INTRODUCTION

Indians are essentially and traditionally a saving community. The middle class
investors always prefer risk neutral or risk averse investment for their surplus funds
like fixed deposits, debentures etc.. During the last decades a phenomenal growth of
capital market has been accompanied by the advent of euity cult among the middle
class. !ut small" scattered investors are not able to unravel the vagaries of stock
market, with as much as the fund managers can do. Today the uestion foremost on the
retail investors mind is how to make money with controlled risk in such a volatile
market. This dire need of investors is responsible for the emergence or growth of
concepts of mutual funds, insurance, stock market #share investment$ etc...
%ngel securities ltd is one of the best broking industries in India.
%ngel securities has access to millions of Indian shareholders, besides companies,
financial institutions and regulatory agencies. &ro'ect topic is (Technical analysis in
&ower )ector*.
Today stock market trading is showing good trend. To get clear picture of the
data regarding stock market some statistical, mathematical and technical methods are
used.
The role of the broking industry in Indian +apital ,arket has under gone a
radical change during the last decade. The process of liberali-ation and globali-ation in
the economy has made a significant on the impact on the capital market and all its
constituents, especially brokers.

.
COMPANY PROFILE
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9
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institutional investors. It offers institutional research, institutional wealth management,
institutional asset management and other institutional advisory services.
Institutional investment is a form of financially advanced investment, where
investment is in substantial volumes. Institutional investors are entities that pool large
sums of money and invest it in companies. They include 8oreign Institutional
Investors, !anks, Insurance companies, 6etirement or &ension funds, @edge funds and
,utual 8unds. They act as highly speciali-ed investors on behalf of others. %s they
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)ecurities provides institutional investors with a cutting edge in the dynamic Indian
euity market.
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INDUSTRY PROFILE
Power sector
The electricity sector in India is predominantly controlled by the :overnment
of India7s public sector undertakings #&)4s$. ,a'or &)4s involved in the generation of
electricity include 5ational Thermal &ower +orporation #5T&+$, 5ational
@ydroelectric &ower +orporation #5@&+$ and 5uclear &ower +orporation of India
#5&+I$. !esides &)4s, several state"level corporations, such as ,aharashtra )tate
Alectricity !oard #,)A!$, are also involved in the generation and intra"state
distribution of electricity. The &ower:rid +orporation of India is responsible for the
inter"state transmission of electricity and the development of national grid.
The ,inistry of &ower is the apex body responsible for the development of
electrical energy in India. This ministry started functioning independently from 3 Buly,
.>>3C earlier, it was known as the ,inistry of Anergy. The 4nion ,inister of &ower at
present is )ushilkumar )hinde of the +ongress &arty who took charge of the ministry
on the 3;th of ,ay, 3==>.
India is world7s Dth largest energy consumer, accounting for 9.<E of global
energy consumption. Due to India7s economic rise, the demand for energy has grown at
an average of 9.DE per annum over the past 9= years. In ,arch 3==>, the installed
power generation capacity of India stood at .<?,=== ,1 while the per capita power
consumption stood at D.3 k1@. The country7s annual power production increased
from about .>= billion k1@ in .>;D to more than D;= billion k1@ in 3==D. The
Indian government has set an ambitious target to add approximately ?;,=== ,1 of
installed generation capacity by 3=.3. The total demand for electricity in India is
expected to cross >F=,=== ,1 by 3=9=.
F
%bout ?FE of the electricity consumed in India is generated by thermal power
plants, 3.E by hydroelectric power plants and <E by nuclear power plants. ,ore than
F=E of India7s commercial energy demand is met through the country7s vast coal
reserves. The country has also invested heavily in recent years on renewable sources of
energy such as wind energy. %s of 3==;, India7s installed wind power generation
capacity stood at >,DFF ,1. %dditionally, India has committed massive amount of
funds for the construction of various nuclear reactors which would generate at least
9=,=== ,1. In Buly 3==>, India unveiled a G.> billion plan to produce 3=,=== ,1 of
solar power by 3=3=.
Alectricity losses in India during transmission and distribution are extremely
high and vary between 9= to <FE. In 3==<"=F, electricity demand outstripped supply
by ?"..E. Due to shortage of electricity, power cuts are common throughout India and
this has adversely effected the country7s economic growth. Theft of electricity,
common in most parts of urban India, amounts to ..FE of India7s :D&.Despite an
ambitious rural electrification program, some <== million Indians lose electricity
access during blackouts.1hile ;= percent of Indian villages have at least an electricity
line, 'ust << percent of rural households have access to electricity. %ccording to a
sample of >?,;;3 households in 3==3, electricity was the main source of lighting for
F9E of rural households compared to 9DE in .>>9. ,ulti +ommodity Axchange has
sought permission to offer electricity future markets.
Developing countries reuire substantial investments in their power sectors to
sustain economic growth and reduce poverty. Investment is needed to rehabilitate and
construct new generation capacity, expand transmission, including interconnections
between countries, and to expand electricity distribution networks in new urban areas
and into rural areas where feasible.
It is estimated that developing countries need an annual investment for
electricity supply alone of 4)G.DF billion through 3=.=, increasing at about three
percent per year through 3=9=. +losing the electricity sector financing gap is primarily
an issue of getting sector policy frameworks right.
D
Through its investment pro'ects and its technical advisory activities, the !ank is
supporting governments as theyH
Improve corporate governance and commerciali-ation of state"owned energy
companiesC
Astablish competition in energy markets through market"opening and gradual
liberali-ationC
)trengthen utility management and operations to underpin efficiency, uality of
service, and financial sustainabilityC
Increase private sector participation in the energy sectorC
)trengthen and expand the electricity networks to maximi-e the benefits of
electricity tradingC and
)upport generation, transmission, and distribution pro'ects through its full
range of financial instruments #loans, guarantees, euity investment, etc.$
SCOPE OF STUDY
?

5ow a days bank in the country are not giving fair return on deposits which
they accepted from investors so that investment in the share of the companies giving
good return than banks. This brings investments in companies become more popular
now days. !ut if the investor not analy-ed the company very it will badly affect the
investments they made.
The study aims at providing an insight in to the risk and return valuation of
scrips and efficient management. This study will give clear picture of how will the
scrips risk and return can be valuated.
This study is mainly targeted to those investors who preferring invest their
money in power sector.
NEED FOR THE STUDY
;
The study aims at evaluating a group of companies there by giving a helping
hand to the investor to invest in best among them. This study helps to know about the
companies performance, trends and support I resistance level of the companys share
price. %lso indicates the time of buying and selling of shares.
,ainly this study helps to the persons who are related to the share market and
also shareholders, and share brokers.
>
RESEARCH METHODOLOGY

6esearch methodology is the systematic way to solve the research problem. It
is a system of models, procedures and techniues used to find the result of research
problem. )o the research methodologies not only take about research methods but also
consider the logic behind the method we use in the context of our research study.
.. Types of 6esearchH
The researcher has applied %nalytical research for this study.
3. 5ature of dataH
The researcher has applied secondary data for this study.
9. )ources of dataH
Data are collected from the websites. I researcher has used the following
website to get the historical prices, close price and to get the company information.
The 1ebsites

www.nseindia .com
www.ta<.net
www.moneycontrol.com
9. Tools for the %nalysisH
Technical Analysis:
,oving %verage
6esistance I )upport level
6elative )trength Index
.=
<. Tools for the presentationH
The researcher has used the following charts for presentation.
/ine chart
+olumn chart
&ie chart
F. &eriod of the studyH
The study is carried out for the period from =<2=923=.= to =;2=F23=.=.
..
OBJECTIVE OF THE STUDY
Technical analysis has a core importance in taking as apt decision regarding
the stock market investments. % genius investor should consider the entire factor that
relates to the company and its effects on the market price movements. @e will consider
the economic, political and social factors while deciding to spend money in the risky
venture of investment to any company. Definitely it will reduce the risk factor if he
follows a systematic mechanism for security analysis.
PRIMARY OBJECTIVE:
To perform the technical analysis of stocks of .= Top players in
&ower sector.

SECONDARY OBJECTIVE:
.. To study the stock price behavior of top .= companies in power sector
3. To ascertain particular technical tools to be applied for buying the shares of
companies
9. To give suggestions to the investors for future trading about these .=
companies.
.3
STATEMENT OF THE PROBLEM
This method used to analy-es securities and make investment decisions fall into the
two very broad categories,
Fu!"#et"$ ""$%s&s ' Tec(&c"$ ""$%s&s
Technical analysis of the market is based on some trends, namely, that all
fundamental factors are discounted by the market and are reflected in prices.
This method of evaluating securities by analy-ing statistics generated by
market activity, such as past prices I volume of the India infoline private ltd.,
Technical analysis used to identify the historical performance of stocks I markets are
indications of future performance of the %ngel securities ltd



.9
REVIE) OF LITERATURE
INVESTMENT:
Investment is spending on capital goods by firms and :overnment, which will
allow increased production of consumer goods and services in future time periods. !e
careful not to confuse the economists definitions of investments with another
interpretation that investment involves putting funds into financial assets assets such as
stocks and shares.
INVESTMENT AND SPECULATION:
&urchase of assets like shares and securities can be for either investment of
speculation or for both. Investment is long term in nature while speculation is short
term Investment aims at income and normal long"term capital growth while
speculation only aims at short"term trade"gains through buying and selling. Investment
is less risky and speculation is more risky. !asically noth aims are income and capital
appreciations.
%ll investment are risky to some extent but speculation is most as it involves
short"term trading, buying and selling which may lead to profits sometimes and losses
at other times.
TECHNICAL ANALYSIS:
Technical analysis is a security analysis techniue that claims the ability to
forecast the future direction of prices through the study of past market data, primarily
price and volume. In its purest form, technical analysis considers only the actual price
and volume behavior of the market or instrument. Technical analysts, sometimes called
JchartistsJ, may employ models and trading rules based on price and volume
transformations, such as the relative strength index, moving averages, regressions,
inter"market and intra"market price correlations, cycles or, classically, through
recognition of chart patterns.
.<
Technical analysis stands in distinction to fundamental analysis. Technical
analysis JignoresJ the actual nature of the company, market, currency or commodity
and is based solely on Jthe charts,J that is to say price and volume information,
whereas fundamental analysis does look at the actual facts of the company, market,
currency or commodity. 8or example, any large brokerage, trading group, or financial
institution will typically have both a technical analysis and fundamental analysis team.
Technical analysis is widely used among traders and financial professionals,
and is particularly widely used by active day traders, market makers, and pit traders. In
the .>D=s and .>?=s it was widely discredited by academic mathematics, but FD of >F
modern studies found it produces positive results.Difficulties in !"t" soo*&+ make it
difficult to analy-e, and today it is still considered by many academics to be
pseudoscience. %cademics such as Augene 8ame say the evidence for technical
analysis is sparse and is inconsistent with the weak form of the e,,&c&et #"r-et
(%*ot(es&s. 4sers hold that even if technical analysis cannot predict the future, it helps
to identify trading opportunities.
!asic terms of technical analysis are,
1. ,oving average
2. 6esistance I )upport level
3. 6elative )trength Index.
,KLI5: %LA6%:AH
,oving %verage is one of the oldest and most popular technical tools
particularly among smaller investors. % simple moving average is calculated by adding
together the closing price of a share over a certain number of time periods and then
dividing the sum by the number of period involved. The researcher has used F months
simple moving average for his analysis.
.F
6A)I)T%5+A I )4&&K6T /ALA/H
&ivot &oints, 8loor Trader &ivots, )upport 2 6esistance /evels, etc. are
all names for the same set of price levels derived from the previous day, week, or
month. They are heavily publici-ed by financial news channels since the late .>>=s as
the stock market indices seem to react to these prices magically. I am going to discuss
the general usage of this technical analysis techniue, and some interesting
characteristics that has never been discussed publicly.
The Formulas
To calculate the pivot points for the current trading session, you need the high,
low and close prices from the previous trading session. )ometimes, if you are using a
particular variation of the concept, the open price will be used in the calculation too.
8or example, if you are interested in the pivots points for the current trading
day, you need the high, low, and close prices from the previous trading day. The
calculation is very simple, 'ust plug the numbers into the formulas below and you will
get your pivot point values.
& M # @ N / N +$ 2 9
@. M 3 & O /
/. M 3 & O @
@3 M & N #@. " /.$
/3 M & " #@. " /.$
Knce you have done the calculation, it is obvious that the price levels you have
generated is always in the following order, from largest to smallest,
.D
@3 " the upper resistance level
@. " the lower resistance level
& " the pivot point
/. " the upper support level
/3 " the lower support level
In 5eoTicker, these values can be obtained through using the built"in indicator
sets based on the time frame you are interested in.
To plot the pivot points for the current trading day, use the indicators starting
with the prefix PrevDay.
To plot the pivot points for the current trading week, use the ones prefix with
PrevWeek.
I have also written an article on hourly pivot points.
&ower indicators are provided to draw the complete set of pivot points for you
so that you do not need to add them one by one. The daily version is called Pivot
Points Daily and the weekly version is called Pivot Points Weekly.
.?
Aach indicator set gives you,
@3 M &rev&eriod 6esistance #with parameter set to 4pper$
@. M &rev&eriod 6esistance #with parameter set to /ower$
& M &rev&eriod %verage
/. M &rev&eriod )upport #with parameter set to 4pper$
/3 M &rev&eriod )upport #with parameter set to /ower$
The previous period data information are also retained through the following
indicators, so that you can construct your own set of pivot points easily,
PrevPeriod Kpen provides you the previous trading period opening price.
PrevPeriod High provides you the previous trading period highest price.
PrevPeriod Low provides you the previous trading period lowest price.
PrevPeriod Close provides you the previous trading period closing price.
Axample indicators are &rev1eekKpen, &rev,onthKpen, etc.
There are also the current period open, high, low indicators for constructing your price
pro'ection for the next trading period. 1e will discuss about that later in the article.
.;
M"+&c"$ Resu$ts
Take a look at this chart of Amini )I& with daily pivots,
The various pivot price levels indeed provide support or act as resistance that
the prices 'ust cannot violate easily.Pnowing that the pivot points are calculated one
trading period #i.e. in this case, one trading day$ beforehand, it makes the pivot points
even more interesting.
.>
:eneral usage of the pivot points " support 2 resistance analysis.
1hen markets sell off and lands onto a particular pivot price level, it is
considered as the support price level.
If the market rally upto a pivot price level, it is considered as the resistance
price level.
In case the market decidedly penetrated a price level and then retraced back to
that, it will then assume the opposite role. i.e. suppport price level will turn into
resistance price level, and vice versa.
T(e M"t(e#"t&cs Be(&!
,any readers who have read my previous articles on the use of average range,
would know that the actual range covered in a trading period is pretty much
statistically fall into the possible range #or, technically the expected range$ based on
the price distribution.
The use of previous trading period range #i.e. high minus low$ is an estimate of
the epected average range. The pivot point #i.e. average of high, low and close$ is an
estimate of the !ean of the price distribution. +ombining the two, we get the various
price levels that simply represents the expected one and two deviations out from the
estimated mean. That, of course, will mark the important price levels easily because
they are very good estimate for the significant price levels based on nor!al
distri"ution.
That implies the possibility to make a better pivot points system. !ut can we really
create a better systemQ
3=
A Better P&.ot Po&t S%ste#
To make the pivot point concept more mathematical, we can use true average range as
oppose to 'ust the range of the previous trading period.1e can also provide a better
estimate for the !ean using the average !id#point over certain period of time.
@ere is the same chart with the alternative pivot point system at work,
5otice how good it is at capturing the extremes of these trading days.8eel free
to experiment with other possible combinations, like changing the pivot point from the
average midpoint to something else. % well known variation of the original pivot point
system use the opening price of the current trading period as the average, and another
model use the average of the open, high, low and close as the pivot point. Try them out
yourself to see how they fair against the original model.
3.
At&c&*"t&o Tec(&/ue
0ou probably notice that the alternative pivot point system I have provided
does not really deviate from the original system a lot.
The original system is easier to use #i.e. not even a computer is needed$ and
produces reasonable results. That is the reason why professional traders keep using the
same system, or, at least as a reference, due to its popularity.
There is a trick to utili-e the pivot point system oe tr"!&+ *er&o! e"r$&er.
!ased on the original formulas, there are scenarios that we can pro'ect the pivot
points for the next trading period.
6eversal from a low and traded higher, where the high and close will probably
be set by the end of the current trading period. 1e can then pro'ect @. to be landing at
approximately,
@. M 3 + " /
This price level is the one that traders will be watching in the next price period,
thus is likely a good price level where traders will sell into. It is obvious then this price
level can be used as a target price to lighten up positions, or, if you are bearish, good
price level to establish your bearish position by taking advantage of the current buying
action.
Lice versa, if the market is selling off, then we can estimate the price level of
/.,
/. M 3 + " @
In short, you can act on the estimated price levels as oppose to react on them after they
are established.
33
Re$"t&.e Stre+t( I!e0:
The 6elative )trength Index #6)I$ is a popular price momentum
oscillator developed by B. 1elles 1ilder and introduced in his .>?; book New
Coce*ts & Tec(&c"$ Tr"!&+ S%ste#s. The 6)I oscillates in a range between =
and .== representing a comparison of the magnitude of a stock7s recent gains to the
magnitude of its recent losses.
In mathematical terms,
6)I M .== " .==2#.N6)$
where 6) is calculated as the ratio of two exponentially smoothed moving averages,
%:2%/. %: is the average price gain over some period and %/ is the average price
drop over some the same period.
The name J6elative )trength IndexJ may be somewhat misleading, as it does
not compare the relative strength of two securities such as the 6elative )trength #6)$
indicator does, but rather the internal strength of a single security.
% popular method of analy-ing the 6)I is to look for a divergence. If the
instrument is making a new high, but the 6)I is failing to exceed its previous high, this
JdivergenceJ is an indication of an coming reversal. 1hen the 6)I then turns down
and falls below its most recent trough, it is said to have completed a Jfailure swingJ
and therefore confirmed the coming reversal.
O.er1ou+(t 2 o.erso$!
The 6)I indicator ranges in value from = to .==, with numbers above ?=
indicating overbought conditions and under 9= indicating oversold. If the 6)I rises
39
above 9=, it is considered bullish, while if the 6)I falls below ?=, it is considered
bearish. These situations can be represented in the following two scansH
!ullish #Kversold$
6)I R 9= %5D 6)I.. SM 9=
!earish #Kverbought$
6)I S ?= %5D 6)I.. RM ?=
D&.er+ece
%nother popular method of analy-ing the 6)I is to look for a divergence. If the
instrument is making a new high, but the 6)I is failing to exceed its previous high, this
(divergenceJ is an indication of an coming reversal. 1hen the 6)I then turns down
and falls below its most recent trough, it is said to have completed a Jfailure swingJ
and therefore confirmed the coming reversal.
Cross&+ t(e Ceter L&e 3456
)ome trades view a move above F= as a bullish confirmation, and a move below F=
as a bearish confirmation. % move above F= represents average gains overtaking
average losses, while a move below F= signifies that average losses have taken the
lead. These situations can be represented with the following scansH
!ullish +enter /ine +ross
6)I R F= %5D 6)I.. SM F=
!earish +enter /ine +ross
6)I S F= %5D 6)I.. RM F=
HO) TO COMPUTE RSI
6)I essentially shows the ratio of price movement on days the asset price rises
as compared with price changes on days the asset price falls. It then normali-es these
gains by forcing the index to hold between a level of J=J and J.==.J
3<
The formula used to calculate 6)I is as followsH
RSI 7 855 9 :855238;RS6<
where...
RS 7 A.er"+e o, u* !"%=s c$oses 2 A.er"+e o, !ow !"%=s c$oses
The term average here is a bit confusing. This average is determined by
summing up the total price gains on up days and dividing by how many total price
changes you are examining for the up average. 8or the down average, add up the
absolute value of the changes on the days prices fell, then divide that figure by the
number of price changes.
8or example, if I compute 6)I using .. days of prices, I will then have .= price
changes. If the sum of the gains on the up days is G..F= and the sum of the losses on
the down days is G..==, then the 6)I calculation would look something like thisH
%verage of up prices M G..F=2.= M =..F
%verage of down prices M G..==2.= M =..=
6) M ..F2..= M ..F
3F
6)I M .== O T.==2#.N..F$U M D=
COMPUTING SUBSE>UENT RSI DATA:
1ilder created the index at a time when computers were not widely available.
!ecause of this, he chose a rather odd method to compute 6)I for subseuent days. To
calculate 6)I on the next day, you would first multiply the average up day by nine and
then add the current day7s price change #if that day was positive$. 0ou would then
divide that sum by .= to get the new average up. 8or the average down figure,
you would take the current average down, multiply that figure by nine, add the amount
prices fell #if they did indeed fall$, then divide that new result by .=.
8or example, if the particular stock we used in the example above rose G=.F=
the next day, then our calculations would be as followsH
%verage upH #> V =..F N =.F=$ 2 .= M =..;F
%verage downH #>V=..= N =.==$ 2 .= M =.=>
6) M =..;F2=.=> M 3.=FFD
6)I M .== O T.==2#.N3.=FFD$U M D?.
3D
LIMITATION OF THE STUDY
.. In depth and study of all ma'or companies in each of the power sector was not
possible.
3. The moving average method #one of the important technical tool$ used in this
analysis, is a more useful method in finding out the price in security price when it
is based on long term approach. !ut the result is not always correct and technical
analysts are usually true to only a certain extent but not mathematically accurate.
9. 8or technical analysis one year data is only taken.
3?
DATA ANALYSIS ' INTERPRETATION
F&.e #ot(s #o.&+ ".er"+e ,or NTPC
Per&o! : JAN 5? 9 DEC 5?
Mot( Mot($% A.er"+e 4 Mot(s
Ban .?>.?D
8eb .?>.D
,ar .??.D> .;9.3.<
%pr .;>.? .;>.<3;
,ay .;>.93 .><..;D
Bun 3.=.;9 3==.F3D
Bul 3=9.9> 3=<.3D<
%ug 3=>.9> 3=;.>;
)ep 3=;.9> 3=>.9FD
Kct 3.3.> 3...FD;
5ov 3.3.?.
Dec 3.<.<F
Mo.&+ A.er"+e:
,oving average helps to Identify the seasonal variation of prices, here the
calculated moving average value of F months.
Axample for ,oving %verage calculation,
8or month for ,ar M #.?>.?DN.?>.DN.??.D>N.;>.?N.;>.93$ W F
3;
M .;9.3.<
C("rt ,or NTPC
Iter*ret"t&o:
The analysis of research data reveals F months average for 5T&+. It indicates
the investor have to buy the shares of 5T&+ during the month of ,ar I %pr =>. It
indicates the investor have to sell the shares of 5T&+ during the month of Bun I Kct
=>
3>
Jan 09 - Dec 09
0
50
100
150
200
250
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly average
5months
F&.e #ot(s #o.&+ ".er"+e ,or TATA PO)ER
Per&o! : JAN 5? 9 DEC 5?
,onth ,onthly %verage F ,onths
Ban ?F;.?;
8eb ?F>.F?
,ar D;>.?< ;...>?<
%pr ;D?.;? ;;?.3=D
,ay >;9.>. >DF.>F;
Bun ..9<.>< .=;?.=>D
Bul ..F9.99 ..?3.>9<
%ug .3>F.<9 .3<>.>?D
)ep .3>?.=D .3;?.D>;
Kct .9D>..3 .93D.D><
5ov .939.FF
Dec .9<;.9.
Mo.&+ A.er"+e:
9=
,oving average helps to Identify the seasonal variation of prices, here
the calculated moving average value of F months.
Axample for ,oving %verage calculation,
8or month for ,ar M #?F;.?;N?F>.F?ND;>.?<N;D?.;?N>;9.>?$ W F
M ;...>?<
C("rt ,or TATA PO)ER:
Jan 09 - Dec 09
0
200
400
600
800
1000
1200
1400
1600
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Months
P
r
i
c
e
Monthly Average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for T%T% &K1A6 the
above chart indicates the investor have to buy the shares of T%T% &K1A6 during the
month of ,ar O ,ay =>. It indicates the investor have to sell the shares of T%T%
&K1A6 during the month of Bun O Kct =>.
9.
F&.e #ot(s #o.&+ ".er"+e ,or SU@LON
Per&o! : JAN 5? 9 DEC 5?
,onth ,onthly %verage F ,onths
Ban F3.;F
8eb <9...
,ar 9;.;< FF.F=<
%pr F>.<9 D;.<3<
,ay ;9.3> ?>.=F
Bun ..?.<F ;>.3.
Bul >D.3< >D.?<3
%ug ;>.D< >D.;9D
)ep >?.=> ;?..F<
Kct ;9.?D ;<.?.
5ov D>.=<
Dec ;<.=3
C("rt ,or SU@LON
93
Jan 09 - Dec 09
0
20
40
60
80
100
120
140
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly Average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for )4X/K5 the above
chart indicates the investor have to buy the shares of )4X/K5 during the month of
,ar I %pr =>. It indicates the investor have to sell the shares of )4X/K5 during the
month of Bul O %ug =>.
F&.e #ot(s #o.&+ ".er"+e ,or RELIANCE PO)ER
99
Per&o! : JAN 5? 9 DEC 5?
,onth ,onthly %verage F ,onths
Ban .=D.D9
8eb .==.>>
,ar >>.?; ..F.?.3
%pr .3..3F .9=.DF<
,ay .<>.>. .<9.<9<
Bun .;..9< .FF.?<D
Bul .D<.;> .D<.<?
%ug .D..9< .DD.333
)ep .D<.;? .F>.=.<
Kct .F;.D? .FF.D3<
5ov .<F.9
Dec .<?.><
9<
C("rt ,or RELIANCE PO)ER
Jan 09 - Dec 09
0
20
40
60
80
100
120
140
160
180
200
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for 6A/I%5+A
&K1A6 the above chart indicates the investor have to buy the shares of 6A/I%5+A
&K1A6 during the month of ,ar I ,ay =>. It indicates the investor have to sell the
shares of 6A/I%5+A &K1A6 during the month of Bun O Kct =>.
9F
F&.e #ot(s #o.&+ ".er"+e ,or PTC I!&" Lt!
Per&o! : JAN 5? 9 DEC 5?
,onth ,onthly %verage F months
Ban D;..D
8eb D3.=F
,ar D..=D D;.?F3
%pr ?9.;3 ?9.FF;
,ay ?;.D? ?;.D33
Bun >3..> ;<.F3D
Bul ;?.9? ;?.<.<
%ug >=.F; >=.;D;
)ep ;;.3D ><.9=3
Kct >F.>< >;.F;;
5ov .=>.9D
Dec .=;.;
C("rt ,or PTC I!&" Lt!
9D
Jan 09 - Dec 09
0
20
40
60
80
100
120
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for &T+ I5DI% /TD
the above chart indicates the investor have to buy the shares of &T+ I5DI% /TD
during the month of ,ar I ,ay =>. &T+ I5DI% /TD the above chart indicates the
investor have to sell the shares of &T+ I5DI% /TD during the month of %ug O Kct =>.
F&.e #ot(s #o.&+ ".er"+e ,or PO)ER GRID
9?
Per&o! : JAN 5? 9 DEC 5?
Mot( Mot($% A.er"+e 4 Mot(s
Ban ;..?;
8eb ;;.<9
,ar ><.D >9.F
%pr >D..> .==.<D
,ay .=D.F .=<.?>;
Bun ..D.F; .=?.>9;
Bul ..=..3 ..=.9<;
%ug ..=.9 ..=.>3D
)ep .=;.3< .=;.F;;
Kct .=>.9> .=?.D?;
5ov .=<.;>
Dec .=F.F?
9;
C("rt ,or PO)ER GRID
Jan 09 - Dec 09
0
20
40
60
80
100
120
140
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for &K1A6 :6ID the
above chart indicates the investor have to buy the shares of &K1A6 :6ID during the
month of ,ar =>. It indicates the investor have to sell the shares of &K1A6 :6ID
during the month of Bul I %ug =>.
9>
F&.e #ot(s #o.&+ ".er"+e ,or J&!"$ Stee$ ' Power Lt!
Per&o! : JAN 5? 9 DEC 5?
Mot( Mot($% A.er"+e 4 Mot(s
Ban ;<;.3.
8eb .=3?.D<
,ar ..=?.D< .3FF.F9<
%pr .<<F..F .FD9.?;;
,ay .;<>.=9 .;>>.3DD
Bun 39;>.<; 33;=.D>3
Bul 3?=F.=9 39F>.<33
%ug 9=.<.?? 3.3..<D
)ep .;9;.; .?;=.>F
Kct DF>.33 .9;..9;;
5ov D;D.>9
Dec ?=?.33
<=
C("rt ,or J&!"$ Stee$ ' Power Lt!
Jan 09 - Dec 09
0
500
1000
1500
2000
2500
3000
3500
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for BI5D%/ )TAA/ I
&K1A6 /TD the above chart indicates the investor have to buy the shares of BI5D%/
)TAA/ I &K1A6 /TD during the month of ,ar, %pr I Kct =>. It indicates the
investor have to sell the shares of BI5D%/ )TAA/ I &K1A6 /TD during the month
of Bun I Bul =>.
<.
F&.e #ot(s #o.&+ ".er"+e ,or CESC Lt!
Per&o! : JAN 5? 9 DEC 5?
Mot( Mot($% A.er"+e 4 Mot(s
Ban 39>.D<
8eb 3.?.D;
,ar 3=..<D .>...F
%pr 3>D.>? 33...DD
,ay 9.;.F9 3<D.?<;
Bun 3;;.;? 9.3.D33
Bul 93>.9? 939.F<3
%ug 93>.9? 99D.39<
)ep 9F..F? 9F3.F?D
Kct 9;..>> 9D<.D9D
nov 9?=.F;
Dec 9;>.D?
C("rt ,or CESC
<3
Jan 09 - Dec 09
0
50
100
150
200
250
300
350
400
450
J
a
n
M
a
r
A
p
r
J
u
n
A
u
g
O
c
t

e
c
Month
P
r
i
c
e
Monthly average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for +A)+ the above
chart indicates the investor have to buy the shares of +A)+ during the month of ,ar
=>. It indicates the investor have to sell the shares of +A)+ during the month of Bun "
Kct =>.
<9
F&.e #ot(s #o.&+ ".er"+e ,or BHEL
Per&o! : JAN 5? 9 DEC 5?
Mot( Mot($% A.er"+e 4 Mot(s
Ban .9;D.?D
8eb .9;?.D9
,ar .<=>.=3 .F3>.3>
%pr .F>9.F3 .D;?.3F;
,ay .;D>.F3 .;<..?
Bun 3.?D.D 3=...?F3
Bul 3.F>.;< 3.<<.=D<
%ug 33F>.3; 33F..==D
)ep 33FF.=; 33D9.?<;
Kct 3<=<.39 33>3.FD;
5ov 33<=.9.
Dec 39=9.><
<<
C("rt ,or BHEL
Jan 09 - Dec 09
0
500
1000
1500
2000
2500
3000
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly average
5months
Iter*ret"t&o:
The analysis of research data reveals F months average for !@A/ the above
chart indicates the investor have to buy the shares of !@A/ during the month of ,ar I
%pr =>. It indicates the investor have to sell the shares of !@A/ during the month of
%ug " Kct =>.
<F
F&.e #ot(s #o.&+ ".er"+e ,or ABB Lt!
Per&o! : JAN 5? 9 DEC 5?
Mot( Mot($% A.er"+e 4 Mot(s
Ban <D>.;F
8eb <3<.D3
,ar 9?F.>3 <D=.3>D
%pr <;F..9 F.<.=D3
,ay F<F.>D F?9.D3;
Bun ?9;.D; D9?.>F
Bul ?33.<F D><.=9<
%ug D>?.F9 ?<3.>9
)ep ?DF.FF ?<D..
Kct ?>=.<< ?F..>?<
5ov ?F<.F9
Dec ?F..;3
<D
C("rt ,or ABB Lt!
Jan 09 - Dec 09
0
100
200
300
400
500
600
!00
800
"00
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
Monthly Average
5 Months
Iter*ret"t&o:
The analysis of research data reveals F months average for %!! /TD the
above chart indicates the investor have to buy the shares of %!! /TD during the
month of ,ar =>. It indicates the investor have to sell the shares of %!! /TD during
the month of %ug " Kct =>.
<?
RSI for NTPC Lt!
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
Mot( RSI
J" AB
Fe1 C4D?C
M"r CEDF8
A*r A5DB?
M"% AADCC
Ju ECD4E
Ju$ 45DG?
Au+ C4DB8
Se* A8D?B
Oct CCDFA
No. 44DGG
Dec AGDBA
RELATIVE STRENGTH INDEHH
It is an oscillator used to identify the Inherent strength or weakness of
particular scrips.6)I is calculated for one scrip. If this companys market position was
strong or favorable the Investors can buy the shares.
<;
C("rt ,or NTPC Lt!
62
45.94
48.31
60.29
66.44
84.58
50.79
45.21
61.92
44.36
55.77
67.26
0
10
20
30
40
50
60
70
80
90
Jan Feb Mar Apr May Jun Jul Aug Sep Oct No !ec
"S#
Iter*ret"t&o:
&ower :rid 6)I reached below F= during the month of 8eb , ,ar, %ug ,Kct
=>. It indicates the company market position was weak. 6)I reached above D= during
the month of Ban, %pr, ,ay , )ep, Dec => it indicates the favorable position to sell
the shares.
<>
RSI ,or TATA PO)ER
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
Mot( RSI
J" C?DE4
Fe1 CFDF8
M"r C?D?
A*r 48DGE
M"% A4DAF
Ju AFDEB
Ju$ 4CDFA
Au+ 4GDGG
Se* 44DBA
Oct ?FD4
No. 48DEE
Dec 4ADAB
F=
C("rt ,or TATA PO)ER
0
10
20
30
40
50
60
70
80
90
100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct No !ec
TATA POWER
"S#
Iter*ret"t&o:
&ower :rid 6)I reached below F= during the month of Ban , 8eb, ,ar =>. It
indicates the company market position was weak. 6)I reached above D= during the
month of ,ay , Bun , Kct => it indicates the favorable position to sell the shares.
F.
RSI for SU@LON

T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
DMot( RSI
J" CFD5F
Fe1 C4DC4
M"r 44DCG
A*r 8?D4G
M"% A4D5G
Ju 4EDB4
Ju$ 45D8
Au+ FEDB8
Se* C8D?F
Oct FDB?
No. A4DAB
Dec AF
RELATIVE STRENGTH INDEH:
It is an oscillator used to identify the Inherent strength or weakness of
particular scrips.6)I is calculated for one scrip. If this companys market position was
strong or favorable the Investors can sell the shares.
C("rt ,or SU@LON
F3
Relative Strength Index
0
10
20
30
40
50
60
!0
J
a
n
M
a
r
M
a
y
J
u
l
S
e
p
N
o
v
Month
P
r
i
c
e
#S$
Iter*ret"t&o:
)u-lon Anergy /td 6)I reached below <F during the month of Ban, %pr, %ug,
)ep, Kct =>. It indicates the company market position was weak. 6)I reached above D=
during the month of ,ay, 5ovC Dec => it indicates the favorable position to sell the
shares.
RSI for RELIANCE PO)ER
F9
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
F<
Mot( RSI
J" 9..F3
Fe1 9>.<?
M"r F..F;
A*r <F.<
M"% DD..9
Ju <F.=<
Ju$ F3.?9
Au+ <..;.
Se* F9.39
Oct 3D.9>
No. DD.F<
Dec D;.<.
FF
C("rt ,or RELIANCE PO)ER Lt!
31.52
39.47
51.58
45.4
66.13
45.04
52.73
41.81
53.23
26.39
66.54
68.41
0
10
20
30
40
50
60
70
80
Jan Feb Mar Apr May Jun Jul Aug Sep Oct No !ec
"S#
Iter*ret"t&o:
6A/I%5+A &K1A6 /td 6)I reached below F= during the month of Ban, 8eb,
%pr, Bun, %ug, Kct =>.It indicates the company market position was weak. 6)I reached
above D= during the month of ,ay, 5ovC Dec => it indicates the favorable position to
sell the shares.
FD
RSI for &T+ INDIA
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
Mot( RSI
J" 4CDBB
Fe1 4?D?A
M"r G8D5E
A*r C8DAA
M"% A8D88
Ju CBD84
Ju$ C4D8
Au+ C5DA?
Se* C8DC
Oct G8D?B
No. A8D8F
Dec 4AD84
C("rt ,or PTC INDIA
F?
54.22
59.96
71.08
41.66
61.11
42.15
45.1
40.69
41.4
71.92
61.13
56.15
0 10 20 30 40 50 60 70 80
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
No
!ec
"S#
Iter*ret"t&o:
&T+ I5DI% /td 6)I reached below D= during the month of Ban, 8eb, %pr, Bun,
Bul, %ug, )ep, Dec =>.It indicates the company market position was weak. 6)I reached
above ?= during the month of ,arC Kct => it indicates the favorable position to sell the
shares.
F;
RSI for PO)ER GRID
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
Mot( RSI
J" 4GDCC
Fe1 4BDCB
M"r C5D8
A*r GDE4
M"% C8DB?
Ju F?DFA
Ju$ CGD4G
Au+ FCD?G
Se* 4GDF?
Oct 4CDBB
No. CGDAB
Dec G8DCF
F>
C("rt ,or Power Gr&!
57.44
52.42
40.1
7.85
41.29
39.36
47.57
34.97
57.39
54.22
47.62
71.43
0
10
20
30
40
50
60
70
80
Jan Feb Mar Apr May Jun Jul Aug Sep Oct No !ec
"S#
Iter*ret"t&o:
&ower :rid 6)I reached below F= during the month of ,ar, ,ay, Bul, %ug,
5ov =>. It indicates the company market position was weak. 6)I reached above FF
during the month of Ban, )ep, Dec => it indicates the favorable position to sell the
shares.
D=
RSI for Bindal Stee$ ' Power Lt!
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
Mot( RSI
J" 4FD8G
Fe1 ABD88
M"r 4BDBA
A*r 48DA8
M"% 4GDGC
Ju ACD5C
Ju$ 4FDG4
Au+ 44DFE
Se* 8AD?A
Oct 48D5G
No. 4AD8G
Dec C?D5A
D.
C("rt ,or J&!"$ Stee$ ' Power Lt!
53.17
62.11
52.26
51.61
57.74
64.04
53.75
55.38
16.96
51.07
56.17
49.06
0
10
20
30
40
50
60
70
Jan Feb Mar Apr May Jun Jul Aug Sep Oct No !ec
"S#
Iter*ret"t&o:
&ower :rid 6)I reached below FF during the month of Ban, ,ar, %pr, Bul
)ep , Kct , Dec =>.It indicates the company market position was weak. 6)I reached
above D= during the month of 8eb, Bun => it indicates the favorable position to sell the
shares.
D3
RSI for CESC
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
Mot( RSI
J" C?DB
Fe1 CBD?B
M"r C4DGF
A*r AFD8?
M"% 4?DE
Ju CBDB
Ju$ A5D8
Au+ ABDBC
Se* 4EDE
Oct ?8DC4
No. 4GDGE
Dec C4DE
D9
C("rt ,or CESC
CESC
Mar
7$
Jan
7$
Feb
6$
Apr
9$
May
9$
Jun
6$ Jul
9$
Aug
9$
Sep
9$
Oct
13$
No
9$
!ec
7$
Iter*ret"t&o:
&ower :rid 6)I reached below F= during the month of Ban , 8eb , ,ar, Bun,
Dec =>. It indicates the company market position was weak. 6)I reached above D=
during the month of %pr, Bul, %ug, Kct => it indicates the favorable position to sell
the shares.
D<
RSI ,or BHEL
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0
Mot( RSI
J" C5DEE
Fe1 A5DE8
M"r 4ADCF
A*r ACDF
M"% A8D?A
Ju CADA
Ju$ CAD8E
Au+ ABDFE
Se* 4GDBE
Oct 4EDF
No. 4EDGB
Dec 4CD44
DF
C("rt ,or BHEL
40.88
60.81
56.43
64.3
61.96
46.6 46.18
62.38
57.28
58.3
58.72
54.55
0
10
20
30
40
50
60
70
Jan Feb Mar Apr May Jun Jul Aug Sep Oct No !ec
"S#
Iter*ret"t&o:
&ower :rid 6)I reached below FF during the month of Ban , Bun, Bul,
Dec =>.It indicates the company market position was weak. 6)I reached above D=
during the month of 8eb , ,ay , %ug => it indicates the favorable position to sell the
shares.
DD
RSI ,or ABB Lt!
T(e T"1$e S(ow&+ Re$"t&.e Stre+t( I!e0

Mot( RSI
J" 44DB
Fe1 FGDEG
M"r AEDGG
A*r 45DGF
M"% G5D?E
Ju A5D??
Ju$ F4D?4
Au+ 4BD4C
Se* 45D4
Oct CB
No. 44DB4
Dec A5DGG
D?
C("rt ,or ABB Lt!
RSI
55.2
37.87
68.77
50.73
70.98
60.99
35.95
42
52.54
50.5
55.25
60.77
Jan Feb Mar Apr May Jun Jul Aug Sep Oct No !ec
"S#
Iter*ret"t&o:
&ower :rid 6)I reached below F= during the month of 8eb , Bul, Kct =>. It
indicates the company market position was weak. 6)I reached above D= during the
month of ,ar , Bun , Dec => it indicates the favorable position to sell the shares.
D;

F&!&+s
F&!&+s & Mo.&+ A.er"+e:
8or NTPC Lt! in ,ar I %pr )uggested to buying signal and in Bun I Kct
)uggested to selling signal.
8or TATA PO)ER in ,ar to ,ay )uggested to buying signal and in Bun to
Kct )uggested to selling signal.
8or SU@LON Eer+% Lt! in ,ar to %pr )uggested to buying signal and in Bul
to %ug )uggested to selling signal.
8or RELIANCE Power Lt! in ,ar I ,ay )uggested to buying signal and in
Bun to Kct )uggested to selling signal.
8or PTC I!&" Lt! in ,ar I ,ay )uggested to buying signal and in %ug I
Kct )uggested to selling signal.
8or PO)ER GRID in ,ar )uggested to buying signal and in Bul I %ug
)uggested to selling signal.
8or J&!"$ Stee$ ' Power Lt! in %pr I Kct )uggested to buying signal and in
Bun I 'ul )uggested to selling signal
8or CESC Lt! in ,ar )uggested to buying signal and in Bun to Kct )uggested
to selling signal
8or BHEL in ,ar I %pr )uggested to buying signal and in %ug to Kct
)uggested to selling signal
8or ABB Lt! in ,ar )uggested to buying signal and in %ug to Kct )uggested
to selling signal
D>
F&!&+s & Re$"t&.e Stre+t( I!e0
8or NTPC Lt! in %ug I Kct )uggested to buying signal and in ,ay I Bun
)uggested to selling signal.
8or TATA PO)ER in Ban I 8eb )uggested to buying signal and in ,ar I
Kct )uggested to selling signal.
8or SU@LON Eer+% Lt! in %pr I Kct )uggested to buying signal and in
5ov I Dec )uggested to selling signal.
8or RELIANCE Power Lt! in Ban I Kct )uggested to buying signal and in
,ay I Dec )uggested to selling signal.
8or PTC I!&" Lt! in %ug I )ep )uggested to buying signal and in Kct I
5ov )uggested to selling signal.
8or PO)ER GRID in ,ar I %pr )uggested to buying signal and in )ep I
Dec )uggested to selling signal.
8or J&!"$ Stee$ ' Power Lt! in %pr I )ep )uggested to buying signal and in
8eb I Bun )uggested to selling signal
8or CESC Lt! in 8eb I ,ar )uggested to buying signal and in %pr I Kct
)uggested to selling signal
8or BHEL in Ban I Bun )uggested to buying signal and in %pr I %ug
)uggested to selling signal
8or ABB Lt! in 8eb I Kct )uggested to buying signal and in ,ar I ,ay
)uggested to selling signal
?=
SUGGESTION
Technical analysis shows that the performance of !@A/ is very good and
investing is that company would provide good return.)hort term investor can invest in
!@A/ for better return.
?.
CONCLUSION
Technical analysis helps the investors to study the stock price movement of
the security market. The trend reversals can be identified at an earlier stage to
formulate the buying and selling strategy using technical analysis and also Technical
analysis help the Investor to take decision when the Investor buy or sell the shares.
@ence, the implementation of the technical analysis is important to make
decision regarding investment.
8rom the detailed financial is that analysis, it was found that the long term
position of the company is very good by increasing the owners funds, setting long term
loans, increase fixed assets, 1ork in progress.
)o that company has to take efforts for the efficient sales, efficient utili-ation of
the assets and more important of increase the profitability position of the company in
the years to income.
)umming up the observation made above, it may be point out the company has
a good potential market for its product. To have a comprehensive idea about the
financial condition of a company, different aspects of financial appearance resulting
from operational activities are analy-ed.
?3
BIOBLIOGRAPHY

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