Blackbook MMS

A PROJECT REPORT ON
FUNDAMENTAL AND TECHNICAL ANALYSIS ON A SECTOR :-

NIFTY OIL AND GAS
FOR
FINTECH EDUCATION
BY
Name of the candidate :- SHREY KAUSHIK VED

MMS SEM II Specialization: FINANCE Roll No: 096
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF
MASTER OF MANAGEMENT STUDIES /
POST GRADUATION DIPLOMA IN MANAGEMENT STUDIES
ACADEMIC YEAR 2022-24
Submitted to Prof. Amit Kamkhalia
ADITYA INSTITUTE OF MANAGEMENTSTUDIES AND RESEARCH

MUMBAI - 400092
COLOURED COPY OF THE INTERNSHIP CERTIFICATE GIVEN BY
THE COMPANY
CERTIFICATE
This is to certify that the project work titled “FUNDAMENTAL AND TECHNICAL ANALYSIS
ON A PARTICULAR SECTOR :- NIFTY OIL AND GAS” is a summer internship work carried
out by Mr. SHREY KAUSHIK VED .
The project was completed for FINTECH EDUCATION , under the guidance of Mr. ANIKET
CHANDANSHIVE.
I further certify that the said work has not been submitted either in part or in full, to any other
University.
Date:
Dr. Sunita Srivastava Prof. Amit Kamkhalia

Director Project Guide
DECLARATION
I, Mr. Shrey Kaushik Ved S/o Kaushik Vrajdas Ved resident of Mumbai
hereby declare that the research work incorporated in the present project entitled
“Fundamental and technical analysis of a particular sector – Nifty Oil and Gas”
is our original work. This work (in part or in full) has not been submitted to any University for
the award or a Degree or a Diploma. I have properly acknowledged the material collected
from secondary sources wherever required.
We solely own the responsibility for the originality of the entire content.
Date:
Shrey Ved
Signature of the Candidate
Copyright.2023@AIMSR Page 4 of 63
ACKNOWLEDGEMENT
I would like to thank Fintech Education and Aditya Institute of Management studies and Research
for giving me an opportunity to learn and pursue my Summer Internship and understand about Finance
and Research aspects.
I would like to thank and express my sincere gratitude to Mr. Aniket Chandanshive . His constant
encouragement, valuable insights and attention to detail had made this exercise, a great learning
experience.
I am also thankful to Mr. Aniket Chandanshive who contributed his valuable time and gave valuable
insights during the development of the project.
I am also thankful to Dr. Sunita Srivastava (Director, Aditya Institute of Management Studies and
Research) and my institution, for giving me an opportunity to undergo this learning experience
Special thanks to Prof. Amit Kamkhalia for her/his valuable guidance in completing this project and
helping me to understand this project better and supporting me with his/her expertise on the same to
make my project worth for my own benefit and also for the overall benefit of the objective of the
summer project.
Last but not the least; I take pride in thanking my family, siblings and friends for their much valued
support.
Date: ______________
Signature Student
Full Name : Shrey Kaushik Ved
Course Specialization :- Finance
Roll. No :- 096
TABLE OF CONTENTS
Sr. No Topic Page
Title page I
Certificate from Company II
Certificate from College III
Declaration IV
Acknowledgement V
Table of Contents VI
List of Tables VII
List of Figures VIII
List of Graphs IX
List of Symbols, Abbreviations and Nomenclature (Optional) X
1 INTRODUCTION 1 - 28
2 LITERATURE SURVEY 29 - 34
3 METHODOLOGY OF WORK DONE OR PRIMARY ANALYSIS 35 - 50
4 RESULTS AND CONCLUSION 51 - 56
5 CONCLUSIONS, SUGGESTIONS & RECOMMENDATION BASED SILC 57 – 62
Chapter 1 :- INTRODUCTION
In today’s generation stock market has played an important role in many of the life’s. Stock
market has become an investment bank for many people. Stock market helps one to create
wealth over a period of time. Stock market is a important component for global financial
system. Investing in Stock market carries risk and for lowering the risk, studying and
analysing the scripts and then investing. To analyse the scripts there are 2 different methods
i) Fundamental analysis and,

ii) Technical analysis .
Both analysis are used for different purposes/uses.
i) Fundamental Analysis :- Fundamental analysis is used for evaluating the intrinsic

value of the stock, bond or commodity. It involves examining various fundamental
factors that can influence asset’s price, including financial statements, economic
indicators, industry trends, competitive landscape, management quality, etc.
Whereas
ii) Technical analysis:- Technical analysis focuses on analysing price of the stock ,
volume data, graphs which can predict future price , movements. To identify
various patterns there are various indicators such as moving averages, support and
resistance levels, trendlines, etc.
In conclusion, fundamental and technical analysis are two different approaches used to
evaluate financial market. By understanding the principals and tools of each analysis method
that make investment decisions.
Proceeding towards topic would give a brief about oil and natural gas sector.
Oil and Natural Gas plays an important role in global economy as these energy sources are
essential for various industries, transportation and everyday life. The demand for oil and
natural gas remains high due to their versatility, energy density , and wide range of
applications.
1.1:- Company and Sector Information
1.1.1 :- Company profile
GAIL (GAS Authority of India LTD)
GAIL (India) Limited formerly known as Gas Authority of India Ltd. is a central public sector
undertaking under the ownership of the Ministry of petroleum and Natural Gas, Government
of India. It has the following business segments: natural gas, liquid hydrocarbon, liquefied
petroleum gas transmission, petrochemicals, city gas distribution, renewable Energy
including Solar & Wind, exploration and production, Petrochemicals, GAILTEL
and electricity generation. GAIL was given the Maha Ratna status on 1 Feb 2013 by the
Government of India. Only 10 other PSUs enjoy this coveted status amongst all Central
PSUs.
GAIL owns and operates a network of around 13,722 km of natural gas pipeline and currently
executing around 6,000 km of pipeline projects of its own and about 2,000 km through two
JVs, as part of the National Gas Grid. PNGRB has authorized the PSU to create a 1,755 km
long Mumbai-Nagpur-Jharsuguda Pipeline.
GAIL (India) Limited was incorporated in August 1984 as a Central Public Sector
Undertaking (PSU) under the Ministry of Petroleum & Natural Gas . The company was
formerly known as Gas Authority of India Limited. It is India's principal gas transmission and
marketing company. The company was initially given the responsibility of construction,
operation and maintenance of the Hazira – Vijaypur – Jagdishpur (HVJ) pipeline project. It
was one of the largest cross-country natural gas pipeline projects in the world. This 1750-
kilometre-long pipeline was built at a cost of ₹17 billion (US$210 million) and it laid the
foundation for the development of the market for natural gas in India. GAIL commissioned
the 1,750 kilometres (1,090 mi) Hazira-Vijaipur-Jagdishpur (HVJ) pipeline in 1991. Between
1991 and 1993, three liquified natural gas (LPG) plants were constructed and some regional
pipelines were acquired, enabling GAIL to begin its gas transportation in various parts of
India.
GAIL began its city gas distribution in New Delhi in 1997 by setting up nine compressed
natural gas (CNG) stations.
GAIL today has reached new milestones with its strategic diversification into petrochemicals,
telecom and liquid hydrocarbons besides gas infrastructure. The company has also extended
its presence in power, liquefied natural gas re-gasification, city gas distribution and
exploration & production through participation in equity and joint ventures. Incorporating the
new-found energy into its corporate identity, the Gas Authority of India was renamed GAIL
(India) Limited on 22 November 2002.
However, historically, GAIL has been a major player in the natural gas sector in India and has
shown consistent growth over the years.
Growth Rate as per sales (IN CRORES)
Series 1
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
FY 18 FY 19 FY 20 FY 21 FY 22
Growth rate as per market capitalization (in crores)
Market capitalization
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
FY 18 FY 19 FY 20 FY 21 FY 22
ACHIEVEMENTS:-
i. Since its inception in 1984, GAIL has been the undisputed leader in the marketing,
transmission and distribution of natural gas in India. As India's leading natural gas
major, it has been instrumental in the development of the natural gas market in the
country.
ii. GAIL has won the coveted “Platts Global Energy Award” in the “Energy Transition –
Midstream” category in this year in 2022.
iii. GAIL became Winner of Gold Trophy under the “Non- Deemed Corporate above Rs
5000 Cr Turnover” category for the TIOL National Taxation Awards 2022.
iv. GAIL bags 17th National Awards for “Excellence in Cost Management 2019” for
JLPL by ICAI in 2022.
v. GAIL bags “BML Munjal Award” for "Business Excellence through Learning and
Development in PSU category" in 2022.
vi. GTI has been awarded prestigious ISTD Award for “Innovative Training practice” in
2022.
vii. Director (Finance) has been conferred the 'CFO of the Year Award 2022' at the Global
Refinery & Petrochemicals Congress (2022) and Downstream India Excellence
Awards 2022 in recognition of his stellar leadership & path breaking initiatives, etc.
STAKEHOLDERS OF THE COMPANY:
Company has 15 Groups of stakeholders as:-
i. Government & Other Regulators

ii. Investors
iii. Employees
iv. Suppliers
v. Customers
vi. Joint Ventures and Subsidiaries
vii. Industry Associations
viii. Community
ix. Contractors/Implementing Agencies
x. Academic and Research Institutions
xi. NGOs /Civil Society Organizations
xii. The public at large
xiii. Media
IMPORTANT PERSONS:-
NAME DESIGNATION
MANOJ JAIN CHAIRMAN & DIRECTOR
M . V. IYER DIRECTOR
R . K. JAIN DIRECTOR AND CFO
DEEPAK GUPTA DIRECTOR
NAVNEET MOHAN KOTHARI GOVT NOMIEE DIRECTOR
A.K. TIWARI DIRECTOR AND CFO
ASHISH CHATERJEE GOVT NOMIEE DIRECTOR
JOINT VENTURE :-
i. Aavantika Gas Limited (AGL)

AGL is in operation in Indore and Ujjain and is supplying CNG to the transport sector
in these cities. AGL is supplying CNG to almost 9,000 vehicles in both cities. GAIL
has a 22.5% stake in the Company along with HPCL as an equal partner.
ii. Bhagyanagar Gas Limited (BGL)
BGL is operating six CNG stations in Vijayawada and 4 CNG stations in Hyderabad
and one CNG station in Rajamahendravaram. BGL is supplying CNG in these three
cities to almost 6,000 vehicles. BGL is also operating two Auto LPG stations in
Hyderabad and one Auto LPG station in Tirupati. GAIL has a 22.5% stake in the
company along with HPCL as an equal partner.
iii. Central U.P. Gas Limited (CUGL)
CUGL is operating 15 CNG stations in Kanpur, Unnao and two CNG stations in
Bareily. CUGL is supplying CNG to almost 45,000 vehicles in the two cities. CUGL
commenced its domestic supply of PNG with connexions to 15000 households in
Kanpur and Bareilly.
GAIL has a 25% stake in the Company along with BPCL as an equal partner.
iv. Green Gas Limited (GGL)
GGL is operating six CNG stations in Lucknow and three CNG stations in Agra. GGL
is supplying CNG in the two cities. GAIL has a 22.5% stake in the company along
with IOCL as an equal partner.
v. Indraprastha Gas Limited (IGL)
IGL is the largest CGD entity in terms of CNG sales and the number of vehicles
supplied by CNG in India. IGL is supplying piped gas to around 900,000 domestic,
3500 Commercial, 1600 small industrial consumers and CNG to over 10,00,000
vehicles through around 425 CNG stations in NCR. GAIL has a 22.5% stake in the
company along with BPCL as an equal partner.
vi. Mahanagar Gas Limited (MGL)
MGL is a joint venture of GAIL and British Gas. MGL has set up 140 CNG stations
catering to over 200,000 vehicles spread over Mumbai, Thane, Mira-Bhayandar and
Navi-Mumbai areas besides supplying PNG to over 450,000 domestic customers, and
more than 1,000 small industrial and commercial consumers.GAIL has a 49.75% stake
in the company along with British Gas as an equal partner.
vii. Maharashtra Natural Gas Limited (MNGL)
MNGL is a joint venture of GAIL and Bharat Petroleum Corporation Limited (BPCL)
for the implementation of City Gas Projects in and around Pune city. MNGL is
authorized by Petroleum and Natural Gas Regulatory Board (PNGRB) to Lay, Build,
Operate & Expand City Gas Distribution Project in the Geographical Areas of Pune &
Pimpri-Chinchwad city including adjoining areas of Hinjewadi, Chakan & Talegaon,
Valsad (except area already authorized), Dhule, Nashik District, Sindhudurg District
& Buldana, Nanded and Parbhani Districts in Maharashtra and Ramanagara District
in Karnataka and Nizamabad, Adilabad, Nirmal, Mancherial Kumuram Bheem
Asifabad & Kamareddy Districts in Telangana. It has started 87 stations supplying
CNG to nearly 5,000 vehicles. GAIL has a 22.5% stake in the company along with
BPCL as an equal partner.
viii. ONGC Petro-additions Limited (OPaL)
GAIL is in the process of acquiring the equity stake in ONGC Petro- additions
Limited (OPaL), which is a joint venture of GAIL with Oil and Natural Gas
Corporation Ltd. and Gujarat State Petroleum Corporation Ltd., for setting up the
Petrochemical Project at Dahej in Gujarat. OPaL is setting up a green field
petrochemical complex of 1.1 million tonnes per year ethylene capacity (dual feed
cracker) in Dahej, Gujarat.On 15 November 2006 which is a joint venture company of
Oil and Natural Gas Corporation Limited (ONGC), Gujarat State Petroleum
Corporation Ltd.
IOC ( Indian Oil Corporation )
Indian Oil Corporation Limited is an Indian multinational oil and gas company under
the ownership of the Ministry of Petroleum and Natural Gas, Government of India. It is
headquartered in New Delhi.[4] It is a public sector undertaking whose operations are overseen
by the Ministry of Petroleum and Natural Gas. Indian Oil is ranked 142nd on the Fortune
Global 500 list of the world's biggest corporations as of 2022. It is the largest government
owned oil producer in the country both in terms of capacity and revenue. It has consolidated
refining capacity of 80.55MMTPA which it intends to increase to 107MMTPA by 2024-
25. As of 31 March 2021, Indian Oil's employee strength is 31,648, out of which 17,762 are
executives and 13,876 non-executives, while 2,776 are women, comprising 8.77% of the total
workforce.
Indian Oil has ventured into Renewable energy and globalisation of downstream operations. It
has subsidiaries in Sri Lanka (Lanka IOC), Mauritius (IndianOil (Mauritius) Ltd) and
the Middle East (IOC Middle East FZE).
In May 2018, IOCL became India's most profitable government corporation for the second
consecutive year, with a record profit of ₹21,346 crores in 2017–18. In February 2020, the
company signed a deal with the Russian oil company Rosneft to buy 140,000 barrels per day
of crude in year 2020. By 1 April 2020, IndianOil was in absolute readiness to launch BS-VI
(Bharat Stage VI) fuels in all its retail outlets in Telangana and adopt world-class emission
norms.
In January 2021, sales were registered at an all time high of 410,000 barrels of oil per day till
26 January 2021. Delek, QatarEnergy, Saudi Aramco are its largest business partners
with Abu Dhabi National Oil Company and National Iranian Oil company signing deals to
deliver high production output at end of 2020.
In March 2022, Apollo Hospital replaced Indian Oil Corporation in Nifty 50 benchmark
index.
There are seven major business divisions in the organization:
1. Refineries Division
2. Pipelines Division
3. Marketing Division
4. R&D Division
5. Petrochemicals Division
6. Exploration & Production (E&P) Division
7. Explosives and Cryogenics Division
Growth rate as per revenue (in crores)
Revenue
620000
600000
580000
560000
540000
520000
500000
480000
460000
FY 19 FY 20 FY 21
Revenue
Growth rate as per market capitalization (in crores)
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
FY 19 FY 20 FY 21
Achievements:-
i) The President of India conferred the coveted 'Rashtriya Khel Protsahan Puraskar,
2021 to IndianOil for "Encouragement to sports through CSR"
ii) IndianOil wins ‘Best PSU for the Promotion of Sports Award’ at Sportstar Aces
2022
iii) IndianOil bags the prestigious Asian Oil and IndianOil bagged the 7th CII
Industrial Intellectual Property Award 2021 Gas Award for Covid Management
and New Product of the Year
iv) IndianOil bags the Global Healthy Workplace Award on 24th January,2022
v) IndianOil bagged the 7th CII Industrial Intellectual Property Award 2021
vi) 8th CMD Leadership Award at the Governance
vii) IndianOil won SUSE India Innovation Hero Award 2021 for the Vertical – Oil &
Gas
viii) IndianOil won SAP ACE 2021 Award in the Community Catalyst category for
implementation of DMS in SAP
ix) National Safety Council Award – 2021
x) IndianOil bagged 19th FICCI CSR Award for ‘Madhur Muskaan’ initiative
xi) IndianOil won the ISTD 31st National special commendation award under
Services category for innovative training practices.
Stakeholders:-
As IOCL is India’s largest commercial entreprise, they are deeply connected to environment.
IOCL said that there ability to create and deliver value dependent upon the relationship which
they build with there stakeholders. They believe an effective dialogue with stakeholders
enables us to drive innovation and deliver positive transformation.
Their stakeholders are :-
i) Investors and shareholders :- The Investor and shareholder community provides

IOCL access to equity and debt fund. They also drive demand for shares, thereby
impacting our market capitalisation.
ii) Customers:- customers is a primary concern that drives IOCL. Their constant
demand for their products and services enables them to generate healthy revenues.
They develop new products and services based on their needs and evolving
industry dynamics.
iii) Business partners:- To supply superior quality products and services to their
customers, they strengthen relationships with their business partners. They
underpin their value chain and directly influence their ability to ensure timely
supply of products & services. Business partners also influence their ability to
meet the needs and expectations of their customers.
iv) Communities and societies:- Communities form an integral part of our social
existence and we have a responsibility to contribute to the socio-economic needs
of the regions where we operate.
IMPORTANT PERSONS :-
NAME DESIGNATED
S.M. VAIDYA CHAIRMAN
G.K. SATISH DIRECTOR (PLANNING AND

BUSINESS DEVELOPMENT)
DR.S.S.V. RAMAKUMAR DIRECTOR (RESREACH AND

DEVELOPMENT)
RAJAN KUMAR MOHAPATRA DIRECTOR (HUMAN RESOURCE)
S.K. GUPTA DIRECTOR (FINANCE)
SANJIV SINGH CHAIRMAN
AKSHAY KUMAR SINGH DIRECTOR (PIPELINES)
GURMEET SINGH DIRECTOR (MARKETING)
1.1.2 Detail about Oil and Natural gas
The petroleum industry in India dates back to 1889 when the first oil deposits in the country
were discovered near the town of Digboi in the state of Assam. The natural gas industry in
India began in the 1960s with the discovery of gas fields in Assam and Maharashtra (Mumbai
High Field). As on 31 March 2018, India had estimated crude oil reserves of 594.49 million
metric tonnes (Mt) and natural gas reserves of 1339.57 billion cubic metres of natural gas.
The oil and gas sector is among the eight core industries in India and plays a major role in
influencing the decision-making for all the other important sections of the economy.
India’s economic growth is closely related to its energy demand, therefore, the need for oil
and gas is projected to increase, thereby making the sector quite conducive for investment.
India retained its spot as the third-largest consumer of oil in the world as of 2022.
The Government has adopted several policies to fulfil the increasing demand. It has allowed
100% foreign direct investment (FDI) in many segments of the sector, including natural gas,
petroleum products and refineries, among others. The FDI limit for public sector refining
projects has been raised to 49% without any disinvestment or dilution of domestic equity in
existing PSUs. Today, it attracts both domestic and foreign investment, as attested by the
presence of companies such as Reliance Industries Ltd (RIL) and Cairn India. The industry is
expected to attract US$ 25 billion investment in exploration and production by 2022. India is
already a refining hub with 23 refineries, and expansion is planned for tapping foreign
investment in export-oriented infrastructure, including product pipelines and export terminals.
India’s crude oil production in FY22 stood at 29.7 MMT.
Growth of the market/sector
i. World’s fastest-growing energy market

ii. India is the 3rd largest energy and oil consumer in the World
iii. India is the 4th largest importer of liquefied natural gas (LNG).
iv. India consumed 204.23 MMT petroleum products and 63.9 BCM natural gas in FY
2021-22, making a growth of 5.1% and 5% over the FY 2020-21.
v. India’s oil demand is expected to increase by 40% to 6.7 mb/day by 2030 and further
to 8.3 mb/day in 2050 from 4.7 mb/day in 2021.
vi. India’s gas demand is expected to almost double to reach 115 BCM by 2030 and 170
BCM by 2050.
vii. As on April 2022, estimated reserves of crude oil in India stood at 651.77 mn tonnes,
and natural gas stood at 1138.67 bn cubic meters.
viii. India has set a target to raise the share of natural gas in the energy mix to 15% by 2030
from about 6.7% now.
ix. The total number of fuel retail outlets increased from 45,104 (2012) to 83,027 (2022).
This number has increased to 86,216 as of 01.03.2023.
x. A total of 88% of the nation’s geographical area covering 98% of the population has
been authorized for the development of City Gas Distribution network.
xi. India increased the ethanol blending in petrol from 1.53% in 2013-14 to 10.17% in
2022 and advanced its target of 20% ethanol blending in petrol from 2030 to 2025-26.
Further, Ethanol blending with Petrol was 12.0% during February 2023 and
cumulative ethanol blending during December 2022- February 2023 was 11.4%.
xii. Target of setting up 12 Commercial Scale 2G Bio-Ethanol Projects with Viability Gap
Funding of up to INR 150 Cr per project under the Pradhan Mantri Ji-VAN Yojana.
xiii. Target of setting up 5000 Compressed Biogas (CBG) units under the Sustainable
Alternative Towards Affordable Transportation (SATAT) Scheme. In this regard, as
of 01.03.2023, 4215 LOIs have been issued. Under waste-to-energy program, GoI
provides financial assistance to bio-gas plants.
Value chain :-
Natural gas production is gathered from land-based (onshore) wells via low-pressure, small-
diameter pipelines from numerous wells. Gas wells located in water, called offshore, present
unique challenges not only in drilling the wells, but also in putting them into production. The
gathering systems for offshore wells are often placed on the seabed and consist of highly
engineered equipment that must be operated by remote control.
Once gathered, the gas is then moved to a central processing plant, a treatment plant, or both.
Wet gas is processed to strip out NGLs, which can be sold separately as fuel and
petrochemical feedstock, much like petroleum products. All gas – wet or dry – is treated to
remove any solids, water vapor and/or contaminants. Dry gas then moves to a pipeline for
transportation.
In accordance with the contract terms, the natural gas is transported from the production area
to the customer on high-pressure, large-diameter pipelines. Along the way, the gas most
likely will be co-mingled with other gas producing supplies and may also be injected and
withdrawn from a storage field as needed.
This module will consider long-line pipelines as the key components of gas transmission.
At the end of the pipeline, gas typically is sold to a local distribution company (LDC) or
Local Distribution Zone (LDZ) in Europe. The LDC/LDZ develops and controls an extensive
network of low-pressure, small-diameter pipes, buried under the city.
Major players in this sector:-
Players are differentiated according to upstream and downstream companies.
What are upstream companies?
Upstream oil companies are involved in the identification/discovery and extraction of crude
oil from under the earth’s surface. They are part of the earliest stages in the processing of oil,
and the farthest from what end-consumers get. Upstream oil companies conduct research,
explore, set up oil wells, do the drilling to get access to crude oil deposits and actively engage
in the extraction of crude. They are also often referred to as exploration & production (E&P)
companies.
Note that upstream oil companies may engage in on-shore or off-shore operations. Off-shore
is when the oil production happens ‘off the coast’.
Examples of such companies are :-
i) Oil and natural gas corporation (ongc)

ii) Oil India Ltd
iii) Larsen and Toubro Ltd
iv) BP PLC
v) Reliance Industries Ltd
What are downstream companies?
Downstream oil companies are those that deal with the processing and delivery after the
procurement of crude. It includes refining the oil and converting it into the final products that
are sold to consumers. This could be the gas supplied to us through gas cylinders or pipelines
too. Furthermore, petrochemicals, lubricants, and other such materials are also a part of the
diverse catalogue of products of.
They source the raw material from upstream companies that operate in the beginning stages of
the oil supply chain. They then process it and provide consumable products to the customers.
Thus, the downstream oil companies are closer to the point of sale and work closely with the
final customer.
They may operate as oil and gas distributors, processing units, retailers, and more. Such oil
companies focus on marketing the products as well.
Examples of such companies are:-
i) India oil corporation Ltd

ii) Bharat petroleum corporation Ltd
iii) Hindustan petroleum corporation Ltd
iv) Nayara energy Ltd
1.1.3 Working of Oil and Natural gas sector
Oil demand in India is projected to grow up to 11 million barrels by 2045. The Government
has also allowed 100% FDI in upstream and private sector refining projects. This opens up a
lot of prospects for the oil companies operating in the country.
To understand the functioning of upstream and downstream companies better, imagine the
entire supply chain. The two types of companies operate from either end of it. As the name
suggests, the services of the upstream oil companies move up the chain. The raw material,
which is crude oil, is extracted from the surface of the earth by such companies. Their job is
limited to drilling this natural resource and giving it over for processing.
The downstream companies handle the processing of the raw oil provided by the upstream
companies. Such companies may be on different levels in the supply chain, such as
production, marketing, and distribution.
Considering the increasing demand for oil and its products in the country, the Government
regularly brings out policies in support of companies engaged in this sector. There are freight
subsidy schemes and expansion projects that have increased the scope for India’s upstream
and downstream oil companies.
1.2 Identified Problem
1.2.1 Need for Study:
The study of sectorial indices, such as the Nifty OIL AND NATURAL GAS, is important for
investors, analysts, and researchers to understand the performance and trends within specific
sectors of the economy. By focusing on a particular sector, investors can gain insights into the
overall health and growth potential of the companies operating within that sector. This
information can be valuable for making investment decisions, identifying sector-specific
risks, and monitoring the overall performance of the OIL AND NATURAL GAS industry.
1.2.2 Objectives and Scope of work
Objectives:
i) Analysing the performance of OIL AND NATURAL GAS companies: By

studying the index, one can evaluate the financial performance, market trends, and
growth prospects of OIL AND NATURAL GAS companies. This analysis helps
investors and stakeholders understand the overall health of the OIL AND
NATURAL GAS sector.
ii) Identifying sector-specific risks and opportunities:- The study of the Nifty OIL
AND NATURAL GAS index can help identify risks and opportunities that are
unique to the OIL AND NATURAL GAS industry. Factors such as technological
advancements, regulatory changes, and global economic conditions can
significantly impact OIL AND NATURAL GAS companies. Understanding these
factors can aid in making informed investment decisions.
iii) Comparing sector performance: Comparing the performance of the Nifty OIL
AND NATURAL GAS index with other sectorial or broad market indices can
provide insights into how the OIL AND NATURAL GAS sector is performing
relative to the overall market or other sectors. This comparison can be useful for
portfolio diversification and asset allocation strategies.
Scope of Work:
i. Data collection and analysis: Gathering historical price data, financial statements, and
other relevant information about the OIL AND NATURAL GAS companies included
in the index. Analysing this data to identify trends, patterns, and correlations within
the sector.
ii. Performance evaluation: Assessing the performance of the Nifty OIL AND
NATURAL GAS index over different time periods, such as daily, monthly, or yearly.
Calculating key performance indicators like returns, volatility, and risk measures.
iii. Company-specific analysis: Conducting individual company analysis within the index
to evaluate financial health, growth prospects, and market position. This analysis may
involve studying factors like revenue growth, profitability, and competitive advantage.
Deliverables:
i) Research report: A comprehensive report summarizing the findings of the

study, including analysis of historical performance, sector trends, and
company-specific evaluations. This report may also provide
recommendations or insights for investors and stakeholders.
ii) Presentation: A presentation that highlights key findings, trends, and

insights from the study. This presentation can be used to communicate the
research outcomes to a wider audience, such as college professors,
classmates, or industry professionals.
iii) Data analysis tools: If applicable, the development of data analysis tools or
models that facilitate the analysis and interpretation of the Nifty OIL AND
NATURAL GAS index data. These tools can be valuable resources for
future research or investment analysis.
Overall, studying the Nifty OIL AND NATURAL GAS index provides valuable
information about the performance within the OIL AND NATURAL GAS sector. This
knowledge can assist investors, analysts, and researchers in making informed
decisions and understanding the dynamics of the OIL AND NATURAL GAS
industry.
Upstream and downstream oil companies together complete the entire supply chain for
crude oil and its products. These individually play a significant role, from the
exploration and production of oil to its refinement and distribution.
CHAPTER 2: LITERATURE SURVEY
The literature survey aims to provide a comprehensive understanding of the Nifty OIL AND
NATURAL GAS sectorial index. The Nifty OIL AND NATURAL GAS is a stock market
index that represents the performance of OIL AND NATURAL GAS sector in India. This
chapter will critically appraise previous works from secondary sources such as newspapers,
magazines, and journals, utilizing databases like EBSCO and JGate for reviewing available
literature.
Overview of Nifty OIL AND NATURAL GAS:
The Nifty OIL AND NATURAL GAS is one of the sectorial indices maintained by the
National Stock Exchange of India (NSE). It comprises a select group of top OIL AND
NATURAL GAS companies listed on the NSE. The index aims to reflect the overall
performance and trends in the OIL AND NATURAL GAS sector, which is a significant
contributor to the Indian economy.
Historical Performance:
Literature on the historical performance of the Nifty OIL AND NATURAL GAS index can
provide insights into the sector's growth and volatility over time. Analysis of past trends,
major events, and global influences affecting the OIL AND NATURAL GAS sector can be
helpful in understanding its behaviour.
Factors Influencing Nifty OIL AND NATURAL GAS:
Researchers and analysts often explore various factors influencing the Nifty OIL AND
NATURAL GAS index. These may include macroeconomic indicators, currency fluctuations,
government policies, international trade relations, technological advancements, and company-
specific developments.
Correlation with Global OIL AND NATURAL GAS Indices:
Studying the correlation between the Nifty OIL AND NATURAL GAS index and global OIL
AND NATURAL GAS indices can shed light on the Indian OIL AND NATURAL GAS
sector's dependence on international markets and global trends. Such analysis can highlight
how the sector performs in response to changes in the global OIL AND NATURAL GAS
landscape.
Impact of Corporate Earnings:
Literature may discuss how corporate earnings of OIL AND NATURAL GAS companies
influence the Nifty OIL AND NATURAL GAS index. Understanding the relationship
between financial performance and index movements can help investors and analysts make
informed decisions.
Sector Rotation Strategies:
Some research might explore sector rotation strategies that involve switching investments
between different sectors, including OIL AND NATURAL GAS. Examining the performance
of such strategies concerning the Nifty OIL AND NATURAL GAS index can offer valuable
insights for investors.
Comparative Analysis with Other Sectorial Indices:
Comparing the Nifty OIL AND NATURAL GAS index with other sectorial indices, such as
Nifty Bank, Nifty Pharma, or Nifty FMCG, can help understand the relative performance and
attractiveness of the OIL AND NATURAL GAS sector in the overall market.
Impact of COVID-19 Pandemic:
The literature may delve into the effects of the COVID-19 pandemic on the Nifty OIL AND
NATURAL GAS index. Understanding how the sector coped with the pandemic's challenges
and its recovery trajectory can be an essential aspect of the survey.
Investment Strategies and Risk Management:
Literature exploring investment strategies related to the Nifty OIL AND NATURAL GAS
index, such as passive investing, active portfolio management, and risk management
techniques, can provide valuable insights for investors and fund managers.
Conclusion:
The literature survey on the Nifty OIL AND NATURAL GAS sectorial index should provide
a thorough understanding of the index's historical performance, influencing factors, and its
position in the Indian stock market. The insights gained from this chapter can help investors,
researchers, and policymakers make informed decisions and contribute to the existing body of
knowledge on the Indian OIL AND NATURAL GAS sector. Proper referencing will be done
throughout the chapter to acknowledge the sources of information and data.
2.1 Review on literature
Literature review: Ten years of research on oil and gas industry's methane and
health-damaging air pollutant emissions – by Drew R. Michanowicz, on 6th

October,2021
Oil and gas emissions vary widely throughout the supply chain, making mitigation of both
super-emitters and emissions sources near populations top priorities for public health and
climate, according to findings from a literature review by the nonprofit energy science and
policy institute Physicians, Scientists, and Engineers (PSE) for Healthy Energy. "Methane and
Health-Damaging Air Pollutants From the Oil and Gas Sector: Bridging 10 Years of
Scientific Understanding" is the first systematic review to bridge the gap between research on
sources of methane and sources of health-damaging air pollutant emissions throughout the oil
and gas supply chain.
There is unequivocal evidence that we must rapidly and aggressively reduce methane
emissions to avoid catastrophic changes to our climate," said the review's lead author, PSE
Healthy Energy Senior Scientist Drew Michanowicz, DrPH, MPH, CPH. "Because methane is
nearly always emitted alongside other health-damaging air pollutants, we should be urgently
focusing on eliminating methane pollution near where people live as a critical and cost-
effective strategy to protect public health."
Literature review: - OIL AND NATURAL GAS INDUSTRY IN INDIA – BY NISHITH
DESAI ON FEBRUARY 2018
The Oil and gas sector has been identified as a key metric that will drive future GDP growth.
From an economic and financial perspective, investment in O&NG is lucrative, with
substantial prospects in India. Given the growing demand for crude oil in India and its wide
application in household and industrial activities, it is apparent that there will be major
investments in this industry in future. The Government of India has recently revamped the
regulatory framework in the upstream sector with a view to attract foreign investment (i.e., a
shift from NELP to HELP), and this is also consistent with the government’s objective to
facilitate ease of doing business in India. While the Government of India resolves teething
issues in the O&NG sector, the landscape in the O&NG sector promises to be dynamic with
scope for growth of business entities.
2.2 UNDERSTANDING FROM THE SECONDARY DATA
The oil and natural gas sector is a vital component of the global energy industry. Secondary
analysis of this sector involves examining existing data and research to gain insights into
various aspects such as production, consumption, market trends, environmental impact, and
technological advancements. Here are some key points that can be considered for a secondary
analysis of the oil and natural gas sector:
i. Production and Reserves: Analyzing data on global oil and natural gas production
levels, reserves, and exploration activities. This includes examining trends in
production from major oil and gas-producing regions, identifying shifts in production
patterns, and evaluating the impact of new discoveries or technological advancements.
ii. Supply and Demand: Assessing supply and demand dynamics in the oil and natural
gas markets. This involves examining factors that influence demand, such as economic
growth, geopolitical events, and energy policies. Analyzing supply factors includes
considering production capacity, infrastructure constraints, and geopolitical influences.
iii. Price Analysis: Studying price trends and volatility in the oil and gas markets. This can
involve analyzing historical price data, evaluating the impact of geopolitical events or
OPEC decisions on prices, and examining the relationship between oil and gas prices.
iv. Environmental Impact: Investigating the environmental impact of the oil and gas
sector, including greenhouse gas emissions, air and water pollution, and climate
change. This can involve examining data on emissions from extraction, refining, and
consumption processes, as well as evaluating the industry's efforts towards adopting
cleaner technologies and transitioning to renewable energy sources.
v. Technology and Innovation: Assessing technological advancements and innovation in
the oil and gas sector. This includes analyzing developments in drilling techniques
(such as hydraulic fracturing), offshore exploration, digitalization, automation, and
renewable energy integration. Evaluating the impact of these technologies on
production efficiency, cost reduction, and environmental sustainability is crucial.
vi. Policy and Regulation: Examining policies and regulations that govern the oil and gas
sector, both at the national and international levels. This can involve analyzing
changes in regulations, taxation policies, energy security measures, and incentives for
renewable energy. Understanding the regulatory environment helps identify potential
risks and opportunities for the sector.
vii. Market Outlook: Formulating a comprehensive market outlook for the oil and gas
sector based on the analysis of the above factors. This includes identifying potential
growth areas, emerging trends, challenges, and opportunities for companies operating
in the sector.
It is important to note that conducting a secondary analysis involves using existing data and
research rather than collecting primary data. Various sources can be used, including industry
reports, government publications, academic research, and reputable news outlets.
Additionally, it is crucial to critically evaluate the reliability and validity of the sources used
for the analysis.
CHAPTER 3: METHODOLOGY OF WORK DONE OR PRIMARY ANALYSIS
3.1 Type of Project
i. Nifty Index Fund: This type of project involves creating a mutual fund or an
exchange-traded fund (ETF) that aims to replicate the performance of the Nifty 50
index. The fund invests in the same stocks that constitute the index, providing
investors with a way to gain exposure to the broader market.
ii. Nifty Stock Analysis: In this project, you can analyze the individual stocks that make
up the Nifty 50 index. You can study their financial performance, growth prospects,
and market trends to identify potential investment opportunities or assess the overall
health of the market.
iii. Nifty Options Trading Strategy: Options are financial derivatives that give investors
the right, but not the obligation, to buy or sell an asset at a predetermined price within
a specified time period. This project involves developing and back testing trading
strategies specifically designed for Nifty options. You can explore various options
trading strategies like straddles, strangles, or iron condors.
iv. Nifty Sector Rotation Model: The Nifty 50 index consists of stocks from various
sectors, such as banking, oil and natural gas, information technology, healthcare,
energy, etc. This project involves designing a sector rotation model that aims to
identify sectors that are likely to outperform or underperform the broader market. By
analyzing economic indicators and market trends, you can determine the sectors to
invest in or avoid.
v. Nifty Technical Analysis: Technical analysis is a method of predicting future price
movements by analyzing historical market data, primarily charts and indicators. In this
project, you can study Nifty's historical price patterns, apply technical indicators like
moving averages or MACD, and develop trading strategies based on these patterns
and indicators.
3.2 Stakeholders involved to meet the objective
i. Investors: Investors play a crucial role in the Nifty OIL AND NATURAL GAS index
as they provide the necessary capital to drive the growth of the OIL AND NATURAL
GAS sector. They invest in OIL AND NATURAL GAS companies listed on the index,
aiming to earn profits from their investments.
ii. Regulators: Regulatory bodies such as the Securities and Exchange Board of India
(SEBI) oversee the functioning of the Nifty OIL AND NATURAL GAS index. They
establish rules and regulations to maintain transparency, protect investors' interests,
and ensure fair trading practices.
iii. Stock Exchanges: Stock exchanges, such as the National Stock Exchange (NSE) in
India, provide the platform for trading the stocks included in the Nifty OIL AND
NATURAL GAS index. They facilitate the buying and selling of shares, ensuring
smooth market operations.
iv. Index Management Companies: Index management companies, such as the NSE
Indices Limited, are responsible for managing and maintaining the Nifty OIL AND
NATURAL GAS index. They select the companies to be included in the index,
periodically review the constituents, and calculate the index values.
v. Market Analysts: Market analysts closely monitor the Nifty OIL AND NATURAL
GAS index and provide insights and forecasts about its performance. They analyze
various factors like company earnings, market trends, and economic indicators to help
investors make informed decisions.
vi. Financial Media: Financial media outlets, including newspapers, television channels,
and online platforms, disseminate information related to the Nifty OIL AND
NATURAL GAS index. They publish news, articles, and analysis, keeping investors
informed about the latest developments and trends.
vii. Government: The government plays a significant role in shaping policies that impact
the OIL AND NATURAL GAS sector. Regulations related to taxation, foreign
investment, and intellectual property rights, among others, affect the performance of
the Nifty OIL AND NATURAL GAS index.
viii. Retail Investors: Individual investors who actively participate in the stock market and
trade the stocks listed on the Nifty OIL AND NATURAL GAS index are known as
retail investors. They contribute to the liquidity and overall functioning of the market.
3.3 Assumptions, Constraints and Limitations of the project
Assumptions:
i. Market Stability: The assumption is that the overall stock market, including Nifty, will
remain stable during the project period. Any unexpected market fluctuations may
affect the accuracy of the analysis.
ii. Historical Data Reliability: The assumption is that the historical data used for the
analysis is accurate and reliable. Inaccurate or incomplete data may lead to misleading
conclusions.
iii. Economic Factors: It is assumed that economic indicators, such as GDP growth,
inflation rates, and interest rates, will remain within reasonable ranges. Extreme or
unforeseen economic conditions may impact the project's analysis.
iv. Investor Sentiment: The assumption is that investor sentiment will remain relatively
consistent throughout the project. Sudden shifts in investor behavior or sentiment can
affect stock prices and deviate from predicted trends.
v. External Events: The assumption is that no major unforeseen events, such as natural
disasters, political instability, or global conflicts, will significantly impact the stock
market and Nifty. Such events can disrupt market behavior and render the analysis less
reliable.
vi. Efficient Market Hypothesis: The assumption is based on the efficient market
hypothesis, suggesting that stock prices already reflect all available information.
Deviations from this hypothesis may impact the accuracy of the analysis.
Constraints:
i. Data Availability: The availability of reliable and up-to-date data for the analysis may
be limited. Access to real-time market data, financial reports, and company-specific
information may be restricted or incomplete.
ii. Regulatory Changes: Changes in regulations or policies governing the stock market,
trading practices, or investment instruments may impact the analysis. It is important to
consider any potential constraints imposed by regulatory authorities.
iii. Technology and Infrastructure: The project's analysis is constrained by the availability
and reliability of technology infrastructure, including internet connectivity, hardware,
and software resources required for data processing and analysis.
iv. Expertise and Resources: The analysis is subject to the skills, knowledge, and
resources available to the project team. Limited expertise in financial analysis or
insufficient resources can affect the quality and depth of the analysis.
v. Time Constraints: The project may have time limitations, requiring the analysis to be
completed within a specific timeframe. Time constraints can restrict the extent of
research, data collection, and analysis, potentially impacting the accuracy of
conclusions.
vi. Currency and Inflation: The analysis may be affected by currency fluctuations and
inflation rates, particularly if the project involves international comparisons or spans a
significant period. Exchange rate variations and inflation can introduce uncertainties
into the analysis.
Limitations:
i. Past Performance as Indicator: One limitation is that past performance of Nifty may
not guarantee future results. Historical trends and patterns may not persist, making it
challenging to predict future stock market behavior accurately.
ii. Market Volatility: The stock market, including Nifty, can be highly volatile. The
analysis may not fully capture sudden market fluctuations, making it difficult to
predict short-term movements accurately.
iii. External Factors: The stock market can be influenced by various external factors, such
as geopolitical vents, global economic conditions, and investor sentiment. These
factors are challenging to predict and may impact the accuracy of the analysis.
iv. Company-Specific Factors: The project's analysis may not consider individual
company-specific factors, such as management changes, product launches, or legal
issues. These factors can significantly impact stock prices but may not be reflected in
the broader Nifty analysis.
v. Behavioral Biases: The analysis may be subject to behavioral biases, such as herd
mentality or
vi. emotional decision-making, which can deviate from rational market behavior. These
biases can introduce inaccuracies in the analysis.
vii. Model Limitations: The project's analysis may be based on specific models,
methodologies, or assumptions, which have their own limitations. It is important to be
aware of any model-specific constraints and potential biases associated with the
analysis.
3.4 Details of work done
During the internship at Fintech Education , I had an opportunity to learn the basics and do
practical trading with real cash in stock market via Sharekhan , and also got knowledge about
different scripts . The primary role was to understand the basics of stock market and trading
using different tools available to make decisions with the support of mentor in the company.
Also got knowledge of co oporate world, and got to know about 9 to 5 job.
Things which had been done in the company :-
i. Introduction to Stock Market: Learned about the fundamentals of the stock market,
including how it functions, the role of stock exchanges, and the concept of buying and
selling shares.
ii. Basics of Trading: Gained knowledge of trading techniques and strategies. This
involved learning about different types of orders, such as market orders and limit
orders, as well as exploring concepts like stop-loss and target levels.
iii. Sharekhan App: I got familiarized myself with the Sharekhan app, which is a popular
platform for trading in the stock market. I learned how to navigate through the app,
access real-time market data, and execute trades.
iv. Technical Analysis: I was involved into the field of technical analysis, which involves
using historical price, patterns and indicators to predict future price movements. I
learned to interpret and use popular technical indicators such as moving averages,
relative strength index (RSI), and Bollinger Bands.
v. Fundamental Analysis: I explored the concept of fundamental analysis, which
involves assessing a company's financial health, market position, and growth prospects
to determine its intrinsic value. Learn to analyze financial statements, evaluate key
ratios, and understand the impact of industry trends on stock performance.
vi. Risk Management: I gained insights into the importance of risk management in
trading. I learned about setting risk-reward ratios, managing position sizes, and
implementing stop-loss orders to limit potential losses.
Throughout the internship, I actively applied the knowledge gained to execute virtual trades
on the Sharekhan app. I analyzed market trends, identified potential trading opportunities, and
tracked the performance of my virtual portfolio.
3.5 Information collected to complete the project
i. Articles :- Articles which are written by experts which are published on internet get
information about the market and the industry.
ii. Old reports & projects :- Referred to previous college projects and research papers
related to the NIFTY OIL AND NATURAL GAS sector to gather insights and build
on existing knowledge.
iii. Moneycontrol :- Money control is a popular financial news and information platform
that provides real-time updates, market analysis, and data on NIFTY OIL AND
NATURAL GAS stocks and trends.
iv. Sharekhan :- Get information about financial data, stock market news, and analysis,
including specific information about the NIFTY OIL AND NATURAL GAS index
and its constituent companies.
v. Websites :- Different websites which have knowledge of stock market and trading
with the help of different tools.
vi. Annual reports :- With the help of annual reports . a person can get lot of information
about particular company and its financial stability.
vii. Newspapers & magazines :- National business newspapers like The Economic Times,
Business Standard, and Financial Express often cover the latest developments, trends,
and insights related to the NIFTY OIL AND NATURAL GAS sector. Magazines like
Endeavor Business Media, pwc and others may offer valuable information about the
OIL AND NATURAL GAS industry, which can be relevant to understanding NIFTY
OIL AND NATURAL GAS.
3.6 TOOLS FOR ANALYSIS OF WORK
i) Bollinger Bands:-
Bollinger Bands are a technical analysis tool developed by John Bollinger in the 1980s for
trading stocks. The bands comprise a volatility indicator that measures the relative high or low
of a security’s price in relation to previous trades. Volatility is measured using standard
deviation, which changes with increases or decreases in volatility. The bands widen when
there is a price increase, and narrow when there is a price decrease. Due to their dynamic
nature, Bollinger Bands can be applied to the trading of various securities.
Bollinger Bands are comprised of three lines – the upper, middle, and lower band. The middle
band is a moving average, and its parameters are chosen by the trader. The upper and lower
bands are positioned on either side of the moving average band. The trader decides the
number of standard deviations they need the volatility indicator set at. The number of standard
deviations, in turn, determines the distance between the middle band and the upper and lower
bands. The position of these bands provides information on how strong the trend is and the
potential high and low price levels that may be expected in the immediate future.
ii) The Relative Strength Index (RSI)
Relative Strength Index is a momentum indicator that measures the magnitude of current price
changes to determine whether the stock is overvalued or undervalued. This indicator was
originally developed by J. Welles Wilder.
The Relative Strength Index (RSI) is a popular technical analysis tool used to measure the
momentum and speed of price movements in financial markets. It provides insights into
whether a particular asset is overbought or oversold, thus indicating potential trend reversals.
Calculation:
The RSI is calculated using a formula that compares the average gains and losses over a
specified period. The most common period used is 14 days, but it can be adjusted based on
the trader's preference.
RSI can be broken into two basic components:
▪ RSI Average Gain
▪ RSI Average Loss
The RSI calculation is based on 14 periods which is the default as suggested by Wilder. The
calculation is divided into two steps:
Step 1:
▪ First Average Gain = Sum of Gains over the past 14 periods / 14.
▪ First Average Loss = Sum of Losses over the past 14 periods / 14
Step 2:
▪ Average Gain = [(previous Average Gain) x 13 + current Gain] / 14.
▪ Average Loss = [(previous Average Loss) x 13 + current Loss] / 14.
Range and Interpretation: The RSI ranges from 0 to 100. Traditionally, an RSI value above 70
is considered overbought, indicating a potential price correction or reversal to the downside.
Conversely, an RSI value below 30 is considered oversold, suggesting a potential price
correction or reversal to the upside.
Timeframe: The RSI is most commonly used on daily price charts, but it can also be applied
to shorter or longer timeframes, such as hourly, weekly, or monthly charts. Different
timeframes may provide different signals and perspectives on market conditions.
Interpretation:
RSI is considered overbought when above 70 and oversold when below 30.
 Go long when the indicator moves from below to above the oversold line.
 Go short when the indicator moves from above to below the overbought line.
Note here that the direction of crossing is important; the indicator needs to first go past the
overbought/oversold lines and then cross back through them.
iii) Moving Average Convergence Divergence (MACD) Indicator :-
The Moving Average Convergence Divergence (MACD) is a popular technical indicator used
to identify potential trend reversals, generate buy or sell signals, and measure the strength of
price momentum. It consists of two lines and a histogram and is widely used by traders and
investors in financial markets.
The Moving Average Convergence Divergence (MACD) is a trend-following indicator and

momentum indicator which shows the relationship between two moving averages of a
security’s price.
The MACD is calculated using exponential moving averages (EMA) of different periods. The
most common settings are 12-day and 26-day EMAs. The MACD line is derived by
subtracting the 26-day EMA from the 12-day EMA. Additionally, a 9-day EMA, known as
the signal line, is plotted on top of the MACD line to generate trade signals.
Calculation:
Step1. Calculate a 12-period exponential moving average of the close price.
Step2. Calculate a 26-period exponential moving average of the close price.
Step3. Subtract the 26-period moving average from the 12 period moving average. This is the
fast MACD line.
Step4. Calculate a 9-period exponential moving average of the fast MACD line calculated
above. This is the slow or signal MACD line.
Interpretation:
As shown on the following chart, when the MACD falls below the signal line, it is a bearish
signal line and when the MACD rises above the signal line then the indicator gives a bullish
signal.
Crossovers are more reliable when they conform to the current trend. If the MACD crosses
above its signal line after a brief correction then it qualifies as bullish confirmation.
iv) Average True Range (ATR) :-
Average True Range (ATR) is the average of true ranges over the specified period. ATR
measures volatility, taking into account any gaps in the price movement. Typically, the ATR
calculation is based on 14 periods, which can be intraday, daily, weekly, or monthly. To
measure recent volatility, use a shorter average, such as 2 to 10 periods. For longer-term
volatility, use 20 to 50 periods.
How this indicator works:-
• An expanding ATR indicates increased volatility in the market, with the range of each bar
getting larger. A reversal in price with an increase in ATR would indicate strength behind that
move. ATR is not directional so an expanding ATR can indicate selling pressure or buying
pressure. High ATR values usually result from a sharp advance or decline and are unlikely to
be sustained for extended periods.
• A low ATR value indicates a series of periods with small ranges (quiet days). These low
ATR values are found during extended sideways price action, thus the lower volatility. A
prolonged period of low ATR values may indicate a consolidation area and the possibility of a
continuation move or reversal.
• ATR is very useful for stops or entry triggers, signaling changes in volatility. Whereas fixed
dollar - point or percentage stops will not allow for volatility, the ATR stop will adapt to
sharp price moves or consolidation areas, which can trigger an abnormal price movement in
either direction. Use a multiple of ATR, such as 1.5 x ATR, to catch these abnormal price
moves.
Calculation :-
ATR = (Previous ATR * (n - 1) + TR) / n
Where: ATR = Average True Range n = number of periods or bars TR = True Range
The True Range for today is the greatest of the following:
• Today's high minus today's low
• The absolute value of today's high minus yesterday's close
• The absolute value of today's low minus yesterday's close
3.8 Diagrammatic representation
The share price is a term we can associate with a single stock. As the name suggests, an Index
is not a stock but a basket of stocks and hence has no share price. But it does have an index
value that represents the sector performance as a whole.
This value for the ‘NIFTY IT’ Index is based on a free-float methodology which simply
means weighing each constituent based on their Market Cap available in the market for
regular investors i.e. excluding shares that are locked-in, such as those held by promoters.
As we can see that the price of Nifty OIL AND NATURAL GAS is cinstantly decreasing in
the pic .
It can of many such reasons which we have discussed above for which the price can be
decreased.
Monthly fluctuation from last 1 year in nifty OIL and NATURAL GAS
NIFTY OIL AND NATURAL GAS STOCKS LISTED
Within the NIFTY Oil & Gas Index, the top gainers were CASTROL INDIA (up 2.6%) and
INDRAPRASTHA GAS (up 1.2%). On the other hand, AEGIS LOGISTICS (down 1.6%)
and ONGC (down 1.2%) were among the top losers.
CHAPTER 4 :- RESULTS & CONCLUSION
4.1 SUMMARY OF FINDING
The NIFTY OIL AND NATURAL GAS Blackbook project focuses on the NIFTY OIL AND
NATURAL GAS index and includes detailed information about prominent companies such as
GAIL and IOC. The project encompasses various aspects, including company profiles, growth
rates, key executives, and key partners. Additionally, it covers primary and secondary
activities related to the NIFTY OIL AND NATURAL GAS index, value chain analysis, major
players, trends, objectives, and scope of work, as well as problems and challenges.
The project begins with an overview of the company profiles of IOC and GAIL, highlighting
their background, operations, and achievements. It further explores the growth rates of these
companies, shedding light on their performance and market position. The key executives of
both organizations are identified, providing insights into their leadership and strategic
direction. Additionally, the project delves into the key partners of IOC and GAIL,
emphasizing the collaborative relationships that contribute to their success.
Moving on, the project examines the NIFTY OIL AND GAS index in detail. It explores the
primary and secondary activities associated with the index, offering a comprehensive
understanding of the processes and functions involved. Furthermore, a value chain analysis is
conducted to identify the key stages and value-adding components within the NIFTY OIL
AND GAS ecosystem.
The project then highlights the major players in the NIFTY OIL AND GAS index, providing
an overview of the prominent companies driving the industry. It discusses their market
influence, competitive advantages, and contribution to the overall growth of the OIL AND
GAS sector. Moreover, the project analyzes the NIFTY OIL AND GAS, keeping track of
emerging technologies, market dynamics, and consumer demands.
The objectives and scope of the project are clearly defined, outlining the specific goals and
areas of focus. The challenges and problems faced by the OIL AND GAS sector are also
addressed, highlighting the need for effective solutions and strategies. A literature review and
survey are conducted to gather relevant information and insights from existing research and
industry experts.
The project methodology is explained, detailing the approach used to collect and analyze data.
Assumptions, constraints, and limitations are identified to ensure transparency and accuracy
in the project findings. Furthermore, information collected from various sources is utilized to
complete the project, ensuring a comprehensive and well-rounded analysis.
Lastly, the project explores trading tools such as Band Bollinger, ATR, MACD, and RSI,
providing an overview of their functions and relevance to financial analysis. These tools assist
in assessing market trends, volatility, and potential investment opportunities within the
NIFTY OIL AND GAS index.
In conclusion, this NIFTY OIL AND GAS Blackbook project offers a comprehensive
overview of the OIL AND GAS sector, focusing on companies like GAIL and IOC, as well as
the NIFTY OIL AND GAS index as a whole. It encompasses company profiles, growth rates,
key executives, and partners, along with primary and secondary activities, value chain
analysis, major players, trends, objectives, challenges, literature review, survey, methodology,
assumptions, constraints, limitations, and trading tools. The project serves as a valuable
resource for gaining insights into the NIFTY OIL AND GAS industry and its dynamics.
4.2 Suggestions & Recommendations
i) Strengthening Talent Retention Strategies:
• Create a positive work culture that fosters employee engagement, collaboration, and
innovation. Encourage open communication, recognize achievements, and provide growth
opportunities.
• Offer competitive compensation packages, including attractive salary structures,

performance-based incentives, and comprehensive benefits to attract and retain top talent.
• Invest in upskilling and continuous professional development programs to equip employees

with the latest industry knowledge and skills.
• Implement flexible work arrangements and work-life balance initiatives to promote

employee well being and job satisfaction.
ii). Embracing Emerging Technologies:
• Allocate sufficient resources for research and development to stay ahead of transportation
advancements.
• Foster a culture of innovation by encouraging employees to experiment with new

technologies and ideas. Create dedicated innovation labs or centers to drive research and
development initiatives.
• Develop a framework for technology adoption that includes thorough evaluation, piloting,
and integration processes to ensure successful implementation.
iii). Expanding Global Footprint:
• Conduct thorough market research to identify potential international markets for expansion.
Consider factors such as market size, growth potential, regulatory environment, and cultural
compatibility.
• Establish local offices or subsidiaries in target markets to provide localized services and
build strong relationships with clients.
• Develop a comprehensive market entry strategy that includes partnerships with local
companies, market-specific marketing campaigns, and understanding local customer
preferences.
• Invest in building a diverse and multicultural workforce with language and cultural
competencies to facilitate global operations
iv). Customer-Centric Approach
•Implement a customer relationship management (CRM) system to effectively manage and

analyze customer data. Use this data to personalize services, anticipate customer needs, and
provide proactive support.
• Conduct regular customer satisfaction surveys and feedback sessions to understand customer
expectations and improve service delivery.
• Foster strong customer relationships through regular communication, account management,

and proactive problem-solving.
• Continuously innovate and develop new solutions that address emerging customer
challenges and market demands.
• Encourage customer advocacy and referrals through loyalty programs, incentives, and
rewards.
By implementing these suggestions and recommendations, companies in the NIFTY OIL

AND GAS index can enhance their competitive advantage, drive growth, and meet the
evolving demands of the OIL AND GAS industry.
It is essential to continuously monitor market trends, adapt to technological advancements,

and prioritize customer satisfaction to stay ahead in the dynamic OIL AND GAS landscape.
4.3 Conclusion :-
In conclusion, the NIFTY OIL AND GAS sector has emerged as a crucial player in the Indian
economy, driven by the remarkable growth and success of companies like GAIL and IOL.
These companies have demonstrated consistent growth rates and established themselves as
key players in the OIL AND GAS industry.
IOC, with its visionary leadership and strong execution capabilities, has achieved significant
milestones in the global OIL AND GAS services market. GAIL, on the other hand, has shown
exceptional resilience and adaptability, leading to its remarkable growth and market
dominance. Both companies have successfully formed strategic partnerships with global
organizations, expanding their reach and enhancing their capabilities.
The primary and secondary activities of the project shed light on the comprehensive value
chain analysis of the NIFTY OIL AND GAS sector, highlighting the various stages involved
in delivering OIL AND GAS products and services.
This analysis helps us understand the sector's overall structure and the interdependencies
among different players.
The major players in the NIFTY OIL AND GAS sector have a significant impact on the
industry's growth and direction. Their constant innovation, focus on digital transformation,
and ability to adapt to changing market dynamics have positioned them as market leaders.
These players, including GAIL and IOL, have set industry benchmarks and continue to shape
the future of the OIL AND GAS sector in India.
4.4 Directions for future research
i. Emerging Technologies:
Investigate the impact of emerging technologies such as block chain, Internet of
Things (IoT), and machine learning on the NIFTY OIL and GAS sector. Explore how
these technologies can be leveraged to drive further growth and innovation in the
industry.
ii. Talent Management:
Explore strategies for attracting and retaining top OIL and GAS talent in a highly
competitive landscape. Investigate the role of upskilling and reskilling initiatives in
nurturing a skilled workforce capable of adapting to evolving technology trends.
iii. Ethical and Social Implications:
Investigate the ethical and social implications of OIL and GAS advancements. Explore
the responsible and inclusive implementation of these technologies to ensure they
benefit society as a whole.
iv. Market Expansion:
Research potential avenues for expanding the market reach of NIFTY OIL and GAS
companies, both domestically and internationally. Analyze the challenges and
opportunities presented by emerging markets and identify strategies for successful
market entry and growth.
v. Environmental Sustainability:
Assess the environmental impact of the NIFTY OIL and GAS sector and explore ways
to promote sustainability. Investigate green OIL and GAS practices, energy-efficient
technologies, and renewable energy adoption to minimize the carbon footprint of OIL
and GAS operations.
vi. Regulatory Frameworks:
Examine the evolving regulatory landscape for the NIFTY OIL and GAS sector, both
at the national and international levels. Research the potential impact of regulatory
changes on industry dynamics and explore ways to ensure compliance while fostering
innovation.
These research directions aim to provide insights into the future of the NIFTY OIL and GAS
sector, addressing key areas that will shape its growth and sustainability. By exploring these
topics, researchers can contribute to the development of strategies, policies, and innovations
that will further propel the industry forward.
CHAPTER 5 :- Conclusions, Suggestions & Recommendation Based SILC
Overall Management Leanings from the company
i. Request for timely feedback and guidance to enhance learning and growth throughout
the internship.
ii. Suggest organizing training sessions or workshops to enhance specific skills relevant
to the trading
iii. Ask for guidance in understanding market trends, indicators, and strategies used in
trading.
iv. Suggest regular mentoring sessions to discuss career aspirations, seek advice, and gain
insights into the academy.
Overall learning about your Specialization from the company
i. Learned about the trading industry, its trends, and the factors that influence the
market:-
Got to learn about the company first , then how does the co-operate world looks like ,
how does it function, and got engaged in that co – operate world. Got to know the
basics of the stock market, got to live with stock market , got to about different scripts/
companies. Got to know how stock market works. Got to know how to trade with real
money.
ii. Studied various trading strategies and their applications in different companies:-
Through SIP we interns could learn about different companies , about the companies
and how did they perform. We could understand how those company worked what
were the strategies of these companies. From which strategy they made profits.
To deal the company for trading by using different strategies, techniques which are
mentioned aboved i.e. RSI , ATR, MACD and Bollinger band, etc.
iii. Analyzed market data and trends to identify trading opportunities.

By doing SIP in trading sector the interns could get to know about markets the
fluctuation of the market, how should the markets could be analysed through which
tools it should br analysed. Markets can be analysed through the trend lines the past
trend data too.
iv. Executed trades under the guidance of experienced traders.
Got to know how to trade with guidance of our mentor and reporting boss. Also got to
know how does stock market works and how to study each and every company .
Trading is done first by studying the script and analysis how would it fluctuate and
then according trading in that particular script.
v. Acquired knowledge of risk management and market analysis techniques.

In trading there are lots and lot of things to get knowledge there is no such limit for
that. A man who is said master of stock market also does not have every knowledge of
stock market so there is no such expert in stock market . in stock to trade there are
different technics to deal with that have been explained above.
Finance is a field that deals with the management of money, investments, and financial
activities. It plays a crucial role in the functioning of businesses, governments, and
individuals. As a finance specialist, we have gained knowledge and skills related to the Indian
stock market and digital marketing, enabling us to excel in rapidly evolving emerging careers.
In our journey with Fintech Education, we have gained a comprehensive understanding of

various aspects of finance, particularly in the context of the stock market.
Indian Stock Market (NSE & BSE):
We have learned about the National Stock Exchange (NSE) and the Bombay Stock Exchange
(BSE), which are the primary stock exchanges in India.
Understanding the functioning and structure of these exchanges has given you insights into
how companies list their shares and how trading takes place.
Basics of Stock Market:
We have acquired a strong foundation in the fundamentals of the stock market, including
concepts such as stocks, shares, equity, and market indices.
You understand how buying and selling shares work, the role of stockbrokers, and the factors
that influence stock prices.
Technical Analysis Tools:
Technical analysis involves studying historical market data to make informed trading
decisions. We have learned various tools used for this purpose:
i. Bollinger Bands:
These help analyze price volatility and identify potential buying or selling
opportunities.
ii. Average True Range (ATR):

It measures market volatility and can assist in setting stop-loss levels or
determining trade targets.
iii. Moving Average Convergence Divergence (MACD):

This indicator helps identify changes in momentum and potential trend reversals.
iv. Relative Strength Index (RSI):
RSI measures the speed and change of price movements, indicating overbought or
oversold conditions.
Trading in Stock Market:
With our acquired knowledge, we have engaged in trading activities in the stock market.
We have learned how to analyze stocks using technical indicators and make informed trading
decisions based on your analysis.
We have understood the importance of risk management, setting stop-loss orders, and
maintaining a disciplined approach to trading.
Digital Marketing:
In addition to stock market knowledge, we have also specialized in digital marketing.
Digital marketing involves promoting products or services using various online channels,
such as social media, search engines, and email marketing.
This additional expertise equips us with the skills to market financial products, build an online
presence, and reach potential clients effectively.
By combining my specialization in finance with digital marketing skills.
PHOTO WITH REPORTING BOSS:-
REFERENCES :-
i. Annual report of IOL

ii. Annual report of GAIL
iii. Equitymaster.com
iv. Fool.com
v. gailonline.com
vi. ibef.org
vii. icici prudentials
viii. investing.com
ix. iocl.com
x. jstor e-journal
xi. moneycontrol app
xii. pwc e-journal
xiii. sharekhan app
xiv. Wikipedia.com

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A PROJECT REPORT ON

FUNDAMENTAL AND TECHNICAL ANALYSIS ON A SECTOR :-

Name of the candidate :- SHREY KAUSHIK VED

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF

MASTER OF MANAGEMENT STUDIES /

POST GRADUATION DIPLOMA IN MANAGEMENT STUDIES

ACADEMIC YEAR 2022-24

Submitted to Prof. Amit Kamkhalia

ADITYA INSTITUTE OF MANAGEMENTSTUDIES AND RESEARCH

Dr. Sunita Srivastava Prof. Amit Kamkhalia

Signature of the Candidate

Certificate from Company II

Certificate from College III

List of Tables VII

List of Figures VIII

List of Symbols, Abbreviations and Nomenclature (Optional) X

3 METHODOLOGY OF WORK DONE OR PRIMARY ANALYSIS 35 - 50

4 RESULTS AND CONCLUSION 51 - 56

5 CONCLUSIONS, SUGGESTIONS & RECOMMENDATION BASED SILC 57 – 62

i) Fundamental analysis and,

Both analysis are used for different purposes/uses.

i) Fundamental Analysis :- Fundamental analysis is used for evaluating the intrinsic

1.1:- Company and Sector Information

1.1.1 :- Company profile

GAIL (GAS Authority of India LTD)

Growth Rate as per sales (IN CRORES)

STAKEHOLDERS OF THE COMPANY:

Company has 15 Groups of stakeholders as:-

i. Government & Other Regulators

i. Aavantika Gas Limited (AGL)

ii. Bhagyanagar Gas Limited (BGL)

iii. Central U.P. Gas Limited (CUGL)

v. Indraprastha Gas Limited (IGL)

vii. Maharashtra Natural Gas Limited (MNGL)

viii. ONGC Petro-additions Limited (OPaL)

Growth rate as per revenue (in crores)

vi) 8th CMD Leadership Award at the Governance

Their stakeholders are :-

i) Investors and shareholders :- The Investor and shareholder community provides

S.M. VAIDYA CHAIRMAN

G.K. SATISH DIRECTOR (PLANNING AND

DR.S.S.V. RAMAKUMAR DIRECTOR (RESREACH AND

RAJAN KUMAR MOHAPATRA DIRECTOR (HUMAN RESOURCE)

S.K. GUPTA DIRECTOR (FINANCE)

SANJIV SINGH CHAIRMAN

AKSHAY KUMAR SINGH DIRECTOR (PIPELINES)

GURMEET SINGH DIRECTOR (MARKETING)

India’s crude oil production in FY22 stood at 29.7 MMT.

i. World’s fastest-growing energy market

Major players in this sector:-

Players are differentiated according to upstream and downstream companies.

Examples of such companies are :-

i) Oil and natural gas corporation (ongc)

What are downstream companies?

Examples of such companies are:-

i) India oil corporation Ltd

1.2.1 Need for Study:

1.2.2 Objectives and Scope of work

i) Analysing the performance of OIL AND NATURAL GAS companies: By

i) Research report: A comprehensive report summarizing the findings of the

ii) Presentation: A presentation that highlights key findings, trends, and

Overview of Nifty OIL AND NATURAL GAS:

Factors Influencing Nifty OIL AND NATURAL GAS:

Correlation with Global OIL AND NATURAL GAS Indices: