Professional Documents
Culture Documents
AT
CIPLA
BY
1
DECLARATION
BUSINESS ADMINISTRATION,
The result embodies in this project work have not been submitted to any other
anytime before.
2
ACKNOWLEDGEMENT
It is great pleasure to acknowledge the kind of help & suggestions given by various
support.
providing valuable ideas & suggestions to carry the project in this endeavor.
I would like to thank one & all, who directly & indirectly extended their valuable support
I take this opportunity to express my deep felt gratitude to my family members for being a
3
ABSTRACT
The name “stock market” which when comes into the mind, everyone has different
opinion. One feels it is risky to invest in stock market, others may perceive that it is game
of gambling. Many of the investors may feel its great opportunity to make profit in the
stock market. The opinion differs from person to person, investor to investors.
But the recent trend in the stock regarding its volatility which leads to the
depression and also losses for many investors. If when the investors ask him self about
why did the stock market behaved in this way; the factor may be many. One has to
develop a bird’s view over the stock market and analyze every factor with tools and
technique so that he/she may not go wrong in the investment decision.
One of the tools may be SHARE PRICE MOVEMENT which helps to study the
market action, primarily through the use of charts, for the purpose of forecasting future
price trends. The movement of the scrip price and its behavior can be explained in a more
illustrative form by using the EQUITY SHARES PRICE BEHAVIOR. It provides better
insight and also to take decision on the investment. It considers only the actual price
behavior of the market or instrument.
The project deals with a brief introduction to stock market & SHARE PRICE
MOVEMENT how to invest in stock market as the investors are more concerned of return
and they want to be far from risk, SHARE PRICE MOVEMENT is very helpful in
deciding as when to buy & sell a particular stock.
4
TABLE OF CONTENTS
Chapter I Introduction
Industry Profile
Chapter - III
Company Profile
Questioners
Bibliography
5
CERTIFICATION
This is to certify that the project work entitled ““SHARE PRICE MOVEMENT
AT CIPLA” is being submitted in partial fulfillment for the award of degree of Master of
Business Administration to Osmania University, a record of bonafide is carried out by Mr.
SYED HASAN ALI KHAN, bearing HT.NO 1402-17-672-019 The result in this report
has not been submitted to any other University or Institution for award of any degree or
diploma.
6
CERTIFICATION
This is to certify that the Project Report title “SHARE PRICE MOVEMENT AT
CIPLA” submitted in partial fulfillment for the award of MBA Programme of Department
of Business Management, O.U. Hyderabad, was carried out by SYED HASAN ALI
KHAN under my guidance. This has not been submitted to any other University or
Institution for the award of any degree/diploma/certificate.
M.HIMABINDU
Assistant Professor
Internal Guide Signature of the Guide
7
CHAPTER-I
INTRODUCTION
8
INTRODUCTION
India is second fastest growing major economy in the world, with a GDP growth rate of
9.4%.It has emerged as the world's fastest growing wealth creator, thanks to a buoyant
stock market and higher earnings
The name “stock market” which when comes into the mind, everyone has different
opinion. One feels it is risky to invest in stock market, others may perceive that it is game
of gambling. Many of the investors may feel its great opportunity to make profit in the
stock market. The opinion differs from person to person, investor to investors.
But the recent trend in the stock regarding its volatility which leads to the
depression and also losses for many investors. If when the investors ask him self about
why did the stock market behaved in this way; the factor may be many. One has to
develop a bird’s view over the stock market and analyze every factor with tools and
technique so that he/she may not go wrong in the investment decision.
One of the tools may be SHARE PRICE MOVEMENT which helps to study the
market action, primarily through the use of charts, for the purpose of forecasting future
price trends. The movement of the scrip price and its behavior can be explained in a more
illustrative form by using the EQUITY SHARES PRICE BEHAVIOR. It provides better
insight and also to take decision on the investment. It considers only the actual price
behavior of the market or instrument.
The project deals with a brief introduction to stock market & SHARE PRICE
MOVEMENT how to invest in stock market as the investors are more concerned of return
and they want to be far from risk, SHARE PRICE MOVEMENT is very helpful in
deciding as when to buy & sell a particular stock.
The core area of this project focuses on SHARE PRICE MOVEMENT of equity
scripts which tells an investor when to buy & sell a share. This project contains secondary
data & calculations with charts which help in drawing inferences.
9
The major concurrent project was carried out in “CIPLA
PHARMACEUTICAL COMPANY LTD set up in October 1997 & began its retail
operations on September 1998 which is one of the leading service brokerage houses in the
country.
Need of the study
10
OBJECTIVES OF THE STUDY:
• To calculate the risk associated with the Investment and also to the systematic risk.
11
Research Methodology:
Sources of Data:
Secondary Data:
Scholars etc.Data required for the purpose of the study have been collected from
theWebsites of the Pharmaceutical company concerned. The data required so
collected have been analyzed by using MS-EXCEL.In the process of analysis –
Average rate of return, Standard deviation,Co-efficient of correlation, Covariance
and beta values have been collected
Sample size:
For the study 100 respondents are chosen. The sampling technique used is convince
sampling. Duration of the study 45 days.
Period of study:
12
Research tools used:
Returns:
Returns for the collected data is calculated using the following formula
Pt = current price
Po = previous price
Average of the Returns calculated as follows:
Standard Deviation :
Risk is calculated as follows:
Beta:
13
BETA= COVARIANCE OF MARKET AND SBI / VARIANCE OF MARKET
For doing my project have taken into consider only three parameters. These
parameters may not be enough to predict the future price movements.
Time period given is of only two months, which may not suffice the
required tenure to study the stock market. The time period was very short.
Have done the SHARE PRICE MOVEMENT only for one year; from this data we
cannot predict prices accurately.
14
CHAPTER-II
REVIEW OF LITERATURE
15
REVIEW OF LITERATURE
Antonious (1998) investigated the behaviour of the equity market risk premium
for the London Stock Exchange prior to and during Sterling membership of the Exchange
Rate Mechanism (ERM). The authors have used monthly data from January 1980 to
August 1993 for both the macroeconomic variables and the individual security returns on
the 69 companies traded on the London Stock Exchange. All necessary information,
including the Pound SterlingDeutsch Mark (£DM) exchange rate were collected from the
Datastream database. The Arbitrage Pricing Theory (APT) was used as the model of the
equity risk premium for empirical analysis. The authors observed that the membership of
the Exchange Rate Mechanism (ERM) and the resultant increased convergence between
Britain and the other member states were beneficial to the United Kingdom with a
reduction in both the exchange rate risk premium and the total equity market risk
premium. The study conveys the importance of a policy of convergence and exchange rate
stability maintained through a fixed exchange rate regime in terms of a reduction in
uncertainty. Experience of United Kingdom prior to and during sterling membership of the
European Exchange Rate Mechanism (ERM) clearly reveals the above idea.
Eur and Resnick (1988) tried to develop ex ante portfolio selection strategies to
realize potential gains from international diversification under flexible exchange rates. For
the empirical analysis the Morgan Stanley Capital lntemational Perspective daily stock
index values for the United States and the other six countries were adopted. The stock
indices of United States, Canada, France, Germany, Japan, Switzerland, and the U.K. were
value weighted and it was a representative of a domestic stock index fund. The data series
were provided in both the United States and the local currencies for the period from
December 3 1, 1979, through December 10, 1985. Methods such as correlation, variance
and covariance have also been employed to know the changes in stock market across the
countries.
The analysis reveals that exchange rate uncertainty is a largely nondiversifiable
factor adversely affecting the performance of international portfolios. The authors have
suggested two methods such as multi-currency diversification and hedging via forward
exchange contracts for reducing the exchange rate risks.
16
Ma and Kao (1990) examined the stock price reactions to the exchange rate
changes. The authors have studied the case of six developed countries namely United
Kingdom, Canada, France, West Germany, Italy and Japan. Monthly stock indices and
monthly exchange rates arc gathered from the Exchange Rates and Interest Rates Tape
Provided by the Federal Reserve. The sample period was from January 1973 to December
1983, and a two factor model was adopted for the empirical analysis.
The paper demonstrates two possible impacts of changes in a country's currency
value on stock price movements. Firstly, the financial effects of exchange rate changes on
the transaction exposure. Secondly, the economic effect from exchange rate changes
suggests that, for an export-dominant country, the currency appreciation reduces the
competitiveness of export markets and has a negative effect on the domestic stock market.
On the other hand for an import dominated country, the currency appreciation will lower
import costs and generate a positive impact on the stock market.
Jorion (1991) examined the pricing of exchange rate risk in the United States (US)
stock market, by using two-factor and multi-factor arbitrage pricing models. For the
purpose of empirical analysis, monthly data are collected for a period ranging from
January 1971 to December 1987. The data on the trade-weighted exchange rate is derived
from the weights in the Multilateral Exchange Rata Model (MERM) computed by the
International Monetary Fund (IMF). Monthly data on the Stock market return are collected
from the University of Chicago's Centre for Research in Security Prices (CRSP) database.
An ordinary least squares (OLS) regression method was employed for examining the
objective.
The study reveals that United States (US) industries display significant cross-
sectional differences in their exposure to movements in the dollar. However, the empirical
results do not suggest that exchange rate risk is priced in the stock market. The conditional
risk premium attached to foreign currency exposure appears to be small and never
significant.
Bartov and Bodnar (1994) re-examined the anticipated changes in the dollar and
equity value. The period of study ranges from the fiscal year 1978 and runs through the
fiscal year 1989. The authors have used the COMPUSTAT Merged-Expanded Annual
Industrial File and Full Coverage File for fums that reported significant foreign currency
17
gains or losses on their annual financial statements. The data on stock prices were
collected either the Centre for Research in Security Prices (CRSP) New York Stock
Exchange (NYSE)lAmerican Stock Exchange (AMEX) Daily Return File or the National
Association of Security Dealers Automated Quotation (NASDAQ) Daily or Master Files.
The results of the study show that contemporaneous changes in the dollar have
little power in explaining abnormal stock return. This finding is consistent with the failure
of prior research to document a contemporaneous relation between dollar fluctuations and
fum value and suggests that problems with sample selection technique are not a complete
explanation for their failure.
Choi and Prasad (1995) estimated a model of firm valuation to examine the
exchange risk sensitivity of firm value. For the empirical analysis monthly time-series of
stock returns were obtained from the University of Chicago Centre for Research in
Security Prices (CRSP) tapes and COMPUSTAT htabase. The period of study was from
January 1978 to December 1989. The nominal exchange rate variable was the United
States (US) dollar value of one unit of foreign currency, where foreign cumncy was the
multilateral tradeweighted basket of ten major currencies as published in the Federal
Reserve Bulletin. The ordii least squares (OLS) and the generalized least squares (GLS)
methods were employed for examining the objective of the study.
The study reveals that approximately 60 per cent of the firms with significant
exchange risk exposure benefited, and 40 per cent lost, with a depreciation of the dollar. It
is also found that the exchange rate factor is less important in explaining the industry
portfolios.
Prasad and Rajan (1995) investigated the impact of exchange rate fluctuation on
equity valuation in Germany, Japan, the United Kingdom and the United States. They also
evaluated the existence of exchange risk premia in these four markets. For the empirical
analysis, monthly data on United States (US) stocks were collected from the Centre for
Research in Security Prices (CRSP) tapes and the data for other countries came from the
Morgan Stanley Capital International Perspective for the period from January 1981 to
December 1989. The exchange rate variable is defined as the home currency value of one
unit of foreign currency, where foreign currency is defined as a trade - weighted basket of
18 currencies. The basket of currencies was derived using 1981 trade weights computed
by the International Monetary Fund using the Multilateral Exchange Rate Model
(MERM). The exchange risk exposure coefficients are estimated using the Seemingly
18
Unrelated Regression (SUR) procedure. The pricing coefficients were estimated jointly
with the sensitivity coefficients using the iterated non linear seemingly unrelated
(ITNLSUR) procedure.
The study finds evidence of exchange rate risk sensitivity in each of the four
markets to varying degrees, with the German and the United States (US) markets yielding
a maximum number of industries with significant exchange rate exposure. Export-oriented
industries gaining from a depreciation of the home currency and import-dominated
industries gaining from an appreciation for the home currency.
19
Research in Security Prices (CRSP). For Japanese bank samples, monthly observations of
the largest 110 Japanese bank returns were collected from Worldscope data, and daily
bank retwns were considered from extel Research data. The authors estimated the
sensitivity of returns to the exchange rate in the context of an augmented market model.
The analysis reveals that the stock returns of approximately one-third of thirty
large United States (US) bank holding companies appear to be sensitive to exchange rate
changes. Whereas few Japanese bank return, appear to be sensitive to exchange rate
changes. The authors leave the causes for the difference between the exchange rate
sensitivities of Japanese and United States (US) banking firms to the hre research.
20
sampling distribution of slope coefficients and t-statistics using a distribution - free
bootstrap technique based on the Vector Auto Regressive (VAR) model.
The empirical results indicate that there is strong evidence of a negative
relationship between international stock return differential, and changes in the real
exchange rate for France and weaker evidence for Japan and United Kingdom. The
practical implication is that long-horizon return of United States equity funds are likely to
out perform comparable funds in other countries when the dollar is overvalued relative to
Purchasing Power Parity.
Morley and Pentecost (1998) enunciated the relationship between the foreign
exchange risk premium and excess returns in the national and foreign equity markets in G-
7 countries using both the United States dollar and the United Kingdom pound as base
currencies. All monthly time series data on exchange rates for the period January 1982 to
January 1994 were extracted from Datastream database. Bilateral exchange rates are all
measured against the United States dollar and taken from International Financial Statistics.
Share prices of all the G-7 countries were taken from the corresponding stock market
indices for the same period. Analysis has been canied out by using the cointegration
methodology with an Error Correction Model (ECM) fimework to capture the timeseries
dynamics. Seemingly Unrelated Regression (SUR) system estimation approach of Zellner
(1962) was also used to improve the efficiency of the estimated short-mn parameters.
The results show that in equilibrium, the foreign exchange market risk premium is
positively related to the domestic excepted equity premium and negatively related to the
foreign equity premium for all countries against both exchange rates.
21
CHAPTER-III
COMPANY PROFILE
22
Cipla Limited is an Indian multinational pharmaceutical and biotechnology company,
headquartered in Mumbai, India. Cipla primarily develops medicines to
treat respiratory, cardiovascular disease, arthritis, diabetes, weight control and depression;
other medical conditions.
As of 17 September 2014, its market capitalisation was ₹49,611.58 crore (US$6.9 billion),
making it India's 42nd largest publicly traded company by market value.
History
In 2013 Cipla acquired the South African company Cipla-Medpro, kept it as a subsidiary,
and changed its name to Cipla Medpro South Africa Limited.[12][13] At the time of the
acquisition Cipla-Medpro had been a distribution partner for Cipla and was South Africa's
third biggest pharmaceutical company.[12] The company had been founded in 2002 and
was known as Enaleni Pharmaceuticals Ltd.[14] In 2005, Enaleni bought all the shares of
Cipla-Medpro, which had been a joint venture between Cipla and Medpro
Pharmaceuticals, a South African generics company,[15] and in 2008 it changed its name to
Cipla-Medpro.
23
Operations
Cipla has 34 manufacturing units in 8 locations across India and its presence in 100
countries.[19][20] Exports accounted for 48% ₹4,948 crore (equivalent to ₹63 billion or
US$870 million in 2018) of its revenue for FY 2013-14.[1] Cipla spent INR 517 cr. (5.4%
of revenue) in FY 2013-14 on R&D activities.[1] The primary focus areas for R&D were
development of new formulations, drug-delivery systems and APIs (active pharmaceutical
ingredients). Cipla also cooperates with other enterprises in areas such as consulting,
commissioning, engineering, project appraisal, quality control, know-how transfer,
support, and plant supply.
As on 31 March 2013, the company had 22,036 employees (out of which 2,455 were
women (7.30%) and 23 were employees with disabilities (0.1%)).[2] During the FY 2013-
14, the company incurred ₹1,285 crore (equivalent to ₹15 billion or US$210 million in
2018) on employee benefit expenses.
The equity shares of Cipla are listed on the Bombay Stock Exchange,[21] where it is a
constituent of the BSE SENSEX index,[22] and the National Stock Exchange of
India,[23] where it is a constituent of the CNX Nifty. Its Global Depository
Receipts (GDRs) are listed on the Luxembourg Stock Exchange.
As on 30 September 2014, the promoter group, Y. K. Hamied and his family, held around
36.80% equity shares in Cipla. Around 148,000 individual shareholders held approx.
18.67% of its shares.[25] LIC is the largest non-promoter shareholder with approx. 6.45%
shareholding in the company by the end of September 2013.
24
Individual shareholders 19.00%
NRI/FCB/Others 03.46%
GDRs 01.10%
Total 100.0%
25
Criticism
Emergency contraception
In August 2007, Cipla launched an emergency contraception drug "i-pill" sold over the
counter,[33] which was controversial with regard to its being available without a
prescription and the large amount of drug contained per dose.[34][35]
Generic drugs
In the late 1960s, Cipla began manufacturing a new, patented drug, propranolol, without
the permission of the drug's patent holder, Imperial Chemical Industries (ICI), which
protested to the Indian government. The CEO of Cipla successfully lobbied
the government of Indira Gandhi to change India's patent laws to eliminate patents that
directly covered drugs, and instead to allow only patents that covered methods to make
drugs.[36] This change made propranolol and other patented drugs generic and led to
criticism of both India's patent laws and Cipla. India reinstated patents on drugs in 2005
26
CHAPTER-IV
27
EQUITY ANALYSIS
EQUITY analysis is the examination of past price movements to the forecast future
price movements. EQUITY analysts are sometimes referred to as chartists because they
rely almost exclusively on charts for their analysis.Analysts believe that the historical
performance of stocks and markets are indications of future performance.
The futures market discounts everything: - The technician believes that theprice at
any given time is the intrinsic value based upon the fundamental factors affecting the
supply and demand of the product.
Prices move in trends - Prices can move in one of three directions up, down
orsideways. Once a trend in any of these directions is in effect, it usually will persist.
The market trend is simply the direction of market prices, a concept which is absolutely
essential to the success of EQUITY analysis.
History repeats itself - EQUITY analysis includes thee psychology of themarket place.
Patterns of human behaviors have been identified and categorized for several hundred
years and are found to be repetitive in nature. The repetitive nature of the market place is
illustrated by specific chart patterns, from which one can forecast the next move for the
prices.
28
CHART PATTERN
A chart pattern is a distinct formation on a stock chart that creates a trading signal, or a
sign of future price movements. Chartists use these patterns to identify current trends
and trend reversals and to trigger buy and sell signals.
There are two types of patterns within this area of EQUITY analysis, reversal and
continuation. A reversal pattern signals that a prior trend will reverse upon completion
of the pattern. A continuation pattern, on the other hand, signals that a trend will
continue once the pattern is complete. These patterns can be found over charts of any
time frame.
This is one of the most popular and reliable chart patterns in EQUITY analysis. Head
and shoulders is a reversal chart pattern that when formed, signals that the security is
likely to move against the previous trend. As you can see in Figure 1, there are two
versions of the head and shoulders chart pattern. Head and shoulders top (shown on the
left) is a chart pattern that is formed at the high of an upward movement and signals that
the upward trend is about to end. Head and shoulders bottom, also known as inverse
head and shoulders (shown on the right) is the lesser known of the two, but is used to
signal a reversal in a downtrend.
Both of these head and shoulders patterns are similar in that there are four main parts:
two shoulders, a head and a neckline. Also, each individual head
29
and shoulder is comprised of a high and a low. For example, in the head and shoulders
top image shown on the left side in Figure 1, the left shoulder is made up of a high
followed by a low. In this pattern, the neckline is a level of support or resistance.
Remember that an upward trend is a period of successive rising highs and rising lows.
The head and shoulders chart pattern, therefore, illustrates a weakening in a trend by
showing the deterioration in the successive movements of the highs and lows.
CHART TYPES
There are four main types of charts that are used by investors and traders depending on
the information that they are seeking and their individual skill levels. The chart types
are: the line chart, the bar chart, the candlestick chart and the point and figure chart.
LINE CHART
The most basic of the four charts is the line chart because it represents only the closing
prices over a set period of time. The line is formed by connecting the closing prices over
the time frame. Line charts do not provide visual information of the trading range for the
individual points such as the high, low and opening prices. However, the closing price is
often considered to be the most important price in stock data compared to the high and
low for the day and this is why it is the only value used in line charts.
30
represent each data point. This vertical line represents the high and low for the trading
period, along with the closing price. The close and open are represented on the vertical
line by a horizontal dash.
Conversely, the close is represented by the dash on the right. Generally, if the left dash
(open) is lower than the right dash (close) then the bar will be shaded black, representing
an up period for the stock, which means it has gained value. A bar that is colored red
signals that the stock has gone down in value over that period.
CANDLESTICK CHART
The candlestick chart is similar to a bar chart, but it differs in the way that it is visually
constructed. Similar to the bar chart, the candlestick also has a thin vertical line showing
the period's trading range. The difference comes in the formation of a wide bar on the
vertical line, which illustrates the difference between the open and close.
And, like bar charts, candlesticks also rely heavily on the use of colors to explain what
has happened during the trading period. A major problem with the candlestick color
configuration, however, is that different sites use different standards; therefore, it is
important to understand the candlestick configuration used at the chart site you are
working with.
There are two color constructs for days up and one for days that the price
falls. When the price of the stock is up and closes above the opening trade, the
31
candlestick will usually be white or clear. If the stock has traded down for the period,
then the candlestick will usually be red or black, depending on the site. If the stock's
price has closed above the previous day’s close but below the day's open, the candlestick
will be black or filled with the color that is used to indicate an up day.
The point and figure chart is not well known or used by the average investor but it has
had a long history of use dating back to the first EQUITY traders. This type of chart
reflects price movements and is not as concerned about time and volume in the
formulation of the points. The point and figure chart removes the noise, or insignificant
price movements, in the stock, which can distort traders' views of the price trends. These
types of charts also try to neutralize the skewing effect that time has on chart analysis.
32
Figure 4: A point and figure chart
When first looking at a point and figure chart, you will notice a series of Xs and Os. The
Xs represent upward price trends and the Os represent downward price trends. There are
also numbers and letters in the chart; these represent months, and give investors an idea
of the date. Each box on the chart represents the price scale, which adjusts depending on
the price of the stock: the higher the stock's price the more each box represents.
CONCLUSION
Charts are one of the most fundamental aspects of EQUITY analysis. It is important that
you clearly understand what is being shown on a chart and the information that it
provides.
Focus on Price: To predict the future price, technicians believe that one shouldfocus on
price movements. Price movements usually precede fundamental developments. By
focusing on price action, technicians are automatically focusing on the future. Even
though the market is prone to sudden knee-jerk reactions, hints usually develop before
significant moves. A technician will refer to periods of accumulation as evidence of an
impending advance and periods of distribution as evidence of an impending decline.
Supply, Demand, and Price Action: Many technicians use the open, high, low and
close when analyzing the price action of a commodity. Separately, these will not be able
33
to tell much. However, taken together, the open, high, low and close reflect forces of
supply and demand.
Support/Resistance: Simple chart analysis can help identify support and resistance
levels. These are usually marked by periods of congestion (trading range) where the
prices move within a confined range for an extended period, telling us that the forces of
supply and demand are deadlocked. When prices move out of the trading range, it
signals that either supply or demand has started to get the upper hand. If prices move
above the upper band of the trading range, then demand is winning. If prices move
below the lower band, then supply is winning
Pictorial Price History: A price chart can offer plenty of valuable information. Itis an
easy to read historical account of a security's price movement over a period of time.
Charts are much easier to read than a table of numbers. On most stock charts, volume
bars are displayed at the bottom. With this historical picture, it is easy to identify the
following:
Assist with Entry Point: EQUITY analysis can help with timing a proper entrypoint.
Some analysts use fundamental analysis to decide what to buy and EQUITY analysis to
decide when to buy. EQUITY analysis can help spot demand (support) and supply
(resistance) levels as well as breakouts. Waiting for a breakout above resistance or
buying near support levels can improve returns.
Analyst Bias: Just as with fundamental analysis, EQUITY analysis is subjectiveand our
personal biases can be reflected in the analysis. It is important to be aware of these
biases when analyzing a chart.
34
Open to Interpretation: Furthering the bias argument is the fact that EQUITYanalysis
is open to interpretation. Even though there are standards, many times two technicians
will look at the same chart and paint two different scenarios or see different patterns.
Both will be able to come up with logical support and resistance levels as well as key
breaks to justify their position. While this can be frustrating, it should be pointed out that
EQUITY analysis is more like an art than a science, somewhat like economics.
Too Late: EQUITY analysis has been criticized for being too late. By the timethe trend
is identified, a substantial portion of the move has already taken place. After such a large
move, the reward to risk ratio is not great. Lateness is a particular criticism of Dow
Theory.
Trader's Remorse: Not all EQUITY signals and patterns work. When you beginto
study EQUITY analysis, you will come across an array of patterns and indicators with
rules to match. For instance: A sell signal is given when the neckline of a head and
shoulders pattern is broken. Even though this is a rule, it is not steadfast and can be
subject to other factors such as volume and
35
momentum. In that same vein, what works for one particular commodity may not work
for another.
When price volatility goes down EQUITY profits may also fall.
EQUITY Analysis also happens to break one major jinx of fundamental analysis as it
gives an exact price target and answers many questions like,
Owing to all the above mentioned factors it could safely be concluded that EQUITY
Analysis is one of the better tools for price forecasting. And in today’s rapidly changing
world investors look for short time returns which could better be achieved only by a
superior price forecasting system and in this case using EQUITY Analysis.
36
CHAPTER-V
DATA ANALYSIS
&
INTERPRETATION
37
CALCULATIONS
SHARE PRICE MOVEMENT OF CIPLA PHARMACEUTICAL COMPANY
CIPLA PHARMACEUTICAL COMPANY 12DAYS AND 24 DAYS MOVEING
AVERAGE
CIPLA
PHARMACEUTICAL Close
COMPANY
Price 12 Days 24 Days
38
6-Feb-18 569.25 1536.70 1812.78
39
26-Mar-18 545.05 1319.73 1387.24
2-Apr-18 569.80
3-Apr-18 560.35
4-Apr-18 558.95
5-Apr-18 556.75
9-Apr-18 558.15
10-Apr-18 561.50
11-Apr-18 556.15
12-Apr-18 555.50
13-Apr-18 584.95
18-Apr-18 579.95
17-Apr-18 584.60
18-Apr-18 584.40 958.22
19-Apr-18 589.05 964.98
20-Apr-18 600.15 971.68
23-Apr-18 601.90 976.82
24-Apr-18 593.05 982.75
25-Apr-18 599.95 987.74
26-Apr-18 599.85 991.28
27-Apr-18 607.40 994.22
30-Apr-18 612.00 999.70
3-May-18 609.30 1001.65
4-May-18 597.00 1004.38
7-May-18 591.05 1006.22
8-May-18 590.65 1013.13 982.67
40
18-May-18 1035.45 1013.00 999.14
17-May-18 1042.05 1009.28 1001.75
18-May-18 1130.3 1013.13 1006.41
21-May-18 1106.8 1021.65 1011.65
22-May-18 1115.1 1030.59 1017.49
23-May-18 1114.65 1040.14 1023.18
24-May-18 1091.15 1048.46 1027.79
25-May-18 1069.2 1054.67 1031.41
28-May-18 1127.15 1064.28 1036.93
29-May-18 1144.4 1136.93 1043.50
30-May-18 1104.05 1145.95 1047.26
31-May-18 1147.6 1097.33 1052.12
1-Jun-18 1153.45 1113.18 1057.14
4-Jun-18 1188.4 1117.69 1063.49
5-Jun-18 1159.6 1125.13 1069.13
6-Jun-18 1127.2 1126.83 1134.24
7-Jun-18 1105.55 1126.03 1138.31
8-Jun-18 1090.95 1124.06 1142.10
11-Jun-18 1097.35 1124.58 1146.52
12-Jun-18 1148.15 1126.15 1090.41
13-Jun-18 1142.9 1122.47 1093.38
14-Jun-18 1096.4 1118.47 1097.70
15-Jun-18 1110.35 1118.99 1102.47
18-Jun-18 1148.45 1114.06 1105.69
19-Jun-18 1099.95 1109.60 1114.38
20-Jun-18 1100.05 1103.91 1110.80
21-Jun-18 1101.8 1099.09 1112.11
22-Jun-18 1103 1097.14 1111.95
25-Jun-18 1099.8 1096.60 1111.31
26-Jun-18 1098.7 1097.24 1110.65
27-Jun-18 1090.35 1096.66 1110.62
28-Jun-18 1097.3 1097.42 1111.79
29-Jun-18 1146.75 1102.74 1112.60
2-Jul-18 1147.55 1113.00 1112.74
3-Jul-18 1150.5 1110.35 1114.67
4-Jul-18 1150.75 1115.54 1114.80
5-Jul-18 1129.1 1117.97 1113.79
6-Jul-18 1158.3 1122.83 1113.37
9-Jul-18 1187.6 1128.31 1113.70
41
10-Jul-18 1149.3 1132.17 1114.62
11-Jul-18 1148.75 1136.25 1118.42
12-Jul-18 1201.45 1144.81 1121.03
13-Jul-18 1226.4 1156.15 1126.40
18-Jul-18 1217.65 1186.18 1131.80
17-Jul-18 1199.3 1170.55 1136.65
18-Jul-18 1200.05 1174.93 1140.97
19-Jul-18 1209.25 1179.83 1145.09
20-Jul-18 1200.9 1184.00 1149.77
23-Jul-18 1230.3 1192.44 1155.20
24-Jul-18 1248.9 1199.99 1181.41
25-Jul-18 1239.05 1205.94 1187.13
26-Jul-18 1217.25 1211.60 1171.89
27-Jul-18 1189.35 1213.32 1174.78
30-Jul-18 1188.85 1210.60 1177.71
31-Jul-18 1200.6 1214.45 1182.30
1-Aug-18 1181.35 1203.76 1184.97
2-Aug-18 1152.4 1199.85 1185.20
3-Aug-18 1155 1196.10 1185.51
6-Aug-18 1132.5 1189.70 1184.76
7-Aug-18 1141.4 1184.75 1184.38
8-Aug-18 1171.75 1179.87 1186.15
9-Aug-18 1155.65 1172.10 1186.04
10-Aug-18 1130.5 1183.05 1184.50
13-Aug-18 1135.65 1156.25 1183.93
14-Aug-18 1147.65 1154.44 1183.88
18-Aug-18 1094 1148.20 1179.40
17-Aug-18 1068.1 1137.18 1172.81
20-Aug-18 1110.9 1132.96 1188.36
21-Aug-18 1103.95 1128.92 1184.39
22-Aug-18 1117.4 1125.79 1180.94
23-Aug-18 1100.15 1123.09 1156.40
24-Aug-18 1097.7 1119.45 1152.10
27-Aug-18 1119.6 1115.10 1147.49
28-Aug-18 1150.6 1114.68 1143.39
29-Aug-18 1182.55 1117.35 1140.20
30-Aug-18 1180.6 1121.10 1138.68
31-Aug-18 1171.7 1123.10 1138.77
3-Sep-18 1176.4 1129.97 1139.09
42
4-Sep-18 1176.45 1139.00 1138.14
5-Sep-18 1172.45 1144.13 1138.54
6-Sep-18 1184.6 1150.85 1139.89
7-Sep-18 1196.55 1157.45 1141.62
10-Sep-18 1196.1 1185.44 1144.27
11-Sep-18 1187.8 1172.95 1146.20
12-Sep-18 1182.15 1178.18 1146.63
13-Sep-18 1213.5 1183.40 1149.04
14-Sep-18 1232.7 1189.25 1153.30
17-Sep-18 1226.15 1193.05 1157.13
18-Sep-18 1231.15 1198.00 1180.55
19-Sep-18 1324.3 1210.33 1170.15
20-Sep-18 1326.2 1222.80 1180.90
21-Sep-18 1318.45 1234.97 1189.55
24-Sep-18 1346.5 1248.46 1199.66
25-Sep-18 1396.35 1265.11 1211.28
26-Sep-18 1375.7 1280.14 1222.76
27-Sep-18 1433 1300.51 1236.73
28-Sep-18 1435.6 1321.63 1249.90
1-Oct-18 1411.65 1338.15 1260.78
3-Oct-18 1424.8 1354.15 1271.70
4-Oct-18 1409.7 1369.45 1281.25
5-Oct-18 1403.15 1383.78 1290.89
8-Oct-15 1413.35 1390.70 1300.51
9-Oct-18 1421.15 1398.62 1310.71
10-Oct-18 1418.95 1406.83 1320.90
11-Oct-18 1460.7 1418.34 1332.40
12-Oct-18 1432.7 1419.37 1342.24
15-Oct-18 1499.2 1429.66 1354.87
18-Oct-18 1513.75 1435.89 1368.20
17-Oct-18 1462.75 1438.15 1379.89
18-Oct-18 1388.2 1436.20 1387.17
19-Oct-18 1366.35 1431.33 1392.74
22-Oct-18 1371.9 1428.18 1398.81
23-Oct-18 1488.2 1435.27 1409.53
24-Oct-18 1513.95 1444.15 1417.43
25-Oct-18 1554 1455.22 1426.92
26-Oct-18 1546.5 1466.02 1436.42
29-Oct-18 1846.95 1481.54 1448.94
43
30-Oct-18 1820.55 1497.19 1458.28
31-Oct-18 1853.4 1510.04 1469.85
1-Nov-18 1890.2 1525.25 1480.57
2-Nov-18 1770.5 1550.89 1494.52
5-Nov-18 1718.05 1578.21 1513.21
6-Nov-18 1714.2 1806.70 1519.01
7-Nov-18 1818.85 1827.11 1527.65
8-Nov-18 1555.35 1832.71 1533.99
9-Nov-18 1536.25 1834.57 1539.36
12-Nov-18 1477.35 1828.18 1541.70
13-Nov-18 1574.2 1830.49 1548.25
14-Nov-18 1752.3 1839.27 1560.40
15-Nov-18 1700.45 1845.93 1571.56
18-Nov-18 1887.1 1848.73 1579.39
19-Nov-18 1854.55 1845.76 1585.50
20-Nov-18 1830.3 1834.14 1592.49
21-Nov-18 1580.9 1822.82 1800.51
22-Nov-18 1591.7 1813.11 1809.90
23-Nov-18 1562.7 1814.60 1817.85
26-Nov-18 1843.35 1815.93 1824.32
27-Nov-18 1832.65 1823.96 1829.26
28-Nov-18 1806.35 1834.71 1831.45
29-Nov-18 1874.4 1843.06 1836.78
30-Nov-18 1718.15 1840.05 1839.66
3-Dec-18 1896.1 1839.69 1842.81
4-Dec-18 1701.65 1840.90 1844.82
5-Dec-18 1723.8 1846.67 1846.22
6-Dec-18 1889.95 1851.64 1842.86
7-Dec-18 1719.8 1863.22 1843.02
10-Dec-18 1887.95 1871.24 1842.17
11-Dec-18 1780.55 1889.39 1848.99
12-Dec-18 1784.05 1701.12 1858.52
13-Dec-18 1756.35 1711.43 1867.69
14-Dec-18 1724.45 1721.27 1877.99
17-Dec-18 1883.55 1722.03 1882.55
18-Dec-18 1861.75 1717.50 1878.77
19-Dec-18 1853.05 1713.91 1876.80
20-Dec-18 1842.7 1709.00 1874.95
24-Dec-18 1898.15 1706.86 1876.76
44
26-Dec-18 1706.75 1714.26 1879.95
27-Dec-18 1745.5 1710.40 1886.81
28-Dec-18 1730.3 1713.93 1892.58
31-Dec-18 1729.1 1709.64 1899.52
45
STATICTAL TOOL OF CIPLA PHARMACEUTICAL COMPANY (OF 7
DAYS)
CIPLA
PHARMACEUTICA Closing Average Average
L COMPANY Price Gain Loss Gain Loss RS RSI
Close
1-Jan-18 0.4 25.80 8.92 2.89 74.32
Price
2-Jan-18 611.50 14.2 25.80 10.20 2.53 71.67
3-Jan-18 607.80 20.9 15.92 12.88 1.24 55.28
4-Jan-18 606.80 2 13.72 12.88 1.13 51.58
7-Jan-18 616.75 41 1.20 18.50 0.06 6.09
8-Jan-18 615.15 60.35 20.92 19.33 1.14 51.98
9-Jan-18 615.05 28.85 22.90 25.37 0.90 47.44
10-Jan-18 615.60 22.6 30.40 24.68 1.23 55.20
11-Jan-18 619.75 42.55 33.44 28.17 1.19 54.28
14-Jan-18 612.35 18.6 30.47 31.80 0.96 48.93
15-Jan-18 612.10 5.8 31.23 31.80 0.98 49.55
18-Jan-18 610.25 115.2 31.23 68.90 0.45 31.19
17-Jan-18 601.40 30.15 23.95 55.98 0.43 29.96
18-Jan-18 607.15 72.6 22.32 60.14 0.37 27.13
21-Jan-18 603.65 63.9 22.32 70.46 0.32 24.05
22-Jan-18 602.75 80.7 12.20 72.51 0.17 14.40
23-Jan-18 601.15 113.9 56.85 72.51 0.78 43.95
24-Jan-18 622.35 23.9 113.90 64.41 1.68 62.62
25-Jan-18 618.30 98.05 102.98 54.25 1.90 65.50
28-Jan-18 621.40 18.25 102.98 51.87 1.99 66.50
29-Jan-18 615.00 52.85 102.98 47.92 2.15 68.24
30-Jan-18 605.95 4.4 102.98 36.02 2.86 74.09
31-Jan-18 592.15 36.6 80.85 24.85 3.25 76.49
1-Feb-18 587.05 1.45 45.37 24.85 1.83 64.61
4-Feb-18 581.15 23.6 45.37 24.78 1.83 64.68
5-Feb-18 580.10 35.15 19.03 26.85 0.71 41.47
6-Feb-18 564.25 12.15 19.03 25.63 0.74 42.60
7-Feb-18 569.25 8.3 19.03 18.72 1.14 53.22
8-Feb-18 612.65 49.85 19.03 25.81 0.74 42.43
11-Feb-18 621.40 31.2 1.45 26.71 0.05 5.15
12-Feb-18 621.65 3.1 0.00 23.34 0.00 0.00
13-Feb-18 616.15 60.85 60.85 23.29 2.61 72.32
46
14-Feb-18 605.85 67.95 64.40 20.92 3.14 75.48
15-Feb-18 611.10 25.8 51.53 23.11 2.23 69.04
18-Feb-18 600.40 5.4 51.53 22.39 2.30 69.71
19-Feb-18 603.45 15.05 42.41 13.23 3.20 76.22
20-Feb-18 597.25 34.7 42.41 14.40 2.95 74.65
21-Feb-18 589.65 3.65 34.66 20.05 1.73 63.35
22-Feb-18 595.65 66.55 28.11 35.55 0.79 44.18
25-Feb-18 590.10 52.55 14.83 39.80 0.37 27.15
26-Feb-18 586.50 33.15 17.28 39.80 0.43 30.28
27-Feb-18 589.65 2.6 17.28 39.10 0.44 30.65
28-Feb-18 581.70 20.25 19.02 39.10 0.49 32.72
29-Feb-18 579.25 15.8 19.02 34.38 0.55 35.62
3-Mar-18 584.10 66.85 26.70 40.87 0.65 39.51
4-Mar-18 580.20 38.15 26.70 35.19 0.76 43.14
5-Mar-18 578.00 19 26.70 28.48 0.94 48.39
7-Mar-18 571.05 50.5 20.25 32.15 0.63 38.65
10-Mar-18 580.65 29.25 24.75 38.06 0.65 39.40
11-Mar-18 578.75 21.7 25.48 38.06 0.67 40.10
12-Mar-18 577.90 37.35 29.43 43.63 0.67 40.29
13-Mar-18 571.15 71.4 29.43 44.76 0.66 39.67
14-Mar-18 559.40 18.3 26.15 46.97 0.56 35.76
17-Mar-18 559.75 89.45 26.15 70.45 0.37 27.13
18-Mar-18 552.90 4.95 21.91 80.43 0.27 21.41
19-Mar-18 551.05 41.65 24.39 80.43 0.30 23.27
24-Mar-18 540.75 69.3 33.91 80.43 0.42 29.66
25-Mar-18 538.40 72.1 40.86 80.43 0.51 33.69
26-Mar-18 541.80 25.2 38.25 89.45 0.43 29.95
27-Mar-18 545.05 6 42.64 47.73 0.89 47.19
28-Mar-18 545.45 26.2 42.64 18.10 2.65 72.59
31-Mar-18 576.25 75.75 52.06 35.98 1.45 59.13
2-Apr-18 570.30
3-Apr-18 569.80 12.85
4-Apr-18 560.35 10.85
5-Apr-18 558.95 17.55
9-Apr-18 556.75 28.55
10-Apr-18 558.15 20.8
11-Apr-18 561.50 12.6 18.12 12.60 1.44 58.98
12-Apr-18 556.15 21 18.12 18.80 1.14 51.89
13-Apr-18 555.50 22.85 20.12 18.80 1.20 54.50
47
18-Apr-18 584.95 6.25 22.44 13.28 1.69 62.81
17-Apr-18 579.95 3.1 18.83 13.28 1.42 58.63
18-Apr-18 584.60 2.35 12.28 13.28 0.92 48.03
19-Apr-18 584.40 2.05 7.59 13.28 0.57 36.35
20-Apr-18 589.05 12.15 8.50 13.63 0.62 38.42
23-Apr-18 600.15 7.8 8.50 7.03 1.21 54.75
24-Apr-18 601.90 26.95 9.32 7.03 1.33 57.02
25-Apr-18 593.05 17.25 10.64 7.80 1.36 57.70
26-Apr-18 599.95 3.45 10.70 7.80 1.37 57.84
27-Apr-18 599.85 19.85 12.37 13.83 0.89 47.22
30-Apr-18 607.40 9.55 13.87 13.83 1.00 50.14
3-May-18 612.00 19.55 14.30 15.73 0.91 47.61
4-May-18 609.30 3.15 12.13 19.70 0.61 37.99
7-May-18 597.00 7.7 8.35 15.70 0.53 34.72
8-May-18 591.05 8.75 5.38 13.96 0.39 27.83
9-May-18 590.65 3.4 5.37 13.96 0.38 27.76
10-May-18 588.00 17.1 8.30 12.00 0.69 40.89
11-May-18 575.50 19.2 7.88 13.80 0.57 36.36
14-May-18 573.70 3.3 6.74 11.88 0.57 36.18
15-May-18 578.50 15.15 9.74 11.88 0.82 45.04
18-May-18 575.80 24.4 12.67 13.98 0.91 47.55
17-May-18 559.90 6.6 11.66 19.20 0.61 37.78
18-May-18 553.75 28.25 15.80 19.20 0.82 45.14
21-May-18 533.05 36.5 19.03 19.20 0.99 49.78
22-May-18 1115.1 8.3 17.50 0.00 0.00 0.00
23-May-18 1114.65 0.45 19.87 0.45 44.15 97.79
24-May-18 1091.15 23.5 20.81 11.97 1.74 63.47
25-May-18 1069.2 21.95 19.91 15.30 1.30 56.55
28-May-18 1127.15 57.95 32.75 15.30 2.14 68.18
29-May-18 1144.4 17.25 30.00 15.30 1.96 66.23
30-May-18 1104.05 40.35 27.83 21.56 1.29 56.35
31-May-18 1147.6 43.55 39.58 21.56 1.84 64.74
1-Jun-18 1153.45 5.85 31.15 28.60 1.09 52.13
4-Jun-18 1188.4 14.95 27.91 31.15 0.90 47.26
5-Jun-18 1159.6 8.8 27.91 24.58 1.14 53.18
6-Jun-18 1127.2 32.4 20.40 27.18 0.75 42.87
7-Jun-18 1105.55 21.65 21.45 25.80 0.83 45.40
8-Jun-18 1090.95 14.6 21.45 19.36 1.11 52.56
11-Jun-18 1097.35 6.4 9.13 19.36 0.47 31.89
48
12-Jun-18 1148.15 9.2 10.68 17.33 0.62 38.12
13-Jun-18 1142.9 5.25 6.40 15.32 0.42 29.47
14-Jun-18 1096.4 13.5 9.95 18.62 0.60 37.45
15-Jun-18 1110.35 13.95 11.28 12.68 0.89 47.10
18-Jun-18 1148.45 21.9 11.28 12.74 0.89 46.97
19-Jun-18 1099.95 11.5 11.34 12.12 0.94 48.34
20-Jun-18 1100.05 0.1 9.76 12.12 0.81 44.62
21-Jun-18 1101.8 1.75 8.18 13.57 0.60 37.54
22-Jun-18 1103 1.2 7.00 21.90 0.32 24.22
25-Jun-18 1099.8 3.2 5.70 12.55 0.45 31.23
26-Jun-18 1098.7 1.1 3.64 8.73 0.42 29.40
27-Jun-18 1090.35 8.35 3.64 4.22 0.86 46.31
28-Jun-18 1097.3 6.95 2.50 4.22 0.59 37.22
29-Jun-18 1146.75 49.45 14.84 4.22 3.52 77.87
2-Jul-18 1147.55 0.8 14.60 4.22 3.46 77.59
3-Jul-18 1150.5 2.95 15.04 4.22 3.57 78.10
4-Jul-18 1150.75 0.25 12.14 4.73 2.56 71.88
5-Jul-18 1129.1 21.65 12.14 15.00 0.81 44.61
6-Jul-18 1158.3 29.2 14.93 21.65 0.69 40.82
9-Jul-18 1187.6 9.3 15.33 21.65 0.71 41.45
10-Jul-18 1149.3 18.3 8.50 19.98 0.43 29.85
11-Jul-18 1148.75 0.55 10.43 13.50 0.77 43.57
12-Jul-18 1201.45 52.7 22.86 13.50 1.69 62.87
13-Jul-18 1226.4 24.95 29.04 13.50 2.15 68.26
18-Jul-18 1217.65 8.75 29.04 9.20 3.18 75.94
17-Jul-18 1199.3 18.35 28.98 11.49 2.52 71.62
18-Jul-18 1200.05 0.75 26.13 11.49 2.27 69.47
19-Jul-18 1209.25 9.2 21.90 9.22 2.38 70.38
20-Jul-18 1200.9 8.35 21.90 11.82 1.85 64.95
23-Jul-18 1230.3 29.4 18.14 11.82 1.36 57.63
24-Jul-18 1248.9 18.6 14.49 11.82 1.23 55.14
25-Jul-18 1239.05 9.85 14.49 12.18 1.19 54.32
26-Jul-18 1217.25 21.8 14.49 13.33 1.09 52.13
27-Jul-18 1189.35 47.9 19.13 21.98 0.87 46.46
30-Jul-18 1188.85 0.5 24.00 17.68 1.36 57.58
31-Jul-18 1200.6 31.75 26.58 20.01 1.33 57.05
1-Aug-18 1181.35 39.25 25.18 23.86 1.06 51.34
2-Aug-18 1152.4 8.95 31.75 21.38 1.49 59.76
3-Aug-18 1155 2.6 17.18 23.68 0.73 42.04
49
6-Aug-18 1132.5 22.5 17.18 23.82 0.72 41.90
7-Aug-18 1141.4 8.9 14.42 17.80 0.81 44.75
8-Aug-18 1171.75 30.35 18.40 23.57 0.78 43.84
9-Aug-18 1155.65 18.1 13.95 21.70 0.64 39.13
10-Aug-18 1130.5 25.15 13.95 18.18 0.77 43.42
13-Aug-18 1135.65 5.15 11.75 21.25 0.55 35.61
14-Aug-18 1147.65 12 14.10 21.25 0.66 39.89
18-Aug-18 1094 53.65 14.10 31.63 0.45 30.83
17-Aug-18 1068.1 25.9 15.83 30.20 0.52 34.40
20-Aug-18 1110.9 42.8 19.98 30.20 0.66 39.82
21-Aug-18 1103.95 6.95 19.98 27.91 0.72 41.72
22-Aug-18 1117.4 13.45 18.35 28.83 0.64 38.89
23-Aug-18 1100.15 17.25 22.75 25.94 0.88 46.73
24-Aug-18 1097.7 2.45 28.13 21.24 1.32 56.97
27-Aug-18 1119.6 21.9 26.05 13.14 1.98 66.48
28-Aug-18 1150.6 31 27.29 8.88 3.13 75.44
29-Aug-18 1182.55 11.95 19.58 8.88 2.20 68.78
30-Aug-18 1180.6 18.05 19.27 9.85 1.96 66.17
31-Aug-18 1171.7 8.9 20.73 9.53 2.17 68.49
3-Sep-18 1176.4 4.7 17.52 5.67 3.09 75.53
4-Sep-18 1176.45 0.05 14.61 8.90 1.64 62.14
5-Sep-18 1172.45 4 13.15 6.45 2.04 67.09
6-Sep-18 1184.6 12.15 9.38 6.45 1.45 59.25
7-Sep-18 1196.55 11.95 9.38 6.45 1.45 59.25
10-Sep-18 1196.1 0.45 7.21 4.45 1.62 61.84
11-Sep-18 1187.8 8.3 7.21 4.25 1.70 62.92
12-Sep-18 1182.15 5.65 8.05 4.60 1.75 63.64
13-Sep-18 1213.5 31.35 18.48 4.60 4.02 80.13
14-Sep-18 1232.7 19.2 18.66 4.80 3.89 79.54
17-Sep-18 1226.15 6.55 20.83 5.24 3.98 79.91
18-Sep-18 1231.15 5 18.52 5.24 3.54 77.95
19-Sep-18 1324.3 93.15 37.18 6.83 5.44 84.47
20-Sep-18 1326.2 1.9 30.12 6.10 4.94 83.18
21-Sep-18 1318.45 7.75 30.12 7.15 4.21 80.82
24-Sep-18 1346.5 28.05 29.46 7.15 4.12 80.47
25-Sep-18 1396.35 49.85 35.59 7.15 4.98 83.27
26-Sep-18 1375.7 20.65 35.59 14.20 2.51 71.48
27-Sep-18 1433 57.3 46.05 14.20 3.24 76.43
28-Sep-18 1435.6 2.6 27.94 14.20 1.97 66.30
50
1-Oct-18 1411.65 23.95 34.45 17.45 1.97 66.38
3-Oct-18 1424.8 13.15 30.19 22.30 1.35 57.52
4-Oct-18 1409.7 15.1 30.72 19.90 1.54 60.69
5-Oct-18 1403.15 6.55 24.35 18.56 1.47 59.52
8-Oct-18 1413.35 4.2 19.31 15.20 1.27 55.96
9-Oct-18 1421.15 13.8 8.44 15.20 0.56 35.70
10-Oct-18 1418.95 4.2 10.38 12.45 0.83 45.47
11-Oct-18 1460.7 43.75 18.73 8.62 2.17 68.49
12-Oct-18 1432.7 28 20.58 13.46 1.53 60.46
15-Oct-18 1499.2 66.5 32.06 12.92 2.48 71.28
18-Oct-18 1513.75 8.55 27.36 18.10 1.70 62.95
17-Oct-18 1462.75 45 33.15 25.73 1.29 56.30
18-Oct-18 1388.2 74.55 39.60 37.94 1.04 51.13
19-Oct-18 1366.35 21.85 39.60 42.35 0.94 48.32
22-Oct-18 1371.9 5.55 26.87 42.35 0.63 38.82
23-Oct-18 1488.2 118.3 49.23 47.13 1.04 51.09
24-Oct-18 1513.95 25.75 39.04 47.13 0.83 45.30
25-Oct-18 1554 40.05 46.91 47.13 1.00 49.88
26-Oct-18 1546.5 7.5 46.91 34.63 1.35 57.53
29-Oct-18 1846.95 100.45 57.62 14.68 3.93 79.70
30-Oct-18 1820.55 26.4 57.62 18.95 3.40 77.27
31-Oct-18 1853.4 32.85 63.14 18.95 3.72 78.82
1-Nov-18 1890.2 36.8 47.18 18.95 2.78 73.57
2-Nov-18 1770.5 80.3 58.09 18.95 3.43 77.41
5-Nov-18 1718.05 54.45 62.60 29.45 2.13 68.01
6-Nov-18 1714.2 7.85 62.60 29.57 2.12 67.92
7-Nov-18 1818.85 91.35 49.98 45.01 1.11 52.62
8-Nov-18 1555.35 61.5 49.98 53.79 0.93 48.17
9-Nov-18 1536.25 19.1 58.55 46.85 1.25 55.55
12-Nov-18 1477.35 58.9 80.30 48.86 1.64 62.17
13-Nov-18 1574.2 96.85 96.85 48.86 1.98 66.47
14-Nov-18 1752.3 178.1 137.48 47.74 2.88 74.22
15-Nov-18 1700.45 51.85 137.48 56.54 2.43 70.86
18-Nov-18 1887.1 13.35 137.48 40.94 3.36 77.05
19-Nov-18 1854.55 32.55 137.48 35.15 3.91 79.64
20-Nov-18 1830.3 24.25 137.48 36.18 3.80 79.17
21-Nov-18 1580.9 49.4 137.48 34.28 4.01 80.04
22-Nov-18 1591.7 10.8 94.45 34.28 2.76 73.37
23-Nov-18 1562.7 29 10.80 33.40 0.32 24.43
51
26-Nov-18 1843.35 80.65 45.72 29.71 1.54 60.62
27-Nov-18 1832.65 10.7 45.72 29.18 1.57 61.04
28-Nov-18 1806.35 26.3 45.72 27.93 1.64 62.14
29-Nov-18 1874.4 68.05 53.17 28.85 1.84 64.82
30-Nov-18 1718.15 41.75 50.31 22.00 2.29 69.58
3-Dec-18 1896.1 20.05 63.48 21.51 2.95 74.69
4-Dec-18 1701.65 5.55 49.00 19.02 2.58 72.04
5-Dec-18 1723.8 22.15 34.38 19.02 1.81 64.38
6-Dec-18 1889.95 33.85 34.38 26.73 1.29 56.25
7-Dec-18 1719.8 29.85 33.47 26.95 1.24 55.40
10-Dec-18 1887.95 31.85 24.83 28.58 0.87 46.48
11-Dec-18 1780.55 92.6 37.54 28.58 1.31 56.77
12-Dec-18 1784.05 3.5 30.73 32.85 0.94 48.33
13-Dec-18 1756.35 27.7 37.02 31.13 1.19 54.32
14-Dec-18 1724.45 31.9 41.98 31.32 1.34 57.27
17-Dec-18 1883.55 40.9 41.98 33.09 1.27 55.92
18-Dec-18 1861.75 21.8 48.05 30.83 1.56 60.92
19-Dec-18 1853.05 8.7 48.05 26.20 1.83 64.71
20-Dec-18 1842.7 10.35 3.50 23.56 0.15 12.94
24-Dec-18 1898.15 55.45 55.45 23.56 2.35 70.18
26-Dec-18 1706.75 8.6 32.03 22.73 1.41 58.49
27-Dec-18 1745.5 38.75 34.27 20.44 1.68 62.64
28-Dec-18 1730.3 15.2 34.27 14.01 2.45 70.98
31-Dec-18 1729.1 1.2 34.27 8.86 3.87 79.45
52
RATE OF CHANGE OF CIPLA PHARMACEUTICAL COMPANY (7
DAYS)
CIPLA PHARMACEUTICAL
COMPANY Closing Price ROC
1-Jan-18 Close Price 5.28
2-Jan-18 611.50 1.01
3-Jan-18 607.80 -0.72
4-Jan-18 606.80 -2.81
7-Jan-18 616.75 -4.33
8-Jan-18 615.15 -0.77
9-Jan-18 615.05 0.87
10-Jan-18 615.60 0.39
11-Jan-18 619.75 4.14
14-Jan-18 612.35 5.11
15-Jan-18 612.10 8.13
18-Jan-18 610.25 -2.45
17-Jan-18 601.40 -5.79
18-Jan-18 607.15 -8.77
21-Jan-18 603.65 -14.59
22-Jan-18 602.75 -20.01
23-Jan-18 601.15 -14.23
24-Jan-18 622.35 -9.76
25-Jan-18 618.30 -2.14
28-Jan-18 621.40 1.22
29-Jan-18 615.00 2.01
30-Jan-18 605.95 7.47
31-Jan-18 592.15 2.30
1-Feb-18 587.05 4.01
4-Feb-18 581.15 -3.80
5-Feb-18 580.10 -4.90
6-Feb-18 564.25 -2.42
7-Feb-18 569.25 -2.68
8-Feb-18 612.65 -8.13
11-Feb-18 621.40 -10.20
12-Feb-18 621.65 -9.03
13-Feb-18 616.15 -2.89
14-Feb-18 605.85 2.42
15-Feb-18 611.10 4.72
53
18-Feb-18 600.40 7.97
19-Feb-18 603.45 11.42
20-Feb-18 597.25 9.20
21-Feb-18 589.65 4.93
22-Feb-18 595.65 -4.05
25-Feb-18 590.10 -8.99
26-Feb-18 586.50 -6.55
27-Feb-18 589.65 -7.61
28-Feb-18 581.70 -4.21
29-Feb-18 579.25 -5.46
3-Mar-18 584.10 -5.72
4-Mar-18 580.20 -4.92
5-Mar-18 578.00 -8.40
7-Mar-18 571.05 -11.71
10-Mar-1 580.65 -10.94
11-Mar-18 578.75 -8.48
12-Mar-18 577.90 -1.39
13-Mar-18 571.15 -3.89
14-Mar-18 559.40 -1.30
17-Mar-18 559.75 -4.39
18-Mar-18 552.90 -6.14
19-Mar-18 551.05 -4.55
24-Mar-18 540.75 -2.09
25-Mar-18 538.40 8.84
26-Mar-18 541.80 9.41
27-Mar-18 545.05 18.90
28-Mar-18 545.45 14.30
31-Mar-18 576.25 4.61
2-Apr-18 570.30
3-Apr-18 569.80
4-Apr-18 560.35
5-Apr-18 558.95
9-Apr-18 556.75
10-Apr-18 558.15
11-Apr-18 561.50 8.65
12-Apr-18 556.15 4.83
13-Apr-18 555.50 6.13
18-Apr-18 584.95 3.43
17-Apr-18 579.95 0.71
54
18-Apr-18 584.60 -1.18
19-Apr-18 584.40 0.32
20-Apr-18 589.05 3.78
23-Apr-18 600.15 0.57
24-Apr-18 601.90 3.98
25-Apr-18 593.05 5.41
26-Apr-18 599.95 5.51
27-Apr-18 599.85 3.27
30-Apr-18 607.40 2.97
3-May-18 612.00 1.80
4-May-18 609.30 -0.59
7-May-18 597.00 -3.00
8-May-18 591.05 -4.17
9-May-18 590.65 -1.96
10-May-18 588.00 -1.21
11-May-18 575.50 -1.19
14-May-18 573.70 -1.18
15-May-18 578.50 1.10
18-May-18 575.80 4.45
17-May-18 559.90 4.76
18-May-18 553.75 5.78
21-May-18 533.05 11.51
22-May-18 520.45 11.97
23-May-18 524.00 10.25
24-May-18 1091.15 5.38
25-May-18 1069.2 2.61
28-May-18 1127.15 5.31
29-May-18 1144.4 3.40
30-May-18 1104.05 -0.99
31-May-18 1147.6 2.96
1-Jun-18 1153.45 5.71
4-Jun-18 1188.4 9.28
5-Jun-18 1159.6 2.88
6-Jun-18 1127.2 -1.50
7-Jun-18 1105.55 0.14
8-Jun-18 1090.95 -4.94
11-Jun-18 1097.35 -4.86
12-Jun-18 1148.15 -6.87
13-Jun-18 1142.9 -6.61
55
14-Jun-18 1096.4 -2.73
15-Jun-18 1110.35 0.43
18-Jun-18 1148.45 -0.23
19-Jun-18 1099.95 0.24
20-Jun-18 1100.05 1.09
21-Jun-18 1101.8 1.75
22-Jun-18 1103 0.60
25-Jun-18 1099.8 -0.95
26-Jun-18 1098.7 0.94
27-Jun-18 1090.35 -0.87
28-Jun-18 1097.3 -0.25
29-Jun-18 1146.75 4.14
2-Jul-6 1147.55 4.04
3-Jul-18 1150.5 4.61
4-Jul-18 1150.75 4.74
5-Jul-18 1129.1 3.55
6-Jul-18 1158.3 5.56
9-Jul-18 1187.6 1.82
10-Jul-18 1149.3 0.15
11-Jul-18 1148.75 -0.15
12-Jul-18 1201.45 4.41
13-Jul-18 1226.4 8.62
18-Jul-18 1217.65 5.12
17-Jul-18 1199.3 2.71
18-Jul-18 1200.05 4.42
19-Jul-18 1209.25 5.27
20-Jul-18 1200.9 -0.05
23-Jul-18 1230.3 0.32
24-Jul-18 1248.9 2.57
25-Jul-186 1239.05 3.31
26-Jul-18 1217.25 1.43
27-Jul-18 1189.35 -3.30
30-Jul-18 1188.85 -2.67
31-Jul-18 1200.6 -2.41
1-Aug-18 1181.35 -7.01
2-Aug-18 1152.4 -6.99
3-Aug-18 1155 -5.11
6-Aug-18 1132.5 -3.15
7-Aug-18 1141.4 -2.35
56
8-Aug-18 1171.75 -2.40
9-Aug-18 1155.65 -0.49
10-Aug-18 1130.5 -1.90
13-Aug-18 1135.65 -1.68
14-Aug-18 1147.65 1.34
18-Aug-18 1094 -4.15
17-Aug-18 1068.1 -8.85
20-Aug-18 1110.9 -3.87
21-Aug-18 1103.95 -2.35
22-Aug-18 1117.4 -1.61
23-Aug-18 1100.15 -4.14
24-Aug-18 1097.7 0.34
27-Aug-18 1119.6 4.82
28-Aug-18 1150.6 3.57
29-Aug-18 1182.55 5.31
30-Aug-18 1180.6 5.66
31-Aug-18 1171.7 6.50
3-Sep-18 1176.4 7.17
4-Sep-18 1176.45 5.14
5-Sep-18 1172.45 1.90
6-Sep-18 1184.6 1.90
7-Sep-18 1196.55 1.35
10-Sep-18 1196.1 2.14
11-Sep-18 1187.8 0.97
12-Sep-18 1182.15 0.48
13-Sep-18 1213.5 3.50
14-Sep-18 1232.7 4.06
17-Sep-18 1226.15 2.47
18-Sep-18 1231.15 2.93
19-Sep-18 1324.3 11.49
20-Sep-18 1326.2 12.19
21-Sep-18 1318.45 8.65
24-Sep-18 1346.5 9.23
25-Sep-18 1396.35 13.88
26-Sep-18 1375.7 11.74
27-Sep-18 1433 8.21
28-Sep-18 1435.6 8.25
1-Oct-18 1411.65 7.13
3-Oct-18 1424.8 5.82
57
4-Oct-18 1409.7 0.96
5-Oct-18 1403.15 2.00
8-Oct-18 1413.35 -1.79
9-Oct-18 1421.15 -1.01
10-Oct-18 1418.95 0.38
11-Oct-18 1460.7 2.52
12-Oct-18 1432.7 1.63
15-Oct-18 1499.2 6.85
18-Oct-18 1513.75 7.13
17-Oct-18 1462.75 2.93
18-Oct-18 1388.2 -2.03
19-Oct-18 1366.35 -6.46
22-Oct-18 1371.9 -4.24
23-Oct-18 1488.2 -0.73
24-Oct-18 1513.95 0.41
25-Oct-18 1554 6.24
26-Oct-18 1546.5 11.40
29-Oct-18 1846.95 20.54
30-Oct-18 1820.55 18.12
31-Oct-18 1853.4 11.10
1-Nov-18 1890.2 11.64
2-Nov-18 1770.5 13.93
5-Nov-18 1718.05 10.96
6-Nov-18 1714.2 3.72
7-Nov-18 1818.85 -0.23
8-Nov-18 1555.35 -5.93
9-Nov-18 1536.25 -9.11
12-Nov-18 1477.35 -18.56
13-Nov-18 1574.2 -8.27
14-No-18 1752.3 2.58
15-Nov-18 1700.45 5.17
18-Nov-18 1887.1 8.47
19-Nov-18 1854.55 7.70
20-Nov-18 1830.3 10.35
21-Nov-18 1580.9 0.43
22-Nov-18 1591.7 -9.17
23-Nov-18 1562.7 -8.10
26-Nov-18 1843.35 -2.59
27-Nov-18 1832.65 -1.32
58
28-Nov-18 1806.35 -1.47
29-Nov-18 1874.4 5.91
30-Nov-18 1718.15 7.82
3-Dec-18 1896.1 8.54
4-Dec-18 1701.65 3.55
5-Dec-18 1723.8 5.58
6-Dec-18 1889.95 5.20
7-Dec-18 1719.8 2.71
10-Dec-18 1887.95 -1.64
11-Dec-18 1780.55 4.98
12-Dec-18 1784.05 4.84
13-Dec-18 1756.35 1.89
14-Dec-18 1724.45 2.04
17-Dec-18 1883.55 -2.11
18-Dec-18 1861.75 -1.55
19-Dec-18 1853.05 -7.18
20-Dec-18 1842.7 -7.92
24-Dec-18 1898.15 -3.31
26-Dec-18 1706.75 -1.03
27-Dec-18 1745.5 3.68
28-Dec-18 1730.3 4.13
31-Dec-18 1729.1 4.60
59
DATA ANALYSIS AND INTERPRETATION
SHORT TERM MOVING AVERAGE OF CIPLA
PHARMACEUTICAL COMPANY
1600
closing price
1400
12 Days
1200
Rising trend
1000
800
Buy Signal
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18
Days
60
LONG TERM (24 DAYS) MOVING AVERAGE OF CIPLA
PHARMACEUTICAL COMPANY
2000
Sell Signal
Rising Trend
1800
1600
Stock Price
Closing Price
1400
24 Days
1200
1000
Buy Point
800
Nov-07
Jun-07
Jan-08
Jul-07
Mar-08
Oct-07
Apr-07
Feb-08
May-07
Aug-07
Sep-07
Dec-07
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18
Days
The above chart is having the price plotted as a line on a closing price.
Blue line indicates closing price and pink line indicates 24 days average.
Upward penetration of a falling average indicates further rise and gives
buy signal so the chart shows buy signal during September with average
value 1141.62.
Downward penetration of rising average indicates the possibility of
further fall so it shows sell signal during Jan with average value 1710.19.
61
SHORT TERM & LONG TERM MOVING AVERAGE OF CIPLA
PHARMACEUTICAL COMPANY
2000
Sell Point
1800
Rising Trend
1600
Stock Price
Closing Price
1400 12 Days
24 Days
1200
1000
Sell Point Buy Point
800
Nov-07
Jul-07
Jun-07
Jan-08
May-07
Mar-08
Oct-07
Apr-07
Aug-07
Sep-07
Dec-07
Feb-08
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18
Days
The above chart is having the price plotted as a line on a closing basis.
Blue line is closing price plotted on line chart. Pink line is 12 day’s
simple moving average & yellow line is 24 days SMA.
Here during august 3rd the scrip price is falling to 1155 and short term
moving average intersect long term moving average from above and falls
below it, the sell signal is generated & even during January the chart
shows sell signal.
During September the scrip price is rising & short term moving average
intersect long term moving average from below and falls above indicating
a further rise in price, gives a buy signal.
The chart shows rising trend from August to January.
62
RELATIVE STRENGTH INDEX OF CIPLA PHARMACEUTICAL
COMPANY
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18
63
RATE OF CHANGE OF CIPLA PHARMACEUTICAL COMPANY
ROC HDFCBANK
Head Overbought
25.00
Left Shoulder
20.00
Right Shoulder
15.00
10.00
5.00
Price
0.00 ROC
May-07
Nov-07
Mar-08
Apr-07
Jun-07
Jul-07
Aug-07
Jan-08
Sep-07
Oct-07
Dec-07
Feb-08
-5.00
-10.00
-15.00
-20.00
-25.00
Days H & S Reverse Oversold
ROC is identification of overbought and oversold region. Black line is the
rate of change for 7 days.
If the scrip’s ROC reaches the historic high values, the scrip is in
overbought region & in oversold region if it reaches historic low value,
here in above chart the scrip is in overbought region during October &
during January it is in oversold region.
Head & Shoulder is formed during October; reverse H & S is formed
during November.
64
SHORT TERM (12 DAYS) MOVING AVERAGE OF CIPLA
PHARMACEUTICAL COMPANY
1400
1300
Rising Trend Decline Trend
1200
Sell Point
Stock Price
900
800
700
Round Bottom Buy Point
600
Nov-07
Jul-07
Jun-07
Jan-08
Mar-08
May-07
Oct-07
Apr-07
Aug-07
Sep-07
Dec-07
Feb-08
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18
Days
The above chart is having the price plotted as a line on a closing price.
Blue line indicates closing price and pink line indicates 12 days average.
Upward penetration of a falling average indicates further rise and gives
buy signal so the chart shows buy signal during September with average
value 858.65.
Downward penetration of rising average indicates the possibility of
further fall so it shows sell signal during Jan and September.
The chart is showing a rising trend channel from August to November &
declining trend from January to March.
Round bottom is formed from 30th April to 15th May.
65
LONG TERM (24 DAYS) MOVING AVERAGE OF CIPLA
PHARMACEUTICAL COMPANY
1400
Decline Trend
1300
1200
Sell Signal
Stock Price
900
800
Rising Trend
700
600
Round Bottom Buy Signal
Jul-07
May-07
Nov-07
Jun-07
Jan-08
Mar-08
Oct-07
Dec-07
Apr-07
Aug-07
Sep-07
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18 Feb-08
Days
The above chart is having the price plotted as a line on a closing price.
Blue line indicates closing price and pink line indicates 24 days average.
Upward penetration of a falling average indicates further rise and gives
buy signal so the chart shows buy signal during September.
Downward penetration of rising average indicates the possibility of
further fall so it shows sell signal during August & January.
The chart is showing a rising trend channel from September to January
& declining from January to March.
Round bottom is formed from 30th April to 15th May.
66
SHORT TERM & LONG TERM MOVING AVERAGE OF CIPLA
PHARMACEUTICAL COMPANY
1200
1000
Stock Price
Closing Price
800 12 Days
24 Days
600
Sell Signal Buy Point
400
Round Bottom
200
0
Nov-07
Jul-07
May-07
Jun-07
Jan-08
Mar-08
Dec-07
Oct-07
Apr-07
Aug-07
Sep-07
Feb-08
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18
Days
The above chart is having the price plotted as a line on a closing basis.
Blue line is closing price plotted on line chart. Pink line is 12 days simple
moving average & yellow line is 24 days SMA.
During July & January the scrip price is falling and short term moving
average intersect long term moving average from above and falls below
it, the sell signal is generated.
The scrip price is rising from September 5, the short term average is
above the long term average & intersects from below indicating further
rise in price, gives a buy signal during September.
The chart shows rising trend from August to November & declining trend
from January to March.
Round bottom is formed from 30th April to 15th May.
67
RELATIVE STRENGTH INDEX OF CIPLA PHARMACEUTICAL
COMPANY
15 jan-18 feb-18 march18Apr-18 may-18 jun-18 july-18 aug-18 sept-18 oct-18 nov-18 dec-18
68
RATE OF CHANGE OF CIPLA PHARMACEUTICAL COMPANY
ROC ICICIBANK
Overbought Region
25.00
20.00
15.00
H&S
10.00
5.00
Price
0.00 v ROC
Nov-07
Jul-07
Jun-07
May-07
Aug-07
Jan-08
Oct-07
Dec-07
Mar-08
Apr-07
Sep-07
Feb-08
-5.00
-10.00
-15.00
-20.00
-25.00
Days Oversold Region
69
CHAPTER-VI
FINDING
70
FINDINGS:
The share prices of a company are very sensitive and may change very rapidly
(upward or downward), but we follow a systematic study, it is possible to predict
the share prices to a certain extent.
The stocks move according to some patterns, we can predict the stock prices by
identifying such patterns.
71
It indicates sell signal during November as it has reached upto 98 points.
The ROC graph of the CIPLA Pharmaceutical company scripts prices are
in the oversold region that is it is towards the lower price & right time to
buy.
The chart shows H & S during June & double bottom during August.
RECOMMENDATIONS:
CIPLA PHARMACEUTICAL COMPANY
Considering SHARE PRICE MOVEMENTit is better to sell the shares of CIPLA
Pharmaceutical company at this moment.
According to moving average the closing price is declining from January i.ie. 1571
to 1331, the short term average intersects the long term average from above & falls
below it, the sell signal is generated.
The ROC lies in the overbought region which is declining from 18.90 to 4.61 in
future it may decline so better to sell the shares.
The RSI of CIPLA Pharmaceutical company lies between 70 & 50 which may
decline in future so I recommend investors to sell the shares.
72
CONCLUSIONS:
Remember that stocks are never too high for you to begin buying or too
low to begin selling. But after the initial transaction don’t make a second
unless the first shows you a profit.
There is only one side to the stock market and it is not the bull side or the
bear side but the right side.
Always sell what shows you a loss and keep what shows you profit.
SHARE PRICE MOVEMENTcan be used, when to buy and to when to
sell the stock.
It is very helpful in determining the trend of the stock price.
73
BIBLIOGRAPHY:
The data was collected from the list of books and websites given below:
www.investopedia.com
www.ciplapharmaceuticalcompany.com
www.nseindia.com
www.stockchart.com
www.moneycontrol.com
74