NBFC11[1] copy.docx
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A
PROJECT
REPORT ON
EQUITY RESEARCHIN NON-BANKING FINANCIAL
COMPAIES AND ALUMINIUM SECTORA DETAILED STUDY IN
FINANCE
SUBMITTED IN PARTIAL FULFILLMENT OF THE AWARD OF DEGREE
OF MASTER OF MANAGEMENT STUDIES (MMS) UNDER THE
UNIVERSITY OF MUMBAI SUBMITTED BY
BY
VINIT SURESH SHELAR
ROLL NO: !
BATCH :"#$%-"#$
UNDER THE GUIDANCE OF
PROF&DR&MANISHA DUBEY
BHARATI VIDYAPEETH'S
INSTITUTE OF MANAGEMENT STUDIES RESEARCH
NAVI MUMBAI
CERTIFICATE OF APPROVAL
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This is to certify that the summer internship project entitled EQUITY
RESEARCH IN NON-BANKING FINANCIAL COMPAIES AND
ALUMINIUM SECTOR submitted by. A student of BharatiVidyapeeth Institute
of Management Studies And Research as a part of the curriculum of Master of
Management Studies and Research has been appro!ed.
"r. Manisha "ubey "r. " .# $atil
%$roject &uide ' % "irector '
CERTIFICATE
(
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DECLARATIONI Mr. VI)IT S*R+S, S,+-AR MMS Student of BharatiVidyapeeths institute
of management studies and research hereby declare that I ha!e completed the
projectentitled EQUITY RESEARCH IN NON-BANKING FINANCIAL
/
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COMPAIES AND ALUMINIUM SECTOR during the academic year (012
(013.
The report 4or5 is original and the information6data and the references included in
the report are true to the best of my 5no4ledge.
S*+,./01 23 S./41,.
AKNOWLEDGEMENT
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7hate!er I do and 4hate!er 4e achie!e during the course of our limited life is just not done only
by our o4n efforts but by efforts contributed by other people associated 4ith us indirectly or
directly.
8irst of all I 4ould li5e to than5 our director D0& D&Y& P.*5%BharatiVidyapeeths institute of
management and entrepreneurship de!elopment' for pro!iding me an opportunity to underta5e a
project as a partly fulfillment of MMS course. I than5 all those people 4ho contributed to this
from the !ery beginning until its successful end.
I ac5no4ledge my gratitude to P023& DR& MANISHA DUBEY BharatiVidyapeeths institute of
management studies and research' for her e9tended guidance encouragement support and
re!ie4s 4ithout 4hom this project 4ould not ha!e been a success.
I sincerely than5 M0& N*6178 R/9015 for assigning such a challenging project 4or5 4hich has
enriched my 4or5 e9perience and getting me acclimati:ed in a fit and final 4or5ing ambience in
the premises of birla sun life insurance
-ast but not the least I 4ould li5e to e9tend my than5s to all the employees at Birla sun life
insurance co. and my friends for their cooperation !aluable information and feedbac5 during my
project.
P51: CBD B159/0; N*&
%Signature of the student'
VINIT SURESH SHELAR&
I,.024/.*2,
India is a de!eloping country. )o4adays many people are interested to in!est in
financial mar5ets especially on e;uities to get high returns and to sa!e ta9 in
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honest 4ay. +;uities are playing a major role in contribution of capital to
the business from the beginning. Since the introduction of shares concept
large numbers of in!estors are sho4ing interest to in!est in stoc5 mar5et.
This project mainly focuses on e;uity analysis of selected )B8=s and Aluminium
=ompanies. The 8undamental analysis and Technical analysis gi!es the idea to us
4hich is the time to in!est the money on 4hich companies.
8undamental analysis is the e9amination of the underlying forces that affect the
4ell being of the economy industry groups and companies. Technical analysis is
directed to4ards predicting the price of a security. The price at 4hich a buyer and
seller settle a deal is considered to be the one precise figure 4hich synthesis
4eighs and finally e9presses all factors rational and irrational ;uantifiable and
non2;uantifiable and is the only figure that counts.
L*.10./01 R1 In a pioneering paper
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e9cess profits using trend follo4ing rules ha!e disappeared o!er time
opportunities still e9ists in the e9otic currencies.
Cne of the more significant paper relating central ban5 inter!ention to that of
e9cess profits using technical analysis is that by -eBaron %1???'. *sing simple
mo!ing a!erages rules on ( currencies %"eutsche Mar5 and #en against the "ollar
he found significant profits of more than
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implies that the positi!e returns earned by technical analyst during this period are
in fact an ade;uate compensation for ris5 bearing.
8inally there has been some e!idence that trading rule profits has been declining
o!er time. -eBaron %(00(' disco!ered that returns from MA trading rules declined
during the 1??0s. Clson %(00' found out that post 1?@0 returns declined to :ero
by the 1??0s using MA rule portfolios tested in successi!e fi!e2year periods.
Similarly Schulmeister %(00' found that e!en profits from the best of 10(
technical trading rules has been declining since the 1?0s and $u5thuanthong2-e
-e!ich and Thomas %(00@' find that currencies for emerging mar5ets tend to ha!e
more profit opportunities than de!eloped nations. 8inally in a conclusi!e study
)eely 7eller and *lrich %(00?' conducted out of sample test on a !ariety of
pre!iously studied rules and concluded that simple technical trading rules 4ere
profitable up to the 1??0s but as 5no4ledge of the usefulness of these rules
became more and more 4idespread profitability disappeared. The decline in the
profitability of trading rule returns has been partly attributed to the rise in
algorithmic trading. Do:han and Salmon %(010' found that returns to a genetic
algorithm that pro!ed profitable in (00/ disappeared by (00 and attributed the
declining profitability to a rise in algorithmic trading o!er the same period. Their
findings are bac5ed up by =haboud et al.%(00?' 4ho reported that algorithmic
traders accounted for 30F of total trading !olume in (00 %4hereas in (00/ they
4ere almost none9istent' in t4o currency mar5ets.
OBJECTIVE OF THE STUDY
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To study about some of the major players in )on2Ban5ing 8inancial
companies H Aluminium sector. To compare the financial ratios of the major players and interpreting them.
To identify the top line and bottom line of both the sectors and the factors
that affects them. To e!aluate the shares of the )on2Ban5ing 8inancial companies
HAluminium sector. To find out ho4 the judgment is ta5en by the analyst on the basis of
fundamental analysis and technical analysis of the company. To predict the future performance of the stoc5s and gi!e suggestion on the
same.
B*05 S/, L*31 I,7/0,1 P023*51
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An C!er!ie4 of the B*05 S/, L*31 I,7/0,1(BSLI)
+stablished in (000 Birla Sun -ife Insurance =ompany -imited
%BS-I' is a joint !enture bet4een the Aditya Birla &roup a 4ell25no4n and
trusted name globally amongst Indian conglomerates and Sun -ife 8inancial Inc
leading international financial ser!ices organi:ation from =anada. The local
5no4ledge of the Aditya Birla &roup combined 4ith the domain e9pertise of Sun
-ife 8inancial Inc. offers a formidable protection for its customersJ future.
7ith an e9perience of o!er 10 years BS-I has contributed
significantly to the gro4th and de!elopment of the life insurance industry in India
and currently ran5s amongst the top 3 pri!ate life insurance companies in the
country. Dno4n for its inno!ation and creating industry benchmar5s BS-I has
se!eral firsts to its credit.
It 4as the first Indian Insurance =ompany to introduce K8ree -oo5 $eriodK and the
same 4as made mandatory by IR"A for all other life insurance companies.
Additionally BS-I pioneered the launch of *nit -in5ed -ife Insurance plans
amongst the pri!ate players in India. To establish credibility and further
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transparency BS-I also enjoys the prestige to be the originator of practice to
disclose portfolio on monthly basis.
These category de!elopment initiati!es ha!e helped BS-I be closer to
its policy holders e9pectations 4hich gets further accentuated by the complete
bou;uet of insurance products %!i:. pure term plan life stage products health plan
and retirement plan' that the company offers.
V*7*2,:
To be a leader and role model in a broad based and integrated financial ser!ices
business.
M*77*2,:
To help people mitigate ris5s of life accident health and money at all
stages and under all circumstances. +nhance the financial future of our customers including enterprises.
V5/17:
Integrity
=ommitment
$assion
Seamlessness Speed
A>2/. B*05 S/, L*31 I,7/0,1:
1(
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Wealth Creation
Tax Savings
Savings
Regular Income
Technology
Other Mutual Funds
Portfolio management services:
Future usiness Continuity Plan:
S!I"s usiness Continuity Management Policy
usiness Continuity Management System O#$ectives %CMS&
)C)2BA)DI)& 8I)A)=IA- =CM$A)I+S %)B8=S'.
)on2ban5ing financial companies %)B8=s' are fast emerging as an important
segment of Indian financial system. It is an heterogeneous group of institutions
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%other than commercial and co2operati!e ban5s' performing financial
intermediation in a !ariety of 4ays li5e accepting deposits ma5ing loans and
ad!ances leasing hire purchase etc. They raise funds from the public directly or
indirectly and lend them to ultimate spenders. They ad!ance loans to the !arious
4holesale and retail traders small2scale industries and self2employed persons.
Thus they ha!e broadened and di!ersified the range of products and ser!ices
offered by a financial sector. &radually they are being recognised as
complementary to the ban5ing sector due to their customer2oriented ser!ices
simplified procedures attracti!e rates of return on deposits fle9ibility and
timeliness in meeting the credit needs of specified sectors etc.
The 4or5ing and operations of )B8=s are regulated by the Reser!e Ban5 of India
%RBI'4ithin the frame4or5 of the Reser!e Ban5 of India Act 1?/%=hapter III B'
and the directionsissued by it under the Act. As per the RBI Act a Jnon2ban5ing
financial companyJ is defined as2
1. A financial institution 4hich is a company
(. Anon ban5ing institution 4hich is a company and 4hich has as its principal
business the recei!ing of deposits under any scheme or arrangement or in
any other manner or lending in any manner
/. Such other non2ban5ing institution or class of such institutions as the ban5
may 4ith the pre!ious appro!al of the =entral &o!ernment and by
notification in the Cfficial &a:ette specify
*nder the Act it is mandatory for a )B8= to get itself registered 4ith the RBI as a
deposit ta5ing company. This registration authorises it to conduct its business as an
)B8=. 8or the registration 4ith the RBI a company incorporated under
the =ompanies Act 1?
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%raised to Rs (00 la5h 4.e.f April (1 1???'. The term J)C8J means o4ned funds
%paid2up capital and free reser!esminus accumulated losses deferred re!enue
e9penditure and other intangible assets' less
1. In!estments in shares of subsidiaries6companies in the same group6 all other
)B8=s
(. The boo5 !alue of debentures6bonds6 outstanding loans and ad!ances
including hire2purchase and lease finance made to and deposits 4ith
subsidiaries6 companies in the same group in e9cess of 10F of the o4ned
funds.
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TYPES OF NBFC7
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NBFC A,5@7*7
1. The major )on Ban5ing 8inancial =ompanies %)B8=s' in India ha!e their
relati!e speciali:ations for e.g. ,"8= %mortgage loans' I"8=
%infrastructure loans' Mahindra 8inance $o4er 8inance =orporation %po4er
financer' HShriram Transport 8inance %auto loans'. The trend of segmental
monopoly is changing as ban5s are entering long2term finance and 8Is also
meeting the medium and short G term needs of the business masses
(. )B8=sJ gro4th had been constrained due to lac5 of ade;uate capital. &oing
for4ard 4e belie!e capital infusion and le!erage thereupon 4ould catapult
)B8=sJ gro4th in si:e and scale. A number of )B8=s ha!e been issuing
non2con!ertible debentures %)="s' in order to increase their balance sheet
li;uidity. Also to address this purpose especially in the infrastructure
financing space a ne4 category of )B8=s 4as formed called Infrastructure
financing companies %I8=s'.
/. )B8=s are not re;uired to maintain cash reser!e ratio %=RR' and statutory
li;uid ratio %S-R'. $riority sector lending norm of 0F %of total ad!ances' is
also not applicable for them. 7hile this is to their ad!antage they do not
ha!e access to lo42cost demand deposits. As a result their cost of funds is
al4ays high resulting in thinner interest spread. ,o4e!er the regulatory
arbitrage may soon change bet4een the t4o entities 4ith the help of the
*shaThorat committee recommendations 4hich call for stricter regulations
in the space.
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F*,,*5 Y10$%
8#1 pro!ed to be a challenging year. The une!en political climate led to
stagnant economical scenario G thereby leading to lo4er infusion of
in!estments in to infrastructure and core industries G also leading to lo4er
capital e9penditure and less job creation. The inflation remained on the
higher side thereby reducing the disposable income and leading to lo4er
consumer spends.
It 4as also the most challenging year for the Indian commercial !ehicles
sector. IndiaJs cycle2prone commercial !ehicle industry is not ne4 to
do4nturns. Thus the !ehicle financiers too faced enormous challenges
during the year.
"espite the o!erall slo4do4n in the economy the demand for indi!idual
home loans continued to remain strong. The demand for affordable housing
remained robust 4ith increased gro4th coming from tier II and tier III cities.
In an endea!or to further support home loans the 8inance Act (01/
pro!ided a one2time benefit of additional interest deduction up to Rs 1 la5h
for first2time home buyers pro!ided the loan amount and property cost did
not e9ceed Rs (< la5hs and Rs 0 la5hs respecti!ely. This coupled 4ith the
other fiscal benefits a!ailable on home loans has helped reduce the effecti!e
rate of interest payable on a home loan. Thus o!erall 8#1 turned out to be
a strong year in terms of home loan disbursements for housing financiers.
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"uring 8#1 India continued to sho4 a deceleration in gro4th 4ith the
&"$ gro4th rate at lo4er than < percent. The macroeconomic scenario 4as
difficult 4ith a slo4do4n in the in!estment cycle persistently high headline
inflation and a !olatile currency and interest rates. The trend of declining
pri!ate in!estment in Infrastructure continued during the year. The issues
faced by the infrastructure sector are 4ell 5no4n and the &o!ernment
initiated some steps to reduce the bottlenec5s faced in project e9ecution.
And 8#1 pro!ed to be an e;ually turbulent year for infrastructure
financiers.
The Reser!e Ban5 of India granted branch licenses to t4o )B8=s namely
I"8= and Bandhan 8inancial ser!ices to set ban5 in the pri!ate space.
The retail focused )B8=s 4itnessed a surge in asset ;uality issues during
the fiscal ended March and the troubles are li5ely to continue in 8#1< as
4ell. The agency stated delin;uencies due for o!er 10 days after 4hich the
asset turns bad as per the e9isting reporting guidelines for the retail focused
)B8=s increased to 1.?F for 8#1 from 1./F at the end of 8#1/. &oing
by the ?02day due rule 4hich ;ualifies an asset as bad for commercial
ban5s delin;uencies increased to .
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P02791.7The economy has been seeing early signs of impro!ement in !arious
macroeconomic parameters. These e!ents are e9pected to gi!e further boost to the
economic gro4th of the nation.8actors li5e higher industrial gro4th and clearance
of stalled projects are li5ely to reduce cyclical pressure on major non2ban5 finance
companies from the second half of the ne9t fiscal.7hile in 8#1< delin;uency le!el
for retail )B8=s could remain at ele!ated le!els a possible pic52up in industrial
acti!ity could result in some easing although the same is e9pected only to4ards
the latter part of the year.The gross non2performing loan %gross )$-' ratio of
)B8=s to reach .(F by the end of March (01< from (.
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8*)"AM+)TA- A)A-#SIS
A method of e!aluating a security that entails attempting to measure its intrinsic
!alue by e9amining related economic financial and other ;ualitati!e and
;uantitati!e factors. 8undamental analysts attempt to study e!erything that can
affect the securityJs !alue including macroeconomic factors %li5e the o!erall
economy and industry conditions' and company2specific factors %-i5e financial
condition and management'
The end goal of performing fundamental analysis is to produce a !alue that an
in!estor can compare 4ith the securityJs current price 4ith the aim of figuring out
4hat sort of position to ta5e 4ith that security %underpriced N buyo!erpricedNsell
or short'
This method of security analysis is considered to be the opposite of technical
analysis.
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F/,4=1,.5 A,5@7*7 23 NBFC
In the fundamental analysis of )B8= sector I ha!e ta5en mostly large sector. I
ha!e ta5en top < )B8= companies on 4hich I ha!e done the analysis. 8irstly Iha!e found out the +arnings per share %+$S' then $6+ ratio of all the companies.
8ormula of +$S is $rofit 6 )umber of outstanding shares and $6+ ratio is Mar5et
!alue per share 6 +arnings per share. After finding $6+ ratio I ha!e founded the
Sector $6+ 4hich is a!erage of all the $6+ ratio.
If $6+ of Ban5 is less than Sector $6+ then its a Value pic5 so out of < Ban5 I ha!e
got / Value pic5 ban5s name of those ban5s are $o4er 8inance =orp. Reliance
=apital Rural +lectricity =orp. 8or remaining ban5s I ha!e founded $+& ratio
formula for the same is $6+ 6 +$S gro4th. If the $+& is less than 1 then its a
&ro4th pic5. 8or all the < Ban5 I ha!e computed -ong Term $rice Target %-T$T'
4hich is calculated by multiplying Sector $6+ and +$S -T$T is the target 4hich is
li5ely to be achie!ed by the Ban5s in the near future. The illustration of the same is
as follo4s %$rice is as date on 13 thune (01
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$ ,"8= /1. 11?/.
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A552.*2, 23 F/,4
D.1 S1.20 C2=9,@ N=1 Q/,.*.@ P0*1 V5/1
132un21< )B8=
Rural +lectricity =orp. ?
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)*))
+,)))*))
-),)))*))
-+,)))*))
.),)))*))
.+,)))*))
.)-+
.)-/
%$rice is as date on 13
th
une (01
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(72/01-???&=2,1@2,.025&2=)
BOTTOM LINE OF NBFC7
%$rice is as date on 13thune (01
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)*))
-,)))*))
.,)))*))
2,)))*))
/,)))*))
+,)))*))
3,)))*))
Mar 4-+
Mar 4-/
(72/01-???&=2,1@2,.025&2=)
TECHNICALANALYSIS
Technical analysis is a financial term used to denote a security analysis discipline
for forecasting the direction of prices through the study of past mar5et data
primarily price and !olume. Beha!ioral economics and ;uantitati!e analysis
incorporate technical analysis 4hich being an aspect of acti!e management standsin contradiction to much of modern portfolio theory.
Technical analysis employs models and trading rules based on price and !olume
transformations such as the relati!e strength inde9 mo!ing a!erages regressions
(
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inter2 mar5et and intra2mar5et price correlations business cycles stoc5 mar5et
cycles or classically through recognition of chart patterns.
Technical analysis stands in contrast to the fundamental analysis approach to
security and stoc5 analysis. Technical analysis analy:es price !olume and other
mar5et information 4hereas fundamental analysis loo5s at the actual facts of the
company mar5et currency or commodity. Most large bro5erage trading group or
financial institutions 4ill typically ha!e both a technical analysis and fundamental
analysis team.
CONCEPTS
A& Resistance 2 a price le!el that may prompt a net increase of selling acti!ity
B& Support 2 a price le!el that may prompt a net increase of buying acti!ityC& Brea5out 2 the concept 4hereby prices forcefully penetrate an area of prior
support or resistance usually but not al4ays accompanied by an increase in
!olume.
D& Trending 2 the phenomenon by 4hich price mo!ement tends to persist in one
direction for an e9tended period of time
E& A!erage true range 2 a!eraged daily trading range adjusted for price gaps
F& =hart patterns 2 distincti!e pattern created by the mo!ement of security
prices on a chart
CHARTTYPES:
There are three main types of charts that are used by in!estors and
traders depending on the information that they are see5ing and their indi!idual s5ill
le!els. The chart types are the line chart the bar chart the candlestic5 chart.
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A& LINE CHART :
The most basic of the three charts is the line charts because it representsonly the closing prices o!er a set period of time. The line is formed byconnecting the closing prices o!er the time frame. -ine charts do not pro!ide
!isual information of the trading range for the indi!idual points such as thehigh lo4 and opening prices. ,o4e!er the closing price is often consideredto be the most important price in stoc5 data compared to the high and lo4 forthe day and this is 4hy it is the only !alue used in line charts.
BAR CHARTS :
The bar chart e9pands on the line chart by adding se!eral more 5ey pieces of
information to each data point. The chart is made up of a series of !ertical
lines that represent each data point. This !ertical line represents the high and lo4
for the trading period along 4ith the closing price. The close and open are
represented on the !ertical line by a hori:ontal dash.
The opening price on a bar chart is illustrated by the dash that is located on the
left side of the !ertical bar. =on!ersely the close is represented by the dash on
the right. &enerally if the left dash %open' is lo4er than the right dash %close'
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then the bar 4ill be shaded blac5 representing an up period for the stoc5 4hich
means it has gained !alue. A bar that is colored red signals that the stoc5 has gone
do4n in !alue o!er that period. 7hen this is the case the dash on the right %close'
is lo4er than the dash on the left %open'.
B& CA NDL
E-
STICKCHARTS :
The candlestic5 chart is similar to a bar chart but it differs in the 4ay that it is
!isually constructed. Similar to the bar chart the candlestic5 also has a thin
!ertical line sho4ing the periodJs trading range. The difference comes in the
formation of a 4ide bar on the !ertical line 4hich illustrates the difference
bet4een the open and close. And li5e bar charts candlestic5s also rely hea!ily
on the use of colors to e9plain 4hat has happened during the trading period.
There are t4o color constructs for days up and one for days that the price
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falls. 7hen the price of the stoc5 is up and closes abo!e the opening trade
the candlestic5 4ill usually be 4hite or clear. If the stoc5 has traded do4n for
the period then the candlestic5 4ill usually be red or blac5 depending on the
site. If the stoc5Js price has closed abo!e the pre!ious days close but belo4 the
dayJs open the candlestic5 4ill be blac5 or filled 4ith the color that is used to
indicate an up day.
CHART PATTERNS :
$& HEAD AND SHOULDERS :
This is one of the most popular and reliable chart patterns in technical analysis.
,ead and shoulders is a re!ersal chart pattern that 4hen formed signals that
the security is li5ely to mo!e against the pre!ious trend ,ead and shoulders top
is a chart pattern that is formed at the high of an up4ard mo!ement and signals
that the up4ard trend is about to end. ,ead and shoulders bottom also 5no4n
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as in!erse head and shoulders is the lesser 5no4n of the t4o but is used to
signal a re!ersal in a do4ntrend.
"& C/9 ,4 H,451 :
A cup 4ith handle chart is a bullish continuation pattern in 4hich the
up4ard trend has paused but 4ill continue in an up4ard direction once the
pattern is confirmed. This price pattern forms 4hat loo5s li5e a cup 4hich is
preceded by an up4ard trend. The handle follo4s the cup formation and is
formed by a generally do4n4ard6side4ays mo!ement in the securityJs price.
Cnce the price mo!ement pushes abo!e the resistance lines formed in the
handle the up4ard trend can continue. There is a 4ide ranging time frame for
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this type of pattern 4ith the span ranging from se!eral months to more than a
year.
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DOUBLETOPS AND BOTTOMS :
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This chart pattern is another 4ell25no4n pattern that signals a trend re!ersal 2 it
is considered to be one of the most reliable and is commonly used. These
patterns are formed after a sustained trend and signal to chartists that the trend
is about to re!erse. The pattern is created 4hen a price mo!ement tests
support or resistance le!els t4ice and is unable to brea5 through. This
pattern is often used to signal intermediate and long2term trend re!ersals.
4. TRIANGLES:
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Triangles are some of the most 4ell25no4n chart patterns used in technical
analysis. The three types of triangles 4hich !ary in construct and implication
are the symmetrical triangle ascending and descending triangle. These chart
patterns are considered to last any4here from a couple of 4ee5s to se!eral
months.
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FLAG AND PENNANT :
These t4o short2term chart patterns are continuation patterns that are formed
4hen there is a sharp price mo!ement follo4ed by a generally side4ays price
mo!ement. This pattern is then completed upon another sharp price mo!ement
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in the same direction as the mo!e that started the trend. The patterns are
generally thought to last from one to three 4ee5s
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WEDGE:
The 4edge chart pattern can be either a continuation or re!ersal pattern. It is
similar to a symmetrical triangle e9cept that the 4edge pattern slants in an
up4ard or do4n4ard direction 4hile the symmetrical triangle generally
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sho4s a side4ays mo!ement. The other difference is that 4edges tend to form
o!er longer periods usually bet4een three and si9 months.
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TOPS AND BOTTOMS :
Triple tops and triple bottoms are another type of re!ersal chart pattern in chart
analysis. These are not as pre!alent in charts as head and shoulders and double
tops and bottoms but they act in a similar fashion. These t4o chart patterns are
formed 4hen the price mo!ement tests a le!el of support or resistance three
times and is unable to brea5 through this signals a re!ersal of the prior trend.
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ROUNDING BOTTOM :
A rounding bottom also referred to as a saucer bottom is a long2term re!ersal
pattern that signals a shift from a do4n4ard trend to an up4ard trend. This
pattern is traditionally thought to last any4here from se!eral months to se!eral
years.
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TECHNICALANALYSIS OF NBFC
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