A PROJECT REPORT ON “Equity Research: Fundamental and Technical analysis and its impact on stock prices” FOR BY CHAUDHARI KAILAS NANABHAU MBA-II 2006-2008 UNDER THE GUIDANCE OF PROF. MAHESH HALALE SUBMITED TO UNIVERSITY OF PUNE IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE AWARD OF DEGREE OF MASTER OF BUSINESS ADMINISTRATION (MBA) THROUGH VISHWAKARMA INSTITUTE OF MANAGEMENT PUNE - 48 1
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A
PROJECT REPORT ON
“Equity Research: Fundamental and Technical analysis and its impact on stock
prices”
FOR
BYCHAUDHARI KAILAS NANABHAU
MBA-II
2006-2008
UNDER THE GUIDANCE OFPROF. MAHESH HALALE
SUBMITED TO
UNIVERSITY OF PUNE
IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE AWARD OF DEGREE OF MASTER OF
BUSINESS ADMINISTRATION (MBA)
THROUGHVISHWAKARMA INSTITUTE OF MANAGEMENT
PUNE - 48
1
ACKNOWLEDGMENT
It’s a great privilege that I have done my project in such a well-organized and
diversified organization. I am great full to all those who helped and supported me in
completing the project.
First of all I would sincerely like to thank Mr. Rakesh P. Sonawane (Branch
Manager, Nasik), for his valuable guidance and kind co-operation during the project.
I am highly grateful to Mr. Nayan Bhandari (Business Associates of Reliance
money) for the help provided by them in various forms.
I am also thankful to our director Dr. Sharad Joshi and my project guide Prof.
Mahesh Halale for helping me in completing the project.
Last but not least, I am also thankful to all college staff and my friends for helping me
directly or indirectly in my project.
2
TO WHOM SO EVER IT MAY CONCERN
This is to certify that Mr. Kailas N. Chaudhari is a bonafide student of our institute.
He has successfully carried out his summer project “ Equity Research :
Fundamental and Technical analysis and its impact on stock prices” titled at
Reliance Money. This is the original study of Mr. Kailas N. Chaudhari and important
sources of data used by him have been acknowledged in his report .
The report is submitted in partial fulfillment of two years full time course of Masters
in Business Administration 2006-2008 as per rules.
___________________ ________________________
Prof. Mr.Mahesh Halale Dr. Sharad L. Joshi
(Project Guide) (Director)
Vishwakarma Institute of Management
CONTENT
3
4
Sr.No. Topic Page No.
1 Executive Summery 1-3
2 Company Profile 4-5
3 Objective of Project 6-6
4 Research Methodology 7-7
5 Data Presentation 8-26
6 Data Analysis & Interpretation 27-59
7 Finding 60-61
8 Suggestion And Conclusion 62-64
9 Limitation 65-65
10 Bibliography 66-66
INTRODUCTION
5
COMPANY PROFILE
6
OBJECTIVE AND
RATIONALE
7
RESEARCH METHODOLOGY
8
DATA PRESENTATION
9
DATA ANALYSIS AND
INTERPRETATION
10
FINDINGS
11
SUGGESTIONAND
CONCLUSION
12
LIMITATION OF STUDY
13
BIBLIOGRAPHY
14
EXECUTIVE SUMMARY
EQUITY ANALYSIS is the systematic study of the performance of companies in
stock market with help of fundamental analysis and technical analysis. Equity
analysis consists of fundamental analysis & technical analysis. While decision in
investment of shares should be base on actual movement of shares price measured
more in money & percentage term & nothing else.
In equity analysis, calculations are based on FACTS & not on HOPE. The subject of
equity analysis, i.e. the to attempt to determine future share price movement with the
help of RATIO ANALYSIS, STUDY OF GRAPH. Equity analysis does not discuss
how to buy & sell shares, but does discuss the methods, which enables the investor to
arriving at buying & selling decision.
The Technical Approach to investment is essentially a reflection of the idea that
prices moves in a trend that are determined by the changing attitude of investor’s
toward a variety of economic, monetary, political and psychological forces. The art of
technical analysis, for it is an art, 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 the trend
has reversed.
15
INTRODUCTION TO BSE AND NSE
Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich
heritage. Popularly known as “BSE”, it was established as “ The Native Share &
Stock Brokers Association ” in 1875. It is the first stock exchange in country to obtain
permanent recognition in 1956 from the Government of India under the Securities
Contracts (Regulation) Act, 1956. The Exchange’s pivotal and pre-eminent role in the
development of the Indian capital market is widely recognized and its index,
SENSEX, is tracked worldwide. Earlier an Association of Persons (AOP), the
Exchange is now a demutualised and corporative entity incorporated under the
provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and
Demutualization) Scheme, 2005 notified by the Securities and Exchange Board of
India (SEBI).
With demutualization, the trading rights and ownership rights have been de linked
effectively addressing concerns regarding perceived and real conflicts of interest. The
Exchange is professionally managed under the overall direction of the Board of
Directors. The Board comprises eminent professionals. Representatives of Trading
Members and the Managing Director of the Exchange. The Board is inclusive and is
designed to benefit from the participation of market intermediaries.
The Exchange has a nation-wide reach with a presence in 417 cities and towns of
India. The systems and processes of the Exchange are designed to safeguard market
integrity and enhance transparency in operations. During the year 2004-2005, the
trading volumes on the Exchange showed robust growth.
The Exchange provides an efficient and transparent market for trading in equity, debt
instruments and derivatives. The BSE On Line Trading System (BOLT) is a
proprietary system of the Exchange and is BS 7799-2-2002 certified. The surveillance
and clearing and settlement functions of the Exchange are ISO 9001:2000 certified.
16
SENSEX – THE BAROMETER OF INDIAN CAPITAL MARKETS
For the premier Stock Exchange that pioneered the stock broking activity in Indian,
128 years of experience seems to be a proud milestone. A lot has changed since 1875
when 318 persons became members of what today is called “The Stock Exchange,
Mumbai” by paying a princely amount of Re1. Till the decade of eighties, there was
no scale to measure the ups and downs in the Indian stock market. The Stock
Exchange, Mumbai (BSE) in 1986 came out with a stock index that subsequently
became the barometer of the Indian stock market.
First compiled in 1986, SENSEX is a basket of 30 constituent stocks representing a
sample of large, liquid and representative companies. The base year of SENSEX is
1978-79 and the base value is 100. The index is widely reported in both domestic and
international markets through print as well as electronic media. The entry and exit of
any specific stock depends on the market capitalization of the top 30 companies in the
market and are from different sectors.
NATIONAL STOCK EXCHANGE
The National Stock Exchange (NSE) is India’s leading stock exchange covering
various cities and towns across the country. NSE was set up by leading institutions to
provide a modern, fully automated screen-based trading system with national reach.
The Exchange has brought about unparalleled transparency, speed & efficiency,
safety and market integrity. It has set up facilities and procedures.
NSE has played a catalytic role in reforming the Indian securities market in terms of
microstructure, market practices and trading volumes. The market today uses state-of-
art information technology to provide an efficient and transparent trading, clearing
and settlement mechanism, and has witnessed several innovations in products &
services viz. demutualization of stock exchange governance, screen based trading,
Professionalisation of trading members, fine-tuned risk management systems,
emergence of clearing corporations to assume counter party risks, market of debt and
derivative instruments and intensive use of information technology. IDBI & other
financial institution with paid equity capital of Rs 25 cores set up NSE. It started
operation in Wholesale debt market in June 1994 & in equity, in Nov 1994.
17
Reliance Money is a subsidiary company of Reliance Capital; one of India's leading
and fastest growing private sector financial services company, ranking among the top
3 private sector financial services and banking companies, in terms of net worth.
Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group.
Reliance Money is a comprehensive electronic transaction platform offering a wide
range of asset classes. Its endeavor is to change the way India transacts in financial
markets and avails financial services. Reliance Money is a single window, enabling
you to access, amongst others in Equities, Equity & Commodities Derivatives,
Mutual Funds, IPO s, Life & General Insurance products, Offshore Investments,
Money Transfer, Money Changing and Credit Cards.
18
Division of Reliance Capital
Reliance money Reliance mutual fund
Reliance General and life insurance
Equities, commodities, forex
trading, servicesAnd distribution
house for financial products
An asset management
company-floating fund offers for retail
participation
Mediclaim, travel care, lip plans, life
Insurance, car insurance
Reliance Capital offers a comprehensive direct equities service for our private clients, our services include:
• An equity portfolio review and recommendation service;
• Comprehensive and short form research reports on Australia's leading
Companies, together with regular economic and market reviews;
• Access to floats and new issues;
• Access to International shares and detailed research information
• Access to government bonds;
• Clients who may be looking for advice on not only stocks but also on hybrids,
warrants and options strategies
• Ongoing management of your portfolio aligned to your long term wealth
creation goals
• We can also provide access to Separately Managed Accounts (SMA's) and
Individually Managed Accounts for simple and transparent equities
administration.
To achieve long term financial success you will need a portfolio that increases in
value over time. One of the sectors best able to achieve this growth is Australian
listed shares.
Listed shares can provide you with an income stream through the payment of
dividends. Through dividend imputation, this income stream can be tax effective.
Depending on your particular requirements you may choose shares that focus on
growth opportunities, or on an income stream, or that provide a combination of both.
Reliance Capital’s approach to financial management has the flexibility to ensure that
your individual needs are met. Our step-by-step wealth management service helps
you structure a comprehensive financial strategy that meets both your immediate
financial requirements and your long-term wealth creation goals and objectives.
Reliance Capital applies academic research to the practical world of investing. Our
objective is to help clients develop globally diversified portfolios and to add value
through reduced costs and taxes.
19
OBJECTIVE
It was good opportunity to familiarize myself with the stock market i.e. the capital
market & their co-relation with economical environment through “ EQUITY
RESEARCH”. The analysis of equity gives me the opportunity to understand
thoroughly this behavioral pattern’s of different equity & overall capital market.
The main objective of the project research is as follows.
1. To Study the equity analysis and obtain the knowledge of equity market
2. To Study the present behavior & predicting the future behavior of equity in
stock market.
3. Obtain the knowledge about how to select the companies for investment.
To analyze the performance of company’s through Balance Sheet & Technical graph
of their shares.
RATIONALE
The present market scenario has shown us the Boom in Share Market. Even some of
the research firms showed that Share Market is the fastest growing in India.
From last two years share market is in boom. Now it is possible for the investors to
trade from their own place. As compare to last two years there is a growth in the
number of share brokers and market analysts. Media is playing an important role in
these regards. Now the common man is also thinking of some investment in share
market. Too many investors invest their money for the short span, the intention is
speculative.
20
RESEARCH METHODLOGY
During my project, I collected data through various sources primary & secondary.
Primary source includes :-
1) Discussion with branch manager
2) Discussion with experts
3) Questionnaires for investors
4) Live trading in the market
Secondary source includes :-
1) Various books related to stock market
2) Books related to Financial Management
3) Web sites were used as the vital information source.
Reliance Money felt need of evaluating the price patterns of leading scripts
mainly from the five main blue chip companies and also interested in determining
the trends along with price performance in near future. This equity analysis will
facilitate to investor for profitable investment.
21
EQUITY ANALYSIS
FUNDAMENTAL ANALYSIS
The investor, while buying stock, has the primary purpose of gain. If he invests for a
short period of time, it is speculative but when he holds if for a fairly long
period of time, the anticipation is that he would receive some return on his
investment. The fundamental analysis is a method of finding out the future
price of a stock, which an investor wishes to buy. The method for forecasting
the future behavior of investment and the rate of return on them is clearly
through an analysis of the broad economic forces, industry analysis, the
company analysis and ration analysis.
A. Influence of the economy on the company. These are the following factor: -
1. Economic Growth2. Populations3. Monsoons and Agriculture Production4. Natural resources and availability of raw material5. Industrial Productions6. Inflation7. Interest rate8. Foreign exchange reserve9. Balance of payment position10. Budget deficits11. Public debt and foreign debt12. Domestic saving and capital output rate13. Employments14. Taxation policies15. Infrastructure facilities16. Government policies17. Political Stability18. International developments19. Capital formations20. Saving pattern21. Economic indicators22. Foreign direct investments23. Rupee-Dollar Fluctuation24. Stock News
22
B. Industrial Analysis.
The industry analysis should take in to account the following factors as
influence the performance of the company, whose share prices are to be
analyzed.
Product Line.
It is also necessary to know the industries with a high growth potential like
computers, electronics, chemicals, diamonds, textiles etc. and whether the
industry is in the priority sector of the key industry group of capital goods or
consumers goods group.
Raw Material and Inputs.
Under these head, we have to look in to industries depending on imports of
scare raw materials, competition from other companies and industries and the
barriers to entry of new company, protection from foreign competition, import
and export restriction etc.
Capacity Installed and Utilized.
The demand for industrial product in the economy is estimated by the
planning commission and the Government, and the units are given licensed
capacity on the basis of these estimates.
Industry Characteristics.
It included whether the industry is cyclical, fluctuating of stable. It is also
important industry produce seasonal product or FMCG. It also included
demand of product freight charges, cost of production, advertisement cost,
skill of operation, profitability.
23
Demand and Market.
It includes demand of the product in the market and price of raw material and
other input cost like freight, electricity, season, monsoon, etc. if the nature of
product is such as drugs, fertilizer or other consumer goods, whose price and
distribution control by Government.
Government Policy with regard to Industry
Government Policy is announced in the industrial policy resolution and
Subsequent announcement from time to time by the Government. The Policy
strategy as laid down in the five years plans according to planning
commission and expected demand in the economy.
Management.
If the promoters and the management are the efficient and capable of steering
the company through the difficult days such management likes TATA &
BIRLA, who have reputation, buildup their companies on the strong
foundation. The management has to be assessed in the terms of their
capabilities, popularity, honesty and integrity.
24
TECHNICAL ANALYSIS The methods used to analyze securities and make investment decisions fall into two
very broad categories: Fundamental Analysis and Technical Analysis.
Fundamental analysis involves analyzing the characteristics of a company in order to
estimate its value. Technical analysis takes a completely different approach; it doesn’t
care one bit about the “value” of a company or a commodity. Technicians (some time
called chartists) are only interested in the price movement in the market.
Despite all the fancy and exotic tools it employs, technical analysis really just studies
supply and demand 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 it self, as opposed to its
components. If you understand the benefits and limitation of technical analysis it can
give you a new set of tools or skills than will enable you to better trader or investor.
DEFINITION
Technical analysis is a method of evaluating the securities by analyzing the statistics
generated by the market activity, such as past price and volume. In technical analysis,
analysts use charts and other tools to identify patterns that can suggest future
activity.
Just as there are many investment styles on fundamental side, there is also much
different type of technical traders. Some rely on chart patterns. In any case, technical
analysts exclusive use of historical price and volume data is what separates them from
their fundamental counterparts. Unlike fundamental analysis technical analysts don’t
care whether a stock is undervalued the only thing that matter is a security’s past
trading data and what information this data can provide about where the security
might move in the future
25
Assumptions:
1. The Market Discounts Everything
A major criticism of technical analysis is that it only considers price movement,
ignoring the fundamental factors of the company. However, technical analysis
assumes that, at any given a time, a stocks price reflects everything that has or could
affect the company- including Fundamental Factors. Technical analysts believe that
the company’s fundamentals, along with broader economic factors and market
psychology, are all priced into the stock, removing the need to actually consider these
factors separately.
This only leaves the analysis of price movement, which technical theory views as a
product of supply and demand for a particular stock in the market.
2. Price Moves In Trends
In technical analysis, price movements are believed to follow trends. This means that
after a trend has been established, the future price movement is more likely to be in
the same direction as the trend that to be against it. Most technical trading strategies
are based on this assumption.
3. History Tends To Repeat Itself
Another important idea in technical analysis is that history tends to repeat itself,
mainly in terms of price movement. The repetitive nature of price movement is
attributed to market psychology; in other words, market participants tend to provide a
consistent reaction to similar market stimuli over time. Technical analysis uses chats
patterns to analyze market movements and understand trends. Although many of
these charts have been use for more than 100 years they are still believed to be
26
relevant because they illustrate patterns in price movements that often repeat
themselves.
Line charts
A style of charts that is created by connecting a series of data points together with a
line. This is the most basic type of charts used in finance and connecting a series of
past prices together with a line generally creates it.
Bar chart
A style of chart used by some technical analysts, on whom as illustrated below, the
top of the vertical line indicates the highest price a security traded at during the day,
and the bottom represents the lowest price. The closing price is displayed on the right
side of the bar, and the opening price is shown on the left side of the bar. A single bar
like the one below represents one day of trading.
27
These are the most popular type of chart used in technical analysis. The visual
representation of price activity over a given period of time is used to spot trends and
patterns.
Candlestick
A price chart that displays the high, low, open and close for a security each day over a
specified period of time.
There are many trading strategies based upon patterns in candlestick charting.
Technical analysis: the use of trend
One of the most important concepts in technical analysis is that of trend. The meaning
in finance isn’t all that different from the general definition of the term- a trend is
really nothing more than the general direction in which a security or market is
headed. Take a look at the chart below:
28
It isn’t hard to see that the trend in figure is up. However, isn’t not always this easy to
see a trend.
There are lots of ups and downs in this chart, but there isn’t a clear indication of which direction this security is headed.
The Importance of Trend
It is important to be able to understand and identify trends so that you can trade with
them rather than trade against them. Two important sayings in technical analysis are “
29
the trend is your friend” and “ don’t buck the trend” Illustrating how important trend
analysis is for technical trade.
Types of Trend
There are three types of trend:
• Up Trends
• Downtrends
• Sideways/ Horizontal Trends
As the names imply, when each successive peak and trough is higher, it’s referred to
as an upward trend. If the peaks and troughs are getting lower. It’s a downtrend.
When there is little movement up or down in the peaks and troughs, it’s a sideways or
horizontal trend. If you want to get really technical, you might even say that a
sideways trend is actually not a trend on its own, but a lack of a well-defined trend in
either direction. In any case, the market can really only trend in these three ways: up,
down or nowhere.
Uptrend
Describes the price movement of a financial asset when the overall direction is
upward. A formal uptrend is when each successive peak and trough is higher than the
ones found earlier in the trend.
30
Notice how each successive peak and trough is located above the previous ones. For
example, the peak at trend is higher than the peak at uptrend. The uptrend will be
deemed broken if the next low on the chart falls below trend.
Downtrend
Describes the price movement of a financial asset when the overall direction is
downtrend. A formal downtrend occurs when each successive peak and trough is
lower than the ones found earlier in the trend.
31
Notice how each successive peak and trough is lower than the previous one. For
example, the low trend is lower than the low at Point. The downtrend will be deemed
broken once the price closes above the high at high direction trend.
Downtrend is the opposite of uptrend.
Trend lines
A trend line is a simple charting technique that adds a line to a chart to represent the
trend in the market or a stock. Drawing a trend line is as simple as drawing a straight
line that follows a general trend. These lines are used to clearly show the trend and
are also used in the identification of the reversals.
32
As you see in above Figure, an upward trend lines is drawn at the lows of an upward
trend. This line represents the support the stock has every time it moves from a high
to a low. Notice how the price is propped up by this support. This type of trend line
helps traders to anticipate the point at which a stock’s price will begin moving
upwards again. Similarly, a downward trend line is drawn at the highs of the
downward trend. This line represents the resistance level that a stock faces every time
the price moves from a low to a high.
Trend Lengths:
Along with this trend direction, there is three-trend classification. A trend of any
direction can be classified as a long-term trend, intermediate trend or a short-term. In
terms of the stock market, a major trend is generally categorized as one lasting longer
than a year. An intermediate trend is considered to last between one and three months
and a near-term trend is anything less than a month. A long-term trend is composed of
several intermediate trends, which obtain move against the direction of the major
trend. If the major trend is upward and there is a downward correction in price
movement followed by a continuation of the up trend, the correction is considered to
be an intermediate trend. The short term trends are components both major and
intermediate trends. Take a look a Figure to get a sense of how these three trends
lengths might look.
33
When analyzing trends, it is important that the chart is constructed to best reflect the
type of trend being analyzed. To help identify long-term trends, chartists to get a
better idea of the long-term trend use weekly charts or daily charts spanning a five-
year period. Daily data charts are best use when analyzing both intermediate and
short-term trends. It is also important to remember that the longer the trend, the more
important it is; for example, a month trend is not as significant as five-year trend.
Channels
A Channel, or channel lines, is the addition of two parallel trend lines that act as
strong areas of support and resistance. The upper trend line connects a series of highs,
while the lower trend line connects a series of lows. A channel can slope upward,
downward or sideways but regardless of the direction, the interpretation remains the
same. Traders will expect a given security to trade between two levels of support and
resistance until it breaks beyond one of the levels in which case traders can expect a
sharp move in Direction of the break. Along with clearly displaying the trend,
channel is mainly used to illustrate important areas of support and resistance.
34
Above graph a descending channel on stock chart; the upper trend line has been
placed on the highs and lower trend line is on the lows. The price has bounced off of
these line several times, and has remained rang-bound for several months. As long as
the price does not fall below the lower line or move beyond the upper resistance, the
range bound downtrend is expected to continue.
Double Bottom
A charting pattern used in technical analysis. It describes the drop of a stock (or
index), a rebound, another drop to the same (or similar) level as the original drop, and
finally another rebound.
35
Double Top
A term used in technical analysis to describe the rise of a stock, a drop, another rise to
the same level as the original rise, and finally another drop.
The double top looks like the letter “M”. The twice-touched high is considered a
resistance level.
Triple Bottom
A pattern used in technical analysis to predict the reversal of a prolonged downtrend.
The pattern is identified when the price of an asset creates three troughs at nearly the
same price level. The third bounce off the support is an indication that buying interest
(demand) is outweighing selling interest (Supply) and that trend is in the process of
reversing.
36
Once the first bottom is created, the price reaches a peak and retraces back toward the
prior support. This is when buyer enters again and pushes the price of the asset
higher, creating bottom No.2. The price of the asset then created another peak
and heads lower for its final test of the support. The final bounce of the support
level creates bottom No.3 and traders will get ready to enter a long position once
the price breaks above the previous resistance (Illustrated by the black on the
chart). This pattern is considered to be a very reliable indication that the
downtrend has reversed and that the new trend in the upward direction. Sudden
change in the price direction of a stock, index, commodity or derivative security.
Also referred to as a “Trend Reversal”, “Rally” or “Correction”.
Triple Top
A pattern used in technical analysis to predict the reversal of prolonged up trend. This
pattern is identified when the price of an asset creates three peaks at nearly the same
price level. The bonus off the resistance near the third peak is clear indication that
buying interest is becoming exhausted. The traders to predict the reversal of the up
trend use it.
37
1 2 3
The three consecutive tops make this pattern visually similar to the head and
shoulders pattern but, in this case, the middle peak is nearly equal to the other peak
rather than being higher. Many traders will enter into a short position once the price
of asset falls below the identified support level. (Shown by the line in the chart
above).
Head and Shoulders Pattern
A technical analysis term used to describe a chart formation in which a stocks price:
1 Rises to a peak and subsequently declines.
2. Then, the price rises above the former peak and again declines
3. And finally, rises again, but not to the second peak, and declines once
more.
The First and Third peaks are shoulders, and second peak forms the head.
The “Head -and –Shoulders” pattern is believed to be one of the most reliable trend
reversal patterns.
38
Volume
The number of shares or contracts traded in a security or an entire market during a
given period of time. It is simply the amount of shares that trade hands from sellers to
buyers as a measure of activity. If a buyer of a stock purchases 100 shares from a
seller, then the volume for that period increases by the 100 shares based on that
transaction.
Volume is an important indicator in the technical analysis as it is used to measure the
worth of a market move. If the market have made strong price move either up or
down the perceived strength of that move depends on the volume of that period. The
higher the volume during that price move the more significant the move.
Support
The price, which, historically, a stock had difficulty falling below. It is thought of as
the level at which a lot of buyers tend to enter the stock. Often referred to as the
“Support Level”.
39
Resistance The Price at which a stock or market can trade, but which it cannot exceed, for a
certain period of time. Often referred to as “Resistance Level”.
40
Moving Average- MA
An indicator frequently used in technical analysis showing the average value of a
security’s price over a set of period. Moving averages are generally used to measure
momentum and define areas of possible support and resistance.
41
Infosys Technologies Ltd (Infosys) was incorporated on July 2, 1981, as a private ltd
company. It became public limited company. To became public limited company on
June 1992 and subsequently the name was also changed to Infosys Technologies Ltd.
It was the first Indian company to be listed on American Stock Exchange. The
company is one of India’s leading information technologies (IT) services companies.
Enterprise Services, Product R&D services and Consulting Services. The company is
having its Headquarters in Banglore and has 17 offshore development facilities like
Aerospace & Defense, Automotive, and Banking & Capital Markets. Communication