.06111
11.06111
12.5
14.28333
14.75556
14.4
12.46875
14.07143
14.07143
14.1
12.13
12.13
12.13
10.31667
10.42
10.42
9.79
9.49
9.975
9.975
9.75
9.75
8.74
9.658333
9.107143
11.8875
10.46
10.46
10.46
10.46
11.59167
11.59167
12.6
11.34286
10.325
9.533333
7.555556
7.588889
7.3625
6.644444
6.211111
6.211111
6.211111
6.47
6.38
6.38
6.41
6.944444
7.4125
8.014286
0.930483
1.057468
1.195029
1.365519
1.410665
1.242272
1.075665
1.11678
1.240554
1.365617
1.272378
1.605441
1.598389
1.401245
1.568227
1.677639
1.576208
1.527907
1.541731
1.56348
1.528213
1.521061
1.25856
1.302979
1.136364
48.19948
51.39656
54.44251
57.72599
58.51767
55.40237
51.82267
52.75844
55.36818
57.72774
55.99323
61.61878
61.51462
58.35494
61.06264
62.65366
61.18325
60.44158
60.65673
60.99052
60.44637
60.33416
55.724
56.57798
53.19149
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 71

Sector
29-May-07
30-May-07
31-May-07
1-Jun-07
4-Jun-07
5-Jun-07
6-Jun-07
7-Jun-07
8-Jun-07
11-Jun-07
12-Jun-07
13-Jun-07
14-Jun-07
15-Jun-07
18-Jun-07
19-Jun-07
20-Jun-07
21-Jun-07
22-Jun-07
25-Jun-07
26-Jun-07
27-Jun-07
28-Jun-07
29-Jun-07
2-Jul-07
3-Jul-07
4-Jul-07
5-Jul-07
6-Jul-07
9-Jul-07
10-Jul-07
11-Jul-07
12-Jul-07
13-Jul-07
16-Jul-07
17-Jul-07
18-Jul-07
19-Jul-07
20-Jul-07
23-Jul-07
24-Jul-07
25-Jul-07
26-Jul-07
Date
740.85
742.1
755.7
747.95
710.85
710.5
688
677.85
652.2
653.2
641.2
645.2
642.25
650.4
644.95
663.5
686.4
687.5
684.3
678.15
684.6
671.7
664.4
670.2
682.2
685.85
701.35
709.55
711.2
716.3
743.25
736.1
739.85
767.05
759.5
748.8
743.35
776.75
767.6
766.6
747.1
726
731.85
Closing
Price
8.1
1.25
13.6
1
4
8.15
18.55
22.9
1.1
6.45
5.8
12
3.65
15.5
8.2
1.65
5.1
26.95
3.75
27.2
33.4
5.85
7.75
37.1
0.35
22.5
10.15
25.65
12
2.95
5.45
3.2
6.15
12.9
7.3
7.15
7.55
10.7
5.45
9.15
1
19.5
21.1
-
8.98125
8.122222
9.494444
9.494444
9.494444
8.14375
7.028571
7.028571
7.028571
6.957143
6.957143
6.857143
5.625
6.016667
5.6
9.06
10.92
9.283333
9.283333
9.283333
8.878571
8.878571
8.878571
9.564286
9.86875
9.825
10.45556
10.46111
9.58
8.235
8.64
9.477778
8.905
10.56818
10.98
10.98
10.98
13.74
13.93333
15.21875
15.17857
16.34167
17.04167
9.041667
9.17
9.17
10.54
17.79
14.88333
15.97143
16.16429
17.49286
17.49286
16.5
16.5
14.80625
14.80625
13.76667
13.76667
13.76667
14.51875
10.28125
11.00625
9.364286
9.757143
7.135714
7.135714
6.325
6.325
7
7
7.3875
7.3875
7.3875
7.34
8.375
9.116667
8.725
8.175
7.7125
7.7125
8
6.833333
8.642857
10.2
10.2
0.993318
0.885739
1.035381
0.900801
0.533696
0.547172
0.440072
0.434821
0.401797
0.397713
0.421645
0.415584
0.379907
0.40636
0.40678
0.658111
0.79322
0.639403
0.902938
0.84346
0.948131
0.909956
1.244244
1.34034
1.560277
1.55336
1.493651
1.494444
1.296785
1.114721
1.169543
1.29125
1.063284
1.159216
1.258453
1.343119
1.423663
1.781524
1.741667
2.227134
1.756198
1.602124
1.670752
49.83239
46.97038
50.86915
47.39061
34.79801
35.36596
30.55901
30.3049
28.66298
28.45457
29.65895
29.3578
27.53136
28.89445
28.91566
39.69042
44.2344
39.00219
47.44969
45.75418
48.66875
47.64278
55.44157
57.27117
60.94172
60.83591
59.89815
59.91091
56.46088
52.71243
53.90735
56.35571
51.53356
53.68688
55.7219
57.32185
58.74014
64.04848
63.52584
69.01275
63.71814
61.56986
62.55736
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 72

Sector
27-Jul-07
30-Jul-07
31-Jul-07
1-Aug-07
2-Aug-07
3-Aug-07
6-Aug-07
7-Aug-07
8-Aug-07
9-Aug-07
10-Aug-07
13-Aug-07
14-Aug-07
16-Aug-07
17-Aug-07
20-Aug-07
21-Aug-07
22-Aug-07
23-Aug-07
24-Aug-07
27-Aug-07
28-Aug-07
29-Aug-07
30-Aug-07
31-Aug-07
3-Sep-07
4-Sep-07
5-Sep-07
6-Sep-07
7-Sep-07
10-Sep-07
11-Sep-07
12-Sep-07
13-Sep-07
14-Sep-07
17-Sep-07
18-Sep-07
19-Sep-07
20-Sep-07
21-Sep-07
24-Sep-07
25-Sep-07
26-Sep-07
Date
699.15
707.25
699.4
667.4
651.8
656.35
648.8
657.7
658.95
663.55
669.4
692.55
691.15
660.5
641.15
649.85
634.15
619.5
620.8
656.6
675.4
663.05
674.15
680.75
701.75
702.85
691.35
698.85
712.05
695.15
702.7
689.15
684.75
695
693.75
694.75
696.1
720.4
731.25
741
747.2
740.9
739.9
Closing
Price
8.1
4.55
8.9
1.25
4.6
5.85
23.15
8.7
1.3
35.8
18.8
11.1
6.6
21
1.1
7.5
13.2
7.55
10.25
1
1.35
24.3
10.85
9.75
6.2
-
32.7
7.85
32
15.6
7.55
1.4
30.65
19.35
15.7
14.65
12.35
11.5
16.9
13.55
4.4
1.25
6.3
1
19.43
15.66
15.66
18.6375
15.78333
12.975
12.975
12.16
5.73
5.541667
5.585714
7.78125
7.78125
8.057143
8.057143
8.142857
8.142857
8.142857
7.2875
11.19375
12.03889
12.43125
13.6625
13.9125
15.80625
13.05
13.05
12.43333
12.51
12.93333
12.395
12.395
13.62778
10.78889
9.7875
8.811111
7.727778
9.694444
8.566667
9.527778
9.195
9.383333
8.90625
12.7
12.7
12.77778
14.7
14.78182
15.505
15.19
16.27222
16.27222
17.1625
19.47143
19.46667
16.18333
18.25
16.34286
16.34286
17.46429
14.98571
14.88333
14.88333
16.35
15.68333
15.68333
15.68333
15.68333
15.68333
17.36667
14.71
13.55
14.22
13.85
13.575
11.74
11.74
9.991667
9.52
9.52
9.52
9.52
9.52
9.025
8.48
7.233333
1.529921
1.233071
1.225565
1.267857
1.067753
0.836827
0.85418
0.747286
0.352134
0.322894
0.286867
0.399722
0.480819
0.441487
0.493007
0.498252
0.466258
0.543375
0.489642
0.7521
0.736323
0.792641
0.871148
0.887088
1.007837
0.832094
0.75144
0.84523
0.923247
0.909517
0.894946
0.913076
1.160799
0.918985
0.979566
0.925537
0.811741
1.018324
0.89986
1.000817
1.018837
1.106525
1.231279
60.47308
55.21862
55.06759
55.90551
51.63833
45.55829
46.06781
42.76838
26.04282
24.40815
22.2919
28.55723
32.46979
30.62721
33.02108
33.25554
31.79916
35.20692
32.86976
42.92562
42.40705
44.21638
46.55686
47.00831
50.19517
45.41763
42.90411
45.80621
48.0046
47.63074
47.22804
47.72815
53.72082
47.88913
49.48388
48.06643
44.80448
50.45394
47.36454
50.02042
50.46652
52.52846
55.18265
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 73

Sector
27-Sep-07
28-Sep-07
1-Oct-07
3-Oct-07
4-Oct-07
5-Oct-07
8-Oct-07
9-Oct-07
10-Oct-07
11-Oct-07
12-Oct-07
15-Oct-07
16-Oct-07
17-Oct-07
18-Oct-07
19-Oct-07
22-Oct-07
23-Oct-07
24-Oct-07
25-Oct-07
26-Oct-07
29-Oct-07
30-Oct-07
31-Oct-07
1-Nov-07
2-Nov-07
5-Nov-07
6-Nov-07
7-Nov-07
8-Nov-07
9-Nov-07
12-Nov-07
13-Nov-07
14-Nov-07
15-Nov-07
16-Nov-07
19-Nov-07
20-Nov-07
21-Nov-07
22-Nov-07
23-Nov-07
26-Nov-07
27-Nov-07
Date
751.3
776.9
773.3
788.1
799.45
779.05
764.35
796.15
806.7
830.55
803.35
818.3
820.8
806.95
791.35
785.15
772.9
795.6
774.6
800.6
804.8
807.25
767.75
757.85
746.95
754.8
740.15
719.45
720.3
707.55
694.8
684.35
693.3
707.65
698.95
697.1
703.1
708.45
691.3
694.5
714.35
711.75
719.75
Closing
Price
11.4
25.6
14.8
11.35
31.8
10.55
23.85
14.95
2.5
22.7
26
4.2
2.45
7.85
0.85
8.95
14.35
6
5.35
3.2
19.85
8
3.6
20.4
14.7
27.2
13.85
15.6
6.2
12.25
21
39.5
9.9
10.9
14.65
20.7
12.75
12.75
10.45
8.7
1.85
17.15
2.6
-
9.183333
11.18889
11.18889
11.55
11.66
11.66
12.84444
16.22778
14.7
16.14444
16.94375
18.0375
16.31111
16.31111
16.925
15.68571
15.68571
16.81429
17.725
18.90714
17.06875
13.4
13.80714
12.13333
12.13333
10.95
12.64
12.64
10.675
10.675
10.675
8.27
8.383333
6.441667
6.89
8
7.6
7.225
7.225
6.45
8.364286
8.364286
9.385714
5.3
5.3
3.31
3.0375
3.0375
7.825
9.2
9.2
9.2
9.2
12.2
12.2
13.38
15.95
15.89167
14.50714
15.74286
15.74286
16.4
15.82857
16.01667
16.01667
19.37143
18.1875
16.15
16.15
15.98333
16.74444
16.8875
17.70625
17.76875
16.95556
16.45
16.45
15.58889
14.215
11.40556
11.59375
12.375
12.375
12.05
9.464286
9.464286
1.732704
2.111111
3.380329
3.802469
3.838683
1.490096
1.396135
1.763889
1.597826
1.754831
1.388832
1.478484
1.219067
1.02264
1.065024
1.081241
0.99637
1.068058
1.080793
1.194495
1.065687
0.836629
0.712758
0.667125
0.75129
0.678019
0.790824
0.754877
0.632124
0.602894
0.600774
0.487746
0.509625
0.391591
0.441981
0.562786
0.666342
0.623181
0.583838
0.521212
0.694132
0.883774
0.991698
63.40621
67.85714
77.17066
79.17738
79.33322
59.8409
58.26613
63.8191
61.50628
63.70013
58.13854
59.65275
54.93601
50.55967
51.5744
51.95174
49.90909
51.64546
51.94139
54.43142
51.58995
45.55241
41.61464
40.01649
42.89923
40.4059
44.15978
43.01596
38.73016
37.61286
37.53021
32.78421
33.75839
28.13979
30.65098
36.0117
39.98831
38.39256
36.86224
34.26295
40.97271
46.91506
49.79159
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 74

Sector
28-Nov-07
29-Nov-07
30-Nov-07
3-Dec-07
4-Dec-07
5-Dec-07
6-Dec-07
7-Dec-07
10-Dec-07
11-Dec-07
12-Dec-07
13-Dec-07
14-Dec-07
17-Dec-07
18-Dec-07
19-Dec-07
20-Dec-07
24-Dec-07
26-Dec-07
27-Dec-07
28-Dec-07
31-Dec-07
1-Jan-08
2-Jan-08
3-Jan-08
4-Jan-08
7-Jan-08
8-Jan-08
9-Jan-08
10-Jan-08
11-Jan-08
14-Jan-08
15-Jan-08
16-Jan-08
17-Jan-08
18-Jan-08
21-Jan-08
22-Jan-08
23-Jan-08
24-Jan-08
25-Jan-08
28-Jan-08
29-Jan-08
Date
721.25
718.2
732.45
736.15
741.3
772.4
775.45
767.3
766.45
775.2
770.05
763.15
744.85
701.75
702.2
690.7
710.15
730.4
752.1
736.75
729.35
741.9
762.35
793.55
791.6
781.65
785.4
774.9
770.2
749.2
763.1
765.6
769
749.95
736.65
714.3
653.65
650.9
658.85
658.55
710.45
712.75
715.8
Closing
Price
1.5
14.25
3.7
5.15
31.1
3.05
8.75
0.45
19.45
20.25
21.7
12.55
20.45
31.2
3.75
13.9
2.5
3.4
7.95
51.9
2.3
3.05
3.05
8.15
0.85
5.15
6.9
18.3
43.1
11.5
15.35
7.4
1.95
9.95
10.5
4.7
21
19.05
13.3
22.35
60.65
2.75
0.3
-
8.4
8.4
9.05
8.466667
7.444444
9.81
9.195455
9.515
9.977778
9.855
10.59444
9.4375
9.4375
9.642857
9.492857
9.492857
10.23571
12.6
14.96429
12.275
14.12
13.85833
14.8
18.00714
18.00714
18.00714
16.225
16.225
18.47857
18.47857
17.68571
15.15
12.53571
12.53571
12.53571
12.53333
10.95
5.8875
6.3
6.3
15.93
13.65833
12.14286
8.916667
7.3
6.67
6.67
6.67
6.1625
7.6
7.7375
6.36
3.6625
3.96
4.45
7.066667
12.21429
12.21429
13.42143
13.42143
13.42143
13.42143
13.6625
12.96667
13.56875
15.38571
15.38571
14.92857
15.36429
14.875
9.441667
8.764286
10.12143
10.12143
10.12143
10.12143
10.65
11.49286
12.85
18.16111
16.62
18.25
17.17778
17.17778
18.0125
19.91429
0.942056
1.150685
1.356822
1.269365
1.116109
1.591886
1.209928
1.229725
1.568833
2.690785
2.675365
2.120787
1.335495
0.789474
0.777193
0.707291
0.76264
0.938797
1.114955
0.898445
1.088946
1.021342
0.961931
1.170381
1.20622
1.172013
1.090756
1.718447
2.108394
1.825688
1.747354
1.496824
1.238532
1.177062
1.09074
0.975357
0.602937
0.354242
0.345205
0.366753
0.927361
0.75827
0.609756
48.50818
53.50318
57.56997
55.93482
52.74345
61.41806
54.74966
55.15143
61.07182
72.90549
72.79182
67.9568
57.18253
44.11765
43.73149
41.42768
43.26691
48.42163
52.71766
47.3253
52.12897
50.52791
49.02982
53.92513
54.67361
53.95976
52.17042
63.21429
67.82905
64.61039
63.60134
59.94912
55.32787
54.06654
52.17004
49.37623
37.6145
26.15795
25.66191
26.83389
48.11558
43.1259
37.87879
Gain
Loss
Avg.Gain
Avg.Loss
RS
RSI
Page 75

Sector
30-Jan-08
31-Jan-08
1-Feb-08
4-Feb-08
5-Feb-08
6-Feb-08
7-Feb-08
8-Feb-08
11-Feb-08
12-Feb-08
13-Feb-08
14-Feb-08
15-Feb-08
18-Feb-08
19-Feb-08
20-Feb-08
21-Feb-08
22-Feb-08
25-Feb-08
26-Feb-08
27-Feb-08
28-Feb-08
29-Feb-08
3-Mar-08
4-Mar-08
5-Mar-08
7-Mar-08
10-Mar-08
11-Mar-08
12-Mar-08
13-Mar-08
14-Mar-08
17-Mar-08
18-Mar-08
19-Mar-08
24-Mar-08
25-Mar-08
26-Mar-08
27-Mar-08
28-Mar-08
31-Mar-08
696.95
699.45
753.5
770
754
735.95
715.1
710.95
700.85
693.9
714.8
733.15
751.85
732.7
739.65
710.3
708.05
696.05
705.85
704.15
707.85
709.8
700.35
695.1
702.2
704.35
671.8
674.8
653.3
645.1
621.35
637.65
609.4
619.45
650.65
663.2
680.1
678.75
655.35
646.05
622.7
Average
2.5
54.05
16.5
20.9
18.35
18.7
6.95
9.8
3.7
1.95
7.1
2.15
3
16.3
10.05
31.2
12.55
16.9
11.72519
18.85
16
18.05
20.85
4.15
10.1
6.95
19.15
29.35
2.25
12
1.7
9.45
5.25
32.55
21.5
8.2
23.75
28.25
1.35
23.4
9.3
23.35
12.89876
12.14286
10.51429
17.87857
19.75
19.75
19.75
19.75
19.75
19.75
21.71667
21.6
16.80714
19.15
21.83333
19.70714
22.575
16.28
16.225
14.94
14.94
13.06667
11.47857
11.47857
11.47857
9.507143
7.192857
5.275
4.95
4.616667
4.616667
4.616667
6.285714
5.7
6.321429
10.25
11.76429
12.40625
12.40625
13.16429
15
15
19.60714
19.60714
19.60714
19.60714
19.17143
19.85
19.63571
11.56429
12.61429
11.90625
13.56429
13.56429
13.56429
14.2625
13.60714
15.575
14.09444
13.885
13.65
11.83333
10.70625
11.64286
11.55
11.30714
11.30714
11.30714
13.9625
13.22143
14.25625
11.6125
14.3
14.62857
16.33125
18.42143
18.42143
18.42143
19.91667
19.26667
19.85714
18.5375
17.3875
0.619308
0.536248
0.91184
1.007286
1.030179
0.994962
1.00582
1.707844
1.565685
1.823972
1.592417
1.239073
1.411796
1.530821
1.448294
1.449438
1.155065
1.168527
1.094505
1.262535
1.220471
0.98589
0.993816
1.015161
0.840809
0.636134
0.377798
0.374392
0.323835
0.39756
0.322844
0.429688
0.349024
0.343156
0.556417
0.63862
0.622908
0.643923
0.66295
0.809171
0.862689
38.24522
34.90633
47.69436
50.18149
50.74326
49.87374
50.14509
63.07026
61.02406
64.58888
61.42596
55.33866
58.53712
60.48713
59.15523
59.17431
53.59769
53.88575
52.25603
55.80179
54.96451
49.64473
49.84491
50.37618
45.67605
38.88031
27.4204
27.24057
24.46186
28.44673
24.40529
30.05464
25.87234
25.5485
35.74988
38.97302
38.38221
39.1699
39.86589
44.72605
46.31416
Relative Strength Index:

Page 76

Sector
The RSI compares the magnitude of a stock's recent gains to the magnitude of its
recent losses and turns that information into a number that ranges from 0 to 100
A 14 day RSI is calculated for stock it is recommended by wilder that a 14 period

will be a good indicator. By using the simple formula RSI = {100- [100 / (1+RS)]}.It
states that if RSI is below 30 buy & if it crosses above 70 then sell it.
From 2nd April 07 to 31st March 08 the RSI is calculated, the best time to sell the
stock was between 27th Sep 07 to 4th October 07 and 10th December 07 to 12th December
07 since the RSI was above 70 & it had reached its peak level. The best time to buy the
stock was between 8th August 07 to 23rd August 07 and 23rd Jan 08 to 24th Jan 08 as well
as between 7th March to 18th March 08 since the RSI was below 30 for these many days.
TECHNICAL ANALYSIS: [By using Moving Average]

Page 77

Sector
Company: Maruti Suzuki India Ltd.

10 Days Moving Average of Maruti Suzuki India Ltd.

Scrip
Date
2-Apr-07
3-Apr-07
4-Apr-07
5-Apr-07
9-Apr-07
10-Apr-07
11-Apr-07
12-Apr-07
13-Apr-07
16-Apr-07
17-Apr-07
18-Apr-07
19-Apr-07
20-Apr-07
23-Apr-07
24-Apr-07
25-Apr-07
26-Apr-07
27-Apr-07
30-Apr-07
3-May-07
4-May-07
7-May-07
8-May-07
9-May-07
10-May-07
11-May-07
14-May-07
15-May-07
16-May-07
17-May-07
18-May-07
21-May-07
22-May-07
Date
23-May-07
Open
Price
795
745
765
746
754
790
790
770
760
777.1
781.15
765
764
778.1
798.7
770
800
840
794.2
798.5
817.5
821
820
811
801
848.7
795
820
801.1
807
803
815
810.1
823
Open
Price
840
High Price
Low Price
795
765.8
768
763.9
795.9
801
790
778
777
786
784.5
774.35
780
791.8
798.7
810
815
840
810
808.75
824.6
822
824
814.9
814.45
848.7
806.5
820
808.9
810
820
825
825
844
741.35
745
743.55
741
754
785
777.35
750.55
755
775.1
760.15
761.25
746
772
764
762
783
785.55
789.25
783
811
803
801.1
782.5
791.1
790.1
751.25
800.1
791
792.2
803
799
800.25
796
High Price
Low Price
840
811.25
Close
Price
749.25
756.45
745.95
755.9
789.45
786.15
781.95
758.95
771.95
778
762.1
764.25
771.9
778.6
766.9
796
791
797.5
795.9
806.1
814.35
807.45
804.95
800.75
802.3
794.9
795.5
803.7
806.55
802.55
816.8
810.1
821
830.6
Close
Price
815.2
10 days moving
average
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
767.4
768.685
769.465
772.06
774.33
772.075
773.06
773.965
777.82
780.215
783.025
788.25
792.57
795.875
798.09
801.63
801.52
801.97
802.59
803.655
803.3
803.545
803.81
805.415
808.4
10 days moving
average
809.69
Page 78

Sector
24-May-07
25-May-07
28-May-07
29-May-07
30-May-07
31-May-07
1-Jun-07
4-Jun-07
5-Jun-07
6-Jun-07
7-Jun-07
8-Jun-07
11-Jun-07
12-Jun-07
13-Jun-07
14-Jun-07
15-Jun-07
18-Jun-07
19-Jun-07
20-Jun-07
21-Jun-07
22-Jun-07
25-Jun-07
26-Jun-07
27-Jun-07
28-Jun-07
29-Jun-07
2-Jul-07
3-Jul-07
4-Jul-07
5-Jul-07
6-Jul-07
9-Jul-07
10-Jul-07
11-Jul-07
12-Jul-07
13-Jul-07
16-Jul-07
17-Jul-07
18-Jul-07
19-Jul-07
20-Jul-07
23-Jul-07
24-Jul-07
25-Jul-07
26-Jul-07
Date
27-Jul-07
805.55
805
819.4
826.5
825
808
820
876
839.8
823.75
774
751.55
740.1
735
721
729
734.9
741
742.05
751.45
771
753.1
769
749
760
748
758
745
777
790
792.05
760.3
802
795.7
810
806.3
830
833
829.85
824.9
824
834.4
821
831
819.55
812
Open
Price
835
818
819.5
831.7
833
826
820
829.95
876
839.8
823.75
784
758
748.8
739.9
734
733
747
749.9
753.9
772.4
772
763.75
769
759.9
760
758.9
758
786.6
785
799
810.1
808.9
805
819
814.8
830.75
839
843.5
841.1
826
830.4
845
839.3
837.8
826.8
857.35
805.55
795
812
815.1
802
805
808.15
804
796
772.65
740.3
731
728.1
717
715.05
724.7
729.25
738.15
735.5
751.45
756
750
751
747.15
746.1
738.95
740.1
745
772
776.25
792
760.3
790
786.15
795.2
804
824
820.3
818
808.2
812.35
821
815.1
815.25
808
810
High Price
Low Price
845
808
810.4
810.3
825.95
819.95
804.6
817.1
811.25
806.55
799.8
776.6
760.95
737.55
733.35
719.65
721.2
729.15
740.1
742.85
751.45
767.9
759.05
761.35
753.3
757.3
751.3
748.7
744.15
770.6
783.5
791.4
805.05
797
795.7
813.75
806.3
828.35
831.3
827.65
824.85
820.65
827.05
826.9
830.05
819.55
809.9
839.4
Close
Price
830.25
811.24
812.72
814.945
816.285
816.49
816.52
816.635
815.19
812.11
808.25
803.305
796.03
786.77
776.74
768.4
759.605
752.49
746.12
741.285
740.415
740.225
742.605
744.6
748.365
751.375
753.33
753.735
756.51
759.715
762.065
766.665
770.23
774.47
780.115
785.615
793.58
802.295
808
812.135
815.06
817.26
820.25
823.685
824.265
824.625
825.73
10 days moving
average
825.625
Page 79

Sector
30-Jul-07
31-Jul-07
1-Aug-07
2-Aug-07
3-Aug-07
6-Aug-07
7-Aug-07
8-Aug-07
9-Aug-07
10-Aug-07
13-Aug-07
14-Aug-07
16-Aug-07
17-Aug-07
20-Aug-07
21-Aug-07
22-Aug-07
23-Aug-07
24-Aug-07
27-Aug-07
28-Aug-07
29-Aug-07
30-Aug-07
31-Aug-07
3-Sep-07
4-Sep-07
5-Sep-07
6-Sep-07
7-Sep-07
10-Sep-07
11-Sep-07
12-Sep-07
13-Sep-07
14-Sep-07
17-Sep-07
18-Sep-07
19-Sep-07
20-Sep-07
21-Sep-07
24-Sep-07
25-Sep-07
26-Sep-07
27-Sep-07
28-Sep-07
1-Oct-07
3-Oct-07
Date
4-Oct-07
860
848
831.1
825.2
834
845
847
832
844
810
815
843
829.95
793.8
800
790
765
795
789
804
834
820
845
825
876.7
889.95
893.5
839.7
884.9
837
879
869.8
803.55
895
865
876
889
930
909
931.4
980
992
970.2
980.25
1008.8
985
Open
Price
1020
860
854.95
835
851
856
847
847
841
869
816
836.9
843
829.95
793.8
815.9
791
789
804.05
802.9
848
838
838
849.75
872.9
901
898.8
900
883
887.9
880.9
881.8
869.8
894
904.8
880.9
884
934
930
935.5
1001.2
1001
1000
984.8
1028
1010
1034.7
806.5
820
806.1
821
828.8
819.5
821
825.1
817
795.5
813.05
817.15
780
715
780.2
761
749
760.15
766.1
802.25
815.3
810.3
831
825
875.3
870
868.1
839.7
870
837
856
854.6
803.55
863.5
863.2
868
889
907.2
909
931.4
950.3
955
956.6
971.25
978.75
960.25
High Price
Low Price
1048
1011
845.85
844.55
821.2
832.3
850.65
824.9
824.85
836.6
826.85
809.55
832.7
823.55
793.45
778.65
783.75
767.5
765.8
775.95
790.05
833.45
832.5
833.55
836.75
867.7
881.65
893.3
873.75
880.65
873.3
874.6
861.15
859.55
891.7
866.75
874.95
875.4
923.85
910.15
931.4
980.75
991.15
961.95
980.15
998.75
990.15
1019.25
Close
Price
1042.25
827.445
829.415
829.47
829.995
832.37
831.855
832.385
835.055
833.8
831.73
830.415
828.315
825.54
820.175
813.485
807.745
801.84
795.775
792.095
794.485
794.465
795.465
799.795
808.7
818.49
831.07
841.865
852.335
860.66
864.775
867.64
870.24
875.735
875.64
874.97
873.18
878.19
881.14
886.95
897.565
910.565
920.805
929.65
942.85
954.37
968.755
10 days moving
average
980.595
Page 80

Sector
5-Oct-07
8-Oct-07
9-Oct-07
10-Oct-07
11-Oct-07
12-Oct-07
15-Oct-07
16-Oct-07
17-Oct-07
18-Oct-07
19-Oct-07
22-Oct-07
23-Oct-07
24-Oct-07
25-Oct-07
26-Oct-07
29-Oct-07
30-Oct-07
31-Oct-07
1-Nov-07
2-Nov-07
5-Nov-07
6-Nov-07
7-Nov-07
8-Nov-07
9-Nov-07
12-Nov-07
13-Nov-07
14-Nov-07
15-Nov-07
16-Nov-07
19-Nov-07
20-Nov-07
21-Nov-07
22-Nov-07
23-Nov-07
26-Nov-07
27-Nov-07
28-Nov-07
29-Nov-07
30-Nov-07
3-Dec-07
4-Dec-07
5-Dec-07
6-Dec-07
7-Dec-07
Date
10-Dec-07
1045
1051
1023.8
1105
1107
1119.9
1095
1161
1075.55
1175
1160
1059.9
1061
1112
1110
1140.1
1194.4
1189.85
1090
1100
1000
1026.15
1010
995
990
1010
972
997.95
1010
1037.5
1020
1051
1048
1016
954.25
970
950.1
951.7
945.5
984.35
1000
1030
1020
1012
1040
1050
Open
Price
1059.9
1053.7
1051
1114.7
1135
1134.05
1119.9
1177.4
1190
1224
1210
1180
1094.9
1116.85
1139
1184.9
1199
1248
1203
1128.9
1100
1033
1036.5
1023.8
1011.9
1010
1010.4
1001
1020
1046
1065.5
1059.9
1065.4
1048
1016
986
986
974
954
974.8
1008.8
1024.95
1049
1035
1044
1064.8
1056
1020
1001.05
1010
1076
1084.25
1084
1095
1123.1
1075.55
1125
1048
1025
1061
1088
1090
1130
1175.55
1080
1045
997.05
969
970.3
962.8
960
961.25
980
957.05
981
1010
1025
1007
1051
995.7
945
940
938.05
948
930.25
945.05
975.05
996.4
1021.5
973.45
1012
1035
1004.3
High Price
Low Price
1059.9
1034.75
1034.85
1025.25
1105.05
1101.05
1119.35
1096.75
1160.7
1184.7
1174
1139.35
1076.6
1060.15
1102.9
1118.45
1164.2
1182.2
1189.85
1087.4
1073.85
1006.55
1021.2
994.65
972
999.35
994.5
990.05
995.5
1003.05
1038.25
1037.15
1046.95
1053.8
1007
954.25
965.25
947.45
951.7
937.45
967.5
990.1
1014.15
1032.85
1027.95
1034.4
1040.8
1041.45
Close
Price
1045.65
993.065
1002.45
1014.88
1025.87
1041.61
1053.27
1069.465
1088.92
1104.395
1114.105
1118.28
1121.77
1121.555
1123.295
1127.78
1136.325
1139.24
1129.51
1119.495
1106.215
1100.675
1094.125
1081.035
1069.125
1052.155
1032.94
1013.505
1005.07
1001.51
1004.57
1007.145
1013.06
1016.56
1012.05
1009.125
1004.865
1000.485
993.925
986.85
982.145
978.865
976.77
978.865
986.88
994.435
1003.835
10 days moving
average
1013.23
Page 81

Sector
11-Dec-07
12-Dec-07
13-Dec-07
14-Dec-07
17-Dec-07
18-Dec-07
19-Dec-07
20-Dec-07
24-Dec-07
26-Dec-07
27-Dec-07
28-Dec-07
31-Dec-07
1-Jan-08
2-Jan-08
3-Jan-08
4-Jan-08
7-Jan-08
8-Jan-08
9-Jan-08
10-Jan-08
11-Jan-08
14-Jan-08
15-Jan-08
16-Jan-08
17-Jan-08
18-Jan-08
21-Jan-08
22-Jan-08
23-Jan-08
24-Jan-08
25-Jan-08
28-Jan-08
29-Jan-08
30-Jan-08
31-Jan-08
1-Feb-08
4-Feb-08
5-Feb-08
6-Feb-08
7-Feb-08
8-Feb-08
11-Feb-08
12-Feb-08
13-Feb-08
14-Feb-08
Date
15-Feb-08
1050
1080
1083
1045
1042
1000
1037.8
1005
1000
994.7
999
992
1000
1000
1005
999
975
952
965
944.9
931
927
899.7
873.95
868
855
860
824
780
835
850
823
775.05
870
870
843
833.15
920
912
855.1
845
802
805.75
815.4
812
821.1
Open
Price
825
1085
1098
1089.8
1048.95
1044
1042.7
1042
1028
1012.5
1007
1014.8
1010
1009.9
1000
1009.95
999
982.5
970
970
1055
941.75
927
909
881.35
868
894.9
865.55
834.5
840
859
850
845
874
881
870
864.8
918
923.9
920
860
845
814
850
827
824.95
845
1040
1058.05
1026.2
1021.1
1006.75
1000
980
981.1
982.3
988.7
992.25
978.5
985.1
986
978.6
969.95
959
952
936
912.5
905.05
888
840
852
827
842.15
835.1
755.05
700
785
761
794
775.05
816.3
833
825
826
891.2
869
827
790
780.1
775
796.25
802.15
820
High Price
Low Price
829
805
1077.6
1073.3
1037
1042.35
1012.8
1018
998
993.6
990.25
993.1
995.2
986.6
994.5
991.55
997.05
973.2
964.15
963.75
939.8
924.75
909.2
899.7
863.45
871.35
847.7
864.8
842
803.2
807.05
826.15
788.75
833.7
864.7
863
844.9
850.2
905.75
897.35
872.6
832.25
800
805.75
813.35
807.7
817.25
829.2
Close
Price
812.45
1027.245
1037.825
1042.515
1045.335
1043.33
1042.335
1038.695
1033.975
1028.855
1023.6
1015.36
1006.69
1002.44
997.36
995.785
991.305
987.92
984.935
979.89
973.055
964.455
955.765
942.66
930.64
915.705
904.865
892.65
876.595
863.32
853.46
841.415
834.815
834.94
834.105
833.825
832.365
838.74
848.155
854.71
855.32
856.445
853.65
848.515
842.985
840.22
838.12
10 days moving
average
828.79
Page 82

Sector
18-Feb-08
19-Feb-08
20-Feb-08
21-Feb-08
22-Feb-08
25-Feb-08
26-Feb-08
27-Feb-08
28-Feb-08
29-Feb-08
3-Mar-08
4-Mar-08
5-Mar-08
7-Mar-08
10-Mar-08
11-Mar-08
12-Mar-08
13-Mar-08
14-Mar-08
17-Mar-08
18-Mar-08
19-Mar-08
24-Mar-08
25-Mar-08
26-Mar-08
27-Mar-08
28-Mar-08
31-Mar-08
830
813
808
777
765
775
811.3
815
830
830
859.7
875
907
921.25
919
885
876
850
840
810
810
830
863.55
825
850
840.25
834.75
840
830
819
808
790
774.8
805.5
816
840
843
875
909
915
944.5
938.1
938
892
884.9
874.9
849.8
829.9
824.85
836.25
863.55
863.95
856
848.5
855
840
801
805.15
763
754.45
750.1
768.25
791
815
816.7
825
847.5
875
902
873.55
883
852
851.1
806
805
800
805.15
801.6
790
816
835.05
831
822
811
806.2
809.4
769.7
763.15
766.35
800.55
813.3
832.9
837.15
868.2
872.65
904.55
940.2
927.85
895.05
866.65
857.4
840.35
832.7
806.55
813.35
822.45
810.2
843.85
845.6
838.3
837.8
827
819.675
813.355
807.1
803.415
799.475
798.195
798.755
800.32
801.115
806.69
813.335
822.85
839.9
856.37
869.24
875.85
880.26
881.005
880.56
874.395
868.465
860.255
847.255
838.855
833.91
831.075
829.115
827.78
Chart:
Page 83

Sector
Interpretation:
Here, the Moving Average is almost equal to the Actual line. So it indicates that it
is a right time to buy the security. In this Graph, we can observe that moving Average of
Maruti Suzuki Ltd. Stock has been decreased. So, it is giving clear picture of future
movement of the scrip. This Graph provides a message to the investor that it is a right
time to buy the Stock of Maruti Suzuki Ltd. And, if we observe the trend of this graph
then we can also notice that Moving Average line has been decreased, so it is also a right
time to buy the stock.
Here, in this case, the Stock price of Maruti Suzuki Ltd. is just equal to its moving
average line. But if we see the trend of Moving Average then it indicates that investors
are becoming increasingly bullish from bearish pattern on the Stock Price of Maruti
Suzuki Ltd.
Company: Tata Motors.

Page 84

Sector
Sector: Automobile
10 days Moving Average of Tata Motors Scrip

Date
2-Apr-07
3-Apr-07
4-Apr-07
5-Apr-07
9-Apr-07
10-Apr-07
11-Apr-07
12-Apr-07
13-Apr-07
16-Apr-07
17-Apr-07
18-Apr-07
19-Apr-07
20-Apr-07
23-Apr-07
24-Apr-07
25-Apr-07
26-Apr-07
27-Apr-07
30-Apr-07
3-May-07
4-May-07
7-May-07
8-May-07
9-May-07
10-May-07
11-May-07
14-May-07
15-May-07
16-May-07
17-May-07
18-May-07
21-May-07
22-May-07
23-May-07
24-May-07
25-May-07
28-May-07
29-May-07
30-May-07
Date
31-May-07
Opening
Price
711
679.7
686.1
680
690
711.5
721.55
718.8
714.1
735
751
711.25
717
722
729.7
728.8
750.1
777
768.15
740.15
780
734
735
728.3
730
728.1
713
728.7
717.9
715
754.7
752
741
727
647.9
706.85
708
730
735
745.9
Opening
Price
744
High Price
Low Price
711
685.85
690.95
694.75
709.75
725.6
731
719
727.5
754.9
761.5
741
722.2
733.45
733.7
754
767.45
789.85
774.4
761
780
744.7
743
735
731.5
733.75
720.85
729.8
719.9
737.9
756.8
757
745
743.65
733.85
717
729
740.9
743.9
745.9
661.05
671
669.1
679.1
690
708.2
713.65
707.05
704
730
728
711.25
704.2
720.1
715
725.1
750.05
747.5
739
732
729.1
726
718.6
720.05
713
712
690
709.1
713
715
737
740
723
724.3
647.9
705.25
703.05
728.2
730.15
736
High Price
Low Price
764.4
742
Closing
Price
670.9
681.4
682.8
686.1
703.7
721.55
722.8
712.4
726.3
750.25
730.6
722.5
713.1
722.9
718.15
741.6
759.05
766.6
749.35
751.75
733.1
731.5
728.3
725.1
723.25
714.85
716.1
715.2
714.35
734.65
750.6
741.8
725.45
726.95
708
712.7
726.95
732.75
740.85
742.1
Closing
Price
755.7
10 days moving
average
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
705.82
711.79
715.9
718.93
722.61
724.055
726.06
729.685
735.105
737.41
737.56
737.81
738.71
740.23
740.45
740.96
738.285
733.99
728.85
725.35
723.64
725.39
726.42
726.135
726.32
724.795
724.58
725.665
727.42
730.07
730.815
10 days moving
average
731.325
Page 85

Sector
1-Jun-07
4-Jun-07
5-Jun-07
6-Jun-07
7-Jun-07
8-Jun-07
11-Jun-07
12-Jun-07
13-Jun-07
14-Jun-07
15-Jun-07
18-Jun-07
19-Jun-07
20-Jun-07
21-Jun-07
22-Jun-07
25-Jun-07
26-Jun-07
27-Jun-07
28-Jun-07
29-Jun-07
2-Jul-07
3-Jul-07
4-Jul-07
5-Jul-07
6-Jul-07
9-Jul-07
10-Jul-07
11-Jul-07
12-Jul-07
13-Jul-07
16-Jul-07
17-Jul-07
18-Jul-07
19-Jul-07
20-Jul-07
23-Jul-07
24-Jul-07
25-Jul-07
26-Jul-07
27-Jul-07
30-Jul-07
31-Jul-07
1-Aug-07
2-Aug-07
3-Aug-07
Date
6-Aug-07
753.35
745
714.8
705
676
677.85
676.1
575
645
665.15
647
658
644
666.15
695
682
685
678
683.5
673.7
666.05
669.5
684
693.9
700
709
711.05
720
742
736.1
749
786
759.5
750
750
830
770
769
747.1
730.9
735
720.5
706
699
665
660.4
Opening
Price
650
759.7
745
721.3
710
709.7
677.85
676.1
659
657.3
665.15
685
658
664.95
690.05
698
687.5
690.5
688
685.5
675.85
675
687.4
694.9
707.5
712.9
718
722.5
746.6
743.25
745
772.1
786
767
755
785
830
780
779
747.1
762.25
735
720.5
718.8
699
677.6
673
742.2
707.55
707.7
656.1
672.4
646.55
646
575
642
638.3
645
642.9
644
666.15
682.1
663.15
673.15
671.05
666
659.75
666
666.2
676.2
687
695.35
695.65
711.05
720
727.15
727
743.05
751.3
745.1
731.5
743
760
756
745
722.5
718.2
695
696
685.55
660.6
646.6
653.25
High Price
Low Price
655
631.2
747.95
710.85
710.5
688
677.85
652.2
653.2
641.2
645.2
642.25
650.4
644.95
663.5
686.4
687.5
684.3
678.15
684.6
671.7
664.4
670.2
682.2
685.85
701.35
709.55
711.2
716.3
743.25
736.1
739.85
767.05
759.5
748.8
743.35
776.75
767.6
766.6
747.1
726
731.85
699.15
707.25
699.4
667.4
651.8
656.35
Closing
Price
648.8
731.94
730.48
728.835
726.835
723.35
715.875
707.92
697.955
688.265
676.92
667.165
660.575
655.875
655.715
656.68
659.89
662.385
666.725
669.375
671.59
673.57
677.295
679.53
681.025
683.23
685.92
689.735
695.6
702.04
709.585
719.27
727
733.295
737.495
744.215
749.855
754.885
755.27
754.26
753.46
746.67
741.445
736.505
728.91
716.415
705.29
10 days moving
average
693.51
Page 86

Sector
7-Aug-07
8-Aug-07
9-Aug-07
10-Aug-07
13-Aug-07
14-Aug-07
16-Aug-07
17-Aug-07
20-Aug-07
21-Aug-07
22-Aug-07
23-Aug-07
24-Aug-07
27-Aug-07
28-Aug-07
29-Aug-07
30-Aug-07
31-Aug-07
3-Sep-07
4-Sep-07
5-Sep-07
6-Sep-07
7-Sep-07
10-Sep-07
11-Sep-07
12-Sep-07
13-Sep-07
14-Sep-07
17-Sep-07
18-Sep-07
19-Sep-07
20-Sep-07
21-Sep-07
24-Sep-07
25-Sep-07
26-Sep-07
27-Sep-07
28-Sep-07
1-Oct-07
3-Oct-07
4-Oct-07
5-Oct-07
8-Oct-07
9-Oct-07
10-Oct-07
11-Oct-07
Date
12-Oct-07
655
665
664
648.65
675
696
661
660.5
660
650
633
629.9
628.1
665.35
679
660
680.2
680
704
700.05
700
701
714
686.5
704
692
684.75
701
698
698
703
728.9
729.05
749.8
747.2
740.9
747
755
807
778
800
799.45
780.15
745
773.65
811
Opening
Price
830
667
670.45
680
672.5
696
698.5
673.8
669
667
655
642.5
642
664
682
679
677.6
699
711
709
707.9
712.9
716.9
718
704.85
704.5
698.9
699
704.9
698
701
734.95
747.8
747.45
755
747.9
747
760.7
822
807
809.6
807.4
800.05
787
800
818.9
841.9
655
657
659.2
648.65
670.15
681
650
638.4
644.1
628.15
616.1
613
628.1
665.35
656.4
645
674
680
692.2
682.05
687
690
692.15
681.2
686.3
681
684.4
689.25
688.55
692.15
700
724
720
737.35
733.1
721.5
740
742.1
765
752.1
777.4
770
745
745
773.65
800.1
High Price
Low Price
838.9
789.05
657.7
658.95
663.55
669.4
692.55
691.15
660.5
641.15
649.85
634.15
619.5
620.8
656.6
675.4
663.05
674.15
680.75
701.75
702.85
691.35
698.85
712.05
695.15
702.7
689.15
684.75
695
693.75
694.75
696.1
720.4
731.25
741
747.2
740.9
739.9
751.3
776.9
773.3
788.1
799.45
779.05
764.35
796.15
806.7
830.55
Closing
Price
803.35
684.57
677.865
671.035
668.06
666.59
665.765
665.075
664.01
663.36
661.895
658.075
654.26
653.565
654.165
651.215
649.515
651.54
657.6
662.9
668.62
676.555
685.68
689.535
692.265
694.875
695.935
697.36
696.56
695.75
696.225
698.38
700.3
704.885
709.335
714.51
720.025
725.655
733.97
741.825
751.025
758.93
763.71
766.045
770.94
777.52
786.585
10 days moving
average
791.79
Page 87

Sector
15-Oct-07
16-Oct-07
17-Oct-07
18-Oct-07
19-Oct-07
22-Oct-07
23-Oct-07
24-Oct-07
25-Oct-07
26-Oct-07
29-Oct-07
30-Oct-07
31-Oct-07
1-Nov-07
2-Nov-07
5-Nov-07
6-Nov-07
7-Nov-07
8-Nov-07
9-Nov-07
12-Nov-07
13-Nov-07
14-Nov-07
15-Nov-07
16-Nov-07
19-Nov-07
20-Nov-07
21-Nov-07
22-Nov-07
23-Nov-07
26-Nov-07
27-Nov-07
28-Nov-07
29-Nov-07
30-Nov-07
3-Dec-07
4-Dec-07
5-Dec-07
6-Dec-07
7-Dec-07
10-Dec-07
11-Dec-07
12-Dec-07
13-Dec-07
14-Dec-07
17-Dec-07
Date
18-Dec-07
807
837.1
776.65
801.25
779.6
779
781
798.9
784
799.8
816.8
810
767.3
770
730
750
740.15
720
715
718.4
687
690
700
705
685
705
700
739.2
702
700
720.1
710
720
722
724
736
737
744
775.5
775
772
770
776.9
770
760
743.8
Opening
Price
709.1
825
837.1
814.8
821.7
801
784
808.4
805
816.8
815
836.8
816.9
805.95
771.9
759
750
744.8
734.5
724.7
718.4
694.35
705.2
731.8
718.5
711
715.9
718
739.2
709.8
723.7
728
722.5
725.95
744
744
749
746
783.9
782
781.7
777.7
777.3
780
787.8
764
749.7
807
805
741
755
758.25
760
781
770
775
775.2
801
756.05
750.05
739
725
735
716.3
710.2
704.6
687
675
673.1
700
695.55
685
697
691
686.1
678.15
698.3
705
706
714
714
714
733.35
728.35
744
763.25
760.55
745.05
761
762
747.1
738
690
High Price
Low Price
720
697
818.3
820.8
806.95
791.35
785.15
772.9
795.6
774.6
800.6
804.8
807.25
767.75
757.85
746.95
754.8
740.15
719.45
720.3
707.55
694.8
684.35
693.3
707.65
698.95
697.1
703.1
708.45
691.3
694.5
714.35
711.75
719.75
721.25
718.2
732.45
736.15
741.3
772.4
775.45
767.3
766.45
775.2
770.05
763.15
744.85
701.75
Closing
Price
702.2
795.93
800.68
802.565
801.755
802.365
803.22
803.165
799.955
796.96
797.105
796
790.695
785.785
781.345
778.31
775.035
767.42
761.99
752.685
741.685
729.395
721.95
716.93
712.13
706.36
702.655
701.555
698.655
697.35
699.305
702.045
704.69
706.05
707.975
711.51
714.815
718.1
726.21
734.305
739.6
745.07
750.615
755.495
759.99
761.23
757.79
10 days moving
average
753.88
Page 88

Sector
19-Dec-07
20-Dec-07
24-Dec-07
26-Dec-07
27-Dec-07
28-Dec-07
31-Dec-07
1-Jan-08
2-Jan-08
3-Jan-08
4-Jan-08
7-Jan-08
8-Jan-08
9-Jan-08
10-Jan-08
11-Jan-08
14-Jan-08
15-Jan-08
16-Jan-08
17-Jan-08
18-Jan-08
21-Jan-08
22-Jan-08
23-Jan-08
24-Jan-08
25-Jan-08
28-Jan-08
29-Jan-08
30-Jan-08
31-Jan-08
1-Feb-08
4-Feb-08
5-Feb-08
6-Feb-08
7-Feb-08
8-Feb-08
11-Feb-08
12-Feb-08
13-Feb-08
14-Feb-08
15-Feb-08
18-Feb-08
19-Feb-08
20-Feb-08
21-Feb-08
22-Feb-08
Date
25-Feb-08
716
692
727
736
756
732
744
742
766.85
800
800
783
790
767
783
779.95
764.9
777.7
750
750
736.65
714
635
680
673
667.1
705
720.1
723.9
709
708
765
770
733.95
740
717
707.3
700.85
700
724.1
725
724.05
740
738.8
715
708.5
Opening
Price
700.1
717.4
714.9
733.7
755.5
760
739.7
745
766.5
797
816
824.1
807.8
799.5
787
802
779.95
779.5
790
755
755
737.7
716
690
710
693.4
718
739.7
737.5
723.9
720
760
787.8
774
743
748.9
730
723.8
710.4
719.9
743.8
756
755
750.8
738.8
729
708.5
681.2
692
717
730
731.4
688
733
737
753
780.05
771.15
763
765.4
754
744.1
736.15
758.9
758.65
730.3
730.35
706.3
637.15
530.5
639
645
667
670
701
686.25
686.6
706
754
745
702.6
698.05
697.05
685
688.65
700
721.55
715
724.05
735.1
700
703.2
690
High Price
Low Price
715
695
690.7
710.15
730.4
752.1
736.75
729.35
741.9
762.35
793.55
791.6
781.65
785.4
774.9
770.2
749.2
763.1
765.6
769
749.95
736.65
714.3
653.65
650.9
658.85
658.55
710.45
712.75
715.8
696.95
699.45
753.5
770
754
735.95
715.1
710.95
700.85
693.9
714.8
733.15
751.85
732.7
739.65
710.3
708.05
696.05
Closing
Price
705.85
745.71
739.18
735.49
734.055
730.21
726.14
724.015
725.765
734.945
743.885
752.98
760.505
764.955
766.765
768.01
771.385
773.755
774.42
770.06
764.565
757.83
744.655
732.255
721.12
712.055
706.79
701.505
696.185
690.885
687.165
691.085
702.72
713.03
720.74
726.395
726.445
725.255
723.065
724.85
728.22
728.055
724.325
722.89
720.325
719.62
718.13
10 days moving
average
718.63
Page 89

Sector
26-Feb-08
27-Feb-08
28-Feb-08
29-Feb-08
3-Mar-08
4-Mar-08
5-Mar-08
7-Mar-08
10-Mar-08
11-Mar-08
12-Mar-08
13-Mar-08
14-Mar-08
17-Mar-08
18-Mar-08
19-Mar-08
24-Mar-08
25-Mar-08
26-Mar-08
27-Mar-08
28-Mar-08
31-Mar-08
710
705.1
705
709.8
700.35
703
703
701.1
672.5
675
669
640
624
625
609.4
633.1
651.95
670
690
670
654
641
714
717.95
714.9
715
709.95
706.95
711.95
701.1
699.7
675
669
675
645
629.7
625
655
669.95
685
694
673.6
654
645
700.15
705
703.35
686.3
685
688.4
700
658
611.65
650.1
638.3
614.15
624
597.1
597
632
651.95
670
651.05
628.35
633.1
617.35
704.15
707.85
709.8
700.35
695.1
702.2
704.35
671.8
674.8
653.3
645.1
621.35
637.65
609.4
619.45
650.65
663.2
680.1
678.75
655.35
646.05
622.7
719.655
718.96
716.625
711.475
707.715
703.97
703.375
699.75
697.625
692.37
686.465
677.815
670.6
661.505
653.94
648.785
644.67
645.5
645.895
646.1
646.195
646.33
Chart:
Page 90

Sector
Interpretation:
Here, In this case, Moving Average is above the Actual line. So it indicates that it
is a right time to buy the security. In this Graph, we can see that the moving average of
Tata Motors Stock has been decreased. So, it is giving clear picture of future movement
of the scrip. This Graph provides a message to the investor that it is a right time to buy
the Stock of Tata Motors.
Here, in this case, the actual Stock price of Tata Motors is just below its moving
average line. It indicates that investors are becoming increasingly bullish on the Stock
Price of Tata Motors.
Moreover, Stock price and moving Average of Tata Motors has been decreased. It
indicates that investors are becoming increasingly bullish from bearish pattern on the
Stock Price of Tata Motors.
TECHNICAL ANALYSIS: [By Using Candle Stick Charting]

Page 91

Sector
Company Name: Maruti Suzuki Ltd.
Interpretation:
Japanese Candle Stick is used to analyze the pattern of stock movement. Candle is
same as bar chart but the color is different red candle is used to indicate the bearish trend
and green candle is a indicator of bullish trend
Japanese candle use historical prices of a stock in the prescribed manner i.e.
Open, High, Low, Close. The size of the candle is known by its magnitude of open and
close, and the size of the shadow is known by high and close.
In the above Candle Stick Chart it is clear that Stock Price of Maruti Suzuki Ltd.
indicates that the investors are becoming more bearish than bullish. Here, as far as Maruti
Suzuki is concerned, bearish market trend is taking place. It is a right time to buy the
Scrip.
Company: Tata Motors
Page 92

Sector
Interpretation:
From the above Candle Stick Chart it is clear that Stock Price of Tata Motors is
falling down. Here, we can observe lot of volatility in stock price. Both the Bullish and
Bearish trends are taking place. The Bullish trend is following by Bearish Trend. It
indicates that the investors are becoming more bearish than bullish. At present Situation
Bearish Trend is going on. It is a right time to buy the Scrip.
Page 93

Sector
FINDINGS, SUGGESTIONS &

CONCLUSION
CHAPTER: 10
FINDINGS, SUGGESTIONS AND CONCLUSION
Page 94

Sector
Findings of the study:
In case of RSI of Maruti Suzuki Scrip, the best time to sell the stock was between 12 th
July 07 to 31st July 07 and 9th October 07 to 18th October 07 since the RSI was above
70 & it had reached its peak level. The best time to buy the stock was between 2 nd Jan
08 to 24th Jan 08 since the RSI was below 30 for these many days.
In case of RSI of Tata Motors, the best time to sell the stock was between 27 th Sep 07
to 4th October 07 and 10th December 07 to 12th December 07 since the RSI was above
70 & it had reached its peak level. The best time to buy the stock was between 8 th
August 07 to 23rd August 07 and 23rd Jan 08 to 24th Jan 08 as well as between 7 th
March to 18th March 08 since the RSI was below 30 for these many days.
The 10 days moving average of Maruti Suzuki scrip, provides a message to the
investor that it is a right time to buy the Stock and, the trend of the Moving Average
line has been decreased, so it is also a right time to buy the stock.
In case of 10 days Moving Average of Tata Motors Ssrip, the actual Stock price is
just below its moving average line. It indicates that investors are becoming
increasingly bullish on the Stock Price of Tata Motors.
In Japanese Candle Stick Chart of Maruti Suzuki Ltd. we can see that the stock price
indicates that the investors are becoming more bearish than bullish.
In case of Japanese Candle Stick Chart of Tata Motors, we can observe lot of
volatility in stock price. Both the Bullish and Bearish trends are taking place. The
Bullish trend is following by Bearish Trend
Fundamentally, financial performance of these companies in respect of sales and

profit is good.
If an investor opts for long term investment then he will earn huge amount of return.
Long term Investment is known to be less risky.
Page 95

Sector
This study may not provide any guidelines to Speculators. It is useful to Long Term
Investors.
Technical analysts evaluate securities by analyzing statistics generated by market

activity, past prices and volume.
One of the most basic and easy to use technical analysis indicators is the moving
average, which shows the average value of a security's price over a period of time.
The most commonly used moving averages are 10 days, 20 days, 30 days, 50 days,
100 days and 200-days moving average..
One of the most important areas for any investor to look when researching a company
is the financial statement. Financial reports are required by law and are published
both quarterly and annually.
Indian Economy is consistently achieving a tremendous growth in these Sectors.
If we consider RSI then almost all the scrips of these companies are lying between 30
and 70. It means an investor should hold the scrips until it reaches 70 to sell and 30 to
buy.
The stock prices always take a correction after a major climb.
Moving average is one of the best methods of predicting future movement of Stock
Price. If we use 200 Day Moving Average for Analysis then volatility of stock will be
less. It gives clear picture of movement of Stock.
Conclusion of the study:

As we all know India is one of the fastest growing economies in the world. India
is consistently achieving growth in automobile sector. The automotive industry is
witnessing tremendous and unprecedented changes these days. On a global scale, the
Page 96

Sector
assets of the top ten automotive corporations accounts for 28% of the assets of the
worlds top 50 companies, 29% of their employment and 30% of their total sales.
With comparatively higher rate of economic growth rate index against that of
great global powers, India has become a hub of domestic and exports business. The
automobile sector has been contributing its share to the shining economic performance of
India in the recent years.
customization, mass production, etc
and more exports.
Because of these reasons, the shares of automobile industry are performing well
and therefore the share market is attracting people to invest their hard earned money and
Page 97

Sector
find fortune. But lack of knowledge about shares and stock market is making them
cautious of investing in this market. They need to be educated as well as guided to
minimize the risk and to assess the return on their investment.
Suggestions:
1. Before going to invest, an investor should have clear and adequate knowledge of
capital market.
2. It is better to go for Long term Investment rather than the Short term Investment.
Because it is less risky and also provides sufficient return.
3. The investors should know the value of money.
4. Practically, stock market activities are very risky. So, investors should be careful
while investing.
5. In case of half knowledge about stock market is very dangerous. So, whenever a
person wants to invest in stock market he should take necessary tips from the experts
or Technical Analysts.
6. Investors should also look into global pressure and market movement in order to look
for avenues of investing in different stocks and to take position; some of the sources
for understanding global pressure are CNBC TV18, News Paper, Economy watch etc.
Page 98

Sector
BIBLIOGRAPHY
CHAPTER 11
Page 99

Sector
BIBLIOGRAPHY
BOOKS REFERRED:
1.
Security Analysis & Portfolio Management, By, Punithavathy Pandian.
2.
Investment Analysis & Portfolio Management, By Prasanna Chandra
3.
Financial Markets & Institutions, By, Dr. S. Guruswamy
4. Security Analysis And Portfolio Management, By, Donald E.Fisher And Ronald
J.
Jordan,
WEB SITES:
1. www.bseindia.com
2. www.nseindia.com
3. www.stockchart.com
4. www.icicidirect.com
5. www.marutisuzuki.com
6. www.tatamotors.com
7. www.investopedia.com
8. www.moneycontrol.com
9. www.equitymaster.com
MAGZINES AND JOURNALS:
1. Annual Reports of Companies.
2. Factsheet of Geojit Securities.
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Index: "Fundamental & Technical Analysis of Automobile Sector"

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Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Geojit Financial Services Ltd.

III. SCOPE OF THE STUDY:

IV. BACKGROUND OF THE PROJECT:

Fundamental & Technical Analysis of Automobile

V. OBJECTIVES OF THE STUDY:

Fundamental & Technical Analysis of Automobile

LIMITATIONS OF THE STUDY:

FINDINGS OF THE STUDY:

Fundamentally, financial performance of these companies in respect of sales and

Fundamental & Technical Analysis of Automobile

Technical analysts evaluate securities by analyzing statistics generated by market

Indian Economy is consistently achieving a tremendous growth in these Sectors.

The stock prices always take a correction after a major climb.

CONCLUSION OF THE STUDY:

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

securities trading for the first time in India.

- The Kochi-based retail broking firm, Geojit Securities Ltd., is setting up an

Fundamental & Technical Analysis of Automobile

PRODUCTS AND SERVICES

Fundamental & Technical Analysis of Automobile

2) F & O (Futures and Options):

Fundamental & Technical Analysis of Automobile

3) Margin Trading Funding Scheme:

4) Loan Against Shares:

Fundamental & Technical Analysis of Automobile

5) Loan Against Commodity Trading:

Fundamental & Technical Analysis of Automobile

A depository can be compared to a bank. It holds securities such as shares,

De-materialization: Consumers can convert their physical shares into electronic

Re-materialization: Re-materialization enables consumers to convert the

Fundamental & Technical Analysis of Automobile

National Multi Commodity Exchange of India limited (NMCE)

Geojit provides information on commodity futures, along with technical and

8) PMS (Portfolio Management Services):

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

SENSEX - THE BAROMETER OF INDIAN CAPITAL MARKETS

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

14,000, December 5, 2006- The Bombay Stock Exchange's 30-share benchmark

Fundamental & Technical Analysis of Automobile

21,000, January 8, 2008

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

FUNDAMENTAL & TECHNICAL

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Support and Resistance:

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Fundamental & Technical Analysis of Automobile

Relative Strength Index (RSI):

Fundamental & Technical Analysis of Automobile