TO STUDY THE TECHNICAL ANALYSIS OF SHARE PRICE

MOVEMENTS OF INDIAN OIL SECTORS LISTED IN NATIONAL

STOCK EXCHANGE
PROJECT REPORT

Submitted by
REVATHY.T
(Register Number: 2035F0070)
Under the guidance of
(Prof.K.SINDHUJA)
Towards partial fulfilment of the requirements
for the award of the degree
MASTER OF BUSINESS ADMINISTRATION
Of
BHARATHIAR UNIVERSITY

DEPARTMENT OF MBA
SANKARA COLLEGE OF SCIENCE AND COMMERCE
Accredited by NAAC with „A‟ grade
An ISO 9001:2000 Certified Institution
Recognized by UGC & Approved by AICTE, New Delhi
Saravanampatty, Coimbatore-641035 (2020-2022)
CERTIFICATE ( Company Certificate)
 CERTIFICATE

This is to certify that the project report entitled “TITLE OF THE PROJECT” submitted in
partial fulfilment of the requirement for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

OF

BHARATHIAR UNIVERSITY
Is a Bonafide record of the project carried out by
REVATHY.T

(REG NO: 2035F0070)

................................. ......................................

FACULTY GUIDE HEAD OF THE DEPARTMENT

..............................
PRINCIPAL

The Viva-Voce Examination is held on ....................

_____________________ ______________________

INTERNAL EXAMINER EXTERNAL EXAMINER

 DECLARATION

I affirm that the project work titled “TO STUDY THE TECHNICAL ANALYSIS OF
SHARE PRICE MOVEMENTS OF INDIAN OIL SECTORS LISTED IN NATIONAL
STOCK EXCHANGE” being submitted in partial fulfilment for the award of MASTER OF
BUSINESS ADMINISTRATION is the original work carried out by me. It has not formed the
part of any other project work submitted for award of any degree or diploma, either in this or any
other University.

Signature of the Candidate

(REVATHY.T)
2035F0070
 ACKNOWLEDGEMENT

This Project Report is the blossom of an arduous Endeavour coupled with the
compassionate blessing of the almighty.

I thank our Honourable Secretary SHRI T.P RAMACHANDRAN, Sankara Educational

Institutions, Coimbatore for providing me an opportunity to undertake this MBA project work.

I thank to our respected Principal DR.V.RADHIKA, Sankara College of Science and

Commerce, Coimbatore.
I wish to express my gratitude and sincere thanks to our respected HOD- MBA Dept

Dr. PRIYA KALYANASUNDARAM , Sankara College of Science and Commerce,

Coimbatore.

I have a great pleasure in expressing my sincere gratitude to my beloved faculty guide

(Mr/Mrs/Dr. Faculty Name ) for giving valuable guidance during each stage of my study.

I wish to express my sincere thanks to all the members of (COMPANY NAME)

I wish to thank my belowed parents, faculty members, colleagues, friends and all well-
wishers of mine for their support and encouragement throughout my study.

I wish to express my deep sense of gratitude to the humanity for showing their blessings
at my entire endeavour.

(REVATHY.T)
 TABLE OF CONTANT

S.NO CHAPTER PARTICULAR PAGE NO

1. CHAPTER-I INTRODUCTION 1
1.1.Industry profile 3
1.2.Company profile 7
1.3.Objective of the study 8
1.4.Scope of the study 9
1.5.Limitation of the study 9
2. CHAPTER-II REVIEW OF LITERATURE 10
3. CHAPTER-III RESEARCH MEHODOLOGY 15
4. CHAPTER-IV DATA ANALYSIS AND 20
INTERPRETATION
5. CHAPTER-V FINDING SUGGESTIONS AND 48
CONCLUSION
BIBLIOGRAPHY 51

LIST OF TABLES

S.NO TABLE NO TITTLE PAGE

NO
1. Table 4.1 INDIAN OIL CORPORATION LTD 21
2. Table 4.2 BHARAT PETROLIUM 26
CORPORATION LTD
Table 4.3 HINDUSTAN PETROLIUM 30
CORPORATION LTD
Table4.4 GAS AUTHORITY OF INDIA LTD 34
Table 4.5 OIL AND NATURAL GAS 38
CORPORATION LTD
SIMPLE MOVING AVERAGE 38
EXPONENCIAL MOVING 42
AVERAGE
MOVING AVERAGE 45
CONVERGENCE DIVERGENCE
 APPENDIX

S.NO CHAPTER TITTLE PAGE

NO
1. CHAPTER-V INDIAN OIL CORPORATION LTD 25
2. CHAPTER-V BHARAT PETROLIUM 29
CORPORATION LTD
3. CHAPTER-V HINDUSTAN PETROLIUM 33
CORPORATION LTD
4. CHAPTER-V GAS AUTHORITY OF INDIA LTD 37
5. CHAPTER-V OIL AND NATURAL GAS 41
CORPORATION LTD
6 CHAPTER-V SIMPLE MOVING AVERAGE 47
7 CHAPTER-V EXPONENCIAL MOVING 49
AVERAGE

LIST OF CHARTS

S.NO CHART NO TITTLE PAGE

NO
1. Chart no-1 INDIAN OIL CORPORATION LTD 25
2. Chart no-2 BHARAT PETROLIUM 29
CORPORATION LTD
3. Chart no-3 HINDUSTAN PETROLIUM 33
CORPORATION LTD
4. Chart no-4 GAS AUTHORITY OF INDIA LTD 37
5. Chart no-5 OIL AND NATURAL GAS 41
CORPORATION LTD
6. Chart no-6 SIMPLE MOVING AVERAGE 44
7. Chart no-7 MOVING AVERAGE 48
CONVERGENCE DIVERGENCE
 CHAPTER – I

1. INTRODUCTION

ABOUT THE STUDY:

Technical analysis is a method of evaluating securities by analyzing statistics generated

by market activity, past prices and volume. Technical analysts do not attempt to measure a
security's intrinsic value; instead they look at stock charts for patterns and indicators that will
determine a stock's future performance. Technical analysis has become increasingly popular over
the past several years, as more and more people believe that the historical performance of a stock
is a strong indication of future performance. The use of past performance should come as no
surprise.

People using fundamental analysis have always looked at the past performance of
companies by comparing fiscal data from previous quarters and years to determine future
growth. The difference lies in the technical analyst's belief that securities move according to very
predictable trends and patterns. These trends continue until something happens to change the
trend, and until this change occurs, price levels are predictable. There are many instances of
investors successfully trading a security using only their knowledge of the security's chart,
without even understanding what the company does. However, although technical analysis is a
terrific tool, most agree it is much more effective when used in combination with fundamental
analysis. The methods used to analyze and predict the performance of a company's stock fall into
two broad categories: fundamental and technical analysis. Those who use technical analysis look
for peaks, bottoms, trends, patterns and other factors affecting a stock's price movement and then
make buy/sell decisions based on those factors.

It is a technique many people attempt, but few are truly successful at it.
The world of technical analysis is huge today. There are literally hundreds of different patterns
and indicators that investors claim to have success with. We have tried to keep this tutorial as

1
short as possible. Our goal is to introduce you to the different types of stock charts and the
various technical analysis tools available to investors.

Technical analysis employs models and trading rules based on price and volume
transformations, such as the relative strength index, moving averages, regressions, inter-market
and intra-market price correlations, business cycles, stock market cycles or, classically, through
recognition of chart patterns. Technical analysis analyzes price, volume and other market
information. Most large brokerage, trading group, or financial institutions will typically have
technical analysis.

Technical analysis is used in two major ways: predictive and reactive. Those who use technical
analysis for predictive purposes use the analysis to make predictions about future market moves.
Generally, these individuals make money by selling their predictions to others. Market letter
writers in print or on the web and the technical market gurus who frequent the financial news fall
into this category. The predictive technical analysts include the more well-known names in the
industry; these individuals like publicity because it helps market their services.

STRENGTHS OF TECHNICAL ANALYSIS

 Focus on price: To predict the future price, technicians believe that one should focus on
price movements. Price movements usually precede fundamental developments. By
focusing on price action, technicians are automatically focusing on the future.
 Supply, demand and price action: Many technicians use the open, high, low and close
when analyzing the price action of a commodity. Separately, these will not be able to tell
much. However, taken together, the open, high, low and close reflect forces of supply and
demand.
 Support/resistance : Simple chart analysis can help identify support and resistance
levels. These are usually marked by periods of trading range where the prices move
within a confined range for an extended period, telling us that the force of supply and
demand are dead locked.

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  Pictorial price history: A price chart can offer plenty of valuable information. It is an
easy to read historical account of a security‟s price movement over a period of time.
Charts are much easier to read than a table of numbers.

WEAKNESS OF TECHNICAL ANALYSIS

 Analyst bias: Just as with fundamental analysis, technical analysis is subjective and our
personal biases can be reflected in the analysis. It is important to be aware of these biases
when analyzing a chart.
 Open to interpretation: Furthering the bias argument is the fact that technical analysis is
open to interpretation. Even though there are standards, many times two technicians will
look at the same chart and paint two different scenarios or see different patterns.
 Too late: Technical analysis has been criticized for being too late. By the time the trend
is identified a substantial portion of the move has already taken place. After such a large
move, the reward to risk ratio is not great.

1.1.INDUSTRY PROFILE:

The stock exchange is the important segment of its capital market. If the stock exchange
is well-regulated function smoothly, then it is an indicator of healthy capital market. If the state
of the stock exchange is good, the overall capital market will grow and otherwise it can suffer a
great set back which is not good for the country. The government at various stages controls the
stock market and the capitals market. A capital market deals in financial assets, excluding coin
and currency. Banking accounts compromises the majority of financial assets. Pension and
provident funds insurance policies shares and securities. Financial assets are claim of holders
over issuer (business firms and governments). They enter low different segment of financial
market. Those having short maturities that are non transferable like bank savings and current
accounts set the identification of the monetary financial assets. This market is known as money
market, Equity, Preferential shares and bonds and debenture issued by companies and securities
issued by the government constitute the financial assets, which are traded in the capital market.

Money Market and Capital Market:-

3
 Both money market and capital market constitute the financial market. Capital market
generally known as stock exchange. This is a institution around which every activity of national
capital market revolves. Through the medium stock exchange the investor gets on impetus and
motivations to invest in securities without which they would not be able to liquidate the
securities. If there would have been no stock exchange many of the savers would have hold their
saving either in cash i.e. idle or in bank with low interest rate or low returns. The stock exchange
provides the opportunity to investors for the continuous trading in securities. It is continuously
engaged in the capital mobilization process. Another consequence of non-existence of stock
exchange would have been low saving of the community, which means low investment and
lower development of the country.

History of Stock Exchange

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 was known by the name Bombay Stock Exchange
or BSE. In 1965, BSE got permanent recognition from the Government of India.
A stock exchange is an entity which provides "trading" facilities for stock brokers and traders, to
trade stocks and other securities. Stock exchanges also provide facilities for the issue and
redemption of securities as well as other financial instruments and capital events including the
payment of income and dividends. The securities traded on a stock exchange include, shares
issued by companies, unit trusts, derivatives, pooled investment products and bonds.

Usually there is a central location at least for record keeping, but trade is less and less
linked to such a physical place, as modern markets are electronic networks, which gives those
advantages of speed and cost of transactions. Trade on an exchange is by members only. A stock
exchange is often the most important component of a stock market. Supply and demand in stock
markets is driven by various factors which, as in all free markets, affect the price of stocks.

Index parameters:

4
 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.
The Nifty is compiled based on the performance of the stock of 50 financially sound benchmark
companies.
Exchanges in India:-

There are 24 stock exchanges in India. The two most important exchange houses of the
Indian stock market are the Bombay Stock Exchange (BSE) and the National Stock Exchange
(NSE). Many of the regional stock exchanges have obtained the membership of these two stock
exchanges in India.

There are 18 other regional Exchanges, connected via the Inter-Connected Stock
Exchange (ICSE). The BSE and NSE allow nationwide trading via their VSAT systems.

National Stock Exchange (NSE):-

The National Stock Exchange (NSE) is a stock exchange located at Mumbai, India. It is
the 9th largest stock exchange in the world by market capitalization and largest in India by daily
turnover and number of trades for both equities and derivative trading. NSE has a market
capitalization of around US$1.59 Trillion and over 1,552 listings as of December 2010. Though
a number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most
significant stock exchanges in India and between them are responsible for the vast majority of
share transactions. The NSE's key index is the S&P CNX Nifty (Standard & Poor's CRISIL NSE
Index), known as the NSE NIFTY (National Stock Exchange Fifty), an index of fifty major
stocks weighted by market capitalization. As of 2006, the NSE VSAT (Very Small Aperture
Terminals), 2799 in total, covers more than 1500 cities across India.

Bombay Stock Exchange (BSE)

The Bombay Stock Exchange (formerly, The Stock Exchange, Bombay) is a stock
exchange located on Dalal Street, Mumbai and is the oldest stock exchange in Asia. The

5
equity market capitalization of the companies listed on the BSE wasUS$1.63 trillion as of
December 2010, making it the 4th largest stock exchange in Asia and the 8th largest in the
world. The BSE has the largest number of listed companies in the world.

As of December 2010, there are over 5,034 listed Indian companies and over
7700 scrip‟s on the stock exchange, the Bombay Stock Exchange has a significant trading
volume. The BSE SENSEX, also called "BSE 30", is a widely used market index in India
and Asia. Though many other exchanges exist, BSE and the National Stock Exchange of
India account for the majority of the equity trading in India.

Current Scenario

The current conditions of Indian markets have drastically improved. There is absolute
transparency and instant transactions. All Indian Stock markets are now computerized and
Internet Trading has become a common phenomenon. Indian stock markets have also developed
a dynamic nature and can change from a bullish temperament to a bearish slide. Any small bit of
information or even a rumour from any part of the country can affect the market and is a fairly
accurate indicator of the prevalent atmosphere in the region or country.

6
 1.2 COMPANY PROFILE

Annamalai capital services private limited is a Non-government company, incorporated on

21 June, 2004. It‟s a private unlisted company and is classified as „company limited by
shares‟.

Company‟s authorized capital stands at Rs 500.0 lakhs and has 13.7596% paid-up
capital which is Rs 68.8 lakhs. Annamalai Capital services private limited last annual general
meet (AGM) happened on 30 sep, 2017. The company last updated its financials on 31
March, 2017 as per ministry of corporate affairs (MCA).

Annamalai Capital Services private limited is majorly in null business from last 17 years and
currently, company operations are active. Current board members & directors are

SIVASUBRAMANIAN CHITRA, ANNAMALAI ARTHI and DEEPAK VIJAYAN.

Annamalai Capital Services private Limited registered address is 14 ARTs COLLEGE

ROAD COIMBATORE TAMILNADU TN 641018 IN.

CIN U67120TZ2004PTC011190

Date of Incorporation-21 Jun, 2004

Status Active

Company Category Company limited by Shares

Company Sub-category :Non-govt company

Company Class :Private

Authorized Capital :l500.0 lakhs

Paid-up Capital :68.8 lakhs

7
Paid-up Capital % :13.7596

Registrar Office City Coimbatore

Registration Number 11190

Listing Status Unlisted

AGM last held on-30 Sep, 2017

Balance Sheet last updated on-31 Mar, 2017

1.3.OBJECTIVES OF THE STUDY

Primary Objective :-

 To study the technical analysis of share price movements of Indian oil sectors listed in
National Stock Exchange.

Secondary Objectives :-

 To gain knowledge of the equity market and the instruments being traded in Indian stock
market.

 To provide information to the investors about the conditions prevailing in the Stock
market

 To find out a suitable level to entry and exit the trade in Indian oil Industries listed in
National Stock Exchange.

 To analyze the price fluctuation in equity stock.

 To assess the technical condition of the market

8
1.4. SCOPE OF THE STUDY

 Technical analysis is the most widely used tool for analyzing and predicting the trend of
the stock market. This approach is the oldest approach to equity investment.

 Technical analysis helps to study the behavior of the price of the stock to determine the
future prices of the stock.

 Hence the study conducted to analyze the price fluctuation in the stock market. For this
purpose in Indian oil sector.

 To calculate the support and resistance levels are seen as important in terms of Market
psychology, supply and demand.

 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).

1.5 LIMITATIONS OF THE STUDY

 This study deals with probabilities, not certainties.

 This technical analysis considers price movement only, ignoring the fundamental factors
of the company.

 The study is based on the secondary data collection and so there is no feedback directly
from traders.

 The study is conducted only for five years of Nifty Index data.

9
 CHAPTER -II

2.1.REVIEW OF LITERATURE

The purpose of the chapter is to review the various studies conducted and made to
consolidate the views and studies to determine the effectiveness of different factors which
influence the equity price.

Review of literature is essential for every researcher to carry on the investigation

successfully. A thorough review of literature will expose the researcher to previous studies
conducted, their area of study etc, which in turn would help the researcher to decide upon the
area not studied upon and that on which area the study should concentrate on.

The review of literature helps the researcher to have a firsthand knowledge about the
parallel work done by others. This enables to fix the title, objectives and methodology and to
have a comprehensive understanding of the proposed study and based on the concepts the
following studies are reviewed.

1. Isaac kofi Nti, Adebayo felix adekoya, Benjamin Asubam Weyori (2021)

The stock market is a key pivot in every growing and thriving economy, and every
investment in the market is aimed at maximizing profit and minimizing associated risk.
As a result, numerous studies have been conducted on the stock market prediction using
technical or fundamental analysis through various soft-computing techniques and
algorithms. This study attempted to undertake a systematic and critical review of about
one hundred and twenty-two (122) pertinent research work reported in academic journals
over 11 tears (2007 -2008) in the area of stock market prediction using machine learning.
The various techniques identified from these reports where clustered into three
categories, namely technical, and combined analyses.

2. Markus Perkmann(2020) Ashish Gupta suggests “Technical analysis assumes that

prices take a random walk and one can judge the future price movements based on the past

10
 trends”. It thus helps investors to take their investment decisions. However, ultimately, it is
the market sentiments that determine the prices ruling on the stock floors. Generally,
analysts use 2-3 moving averages to signal when to buy or sell. Then they watch closely to
see when the averages begin to cross one another. They can also build moving-average
envelopes around prices by adding and subtracting a fixed percentage of the average to
itself by, putting 'bands' of a percentage point above and below a y-day moving average.

3. Angadi Nazama(2019)The oil and gas industries play a positive role within the worldwide
political and financial state of affairs. It caters to 60% of world‟s energy demand. Crude
oil,coal, natural gas, nuclear energy and hydropower contributed 38%,29%25%,2%and 6%
of the world energy demand respectively, with 1% coming from solar, wind, wood, tidal
and geothermal sources. India ranks 4th in phrase of oil and petroleum consumption and
imports after America ,china and japan. India is taking powerful and efficient steps in
broaden diverse renewable energy assets (EIA, June 2014).
4. Vidwat(2018)The unique nature of capital market instruments it that it forces investors to
depend strongly on actors in their investment decisions. These technical factors relate to the
overall economy or to a specific industry to a company. The performance of the securities
that represent the company are said to depend on the performance of the company itself.
The result should also enrich the buy and hold strategy. The result should also enrich the
knowledge of stock traders in gaining more profit.

5. Sandra Naomi Morioka(2017)Several publication approach the subject of corporative

sustainability performance, considering this background, the present research conducts a
systematic literature review based on 261 papers towards the conceptual framework for
integrating sustainability performance into business. Moreover ,it aims at structuring the
literature in corporative sustainability performance to highlight its main
contributions and gaps. Data analysis initiates with a descriptive statistics of the sample,
including yearly distribution, main journals andmost cited papers. It is followed by the
delimitations of each sustainability performance approach of measurement, management
and reporting and the cross analysis among them.

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6. Ahmed‟s Wafi(2016)Hassan Hassan and Abel Mabrouk in their learning headed, “analysis
models in financial market” presented in third economic and finance conference in Rome.
This paper aims to find the better stock valuation model using the technical analysis
approach.

7. Arman khadjeh nassirtoussi(2015)

The quality of the interpretation of the sentiment in the onlion buzz in the social media
and the online news can determine the predictability of financial markets and cause huge
gains or losses. That is why a number of researches have turned their fill attention to the
different aspects of this problem lately. However , there is no well-rounded theoretical
and technical framework for approaching the problem to the best of our knowledge. We
believe the existing lack of such clarity on the topic is due to its interdisciplinary nature
that involves at its core both behavioral economic topics as well as artificial intelligence.

8.Bhavin Chotai (2014) presents an article in mbaskool.com as “technical analysis- analysis

securities for investments”. He suggests “Technical analysis really just studies demand and
supply in a market in an attempt to determine what direction, or trend, will continue in the
future. In other words, technical analysis attempts to understand the emotions in the market
by studying the market itself, as opposed to its components”. Technical analysis does not
attempt to measure a security‟s intrinsic value, but instead uses charts and other tools to
identify patterns that can suggest future activity. The repetitive nature of price movements is
attributed to the psychology of trading and human nature in general. In other words, market
participants tend to provide a consistent reaction to similar market situations over time.

9. G.B. Sabari Rajan & Dr.S. Purnima (2013) are present a paper in Indian journal of
research for the purpose of to study the historic prices and to analyze the movements of
securities with the help of some technical tools. They suggests as “Technical analysis is the
study of historic price movements of securities, trading volumes and market action, primarily
through the uses of charts for the purpose of forecasting future price trends.

12
10.Prof.Leopold A. Bernstein (1975) in his article had defended the function and value of
fundamental investment analysis as the basis of successful investment in equity shares. He
had argued that even though psychological and other factors accounted 50% of price changes
the other 50% of it was only due to fundamental factors.

11.Lui and Mole (1998) surveyed the use of technical and fundamental analysis by foreign
exchange dealers in Hong Kong in 1995. The dealers believed that technical analysis was
more useful than fundamental analysis in forecasting both trends and turning points. Similar
to previous survey results, technical analysis appears to be important to dealers at the shorter
time horizons up to 6 months. Respondents considered that moving averages and other trend
following systems as the most useful technical analysis. The typical length of historical
period used by the dealers was 12 months and the most popular data frequency was daily
data.

12.Technical analysis has higher application than fundamental analysis. I use technical
analysis to identify a stock, and once I am convinced with it, I look at the fundamentals,"
says AK Prabhakar, a Chennai-based independent technical analyst. Charts include bar
charts, candlestick charts and line charts. One also look at overlays that are superimposed on
the charts, which include moving average, Bollinger bands, pivot company, channels. Price
based indicators such as relative strength index, stochastic oscillators, average directional
index are also used in conjunction with other parameters. Volume made by the security is
also considered.

13.Pring (2002) technical analysis is to identify a trend reversal at a relatively early stage
and ride on that trend until the weight of the evidence shows or proves that the trend has
reversed. It is based on the assumption that people will continue to make the same mistakes
they have made in the past

14..Ravindra and wang (2006) examined the relationship of trading volume to stock indices
in Asia markets. Stock markets indices from six developing markets in Asia were analyzed
over a 24 months period ending in October, 2005. In South Korea market, the causality
extended from the stock indicted to trading volume, while the causality was the opposite in
the Taiwanese market.

13
15.Edwards, Magee and Bassetti (2007) “It will refer the action of the market itself as
opposed to the study of the goods in which the market deals. Technical analysis is the science
of recording, usually in graphic form, the actual history of trading (price changes, volume of
transactions, etc) in a certain stock or in “the Averages” and then deducting from that
pictured history the probable future trend.

16.Chitra (2011) observed that investors must also take into account various factors like
union budget, company performance, political and social events, climatic conditions etc,
before taking decision of investing in stocks/the script should also be fundamentally good.
Therefore it‟s advisable for a trader or investor to make technical analysis of stocks for better
return of investments.

17.In a comprehensive and influential study Brock, Lakonishok and LeBaron (1992)
analyzed 26 technical trading rules using 9o years of daily stock prices form the Dow Jones
Industrial Average up to 1987 and found that they all outperformed the market.

18.Murphy (1999) says it is the market action that is primarily through the use of charts, for
the purpose of forecasting future price trends. The term “market action” includes the three
principal sources of information available to the technician – price, volume, and open
interest.

14
 CHAPTER -III

3.1 RESEARCH METHODOLOGY

Research Methodology is the term refers to the systematic method, for defining the
problem, collecting the facts or data, analyzing the facts, and reaching certain conclusions either
in the form of solutions towards the concerned problem.

This study type is analytical, quantitative and historical. Analytical because facts and
exiting information is used for analysis, quantitative as relationship is examined by expressing
variables in measurable terms and historical as the historical information is used for analysis and
interpretation.

Sample design:-

 Sample Area: Sampling area of this study is Angel Broking Ltd., Coimbatore.

 Population: The population of the study is the Equity Market.

 Sampling frame: Sampling frame would be Indian stock index market.

 Sample: The sample of this study is the value of National Stock Exchange Index from
January 2015 to March 2021.

 Sampling Techniques: The research has adopted the Non-Probability convenience

sampling. A convenience sampling is one in, which the sample units are chosen primarily
on the basis of the convenience to the investigator.

3.2 SOURCE OF DATA COLLECTION:

Primary Data:-

15
 The primary data are those which are collected a fresh and for the first time and thus
happen. It is original in character.

Secondary Data:-

The secondary data are those which have already been collected by someone else and
which already has been passed though the statistical process. Weekly closing prices are taken
from NSE website. The data employed in the study consists of weekly indices CNX NIFTY for
the period January 2015 to March 2021.Theoretical references are collected from the websites.

3.3 TOOLS USED IN THE STUDY:

The following technical tools were employed in predicting the index price movements of
CNX NIFTY are as follows:

 Relative Strength Index(RSI)

 Simple Moving Average(SMA)
 Exponential Moving Average(EMA)
 Moving Average Convergence Divergence(MACD)

Relative Strength Index (RSI)

The RSI (Relative Strength Index) is one of the most popular momentum oscillators in
Technical Analysis use today. It was introduced in a 1978 book by J. Welles Wilder.

RSI helps to signal overbought and oversold conditions in a security. The indicator is
plotted in a range between zero and 100. A reading above 70 is used to suggest that a security is
overbought, 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.

16
 The standard calculation for RSI uses 14 trading days as the basis, which can be adjusted
to meet the needs of the user. If the trading period is adjusted to use fewer days, the RSI will be
more volatile and will be used for shorter term trades.

Formula:

100

RSI = 100  ----------

1 + RS

Average Gain = Total Gains / n

Average Loss = Total Loss / n

Average Gain

First RS = ---------------------------

Average Loss

(n = number of periods taken)

When the average gain is greater than the average loss, the RSI rises because RS will
be greater than 1. Conversely, when the average loss is greater than average gain, the RSI
declaims because RS will be less than 1.

Over bought / over sold:-

Wilder recommended using 70 and 30 and overbought and over sold levels respectively.
If the RSI rises above 30 it is considered bullish for the underlying stock. If the RSI falls below
70 it is a bearish signal. Basically, the RSI is a measure of the strength of a recent trend:

17
  RSI is considered strongly bullish if the 14-day RSI exceeds 70 this means the security
has trended up strongly over the past 14 days. Some would consider the security to be
overbought at these levels, and a potential selling point might thus be reached when the
RSI exceeds 70;

 If the 14-day RSI is between 50 and 70, the security has moved up over the past 14 days;
however, the uptrend has not been very pronounced;

 If the 14-day RSI is between 30 and 50, the security has moved down over the past 14
days; however, the downtrend has not been very strong;

 If the 14-day RSI is below 30, the security has trended strongly lower over the past 14
days and the RSI is considered strongly bearish. Some would consider the security to be
oversold at these levels, and an RSI reading below 30 might thus mark a potential buying
point.

SIMPLE MOVING AVERAGE:(SMA)

A simple moving average (SMA) calculates the average of a selected range of prices,
usually closing prices, by the number of periods in that range

A simple moving average (SMA) is an arithmetic moving average calculated by adding

recent prices and then dividing that figure by the number of time periods in the calculation
average. For example, one could add the closing price of a security for a number of time periods
and then divide this total by that same number of periods. Short-term averages respond quickly
to changes in the price of the underlying security, while long-term averages are slower to react.
There are other types of moving averages, including the exponential moving average (EMA).

The Formula for SMA is:

SMA= A1+A2+…An

18
EXPONENTIAL MOVING AVERAGE (EMA)

The exponential moving average is a type of moving average that gives more weight to
recent prices in an attempt to make it more responsive to new information. To calculate an EMA,
you must first compute the simple moving average (SMA) over a particular time period. Next,
you must calculate the multiplier for weighting the EMA (referred to as the "smoothing factor"),
which typically follows the formula: [2/(selected time period + 1)]. So, for a 20-day moving
average, the multiplier would be [2/(20+1)]= 0.0952. Then you use the smoothing factor
combined with the previous EMA to arrive at the current value. The EMA thus gives a higher
weighting to recent prices, while the SMA assigns an equal weighting to all values.

The mathematical formula looks like this:

Simple moving average = (N−period sum)

where:

N=number of days in a given period

period sum=sum of stock closing prices in that period

MOVING AVERAGE CONVERGENCE DIVERGANCE: (MACD)

Moving average convergence divergence (MACD) is a trend-

following momentum indicator that shows the relationship between two moving averages of a
security‟s price. The MACD is calculated by subtracting the 26-period exponential moving
average (EMA) from the 12-period EMA.

The result of that calculation is the MACD line. A nine-day EMA of the MACD called
the "signal line," is then plotted on top of the MACD line, which can function as a trigger for
buy and sell signals. Traders may buy the security when the MACD crosses above its signal line
and sell or short the security when the MACD crosses below the signal line. Moving average
convergence divergence (MACD) indicators can be interpreted in several ways, but the more
common methods are crossovers, divergences, and rapid rises/falls.

19
MACD Formula:

MACD = 12-Period EMA -26 Period EMA

CHAPTER – IV

DATA ANALYSIS AND INTERPRETATION

4.1. DATA ANALYSIS OF INDIAN OIL SECTORS:-

The analysis and interpretation section contain the tables and charts for showing the

 RSI = RELATIVE STRENGTH INDEX

 SMA = SIMPLE MOVING AVERAGE
 EMA = EXPONENCIAL MOVING AVERAGE
 MACD = MOVING AVERAGE CONVERGENCE DIVERGANCE

For the calculations of INDIAN OIL INDUSTRY indices during the period of 6 years from
January 2015 to March 2021.

INDIAN OIL INDUSTRY:-

In our Indian oil industry they are many oil corporations we can choose six corporations
for our data analysis and interpretation.

Such corporations are:-

 INDIAN OIL CORPORATION

 BHARATH PETROLEUM CORPORATION LTD
 HINDUSTHAN PETROLEUM CORPORATION LTD
 GAS AUTHORITY OF INDIA LTD

20
  OIL AND NATURAL GAS CORPORATION LTD

TABLE NO: 1

1. INDIAN OIL CORPORATION:

CHANG AVG AVG

DATE CLOSE GAIN LOSS RS RSI
E GAIN LOSS
Jan-15 86.82 4.53% 4.53 0
Feb-15 83.07 -4.32% 0 -4.32
10.94 10.9
Mar-15 92.16 0
% 4
Apr-15 90.3 -2.02% 0 -2.02
May-15 89.05 -1.38% 0 -1.38
Jun-15 96.35 8.20% 8.2 0
107.8 11.92 11.9
Jul-15 0
4 % 2
103.6
Aug-15 -3.92% 0 -3.92
1
100.5
Sep-15 -2.96% 0 -2.96
5
Oct-15 99.94 -0.61% 0 -0.61
105.2
Nov-15 5.33% 5.33 0
6
107.1
Dec-15 1.78% 1.78 0
4
100.5
Jan-16 -6.13% 0 -6.13
7
Feb-16 91.91 -8.61% 0 -8.61
Mar-16 98.4 7.06% 7.06 0 3.05 2.139286 1.425709516 58.77494838

21
 108.3 10.07 10.0
Apr-16 0
1 % 7 3.317333 2.139286 1.550673344 60.79466615
104.0
May-16 -3.96% 0 -3.96
3 3.686667 1.830714 2.013785928 66.81914297
110.2
Jun-16 5.98% 5.98 0
5 3.686667 2.113571 1.744282978 63.56060917
23.45 23.4
Jul-16 136.1 0
% 5 3.356 1.969286 1.704171201 63.02009282
143.8
Aug-16 5.69% 5.69 0
5 4.919333 1.870714 2.629655085 72.44917281
145.6
Sep-16 1.23% 1.23 0
3 5.298667 1.870714 2.832429681 73.90689241
161.8 11.12 11.1
Oct-16 0
2 % 1 4.834 1.870714 2.58403971 72.09852343
153.3
Nov-16 -5.24% 0 -5.24
5 4.78 1.590714 3.00493938 75.03083305
162.5
Dec-16 5.98% 5.98 0
2 4.78 1.753571 2.72586558 73.1605991
12.72 12.7
Jan-17 183.2 0
% 2 5.178667 1.71 3.028460039 75.1766186
192.5
Feb-17 5.09% 5.09 0
2 6.026667 1.71 3.524366472 77.89745799
193.5
Mar-17 0.52% 0.52 0
2 6.010667 1.71 3.515009747 77.85165357
220.0 13.69 13.6
Apr-17 0
2 % 9 5.926667 1.272143 4.658805914 82.32842732
214.7
May-17 -2.41% 0 -2.41
3 6.839333 0.657143 10.40768116 91.2339766
-
Jun-17 192.6 0 -10.3
10.30% 6.839333 0.829286 8.247258111 89.18598369
183.8 -
Jul-17 0 -4.56
2 10.30% 6.368667 1.565 4.06943557 80.27393807
227.3 23.68 23.6
Aug-17 0
5 % 8 5.697333 1.607857 3.543432548 77.99020918
200.2 - -
Sep-17 0
5 11.92% 11.92 7.276 1.607857 4.525277654 81.90136202

22
 207.7
Oct-17 3.75% 3.75 0
5 6.877333 2.459286 2.796475942 73.65978304
196.7
Nov-17 -5.29% 0 -5.29
5 5.564 2.459286 2.262445542 69.34814736
194.2
Dec-17 -1.26% 0 -1.26
7 5.184667 2.837143 1.827425311 64.63213383
Jan-18 208.8 7.48% 7.48 0 5.102667 2.927143 1.743224337 63.5465468
189.6
Feb-18 -9.17% 0 -9.17
5 4.860667 2.552857 1.904010446 65.56486216
Mar-18 176.6 -6.88% 0 -6.88 4.860667 3.207857 1.515237883 60.2423291
Apr-18 162.3 -8.10% 0 -8.1 4.462 3.699286 1.206178799 54.67275814
May-18 174.1 7.27% 7.27 0 3.614 4.277857 0.844815495 45.79403725
-
Jun-18 156 0 -10.4
10.40% 3.759333 4.277857 0.878788891 46.77422222
164.3
Jul-18 5.35% 5.35 0
5 3.724667 5.020714 0.741859914 42.59010199
155.5
Aug-18 -5.35% 0 -5.35
5 3.168667 4.848571 0.65352583 39.52317031
153.3
Sep-18 -1.41% 0 -1.41
5 3.168667 4.495 0.704931405 41.34661389
138.4
Oct-18 -9.72% 0 -9.72
5 3.168667 4.27 0.742076503 42.59723965
Nov-18 134.6 -2.78% 0 -2.78 3.168667 4.964286 0.638292566 38.96084126
137.0
Dec-18 1.82% 1.82 0
5 1.59 4.311429 0.368787276 26.9426289
136.8
Jan-19 -0.15% 0 -0.15
5 1.711333 4.311429 0.396929534 28.41442781
Feb-19 144.6 5.66% 5.66 0 1.461333 3.944286 0.370493782 27.0335982
162.8 12.62 12.6
Mar-19 0
5 % 2 1.838667 3.854286 0.477044724 32.29724304
158.0
Apr-19 -2.95% 0 -2.95
5 2.68 3.854286 0.695329874 41.01442938
165.5
May-19 4.75% 4.75 0
5 2.181333 3.41 0.639687195 39.01275784
Jun-19 155.9 -5.83% 0 -5.83 2.498 2.918571 0.855898189 46.11773394
Jul-19 139.3 - 0 - 2.498 2.756429 0.906245141 47.5408499

23
 10.65% 10.65
122.4 - -
Aug-19 0
5 10.65% 10.65 2.498 3.517143 0.710235581 41.52852325
20.38 20.3
Sep-19 147.4 0
% 8 2.013333 3.535 0.569542669 36.28717333
Oct-19 146.8 -0.41% 0 -0.41 3.372 3.535 0.953889675 48.82003764
- -
Nov-19 131.4 0
10.49% 10.49 3.015333 3.182143 0.947579499 48.65421408
125.5
Dec-19 -4.45% 0 -4.45
5 3.015333 3.830714 0.787146498 44.04487817
113.4
Jan-20 -9.64% 0 -9.64
5 3.015333 3.454286 0.872925283 46.60758711
105.7
Feb-20 -6.79% 0 -6.79
5 3.015333 3.944286 0.764481468 43.32612622
- -
Mar-20 81.65 0
22.79% 22.79 3.015333 4.429286 0.680771919 40.50352764
Apr-20 84.2 3.12% 3.12 0 2.894 6.046429 0.478629652 32.36981289
May-20 83.2 -1.19% 0 -1.19 3.102 6.046429 0.513030124 33.90746264
Jun-20 85.35 2.58% 2.58 0 2.724667 6.131429 0.444377136 30.76600458
Jul-20 88.45 3.63% 3.63 0 2.055333 5.920714 0.3471428 25.76881974
Aug-20 85.8 -3.00% 0 -3 2.297333 5.920714 0.388016246 27.95473377
- -
Sep-20 73.9 0
13.87% 13.87 1.980667 5.718571 0.346356899 25.72548923
Oct-20 79.55 7.65% 7.65 0 1.980667 5.948571 0.332965098 24.97928102
Nov-20 84.6 6.35% 6.35 0 2.490667 5.187857 0.480095461 32.43679031
Dec-20 90.95 7.51% 7.51 0 2.914 5.187857 0.561696269 35.96706223
Jan-21 93.25 2.53% 2.53 0 2.056 5.158571 0.398559956 28.49788127
Feb-21 98.05 5.15% 5.15 0 2.224667 4.409286 0.504541282 33.53455887
Mar-21 91.85 -6.32% 0 -6.32 2.568 4.091429 0.627653631 38.56186717

Chart no:-1
RSI of INDIAN OIL CORPORATION

24
 RSI
100
90
80
70
60
50
40 RSI
30
20
10
0
Sep-15

Sep-16

Sep-17

Sep-18

Sep-19
Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20
May-15

May-16

May-17

May-18

May-19
YEAR

Interpretation:

The above table shows that 16 days RSI value of INDIAN OIL CORPORATION price
during the period January 2015 to March 2021. In this table the RSI values are shown in the
ranges from 0 to 100.The 60% and 50% used as a warning signal. In this period the highest value
of RSI is Mar-2016 on 91.1129 to on Sep-2017 26.96780 on low in this year. RSI values 91%
and above indicate an overbought conditions and it is considered as a selling point. RSI values
26% and below indicate an oversold conditions and it is considered as a buying point. RSI
consider as a selling points because during this period RSI ranges 60 above.

25
 TABLE NO:2

2.BHARAT PETROLEUM:

AVG
DATE CLOSE CHANGE GAIN LOSS AVG LOSS RS RSI
GAIN
15.9
Jan-15 226.26 15.92% 0
2
Feb-15 225.46 -0.35% 0 -0.35
Mar-15 244.98 8.66% 8.66 0
Apr-15 231.07 -5.68% 0 -5.68
11.1
May-15 256.87 11.17% 0
7
Jun-15 265.69 3.43% 3.43 0
Jul-15 280.01 5.39% 5.39 0
Aug-15 266.86 -4.70% 0 -4.7
Sep-15 257.04 -3.68% 0 -3.68
Oct-15 263.2 2.40% 2.4 0
Nov-15 272.46 3.52% 3.52 0
Dec-15 269.6 -1.05% 0 -1.05
Jan-16 269.86 0.10% 0.1 0
Feb-16 232.43 -13.87% 0 -13.87
17.5
Mar-16 273.23 17.55% 0
5 3.61 2.095 1.724855097 63.3008008
Apr-16 295.5 8.15% 8.15 0 3.73 2.095 1.780429594 64.03433476
May-16 296.25 0.25% 0.25 0 4.31 2.07 2.083160801 67.56575266
Jun-16 323.95 9.35% 9.35 0 3.71 2.07 1.792960663 64.19570052
10.5
Jul-16 358.13 10.55% 0
5 4.38 1.66428571 2.631330472 72.46188394
Aug-16 364.15 1.68% 1.68 0 4.34 1.66428571 2.60472103 72.25860221
Sep-16 370.19 1.66% 1.66 0 4.21 1.66428571 2.529613734 71.66828794
Oct-16 404.42 9.25% 9.25 0 3.94 1.66428571 2.369527897 70.32225194
Nov-16 389.13 -3.78% 0 -3.78 4.60 1.32857143 3.465591398 77.60654948

26
Dec-16 384.03 -1.31% 0 -1.31 4.60 1.33571429 3.447058824 77.51322751
Jan-17 411.92 7.26% 7.26 0 4.43 1.42928571 3.101449275 75.61837456
Feb-17 407.2 -1.15% 0 -1.15 4.70 1.42928571 3.288355822 76.68103951
Mar-17 402.29 -1.21% 0 -1.21 4.70 1.43642857 3.272003978 76.5917821
10.6
Apr-17 445.25 10.68% 0
8 4.69 1.52285714 3.081613508 75.49988508
May-17 459.74 3.25% 3.25 0 5.46 0.53214286 10.25234899 91.11296672
Jun-17 395.82 -13.90% 0 -13.9 4.43 0.53214286 8.332885906 89.28520063
10.5
Jul-17 437.5 10.53% 0
3 3.85 1.525 2.525995316 71.6392136
12.2
Aug-17 491.21 12.28% 0
8 4.59 1.525 3.007494145 75.04675082
Sep-17 437.64 -10.91% 0 -10.91 4.80 1.525 3.144730679 75.87298
Oct-17 502.91 14.91% 14.9 0 4.04 2.30428571 1.754184749 63.69161508
Nov-17 467.86 -6.97% -6.97 4.99 2.30428571 2.163980161 68.39423925
Dec-17 480.72 2.75% 2.75 0 5.24 2.80214286 1.870820996 65.16675887
Jan-18 457.14 -4.91% 0 -4.91 4.74 2.80214286 1.692386125 62.85822488
Feb-18 398.87 -12.75% 0 -12.75 4.74 2.88285714 1.645002668 62.19285478
Mar-18 396.92 -0.49% 0 -0.49 4.74 3.7 1.281704782 56.17312073
Apr-18 359.68 -9.38% 0 -9.38 4.18 3.735 1.120173 52.83403759
May-18 375.1 4.29% 4.29 0 4.18 4.32285714 0.967842798 49.18293266
Jun-18 346.64 -7.59% 0 -7.59 4.51 4.23642857 1.065483833 51.58519356
Jul-18 361.91 4.41% 4.41 0 3.69 4.77857143 0.772680235 43.58824674
Aug-18 336.24 -7.09% 0 -7.09 3.78 4.77857143 0.79135334 44.17628407
Sep-18 347.42 3.33% 3.33 0 3.78 4.29214286 0.881037418 46.83784648
Oct-18 255.45 -26.47% 0 -26.47 3.23 4.29214286 0.752000205 42.9223811
17.9
Nov-18 301.23 17.92% 0
2 2.28 6.18285714 0.369259207 26.96780893
11.8
Dec-18 336.84 11.82% 0
2 3.66 5.40357143 0.67761452 40.39155075
Jan-19 320.77 -4.77% 0 -4.77 3.42 5.40357143 0.633768875 38.79183186
Feb-19 313.44 -2.29% 0 -2.29 3.18 5.24642857 0.606126617 37.73840807
17.7
Mar-19 369.15 17.77% 0
7 2.98 5.41 0.551491946 35.54591099
Apr-19 352.72 -4.45% 0 -4.45 4.25 5.05928571 0.840604264 45.67001611
May-19 380.11 7.77% 7.77 0 4.25 4.46642857 0.952182952 48.77529286

27
Jun-19 364.42 -4.13% 0 -4.13 4.81 4.43142857 1.084945197 52.03710862
Jul-19 320.82 -11.96% 0 -11.96 4.81 4.05642857 1.185243881 54.23851732
Aug-19 329.87 2.82% 2.82 0 4.50 4.91071429 0.916654545 47.825757
32.3
Sep-19 436.52 32.33% 0
3 4.70 4.36857143 1.076520602 51.84251969
12.0
Oct-19 488.99 12.02% 0
2 6.70 4.36857143 1.533028123 60.52155951
Nov-19 475.01 -3.91% 0 -3.91 7.56 3.86214286 1.956352876 66.17453863
Dec-19 456.44 -3.91% 0 -3.91 7.32 4.14142857 1.766988617 63.85962725
Jan-20 424.31 -7.04% 0 -7.04 7.32 2.53 2.892433653 74.30913179
Feb-20 395.9 -6.70% 0 -6.7 6.04 3.03285714 1.990814885 66.5642964
Mar-20 294.26 -25.67% 0 -25.67 5.19 3.51142857 1.479048007 59.66193485
16.7
Apr-20 343.57 16.76% 0
6 5.19 5.00428571 1.037824722 50.92806612
May-20 318.31 -7.35% 0 -7.35 6.39 4.84071429 1.320200679 56.90027983
Jun-20 347.29 9.10% 9.1 0 5.12 5.36571429 0.954472843 48.83530854
10.6
Jul-20 384.24 10.64% 0
4 5.77 5.04785714 1.143342295 53.34389648
Aug-20 378.67 -1.45% 0 -1.45 5.98 5.04785714 1.183953587 54.21148115
Sep-20 327.83 -13.43% 0 -13.43 5.98 4.85642857 1.23062215 55.169458
Oct-20 329.13 0.40% 0.4 0 5.98 4.96142857 1.204578174 54.63984849
Nov-20 346.36 5.24% 5.24 0 5.80 4.96142857 1.169737979 53.91148563
Dec-20 353.88 2.17% 2.17 0 3.87 4.96142857 0.779729341 43.81168096
Jan-21 356.2 0.66% 0.66 0 3.17 4.96142857 0.637921106 38.94699833
17.2
Feb-21 417.72 17.27% 0
7 3.21 4.68214286 0.68604119 40.68946797
Mar-21 397.38 -4.87% 0 -4.87 4.45 4.40285714 1.009733939 50.24216984

Chart no:-2
RSI of Bharath Petroleum Corporation Ltd

28
 RSI
100
90
80
70
60
50
40 RSI
30
20
10
0

Feb-19

Feb-20
Jul-15

Jul-16

Jul-17

Jul-18
Jan-15

Jan-16

Jan-17

Jan-18
Oct-15

Oct-16

Oct-17

Oct-18

Aug-19
Apr-15

Apr-16

Apr-17

Apr-18

May-19

Nov-19
YEAR

Interpretation:-

The above table shows that 14 days RSI value of bharath petroleum corporation ltd price
during the period January 2015 to March 2021. In this table the RSI values are shown in the
ranges from Feb-2016 in the value is 89.4962 to 100.The and 18% used as a warning signal. In
this period the highest value of RSI is 84.29726 on Apr-16 and lowest value Jul-17 is 21.95475.
RSI values 80 and above indicate an overbought conditions and it is considered as a selling
point. RSI values 18 and below indicate an oversold conditions and it is considered as a buying
point.

29
 TABLE NO:3

3.HINDUSTAN PETROLEUM:

DATE CLOSE CHANGE GAIN LOSS AVG GAIN AVG LOSS RS RSI
20. -
Jan-15 146.21 20.18%
18 5.68%
Feb-15 137.9 -5.68% 0 0
4.7
Mar-15 144.4 4.71% -3.79
1
Apr-15 138.92 -3.79% 0 0
7.9
May-15 149.97 7.95% 0
5
8.0
Jun-15 162.03 8.05% 0
5
26.
Jul-15 204.81 26.40% -8.48
4
Aug-15 187.44 -8.48% 0 -8.25
Sep-15 171.99 -8.25% 0 -0.71
Oct-15 170.77 -0.71% 0 0
9.3
Nov-15 186.69 9.32% -0.46
2
Dec-15 185.82 -0.46% 0 -2.42
Jan-16 181.32 -2.42% 0 -15.69
Feb-16 152.88 -15.69% 0 0
14.
Mar-16 175.05 14.51% 0
51 5.47 2.85 1.92213123 65.7784021
5.8
Apr-16 185.28 5.84% 0
4 5.07 2.84 1.78241206 64.0599603
8.7
May-16 201.43 8.72% 0
2 5.48 2.84 1.929145729 65.8603534
9.9
Jun-16 221.39 9.91% 0
1 5.77 2.57 2.24354346 69.1695205
26.
Jul-16 280.38 26.64% -3.41
64 6.48 2.57 2.518744793 71.580775

30
Aug-16 270.82 -3.41% 0 0 7.81 2.82 2.774987316 73.5098448
4.3
Sep-16 282.63 4.36% 0
6 7.24 2.82 2.570776256 71.9948849
10.
Oct-16 311.5 10.21% 0
21 5.66 2.21 2.56302521 71.9339623
0.8
Nov-16 314.13 0.85% -6.35
5 6.39 1.62 3.944909652 79.7771836
Dec-16 294.2 -6.35% 0 0 6.45 2.02 3.189551712 76.1310978
18.
Jan-17 347.57 18.14% 0
14 6.45 2.02 3.189551712 76.1310978
3.1
Feb-17 358.5 3.15% -2.25
5 7.08 1.99 3.558665231 78.0637544
Mar-17 350.43 -2.25% 0 0 7.31 1.98 3.694223827 78.6972237
Apr-17 357.43 2.00% 2 0 7.31 0.86 8.520399667 89.4962393
3.3
May-17 369.47 3.37% -7.91
7 7.45 0.86 8.68692756 89.6768094
Jun-17 340.23 -7.91% 0 0 6.66 1.42 4.678212851 82.388825
12.
Jul-17 383.2 12.63% 0
63 6.24 1.42 4.385040161 81.4300364
27.
Aug-17 488.35 27.44% -12.6
44 6.52 1.42 4.581325301 82.0831085
Sep-17 426.8 -12.60% 0 0 7.77 2.32 3.345325953 76.9867667
4.7
Oct-17 447.15 4.77% -6.81
7 5.87 2.08 2.822054277 73.8360597
Nov-17 416.7 -6.81% 0 0 6.21 2.57 2.419821826 70.7587105
0.4
Dec-17 418.6 0.46% -4.99
6 5.90 2.57 2.29844098 69.6826469
Jan-18 397.7 -4.99% 0 -4.41 5.20 2.92 1.77976045 64.0256771
Feb-18 380.15 -4.41% 0 -9.29 5.14 2.78 1.846548627 64.8697377
Mar-18 344.85 -9.29% 0 -11.7 5.14 3.45 1.49108993 59.856929
Apr-18 304.5 -11.70% 0 0 3.84 4.28 0.897598399 47.3018105
2.4
May-18 311.85 2.41% -16.88
1 3.62 4.12 0.878010743 46.7521683
Jun-18 259.2 -16.88% 0 0 3.79 5.33 0.711623542 41.575938
9.8
Jul-18 284.8 9.88% -10.88
8 3.65 5.33 0.684810296 40.6461367

31
Aug-18 253.8 -10.88% 0 -0.93 4.11 5.54 0.742521919 42.6119127
Sep-18 251.45 -0.93% 0 -10.86 4.11 5.61 0.733724041 42.3206937
Oct-18 224.15 -10.86% 0 0 3.21 6.38 0.503189703 33.4747971
Dec-18 253.25 9.00% 9 -7.8 1.25 5.48 0.228273616 18.5849157
Jan-19 233.5 -7.80% 0 -4.35 1.89 6.04 0.313660556 23.8768344
Feb-19 223.35 -4.35% 0 0 1.55 5.86 0.2649531 20.9456857
27.
Mar-19 283.85 27.09% 0
09 1.55 5.86 0.2649531 20.9456857
2.6
Apr-19 291.25 2.61% 0
1 3.46 5.51 0.627496757 38.5559452
11.
May-19 324.25 11.33% -10.55
33 3.64 5.19 0.701472004 41.2273609
Jun-19 290.05 -10.55% 0 -8.27 4.45 5.28 0.842731575 45.7327365
Jul-19 266.05 -8.27% 0 -2.22 4.45 5.04 0.88372093 46.9135802
Aug-19 260.15 -2.22% 0 0 4.45 5.20 0.856750069 46.1424552
15.
Sep-19 301.7 15.97% 0
97 4.28 3.99 1.072502685 51.7491578
7.8
Oct-19 325.25 7.81% -13.11
1 5.42 3.99 1.35839599 57.5982997
Nov-19 282.6 -13.11% 0 -6.4 5.27 4.15 1.270614564 55.9590599
Dec-19 264.5 -6.40% 0 -12.12 5.27 4.54 1.161264947 53.7308
Jan-20 232.45 -12.12% 0 -15.01 5.27 4.63 1.138691762 53.2424439
Feb-20 197.55 -15.01% 0 -3.77 5.27 5.70 0.924589753 48.0408748
Mar-20 190.1 -3.77% 0 0 4.63 5.41 0.855013193 46.0920276
15.
Apr-20 220.3 15.89% -11.69
89 4.63 5.10 0.90706788 47.5634816
May-20 194.55 -11.69% 0 0 5.76 5.94 0.970651912 49.2553711
11.
Jun-20 216.75 11.41% -0.81
41 3.83 5.94 0.644815973 39.202925
Jul-20 215 -0.81% 0 -6.26 4.46 6.00 0.743418702 42.6414321
Aug-20 201.55 -6.26% 0 -10.37 3.65 5.69 0.641225207 39.0699097
Sep-20 180.65 -10.37% 0 0 3.65 5.84 0.624755382 38.4522734
3.8
Oct-20 187.65 3.87% 0
7 3.65 5.68 0.642192607 39.1058031
11.
Nov-20 209.35 11.56% 0
56 3.93 5.68 0.690847372 40.8580564

32
 4.0
Dec-20 217.9 4.08% 0
8 3.61 5.68 0.635403571 38.8530135
0.3
Jan-21 218.6 0.32% 0
2 3.34 4.75 0.704651513 41.3369834
10.
Feb-21 242.45 10.91% -3.28
91 3.37 4.29 0.785107446 43.980963
Mar-21 234.5 -3.28% 0 0 4.15 3.66 1.133815198 53.1355855

Chart no:-3
RSI Of Hindustan Petroleum Corporation Ltd

RSI
100
90
80
70
60
50
40 RSI
30
20
10
0
Jan-16

Jan-19
Jan-15

Jan-17

Jan-18
Sep-15

Sep-16

Sep-17

Sep-18
May-15

May-16

May-17

May-18

May-19

YEAR

Interpretation:

The above table shows that 14 days RSI value of Hindustan petroleum corporation ltd
price during the period January 2015 to March 2021. In this table the RSI values are shown in
the ranges from 0 to 100.The 70% and 30% used as a warning signal. In this period the highest

33
 value of RSI is 90.48206 on Sep-2015and lowest value is 15.12170 on Sep-2018. RSI values 70
and above indicate an overbought conditions and it is considered as a selling point. RSI values
30 and below indicate an oversold conditions and it is considered as a buying point.

TABLE NO:4

4.GAS AUTHORITY OF INDIA LTD

AVG
DATE CLOSE CHANGE GAIN LOSS AVG GAIN RS RSI
LOSS
Jan-15 118.97 -4.90% 0 -4.90%
Feb-15 116.23 -2.30% 0 -2.30%
Mar-15 109.07 -6.16% 0 -6.16%
Apr-15 101.33 -7.09% 0 -7.09%
May-15 109.36 7.92% 7.92% 0.00%
Jun-15 110.31 0.86% 0.86% 0.00%
Jul-15 99.83 -9.50% 0 -9.50%
Aug-15 83.28 -16.58% 0 -16.58%
Sep-15 85.02 2.09% 2.09% 0.00%
Oct-15 86.75 2.03% 2.03% 0
Nov-15 102.68 18.37% 18.37% 0
Dec-15 105.5 2.74% 2.74% 0
Jan-16 103.67 -1.73% 0.00% -1.73%
Feb-16 85.82 -17.21% 0.00% -17.21%
Mar-16 100.24 16.80% 16.80% 0 0.024292857 0.05 0.519474569 34.18777644
Apr-16 101.35 1.11% 1.11% 0 0.036292857 0.04 0.838864124 45.61860298
May-16 104.19 2.80% 2.80% 0 0.037085714 0.04 0.891024541 47.1186133
Jun-16 108.32 3.97% 3.97% 0 0.039085714 0.04 1.050086356 51.22156698
Jul-16 107.37 -0.88% 0.00% -0.88% 0.041921429 0.03 1.303642825 56.59049272

34
 Aug-16 107.97 0.56% 0.56% 0 0.036264286 0.03 1.106100218 52.51887866
Sep-16 105.37 -2.41% 0.00% -2.41% 0.03605 0.03 1.09956427 52.37106984
Oct-16 121.47 15.28% 15.28% 0 0.03605 0.03 1.300438031 56.53001792
Nov-16 119.46 -1.66% 0.00% -1.66% 0.046964286 0.02 2.9577148 74.73289384
Dec-16 123.53 3.40% 3.40% 0 0.045471429 0.02 2.664713269 72.71273558
Jan-17 131.67 6.59% 6.59% 0 0.04645 0.02 2.722059439 73.1331534
Feb-17 145.38 10.41% 10.41% 0 0.038035714 0.02 2.228966095 69.03033446
Mar-17 141.36 -2.77% 0.00% -2.77% 0.043514286 0.02 2.550020929 71.83115199
Apr-17 158.98 12.47% 12.47% 0 0.043514286 0.02 2.443642198 70.96097845
May-17 155.25 -2.35% 0.00% -2.35% 0.052421429 0.01 9.506476684 90.4820614
Jun-17 135.54 -12.69% 0.00% -12.69% 0.040421429 0.01 5.619662363 84.89348935
Jul-17 141.28 4.23% 4.23% 0.00% 0.039628571 0.02 2.437609842 70.91002045
Aug-17 141.86 0.41% 0.41% 0.00% 0.04065 0.02 2.500439367 71.43215765
Sep-17 157.14 10.77% 10.77% 0 0.038107143 0.02 2.344024605 70.09591381
Oct-17 174.45 11.01% 11.01% 0 0.0458 0.02 2.930530165 74.55813953
ov-17 175.65 0.69% 0.69% 0 0.053264286 0.02 3.408135283 77.31467081
Dec-17 187.37 6.67% 6.67% 0 0.053757143 0.01 3.865434001 79.44684894
Jan-18 179.48 -4.21% 0.00% -4.21% 0.047607143 0.01 3.423215203 77.39201115
Feb-18 171.56 -4.41% 0.00% -4.41% 0.047607143 0.02 3.026793824 75.16634713
Mar-18 164.27 -4.25% 0.00% -4.25% 0.045178571 0.02 2.393113886 70.52854594
Apr-18 162.55 -1.05% 0.00% -1.05% 0.040471429 0.02 1.846805737 64.87291046
May-18 175.45 7.94% 7.94% 0.00% 0.033035714 0.02 1.457611094 59.31007951
Jun-18 170.13 -3.04% 0.00% -3.04% 0.038707143 0.02 1.871201657 65.17137703
Jul-18 187.57 10.26% 10.26% 0.00% 0.0298 0.02 1.30375 56.59251221
Aug-18 186.1 -0.79% 0.00% -0.79% 0.037128571 0.02 1.75311973 63.67756952
Sep-18 189.5 1.83% 1.83% 0 0.037128571 0.01 2.928450704 74.54467231
Oct-18 187.13 -1.25% 0.00% -1.25% 0.035414286 0.01 2.793239437 73.63730878
Nov-18 171.52 -8.34% 0.00% -8.34% 0.035121429 0.01 2.587894737 72.12850227
Dec-18 180.15 5.03% 5.03% 0.027428571 0.02 1.404535479 58.41192577
Jan-19 166.07 -7.81% 0.00% -7.81% 0.023157143 0.02 1.101107744 52.40605804
Feb-19 171 2.97% 2.97% 0.00% 0.022664286 0.03 0.838223938 45.59966394
Mar-19 173.82 1.65% 1.65% 0.00% 0.020021429 0.03 0.740479577 42.54457145
Apr-19 177.98 2.39% 2.39% 0 0.0212 0.02 0.890756303 47.11111111
May-19 180.5 1.42% 1.42% 0 0.022907143 0.02 1.122475903 52.88521305
Jun-19 155.98 -13.59% 0.00% -13.59% 0.023921429 0.02 1.395774558 58.25984558
Jul-19 128.85 -17.39% 0.00% -17.39% 0.023921429 0.03 0.893103307 47.17668093

35
Aug-19 129.8 0.74% 0.74% 0 0.01825 0.04 0.454414863 31.24382696
Sep-19 134.5 3.62% 3.62% 0 0.018778571 0.04 0.4964845 33.17672184
Oct-19 137.35 2.12% 2.12% 0 0.014035714 0.04 0.371088643 27.0652554
Nov-19 126.05 -8.23% 0.00% -8.23% 0.01555 0.04 0.41783795 29.47007799
Dec-19 121.05 -3.97% 0.00% -3.97% 0.014242857 0.04 0.327074974 24.64630714
Jan-20 120.45 -0.50% 0.00% -0.50% 0.014242857 0.05 0.312080133 23.78514277
Feb-20 104.4 -13.33% 0.00% -13.33% 0.014242857 0.04 0.359598258 26.44886132
Mar-20 76.55 -26.68% 0.00% -26.68% 0.01065 0.05 0.230021598 18.70061457
Apr-20 95.7 25.02% 25.02% 0.00% 0.01065 0.06 0.178157486 15.12170385
May-20 92.35 -3.50% 0.00% -3.50% 0.0264 0.06 0.441629824 30.63406548
Jun-20 102.15 10.61% 10.61% 0.00% 0.025221429 0.06 0.404977635 28.8244898
Jul-20 96.65 -5.38% 0.00% -5.38% 0.031092857 0.06 0.499254502 33.3001836
Aug-20 95.65 -1.03% 0.00% -1.03% 0.030078571 0.07 0.454898995 31.26670627
Sep-20 86.8 -9.25% 0.00% -9.25% 0.030078571 0.06 0.526309211 34.48247625
Oct-20 84.75 -2.36% 0.00% -2.36% 0.030078571 0.05 0.58591902 36.94507808
Nov-20 102.65 21.12% 21.12% 0.00% 0.02955 0.05 0.557321838 35.78719723
Dec-20 123.25 20.07% 20.07% 0.00% 0.04205 0.05 0.793075576 44.22990233
Jan-21 125.3 1.66% 1.66% 0.00% 0.054871429 0.05 1.034891553 50.85733201
Feb-21 141.8 13.17% 13.17% 0 0.056057143 0.05 1.189090909 54.31893688
Mar-21 135.5 -4.44% 0.00% -4.44% 0.065464286 0.04 1.477510882 59.63690786

Chart no:-4
RSI OF Gas Authority of India Ltd

36
 RSI
90
80
70
60
50
40
30
20
10
0

Jul-17

Jul-19
Jul-15

Jul-16

Jul-18
Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20
Oct-15

Oct-16

Oct-17

Oct-18

Oct-19
Apr-16

Apr-18
Apr-15

Apr-17

Apr-19
RSI

YEAR

Interpretation:

The above table shows that 21 days RSI value of Gas Authority of India Ltd price during
the period January 2015 to March 2021. In this table the RSI values are shown in the ranges from
0 to 100.The 70%and 30% used as a warning signal. In this period the highest value of RSI
is80.3432 Apr-2016, and lowest value is 23.1318 in Jan-2015. RSI values 70 and above indicate
an overbought conditions and it is considered as a selling point. RSI values 30 and below
indicate an oversold conditions and it is considered as a buying point.

37
 TABLE NO:5

5.OIL AND NATURAL GAS CORPORATION LTD

SMA- SIMPLE MOVING AVERAGE

SMA20
DATE PRICE
SMA 9 DAYS DAYS
Jan-15 226.26
Feb-15 225.46
Mar-15 244.98
Apr-15 231.07
May-15 256.87
Jun-15 265.69
Jul-15 280.01
Aug-15 266.86
Sep-15 257.04 250.4711111
Oct-15 263.2 254.5755556
Nov-15 272.46 259.7977778
Dec-15 269.6 262.5333333
Jan-16 269.86 266.8433333
Feb-16 232.43 264.1277778
Mar-16 273.23 264.9655556
Apr-16 295.5 266.6866667
May-16 296.25 269.9522222
Jun-16 323.95 277.3866667
Jul-16 358.13 287.9344444
Aug-16 364.15 298.1222222 273.65
Sep-16 370.19 309.2988889 280.8465
Oct-16 404.42 324.25 289.7945
Nov-16 389.13 341.6611111 297.002
Dec-16 384.03 353.9722222 304.65
Jan-17 411.92 366.9077778 312.4025
Feb-17 407.2 379.2355556 319.478
Mar-17 402.29 387.94 325.592

38
Apr-17 445.25 397.62 334.5115
May-17 459.74 408.2411111 344.6465
Jun-17 395.82 411.0888889 351.2775
Jul-17 437.5 414.7644444 359.5295
Aug-17 491.21 426.1066667 370.61
Sep-17 437.64 432.0633333 378.999
Oct-17 502.91 442.1733333 392.523
Nov-17 467.86 448.9133333 402.2545
Dec-17 480.72 457.6277778 411.5155
Jan-18 457.14 458.9488889 419.56
Feb-18 398.87 452.1855556 423.306
Mar-18 396.92 452.3077778 425.2455
Apr-18 359.68 443.6611111 425.022
May-18 375.1 430.76 425.2675
Jun-18 346.64 420.6488889 422.3785
Jul-18 361.91 404.9822222 421.0175
Aug-18 336.24 390.3577778 418.628
Sep-18 347.42 375.5466667 415.403
Oct-18 255.45 353.1366667 407.8155
Nov-18 301.23 342.2877778 402.7625
Dec-18 336.84 335.6122222 397.342
Jan-19 320.77 331.2888889 390.3935
Feb-19 313.44 324.4377778 386.2745
Mar-19 369.15 326.9388889 382.857
Apr-19 352.72 325.9177778 375.9325
May-19 380.11 330.7922222 373.056
Jun-19 364.42 332.6811111 366.1315
Jul-19 320.82 339.9444444 358.7795
Aug-19 329.87 343.1266667 351.237
Sep-19 436.52 354.2022222 350.206
Oct-19 488.99 372.8933333 354.712
Nov-19 475.01 390.8455556 358.6165
Dec-19 456.44 400.5444444 363.4545
Jan-20 424.31 408.4988889 365.915
Feb-20 395.9 410.2533333 368.378
Mar-20 294.26 402.4577778 364.9955

39
Apr-20 343.57 404.9855556 365.362
May-20 318.31 403.7011111 363.9065
Jun-20 347.29 393.7866667 368.4985
Jul-20 384.24 382.1477778 372.649
Aug-20 378.67 371.4433333 374.7405
Sep-20 327.83 357.1533333 375.0935
Oct-20 329.13 346.5777778 375.878
Nov-20 346.36 341.0733333 374.7385
Dec-20 353.88 347.6977778 374.7965
Jan-21 356.2 349.1011111 373.601
Feb-21 417.72 360.1466667 376.266
Mar-21 397.38 365.7122222 380.094

40
 CHART:5

SIMPLE MOVING AVERAGE CHART:

100%
90%
80%
70%
60%
50% SMA20 DAYS
40% SMA 9 DAYS
30% PRICE
20%
10%
0%
Jul-17
Jan-15

Sep-16
Feb-17

Jan-20
Aug-19
Oct-18
Mar-19
Jun-15

Jun-20
Apr-16

Dec-17
May-18
Nov-15

Nov-20

YEAR

INTERPRETATION:

The above table shows that 9 days and 21 days SMA value of Gas Authority of India Ltd
price during the period January 2015 to March 2021. In this table the simple moving average
values are shown in the ranges from 0 to 100.The 70%and 30% used as a warning signal. In this
period the highest value of SMA , and Oct -18,9 days is 353.13 lowest value. is in Mar-2020
highest value 372.89.

41
 TABLE NO:6

EMA- EXPONENCIAL MOVING AVERAGE

DATE PRICE EMA 9DAYS EMA 20 DAYS

Jan-15 226.26
Feb-15 225.46
Mar-15 244.98
Apr-15 231.07
May-15 256.87
Jun-15 265.69
Jul-15 280.01
Aug-15 266.86
Sep-15 257.04 251.128
Oct-15 263.2 253.5424
Nov-15 272.46 257.32592
Dec-15 269.6 259.780736
Jan-16 269.86 261.7965888
Feb-16 232.43 255.923271
Mar-16 273.23 259.3846168
Apr-16 295.5 266.6076935
May-16 296.25 272.5361548
Jun-16 323.95 282.8189238
Jul-16 358.13 297.8811391
Aug-16 364.15 311.1349112 277.9595238
Sep-16 370.19 322.945929 286.7433787
Oct-16 404.42 339.2407432 297.950676
Nov-16 389.13 349.2185946 306.6344211
Dec-16 384.03 356.1808756 314.0054286
Jan-17 411.92 367.3287005 323.3306259
Feb-17 407.2 375.3029604 331.3181853
Mar-17 402.29 380.7003683 338.0774058
Apr-17 445.25 393.6102947 348.2843195
May-17 459.74 406.8362357 358.8991462
Jun-17 395.82 404.6329886 362.415418

42
Jul-17 437.5 411.2063909 369.5663306
Aug-17 491.21 427.2071127 381.151442
Sep-17 437.64 429.2936902 386.5313046
Oct-17 502.91 444.0169521 397.6149899
Nov-17 467.86 448.7855617 404.3049909
Dec-17 480.72 455.1724494 411.5826108
Jan-18 457.14 455.5659595 415.9214098
Feb-18 398.87 444.2267676 414.297466
Mar-18 396.92 434.7654141 412.6424692
Apr-18 359.68 419.7483313 407.5984245
May-18 375.1 410.818665 404.5033365
Jun-18 346.64 397.982932 398.9925425
Jul-18 361.91 390.7683456 395.4608718
Aug-18 336.24 379.8626765 389.8207888
Sep-18 347.42 373.3741412 385.7826184
Oct-18 255.45 349.7893129 373.3699881
Nov-18 301.23 340.0774504 366.499513
Dec-18 336.84 339.4299603 363.6747975
Jan-19 320.77 335.6979682 359.5886263
Feb-19 313.44 331.2463746 355.193519
Mar-19 369.15 338.8270997 356.5227077
Apr-19 352.72 341.6056797 356.1605451
May-19 380.11 349.3065438 358.4414455
Jun-19 364.42 352.329235 359.0108317
Jul-19 320.82 346.027388 355.3736096
Aug-19 329.87 342.7959104 352.9446944
Sep-19 436.52 361.5407283 360.9042473
Oct-19 488.99 387.0305827 373.1028904
Nov-19 475.01 404.6264661 382.8083294
Dec-19 456.44 414.9891729 389.8208695
Jan-20 424.31 416.8533383 393.1055486
Feb-20 395.9 412.6626707 393.3716868
Mar-20 294.26 388.9821365 383.9324786
Apr-20 343.57 379.8997092 380.088433
May-20 318.31 367.5817674 374.2047727
Jun-20 347.29 363.5234139 371.641461

43
 Jul-20 384.24 367.6667311 372.8413219
Aug-20 378.67 369.8673849 373.3964341
Sep-20 327.83 361.4599079 369.0567737
Oct-20 329.13 354.9939263 365.2542238
Nov-20 346.36 353.2671411 363.4547739
Dec-20 353.88 353.3897129 362.5428907
Jan-21 356.2 353.9517703 361.9388059
Feb-21 417.72 366.7054162 367.2513005
Mar-21 397.38 372.840333 370.1207005

EMA CHART NO-6

600

500

400

300 EMA PRICE

EMA EMA 9DAYS
200 EMA EMA 20 DAYS

100

0
Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20
Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

YEAR

INTERPRETATION:

The above table shows that 9 days and 21 days SMA value of Gas Authority of India Ltd
price during the period January 2015 to March 2021. In this table the exponencial moving
average values are shown in the ranges.The 70%and 30% used as a warning signal. In this period
the highest value of EMA is Nov-2017 is( 448.78) And in lowest value is Sep-2015( 251.128)

44
 TABLE NO:7

MACD- MOVING AVERAGE CONVERGENCE DIVERGENCE

MACD SIGNNAL
DATE PRICE
12 DAYS EMA 21 DAYS EMA LINE LINE

Jan-15 226.26
Feb-15 225.46

Mar-15 244.98
Apr-15 231.07
May-15 256.87

Jun-15 265.69
Jul-15 280.01

Aug-15 266.86
Sep-15 257.04

Oct-15 263.2

Nov-15 272.46
Dec-15 269.6 256.0846154

Jan-16 269.86 258.2039053

Feb-16 232.43 254.2386891

Mar-16 273.23 257.1604293

Apr-16 295.5 263.0588248

May-16 296.25 268.1651594

Jun-16 323.95 276.7474426
Jul-16 358.13 289.267836

Aug-16 364.15 300.7881689

Sep-16 370.19 311.4653737 282.0447826 29.42059

Oct-16 404.42 325.7660855 293.1698024 32.59628

45
Nov-16 389.13 335.51438 301.8934567 33.62092

Dec-16 384.03 342.9783215 309.3604152 33.61791

Jan-17 411.92 353.5847336 318.6840138 34.90072

Feb-17 407.2 361.8332361 326.7309216 35.10231

Mar-17 402.29 368.0573537 333.5999288 34.45742
Apr-17 445.25 379.9331454 343.7499352 36.18321
May-17 459.74 392.211123 354.2944866 37.91664 34.57326

Jun-17 395.82 392.7663349 358.0695333 34.6968 34.59797

Jul-17 437.5 399.6484372 365.2904848 34.35795 34.54997

Aug-17 491.21 413.7348315 376.7377134 36.99712 35.0394

Sep-17 437.64 417.4125497 382.2742849 35.13826 35.05917

Oct-17 502.91 430.5660036 393.2411681 37.32484 35.5123

Nov-17 467.86 436.3035415 400.0246983 36.27884 35.66561

Dec-17 480.72 443.1368428 407.3606348 35.77621 35.68773

Jan-18 457.14 445.2911747 411.8860317 33.40514 35.23121

Feb-18 398.87 438.1494555 410.702756 27.4467 33.67431
Mar-18 396.92 431.8064624 409.4497782 22.35668 31.41079

Apr-18 359.68 420.7100835 404.9252529 15.78483 28.28559

May-18 375.1 413.6931476 402.2138663 11.47928 24.92433

Jun-18 346.64 403.3772787 397.1616966 6.215582 21.18258

Jul-18 361.91 396.9976974 393.9569969 3.0407 17.55421

Aug-18 336.24 387.6503593 388.7099972 -1.05964 13.83144

Sep-18 347.42 381.4610733 384.9563611 -3.49529 10.36609

Oct-18 255.45 362.0747543 373.1830556 -11.1083 6.071213

Nov-18 301.23 352.7140229 366.6418687 -13.9278 2.071401

Dec-18 336.84 350.2718655 363.9326079 -13.6607 -1.07503

Jan-19 320.77 345.733117 360.0087345 -14.2756 -3.71515

Feb-19 313.44 340.7649451 355.7752131 -15.0103 -5.97417

Mar-19 369.15 345.1318767 356.9911029 -11.8592 -7.15118

Apr-19 352.72 346.2992802 356.6028208 -10.3035 -7.78165

May-19 380.11 351.5009294 358.7398371 -7.23891 -7.6731

46
Jun-19 364.42 353.4884788 359.2562155 -5.76774 -7.29203

Jul-19 320.82 348.4625589 355.7620141 -7.29946 -7.29352

Aug-19 329.87 345.6021653 353.4081946 -7.80603 -7.39602

Sep-19 436.52 359.5895245 360.9638133 -1.37429 -6.19167

Oct-19 488.99 379.4972899 372.6025576 6.894732 -3.57439
Nov-19 475.01 394.191553 381.912325 12.27923 -0.40367
Dec-19 456.44 403.7682372 388.6875682 15.08067 2.6932

Jan-20 424.31 406.9285084 391.9259711 15.00254 5.155067

Feb-20 395.9 405.2318148 392.2872465 12.94457 6.712967

Mar-20 294.26 388.1592279 383.3756786 4.783549 6.327084

Apr-20 343.57 381.2993467 379.7569806 1.542366 5.37014

May-20 318.31 371.608678 374.1708914 -2.56221 3.78367

Jun-20 347.29 367.8673429 371.727174 -3.85983 2.254969

Jul-20 384.24 370.3862132 372.8647036 -2.47849 1.308277

Aug-20 378.67 371.6606419 373.3924579 -1.73182 0.700259

Sep-20 327.83 364.9174663 369.2504162 -4.33295 -0.30638
Oct-20 329.13 359.4117022 365.6031057 -6.1914 -1.48339

Nov-20 346.36 357.403748 363.8537324 -6.44998 -2.47671

Dec-20 353.88 356.861633 362.9470295 -6.0854 -3.19844

Jan-21 356.2 356.7598433 362.3336632 -5.57382 -3.67352

Feb-21 417.72 366.1383289 367.3687847 -1.23046 -3.18491

Mar-21 397.38 370.9447399 370.097077 0.847663 -2.37839

47
 Chart:7

Oil And Natural Gas( MACD )chart:

50
MACD CHART
40

30

20
MACD

MACD LINE
10 SIGNAL LINE

0
Jan-15

Sep-15
Jan-16

Sep-16
Jan-17

Sep-17
Jan-18

Sep-18
Jan-19
May-17

May-18

May-19
May-15

May-16

-10

-20
MONTHS

Interpretation:

The above table shows that 14 days MACD and SIGNAL LINE value of OIL AND
NATURAL GAS CORPORATION price during the period January 2015 to March 2021. In this
table the MACD values are shown in the ranges from 0 to 100.The 70% and 30% used as a
warning signal. In this period the highest value of is Sep-2015 (37.9166) MACD on, and lowest
value is May-2017 (14.2756)on low the value in MACD.

48
 CHAPTER-V

5.1 FINDINGS SUGGESSION AND CONCLUSION:

FINDINGS:

 Indian oil fluctuating trends is from RSI 2015-2016, 2017-2018,2018-2019,2019-2020

and 2020-2021.(i.c.91.112,49.182,48.775,56.90,and 50.241) of which indicates a
continuous increase in Mar-2016 but decrease in Apr-2018.

 The fluctuating trend for bharath petroleum is from RSI 2015-2016, 2017-2018,2018-
2019,2019-2020 and 2020-2021.(i.c.89.676,46.752,45.732,49.255,and 61.60) of which
indicates a continuous increase in Mar-2016 and decrease in Sep-2017.

 The Hindustan petroleum fluctuating trend from RSI 2015-2016, 2017-2018,2018-

2019,2019-2020 and 2020-2021.(i.c.74.55,72.128,27.06,18.94,and 59.63) of which
indicates a continuous increase in the year 2019 and decrease in year 2018 April.

 The RSI value of Hindustan petroleum corporation ltd price between Jan-2015 to Mar -
2021 is ranges from 0to 100. The 70% and 30% are used as warning signal. The highest
value of RSI is 90.482 on Sep-2015 and lowest value is 15.122.

 The SMA value of Gas authority of india ltd price values ranges from 0 to 100 the lowest
value of SMA in Aug-2018 is 355.13 and the highest value as of Mar -2020 is 372.89.

 The MACD and singnal line value of oil and natural gas corporation ranges from 0 to 100
between Jan -2015 to Mar -2021. The highest value of MICD 38.67 and the lowest value
is in the month of May is 14.656.

49
4.3. SUGGESTIONS

 The trader must know what the trend of market and then place the order.
 The investors should be trained to use the technical analysis tools. Since it will help them
in their day to day investments to get more returns.

 Index Price movements do not only depend on technical analysis and the
Fundamental factors also affect the index movements. So the investor considers this
factor before going to take investment decision.

 Fundamental analysis can also be suggested to the investors together corporate, growth of
earnings and profitability.
 The company should orient the investors to mainly watch the business, economic, social
and political factors that affect the supply and demand for securities.
 The investors can also use more number of charts which will depict a true picture on the
movement of the securities.

 The trader must know what the trend of price is and then place the order. Don‟t buy the
share when the market is high point that leads to difficulty to book profit.
 The investors should analyze market data in real time; plan your own market timing
strategy to make money, regardless of upwards and downwards trending markets.
 Minute – by – Minute trading volume shows the reversal points of the market, and
therefore when to buy and sell can be identified.

 Don‟t put all your money in one stock or in one sector. Select one good stock in each
sector and diversify your investments.
 The investor buys the nifty shares at support level and sells at resistance level.
 To maintain a strict stop loss to reduce the level of loss.
 Don‟t buy the share when the market is high point that leads to difficulty to book profit.

50
4.3. CONCLUSION

Technical Analysis is a method of evaluating securities by analyzing the past market

price. This study concentrated on tools such as

 RSI = RELATIVE STRENGTH INDEX

 SMA = SIMPLE MOVING AVERAGE
 EMA = EXPONENCIAL MOVING AVERAGE
 MACD = MOVING AVERAGE CONVERGENCE DIVERGANCE

This study also focussed the forecasting of future price movements based on an
examination of past price movements.

All tools are tested yearly wise for the CNX NIFTY index closing price from January
2015 to March 2021. The price movement plotted on the graph is based on calculated data
and it is used for predictions. Technical Analysis does not give absolute predictions about the
future. Instead it can be used as an anticipatory tool.

The basic premise of technical analysis is that prices move in trends or waves, which may be
upward or downward. It is believed that the present trends are influenced by the past trends
and that the projection of future trends is possible by an analysis of past price trends. The
technical analyst, therefore, analyses the price and volume movements‟ securities as the
market index. Thus, technical analysis is really a study of past or historical price and volume
movements so as to predict the future stock price behavior.

51
 BIBLIOGRAPHY

REFERENCE BOOKS:

 Angadi Nazhama,(2019) ” Research Methodology and Techniques.

 Ahme‟s Wafi”(2016) ” Research Methodology and Techniques-published in New York.
 Kothari.C.R, (1990)”Research Methods and Techniques”-WishwaPrakashan Publishing.
 Prasanna Chandra, (2000) “Financial Management – Theory and Practice”, Tata McGraw
Hill.
 Bhalla V.K, (1997) “Security Analysis and Portfolio Management”, S.Chand & Co Ltd.
 John J.Murphy, (1999) “Technical Analysis of the Financial Market” New York Institute
of Finance.
 Robert D.Edward, (2007)”Technical Analysis of Stock Trends” AMACOM Publisher.

WEBSITES:

 www.ivestopedia.com
 www.investing.com
 www.business standard.com
 www.yahoo finance.com
 www.money control.com
 https://economictimes.indiatimes.com

52
 APPENDIX

ORIGINAL DATA OF INDIAN OIL INDUSTRY

INDIAN OIL CORPORATION LTD

Date Price Open High Low Volume Chg%

Jan-15 86.82 83.19 88.75 81.66 72.30M 4.53%
Feb-15 83.07 86.75 86.86 76.69 72.93M -4.32%
Mar-15 92.16 84.7 93.85 84.25 79.78M 10.94%
Apr-15 90.3 92.44 96.5 86.34 70.94M -2.02%
May-
89.05 92.11 93.66 80.85 73.86M -1.38%
15
100.4
Jun-15 96.35 89.25 84.05 104.19M 8.20%
6
107.8 116.4
Jul-15 95.75 95.75 188.03M 11.92%
4 7
103.6 109.2 110.2
Aug-15 91.5 339.83M -3.92%
1 9 6
100.5 102.5
Sep-15 105.5 96 205.14M -2.96%
5 4
100.7 102.6
Oct-15 99.94 97.78 97.73M -0.61%
4 3
105.2 107.0
Nov-15 100.4 96.75 137.28M 5.33%
6 6
107.1 102.4
Dec-15 105.9 109.9 119.99M 1.78%
4 3
100.5 107.0
Jan-16 114 97.68 109.24M -6.13%
7 3
101.2 101.5
Feb-16 91.91 86.22 99.88M -8.61%
5 3
102.1
Mar-16 98.4 93.22 92.75 104.75M 7.06%
5
Apr-16 108.3 98.91 109.9 97.9 75.97M 10.07%

53
 1 3
May- 104.0 108.6
109 98.14 115.66M -3.96%
16 3 3
110.2 111.2 101.8
Jun-16 104.5 120.17M 5.98%
5 5 9
110.5 137.4
Jul-16 136.1 110.5 237.17M 23.45%
3 8
143.8 137.2 148.3 132.8
Aug-16 282.01M 5.69%
5 4 4 4
145.6 149.8 137.5
Sep-16 145 189.24M 1.23%
3 6 7
161.8 146.9 166.6 146.3
Oct-16 192.92M 11.12%
2 6 5 4
153.3 163.4 140.8
Nov-16 163.9 143.67M -5.24%
5 5 5
162.5 153.4 163.4
Dec-16 145.1 162.20M 5.98%
2 5 8
196.2 162.9
Jan-17 183.2 163.9 225.59M 12.72%
5 8
192.5 181.6
Feb-17 185 202 177.23M 5.09%
2 8
193.5 192.9 195.7
Mar-17 183.1 199.54M 0.52%
2 8 5
220.0 193.5 189.3
Apr-17 223.7 171.65M 13.69%
2 2 8
May- 214.7 225.4
220.5 208 307.78M -2.41%
17 3 5
215.3 -
Jun-17 192.6 214.2 188.1 172.41M
2 10.30%
183.8 182.0
Jul-17 192.6 199.3 157.26M -4.56%
2 5
227.3 231.4 183.0
Aug-17 186 269.62M 23.68%
5 8 5

54
 200.2 229.2 229.2 187.2 -
Sep-17 202.55M
5 5 5 5 11.92%
207.7 202.5 199.0
Oct-17 221 184.12M 3.75%
5 5 5
196.7
Nov-17 208.5 210.5 192.6 171.21M -5.29%
5
194.2
Dec-17 196.5 208.5 191 131.49M -1.26%
7
187.1
Jan-18 208.8 195 213.7 223.52M 7.48%
3
189.6 180.3
Feb-18 209.8 211.1 178.51M -9.17%
5 2
206.4 164.3
Mar-18 176.6 189.5 316.66M -6.88%
5 5
156.7
Apr-18 162.3 177.9 181.3 229.69M -8.10%
5
May-
174.1 163.4 177 151.1 271.24M 7.27%
18
-
Jun-18 156 174.1 177.2 150 190.82M
10.40%
164.3
Jul-18 156.2 169.1 151.2 186.19M 5.35%
5
155.5
Aug-18 166.2 171.8 151.5 127.16M -5.35%
5
153.3 145.5
Sep-18 157 160.2 134.49M -1.41%
5 5
138.4 105.2
Oct-18 153 159.1 324.89M -9.72%
5 5
139.7
Nov-18 134.6 155.5 132.1 290.01M -2.78%
5
137.0 148.2
Dec-18 133.7 127.5 419.50M 1.82%
5 5
Jan-19 136.8 137.2 139.5 129.4 213.65M -0.15%

55
 5 5 5
137.3 120.9
Feb-19 144.6 146.8 261.45M 5.66%
5 5
162.8 169.7 143.2
Mar-19 144.9 400.05M 12.62%
5 5 5
158.0 146.8
Apr-19 163.1 163.8 244.47M -2.95%
5 5
May- 165.5
159 168.8 141.5 259.98M 4.75%
19 5
170.7
Jun-19 155.9 167.8 150.8 147.72M -5.83%
5
-
Jul-19 139.3 155.9 157.5 132 443.21M
10.65%
122.4 137.9 116.2 -
Aug-19 141.9 244.30M
5 5 5 12.10%
117.7 149.4 116.2
Sep-19 147.4 315.71M 20.38%
5 5 5
140.0
Oct-19 146.8 149.8 156 259.24M -0.41%
5
128.3 -
Nov-19 131.4 141 144 191.01M
5 10.49%
125.5 121.8
Dec-19 131.5 131.6 126.88M -4.45%
5 5
113.4 125.9 111.9
Jan-20 128.2 611.42M -9.64%
5 5 5
105.7 113.3 118.3
Feb-20 100.9 277.59M -6.79%
5 5 5
108.4 -
Mar-20 81.65 112.9 74.45 421.11M
5 22.79%
Apr-20 84.2 81.65 89.5 76.6 246.53M 3.12%
May-
83.2 82.65 84.7 71.15 294.51M -1.19%
20
Jun-20 85.35 85.3 96.4 83.75 538.56M 2.58%

56
Jul-20 88.45 85.65 95.65 82.5 615.50M 3.63%
Aug-20 85.8 88.35 91.75 84.55 464.67M -3.00%
-
Sep-20 73.9 85.8 86.6 71.65 401.52M
13.87%
Oct-20 79.55 73.95 81.9 73.45 396.84M 7.65%
Nov-20 84.6 80.05 87.35 76.85 340.48M 6.35%
Dec-20 90.95 85 97.5 84.1 576.03M 7.51%
Jan-21 93.25 91.3 103.9 90.25 543.30M 2.53%
Feb-21 98.05 95.8 104.6 93.4 715.26M 5.15%
Mar-21 91.85 101 105 90.1 567.44M -6.32%

BHARATH PETROLEUM CORPORATION LTD

Date Price Open High Low Volume Chg%

Jan-15 226.26 196.06 230.61 190.35 93.53M 15.92%
Feb-15 225.46 225.4 233.5 208.18 91.86M -0.35%
Mar-15 244.98 229.6 246.52 215.46 91.02M 8.66%
Apr-15 231.07 245.03 252.29 217.67 73.47M -5.68%
May-15 256.87 234.16 258.33 212.59 68.04M 11.17%
Jun-15 265.69 257.16 267.08 242.62 88.18M 3.43%
122.28
Jul-15 280.01 267.4 298.22 260.83 5.39%
M
126.18
Aug-15 266.86 282.2 295.97 242.59 -4.70%
M
Sep-15 257.04 263.23 271.61 245.22 76.59M -3.68%
Oct-15 263.2 259.01 279.67 252.97 73.34M 2.40%
Nov-15 272.46 263.77 279.2 260.31 53.85M 3.52%

57
Dec-15 269.6 272.6 286.1 262.04 61.13M -1.05%
Jan-16 269.86 269.82 286.13 260.15 76.13M 0.10%
119.76 -
Feb-16 232.43 269.21 269.89 220.91
M 13.87%
101.78
Mar-16 273.23 232.43 278.55 232.35 17.55%
M
Apr-16 295.5 271.93 300.56 265.45 61.27M 8.15%
May-16 296.25 296.71 309.61 266.24 79.30M 0.25%
Jun-16 323.95 300.64 325.71 292.82 74.77M 9.35%
Jul-16 358.13 324.81 363.69 322.39 99.95M 10.55%
123.91
Aug-16 364.15 360.73 373.27 337.19 1.68%
M
Sep-16 370.19 362.76 379.86 340.28 85.54M 1.66%
Oct-16 404.42 372.24 415.72 371.64 52.95M 9.25%
121.12
Nov-16 389.13 405.51 410.83 375.36 -3.78%
M
Dec-16 384.03 384.81 389.77 361.46 72.97M -1.31%
Jan-17 411.92 386.75 439.2 384.69 57.11M 7.26%
Feb-17 407.2 412.16 442.95 400.04 64.53M -1.15%
Mar-17 402.29 410.21 411.37 373.9 88.72M -1.21%
Apr-17 445.25 401.76 461.13 390.74 61.21M 10.68%
May-17 459.74 450.05 476.2 425.01 64.39M 3.25%
-
Jun-17 395.82 457.72 462.3 370.81 91.49M
13.90%
Jul-17 437.5 396.25 446.18 396.25 77.28M 10.53%
Aug-17 491.21 438.38 496.27 432.06 90.52M 12.28%
110.27 -
Sep-17 437.64 494 507.09 417.3
M 10.91%
Oct-17 502.91 442.93 512.15 433.64 73.49M 14.91%
Nov-17 467.86 503.29 507.56 452.63 67.91M -6.97%
Dec-17 480.72 468.74 503.75 454.4 54.70M 2.75%
Jan-18 457.14 481 485.64 432.02 79.11M -4.91%
Feb-18 398.87 456.02 458.71 392.51 86.28M -

58
 12.75%
Mar-18 396.92 401.14 434.94 373.75 79.01M -0.49%
150.42
Apr-18 359.68 398.22 422.04 343.43 -9.38%
M
129.37
May-18 375.1 362.7 383.5 333.87 4.29%
M
114.41
Jun-18 346.64 376.07 398.5 336 -7.59%
M
Jul-18 361.91 348.21 378.39 337.77 94.29M 4.41%
Aug-18 336.24 366.79 376.07 328.25 87.08M -7.09%
Sep-18 347.42 339.39 356.06 301.09 91.21M 3.33%
253.97 -
Oct-18 255.45 345.43 356.39 221.51
M 26.47%
132.28
Nov-18 301.23 258.33 318.36 255.45 17.92%
M
Dec-18 336.84 299 349.61 294.54 90.13M 11.82%
Jan-19 320.77 335.26 342.92 307.87 80.57M -4.77%
Feb-19 313.44 322.4 323.79 289.76 90.31M -2.29%
Mar-19 369.15 314.09 380.62 313.07 99.59M 17.77%
117.89
Apr-19 352.72 369.57 370.96 309.63 -4.45%
M
160.92
May-19 380.11 352.95 391.58 323.14 7.77%
M
Jun-19 364.42 387.68 389.91 346.45 95.00M -4.13%
-
Jul-19 320.82 363.07 364.79 304.76 98.65M
11.96%
Aug-19 329.87 320.36 332.29 286.32 76.62M 2.82%
310.37
Sep-19 436.52 329.64 447.62 317.85 32.33%
M
268.57
Oct-19 488.99 462.43 506.07 441.49 12.02%
M
177.65
Nov-19 475.01 482.9 509.79 453.14 -2.86%
M

59
 123.75
Dec-19 456.44 471.76 473.11 437.96 -3.91%
M
135.37
Jan-20 424.31 456.86 458.62 416.51 -7.04%
M
131.82
Feb-20 395.9 423.89 473.57 390.46 -6.70%
M
255.36 -
Mar-20 294.26 401.14 421.94 234
M 25.67%
132.20
Apr-20 343.57 289.71 348.07 266.64 16.76%
M
182.20
May-20 318.31 336.14 338.19 270.96 -7.35%
M
180.51
Jun-20 347.29 319.71 373.33 313.21 9.10%
M
324.75
Jul-20 384.24 350.07 446.64 334.56 10.64%
M
251.34
Aug-20 378.67 384.43 403.09 363.07 -1.45%
M
224.90 -
Sep-20 327.83 378.81 404.86 323.89
M 13.43%
178.07
Oct-20 329.13 332.43 337.12 301.79 0.40%
M
205.67
Nov-20 346.36 328.53 385.36 319.61 5.24%
M
177.74
Dec-20 353.88 348.12 380.02 331.5 2.17%
M
164.25
Jan-21 356.2 353.88 399.29 349.37 0.66%
M
224.50
Feb-21 417.72 360.29 434.39 353.41 17.27%
M
448.98
Mar-21 397.38 423.43 447.94 385.45 -4.87%
M

60
 HINDUSTAN PETROLEUM CORPORATION LTD

Date Price Open High Low Volume Chg%

Jan-15 146.21 122.22 147.89 120.69 169.65M 20.18%
Feb-15 137.9 143.55 147.5 126.25 172.85M -5.68%
Mar-15 144.4 140 148.88 134.44 126.92M 4.71%
Apr-15 138.92 144.91 152.09 130 119.25M -3.79%
May-15 149.97 141.11 150.88 123.57 112.72M 7.95%
Jun-15 162.03 149.98 165.73 146.58 126.03M 8.05%
Jul-15 204.81 163.33 210.31 161.79 188.87M 26.40%
Aug-15 187.44 208.22 220.21 167.22 204.71M -8.48%
Sep-15 171.99 187.08 187.08 165.78 114.29M -8.25%
Oct-15 170.77 173.55 184.22 167.8 110.63M -0.71%
Nov-15 186.69 171.13 188.61 161.55 90.12M 9.32%
Dec-15 185.82 187.14 190.4 177.22 86.98M -0.46%
Jan-16 181.32 186.67 202.22 172.78 103.54M -2.42%
Feb-16 152.88 180.91 181.85 141.14 139.66M -15.69%
Mar-16 175.05 153 179.07 151.78 112.05M 14.51%
Apr-16 185.28 174.22 194.05 172.34 64.30M 5.84%
May-16 201.43 187.55 211.99 177.96 108.71M 8.72%
Jun-16 221.39 204.44 223.32 196.32 92.90M 9.91%
Jul-16 280.38 220.69 283.91 220.69 144.11M 26.64%
Aug-16 270.82 282.89 295.11 253.55 191.43M -3.41%
Sep-16 282.63 274.21 289.87 259.67 130.94M 4.36%
Oct-16 311.5 283.87 314.3 281 75.49M 10.21%
Nov-16 314.13 313.33 324.27 269.3 203.57M 0.85%
Dec-16 294.2 307.4 310.17 273.33 108.59M -6.35%
Jan-17 347.57 295.97 367 294.5 84.80M 18.14%
Feb-17 358.5 348.6 388.67 346.17 97.72M 3.15%
Mar-17 350.43 347.13 354 332.4 119.81M -2.25%
Apr-17 357.43 349.27 379.33 343.67 72.74M 2.00%
May-17 369.47 359.87 383.2 328.03 92.39M 3.37%
Jun-17 340.23 369.33 369.33 327.07 73.32M -7.91%
Jul-17 383.2 341.4 392 332.93 94.99M 12.63%
Aug-17 488.35 383.2 492.8 381.05 136.56M 27.44%

61
Sep-17 426.8 491.4 491.4 396.65 98.73M -12.60%
Oct-17 447.15 435.35 484.35 421.75 77.61M 4.77%
Nov-17 416.7 452 452 406.25 90.09M -6.81%
Dec-17 418.6 418 446.65 400 64.53M 0.46%
Jan-18 397.7 419 435 372.1 109.48M -4.99%
Feb-18 380.15 397.3 409.8 365.2 83.43M -4.41%
Mar-18 344.85 377 385.5 323.5 59.89M -9.29%
Apr-18 304.5 347 370 290.05 129.24M -11.70%
May-18 311.85 307.5 330.15 272.3 162.15M 2.41%
Jun-18 259.2 314 325.35 256.55 131.43M -16.88%
Jul-18 284.8 260.4 293.6 250.6 127.16M 9.88%
Aug-18 253.8 288.9 296.5 250.7 100.26M -10.88%
Sep-18 251.45 255.9 264.35 233.45 103.39M -0.93%
Oct-18 224.15 250.05 256.95 163 354.57M -10.86%
Dec-18 253.25 229.8 258.6 216 149.88M 9.00%
Jan-19 233.5 253.6 258.5 226.85 98.28M -7.80%
Feb-19 223.35 234.7 239.3 211.2 90.19M -4.35%
Mar-19 283.85 224.5 292 223.35 165.75M 27.09%
Apr-19 291.25 284 294.85 246 134.47M 2.61%
May-19 324.25 291.75 332 260 166.50M 11.33%
Jun-19 290.05 333.3 333.5 283.35 94.87M -10.55%
Jul-19 266.05 289.5 301.25 249.95 103.46M -8.27%
Aug-19 260.15 264.5 269.2 223.75 87.45M -2.22%
Sep-19 301.7 257.35 312.7 244.25 168.13M 15.97%
Oct-19 325.25 310 328.75 298.15 127.16M 7.81%
Nov-19 282.6 322.15 327.45 280.55 96.75M -13.11%
Dec-19 264.5 282.6 283.95 257.85 63.93M -6.40%
Jan-20 232.45 264.9 270.65 231.35 104.70M -12.12%
Feb-20 197.55 231.3 245 194.5 79.46M -15.01%
Mar-20 190.1 200.7 226.85 150 178.45M -3.77%
Apr-20 220.3 190.1 228.5 175.55 126.08M 15.89%
May-20 194.55 211 220 170.35 134.14M -11.69%
Jun-20 216.75 196.3 242.1 192.3 181.00M 11.41%
Jul-20 215 218.2 240.7 200.5 186.99M -0.81%
Aug-20 201.55 215 223 200.5 170.33M -6.26%
Sep-20 180.65 200 204.8 170.85 155.86M -10.37%

62
Oct-20 187.65 181.4 189.6 162.9 156.79M 3.87%
Nov-20 209.35 188 223.4 181.15 185.28M 11.56%
Dec-20 217.9 210 234.4 203.9 172.25M 4.08%
Jan-21 218.6 219.25 237.6 214.05 145.97M 0.32%
Feb-21 242.45 220.9 259.25 212.3 194.32M 10.91%
Mar-21 234.5 246.4 257.9 225.9 141.10M -3.28%

OIL AND NATURAL GAS CORPORATION LTD

Date Price Open High Low Volume Chg%
120.6
Jan-15 146.21 122.22 147.89 169.65M 20.18%
9
126.2
Feb-15 137.9 143.55 147.5 172.85M -5.68%
5
134.4
Mar-15 144.4 140 148.88 126.92M 4.71%
4
Apr-15 138.92 144.91 152.09 130 119.25M -3.79%
123.5
May-15 149.97 141.11 150.88 112.72M 7.95%
7
146.5
Jun-15 162.03 149.98 165.73 126.03M 8.05%
8
161.7
Jul-15 204.81 163.33 210.31 188.87M 26.40%
9
167.2
Aug-15 187.44 208.22 220.21 204.71M -8.48%
2
165.7
Sep-15 171.99 187.08 187.08 114.29M -8.25%
8
Oct-15 170.77 173.55 184.22 167.8 110.63M -0.71%
161.5
Nov-15 186.69 171.13 188.61 90.12M 9.32%
5
177.2
Dec-15 185.82 187.14 190.4 86.98M -0.46%
2
Jan-16 181.32 186.67 202.22 172.7 103.54M -2.42%

63
 8
141.1 -
Feb-16 152.88 180.91 181.85 139.66M
4 15.69%
151.7
Mar-16 175.05 153 179.07 112.05M 14.51%
8
172.3
Apr-16 185.28 174.22 194.05 64.30M 5.84%
4
177.9
May-16 201.43 187.55 211.99 108.71M 8.72%
6
196.3
Jun-16 221.39 204.44 223.32 92.90M 9.91%
2
220.6
Jul-16 280.38 220.69 283.91 144.11M 26.64%
9
253.5
Aug-16 270.82 282.89 295.11 191.43M -3.41%
5
259.6
Sep-16 282.63 274.21 289.87 130.94M 4.36%
7
Oct-16 311.5 283.87 314.3 281 75.49M 10.21%
Nov-16 314.13 313.33 324.27 269.3 203.57M 0.85%
273.3
Dec-16 294.2 307.4 310.17 108.59M -6.35%
3
Jan-17 347.57 295.97 367 294.5 84.80M 18.14%
346.1
Feb-17 358.5 348.6 388.67 97.72M 3.15%
7
Mar-17 350.43 347.13 354 332.4 119.81M -2.25%
343.6
Apr-17 357.43 349.27 379.33 72.74M 2.00%
7
328.0
May-17 369.47 359.87 383.2 92.39M 3.37%
3
327.0
Jun-17 340.23 369.33 369.33 73.32M -7.91%
7
332.9
Jul-17 383.2 341.4 392 94.99M 12.63%
3

64
 381.0
Aug-17 488.35 383.2 492.8 136.56M 27.44%
5
396.6 -
Sep-17 426.8 491.4 491.4 98.73M
5 12.60%
421.7
Oct-17 447.15 435.35 484.35 77.61M 4.77%
5
406.2
Nov-17 416.7 452 452 90.09M -6.81%
5
Dec-17 418.6 418 446.65 400 64.53M 0.46%
Jan-18 397.7 419 435 372.1 109.48M -4.99%
Feb-18 380.15 397.3 409.8 365.2 83.43M -4.41%
Mar-18 344.85 377 385.5 323.5 59.89M -9.29%
290.0 -
Apr-18 304.5 347 370 129.24M
5 11.70%
May-18 311.85 307.5 330.15 272.3 162.15M 2.41%
256.5 -
Jun-18 259.2 314 325.35 131.43M
5 16.88%
Jul-18 284.8 260.4 293.6 250.6 127.16M 9.88%
-
Aug-18 253.8 288.9 296.5 250.7 100.26M
10.88%
233.4
Sep-18 251.45 255.9 264.35 103.39M -0.93%
5
-
Oct-18 224.15 250.05 256.95 163 354.57M
10.86%
Dec-18 253.25 229.8 258.6 216 149.88M 9.00%
226.8
Jan-19 233.5 253.6 258.5 98.28M -7.80%
5
Feb-19 223.35 234.7 239.3 211.2 90.19M -4.35%
223.3
Mar-19 283.85 224.5 292 165.75M 27.09%
5
Apr-19 291.25 284 294.85 246 134.47M 2.61%
May-19 324.25 291.75 332 260 166.50M 11.33%
Jun-19 290.05 333.3 333.5 283.3 94.87M -

65
 5 10.55%
249.9
Jul-19 266.05 289.5 301.25 103.46M -8.27%
5
223.7
Aug-19 260.15 264.5 269.2 87.45M -2.22%
5
244.2
Sep-19 301.7 257.35 312.7 168.13M 15.97%
5
298.1
Oct-19 325.25 310 328.75 127.16M 7.81%
5
280.5 -
Nov-19 282.6 322.15 327.45 96.75M
5 13.11%
257.8
Dec-19 264.5 282.6 283.95 63.93M -6.40%
5
231.3 -
Jan-20 232.45 264.9 270.65 104.70M
5 12.12%
-
Feb-20 197.55 231.3 245 194.5 79.46M
15.01%
Mar-20 190.1 200.7 226.85 150 178.45M -3.77%
175.5
Apr-20 220.3 190.1 228.5 126.08M 15.89%
5
170.3 -
May-20 194.55 211 220 134.14M
5 11.69%
Jun-20 216.75 196.3 242.1 192.3 181.00M 11.41%
Jul-20 215 218.2 240.7 200.5 186.99M -0.81%
Aug-20 201.55 215 223 200.5 170.33M -6.26%
170.8 -
Sep-20 180.65 200 204.8 155.86M
5 10.37%
Oct-20 187.65 181.4 189.6 162.9 156.79M 3.87%
181.1
Nov-20 209.35 188 223.4 185.28M 11.56%
5
Dec-20 217.9 210 234.4 203.9 172.25M 4.08%
214.0
Jan-21 218.6 219.25 237.6 145.97M 0.32%
5

66
 Feb-21 242.45 220.9 259.25 212.3 194.32M 10.91%
Mar-21 234.5 246.4 257.9 225.9 141.10M -3.28%
Nov 223.1
232.35 226.4 261.8 181.22M 3.66%
2018 E 5

GAS AUTHORITY OF INDIA LTD

Date Price Open High Low Volume Chg%
122. 147.8 20.18
Jan-15 146.21 120.69 169.65M
22 9 %
143. -
Feb-15 137.9 147.5 126.25 172.85M
55 5.68%
148.8
Mar-15 144.4 140 134.44 126.92M 4.71%
8
144. 152.0 -
Apr-15 138.92 130 119.25M
91 9 3.79%
141. 150.8
May-15 149.97 123.57 112.72M 7.95%
11 8
149. 165.7
Jun-15 162.03 146.58 126.03M 8.05%
98 3
163. 210.3 26.40
Jul-15 204.81 161.79 188.87M
33 1 %
208. 220.2 -
Aug-15 187.44 167.22 204.71M
22 1 8.48%
187. 187.0 -
Sep-15 171.99 165.78 114.29M
08 8 8.25%
173. 184.2 -
Oct-15 170.77 167.8 110.63M
55 2 0.71%
171. 188.6
Nov-15 186.69 161.55 90.12M 9.32%
13 1
187. -
Dec-15 185.82 190.4 177.22 86.98M
14 0.46%
186. 202.2 -
Jan-16 181.32 172.78 103.54M
67 2 2.42%
180. 181.8 -
Feb-16 152.88 141.14 139.66M
91 5 15.69%

67
 179.0 14.51
Mar-16 175.05 153 151.78 112.05M
7 %
174. 194.0
Apr-16 185.28 172.34 64.30M 5.84%
22 5
187. 211.9
May-16 201.43 177.96 108.71M 8.72%
55 9
204. 223.3
Jun-16 221.39 196.32 92.90M 9.91%
44 2
220. 283.9 26.64
Jul-16 280.38 220.69 144.11M
69 1 %
282. 295.1 -
Aug-16 270.82 253.55 191.43M
89 1 3.41%
274. 289.8
Sep-16 282.63 259.67 130.94M 4.36%
21 7
283. 10.21
Oct-16 311.5 314.3 281 75.49M
87 %
313. 324.2
Nov-16 314.13 269.3 203.57M 0.85%
33 7
307. 310.1 -
Dec-16 294.2 273.33 108.59M
4 7 6.35%
295. 18.14
Jan-17 347.57 367 294.5 84.80M
97 %
348. 388.6
Feb-17 358.5 346.17 97.72M 3.15%
6 7
347. -
Mar-17 350.43 354 332.4 119.81M
13 2.25%
349. 379.3
Apr-17 357.43 343.67 72.74M 2.00%
27 3
359.
May-17 369.47 383.2 328.03 92.39M 3.37%
87
369. 369.3 -
Jun-17 340.23 327.07 73.32M
33 3 7.91%
341. 12.63
Jul-17 383.2 392 332.93 94.99M
4 %
383. 27.44
Aug-17 488.35 492.8 381.05 136.56M
2 %
Sep-17 426.8 491. 491.4 396.65 98.73M -

68
 4 12.60%
435. 484.3
Oct-17 447.15 421.75 77.61M 4.77%
35 5
-
Nov-17 416.7 452 452 406.25 90.09M
6.81%
446.6
Dec-17 418.6 418 400 64.53M 0.46%
5
-
Jan-18 397.7 419 435 372.1 109.48M
4.99%
397. -
Feb-18 380.15 409.8 365.2 83.43M
3 4.41%
-
Mar-18 344.85 377 385.5 323.5 59.89M
9.29%
-
Apr-18 304.5 347 370 290.05 129.24M
11.70%
307. 330.1
May-18 311.85 272.3 162.15M 2.41%
5 5
325.3 -
Jun-18 259.2 314 256.55 131.43M
5 16.88%
260.
Jul-18 284.8 293.6 250.6 127.16M 9.88%
4
288. -
Aug-18 253.8 296.5 250.7 100.26M
9 10.88%
255. 264.3 -
Sep-18 251.45 233.45 103.39M
9 5 0.93%
250. 256.9 -
Oct-18 224.15 163 354.57M
05 5 10.86%
229.
Dec-18 253.25 258.6 216 149.88M 9.00%
8
253. -
Jan-19 233.5 258.5 226.85 98.28M
6 7.80%
234. -
Feb-19 223.35 239.3 211.2 90.19M
7 4.35%
224. 27.09
Mar-19 283.85 292 223.35 165.75M
5 %
294.8
Apr-19 291.25 284 246 134.47M 2.61%
5

69
 291. 11.33
May-19 324.25 332 260 166.50M
75 %
333. -
Jun-19 290.05 333.5 283.35 94.87M
3 10.55%
289. 301.2 -
Jul-19 266.05 249.95 103.46M
5 5 8.27%
264. -
Aug-19 260.15 269.2 223.75 87.45M
5 2.22%
257. 15.97
Sep-19 301.7 312.7 244.25 168.13M
35 %
328.7
Oct-19 325.25 310 298.15 127.16M 7.81%
5
322. 327.4 -
Nov-19 282.6 280.55 96.75M
15 5 13.11%
282. 283.9 -
Dec-19 264.5 257.85 63.93M
6 5 6.40%
264. 270.6 -
Jan-20 232.45 231.35 104.70M
9 5 12.12%
231. -
Feb-20 197.55 245 194.5 79.46M
3 15.01%
200. 226.8 -
Mar-20 190.1 150 178.45M
7 5 3.77%
190. 15.89
Apr-20 220.3 228.5 175.55 126.08M
1 %
-
May-20 194.55 211 220 170.35 134.14M
11.69%
196. 11.41
Jun-20 216.75 242.1 192.3 181.00M
3 %
218. -
Jul-20 215 240.7 200.5 186.99M
2 0.81%
-
Aug-20 201.55 215 223 200.5 170.33M
6.26%
-
Sep-20 180.65 200 204.8 170.85 155.86M
10.37%
181.
Oct-20 187.65 189.6 162.9 156.79M 3.87%
4
Nov-20 209.35 188 223.4 181.15 185.28M 11.56

70
 %
Dec-20 217.9 210 234.4 203.9 172.25M 4.08%
219.
Jan-21 218.6 237.6 214.05 145.97M 0.32%
25
220. 259.2 10.91
Feb-21 242.45 212.3 194.32M
9 5 %
246. -
Mar-21 234.5 257.9 225.9 141.10M
4 3.28%

71