A SUMMER TRAINING REPORT ON “TECHNICAL ANALYSIS OF COMMODITY MARKET TAKING GOLD AND CRUDE OIL” AT JAINAM SHARE AND

SECURITIES PVT LTD, SURAT SUBMITTED BY SOYEB R. JINDANI (MBA SEM III, 2008-2010 BATCH) UNDER SUPERVISION OF VARUN DHINGRA (LECTURER) JUNE-JULY 2009 BHAGAWAN MAHAVIR COLLEGE OF MANAGEMENT NEW CITY LIGHT ROAD, SR NO 149, AHEAD ASHIRWAD VILLA, B/H HEENA BANGLOWS, BHARTHANA, VESU, SURAT-395017

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DECLARATION

I’m Soyeb Jindani, a student of BHAGAWAN MAHAVIR COLLEGE OF MANAGEMENT, Which is affiliated to Veer Narmad South Gujarat University, Surat hereby declare that the project entitled “TECHNICAL ANALYSIS OF COMMODITY MARKET TAKING GOLD AND CRUDE OIL” at Jainam Share and Security pvt ltd., is the original work done by me and the information provided in the study is authentic to the best of my knowledge. This study report has not been submitted to any other institution or university for the award or any other degree and will not be submitted in near future.

This report is based on my personal opinion hence cannot be referred to legal purpose.

(Soyeb Jindani) Date:

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ACKNOWLEDGEMENT

Preservation, inspiration and motivation have always played a key role in the success of any venture. In the present world of competition and success, training is like a bridge between theoretical and practical working; willingly I prepared this particular Project. First of all I would like to thank the supreme power, the almighty god, who is the one who has always guided me to work on the right path of my life. I would like to thank Miss Shital Mehta for granting me permission to undertake the training in their esteemed organization.

I express my sincere thanks to Dr. A.S.Abani. (Director), Varun Dhingra (Lecturer) & others faculty members of M.B.A. department, for the valuable suggestion and making this project a real successful. I also thanks to Mr. Biranj Patel (Sr. Executive of HR), Chetna Bhandari (Marketing Manager) for their time-to-time guidance and support in completing the project. I also thank the other staff of Jainam who devoted their valuable time by helping me to complete my project. Last but not least, my sincere thanks to my parents and friends who directly or indirectly helped me to bring this project into the final shape. Soyeb Jindani DATE:

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researcher has collected data of Gold M and Crude Oil from January 2007 to July 2009. graphical assessment tool that anticipates bi-directional value-levels of a price-series over a given time horizon. With so many options and considerations that need to be taken into account. The study is done at stock broking firm to understand nature and functions of the firm. technical analysis is a forward-looking.Executive Summary “A good broker system must be able to cope with an extremely complex and dynamic environment. To understand the predications about prices of commodities like Gold.” The microstructure of the stock market in which brokers work is highly dynamic and volatile. For the purpose of the study. After the data analysis it has been predicted that Gold M is still in bearish condition and at this time the investor should not enter into trading he or she should wait till it goes on bullish level. Commodities are being traded since long years. Many stocks are available to be bought and sold. Crude Oil. Especially when the prices are being high and low within few seconds so at that time each core functions of firm affects the work environment of whole culture. it is an extremely arduous task for a broker to investigate aspects of the stock market and consistently provide effective advice to their clients. 4 . In short. the researcher has done study on technical analysis. and other precious metals. each exhibiting its own patterns and characteristics that are highly unpredictable. And about Crude Oil it has been analyzed that in near future prices of Crude Oil will be high so it is time of bull and so investor can take a advantage of it.

5 . accurate. one must know to what extent one can expect to consistently profit from such analysis. and tolerance for risk. Finally. one must ask to what degree the source of analysis is reliable.This research will able to understand empower traders and investors with a basic knowledge of charting. trading-skills. Secondly. and consistent with one's specific trading preferences. and decision-making abilities. to set such a value.

5 5.6 5. 1 1.1 1.1 3.4 5.3 5.8 6 7 Introduction to training Introduction to training Objective of Study Benefit of Study Introduction to industry About company Company profile About department Theoretical framework Research methodology Objective of the study Problem identification Assumption and benefits of study Research design Sampling Research tool used Data collection Limitation of the study Data analysis Findings.3 2 3 3.7 5.2 4 5 5.1 5.2 5.Index: Chapte r No.2 1. 6 . conclusion and suggestion Bibliography Annexure 109 109 110 111 111 111 111 112 113-127 128-131 132 133-141 35-43 44-73 74-107 8 9 10 11-34 Particulars Page No.

C ATR H P E -1 7 .

Hence it is Stock broking firm which deals with different market like Equity.1 Introduction to Training. The researcher has taken training at JAINAM SHARES CONSULTANT PVT LTD which is simply related with stock market.A. Commodity. and Derivatives etc. This project report is prepared as result of summer training of M.I T O U TO T NR D CI N O T A NN RI I G 1. 8 . (Full time) which was of 8 weeks from 21st May 2009 to 15th July 2009.B.

 To become familiarize with organization. Human Resources.  To gain the knowledge about stock market and it operation.  Got the knowledge about stock market and its operations.  To know how the scripts are being traded in Equity market.  To understand technical terms and its applications in study. Finance.  To gain the detailed knowledge of core functions like Marketing. which help in applying theoretical concepts into practical routine  To understand the working system of different department. Research.2 Objective of Study:  To gain knowledge about different market such as capital market and its industry which is helpful in completing this report effectively. 9 .1. 1.3 Benefit of Study:  The research has gained some of the following benefit due to this study.  To become part of professionalism.  To get an experience of working environment. Commodity market.  To understand of working of different departments and its connectivity with whole organization. Derivatives.

 And moreover the study of technical analysis helped to understand the price movements of commodities and how to predict price for near future.  How the top management is handling whole organization structure.  Even because of the study uses of charts how to make different kinds of charts and after analysis of charts what would be interpretation of it the all things can be answered after the detailed study.  How to invest in different security and at what time investor should exit or enter in trading.  As researcher has done detailed study on technical analysis of commodity market so researcher has gained knowledge about technical terms of it.  Learnt about equity and derivatives and how the prices are being volatile.  The working of sensex and nifty its rules and regulation. Learnt about different scrip. 10 .  Learnt some technical terms of stock market and its application in trading.

C ATR H P E -2 I T O U TO O NR D CI N F I D SR N UT Y Introduction to the Industry: Financial System: The economy of each and every country in based on the sound financial system which helps in production. capital and economic growth by encouraging savings 11 .

FIIs. manufacture. 12 SEBI Capital market . RBI Corporates.habits. The financial system includes three basic elements: Financial System Financial Markets Financial Intermediaries Financial Instruments Financial Market: Credit Market Money Market Forex Market Capital market Market Money market Purpose Players Regulatory Short Term ( from Banks.Banks. mobilizing savings from house holds and other segments and allocating savings into productive usage such as trade. Thus.Govt.FIs. commerce etc. one day to one year) Long Term (above Corporates. financial system provides bridge for surplus of the savers to be utilized by the deficit spending units.MF.

MF. Corporates.FIs. Term Rupee funds Corporates RBI Credit market Financial Intermediaries Development Financial Institutions Commercial Banks Non banking financial Institutions Insurance Organisation Financial Instruments Equity Shares Preference Shares Bonds Debentures etc… Structure of Capital Market: 13 .one year) Forex market FIs.FIIs. RBI forex Term Foreign authorized dealers currency funds Short Term Long Banks.Individuals Short Term Long Banks.

BSE.Capital market Equity market Primary market -public issues -private placement Secondary market NSE. ISE. OTCEI. Regional Stock Exchange s Derivatives market -exchange traded Debt market Primary segment Secondary segment Domestic Market International market Futures and options Index Stock Primary Market: 14 .

modernization. Provides a market for the trading of securities to individuals and organizations seeking to invest their saving or excess funds through the purchase of securities. Investors make informed and intelligent decision about the particular stock based on information. 8. although initial public offerings are the most commonly known new issues. nor does it set prices for them. Bombay Stock Exchange(BSE). Established for the purpose of assisting. 6. 5. 15 . To explain further. National Stock Exchange(NSE). residential mortgage loans. reorganization. 2. 3. 7. The exchange assures that no investor will have an undue advantage over other market participants. complete and accurate manner to the Exchange and the public on a regular basis. over the counter markets.bond market. Initial issue of shares by new enterprises may substantially account for volume of activities in the new issue market and it has been so during the eighties and earlier at various times. 4. debentures and bonds. Role and Functions of Stock Exchange: 1. selling and dealing in securities. Listed companies must disclose information in timely. Establishes rules for fair trading practices and regulates the trading activities of its members according to those rules. An organized market for securities examples are the New York Stock Exchange(NYSE). it is trading in previously issued financial instruments. Most trading is done in the secondary market. The exchange itself does not buy or sell the securities. governmental guaranteed loans etc. all of which find their way to the secondary market through the new issue market. This means that orders are executed and transactions are settled in the fastest possible way. regulating and controlling business of buying. Provides a physical location for buying and selling securities that have been listed for trading on that exchange. and mergers require long-term funds to be raised through the issue of shares. 9. The term does not necessarily refer to newly issued stocks. Secondary Market: The market where securities are traded after they are initially offered in the primary market. expansion. the function of the New Issue market lies in facilitating the transfer of investible funds to corporate organization.For corporate enterprises. Essentially.

the Dutch were the originators of short selling. in 11th century Cairo. 16 . the Government of Venice prohibited the spread of rumors done with the intention of decreasing government fund prices. China (Hong Kong). According to Murray Sayle. The people of Flanders and the neighboring counties also implemented this idea. and Beurzen was soon introduced in Ghent and Amsterdam. The Bankers of Venice started trading in government securities in the middle of the 13th century. but the biggest stock markets are present in the United States. In 1351. Later. In 12th Century France. During the 14th century. Islamic and Jewish traders had already established every form of trade association. Braudel's suggestions negate the opinion that the Italians contrived these methods later." and institutionalized their unofficial meetings. According to French historian Fernand Braudel. and other speculative instruments. Stock markets are currently present in every developed and most developing countries. A stock exchange in London started trading stocks in 1688. joint stock companies were started in the Netherlands. option trading. and Florence also started trading in government securities. Genoa. the courratiers de change dealt with managing and regulating the debts of agricultural communities on behalf of the banks. Verona. They were knowledgeable about credit and payment methods.History of Stock Market: The stock market has a long history. This was possible because these independent city-states were governed by a group of influential citizens. unit trusts. India. In late 13th Century. Germany. the Dutch East India Company issued their first shares through the Amsterdam Stock Exchange. In 1602. In 1309. France. UK. and not by a duke. and it was the first company to issue stocks and bonds. The Amsterdam Stock Exchange (or Amsterdam Beurs) was the first stock exchange to introduce continuous trading in the earlier part of the 17th Century. Canada. merchant banking. commodity traders in Bruges gathered inside the house of a man named Van Der Beurse. debtequity swaps. the Bankers of Pisa. This provided shareholders the opportunities to invest in business ventures and get a contribution of their profits or losses. They can be referred to as the first brokers. because they only dealt with debts. they were named the "Brugse Beurse. and Japan.

AMEX. In 1921. History books tell us that the reason the NYSE is so highly regarded among stock markets was primarily because they only trade in the very large and well-established companies. and a new form of investing money. Further in history. and a great scheme for the rich to get richer. millions of dollars worth of stocks were traded on the street market.World History of Market: History of stock market trading in the United States can be traced back to over 200 years ago. A little further on the history timeline. History brought us the Industrial Revolution. Historically. By 1900. or shares of the company to raise their own money. This market was more volatile than before. Around the same time private banks began to raise money by issuing stocks. This was the pretext for appearance of such stock market giants as NYSE. The smaller companies making up the stock market formed into what eventually became the American Stock Exchange (AMEX). 17 . This was the beginning of the secondary market. The colonial government decided to finance the war by selling bonds. which also played a role in changing the face of the stock market. because it was now fueled by highly subjective speculation about the company’s future. in the mid-1800s. New form of investing began to emerge when people started to realize that profits could be made by re-selling the stock to others who saw value in a company. government notes promising to pay out at profit at a later date. This was a new market. after twenty years of street trading. United States was experiencing rapid growth. a meeting of twenty four large merchants resulted into a creation of a market known as the New York Stock Exchange(NYSE). for people interested in throwing their capital into the stock market arena. the stock market moved indoors. the merchants agreed to meet daily on Wall Street to daily trade stocks and bonds. known also as the speculators market. NASDAQ and hundreds of other exchange markets make a significant contribution to the national and global economy. today the NYSE. It acted as a more stable investment alternative. At the meeting. Contrary to the 80-year old history. more specifically in 1792.

which. Congress passed the Securities and Exchange Act. investing in stocks was a “hobby” for the rich. an average person too soon came to realize the value of the investing in stocks vs. regulates American stock market trading with the help of the exchanges. It also includes overseeing the requirements for a company to issue stock shares to the public and ensures that the company offers relevant information to potential investors. when following the Great Crash.The growth in the number of market participants led the government to decide that more regulation of the stock market was needed to protect those investing in stock. through the rules set out by the act and succeeding amendments. This act formed the Securities and Exchange Commission (SEC). The most famous stock markets of the world are:      London Stock Exchange New York Exchange Tokyo Stock Exchange Hong Kong Stock Exchange Singapore Stock Exchange 18 . Although historically. History was made in 1934. Most stock markets around the world have undergone a process of steady evolution and have changed in relation to the process known as ‘globalization’. traditional assets like land or a house. With information technology changing the way we do business all over the world it was but natural for stock markets to also integrate their functions in an IT enabled electronic environment. This has not just revolutionized the way companies raise money for expansion or new ventures but also brought about a level of transparency and ease in the functional areas of trade in shares that was never seen before.

Stockbrokers met on the trading floor or the Palais Brongniart. electronic stock exchange. computers play an important role. However. Prior to the 1980s. it consisted of an open outcry exchange. now part of Euronext. who goes to the floor trading post specialist for that stock to trade the order. especially for socalled "program trading". Orders enter by way of exchange members and flow down to a floor broker. The Paris Bourse. The NASDAQ is a virtual listed exchange. 19 . which then notifies the investor who placed the order. buyers and sellers are electronically matched. In 1986. is an order-driven. One or more NASDAQ market makers will always provide a bid and ask price at which they will always purchase or sell 'their' stock. The specialist's job is to match buy and sell orders using open outcry. where all of the trading is done over a computer network. and the order matching process was fully automated. If a spread exists. Although there is a significant amount of human contact in this process. It was automated in the late 1980s. Once a trade has been made the details are reported on the "tape" and sent back to the brokerage firm. the CATS trading system was introduced. The process is similar to the New York Stock Exchange.New York Stock Exchange The New York Stock Exchange is a physical exchange. no trade immediately takes place--in this case the specialist should use his/her own resources (money or stock) to close the difference after his/her judged time. also referred to as a listed exchange — only stocks listed with the exchange may be traded.

S. the balance of power in equity markets is shifting. Goldman Sachs Group Inc. already steer 12 percent of U.From time to time. where clients can move big blocks of stock anonymously. Now that computers have eliminated the need for trading floors like the Big Board's. security trades away from the exchanges to their internal systems. 20 . Securities firms. a brokerage-industry consultant. according to data compiled by Boston-based Aite Group LLC. and Credit Suisse Group. led by UBS AG. active trading (especially in large blocks of securities) have moved away from the 'active' exchanges. brokers pay the exchanges less in fees and capture a bigger share of the $11 billion a year that institutional investors pay in trading commissions. That share probably will increase to 18 percent by 2010 as more investment banks bypass the NYSE and NASDAQ and pair buyers and sellers of securities themselves. By bringing more orders in-house.

The London Stock Exchange
Participants in the stock market range from small individual stock investors to large hedge fund traders, who can be based anywhere. Their orders usually end up with a professional at a stock exchange, who executes the order. Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as open outcry. This type of auction is used in stock exchanges and commodity exchanges where traders may enter "verbal" bids and offers simultaneously. The other type of stock exchange is a virtual kind, composed of a network of computers where trades are made electronically via traders. Actual trades are based on an auction market model where a potential buyer bids a specific price for a stock and a potential seller asks a specific price for the stock. (Buying or selling at market means you will accept any ask price or bid price for the stock, respectively.) When the bid and ask prices match, a sale takes place on a first come first served basis if there are multiple bidders or askers at a given price. The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace (virtual or real). The exchanges provide real-time trading information on the listed securities, facilitating price discovery.

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Broking industry in India:
The Indian retail brokerage industry consists of companies that primarily act as agents for the buying and selling of securities (e.g. stocks, shares, and similar financial instruments) on a commission or transaction fee basis. It has two main interdependent segments: Primary market and the Secondary market. Some of the main characteristics of the brokerage industry include growth in ebroking, decline in brokerage fees, growing derivative market and growing derivative market and many more. There are several national as well as local players in stock trading services which are providing various services to their customers like online trading, portfolio management system, stock broking etc. They are helping the investors to take decision about where to invest because there is lots of Investment Avenue available with investors. Some of them are Motilal Oswal, India Infoline, Anandrathi, India bulls etc Lot of brokerage companies is moving towards consolidation with the smaller ones becoming either franchisee for the larger brokers or closing operations. There is an increasing demand for online trading due to consumer’s growing preference for Internet as compared to approaching the brokers. New forms of trading including T+2 settlement system, dematerialization etc are strengthening the retail brokerage market and attracting foreign companies to enter the Indian industry Various alternative forms of investment including fixed deposits with banks and post offices etc act as substitutes to retail broking products and services. An agent that charges a fee or commission for executing buys and sells orders submitted by an investor. The firm that acts as an agent for a customer, charge the customer the commission for its service. Roles similar to that of a stockbroker include investment advisor, financial advisor and probably many others. A stockbroker may or may not be also an investment advisor. A broker works for a brokerage firm (a sell-side institution). A trader works for a buy-side institution (mutual fund, investment advisory firm, insurance company,

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etc.) or for himself. Brokers don't care what they sell and at what prices, as long as they get to sell a lot of it. Trades (professional ones anyway) work to make sure that they are transacting at the best possible price at the lowest possible cost.

Indian Capital Market:
The Indian Capital Market is one of the oldest capital markets in Asia which evolved around 200 years ago.The working of stock exchanges in India started in 1875. BSE is the oldest stock market in India. The history of Indian stock trading starts with 318 persons taking membership in Native Share and Stock Brokers Association, which we now know by the name Bombay Stock Exchange(BSE). The National Stock Exchange of India Limited (NSE) is the largest stock exchange established in 1992 by Industrial Development Bank of India, Industrial Credi1992 by Industrial Development Bank of India, Industrial Credit and Investment Corporation of India, in terms of daily turnover and number of trades, for both equities and derivative trading. The NSE's key index is the S&P CNX Nifty, known as the Nifty50, which is an index of fifty major stocks weighted by market capitalization.BSE and NSE represent themselves as synonyms of Indian stock market. The 30 stock sensitive index or Sensex was first compiled in 1986. The Sensex is compiled based on the performance of the stocks of 30 financially sound benchmark companies. In 1990 the BSE crossed the 1000 mark for the first time. It crossed 2000, 3000 and 4000 figures in 1992. The reason for such huge surge in the stock market was the liberal financial policies announced by the then financial minister Dr. Man Mohan Singh. The up-beat mood of the market was suddenly lost with Harshad Mehta scam. It came to public knowledge that Mr. Mehta, also known as the big-bull of Indian stock market diverted huge funds from banks through fraudulent means. He played with 270 million shares of about 90 companies. Millions of small-scale investors became victims to the fraud as the Sensex fell flat shedding 570 points.

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The liberal economic policies pursued by successive Governments attracted foreign institutional investors to a large scale. Now new entrants like Biocon are also play significant roles in the market. The initial public offers by Tata Consultancy Services.Diminishing returns from bank deposits and the facilities of online trading made them turn to stock markets and with the bull-run many have made a good fortune from stock markets. the Government formed The Securities and Exchange Board of India. ONGC etc were big events in Indian stock market. Not only did they put a great show. says top officials of SEBI. the non-resident Indians also invest hugely in the stock market. portfolio manager’s investment advisors etc. SEBI oblige several rigid measures to protect the interest of investors. but also took the stock market to newer heights. through an Act in 1992. sub-brokers. Many foreign institutional investors (FII) are investing in Indian stock markets on a very large scale.To prevent such frauds. 24 . Traditional heavy weights are Reliance. Bharati etc. Now with the inception of online trading and daily settlements the chances for a fraud is nil. Tata. Maruti Udyog Limited. SEBI is the statutory body that controls and regulates the functioning of stock exchanges.Apart from FIIs. brokers. TCS is a big weight in the stock market from the day it was listed.

Capital Market (Equities) segment of the NSE commenced operations in November 1994. and was incorporated in November 1992 as a tax-paying company.5%} Wholesale Debt Market (WDM) Mutual Funds (MF) Initial Public Offerings (IPO) 25 . NSE was promoted by leading Financial Institutions at the behest of the Government of India. while operations in the Derivatives segment commenced in June 2000. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. NSE was set up with the objectives of • • Establishing nationwide trading facility for all types of securities Ensuring equal access to investors all over the country through an appropriate telecommunication network Providing fair. efficient & transparent securities market using electronic trading system Enabling shorter settlement cycles and book entry settlements Meeting International benchmarks and standards • • • NSE's markets NSE provides a fully automated screen-based trading system with national reach in the following major market segments:• • • • • Equity OR Capital Markets {NSE's market share is over 65%} Futures & Options OR Derivatives Market {NSE's market share over 99.National Stock Exchange (NSE) National Stock Exchange of India (NSE) is India's largest Stock Exchange & World's third largest Stock Exchange in terms of transactions. Located in Mumbai. NSE was recognized as a Stock exchange under the Securities Contracts (Regulation) Act-1956. In April 1993.

700 listed companies. Over the past 133 years. There is perhaps no major corporate in India which has not sourced BSE's services in raising resources from the capital market. The number of companies listed on the BSE at the end of December 1994 was 4. What is now popularly known as BSE was established as "The Native Share & Stock Brokers' Association" in 1875. S.79 trillion. BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. T and Z groups. 26 . now spanning three centuries in its 133 years of existence. are classified into A. which for easy reference. 2007 stood at USD 1. BSE is the world's number 1 exchange in terms of the number of listed companies and the world's 5th in transaction numbers. The market capitalization as on December 31.Bombay Stock Exchange (BSE) Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage.702. Today. BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient access to resources. An investor can choose from more than 4. B.

Stock markets became intensely technology and process driven. straight through processing. digital certification. Foreign institutional investment in Indian stock markets showed continuous rise reaching about USD 10bn in each of these years between FY04 to FY06. Deutsche Börse and Singapore Stock Exchange bought equity in the Bombay Stock Exchange Ltd. Risk management became robust reducing the recurrence of payment defaults. Electronic trading. 27 . Stock exchange reforms brought in professional management separating conflicts of interest between brokers as owners of the exchanges and traders/dealers. ETFs are showing gradual growth. The value of share trading witnessed a sharp jump too. Indian equity markets now offer. in addition to trading in equities. The demutualization and Corporatisation of all stock exchanges is nearing completion and the boards of the stock exchanges now have majority of independent directors.Rapid Growth: The last decade has been exceptionally good for the stock markets in India. While NYSE Group led consortium took stake in the National Stock Exchange. stock markets in India have showed phenomenal growth in the early 1990s. In the back of wide ranging reforms in regulation and market practice as also the growing participation of foreign institutional investment. giving little scope for manual intervention that has been the source of market abuse in the past. Indian stock markets are transaction intensive and thus rank among the top five markets in this regard. opportunities in trading of derivatives in futures and options in index and stocks. Indian stock markets now are ranked first in stock futures and fourth in index futures. online broking have emerged as major trends in technology. Foreign institutions took stake in India’s two leading domestic stock exchanges. Within five years of introduction of derivatives. Product expansion took place in a speedy manner. electronic contract notes. Investor base continued to grow from domestic and international markets. The stock market capitalization in mid-2007 is nearly the same size as that of the gross domestic product as compared to about 25 percent of the latter in the early 2000s.

products and growth areas.e. market. 31% trade at NSE. 26% at BSE and 43% at both exchanges Majority of branches are located in the North. With the purpose of gaining a deeper understanding about the role of the Indian stock broking industry in the country’s economy. 12% in Delhi. 13% in the South and 10% in the East 3% firms started broking operations before 1950.The Indian broking industry is one of the oldest trading industries that has been around even before the establishment of the BSE in 1875. 4% in Chennai and 29% are from other cities. From this study. The list was further short-listed based on the number of terminals and the top 210 were selected for profiling. Some key characteristics of the sample 394 firms are: On the basis of geographical concentration. 65between1950-19an32%post1995 On the basis of terminals. 394 responses. sub brokers. the industry has found its way towards sustainable growth. IPO’s and Mutual Funds are the top three products offered with 90% firms offering trading. around 34% firm’s trade at NSE. Despite passing through a number of changes in the post liberalization period. West has 31%.800 broking firms that were contacted. All the data for the study was collected through responses received directly from the broking firms. pertinent to the equity broking industry. such as region. around 55% are located in the South. 67% IPO’s and 53% firms 28 . branches. 48% trade at NSE. In the derivative segment. terminal. 24% are located in South and 5% in East In terms of sub-brokers. the West region has the maximum representation of 52%. whereas in the debt market. For the broking industry. around 40%. we present in this section some of the industry insights gleaned from analysis of data received through primary research. that provided more than 85% of the information sought have been included for this analysis presented here as insights. we started with an initial database of over 1. derivatives and commodities In the cash market. Around 20% trade in cash. 8% in Ahmedabad. 7% at BSE and 45% at both. we find that almost 36% firm’s trade in cash and derivatives and 27% are into cash markets alone. 14% at BSE and 52% trade at both exchanges. 11% in North and 4% in East Trading. 40% are located at Mumbai. i. Around 24% firms are located in the North. The insights have been arrived at through an analysis on various parameters. 29% in West. from which 464 responses were received. 7% in Kolkata.

with 30% and 11% sub-brokers respectively. whereas East has around 4% of total sub-broker. In case of sub-brokers. 84% firms have expressed interest in expanding their institutional clients. almost 55% of them are based in the South. Branches & Sub-Brokers: The maximum concentration of branches is in the North. Around 24% branches are located in the South and East constitutes for 5% of the total branches of the total sample. with 31% branches. with as many as 40% of all branches located there. 29 . 62% firms have provided their website and around 94% firms have email facility. West and North follow. followed by the Western region.offering mutual fund transactions In terms of various areas of growth. 66% firms intend to increase FII clients and 43% are interested in setting up JV in India and abroad In terms of IT penetration.

48% of the sampled broking houses are members of NSE and 7% trade at BSE. derivatives and debt are 7%.Financial Markets in India: The financial markets have been classified as cash market. In the cash market. In the equity derivative market. while 45% of the sample operate in both stock exchanges. whereas 35% are into cash and derivatives. firms into cash and commodities are 3%. followed by derivative and commodities. also known as spot market. Firms that are into cash. On the other hand. is the most sought after amongst investors. derivatives market. Almost 20% firms trade in cash. 4% firms trade in all the markets. Cash market. cash & debt market and commodities alone are 2%. 27% firms are dealing only in the cash market. debt market and commodities market. trade at both exchanges with 31% and 26% firms uniquely at NSE and BSE respectively. derivatives and commodities market. Around 43% of the broking houses operating in the debt market. around 34% firms’ trade at NSE. Majority of the sample broking firms are dealing in the cash market. 14% at BSE and 52% trade at both exchanges. 30 .

Around 20% and 21% firms are solely in NCDEX and MCX respectively. 57% firms operate at NCDEX and MCX. 31 . whereas 2% firms trade in NCDEX. MCX and NMCE.Of the brokers operating in the commodities market.

To that extent total investment in Indian economy is directly influenced by the behavior of capital market. 29. and it is easy to find a real bull among major market participants.000 crore in 2007-08. Average level of Sensex increase sharply from 9540 in January 2006 to 19. As against this in 2008. Total financial savings of India’s household were Rs. During March to June 2009.000 crore from the capital market in 2007.827 in December 2007. Investment by private corporate accountant for 41% of total investment in Indian economy in 2007-08.000 crore. Impact of budget 2009 on Indian capital market assumes specific significance.S. Indian corporate could raise only Rs. Indian company successfully raised equity resources of Rs.31. while FIIs withdrew $ 12 billion from Indian market due to the serve global financial crisis.53. while FIIS pumped in U. Fortunately second quarter of 2009 has witnessed a remarkable recovery of global equity markets and. would succeed in attracting huge inflows of both foreign direct investment as well as FIIs investments. This would have a significant impact on short-term as well as long term prospects for the overall development of Indian economy. Indian market continues to outperform global capital markets.Current Scenario: The current consensus on India is very positive.S. 1. 32 . during the rest 2009. 5. $ 18 billion in Indian equity market in 2007. It would also enable the government to maximize resource mobilization through an aggressive disinvestment programme. This has adversely affected total corporate investment in 2008. in this process of market recovery Indian equity market has outperform almost all leading global markets. A significant proportion of corporate investment was financed by equity raised from domestic and overseas markets. Sensex has increased by 75% as compared to 39% growth in china and 23% in U. accounting for 48% of their total savings. which has in turn lead to a significant slow down in industrial growth.

that even with India doing so well. Remember. having a very rapid growing economy is also a very expensive country in Asia. including an emerging one. just like every market. India is said to be number one in the world right now for investment opportunities. Although India is growing. India is now becoming the third largest country in Asia economically India has created the best growth story that happen over a long time. You need to look at a market in the long-term. Many have high hopes for India and if investors invest in India. No matter how well a country is doing. there can still be corrections in the market. Many things can happen in which India can lose the things it relies on. they would be buying into a country that has an excellent opportunity to make money over long-term. 33 . They would like to wait until the market is fixed to invest. When thinking about all of the bad things in the news that can affect the market in a negative way.Future of Indian Market: India just keeps getting better and better. think about the things that affect it in a positive way as well. However. India. When seeing it in the short-term every market will look bad due to recent news. Any news related event that happens in any country will affect that countries market and sometimes other countries as well. there is always something that can be fixed. there are always going to be flaws in the market. It is never guaranteed that you will make a lot of money when investing in market. An investor needs to look past that. The economy is growing rapidly surpassing some of Asia’s biggest economies.

WADIWALA SECURITIES JAINAM CONCEPT MONARCH 34 .Major Players of Brokers: NATIONAL PLAYERS ANGEL BROKING RELIANCE MONEY INDIA BULLS INDIA INFOLINE RELIGARE SECURITIES MOTILAL OSWAL ANAND RATHI SECURITIES SHAREKHAN ICICI DIRECT KARVY STOCK BROKING LIMITED KOTAK SECURITIES HDFC SECURITIES REGIONAL PLAYERS R.

1 O P N R F L 2.C ATR H P E -3 3 C M A YP O I E . Ltd.1 Jainam Share Consultants Pvt. History: 35 .

Since incorporation the company has been consistently growing with the present client base of around 11000+ clients. The company commenced its BSE operations from 4th October 2004 and its NSE operations from 17th March 2005. Ltd. was incorporated on 10th November 2003 and it is mainly carrying on the broking business in the equity market. The company has acquired memberships of the two major commodity exchanges of India viz. Malhar Complex. (MCX) The Company’s registered office is situated at M-11.Jainam Share Consultants Pvt. Board of Directors: 36 . Ichchanath. The company is also registered as a Depository Participant (DP) with Central Depository Services (I) Ltd. Surat 395007. (NCDEX) and Multi-Commodity Exchange of India Ltd. Dumas Road. Dumas Road. (CDSL). Surat 395007. Jainam Commodities Pvt. The company has acquired memberships of the two major stock exchanges of India. M-5/6. (BSE). National Commodity & Derivatives Exchange Ltd. Malhar Complex. The company has approximately 80 outlets to cater to the needs of the investors for their equity trading in the stock exchanges. Ichchanath. (NSE) and Bombay Stock Exchange Ltd. Ltd. was incorporated on 1st June 2005 and is mainly carrying on the broking business in the commodity market. The company’s registered office is situated at. Ltd. National Stock Exchange of India Ltd. Jainam Commodities Pvt.

1 2 3 4 5 6

Dr. Jitendra Shah Mr. Chirag Shah Mr. Milan Parikh Mr. Nipun Shah Mrs. Pinal Shah Mrs. Purna Shah

Business Network:
 Head Office: At registered address, Surat.  Local Branches: 8 Branches in Surat city.  Regional Branches:  Rajkot  Bhavnagar  Mumbai

Jainam Organisation Hirearchy:

37

Board of Directors:

HRM Shital Mehta

Finance Operation

Marketing Chetna Bhandari

Hemal Zaveri

General Account & Banking
Customer care Dhawal Panchal System/ technical

Demat a/c Mutual Fund Abhishek Shah Kamlesh Patel

Research Rohan Mehta

Commodity Devesh Shah

RMS (Risk management system) Dilip Morakhia

Account Opening Nisha Dudhwala

Security & KYC Hetal Shah

It & Software Nikhil Tandel

38

Milestone of company:

Jainam Share Consultants Pvt. Ltd.

2005

15th December

Acquired Membership of Central Depository service (India) Ltd.

2004

23rd December

Acquired Membership of National Stock Exchange of India Ltd. (Cash Seg.) Acquired Membership of National Stock Exchange of India Ltd. (F & O Seg.) Acquired Membership of Bombay Stock Exchange Ltd. (Cash Seg.) Company Registered

2004

17th December

2004

30th December

2003

10th November

Jainam Commodities Pvt. Ltd. 2006 06th February Acquired Membership of National Commodity and Derivatives Exchange of India Ltd.

39

Change 2. 2005 1st June Company Registered Mission: “TO PROVIDE WORLD CLASS SERVICES AND CREAT WEALTH FOR EVERY ONE” Vision 2015: “TO BE THE MOST PREFERRED ORGANIZATION PROVIDING ALL FINANCIAL SERVICES ACROSS THE COUNTRY” Five CORE VALUES of company: 1. People Development 40 .2005 08th December Acquired Membership of Multi Commodity Exchange of India Ltd.

Team Work 5. Integrity  Jainam Share Consultants Pvt.  Member: Multi-Commodity Exchange of India Ltd. (NSE) Trading Member ID: 12169 SEBI Registration No: INB231216939 (CM Segment) SEBI Registration No: INF231216939 (Derivatives Segment)  Member: Central Depository Services (I) Ltd. (BSE) Trading Member ID: 2001 SEBI Registration No: INB011211639 (CM Segment)  Member: National Stock Exchange of India Ltd. Ltd. (CDSL) DP ID: 41500 SEBI Registration No: IN-DP-CDSL-322-2005  Jainam Commodities Pvt.3. Ltd. (MCX) Trading Member ID: 29735 FMC Registration No: MCX/TCM/CORP/0924 41 . Security 4.  Member: Bombay Stock Exchange Ltd.

Inspiring and powerful leadership. research and analysis into the business model ensuring growth not only in business but also in customer relationship. state of art research to all clients. Integrate the best in technology. Strategy: • • • Build long term relationship with customer by winning their trust. Customer base of more than 14000+ 42 . Nipun Shah has the knowledge that is needed to complete the difficult procedure of getting various memberships. Provisions of free. Give decided services to all customers by protecting their investment in volatile circumstances and adding value to their wealth. Dr. Dedicated and experienced team for any type work. Even the name ‘Jainam’ derived from the first letter of the above three directors. (NCDEX) Trading Member ID: 00738 FMC Registration No: NCDEX/TCM/CORP/0723 Core Strength of Jainam: • • • Milan Parikh who has excellent contacts and relationship with sub-brokers in surat. Jitendra Shah – the senior and most respectable member of team Jainam who has the ability to motivate all to reach great heights. Member: National Commodities & Derivatives Exchange Ltd. Jainam Strengths: • • • • • Every customer is provided one stop solution for trading in the equities market and commodities market.

of Employee Working Hours Lunch Time 160 9:45 am to 6:15 pm 20 minute during 12:00 noon to 2:00 pm 5th of every month Regular recording As per its policy Salary Payment Attendance Leave 43 .Products and services of the company: Products Equity Derivatives Depository Services Commodities IPO -Initial Public Offerings Insurance Portfolio Tracking E-Trading Mutual Funds General Information about company: No.

2 About Department: Human Resource Department 44 . positive conflict is good between employees 3.Conduct & Discipline High degree of discipline.

Human Resources Department Structure: Managing Director Department Head Senior Executive Junior Executive Junior Executive 45 .

Discussion with HR manager: As Researcher has discussed with HR manager about how they are performing their task of HRM? She immediately told me that first they are considering two factors like GOAL and ACTIVITY. Its activities and functions are related with other departments.Introduction: The JAINAM shares company’s HR department plays a significant role in day to day life activities. They are giving importance to each goal and activity. Activities carried by HRD:                Attendance Management Personal file updating Leave Management Contract Management for labor  Maintaining Attendance Statutory Compensation Salary & Bonus Welfare Activity  Medical  Education  Health check up ISO Documentation HR Budget MIS Report Training and development Recruitment & Selection Induction and Orientation Performance Appraisal Separation 46 .

47 . Transfer  Resignation Human Resource Systems support the mentioned driving forces in the following manner at Jainam Shares Consultant pvt. Role. responsibility and accountability  Growth prospects  Career planning  Learning need identification  Opportunities to gain knowledge  Opportunities apply the knowledge gained. ltd:  Salary and basic needs  Competitive with the industry  Parity within the organisation  Providing growth compared to the industry  Compensation strategy concentrated towards Retention of Employees  Work Environment  Employee engagement measurement  Policy formulation and its strict adherence • Administration policies • Performance management policies  Clarity of Job.

1) Job Analysis: Definition of Job Analysis: The procedure for determining the duties and skill requirements of a job and the kind of person who should be hired for it They have suggest us a below uses of job analysis for their organization. 48 .

JAINAM has accepted a strategy of putting right person on the right job. They doing MPP as per the business plan. They are doing MPP for one year period. As we know that success of any organization depends upon the quantity and quality of its human resources. They are using a technique of managerial judgment for the forecast of the future human resource. They are doing MPP on the basis of future supply of human 49 .Uses of Job Analysis Information Job Analysis Job Description And Job Specification Recruiting and Selection Decisions Performance Appraisal Job Evaluation— Wage and Salary Decisions (Compensation) Training Requirements 2) Man Power Planning: After doing job analysis they are always done a Manpower Planning.

they recruit and select the person as per job requirement.resource. They generally recruit the require person through Promotion and Transfer. They make assumption of future expected loss of human resource. 3) Recruitment and Selection: After doing Job analysis and HRP. They are done MPP on continuous basis. The below diagram shows hoe Job analysis and HRP helpful in Recruiting and Selection Every firm can hire a person after the Job analysis and HRP has been done. They used past employee of company for the Recruitment  External sources: 50 . Recruiting and Selection  Sources of recruitment: They generally use both the internal and external sources for the Recruitment.  Internal sources: They generally use internal sources for Recruitment and Selection.

the following are some important task which is done to make him/her familiar with the organization.”  Interview: After recruiting a necessary employee for the job they select a right person who has all necessary skills and ability to do job. As I have joined the organization for the purpose of my MBA summer training. To make familiar with organization and its culture Accelerate socialization process for the individual. 2. Interviews are taken by a HR Manager of the JAINAM and by the Manager of respected department in which the person is required.  Induction training: As new employee is placed in the organization.As a external sources of Recruitment they used a service of a agency which are providing a skilled Human Resources. Currently they are Recruiting a persons from “MAFOIA consultancy Ltd. They select a person through a Interview process.  Purpose of Induction Manual: 1. 51 . 4. Aware of responsibilities and privileges. right person at right place to be placed in the JAINAM by the HR manager. they have consider me as a new employee of the firm and given me induction manual to be familiarize with the JAINAM.  Test during Interview: If any special test is required during interview.  Final placement: After the test and final interview call over. they are planning to put it in action for checking the abilities of applicant. 3. Integrate with the organization.

We must work co-operatively as equals and support each other. 9. Respect each other’s ideas and views. seek input and explain rationale behind decisions.The Organization expects the following from their employees. respectful communication is key. Continue to be open about our feeling and assumptions. fear and what did they say about me? Move on. 2. The decision maker must listen. 7. Positive conflict is good. 52 . goals and rules to be most efficient. calm rational. 14. We meet deadlines and issue reports on time. 11. Avoid issues of personalities. Careful. 5. no raised voices. point scoring. prestige. 6. As it is company’s decision. 12. put downs. No one knows it all. 3. negative cements. Once a decision is made irrespective of your view. 4. 1. Have confidence in your skills and it is good to seek advice. We will GRIP (Goals Roles Issues Process) our problems and challenges. We expect people to voice their disagreement. 10. We support independent thinking and opinion with reasons up and down the organization. We need to clearly define roles. we will not let them fester. 8. you implement it with good will. 13.

Employees’ state insurance act 1948: "An Act to provide for certain benefits to employees in case of sickness. maternity and employment injury and to make provision for certain other matters in relation thereto. or violation of some other company policy. poor attendance." Marketing & Sales Department: 53 . Terminal Process: Most involuntary separations are due to poor performance. ESIC. Provident fund act 1952 2.  Acts: Two acts are following as HR acts 1.

Marketing & Sales Department: Introduction: Marketing is so basic that it cannot be considered as a separate function.” 54 . offering and exchanging products of value with others. The definition that serves our purpose best is as follows: “marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating. Marketing has been defined in various ways.

cost & satisfaction. 7. 5. This department was started before one year in the organization. planning. 3. Fixing meeting with client and sharing information. and that he goal is to produce satisfaction of the parties involved. wants& demands. promotion & distribution of ideas. relationship and networks. she replied like “ on demand of 300 sub brokers and to make easy transactions and to facilitate them. services and ideas.This definition of marketing rests on the following core concepts. 2. markets and marketers and prospects. Meeting with existing sub brokers in 15 days. Chetna Bhandari who has 10 years experience in share broking firm. needs. that it rests on the notion of exchange. about requirement of this department in the company . timing and composition of demand in a way that will the organization achieve its objectives. “Marketing management is the process of planning and executing the conception. 4. pricing. Making call for appointment to explain detailed information. products. 6. implementation and control. For potential consumers they are appointing one special guide 55 . Meeting with new clients in every week. exchange and transactions. value. Marketing management has the task of influencing the level. they have established the marketing and sales department last year”  Functions of department: 1. Marketing management is essentially demand management.” This definition recognizes that marketing management is a process involving analysis. Discussion with manager: When Researcher talked to marketing manager. Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving the desired responses from the other parties. Problem solving of clients and sub brokers. Taking reverences from sub brokers. that it covers goods. good and services to create exchanges that satisfy individual and organizational goals.

she said that if the firm wants to put single banner they need to take permission from SEBI.  E-mail and Telephonic Complaint. If there are any changes in the matter immediately they have to inform to SEBI about changes. Advertisement: When Researcher asked her about advertisement and its rules.  By appointing employee to special customers. Distribution Channel: Zero Level: 56 . SHARE KHAN and other big firms are our competitors then we will not be able to survive in the market. Telephone & E-mail:  Customer Satisfaction Measures.  By giving daily reports about market and industry to customers.  Strategy: She said about the strategy to stabilize their firm in this competitive environment. In her words “If we think that ANGEL. So we believe that we.  Order Conformation. ourselves are competitors of the firm”  Promotion Method: 1.

Jainam Shares consultant Direct customer (Sub-brokers) Indirect customer (Clients) One level: Jainam Shares consultant Direct customer (Sub-brokers) Indirect customer (Clients) 57 .

IT & Software department: IT & Software department: This department was stared before 2 months. Discussion with manager: 58 .

he explained me the various reasons like. Asset protection 9. 59 .When Researcher talked to in charge of the department Mr. Top management is supporting as best to make it efficient for making all processes of the firm. To solve it problems quickly. 7. and infrastructure improvements in the most efficient way possible. To build. To become self dependent in making software for the business 4. To facilitate the A/C & trading department 6. Reasons for establishment of the department: 1. Nihkil Tandel about the need for staring this department. applications. Restoration of a service to health when things go wrong The department is still in underdevelopment process. stabilize. 2. and deploy IT services. In future to apply for innovations and creative ideas in business for growth and expansion of the firm 5. Reliability and security of business plan 8. Software service problem was in very high degree 3.

KYC (know your client) department & DP: KYC (know your client) department & DP: The department plays significant role in the stock market transaction and in company. Introduction: 60 .

DP department: Demat refers to a dematerialized account. This involves verifying customers' identity and address by asking them to submit documents that are accepted as relevant proof. etc.In order to prevent identity theft. money laundering. PAN card or driving license are accepted as proof of identity. Though the standard documents which are accepted as proof of identity and residence remain the same across various banks. all documents shall be checked against banks requirements to ascertain if those match or not before initiating an account opening process with any bank. and proof of residence can be a ration card. Some banks may even ask for verification by an existing account holder. which differ from bank to bank. So. Passport. some deviations are permitted. Mandatory details required under KYC norms are proof of identity and proof of address. Thus opening a new bank account is no longer a cake walk. voter's ID card. terrorist financing. Those are the basic requirements of KYC to identify a customer at the account opening stage. an electricity or telephone bill or a letter from the employer or any recognised public authority certifying the address. identity fraud. the RBI had directed all banks and financial institutions to put in place a policy framework to know their customers before opening any account. Introduction: Just as one have to open an account with a bank if he/she want to save his/her 61 .

money. So a demat account is a must for trading and investing. A DP will just give you an account to hold those shares. you will be guided through the formalities of opening an account. Here is a broad list (One won't need all of them though): 62 .Let's say one’s portfolio of shares looks like this: 40 of Infosys. One have to approach the DPs (remember. One do not have to take the same DP that your broker takes. They are all held electronically in your account. one need to open a demat account if one want to buy or sell stocks. others may not. Process to start DP: Look for a DP to have an account with most banks are also DP participants. has allowed trades of upto 500 shares to be settled in physical form. practically all trades have to be settled in dematerialised form. to open one’s demat account. So it is just like a bank account where actual money is replaced by shares.So don’t have to possess any physical certificates showing that one own these shares. they are like bank branches). Just like a bank passbook or statement. As one buy and sell the shares. make cheque payments etc. A broker is separate from a DP. as are many brokers.All these will show in one’s demat account. For instance. One must fill up an account opening form and sign an agreement with one’s DP. who buys and sells shares on his behalf and on behalf of his clients. the Securities and Exchange Board of India (SEBI). Although the market regulator. You can choose your own. nobody wants physical shares any more. Check with them what they require. The DP will ask for some documents as proof of one’s identity and address. some may accept a driver's license. Get one’s documents in place Once you approach your DP. 25 of Wipro. But many brokers offer special incentives in the form of lower charges for opening demat accounts with their DPs. A broker is a member of the. they are adjusted in one’s account. Nowadays. the DP will provide you with periodic statements of holdings and transactions. One can choose your very own DP. 45 of HLL and 100 of ACC.

• PAN card • Voter's ID • Passport • Ration card • Driver's license • Photo credit card • Employee ID card • Bank attestation • IT returns • Electricity/ Landline phone bill While they only ask for photocopies of the documents. they will need the originals for verification. How many shares one need to have to open an account When opening an account with a bank.And there is no minimum balance to be maintained either. One shall have to submit a passport size photograph on which you sign across. Not so with a demat account. A demat account can be opened with no balance of shares. Charges for it: 63 . You can have a zero balance in your account. one need a minimum balance.

If you want to sell your shares. There are over a 100 DPs. One will receive the payment from one’s broker. To get a comparative idea. The head office where all the technology rests and details of all accounts held is like the depository. The depository has agents who are called depository participants (DPs). Nomination: By filling up the nominee form while opening the demate account. so that the shares bought are credited into one’s account. inform one’s broker about your Depository Account Number. which one need to quote for all future transactions. The DP will debit one’s account with the number of shares sold. visit the websites of NSDL and CDSL. After starting Dp: When one open an account. And the DPs are the branches that cater to individuals.the National Securities Depository Ltd (NSDL) and the Central Depository Services Ltd (CDSL). 64 . you need to place an order with one’s broker and give a 'Delivery Instruction' too one’s DP. Changes of Bank account details: Since in the depository system monetary benefits on the security balances are paid as per the bank account details provided by you at the time of account opening. If one want to buy shares. Difference between a depository and a depository participant: A depository is a place where the stocks of are held in electronic form. the DP will allot a unique BO ID (Beneficial Owner Identification) Number.The charges for account opening. annual account maintenance fees and transaction charges vary between DPs. Think of it like a bank. There are only two depositories in India -.

as per the instruction. 65 . if so desired. The DP will transfer all the securities lying in the account.you must ensure that any subsequent change in bank account details is informed to your DP immediately. Closing or Transfer: One can submit account closure request to your DP in the prescribed form. Freeze or locking account: One can freeze or lock one’s account for any given period of time. Accounts can be frozen for debits (preventing transfer of securities out of accounts) or for credits (preventing any movements of securities into accounts) or for both. and close the demat account.

Customer Care Department: Customer Care Department: Definition 66 .

customer surveys. Objectives of Customer Care • • • create a culture of customer focus creating rapport and building loyalty achieving customer satisfaction They are committed to providing customers with efficient. no matter where customers are located. courteous and knowledgeable response to all customer enquiries. support to help them achieve the maximum benefit from their solution. Mission of the department: “One satisfied customer is more valuable than 5 lakh rs. local. Equip our staff to provide customers with an excellent standard of service Enable our customers to provide feedback easily. ethnic origin. through complaints. religion or geographical location Provide a prompt. comments and complaints to drive improvements to service Improve the speed. quality and consistency of response to enquiries by having our information in a format that can be easily accessed Integrate customer care into mainstream service provision Continually increase the level of resources going into front line services 67 . place and channel that meet the needs of residents. gender. race. support and management to ensure they are responsive to all customers' needs . Advertisement”. they have direct access to local sales. The objectives/functions of the Customer Relations Strategy are to: • • • • • • • • • • • • • Provide customers and staff with clear standards and expectations Ensure all customer contact reaches an appropriate conclusion Minimize incidences of repeat contact Seek to provide a seamless service for customers Provide equal and easy access to our services at a time. etc Use customer compliments. They have structured their business so that.Customer Care is the processing of meeting (and exceeding) your customer expectations of service.not just product maintenance. businesses and other stakeholders Cater for customers needs irrespective of age. physical or financial ability.

It is their belief that by meeting these objectives they will: • • Delight the customer by providing excellent standards of service Maximize satisfaction with the quality of the service provided Developing Customer Care strategies: 68 .

Finance Department Finance Department: Introduction: 69 .

70 . It is the responsibility of the finance department to ensure the supply of the needed funds. Financial management means procurement of funds at minimum cost and its effective use in order to maximize the wealth of shareholders.The primary purpose of any business is to earn profits.  All types of taxes. The company’s Finance department is divided into two parts:  Account Department  Banking Department Functions of Account Department:  Payment of expenses. To do either. Functions of Banking Department:  Capital Structure maintenance  Pay in pay out of checks with exchanges. the business has to produce goods or render services. (Quarterly)  Daily or time to time banking match. management of business must have adequate supply of funds.  Auditing and statutory auditing. Financial management is the application of planning and control to the finance function of a business to ensure that the funds needed are raised and used effectively for its benefits.  Enquiry and third party check.  Pay in pay out. To earn profit.  Collection of check and entry maintenance.  Final accounts.

71 . Maintenance of OD  Fulfillment of necessary requirement of department of financial needs.

Research Department: Introduction: In the firm of share broking organization research department plays crucial role for time to time updates and other technical services for clients as well as internal purpose. 72 .

exit and stop loss levels during the market hours and our calls are flashed on our terminals. Technical Services: Intra-day Calls For day traders’ Jainam provides intraday calls with entry. Past performance of these calls in terms of profit/loss is also available to our associates to enable them to judge the success rate.15 days time span with stop losses and targets.The Jainam shares consultants’ pvt ltd is providing the following technical services. Posting Trading Calls Jainam’s “Position Trading Calls” are based on a through analysis of the price movements in selected scripts and provides calls for taking positions with a 10 . Our analysts continuously track the calls and provide the recommendations according to the market movements. also flashed on our Derivative strategies: Our analyst take a view on the NIFTY and selected scripts based on derivatives and 73 . These calls are terminals during market hours.

Derivative Analysis Report The report provides FII activity in derivative segments. market position of key stocks and offer short term (1 to 5 days) as well as medium term (10 to 20 days) views.technical tools and devise suitable “Derivative Strategies” . Key corporate developments. change in open interest. Tracking individual scripts as well as the Sensex and Nifty. cost of carry of stock and index based derivative products. its insight cuts through the market maze. geopolitical news and views are analyzed for their impact on the market. Daily Services: Market Outlook at 9:30 AM A crisp pre-market report that arms our clients with sensitive information before the opening bell. Our derivative analysts use the above tolls to project the movement during the next trading sessions C ATR H P E -4 74 . put call ratio. which are flashed on our terminals and published in our derivative reports. historical background. policy announcements. Technical Report at 6:00 PM This report analyses trading patterns.

T E R TC L HO EI A F A E OK R MWR T C NC LA A Y I E H I A N L SS & C M O I YM R E O M DT A KT Technical Analysis: Introduction: 75 .

Despite all the fancy and exotic tools it employs. 1. Like weather forecasting. In other words. it doesn't care one bit about the "value" of a company or a commodity. The market discounts everything. 2. The Market Discounts Everything. technical analysis does not result in absolute predictions about the future. technical analysis really just studies supply and demand in a market in an attempt to determine what direction. The field of technical analysis is based on three assumptions: 1. However. A major criticism of technical analysis is that it only considers price movement. 3.The methods used to analyze securities and make investment decisions fall into two very broad categories: fundamental analysis and technical analysis. or trend. Technical analysis uses a wide variety of charts that show price over time. as opposed to its components. a stock's price reflects everything that has or could affect the company . Technical analysts believe that 76 . Technical analysis takes a completely different approach. Fundamental analysis involves analyzing the characteristics of a company in order to estimate its value. technical analysis attempts to understand the emotions in the market by studying the market itself. Definition: Technical analysis is the forecasting of future financial price movements based on an examination of past price movements. will continue in the future. History tends to repeat itself. technical analysis assumes that. Price moves in trends. ignoring the fundamental factors of the company.including fundamental factors. technical analysis can help investors anticipate what is "likely" to happen to prices over time. Instead. at any given time.

price movements are believed to follow trends. Price Moves in Trends.the company's fundamentals. in other words. mainly in terms of price movement. This only leaves the analysis of price movement. Take a look at the chart below: 77 . The repetitive nature of price movements is attributed to market psychology. 2. along with broader economic factors and market psychology. Another important idea in technical analysis is that history tends to repeat itself. which technical theory views as a product of the supply and demand for a particular stock in the market. market participants tend to provide a consistent reaction to similar market stimuli over time. are all priced into the stock. History Tends To Repeat Itself. Most technical trading strategies are based on this assumption. Technical analysis uses chart patterns to analyze market movements and understand trends. Although many of these charts have been used for more than 100 years. Technical Analysis: The Use of Trend One of the most important concepts in technical analysis is that of trend. This means that after a trend has been established. 3. A trend is really nothing more than the general direction in which a security or market is headed. removing the need to actually consider these factors separately. In technical analysis. they are still believed to be relevant because they illustrate patterns in price movements that often repeat themselves. the future price movement is more likely to be in the same direction as the trend than to be against it.

For example. an uptrend is classified as a series of higher highs and higher lows. you will probably notice that prices do not tend to move in a straight line in any direction. Types of Trend There are three types of trend:  Uptrend 78 . it's not always this easy to see a trend: A More Formal Definition In any given chart. while a downtrend is one of lower lows and lower highs. but rather in a series of highs and lows. In technical analysis.It isn't hard to see that the trend in is up. it is the movement of the highs and lows that constitutes a trend. However.

In terms of the stock market. intermediate trend or a short-term trend. which often move against the direction of the major trend. An intermediate trend is considered to last between one and three months and a near-term trend is anything less than a month. Trend Lengths: Along with these three trend directions. When there is little movement up or down in the peaks and troughs. A longterm trend is composed of several intermediate trends. Downtrend  Sideway When each successive peak and trough is higher. Trend lines: 79 . the correction is considered to be an intermediate trend. there are three trend classifications. it's a sideways or horizontal trend. If the peaks and troughs are getting lower. If the major trend is upward and there is a downward correction in price movement followed by a continuation of the uptrend. A trend of any direction can be classified as a long-term trend. it's a downtrend. The short-term trends are components of both major and intermediate trends. a major trend is generally categorized as one lasting longer than a year. In Figure to get a sense of how these three trend lengths might look. it's referred to as an upward trend.

A trendline is a simple charting technique that adds a line to a chart to represent the trend in the market or a stock. Notice how the price is propped up by this support. The Importance of Trend It is important to be able to understand and identify trends so that you can trade with rather than against them. Drawing a trendline is as simple as drawing a straight line that follows a general trend. a downward trendline is drawn at the highs of the downward trend. This type of trendline helps traders to anticipate the point at which a stock's price will begin moving upwards again. These lines are used to clearly show the trend and are also used in the identification of trend reversals. an upward trendline is drawn at the lows of an upward trend. You'll often hear technical analysts talk about the ongoing battle between the bulls and the bears. Similarly. Technical Analysis: Support and Resistance Once understand the concept of a trend. Two important sayings in technical analysis are "the trend is your friend" and "don't buck the trend”. or the struggle between buyers (demand) and 80 . In Figure. This line represents the support the stock has every time it moves from a high to a low. the next major concept is that of support and resistance. This line represents the resistance level that a stock faces every time the price moves from a low to a high.

If the price 81 . This is revealed by the prices a security seldom moves above (resistance) or below (support). In Figure. These support and resistance levels are seen as important in terms of market psychology and supply and demand. in which case new levels of support and resistance will likely be established. on the other hand. its role is reversed. is the price level that a stock or market seldom surpasses (red arrows). the supply and demand and the psychology behind the stock's movements is thought to have shifted. Resistance. Role Reversal Once a resistance or support level is broken. When these trendlines are broken.sellers (supply). Support and resistance levels are the levels at which a lot of traders are willing to buy the stock (in the case of a support) or sell it (in the case of resistance). support is the price level through which a stock or market seldom falls (blue arrows).

falls below a support level, that level will become resistance. If the price rises above a resistance level, it will often become support. As the price moves past a level of support or resistance, it is thought that supply and demand has shifted, causing the breached level to reverse its role. For a true reversal to occur, however, it is important that the price make a strong move through either the support or resistance.

In Figure, the dotted line is shown as a level of resistance that has prevented the price from heading higher on two previous occasions (Points 1 and 2). However, once the resistance is broken, it becomes a level of support (shown by Points 3 and 4) by propping up the price and preventing it from heading lower again. The Importance of Support and Resistance Support and resistance analysis is an important part of trends because it can be used to make trading decisions and identify when a trend is reversing. For example, if a trader identifies an important level of resistance that has been tested several times but never broken, he or she may decide to take profits as the security moves toward this point because it is unlikely that it will move past this level. Support and resistance levels both test and confirm trends and need to be monitored. Technical Analysis: The Importance of Volume Introduction: Volume is simply the number of shares or contracts that trade over a given period of time, usually a day. The higher the volume, the more active the security. To

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determine the movement of the volume (up or down), chartists look at the volume bars that can usually be found at the bottom of any chart. Volume bars illustrate how many shares have traded per period and show trends in the same way that prices do.

Importance of Volume:

Volume is an important aspect of technical analysis because it is used to confirm trends and chart patterns. Any price movement up or down with relatively high volume is seen as a stronger, more relevant move than a similar move with weak volume.

Volume should move with the trend. If prices are moving in an upward trend, volume should increase (and vice versa). If the previous relationship between volume and price movements starts to deteriorate, it is usually a sign of weakness in the trend. Technical Analysis: Moving Averages

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A moving average is the average price of a security over a set amount of time. By plotting a security's average price, the price movement is smoothed out. Once the day-to-day fluctuations are removed, traders are better able to identify the true trend. Types of Moving Averages
 Simple Moving Average (SMA):

This is the most common method used to calculate the moving average of prices. It simply takes the sum of all of the past closing prices over the time period and divides the result by the number of prices used in the calculation. For example, in a 10-day moving average, the last 10 closing prices are added together and then divided by 10.

Many individuals argue that the usefulness of this type of average is limited because each point in the data series has the same impact on the result regardless of where it occurs in the sequence. The critics argue that the most recent data is more important and, therefore, it should also have a higher weighting. This type of

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Introduction to charts: A price chart is a sequence of prices plotted over a specific time frame.criticism has been one of the main factors leading to the invention of other forms of moving averages.  Exponential Moving Average (EMA): This moving average calculation uses a smoothing factor to place a higher weight on recent data points and is regarded as much more efficient than the linear weighted average. The most important thing to remember about the exponential moving average is that it is more responsive to new information relative to the simple moving average. Having an understanding of the calculation is not generally required for most traders because most charting packages do the calculation for you. charts are referred to as time series plots. The linear weighted moving average is calculated by taking the sum of all the closing prices over a certain time period and multiplying them by the position of the data point and then dividing by the sum of the number of periods. 85 . In statistical terms.  Linear Weighted Average: This moving average indicator is the least common out of the three and is used to address the problem of the equal weighting.

Technicians. commodities. 86 . Any security with price data over a period of time can be used to form a chart for analysis. bonds. The word "securities" refers to any tradable financial instrument or quantifiable index such as stocks. futures or market indices. technical analysts and chartists use charts to analyze a wide array of securities and forecast future price movements. the bar chart. the candlestick chart. Types of Charts: There are three 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 line is formed by connecting the closing prices over the time frame. This vertical line represents the high and low for the trading period. The close and open are represented on the vertical line by a horizontal 87 . 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. Line Chart: The most basic of the three charts is the line chart because it represents only the closing prices over a set period of time. low and opening prices. Line charts do not provide visual information of the trading range for the individual points such as the high.  Bar chart: The chart is made up of a series of vertical lines that represent each data point. However. along with the closing price.

but it differs in the way that it is visually constructed. The difference comes in the formation of a wide bar on the vertical line. A bar that is colored red signals that the stock has gone down and colored blue it means it has gone up. Similar to the bar chart. The opening price on a bar chart is illustrated by the dash that is located on the left side of the vertical bar.dash.  Candlestick Charts: The candlestick chart is similar to a bar chart. Conversely. the candlestick also has a thin vertical line showing the period's trading range. which illustrates the difference between the open and close. the close is represented by the dash on the right. White (clear) candlesticks form when the close is higher than the 88 .

reversal and continuation.open and black (solid) candlesticks form when the close is lower than the open. Chartists use these patterns to identify current trends and trend reversals and to trigger buy and sell signals. or a sign of future price movements. The lines above and below are called shadows and represent the high and low. The white and black portion formed from the open and close is called the body (white body or black body). A reversal pattern signals that a prior trend will reverse upon 89 . Technical Analysis: Chart Patterns A chart pattern is a distinct formation on a stock chart that creates a trading signal. There are two types of patterns within this area of technical analysis.

These patterns can be found over charts of any timeframe. A continuation pattern. Head and shoulders bottom. 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. signals that a trend will continue once the pattern is complete. on the other hand. there are two versions of the head and shoulders chart pattern.  Cup and Handle: A cup and handle chart is a bullish continuation pattern in which the upward trend has paused but will continue in an upward direction once the pattern is 90 . In Figure.completion of the pattern. but is used to signal a reversal in a downtrend. also known as inverse head and shoulders (shown on the right) is the lesser known of the two. Head and shoulders is a reversal chart pattern that when formed.  Head and Shoulders: This is one of the most popular and reliable chart patterns in technical analysis. signals that the security is likely to move against the previous trend.

which is preceded by an upward trend. the upward trend can continue. Once the price movement pushes above the resistance lines formed in the handle.confirmed. In Figure.  Double Tops and Bottoms: 91 . The handle follows the cup formation and is formed by a generally downward/sideways movement in the security's price. this price pattern forms what looks like a cup.

Price Channel: Bound by a lower and upper trendline.This chart pattern is another well-known pattern that signals a trend reversal . This pattern is often used to signal intermediate and long-term trend reversals. These patterns are formed after a sustained trend and signal to chartists that the trend is about to reverse. but has found support each time. the price movement has tried to go lower twice. The pattern is created when a price movement tests support or resistance levels twice and is unable to break through. After the second bounce off of the support. In the case of the double top pattern. After two unsuccessful attempts at pushing the price higher. the trend reverses and the price heads lower. the security enters a new trend and heads upward.it is considered to be one of the most reliable and is commonly used. the price channel is a continuation pattern that either slopes up or down as the price action is being maintained within 92 . the price movement has twice tried to move above a certain price level. In the case of a double bottom.

Moving averages can be used to quickly identify whether a security is moving in an uptrend or a downtrend depending on the direction of the moving average. 93 . In this instance. sellers will take a sell position after a touch of resistance. Conversely. A negative or downwardly sloping channel is considered bearish while a positive or upwardly sloping channel is comparatively bullish. Major Uses of Moving Averages: Moving averages are used to identify current trends and trend reversals as well as to set up support and resistance levels. traders will wait to buy when the price action touches support as a rebound is expected.established and sloping resistance and support lines.

The first common signal is when the price moves through an important moving average. The other signal of a trend reversal is when one moving average crosses through another. like in Figure 4. it is a sign that the uptrend may be reversing. 94 . it is a positive sign that the price will start to increase. Moving average trend reversals are formed in two main ways: when the price moves through a moving average and when it moves through moving average crossovers. when the price of a security that was in an uptrend falls below a 50-period moving average. For example. On the other hand. a long-term average above a shorter-term average signals a downward movement in the trend. the trend is up.Another method of determining momentum is to look at the order of a pair of moving averages. When a short-term average is above a longer-term average. if the 15-day moving average crosses above the 50-day moving average. For example. as you can see in Figure 5.

A move through a major moving average is often used as a signal by technical traders that the trend is reversing. it is a signal that the uptrend is reversing. for example). this could signal a short-term trend reversal. For example. when two averages with relatively long time frames cross over (50 and 200. Another major way moving averages are used is to identify support and resistance levels. It is not uncommon to see a stock that has been falling stop its decline and reverse direction once it hits the support of a major moving average. Moving Average Convergence: 95 . On the other hand. if the price breaks through the 200-day moving average in a downward direction. this is used to suggest a long-term shift in trend. for example 15 and 35.If the periods used in the calculation are relatively short.

Along with the MACD and the centerline. one of the most common buy signals is generated when the MACD crosses above the signal line (blue dotted line). The MACD is simply the difference between these two moving averages plotted against a centerline. which help to measure momentum in the security. The centerline is the point at which the two moving averages are equal. an exponential moving average of the MACD itself is plotted on the chart. while sell signals often occur when the MACD crosses below the signal. This indicator is comprised of two exponential moving averages.The moving average convergence divergence (MACD) is one of the most well known and used indicators in technical analysis. The idea behind this momentum indicator is to measure short-term momentum compared to longer term momentum to help signal the current direction of momentum.longer term moving average In Figure 2. MACD= shorter term moving average . Relative Strength Index 96 .

A reading above 70 is used to suggest that a security is overbought. The standard calculation for RSI uses 14 trading days as the basis. If the trading period is adjusted to use fewer days. The indicator is plotted in a range between zero and 100. which can be adjusted to meet the needs of the user. The idea behind this indicator is that in an uptrend. RSI helps to signal overbought and oversold conditions in a security. signaling upward 97 . the price should be closing near the highs of the trading range. while a reading below 30 is used to suggest that it is oversold. This indicator helps traders to identify whether a security’s price has been unreasonably pushed to current levels and whether a reversal may be on the way. Stochastic Oscillator The stochastic oscillator is one of the most recognized momentum indicators used in technical analysis.The relative strength index (RSI) is another one of the most used and wellknown momentum indicators in technical analysis. the RSI will be more volatile and will be used for shorter term trades.

1st Resistance (R1). which is essentially the raw measure used to formulate the idea of momentum behind the oscillator. The second line is the %D.These levels are used in much the same manner as you would trendline support and resistance levels. Pivot Point Analysis: Pivot Points offer the trader a method of determining support and resistance for a given time frame. signaling downward momentum. daily. The stochastic oscillator generally uses the past 14 trading periods in its calculation but can be adjusted to meet the needs of the user. There are five basic parameters calculated in Pivot Point Analysis. The first line is the %K. Pivots can be used with any time frame. monthly. 1st Support (S1) and 2nd Support (S2). weekly.momentum in the security. They are the Pivot (P). even any intra-day chart. 2nd Resistance (R2). which is simply a moving average of the %K. In downtrends. A common technique is to calculate Pivots for a variety of time frames using common levels as a way of developing confidence parameters. The stochastic oscillator contains two lines. The %D line is considered to be the more important of the two lines as it is seen to produce better signals. 98 . The stochastic oscillator is plotted within a range of zero and 100 and signals overbought conditions above 80 and oversold conditions below 20. the price should be closing near the lows of the trading range.

Commodity and Commodities market Introduction: India. So let’s try to simplify it. P-H+L= Support 2 All right. take the pivot point number add the high and then subtract the low. low. low and distance from the close of those points. futures markets trades in 99 . P+H-L= Resistance2 For the first support take the pivot point number times two and then subtracts the high. The Pivot point number is the high. now that we have that established we can see it is a detailed formula. Pivot Point analysis is also used for identifying breakout points from the support and resistance numbers. Consider the Pivot Point as the average of the previous sessions trading range combined with the closing price. Now for the first resistance level take the pivot point number times two and then subtracts the low. The numbers of support and resistance that are calculated indicate the potential ranges for the next time frame based on the past weight of the markets strength or weakness derived from the calculations of the high. take the pivot point number subtract the high and then add the low. (Px2)-L=Resistance 1 For the second resistance. C= Close: H= High: and L= Low. P= (H+L+C)/3= pivot point. surprisingly has an under developed commodity market. a commodity based economy where two-third of the one billion population depends on agricultural commodities. Unlike the physical market. close added up and then divided by three. (Px2)-H = Support 1 For the second support.First here is the mathematical formula where P= Pivot point.

arbitrageurs and speculators. The article aims at know how of the commodities market and how the commodities traded on the exchange.commodity are largely used as risk management (hedging) mechanism on either physical commodity itself or open positions in commodity stock. there is tremendous potential for growth of this market in the country. except Actionable Claims. who claim 100 . with most of these restrictions being removed. The idea is to understand the importance of commodity derivatives and learn about the market from Indian point of view. For instance. Commodity: A commodity may be defined as an article. Money & Securities. It can be classified as every kind of movable property. a jeweler can hedge his inventory against perceived short-term downturn in gold prices by going short in the future markets. Retail investors. Now. Commodities actually offer immense potential to become a separate asset class for market-savvy investors. Its development and growth was shunted due to numerous restrictions earlier. In fact it was one of the most vibrant markets till early 70s. a product or material that is bought and sold.

000 crore (Rs 1. Retail investors should understand the risks and advantages of trading in commodities futures before taking a leap.730 crore (Rs 13. commodities related (and dependent) industries constitute about 58 per cent. It is the market where a wide range of products. With the introduction of futures trading. the size of the commodities market grows many folds here on.400 billion). the various commodities across the country clock an annual turnover of Rs 1. may find commodities an unfathomable market. crude oil. coffee etc. Currently. (Rs in Crores) Market segments 2002-03 2003-04 2004-05 (E) 101 . the size of the commodities markets in India is also quite significant. precious metals. energy and soft commodities like palm oil. viz. 20. active and liquid commodity market. But commodities are easy to understand as far as fundamentals of demand and supply are concerned. Table: Turnover in Financial Markets and Commodity Market S No. Historically. In fact. 40. pricing in commodities futures has been less volatile compared with equity and bonds. This would help investors hedge their commodity risk. base metals..207.3 billion). Commodity Market: Commodity market is an important constituent of the financial markets of any country.to understand the equity markets. are traded. thus providing an efficient portfolio diversification option. It is important to develop a vibrant. Of the country's GDP of Rs 13. take speculative positions in commodities and exploit arbitrage opportunities in the market.

These two associations amalgamated in 1945 to form the East India Jute & Hessian Ltd.053 b)Derivatives 2. Futures' trading in wheat was existent at several places in Punjab and Uttar Pradesh.854 (43) 3. in bracket represents percentage to GDP at market prices Source: SEBI bulletin (http://www. Calcutta Hessian Exchange Ltd. to conduct organized trading in both Raw 102 . set up in 1875. Futures trading in bullion began in Mumbai in 1920.indianmba.057.989 1.4) (133.2) 2.000 (16.com/Occasional_Papers/OP62/op62.1) 1.099.html) 3. was established in 1919 for futures trading in raw jute and jute goods.318.376 (63) 2.1) It’s EVOLUTION IN INDIA Bombay Cotton Trade Association Ltd.645 519.551 (13) 515.867.405 (56) 3.872 Forex Market 658.505 (18.160.8) (I+ II) I National Stock Exchange (a+b) 1.1 2 3 Government Securities Market 1.322 (91.507 (136) 4.468 II Bombay Stock Exchange (a+b) 316. was the first organized futures market.745.534 b)Derivatives 439. was established in 1893 following the widespread discontent amongst leading cotton mill owners and merchants over functioning of Bombay Cotton Trade Association.936 Total Stock Market Turnover 1.230.531 (84) 3.7) 499.494.374.827.002 (117) a)Cash 617..518. which carried on futures trading in groundnut.130.035 (27) 2.215 (4.702 (91) (124.865 2.147.544.7) a)Cash 314. But organized futures trading in raw jute began only in 1927 with the establishment of East Indian Jute Association Ltd.073 503.641. But the most notable futures exchange for wheat was chamber of commerce at Hapur set up in 1913.027 2.503 19. castor seed and cotton.672 (117.478 12. Bombay Cotton Exchange Ltd.030 (16.7) Note: Fig.452 4 Commodities Market NA 130.527 500. The Futures trading in oilseeds started in 1900 with the establishment of the Gujarati Vyapari Mandali.

Structure of Commodity Market: Different types of commodities traded: 103 . Forward Contracts (Regulation) Act was enacted in 1952 and the Forwards Markets Commission (FMC) was established in 1953 under the Ministry of Consumer Affairs and Public Distribution. In due course. several other exchanges were created in the country to trade in diverse commodities.Jute and Jute goods.

Leading commodity markets of world 104 . settlements etc. These commodities can be broadly classified into the following:  Precious Metals: Gold. Gasoline etc Different segments in Commodities market: The commodities market exits in two distinct forms namely the Over the Counter (OTC) market and the Exchange based market. Silver. Oils. Natural Gas. as in equities. Cocoa. wholesaler etc. Also. there exists the spot and the derivatives segment. Derivative trading takes place through exchange-based markets with standardized contracts. Platinum etc  Other Metals: Nickel.  Soft Commodities: Coffee. Sugar etc  Live-Stock: Live Cattle.World-over one will find that a market exits for almost all the commodities known to us. Aluminum. Pork Bellies etc  Energy: Crude Oil. The spot markets are essentially over the counter markets and the participation is restricted to people who are involved with that commodity say the farmer. Oilseeds. Copper etc  Agro-Based Commodities: Wheat. Cotton. Corn. processor.

They are: Multi Commodity Exchange (MCX) located at Mumbai. similar to the BSE & NSE. These exchanges are expected to offer a nation-wide anonymous. The Forward Markets Commission (FMC) will regulate these exchanges.Some of the leading exchanges of the world are New York Mercantile Exchange (NYMEX). Consequently four commodity exchanges have been approved to commence business in this regard. In Crores) Exchange 2003-04 2004-05 Half FIRST 105 . Leading commodity markets of India The government has now allowed national commodity exchanges. screen based trading system for trading. National Multi Commodity Exchange (NMCE) located at Ahmedabad. Turnover on Commodity Futures Markets (Rs. National Board of Trade (NBOT) located at Indore. the London Metal Exchange (LME) and the Chicago Board of Trade (CBOT). to come up and let them deal in commodity derivatives in an electronic trading environment. order driven. National Commodity and Derivatives Exchange Ltd (NCDEX) located at Mumbai.

indianmba. which are very peculiar to commodity derivative markets. The basic concept of a derivative contract remains the same whether the underlying happens to be a commodity or a financial asset. financial assets are not bulky and do not need special facility for storage. Even in the case of physical settlement. In the case of financial derivatives. Due to the bulky nature of the underlying assets. physical settlement in commodity derivatives creates the need for warehousing. Similarly. They were then found useful as a hedging tool in financial markets as well.com/Occasional_Papers/OP62/op62.NCDEX 1490 54011 NBOT 53014 51038 MCX 2456 30695 NMCE 23842 7943 ALL EXCHANGES 129364 170720 Source: http://www. most of these contracts are cash settled. 106 . However there are some features.html Volumes in Commodity Derivatives Worldwide Commodity Futures Trading in India Introduction: Derivatives as a tool for managing risk first originated in the Commodities markets. the concept of varying quality of asset does not really exist as far as financial underlyings are concerned.

on real time basis.However in the case of commodities. Benefits to Exchange Member  Access to a huge potential market much greater than the securities and cash market in commodities.  Member can trade in multiple commodities from a single point. certainty and transparency in procuring commodities would aid bank lending.  Greater flexibility. state-of-art technology deployment.  Robust.  Spaced out purchases possible rather than large cash purchases and its storage.  Facilitate informed lending.  Hedged positions of producers and processors would reduce the risk of default faced by banks.  Efficient price discovery prevents seasonal price volatility. This becomes an important issue to be managed. 107 . Benefits to Industry from Futures trading  Hedging the price risk associated with futures contractual commitments.  Lending for agricultural sector would go up with greater transparency in pricing and storage. the quality of the asset underlying a contract can vary largely.  Provide trading limit finance to Traders in commodities Exchanges. scalable.  Commodity Exchanges to act as distribution network to retail agri-finance from Banks to rural households.

information dissemination. Traders would be trained to be Rural Advisors and Commodity Specialists and through them multiple rural needs would be met. etc. like bank credit. Chapter 4 Research Methodology 108 .

 To take an approach that what is “likely” to happen in price over time.  To determine the trend of commodity like Gold and Crude Oil. 4. But the main aim of our research to find out the truth that is hidden and which has not been discovered as yet.  To forecast future financial price movements. In this study.  To make investment decisions. It is like to discover to Question through the application of scientific procedure.” 109 . the problem statement is “Technical Analysis of commodity market taking Gold and Crude Oil.  To understand emotions of market by using market itself.2 Problem identification: Research always starts with a problem.1 Objective of Study: Each research study has its own specific purpose.4.  To understand the chart patterns and technical terms and how decisions are being made with the help of it.

down. They can be impossible to detect without using a chart. Charts show them clearly and quickly. Volume.  Patterns are easily identified. patterns can be complex and complicated. Trends are critical to technicians because a currency is likely to continue moving in the direction of the trend. Like star constellations. oscillators and momentum give a clearer picture of market action. Using charts helps the trader to find patterns and predict price movements based on these patterns. ascending and descending triangles. Whether it is up. The market discounts everything. The primary focus of technical analysis is on the movement of prices. rounding tops and bottoms. they have strong predictive powers.3 Assumptions and benefits of study: The field of technical analysis is based on three assumptions: 1. or sideways. History tends to repeat itself. 3. And this information can be obtained at a glance. Head-andshoulders patterns. and the strength of those trends. 110 . Price moves in trends. Hence. 2. when prices are trending. and double and triple tops are proven patterns that many currency prices will follow. Taking a look at a moving average line quickly displays a price that is trending or stuck in a range.  Technical analysis focuses on price movement. One of the basic tenets of market action is that it repeats itself in clear. unmistakable patterns.  Trends are easily found. a chart can quickly display a currency that is exhibiting a trend.4. Benefits of study:  This study will help those investors who are interested in commodity trading in future. Charts show how prices are moving (or not moving).

they may be exploratory study. descriptive etc. measurement and analysis of data. Support and resistance levels are quickly identified.5 Sampling:   Sample Design: Selecting Commodity market for analysis. In fact. Computers have relieved us from the burden of performing complex mathematical operations.” A number of different design approaches exist. 4. volatility. it constitutes the blue print for collection. formal study. Sample Size: Selecting Gold and Crude Oil data of last three years. and trading patterns appear quickly and easily.4 Research design: “A research design is the arrangement of conditions for collections and analysis of data in a manner that aims to relevance to the research purpose with economy in procedure. Trends are easily found. Software: Meta stock Professionals 111 . Charts and indicators can provide a huge amount of information in only a few moments. 4. Many brokers offer these types of technical indicators to their clients as part of their package. Technical analysis is less time consuming and less costly than fundamental analysis. For this study Researcher has chosen DESCRIPTIVE research design. 4. This information is critical to technicians to make sound and profitable trades. Charting is quick and inexpensive. The Internet has a wealth of different technical indicators available that can help the trader to make more profitable and more reliable trades.6 Research tools:   Secondary data: last three years of Gold and Crude Oil. Momentum. research design is the conceptual structure within which research is conducted. It can be performed in less than five minutes and the services are very often offered for free or at a nominal cost. There are more than fifty kinds of indicators and they each provide information on different aspect of how a currency is moving. cross sectional.  Charts provide a wealth of information. causal.

EMA.  Internal Conflict or war. 4. MACD. BAR. Charts: RSI.  Geopolitical events.  Economic data. 112 .  Acts of terrorism.8 Limitation of study: Below are the five ways that technical analysis can fail.7 Data collection: Secondary data sources:  Internet  Books 4.  Natural disasters.

CHAPTER 5 DATA ANALYSIS 113 .

114 .  The bottom part of the chart contains three parts as follows. (Exponential Moving Average) 30 days EMA (Blue line) (Short term) and 100 days EMA (Red line) (Long term). First top part is showing Relative Strength Index of Gold for January 2007 to first week of July 2009. Bar chart of crude oil for January 2007 to first week of July 2009.Introduction to Chart of Gold:  In the chart. Volume of Gold for the same period. 2.  The middle part of the chart is showing MACD (Moving Average Convergence and Divergence) of Gold for January 2007 to first week of July 2009.

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117 .

118 .

The 14 days RSI is already in strong buy mode. stock had broken out from trading range with lower volumes and MACD is going negative and RSI also indicating same thing. Volumes accompanying the breakout are encouraging.  Last week of November 2008 On the daily chart 30 days EMA is still above the 100 days EMA from upside. which is long-term bullish crossover. The 14 days RSI is already in strong buy mode. RSI is in the middle range which suggest that Gold is still negatively pressured.  Last week of June 2009 As we see on the chart after accumulating between14000 to 15000 for last 3 months. forming consecutive bearish crossover. MACD is also in positive zone and thereby has given the confirmation to a bullish outlook that led to the sharp high from 9500 to above 13000. which is long-term bullish crossover. by giving a sell signal at a price of around 13500. Analysis of Bar Chart and EMA:  Last week of August 2007 Let us have a look at what the 3 years bar chart pattern of Gold is indicating: The 30 days EMA crosses 100 days EMA from downside by giving a buy signal at a price of around 9500. MACD is also in positive zone and thereby has given the confirmation to a bullish outlook that led to the sharp high from 13500 to above 16000 high. 119 . Volumes accompanying the breakout are encouraging.

First week of November. in the following time • For year 2007. Whole month of September. Mid week of March. Last three weeks of October. Mid week of February. Whole month of February.  Over Bought Zone: RSI shows the Over Bought zone as it reaches above 70. Last week of January. 2. First two weeks of January. Last three weeks of September. Analysis of RSI:  Sell period: RSI shows the Sell period as it reaches to 70. Last two weeks of November. 3. • For year 2009. Last week of January. 4. Last week December. 5. • For year 2008. • For year 2008. 1. Last week of December. Last week of February. 120 . • For year 2007. Mid week of March. • For year 2009. in the following time.

3. 2. • For year 2008. Ending of April. 121 . First week of July. • For year 2009. Ending of March. in the following time • For year 2007. 1. Buy Period: RSI shows the Buy period as it reaches to 30. • For year 2009. Second week of September. Last week of April. First three week of March. 3. 1. 1.  Over Sold Zone: RSI shows the Over Sold Zone as it reaches Below 30. • For year 2008. 2. Last week of June 4. in the following time • For year 2007. Last three week of May. 1. There is no over sold zone till June 2009. First two week of April. First week of January.

Volume of Crude Oil for the same period. First top part is showing Relative Strength Index of Crude oil for January 2007 to first week of July 2009. (Exponential Moving Average) 30 days EMA (Blue line) (Short term) and 100 days EMA (Red line) (Long term) 3.  The middle part of the chart is showing MACD (Moving Average Convergence and Divergence) of Crude oil for January 2007 to first week of July 2009. Bar chart of crude oil for January 2007 to first week of July 2009. 122 . 2.Introduction to Chart of Crude Oil:  In the chart.  The bottom part of the chart contains three parts as follows. 1.

123 .

124 .

125 .

126 .

which is long-term bearish crossover. Analysis of Bar Chart and EMA:  Last week of June 2007 Let us have a look at what the 3 years bar chart pattern of Crude Oil is indicating: The 30 days EMA crosses 100 days EMA from downside by giving a buy signal at a price of 2860. After the 1st target the stock has corrected a bit we recommended to still hold for a target as July 2008. Volumes accompanying the breakout are encouraging. MACD is in negative zone and Volumes too are very high showing delivery base selling in market that led to the sharp decline in price of the script from high 4600 to 1600 low.  First Week of July 2009 As we see on the chart after accumulating between 2500 to 3500 for last 3 months. stock had broken out from trading range with higher volumes and 30 days EMA also sustaining above 100 days EMA which again shown a bullish sign.  Last week of October 2008 On the daily chart 30 days EMA crosses 100 days EMA from upside. RSI and MACD both indicators also confirms the signal. MACD is also in positive zone and thereby has given the confirmation to a bullish outlook that led to the sharp high from 2860 to above 6000. by giving a sell signal at a price of 4600. The 14 days RSI is already in selling mode as it is heading lower. 127 . which is long-term bullish crossover. The 14 days RSI is already in strong buy mode.

Last week of February. • For year 2008. Mid week of June. First week of January. Last week of July. 4. First week of November. 2. Last week of October. Whole April month. Analysis of RSI:  Sell period: RSI shows the Sell period as it reaches to 70. in the following time • For year 2007. 128 . in the following time • For year 2007. Mid week of July. Second week of September. • For year 2009. Mid week of February. Last three weeks of March. First week of May and June. • For year 2008. Last week of November and December. 3. First and last of week June. 1.  Over Bought Zone: RSI shows the Over Bought zone as it reaches above 70. 2. 3. First two week of March. In last two week of March. 1.

Second week of October. 1. 129 . Third week of August. 2. Third week of January. 4. • For year 2009. Mid week of January. 1. • For year 2009. in the following time • For year 2007. • For year 2008. Last week of May.Whole May month. 2. 3.  Buy Period: RSI shows the Buy period as it reaches to 30. Last three weeks of October. Second week of February. 2. 1. Second week of June. Last week of June. Whole November month. • For year 2009. • For year 2008. 1. in the following time • For year 2007. First week of March. 1.  Over Sold Zone: RSI shows the Over Sold Zone as it reaches below 30. There is no over sold zone till June 2009. First three weeks of January. 3. First week of December.

Conclusions and suggestions 130 .CHAPTER 6 Findings.

it was highest high in last three years. And it is following head and shoulder pattern of chart. And highest low was in staring of 2009. Even number of volumes for Gold is also declining in the last three months. RSI is showing same position as gold. And as in last three months of chart May to July 2009. the gold was in bullish crossover in some of the month. Which suggest traders and investors should be ready for bearish crossover for future. of Volume for Crude Oil is increasing in last three months may to July 2009. • • • • • •  Crude Oil 2007-2009 • • • The prices of Crude oil have gone highest high in year July 2008. Even the RSI for last three months may to July 2009. there are some findings such as…  Gold 2007-2009 • There is up and down in the year 2007 in gold. Where in staring of 2009. No. So it leads to the hope for highs of Crude oil in future. it is neither in buy nor in sell position. Moreover MACD is in its Positive direction or trend. • • • 131 . In year 2008. At the end of June 2009. Where in 2007 it was highest low. Findings: As base on study. MACD is continuously going downtrend by showing negative effect.

for the most part. is typically light ahead of market holidays or in the advent of key report or statistical releases. Technically. for example. matching the strength of the market's previous bearish conviction. creating doubt regarding the viability of the prevailing trend. gold's chart indicates: Prices: an intermediate-term downtrend following a failure to score new highs in early July • RSI: a continuing downtrend • MACD: a continuing downtrend(negative) • Volume/Open Interest: a recent shift to bearish sentiment. The greater the volume. the higher the vertical bar on the chart. most importantly its timeliness. Volume. Volume The volume section of the chart indicates the number of commodity contracts changing hands on a given day. 132 . High volume tends to confirm a price trend. on normal probabilities and repetition in trading patterns. Technical analysis is concerned with what is actually happening in a market. Conclusions: Technical analysis has its strengths. namely its reliance. Volume. This discipline also has its weaknesses. It should be remembered that volume can sometimes sputter for reasons unrelated to market momentum. while low volume warns of flagging trading interest. Volume is a useful measure of the strength of price movements. Crude oil's chart indicates: • • • • •  Prices: an intermediate-term uptrend following a success to score new highs in early July RSI: a continuing uptrend MACD: a continuing uptrend (positive) Volume/Open Interest: a recent shift to bullish sentiment. It should be remembered that volume can sometimes sputter for reasons unrelated to market momentum. for example. is typically light ahead of market holidays or in the advent of key report or statistical releases. In Summary  Technically. matching the strength of the market's previous bullish conviction.

. 133 .  In Crude oil.  Investor and Traders should get knowledge about technical terms and chart patterns to sustain their loss.  The firm like Jainam is providing daily technical services to their sub brokers and clients so this type of approach should be taken care to make aware about the current market and its analysis.  In Gold. general trend is going downward. But there is lack of knowledge about the commodity market and its analysis which can be fulfilled by this type of technical analysis. the trend is going upward so investors can make profitable contracts in future. so it is advisable to investors for making new buy or stop loss. Suggestions: Based on the charts and explanation above.  The trading of commodity is being done through the time of Jesus where he has said in the bible about wheat traded so it is not a new that commodities are being trade.. there are some suggestions like.

com/university/technical/ http://www.economywatch.com www.nseindia.jainam.htm www.indianmba.bseindia.kitco.K.com/od/technicalanalysis/a/taproblems_ro.com  Reference Books: • Security analysis and portfolio management 14th edition V.htm http://forextrading.about. Sachdeva Himalaya Publishing House.com www.in www.amfiindia. •  Software: Meta Stock Professionals 134 .com/stock-markets-in-world/ www.about. Bibliography:  Website: www.com www.com/Occasional_Papers/OP62/op62.com/od/technicalanalysis/a/5benefitsta_ro.com www.html http://forextrading.indiamba.mcxindia.com http://www.investopedia.K. Bhalla (for technical analysis) Business Research Methodology J.

Rohan Mehta Mrs. Biranj Patel Designation Head of Dp Operator Research Exe. Kamlesh Patel Ms.Annexure:  List of Person Contacted in Organization: Sr. Mahavir Shah Mr. Dhawal Panchal Miss Shital Mehta Mr. Nikhil Tandel Mr. Hardik Shah Mr. Devesh Shah Miss Rupal Pachhayaa Mr. Jigna Patel Mrs. 0261-3087011 0261-3087007 0261-3087008 0261-3087014 0261-3087014 9925282225 0261-3087015 0261-3087013 0261-3087006 0261-3087004 0261-3087009 0261-3087003 9375798005 135 . No. Chetna Bhandari Mr. Research Manager Researcher Marketing Manager Commodity Head Trading Officer IT Exe. Contact No. Customer Care Head HR head HR Seniro Exe. 1 2 3 4 5 6 7 8 9 10 11 12 13 Name Mr. Mutual Fund Exe. Vibhati Arya Mr.

. & information about BSE 2. 2009 136 . 23/5/2009) Holiday from organization Project Report Progress: 1. Ltd. On Friday (Dt. Weekly Reports Week No: 1 Start date: 21st may 2009 End date: 23rd may 2009 Roll No: 14 Name of the student: Soyeb R. 21/5/2009) History of Jainam Share Consultant Pvt. Ltd. Submitted To: Varun Dhingra Date of reporting: 23rd may. Jindani Officer in charge in the company: Mr. On Thursday (Dt. Biranj Patel Contact No: 9375798005 Work completed in this Week: 1. On Saturday (Dt. 22/5/2009) Discussion about various department of Jainam pvt. 3. Some portion of Industry profile.

Week No: 2 Start date: 25th may 2009 End date: 30th may 2009 Roll No: 14 Name of the student: Soyeb R. 28/5/2009) Visiting Marketing Department On Friday (Dt. 2. functions and other information On Saturday (Dt. 2009 137 . 25/5/2009) Visiting HR department On Tuesday (Dt. On Monday (Dt. 7. Biranj Patel Contact No: 9375798005 Work completed in this Week: 3.. 26/5/2009) HR department activities. Jindani Officer in charge in the company: Mr. Role of HR manager On Wednesday (Dt. 8. Some portion of Industry profile. 4. 6. 30/5/2009) Holiday from organization Project Report Progress: 1. 5. Company profile 3. 27/5/2009) Reading Induction manual On Thursday (Dt. 29/5/2009) Marketing Dept. Department like HR and marketing Submitted To: Varun Dhingra Date of reporting: 30th may.

3. 3. 5/6/2009) Discussion of Various topics for Project report On Saturday (Dt. 4/6/2009) Visiting Mutual Fund department On Friday (Dt. (a) Marketing (b) IT (c) R&D (d) Mutual Fund Submitted To: Varun Dhingra Date of reporting: 6th June. Company profile Department like HR and marketing Department like. 4. Biranj Patel Contact No: 9375798005 Work completed in this Week: 2. Industry profile. 2009 138 . 6. 1/6/2009) Visiting IT department On Tuesday (Dt. 6/6/2009) Holiday from organization Project Report Progress: (Cumulating Work) 1.Week No: 3 Start date: 1st June 2009 End date: 6th June 2009 Roll No: 14 Name of the student: Soyeb R. 2/6/2009) Visiting R & D department On Wednesday (Dt. 7. Jindani Officer in charge in the company: Mr. 4. 5. 2. 3/6/2009) Visiting Mutual Fund department On Thursday (Dt. On Monday (Dt.

11/6/2009) Visiting DP department 12. 12/6/2009) Visiting KYC department 13. 9/6/2009) Visiting commodity department 10. 2009 139 . On Monday (Dt. 2. Industry profile. On Thursday (Dt. Company profile Department like HR and marketing Department like. 13/6/2009) Holiday from organization Project Report Progress: (Cumulating Work) 1. 4. On Friday (Dt. 3. (a) Marketing (b) IT (c) R&D (d) Mutual Fund Department like (a) Customer care (b) Commodity (c) KYC & DP Submitted To: Varun Dhingra Date of reporting: 13th June. On Wednesday (Dt. On Saturday (Dt. 5. On Tuesday (Dt. 8/6/2009) Visiting customer care department 9. 10/6/2009) Visiting MCX 11. Biranj Patel Contact No: 9375798005 Work completed in this Week: 8. Jindani Officer in charge in the company: Mr.Week No: 4 Start date: 8th June 2009 End date: 13th June 2009 Roll No: 14 Name of the student: Soyeb R.

On Monday (Dt. (a) Marketing (b) IT (c) R&D (d) Mutual Fund Department like (a) Customer care (b) Commodity (c) KYC & DP Submitted To: Varun Dhingra Date of reporting: 20th June. 17/6/2009) Visiting A/C & Banking Department 17. 4. 16/6/2009) Visiting General A/C department 16. 2009 140 . 18/6/2009) Visiting Collection department 18. On Saturday (Dt. 20/6/2009) Holiday from organization Project Report Progress: (Cumulating Work) 1.Week No: 5 Start date: 15th June 2009 End date: 20th June 2009 Roll No: 14 Name of the student: Soyeb R. 3. On Wednesday (Dt. On Thursday (Dt. On Friday (Dt. 15/6/2009) Visiting Security department 15. Company profile Department like HR and marketing Department like. On Tuesday (Dt. 5. Industry profile. 2. Biranj Patel Contact No: 9375798005 Work completed in this Week: 14. 19/6/2009) Visiting Marketing & Sales Department 19. Jindani Officer in charge in the company: Mr.

26/6/2009) study on detailed topic on commodity market 25. 24/6/2009) study on detailed topic on commodity market 23. Industry profile. Biranj Patel Contact No: 9375798005 Work completed in this Week: 20. 2009 Roll No: 14 Name of the student: Soyeb R. 27/6/2009) Holiday from organization Project Report Progress: (Cumulating Work) 1. 4. Company profile Department like. On Saturday (Dt. 3. 25/6/2009) study on detailed topic on commodity market 24.On Monday (Dt. 2009 End date: 27th June. On Tuesday (Dt. On Friday (Dt. On Wednesday (Dt.. (a) Marketing (b) IT (c) R&D (d) Mutual Fund (e) HR Department like (a) Customer care (b) Commodity (c) KYC & DP Submitted To: Varun Dhingra Date of reporting: 27th June. 23/6/2009) study on detailed topic on commodity market 22. 2. 22/6/2009) study on detailed topic on commodity market 21. Jindani Officer in charge in the company: Mr. On Thursday (Dt.Week No: 6 Start date: 22nd June. 2009 141 .

Week No: 7 Start date: 29th June. Biranj Patel Contact No: 9375798005 Work completed in this Week: 26. On Thursday (Dt. Industry profile. 5. (a) Marketing (b) IT (c) R&D (d) Mutual Fund (e) HR Department like (a) Customer care (b) Commodity (c) KYC & DP Collection of Secondary Data. 2.On Wednesday (Dt. 04/7/2009) Holiday from organization Project Report Progress: (Cumulating Work) 1. 01/7/2009) study on detailed topic on commodity market 29. On Tuesday (Dt. 29/6/2009) study on detailed topic on commodity market 27. 30/6/2009) study on detailed topic on commodity market 28. 2009 142 . Company profile Department like. On Saturday (Dt. 2009 Roll No: 14 Name of the student: Soyeb R. 03/7/2009) study on detailed topic on commodity market 31. Jindani Officer in charge in the company: Mr. 3. On Monday (Dt. 2009 End date: 04th July.On Friday (Dt. 02/7/2009) study on detailed topic on commodity market 30. 4. Submitted To: Varun Dhingra Date of reporting: 4th July..

2009 143 . 11/7/2009) Holiday from organization Project Report Progress: (Cumulating Work) a) b) c) d) Chapter 1 Industry profile Chapter 2 Company profile Chapter 3 Theoretical Framework – Technical analysis Chapter 4 Research . 6//2009) study on detailed topic on technical analysis of gold and crude oil 33. 2009 End date: 11th July. Data collection . Jindani Officer in charge in the company: Mr.Week No: 8 Start date: 6th July. On Monday (Dt. On Thursday (Dt. Biranj Patel Contact No: 9375798005 Work completed in this Week: 32. 10/7/2009) study on detailed topic on technical analysis of gold and crude oil 37.. 2009 Roll No: 14 Name of the student: Soyeb R. data presentation Submitted To: Varun Dhingra Date of reporting: 11th July. 9/7/2009) study on detailed topic on technical analysis of gold and crude oil 36. 7/7/2009) study on detailed topic on technical analysis of gold and crude oil 34. 8/7/2009) study on detailed topic on technical analysis of gold and crude oil 35. On Wednesday (Dt. On Tuesday (Dt. On Friday (Dt. On Saturday (Dt.

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