CHAPTER 1

INDUSTRY ANALYSIS

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1.1 INTRODUCTION
Finance is essential for running a business and entrepreneur needs finance to establish a
business to run it to modernize it to expand or to diversify it, he may require funds to buy assets
like factories trademarks patents technical expertise and so on as well as to run day to day
operations. Thus, the availability of adequate finance is vital for the survival and growth of a
business.
In an economic system we find two different sectors household sector who saves money and
business sector who needs money for the purpose of production or sale of goods and services.
These two sectors meet and transact with each other through the financial market which acts a
link between these two sectors it facilitates this function by acting as an intermediary between
the savers and investors of money. Funds from households can be allocated through two
different ways via banks or by a financial-markets. Households may deposit their surplus funds
with banks who in turn lend those funds to business firms ultimately households may buy the
shares and debentures offered by a business using financial markets.

1.2 Structure of Indian Financial system

Financial system acts as an intermediary that facilitate the flow of funds from the area of surplus
to that of deficit. Therefore, any financial system including Indian financial system is a mixed
composition of institutions, markets, regulations, law, practices, money managers, analysts,
transaction, claims and liabilities that exist within the economy.
The following functions can be considered for the Indian financial system
a) saving function b) liquidity function c) payment function d) risk function e) policy
function

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1.3 FUNCTIONS OF FINANCIAL MARKETS
• Accelerate the transfer of savings from savers to investors
• Provides pricing information resulting from the interaction who represent the demand
and households who represent the supply in the market when they trade the financial
assets
• It provides liquidity to financial assets by presenting a mechanism for easy sale and
purchase of financial assets
• It helps to save money and efforts that both buyers and sellers of a financial asset would
have to otherwise spend to try and find each other

1.4 TYPES OF FINANCIAL MARKETS

A financial market consists of two major segments money market and capital market
MONEY MARKET
A market that deals in financial assets with a maturity of less than one year is known as
money market. The market does not deal in cash or money but provides a market for credit
instruments like bills of exchange, promissory notes etc. These credit instruments are used
by business unit other organizations and the government to borrow funds in order to meet
their short term requirement. Most of the money market transactions are taking place on
telephone fax or internet as money market has no physical location. The Indian money
market consists of Reserve Bank of India, commercial banks, non -banking financial
companies or NV FCS and financial institutions like LIC GIC UTI. The Reserve Bank of
India is a regulator of the money market in India.
Money market deals in credit instruments like treasury bill, commercial paper, call money,
certificate of deposit and commercial bill. These instruments meet short term requirements
of the borrowers and provides liquidity to the lenders.
CAPITAL MARKET
A market which deals in medium- and long-term funds both debt and equity is termed as
capital market. The market is an institutional arrangement of medium- and long-term funds
and which provides facilitates for marketing and trading of securities. The capital market
consists of development banks, commercial banks, and stock exchanges. The capital market
can be divided into primary market and secondary market
PRIMARY MARKET
A company issue shares and or debentures to establish new business or to expand the
existing ones .A market where a company gets listed for the first time to issue new of fresh
securities is known as primary market or new issue market .Primary market consists of
arrangements that facilitate the transfer of investable funds from savers to companies. The
investors in this market consists of banks, financial institutions, insurance companies,
mutual funds and individuals.

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 A company may use the following methods to issue securities in the primary market.
Initial public offer, rights issue, e- IPOs. A company may make IPO through prospectus,
offer for sale, private placement. Rights issue is company offers new shares to its existing
shareholders in proportion to the number of shares they already possess. The shareholders
may either accept the offer for himself or assign a part or all of his rights to another. Under
e-IPOs ,a company may issue capital to the public by the online system of the stock
exchange. For this the company has to appoint SEBI registered brokers to accept
applications and place orders and a registrar to the issue having electronic connectivity with
the exchange.
SECONDARY MARKET
An organized market where securities are traded after being initially offered to the public
in the primary market and all listed on the stock exchange is secondary market. The
secondary market is often termed as top market or stock exchange as it provides a place for
purchase and sale of existing securities such as shares, debentures and bonds, government,
securities on a regular basis. It is the secondary market that controls the price of the stocks
as majority of trading is done here. The major players in the secondary market are the ones
in the primary market that is merchant bankers, mutual funds, financial institutions,
individual investors as well as the stock brokers who are members of the stock exchange
who facilitate the trading.

1.5 HISTORY OF STOCK EXCHANGES IN INDIA

The origin of stock exchanges in India can be traced to the latter half of the 19th century. After
the American civil war (1860-61)
there was a craze for buying and selling shares among the public, so this period saw a dramatic
increase in the number of brokers dealing in shares. Increased activity in trade and commerce
during the first world war and second world war resulted in an increase in stock trading.
Functions Of Stock Exchange
• Stock exchange provides a place where listed securities are bought and sold regularly
and conveniently it gives the investors the chance to invest and disinvest as and when
they want. This lends a high degree of liquidity and marketability to existing
securities
• Stock exchange facilitates the determination of prices of securities according to the
fundamental law of supply and demand
• A stock exchange maintains a complete record of all stock transactions and supplies
regular information on the prices and sales volume to the press and other media.
This enables the investor to take quick decisions on the purchase and sale of interested
securities.
• Stock exchange transactions are conducted amongst the members only with adequate
transparency and according to the existing legal framework.
This provides a high degree of safety and investment at the stock exchange

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 • A stock exchange market channelizing savings into the most productive investment
avenues as the brokers resell or trade their securities as and when required. This leads
to capital formation and economic growth in an economy.
• A stock exchange facilitates better allocation of funds as market transactions divert
the flow of funds from less profitable to more profitable enterprises
• A stock exchange provides efficient scope for speculative activity within the
provisions of the law. It is generally established that a certain degree of healthy
speculation is essential for liquidity and price continuity in the stock market.

1.6 STOCK EXCHANGES IN INDIA

The first organized stock exchange in India was the Bombay stock exchange or BSE in Mumbai
.There were number of unorganized stock exchanges that used to function in the country
without any formal setup and were known as curb market. The Government of India passed the
Security Contracts Regulation Act in 1956 for the recognition and regulation of stock
exchanges in India. There are 23 stock exchanges in India at present. Among them the most
prominent stock exchanges are National stock exchange or NSE in Mumbai and over the
counter exchange of India or OTCEI.
National Stock Exchange
With the liberalization of Indian economy it was found inevitable to lift the stock market
trading on par with the international standards based on the recommendations of the fair Vani
committee the national stock exchange was incorporated in 1992 by industrial development
bank of India , Industrial credit and investment corporation of India , Industrial financial
corporation of India , all insurance corporations ,selected commercial banks and others .The
NSE was recognized as a stock exchange in April 1993.
Trading at NSE can be classified under two broad categories wholesale debt market and capital
market segment. Wholesale debt market segment offers a trading platform for a wide range of
fixed income securities like central government securities, treasury bills, state development
loans, bonds issued by public sector undertakings, floating rate bonds, zero coupon bonds,
index bonds, commercial paper, certificate of deposit, corporate debentures and mutual funds.
Capital market segments offers an efficient and transparent platform for trading in equity,
preference shares, debentures, exchange traded funds as well as retail government securities.
Objectives
• NSE was set up to establish a nationwide trading facility for all types of securities
• To ensure equal access to investors across the country through an appropriate
communication network.
• To provide a fair efficient and transparent securities market using electronic trading
system
• To enable shorter settlement cycles and book entry settlements.
• To meet international benchmarks and standards

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Bombay Stock Exchange
This stock exchanges, Mumbai, popularity known as ―BSE was established in 1875 as ―The
native share and stock brokers associations, as a voluntary non-profit making association. It
has an evolved over the years into its status as the premiere stock exchanges in the country. It
may be noted that the stock exchanges the oldest one in Asia, even older than the Tokyo Stock
Exchanges, which was founded in 1878. The exchanges, while providing an efficient and
transparent market for trading in securities, upholds the interests Of the investors and ensures
redressed of their grievances, whether against the companies or its own members brokers.
OTCEI
The other prominent stock exchange is Over the counter exchange of India. The traditional
trading system prevailing in the Indian stock markets gave away to many functional
inefficiencies such as absence of liquidity, lack of transparency, unduly long settlement periods
and binami transactions which affected the small investors to a great extent. To provide
improved services to investors, the Over the counter exchange of India (OTCEI) was set up by
the country’s premier financial institutions-Unit trust of India, Industrial credit and investment
corporation of India, Industrial development Bank of India, SBI capital markets, Industrial
finance corporation of India, General insurance corporation and its subsidiaries .OTCEI is a
fully computerized transparent single window exchange which commands trading in 1992.The
exchange was incorporated under the companies Act 1956 and was established on the lines
of Nasdaq national association of securities dealers automated quotations.
Objectives
• To provide quicker liquidity to securities at a fixed and fair price.
• To provide liquidity for less traded securities or that of small companies.
• To provide simplified process of buying and selling.
• To provide easy and cheaper means of making public sale of new issues

1.7 SECURITIES AND EXCHANGE BOARD OF INIDA

On 12th April 1998, the Government of India established Securities and Exchange Board of
India as an interim administrative body to promote orderly and healthy growth of securities
market and for investor protection. SEBI was to function under the overall administrative
control of the Ministry of Finance of the Government of India.
The SEBI was given a statutory status on 30 January 1992 through an ordinance. The ordinance
was later replaced by an Act of parliament known as the Securities and Exchange Board of
India.

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Objectives
• To regulate stock exchanges and the securities industry to promote their orderly
functioning.
• To protect the rights and interests of investors
• To prevent trading malpractices and achieve a balance between self- regulation by the
securities industry and its statutory regulation.
• To regulate and develop a code of conduct and fair practices by intermediaries.

1.8 FOREX MARKET

A defining feature of global economy in the last few decades has been increased flows of
international trade and investment. Both these activities require the use of foreign exchange
such as dollars, euros and pounds. This is because sellers in different countries want to be paid
in their home currency or in a currency considered strong and universally acceptable. For
example, an Indian exporter exports goods to the USA, he earns dollars for his goods but will
have to convert them into rupees for use in domestic economy and an Indian importer
purchasing goods from Germany may have to convert Indian rupees into euros to pay his buyer
.This requires a foreign exchange market where foreign currencies are traded. The foreign
exchange market in any country is an essential component of the international monetary
system. The institutional framework within which the international payments are made,
national currencies are exchanged and cross currency exchange rates are determined. Cross
border transactions of trade and investment occur through an exchange of buyers and sellers.
A currency is a form of money and unit of exchange. Foreign exchange is the money of a
foreign country in the form of banknotes, drafts and cheques. It is expressed as the foreign
exchange rate which is the price of domestic currency in terms of a foreign currency, for
example INR versus US dollar or INR versus euro.
Foreign exchange market is the market where currency of one country is traded for currency
of another country. It is an over the counter market which mean that there is no physical market
place where currencies are traded. Instead it is a network of large commercial or investment
banks, brokers and dealers spread across the globe connected through telephones, faxes and
computers.
Future Prospects of Forex in India
The forex trading showed a rapid growth in the last couple of years. The transaction of forex
in India is recorded ten times from the biggest financial market the Bombay Stock Exchange.
This growth was started from the year 1990, when the Indian government liberalized the
foreign exchange market by the old method of the exchange transaction due to crisis in foreign
exchange and unbalance payment of trade.
After the liberalization of the foreign exchange market, the role of reserve bank of India is
limited to support only the Indian rupee but the forex trade in India is free to trade. Today Forex
in India is considered as a large hub internationally because of its output in terms of transaction
and immense interest of the general public

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Present Scope of Forex in India:
Presently, all the entities including banks and financial institution are allowed to participate in
forex trading. This open space has created unlimited opportunities for an individual to invest
in forex trading. As the system is decentralized and open for worldwide buyers and sellers,
there is a lot of potential seen in forex trading in India.
Most of the transactions are seen on online portal by individuals with a forex broker and register
forex institutions. All the online portals carry benefits and risk with the capacity of trading that
needs to be examined by traders. The attraction is increased by the involvement of Reserve
Bank of India (RBI) to evaluate the amount of foreign exchange enters in the lieu of forex in
India. All the brokers are registered with the regulatory authority that decreases the risk of
scam.
Functions of Foreign Exchange
The following are the three functions of foreign exchange:
• Transfer Function: It transfers purchasing power between the countries involved in
the transaction. This function is performed through credit instruments like bills of
foreign exchange, bank drafts and telephonic transfers.

• Credit Function: It provides credit for foreign trade. Bills of exchange, with maturity
period of three months, are generally used for international payments. Credit is required
for this period in order to enable the importer to take possession of goods, sell them and
obtain money to pay off the bill.

• Hedging Function: When exporters and importers enter into an agreement to sell and
buy goods on some future date at the current prices and exchange rate, it is called
hedging. The purpose of hedging is to avoid losses that might be caused due to
exchange rate variations in the future.

1.9 TYPES OF FOREIGN EXCHANGE MARKET

FOREIGN EXCHANGE MARKET

Spot Market Forward market

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SPOT MARKET
It is that segment of foreign exchange market where currencies are traded for immature
delivery, the day on which delivery takes place is known as value date or settlement date. The
rate applicable to on the spot rates are known as spot exchange rates.
FORWARD MARKET
A market in which foreign exchange is bought and sold for future delivery is known as Forward
Market. It deals with transactions which are contracted today but implemented sometimes in
future. Exchange rate that prevails in a forward contract for purchase or sale of foreign
exchange is called Forward Rate. Thus, forward rate is the rate at which a future contract for
foreign currency is made.

1.10 MARKET PARTICIPANTS

• Banks: The interbank market caters for both the majority of commercial turnover and
large amounts of speculative trading every day. Many large banks may trade billions
of dollars, daily. Some of this trading is undertaken on behalf of customers. But much
is conducted by propriety desks, which are the trading desks for bank’s account. Until
recently, foreign exchange brokers did large amount of business, facilitating interbank
trading and matching anonymous counterparts for large fees. Today, however, much
of this business moved on to more efficient electronic systems. The broker squawk box
lets traders listen in on ongoing interbank trading and is heard is most trading rooms,
but turnover is noticeably smaller than just a few years ago.

• Commercial companies: An important part of this market comes from the financial
activities of companies seeking foreign exchange to pay goods or services. Commercial
companies often trade fairly small amounts compare to those of banks or speculators,
and their trades often have little short-term impact on market rates.
Nevertheless, trades flows are an important factor in the long-term direction of a
currency’s exchange rate. Some multinational companies can have an unpredictable
impact when very large positions are uncovered due to exposures that are not widely
known by other market participants.

• Central Banks: Forex is fixing is the daily monetary exchange rate fixed by the
national bank of each country. The idea is that central banks use the fixing time and
exchange rate to evaluate behaviour of their currency. Fixing exchange rates reflects
the real value of equilibrium in the forex market. Banks, dealers and online foreign
exchange traders use fixing rates as a trend indicator.
The mere expectation or rumour of central bank intervention might be enough to stabilize a
currency, but aggressive intervention might be used several times each year in the countries
with a dirty float currency regime. Central banks do not always achieve their objectives. The
combined sources of the market can easily overwhelm any central bank. Several scenarios of
this nature were seen in the 1992-93 ERM collapse and in more recent times in Southeast Asia.

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1.11 MAJOR PLAYERS IN THE INDUSTRY
SBI capital markets

Reliance Capital Ltd

IDBI Capital

Motilal Oswal Securities Ltd

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Religare Enterprises Ltd

Pnb Housing Finance Ltd

Bajaj Finserv

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1.12 Michael E. Porters’ s Five Forces Model

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Competition in The Industry (High)
Highly competitive industries have an oversized variety of companies, and extremely low
barriers to entry. The low barriers to entry mean that whenever competition reduces the number
of firms by a large amount and so, competition falls and profits rise, new firms enter the
industry trying to grab these rising profits.
A large number of firms and very low barriers to entry that firms in highly competitive
industries face relentless competition. So many firms exist in the industry that no mutual
interdependence exists between firms. Whatever one companies will can have very little impact
on the sector as a full as a result of every firm is therefore tiny.
In other words, firms in highly competitive markets are subjected to relentless and impersonal
market forces. They have little control over prices but generally must set price close to what
the market has set.

The Threat Of New Entrants To The Industry- High

Threat of new entrants is high, because the market is growing and commoditized. In recent five
years retail electronic trading in the FX spot markets has been exploding with newcomers.
The threat of new entrants as a significant force within the industry is relatively small. The
primary obstacles for potential new entrants wishing to offer financial services on a large scale
area the massive amount of capital required, the length of time required to establish a significant
brand identity, and the numerous and cumbersome government regulations apply. In the future,
however , the major companies are likely to face increasingly, competitive threats in the
industry arising from major banks in developing economies such as china that will eventually
compete on a more international scale.

Power Of Suppliers- Low

The power of supplies and buyers is very low as forex market has no central marketplace.
Trading takes place in a number of well accessible interconnected markets, volumes are high
and trading facilities are automated. Even very large currency traders and institutions are rarely
able to single- handedly drive the direction of market or prices.
Spot trading has high growing interest for newcomers because it is accessible to everyone, is
related to liquidity and offers plain cost on trading.

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Power Of Customers-Low
The extent to which customers can influence the market depends on their level of concentration
or how well organized they are. The smallholder has to meet the strict quality control imposed
on them by the supermarkets or risk losing the contract. This enables the supermarkets, as the
customers, to exert pressure on these small suppliers.
Customers also have significant bargaining power in markets where it is easy for them to
transfer between different products without suffering any transfer cost. Customers are
concentrated than sellers, switching costs for customers are low, customers are well educated
regarding the product.

Threat Of Substitute-High
The threat of substitutes is high. As driven from speculation all other financial trading systems
are potential substitutes. Market participants have responded to this threat by providing low
entry and exit cost, high liquidity and value adding professional on-line trading advice.
Competitive rivalry is very high among market participants. The similarity in commoditized
trading platforms has resulted in high cost competition. Differentiation between competitors is
provided through additional value adding services like market analysis, trading assistance,
trading hints etc. in order to provide winning and profitable trading strategies for customers.
Many market players have started proprietary trading deciding and making trades on behalf of
their customers.

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 CHAPTER -2

COMPANY ANALYSIS

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2.1 COMPANY PROFILE
“FINIBRAIN” a leading financial service oriented firm provides a wide range of services in
global investing and investment management. They offer financial solutions to a substantial
and diversified client base. Their investments span a wide range of companies creating
revenues for companies and individuals alike.
They seek to create positive economic impact and long term value for the investors, companies
we invest in and the people associated with us. They focus on delivering attractive risk adjusted
returns along with capital preservation. They deliver solutions which unlock value and propel
growth of an investor.
FINIBRAIN is founded by Thasleem Basha Shaik in the year 2016. They have built the firm
on a strong foundation of intellectual capital and integrity ensuring substantial growth for
investors.
They provide a client- oriented approach to articulate goals and priorities. Their strategy is to
understand the companies and their operations with in-depth analysis and they critically
evaluate company’s potential in generating positive total returns. They focus on diversification
of investments reducing the overall risk of a portfolio by managing funds focussed on high
yield bonds, distressed debt.
They are accredited for their specialized credit expertise and leveraged value additive financial
solutions. Their expertise continuously engaged in intensive credit research and micro
monitoring of investments. Their intellectual team of experts serve on a broad range of financial
issues and structured solutions.

2.2 SERVICES
Investment Services
They analyse the financial report of a company and employ accounting ratios to identify an
undervalued security. They work on the basis of value investing, where assets believed to be
undervalued are bought and overvalued assets are sold. Investments cycles are always
supported with market leading research & analytics. They provide broad range of wealth
management services and portfolio decisions are always guided by timely and strategic
perspectives. They offer service of share transfer agent, stock broking, commodity trading and
mutual fund investments. Investors, particularly novices are trained well and advised to adopt
a definite investment strategy to diversify their portfolio.
Insurance Services
Their insurance solutions are designed by a team of insurance experts who understand the need
of insurer’s financial strength to with stand events that may be either anticipated or unforeseen.
They seek to deliver bespoke, customised investments solutions tailored to each client based
on their unique need and risk profile.

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Banking Related Services
Their team of professionals cater the needs of client base including firms, companies, legal
entities and individuals seeking banking related works. Their services include Providing
Project reports, Due Diligence Service ,Techno Economic viability studies ,Opinion reports on
Major Suppliers ,Conducting Stock and Legal Audits for the clients ,Valuation of stocks and
properties ,Syndication of loans.
Advisory & Consultancy Services
They provide advisory and consultancy services under security laws of the country, Intellectual
property rights Act, Competition Act, Companies Act, Transfer of Property Act etc., They act
as Nodal Agency in the country and outside the country for Public Sector Units, Trusts etc.
They also act as consultants, advisors, representatives, distributors, dealers, signatories,
attorneys, agents, arbitrators, conciliators, auctioneers and solicitors. A complete gamut of
financial service is offered at their end for the substantial investors, speculators, corporate, non
corporate includes partnership firms, societies, trusts and proprietary concerns.

2.3 VISION
We consistently strive to achieve superior performance through innovation, uniqueness and
excellence. Our core belief is to create exciting exploration in the financial market being the
most reliable financial service facilitator meeting the expectations of the investor.
2.4 MISSION
In the spirit of excellence, integrity and dedication we are committed to provide outstanding
level of support and service to enhance our business globally.
2.5 VALUES
Our team commits to conforming to the highest level of ethical standards. The services and
decisions we offer will be honest, fair and impartial.

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2.6 ORGANIZATION’S HIERARCHY STRUCTURE:

Founder

HR Marketing Market
department department analysts

forex market
analyst

domestic
market analyst

2.7 MAJOR COMPETITORS

1. J Marathon advisory service Pvt Ltd

2. Star Fing Pvt Ltd

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3. J M Financial services Ltd

4. Bullmatics Advisory Pvt Ltd

2.8 SWOT ANALYSIS

STRENGHTS
• Innovative range of financial products
• Diversified markets- NSE, BSE, MCX, NCDEX, CFD
• Transparent practice on demo accounts
• 24*5

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WEAKNESS
• Trading INR is low comparatively.
• High brokerage charges.
• Trading in Domestic market is low

OPPORTUNITIES
• High purchasing power.
• Millennials willing to invest as they are not satisfied with government interest rate.
• Growing urban market.
THREATS
• Strict measures taken by the RBI
• Difficult entry of foreign brokers into the market.
• Government mainly supports domestic market.
• Mindsets of the Indian population

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 CHAPTER -3

TASKS ACCOMPLISHED DURING INTERNSHIP

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3.1 ROLES & RESPONSIBILITIES

• Recognize the basics of the stock, commodities and currency market

• Examine the risks and rewards in the stocks commodities and currency market.
• Determine the participants in the commodities market and their respective roles
• Good understanding of international commodity market and understanding of
economic data and interest in financial markets.
• Should increase the knowledge of financial markets
• Should have excellent time management, technical skills and analytical skills.

3.2 DESCRIPTION OF TASKS HANDLED

• Training in domestic market and analysis of technical indicators

• Training in forex market and analysis of it using fundamental and technical indicators
• Procurement of new demat and trading accounts
• To educate and advice individuals on investment decisions.
• Learning the importance of relationship between traders and clients
• Tele calling to individuals to introduce different investment options provided by the
company.
• Trading in demo account in forex market
• Applying the strategies learned on the actual market.
• Observing the volatility of the market.

3.3 CONTRIBUTION TO THE ORGANIZATION

• Made clients to open demat account for trading.

• Target of investment reached as the company will be benefited from the commission.

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 CHAPTER -4
ANALYSIS OF RESEARCH UNDERTAKEN

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4.1 INTRODUCTION

TECHNICAL ANALYSIS

Technical analysis could be a commerce discipline used to guage investments and determine
commerce opportunities by analysing applied mathematics trends gathered from commerce
activity, like worth movement and volume. Unlike elementary analysts, who plan to valuate a
security's intrinsic price, technical analysts concentrate on patterns of worth movements,
commerce signals and numerous different analytical charting tools to guage a security's
strength or weakness

Technical analysis may be used on any security with historical commerce knowledge. This
includes stocks, futures, commodities, fixed-income, currencies, and other securities.

Technical analysis as we know it today was first introduced by Charles Dow and the Dow
Theory in the late 1800s. Several noteworthy researchers including William P. Hamilton,
Robert Rhea, Edson Gould and John Magee additional contributed to Dow Theory ideas
serving to create its basis. In modern-day, technical analysis has evolved to enclosed many
patterns and signals developed through years of analysis.

Technical analysis is based on 3 main basic assumptions

• The market discounts everything.
• Price moves in trends.
• History tends to repeat itself

In general, technical analysts look at the following broad types of indicators:

• price trends
• chart patterns
• volume and momentum indicators
• oscillators
• moving averages
• support and resistance levels

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TECHNICAL INDICATORS

In technical analysis, a technical indicator is a mathematical calculation based on historic price,

volume, or (in the case of futures contracts) open interest information that aims to forecast
financial market direction. Technical indicators are a fundamental part of technical analysis
and are typically plotted as a chart pattern to try to predict the market trend. Indicators generally
overlay on price chart data to indicate where the price is going, or whether the price is in an
"overbought" condition or an "oversold" condition.

4.1.1 Relative Strength Index

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

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4.1.2 Bollinger Bands

Bollinger Bands are a type of statistical chart characterizing the prices and volatility over time
of a financial instrument or commodity, using a formulaic method propounded by John
Bollinger in the 1980s. Financial traders employ these charts as a methodical tool to inform
trading decisions, control automated trading systems, or as a component of technical analysis.
Bollinger Bands display a graphical band (the envelope maximum and minimum of moving
averages, similar to Keltner or Donchian channels) and volatility (expressed by the width of
the envelope) in one two-dimensional chart.

4.1.3 Moving Average

A moving average (MA) is a widely used indicator in technical analysis that helps smooth out
price action by filtering out the “noise” from random short-term price fluctuations. It is a trend-
following, or lagging, indicator because it is based on past prices. A moving average is a
technique often used in technical analysis that smooths price histories by averaging daily prices
over some period of time.

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4.1.4 Stochastic Oscillator

A stochastic oscillator is a momentum indicator comparing a particular closing price of a

security to a range of its prices over a certain period of time. The sensitivity of the oscillator to
market movements is reducible by adjusting that time period or by taking a moving average of
the result. It is used to generate overbought and oversold trading signals, utilizing a 0-100
bounded range of values.

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4.2 RESEARCH DESIGN

Title Of The Study

“A study on technical analysis of Indian currency pairs “

Statement Of The Problem

The study is to analyze the Indian currency pairs using major technical indicators and to make
better decisions for trading in currency market

Objectives

• To analyze the Indian currency pairs

• To understand the currency market and the concept of exchange rate and currency
fluctuation.

Scope Of The Study

• Scope of the study was limited to Indian currencies only

Limitations

• The research was limited to the period of one year

• Only Few indicators were taken for analysing.

RESEARCH METHODOLOGY

Sample Design

Weekly, daily data of the following pairs were taken for analysing

1) USDINR
2) EURINR
3) GBPINR

Sources Of Data

Secondary data collected from investing.com website

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Data Analysis Tools

• Relative strength index

• Moving averages
• Bollinger bands
• Stochastic oscillator

4.3 ANALYSIS AND INTERPRETATION

1.USDINR WEEKLY

Date Price Open High Low Change %

Jul 28, 2019 68.755 68.908 68.963 68.713 -0.18%
Jul 21, 2019 68.88 68.955 69.151 68.816 0.03%
Jul 14, 2019 68.86 68.54 69.01 68.482 0.44%
Jul 07, 2019 68.56 68.579 68.853 68.28 0.16%
Jun 30, 2019 68.45 68.949 69.095 68.385 -0.73%
Jun 23, 2019 68.95 69.619 69.62 68.866 -0.96%
Jun 16, 2019 69.615 69.805 69.977 69.329 -0.31%
Jun 09, 2019 69.833 69.38 69.865 69.272 0.69%
Jun 02, 2019 69.355 69.617 69.621 69.035 -0.32%
May 26, 69.58 69.405 70.008 69.355 0.29%
2019
May 19, 69.38 69.395 70.07 69.362 -1.28%
2019
May 12, 70.28 70.007 70.644 69.958 0.38%
2019
May 05, 70.015 69.316 70.282 69.286 1.33%
2019
Apr 28, 69.096 69.879 69.918 69.096 -1.08%
2019
Apr 21, 69.85 69.366 70.335 69.366 0.64%
2019
Apr 14, 69.407 69.164 69.685 69.035 0.31%
2019
Apr 07, 69.19 69.34 69.74 68.837 0.03%
2019
Mar 31, 69.17 69.351 69.419 68.39 -0.02%
2019
Mar 24, 69.185 69.154 69.36 68.772 0.02%
2019
Mar 17, 69.17 68.964 69.175 68.355 0.30%
2019
Mar 10, 68.963 70.042 70.055 68.935 -1.50%
2019

29
Mar 03, 70.011 70.822 70.987 69.826 -1.39%
2019
Feb 24, 71 71.027 71.491 70.713 -0.05%
2019
Feb 17, 71.035 71.334 71.607 70.925 -0.41%
2019
Feb 10, 71.33 71.24 71.464 70.402 0.22%
2019
Feb 03, 71.175 71.474 71.85 71.015 -0.36%
2019
Jan 27, 2019 71.435 70.925 71.485 70.87 0.75%
Jan 20, 2019 70.9 71.204 71.537 70.89 -0.44%
Jan 13, 2019 71.21 70.4 71.422 70.36 1.15%
Jan 06, 2019 70.398 69.526 70.662 69.249 1.22%
Dec 30, 69.55 69.783 70.531 69.44 -0.55%
2018
Dec 23, 69.933 70.162 70.404 69.761 -0.30%
2018
Dec 16, 70.14 71.9 71.9 69.648 -2.47%
2018
Dec 09, 71.92 71.36 72.637 71.24 1.50%
2018
Dec 02, 70.86 69.88 71.15 69.88 1.74%
2018
Nov 25, 69.65 70.495 71.035 69.57 -1.42%
2018
Nov 18, 70.655 71.925 72.082 70.655 -1.84%
2018
Nov 11, 71.98 72.735 73.067 71.715 -0.69%
2018
Nov 04, 72.48 72.808 73.135 72.375 0.06%
2018
Oct 28, 2018 72.44 73.355 74.135 72.43 -1.39%

Oct 21, 2018 73.46 73.305 73.828 73.095 0.12%

Oct 14, 2018 73.375 73.797 74.065 73.295 -0.32%

Oct 07, 2018 73.61 73.875 74.49 73.53 -0.22%

Sep 30, 73.77 72.605 74.25 72.605 1.74%

2018
Sep 23, 72.51 72.48 72.965 72.34 0.37%
2018
Sep 16, 72.24 72.53 72.99 71.76 0.50%
2018
Sep 09, 71.88 72.14 72.92 71.535 0.13%
2018

30
 Sep 02, 71.79 70.795 72.105 70.73 1.11%
2018
Aug 26, 71.005 69.765 71.025 69.705 1.48%
2018
Aug 19, 69.97 69.82 70.24 69.535 -0.19%
2018
Aug 12, 70.1 69.49 70.42 69.41 1.76%
2018
Aug 05, 68.89 68.575 69.025 68.455 0.50%
2018

Interpretation
The above table shows the open and close prices of USD/INR for different weeks of an year.
It is also representing the high and low prices of that particular week.

1.Candle Stick Pattern of USD/INR

31
2.RELATIVE STRENGTH INDEX OF USD/INR

Interpretation
In the month of october RSI line was so close to overbought region, and in the month of march
it was almost close to the oversold region.At present the RSI line tend to move from oversold
region which indicates a sell signal.

3.BOLLINGER BANDS-USD/INR

Interpretation

The above diagram depicts that there is low volatility in present week where bands came close
together.

32
4.MOVING AVERAGE-USD/INR

Interpretation
In the above diagram, the moving average indicating downward trend, We can give a sell call
to avoid loss as it may go further down

5.STOCHASTIC OSCILLATOR-USD/INR

Interpretation
The stochastic oscillator lies in the range from 0-100.In the above figure, the red and blue lines
are intersecting at 21.8698, we can make a potential sell call.

33
INFERENCE
All technical indicators indicating a sell call by analysing one year data on weekly basis.
2. DAILY BASIS USDINR

Date Price Open High Low Change %

Jul 30, 2019 68.834 68.757 68.855 68.668 0.11%
Jul 29, 2019 68.755 68.900 68.965 68.705 -0.18%
Jul 26, 2019 68.880 69.151 69.151 68.816 -0.23%
Jul 25, 2019 69.041 68.992 69.078 68.885 0.09%
Jul 24, 2019 68.980 69.020 69.109 68.921 -0.08%
Jul 23, 2019 69.033 68.944 69.059 68.903 0.15%
Jul 22, 2019 68.930 68.955 69.070 68.880 0.10%
Jul 19, 2019 68.860 68.810 68.955 68.722 0.01%
Jul 18, 2019 68.855 68.773 69.005 68.718 0.01%
Jul 17, 2019 68.846 68.688 68.904 68.640 0.29%
Jul 16, 2019 68.650 68.540 68.770 68.521 0.15%
Jul 15, 2019 68.545 68.535 68.615 68.477 -0.02%
Jul 12, 2019 68.560 68.460 68.695 68.433 0.22%
Jul 11, 2019 68.410 68.414 68.495 68.280 -0.01%
Jul 10, 2019 68.419 68.620 68.695 68.318 -0.21%
Jul 09, 2019 68.565 68.665 68.858 68.513 -0.00%
Jul 08, 2019 68.567 68.582 68.767 68.497 0.17%
Jul 05, 2019 68.450 68.539 68.785 68.385 -0.11%
Jul 04, 2019 68.527 68.817 68.914 68.489 -0.40%
Jul 03, 2019 68.800 68.885 68.963 68.795 -0.13%
Jul 02, 2019 68.890 68.924 69.075 68.870 0.01%
Jul 01, 2019 68.885 68.944 69.090 68.830 -0.09%
Jun 30, 2019 68.951 68.950 68.951 68.950 0.00%
Highest: 69.151 Lowest: 68.280 Difference: 0.871 Average: 68.749 Change %: -0.169

Interpretation
The above table is showing the open and close prices of USD/INR of everyday in the month of
July and also highest and lowest prices.

34
6.CANDLE STICK PATTERN -USD/INR(D)

7. STOCHASTIC OSCILLATOR -USD/INR(D)

INTERPRETATION
In the above diagram the red and blue lines are intersecting nearer to the overbought region
.We can give a buy call by observing the trend.

35
8.RELATIVE STRENGTH INDEX-USD/INR(D)

Interpretation
In the above graph, the RSI line is at neutral position. At this time its is better not to give any
call.

9.MOVING AVERAGE-USD/INR(D)

INTERPRETATION
In the above diagram there is a bearish market so it can be a downward trend . To avoid risk we can
give a sell call

36
10.BOLLINGER BANDS-USD/INR(D)

Interpretation
The above graph represents in the middle of the July month there is the bands were broader
and now the bands came closer.

INFERENCE
The chosen technical indicators are varying in calls , its better not to give a call by analysing
the July month data

3.EUR/ INR WEEKLY BASIS

Date Price Open High Low Change
%
Jul 28, 76.624 76.6395 76.7435 76.367 -0.02%
2019
Jul 21, 76.643 77.247 77.498 76.481 -0.82%
2019
Jul 14, 77.275 77.26 77.695 76.929 0.00%
2019
Jul 07, 77.274 76.822 77.345 76.734 0.57%
2019
Jun 30, 76.835 78.41 78.437 76.756 -1.99%
2019

37
Jun 23, 78.396 79.095 79.283 78.239 -0.94%
2019
Jun 16, 79.1385 78.3085 79.1865 77.7855 1.10%
2019
Jun 09, 78.276 78.543 78.821 78.227 -0.41%
2019
Jun 02, 78.6 77.72 78.864 77.369 1.01%
2019
May 26, 77.8145 77.6705 78.1305 77.5715 0.10%
2019
May 19, 77.7365 78.4375 78.5145 77.3635 -0.88%
2019
May 12, 78.429 78.678 79.491 78.27 -0.30%
2019
May 05, 78.662 77.407 79.083 77.11 1.63%
2019
Apr 28, 77.4005 77.9185 78.3505 77.1165 -0.61%
2019
Apr 21, 77.876 78.054 78.597 77.801 -0.25%
2019
Apr 14, 78.072 78.183 78.796 77.906 -0.17%
2019
Apr 07, 78.202 77.599 78.58 77.564 0.80%
2019
Mar 31, 77.581 77.617 77.995 76.791 -0.04%
2019
Mar 24, 77.6115 78.2675 78.3015 77.4695 -0.83%
2019
Mar 17, 78.259 78.07 78.756 77.551 0.19%
2019
Mar 10, 78.112 78.675 79 77.999 -0.74%
2019
Mar 03, 78.696 80.801 80.929 78.239 -2.57%
2019
Feb 24, 80.773 80.544 81.345 80.287 0.24%
2019
Feb 17, 80.5785 80.5265 81.0365 80.4465 0.02%
2019
Feb 10, 80.5605 80.6215 80.7145 79.6165 -0.10%
2019
Feb 03, 80.645 81.839 82.293 80.435 -1.45%
2019
Jan 27, 81.8355 80.8745 82.0735 80.8245 1.19%
2019
Jan 20, 80.8755 80.9585 81.3805 80.1895 -0.05%
2019
Jan 13, 80.916 80.747 81.621 80.522 0.22%
2019

38
Jan 06, 80.74 79.239 81.64 79.146 1.88%
2019
Dec 30, 79.2525 80.0235 80.3595 79.1515 -0.96%
2018
Dec 23, 80.024 79.787 80.605 79.474 0.32%
2018
Dec 16, 79.767 81.324 81.367 79.52 -1.93%
2018
Dec 09, 81.338 80.791 82.916 80.635 0.88%
2018
Dec 02, 80.6245 78.8095 80.9575 78.8095 2.29%
2018
Nov 25, 78.823 80.149 80.64 78.732 -1.64%
2018
Nov 18, 80.1335 82.1035 82.2285 80.0205 -2.52%
2018
Nov 11, 82.201 82.134 82.568 81.249 0.05%
2018
Nov 04, 82.163 82.531 83.716 82.011 -0.39%
2018
Oct 28, 82.4875 83.8035 84.0855 82.3795 -1.55%
2018
Oct 21, 83.7885 84.4255 84.6785 83.1285 -0.83%
2018
Oct 14, 84.4875 85.0765 85.8495 83.9705 -0.74%
2018
Oct 07, 85.115 84.982 86.184 84.844 0.12%
2018
Sep 30, 85.0125 84.1645 85.3505 83.9005 0.99%
2018
Sep 23, 84.177 84.882 85.908 83.864 -0.83%
2018
Sep 16, 84.882 83.554 85.575 83.51 1.53%
2018
Sep 09, 83.6 82.993 84.514 82.893 0.80%
2018
Sep 02, 82.939 82.351 83.881 82.053 0.67%
2018
Aug 26, 82.387 81.383 82.946 81.053 1.31%
2018
Aug 19, 81.3195 80.2085 81.4515 79.4215 1.43%
2018
Aug 12, 80.1735 78.4645 80.2365 78.2995 1.99%
2018
Aug 05, 78.6105 79.3205 79.8225 78.4245 -0.86%
2018

39
Interpretation
The above table shows the open and close prices of EUR/INR of one year on weekly basis. It
is also displaying the high and low prices of particular week.
11.CANDLE STICK PATTERN-EUR/INR(W)

12. RELATIVE STRENGTH INDEX-EUR/INR(W)

40
INTERPRETATION
In the above figure, now the RSI line touches at 39.5163 which indicates to give a sell call as
it may fall further nearer to the oversold region.

13. BOLLINGER BANDS(W)

Interpretation
In the above graph , there is high volatility during the end of 2018 and beginning of 2019.At
present month, there is low volatility for this pair.
14. MOVING AVERAGE(W)

41
Interpretation
There was a downward trend in the moving average indicator of EUR/ INR. At present there
was a bearish market , we can give a strong sell call with respect to euro.
15. STOCHASTIC OSCILLATOR(W)

Interpretation
The above figure depicts that the red and blue lines intersected below 20 oversold range which
indicates to potential sell call
INFERENCE
All indicators stating clearly to go for a sell call with respect to euro by analysing the period of
one year

4.DAILY BASIS OF EUR/INR

Date Price Open High Low Change %

Jul 30, 2019 76.7690 76.6070 76.7940 76.4695 0.21%
Jul 29, 2019 76.6100 76.6635 76.7435 76.3670 -0.07%
Jul 28, 2019 76.6600 76.6395 76.6840 76.6080 0.02%
Jul 26, 2019 76.6430 76.9580 77.1100 76.5500 -0.41%
Jul 25, 2019 76.9605 76.8465 77.2205 76.4765 0.15%

42
 Date Price Open High Low Change %
Jul 24, 2019 76.8440 76.9720 77.0350 76.7510 -0.19%
Jul 23, 2019 76.9925 77.2775 77.3255 76.8885 -0.36%
Jul 22, 2019 77.2710 77.2470 77.4980 77.1780 0.04%
Jul 21, 2019 77.2435 77.2470 77.2610 77.2200 -0.04%
Jul 19, 2019 77.2750 77.6530 77.6950 77.1060 -0.48%
Jul 18, 2019 77.6475 77.2605 77.6825 77.2075 0.49%
Jul 17, 2019 77.2725 76.9645 77.3515 76.9325 0.40%
Jul 16, 2019 76.9635 77.1735 77.2815 76.9285 -0.26%
Jul 15, 2019 77.1675 77.2475 77.3785 77.0955 -0.14%
Jul 14, 2019 77.2775 77.2740 77.3080 77.2330 0.00%
Jul 12, 2019 77.2740 76.9960 77.3450 76.9750 0.37%
Jul 11, 2019 76.9890 76.9600 77.2210 76.9200 0.01%
Jul 10, 2019 76.9785 76.8535 77.1605 76.7825 0.17%
Jul 09, 2019 76.8475 76.9065 77.2345 76.7395 -0.06%
Jul 08, 2019 76.8905 76.8245 77.2445 76.7895 0.06%
Jul 07, 2019 76.8455 76.8180 76.8660 76.7870 0.01%
Jul 05, 2019 76.8350 77.3170 77.5710 76.7560 -0.64%
Jul 04, 2019 77.3330 77.6020 77.7710 77.2380 -0.33%
Jul 03, 2019 77.5925 77.7355 77.8885 77.5485 -0.19%
Jul 02, 2019 77.7420 77.7490 78.1080 77.6860 0.00%
Jul 01, 2019 77.7400 78.3940 78.4210 77.6990 -0.75%
Jun 30, 2019 78.3270 78.3995 78.4375 78.3065 -0.09%
Change %: -
Highest: 78.4375 Lowest: 76.3670 Difference: 2.0705 Average: 77.1478
2.0754

Interpretation
The above table showing the open and close prices of everyday in the month of July for
EUR/INR pair

43
16.CANDLE STICK PATTERN- EUR/INR (D)

17. MOVING AVEAGE-EUR/INR (D)

INTERPRETATION
In the above diagram there is an downward trend in the month of July. It is better to give a sell call

44
18. STOCHASTIC OSCILLATOR-EUR/INR (D)

Interpretation
In the above diagram the red and blue lines are intersecting at the range of 20 oversold region,
so we can go for a sell call

19. RELATIVE STRENGTH INDEX -EUR/INR (D)

Interpretation
The above diagram depicts that the RSI line is almost closer to the oversold region and for better gains
we can give a sell call

45
20.BOLLINGER BANDS-EUR/INR (D)

Interpretation
The above graph representing there is low volatility as bands came closer in this week.

INFERENCE
All the chosen technical indicators are stating to go for a strong sell call by observing the trends
in the month of July 2019

5.GBP/INR WEEKLY BASIS

Price Open High Low Change
Date %
Jul 28, 84.049 85.312 85.332 83.965 -1.45%
2019
Jul 21, 85.29 86.141 86.434 85.251 -0.92%
2019
Jul 14, 86.085 86.197 86.484 85.081 -0.15%
2019
Jul 07, 86.214 85.686 86.265 85.26 0.57%
2019
Jun 30, 85.724 87.528 87.635 85.478 -2.07%
2019
Jun 23, 87.532 88.578 88.822 87.246 -1.32%
2019
Jun 16, 88.704 87.972 88.76 87.076 0.88%
2019
Jun 09, 87.934 88.135 88.514 87.85 -0.45%
2019

46
Jun 02, 88.331 87.872 88.706 87.256 0.47%
2019
May 26, 87.918 88.298 88.578 87.514 -0.33%
2019
May 19, 88.206 89.409 89.641 87.734 -1.34%
2019
May 12, 89.406 90.992 92.005 89.344 -1.77%
2019
May 05, 91.02 90.611 91.528 90.477 0.00%
2019
Apr 28, 91.023 90.307 91.121 89.973 0.86%
2019
Apr 21, 90.243 90.212 90.886 90.088 0.03%
2019
Apr 14, 90.212 90.477 91.238 90.071 -0.35%
2019
Apr 07, 90.525 90.174 91.287 89.968 0.38%
2019
Mar 31, 90.18 90.207 91.129 89.468 0.01%
2019
Mar 24, 90.168 91.347 91.697 89.763 -1.33%
2019
Mar 17, 91.383 91.615 91.85 89.38 -0.34%
2019
Mar 10, 91.692 91.142 93.052 90.624 0.61%
2019
Mar 03, 91.137 93.987 94.264 90.949 -2.79%
2019
Feb 24, 93.749 92.871 95.058 92.438 1.10%
2019
Feb 17, 92.725 91.962 93.276 91.962 0.85%
2019
Feb 10, 91.945 92.165 92.216 90.715 -0.23%
2019
Feb 03, 92.157 93.472 93.957 91.787 -1.37%
2019
Jan 27, 93.437 93.559 94.077 92.808 -0.16%
2019
Jan 20, 93.585 91.751 93.719 91.376 2.07%
2019
Jan 13, 91.683 90.447 92.475 90.084 1.35%
2019
Jan 06, 90.466 88.543 90.599 88.293 2.19%
2019
Dec 30, 88.523 88.68 89.43 87.053 -0.39%
2018
Dec 23, 88.867 88.778 89.501 88.442 0.30%
2018

47
 Dec 16, 88.597 90.55 90.694 88.237 -2.11%
2018
Dec 09, 90.504 90.198 91.738 89.883 0.34%
2018
Dec 02, 90.195 88.939 90.782 88.683 1.51%
2018
Nov 25, 88.856 90.829 91.19 88.671 -1.86%
2018
Nov 18, 90.537 92.343 92.546 90.431 -2.03%
2018
Nov 11, 92.415 93.934 94.755 91.505 -1.74%
2018
Nov 04, 94.053 94.371 95.927 93.924 0.09%
2018
Oct 28, 93.972 94.237 95.766 93.472 -0.32%
2018
Oct 21, 94.275 95.898 95.983 93.717 -1.71%
2018
Oct 14, 95.912 96.713 97.428 95.419 -0.96%
2018
Oct 07, 96.838 96.701 98.549 96.454 0.03%
2018
Sep 30, 96.812 94.478 96.827 94.362 2.46%
2018
Sep 23, 94.484 94.407 95.973 94.26 0.01%
2018
Sep 16, 94.472 93.929 96.147 93.929 0.59%
2018
Sep 09, 93.922 92.871 94.909 92.721 1.24%
2018
Sep 02, 92.771 92.111 93.42 91.285 0.79%
2018
Aug 26, 92.047 89.84 92.447 89.638 2.35%
2018
Aug 19, 89.933 89.308 90.531 88.648 0.60%
2018
Aug 12, 89.395 87.969 89.658 87.789 1.62%
2018
Aug 05, 87.966 89.184 89.309 87.65 -1.34%
2018

Interpretation
The above table displaying the open and close prices of GBP/INR for different weeks of one
year period. It also showing the high and close prices of that particular week.

48
21. CANDLE STICK PATTERN -GBP/INR (W)

22. RELATIVE STRENGTH INDEX-GBP/INR (W)

49
Interpretation
In the above figure the RSI line touches below 30 range which is oversold region .To avoid
further losses, it is better to give a sell call

23. BOLLINGER BANDS -GBP/INR(W)

Interpretation
The above graph depicts that there is no much volatility as the bands were narrow
24.MOVINGAVERAGE -GBP/INR(W)

Interpretation
There was a downward trend in the above figure from the month of march onwards. To gain
better , we can give a strong sell call as there was bearish market.

50
25. STOCHASTIC OSCILLATOR-GBP/INR (W)

Interpretation
In the above diagram the red and blue lines are intersecting below 20 range which indicates
oversold region and can give potential sell call with respect to GBP.
INFERENCE
By analysing a period of 1 year data for GBP/INR using technical indicators it depicts to
give a sell call

6.GBP/INR DAILY BASIS

Date Price Open High Low Change %

Jul 30, 2019 83.849 83.998 84.025 83.316 -0.18%

Jul 29, 2019 83.998 85.246 85.296 83.965 -1.46%

Jul 28, 2019 85.243 85.312 85.332 85.243 -0.06%

Jul 26, 2019 85.290 86.025 86.156 85.251 -0.89%

Jul 25, 2019 86.053 86.111 86.358 85.868 -0.07%

Jul 24, 2019 86.115 85.856 86.424 85.742 0.29%

Jul 23, 2019 85.863 85.977 86.059 85.601 -0.16%

Jul 22, 2019 86.001 86.141 86.382 85.852 -0.18%

51
 Date Price Open High Low Change %

Jul 21, 2019 86.154 86.117 86.213 86.026 0.08%

Jul 19, 2019 86.085 86.388 86.463 85.862 -0.38%

Jul 18, 2019 86.416 85.579 86.486 85.481 0.96%

Jul 17, 2019 85.593 85.165 85.764 85.088 0.49%

Jul 16, 2019 85.174 85.825 85.900 85.121 -0.72%

Jul 15, 2019 85.791 86.194 86.249 85.692 -0.46%

Jul 14, 2019 86.187 86.207 86.248 86.022 -0.03%

Jul 12, 2019 86.214 85.635 86.265 85.629 0.65%

Jul 11, 2019 85.653 85.508 86.059 85.483 0.15%

Jul 10, 2019 85.528 85.490 85.849 85.273 0.06%

Jul 09, 2019 85.480 85.807 86.152 85.266 -0.37%

Jul 08, 2019 85.794 85.693 86.220 85.632 0.07%

Jul 07, 2019 85.730 85.679 85.774 85.641 0.01%

Jul 05, 2019 85.724 86.192 86.576 85.478 -0.55%

Jul 04, 2019 86.200 86.534 86.751 86.132 -0.35%

Jul 03, 2019 86.505 86.749 86.826 86.406 -0.29%

Jul 02, 2019 86.754 87.091 87.319 86.728 -0.36%

Jul 01, 2019 87.071 87.526 87.632 86.991 -0.52%

Jun 30, 2019 87.522 87.515 87.594 87.483 -0.01%

Change
Highest: 87.632 Lowest: 83.316 Difference: 4.316 Average: 85.851 %: -
4.208

Interpretation
The above table showing open and close prices of July month on daily basis and highest lowest prices
of everyday.

52
26. CANDLE STICK PATTERN -GBP/INR (D)

27.MOVING AVERAGE-GBP/INR (D)

Interpretation
The above graph is showing moving average indicator for the month of July which is at
neutral. It is better not to go for a call by depending only on this indicator.

53
28.STOCHASTIC OSCILLATOR -GBP/INR(D)

Interpretation
In the above graph, the red and blue lines are intersecting at the range of 11.1268 below 20
range, oversold region indicating to go for a potential sell call.

29.BOLLINGER BANDS-GBP/INR(D)

54
Interpretation
The above graph displaying Bollinger bands which came close together, narrow bands
indicating low volatility in the last week of July.

30.RELATIVE STRENGTH INDEX-GBP/INR (D)

Interpretation
In the above graph the RSI line touches the 27.2216, oversold region, indicating to go for a
potential sell call. so we can observe that it is in bearish trend.

INFERENCE
By observing all the indicators chosen, it is better to go for a sell call with respect to
GBP/INR

55
4.4 FINDINGS
• All technical indicators indicating a sell call by analysing one year data for USDINR
• The chosen technical indicators are varying in calls , its better not to give a call by
analysing the July month data for USD/INR.
• All indicators stating clearly to go for a sell call with respect to euro by analysing the
period of one year
• All the chosen technical indicators are stating to go for a strong sell call by observing
the trends in the month of July 2019 for EUR/ INR
• By analysing a period of 1 year data for GBP/INR using technical indicators it depicts
to give a sell call
• RSI indicator provide alert on the overbought and oversold region with price
mometum

4.5 CONCLUSION
From the above study it is evident that the technical analysis of currencies is used
predominantly for identifying trading opportunities in the market . Hence this study will be
useful for investing based on past market trend and investor expectations. It helps the traders
to take better decisions for selecting the currency pairs.
4.6 SUGGESTIONS
• Traders can use combinations of Relative strength index, Moving averages, Stochastic
oscillator to generate the right entry signal and trend confirmation.
• Investors can perform the technical analysis for their short term investment.
• Technical indicators could provide timely signal for trading opportunities.

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