TERM PAPER OF

SAPM

TOPIC
COMPARISON OF INDIAN STOCK
MARKET & U.S STOCK MARKET
FROM 2005 TO 2008

SUBMITTED TO: - SUBMITTED BY: -

MR VIKASH ANANAND DHANANJAY KUMAR
LSB, LPU SECTION:-R1902
ROLL NO.: B33
REG.NO. 10901937

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 ACKNOWLEDGEMENT

I am thankful to MR VIKASH ANAND for providing me the task of preparing

the term paper ON COMPARISON OF INDIAN STOCK MARKET & U.S
STOCK MARKET FROM 2005 TO 2008. We at lovely in taking challenges
and term paper provided me the opportunity to tackle a practical challenge in the
subject of SAPM. This term paper tested my patience at every step of
preparation but the courage provided by my teacher helped me to swim against
the tide and move against the wind.
I am also thankful to my friends and parents for providing me help at every step
of the preparation of the term paper.

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 TABLE OF CONTENT

EXECUTIVE SUMMARY
INTRODUCTION OF INDIAN STOCK MARKET
LITRATURE REVIEW
INDIAN STOCK MARKET (2005-2008)
 QUICK LOOK AT YEAR 2005
 QUICK LOOK AT YEAR 2006
 QUICK LOOK AT YEAR 2007
 QUICK LOOK AT YEAR 2008
US STOCK MARKET (2005-2008)
 INDIVIDUAL SECTOR PERFORMANCE
 INTEREST RATES
 ECONOMY
 MARKET VOLATILITY
 TECHNICAL ANALYSIS
COMPARISION OF INDIAN STOCK MARKET & US STOCK
MARKET
REFERENCES

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 EXECUTIVE SUMMARY

BSE is the world’s number 1 exchange in terms of the number of listed companies and the
world’s 5th in transaction number. Of the 23 stock exchanges in the India, Bombay Stock
Exchange is the largest, with over 6,000 stocks listed. The BSE accounts for over two thirds
of the total trading volume in the country. Established in 1875, the exchange is also the oldest
in Asia. Among the twenty-two Stock Exchanges recognized by the Government of India
under the Securities Contracts (Regulation) Act, 1956, it was the first one to be recognized
and it is the only one that had the privilege of getting permanent recognition ab-initio.

The paper therefore emphasizes mainly on BSE sensex and major fluctuations related to it
from time period of 2005 to 2008. The paper also put the light on how various factors such as
inflation, investments made through participatory notes, rising crude oil prices, the sub-prime
mortgage woes in US, concerns over a slowing down US economy and big role of Foreign
Institutional Investors (FIIs) determines market’s situation and operate SENSEX.

Equity markets rallied over the review period, October 1, 2005 through March 31, 2007. On
October 3, the Dow finally broke past its previous high of 11,722.98 set at the peak of the
tech bubble on January 14, 2000. It continued to perform in line with the other indices but
was hit harder by the February sell-off and has been slower to recover than the other major
indices. The S&P 500 posted a total return of 7.38 percent, while the NASDAQ and Dow
indices trailing slightly at 7.23 percent and 5.78 percent, respectively. The CIF outperformed
all the indices with a return of 7.53 percent.

During the period in review, the total value of the Cougar Investment Fund increased by 7.53
percent outperforming the S&P 500 by 15 basis points. The CIF has outperformed the S&P
500 by 6.83 percent since its inception in 2001, indicating that the student investment teams
have maintained the ability to produce returns that are equal to, or even superior to, many
professional money managers.

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 INTRODUCTION OF INDIAN STOCK MARKET

There was a time when India was discussed as the land of snake charmers, black magic and
epidemics but the revolutionary Indian growth story changed everything. Indian economy at
its height compelled the world to change its viewpoint towards India. Out of the several
factors which changed the face of modern India, we are going to discuss the most roaring of
them i.e. our share market. The earlier reform procedures adopted by India gave India the two
most sought after world-class brands i.e. SENSEX and NIFTY. The magical figures displayed
by our market turned all the heads on India. And India became one of the most favored places
for investment.

Now we are going to deal with the ups and downs in the share market since last two years i.e.
since year 2005.our share market has went through many phases in there 2 years. We saw the
investors getting overjoyed at 21K and we saw them crying too when it crashed. We saw how
the market rewarded the undervalued shares and how the overvalued shares fell down to
demonstrate the saying “everything which rise more than expected, has to fall.”

So to analyze the saga of Indian share market, we had two indices to follow: BSE sensex and
NSE nifty. Though NSE nifty is a more advanced option and has left BSE sensex far behind,
still we call BSE sensex as the barometer of our economy. That’s why we have followed the
BSE sensex. It was not possible to track each and everyday figure of the sensex since last two
years. The performance of the sensex is analyzed with the help of data and graphs collected
from various sources and some of the most talked about movements of sensex starting with
the secondary market summary of each year, firstly year 2006 and then year 2007.

SENSEX:
The SENSEX, short form of the BSE-Sensitive Index, is a "Market Capitalization-Weighted"
index of 30 stocks representing a sample of large, well-established and financially sound
companies.
OBJECTIVES OF SENSEX
To measure market movements
Benchmark for funds performance
For index based derivative products

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 LITRATURE REVIEW

If the depository receipt is traded in the United States of America (USA), it is called an
American Depository Receipt, or an ADR. If the depository receipt is traded in a country
other than USA, it is called a Global Depository Receipt, or a GDR. It represents a certain
number of underlying equity share. ADRs and GDRs are not for investors in India – they can
invest directly in the shares of various Indian companies. But the ADRs and GDRs are an
excellent means of investment for NRIs and foreign nationals wanting to invest in India.

By buying these, they can invest directly in Indian companies without going through the
hassle of understanding the rules and working of the Indian financial market – since ADRs
and GDRs are traded like any other stock. NRIs and foreigners can buy these using their
regular equity trading accounts. Though the GDR is quoted and traded in dollar terms, the
Underlying equity shares are denominated in rupees. GDR are issued through the under
writers, who arrange to sell the GDR to the investors. After the final issue, a depository is
chosen and the company registers the equivalent equity shares of GDR issue in the name of
this depository. Though the shares are registered in the name of this depository, the physical
possession of the shares is with the local custodian, who acts as the trustee of the depository.
The depository subsequently issues the GDR to the under-writer who distributes these
negotiable instruments to the investors. So it is evident that the Indian capital market has
remarkably changed through the issue of GDRs and able to mobilize considerable foreign
investment.

The capital market has become very active and Financial Institutions (FIs), FIIs, Asset
management companies have shown increasing interest in investing in India. With a view to
achieve the goal, Euro-issue is taken as one of the viable alternatives. GDR is envisaged as an
innovative and easily accessible route to reach the international capital market by Indian
corporate sector. The response of foreign investment flows to reforms was to a great extent
encouraging. It clearly shows that the sizes of euro-issues have grown tremendously just after
new economy policy measures announced. A GDR is a dollar denominated instrument listed
and traded on foreign stock exchanges like NYSE (New York Stock Exchange) or NASDAQ
(National Association of Securities Dealers Automated Quotation) both. The Reliance
Industries Ltd, in May 1992, made the first GDR issue of $150 million. The first Indian GDR

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issues made by Reliance Industries and Grasim Industries were at a premium. There are 22
ADR issues from India between 2004 and 2008.Despite the strong supports for the presence
of cross listing premium, empirical evidence to date has been mixed in documenting the
resultant benefits of international listings. The empirical inconclusiveness of the cross listing
benefits gave birth to the first motivation of our research study. Our study is important for
several reasons. Our study is expected to extend prior research and provides new insights
about the implications of cross listing. Secondly our research examines the stock market
reaction to ADR issue by comparing returns and their variances before and after the listing
date. However no research has been conducted on pure cross listing of Indian shares,
therefore the findings of the present study are expected to add a fuller dimension to the
literature in this area.

The use of market timing has long been the subject of much discussion. Several researchers
question the usefulness of such techniques, arguing that such techniques usually cannot
produce better returns than a buy-and-hold (B-H) strategy. Many filter rules were tested on
the US stock market, with most of them concluding that filter rules do not generate superior
returns to the B-H strategy. If the cost of transactions were considered, the returns could even
be negative (Fama and Blume, 1966; Jensen and Benington 1970). These results are
consistent with the efficient markets hypothesis. This hypothesis implies that technical
analysis is without merit. In an efficient market, the current price reflects all available
information including the past history of prices and trading volume. As investors compete to
exploit their common knowledge of a stock’s price history, they necessarily drive stock prices
to levels where expected rate of return are exactly commensurate with risk. At those levels
one cannot expect abnormal returns.

Although technicians recognize the value of information on future economic prospects of the
firm, their position is that such information is not mandatory for a successful trading strategy.
The reason is that whatever the fundamental reason for a change in the stock price, if the
stock price is sluggish to adjust, the analyst should be able to identify a trend that could be
exploited during the adjustment period. Consequently, the key to successful technical analysis
is a lazy response of stock prices to fundamental supply-and-demand phenomena. Note that
this prerequisite is diametrically opposite to the notion of an efficient market. Practitioners’
reliance on technical analysis is well documented. Frankel and Froot (1990a) noted that
market professionals tend to include technical analysis in forecasting the market.

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There is also a shift away from the fundamentals to technical analysis in the 1980s, according
to a survey done by Euro money (Frankel and Froot, 1990a). On a market level, the
prevalence of technical analysis is demonstrated by the fact that most real time financial
information services, like Reuters and Telerate, provide detailed, comprehensive and up-to-
date technical analysis information. It is obvious that the frequent upgrading of technical
analysis services is a response to the demand for technical analysis services and competition
among the financial information service providers. The guiding principle of technical analysis
is to identify and go along with the trend. When there is a trend, whether started by random or
fundamental factors, technical methods will tend to generate signals in the same direction.
This reinforces the original trend, especially when many investors rely on the technical
indicators. Thus, even if the original trend were a random occurrence, the subsequent
prediction made by the technical indicator could be self-fulfilling. This self-fulfilling nature
leads to the formation of speculative bubbles (Froot et al., 1992).

INDIAN STOCK MARKET (2005-2008)

QUICK LOOK AT YEAR 2005

January 2005 to December 2006 as compared to January 2004 to December 2005 The market
valuation of Indian stocks at the end of December 2006, with the Sensex trading at a P/E
multiple of 22.76 and S&P CNX Nifty at 21.26, was higher than those in most emerging
markets of Asia, e.g. South Korea, Thailand, Malaysia and Taiwan; and was the second
highest among emerging markets. The better valuation could be on account of the good
fundamentals and expected future growth in earnings of Indian corporate Liquidity, which
serves as a fuel for the price discovery process, is one of the main criteria sought by the
investor while investing in the stock market. Market forces of demand and supply determine
the price of any security at any point of time. Impact cost quantifies the impact of a small
change in such forces on prices. Higher the liquidity, lower the impact cost. The fig. showing
monthly mutual fund investments, FII investments & Change in SENSEX in May 2006

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QUICK LOOK AT YEAR 2006
In the secondary market, the uptrend continued in 2006-07 with BSE indices closing above
14000(14,015) for the first time on January 3, 2007. After a somewhat dull firsthalf
conditions on the bourses turned buoyant during the later part of the year with large inflows
from Foreign Institutional Investors (FIIs) and larger participation of domestic investors.
During 2006, on a point-to-point basis, Sensex rose by 46.7%. The pickup in the stock indices
could be attributed to impressive growth in the profitability of Indian corporate, overall higher
growth in the economy, and other global factors such as continuation of relatively soft interest
rates and fall in the international crude prices. BSE Sensex (top 30stocks) which was 9,398 at
end-December 2005 and 10,399 at end-May 2006, after dropping to 8,929 on June 14, 2006,
recovered soon thereafter to rise steadily to 13787 by end-December 2006.

According to the number of transactions, NSE continued to occupy the third position among
the world’s biggest exchanges in 2006, as in the previous three years. BSE occupied the sixth
position in 2006, slipping one position from 2005. In terms of listed companies, the BSE
ranks first in the world. In terms of volatility of weekly returns, uncertainties as depicted by
Indian indices were higher than those in outside India such as S&P 500 of United States of
America and Kospi of South Korea. The Indian indices recorded higher volatility on weekly
returns during the two-year period.

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MONTHLY SENSEX CHANGES IN 2006

2006 BSE
Jan 9920
Feb. 10370
Mar 11280
Apr 12043
May 10399
Jun 10609
Jul 10744
Aug 11699
Sep 12454
Oct 12962
Nov 13696
Dec 13787

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QUICK LOOK AT YEAR 2007

In the secondary market segment, the market activity expanded further during 2007-08 With
BSE and NSE are indices scaling new peaks of 21,000 and 6,300, respectively, in January
2008. Although the indices showed some intermittent fluctuations, reflecting change in the
market sentiments, the indices maintained their north-bound trend during the year. This could
be attributed to the larger inflows from Foreign Institutional Investors (FIIs) and wider
participation of domestic investors, particularly the institutional investors. During 2007, on a
point-to-point basis, Sensex and Nifty Indices rose by 47.1 and 54.8 per cent, respectively.
The buoyant conditions in the Indian bourses were aided by, among other things, India
posting a relatively higher GDP growth amongst the emerging economies, continued uptrend
in the profitability of Indian corporate, persistence of difference in domestic and
international levels of interest rates, impressive returns on equities and a strong Indian rupee
on the back of larger capital inflows. The BSE Sensex (top 30 stocks) too echoed a similar
trend to NSE nifty. The sell-off in Indian bourses in August 2007 could partly be attributed to
the concerns on the possible fallout of the sub-prime crisis in the West. While the climb of
BSE Sensex during 2007-08 so far was the fastest ever, the journey of

BSE Sensex from 18,000 to 19,000 mark was achieved in just four trading sessions during
October 2007. It further crossed the 20,000 mark in December 2007 and 21,000 in an intra-
day trading in January 2008. However, BSE and NSE indices declined subsequently reflecting
concerns on global developments. BSE Sensex yielded a Compounded return of 36.5 per cent
per year between 2003 and 2007. In terms of simple average, BSE Sensex has given an annual
return of more than 40 per cent during the last three years.

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2007 BSE

Jan 14091

Feb 12938

Mar 13072

Apr 13872

May 14544
QUICK LOOK AT
Jun 14651
YEAR 2008
Jul 15551 After scaling new
heights of 20000+,
Aug 15319 sensex entered year
2008 with rosy pictures.
Sep 17251
The trade pundits,
brokers and even
Oct 19838

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Dec 20287
investors predicted new heights for the year. And they felt their predictions coming true when
sensex touched the 21000 mark on 8th January 2008. It’s interesting if one sees in terms of
flows; the journey from 20,000 to 21,000 is dominated by domestic institutional investors;
FIIs were negative sellers, they sold in the cash market to the tune of USD 45 billion. So if
one has to take out some pointers from this journey from 20,000 to 21,000, it is the longest
journey which we have seen in the last 5,000 marks, the midcaps and small caps have been
outperformers and in terms of flows, it has been domestic institutional investors which have
been really putting the money.

But the rosy picture soon turned gloomy. The skyrocketing sensex suddenly started heading
south and Sensex saw the biggest absolute fall in history, shedding 2062 points intra-day. It
closed at 17,605.35, down 1408.35 points or 7.4 per cent. It fell to a low of 16,951.50. The
fall was triggered as a result of weakness in global markets, but the impact of the global rout
was the biggest in India. The market tumbled on account of a broad based sell-off that
emerged in global equity markets. Fears over the solvency of major Western banks rattled
stocks in Asia and Europe.

After the worst January in the last 20 years for Indian equities, February turned out to be a flat
month with the BSE sensex down 0.4%. India finished the month as the second worst
emerging market. The underperformance can partly be attributed to the fact that Indian
markets outperformed global markets in the last two months of 2007and hence we were
seeing the lagged impact of that outperformance. In the shorter term, developments in the US
economy and US markets continued to dominate investor sentiments globally and we saw
volatility move up sharply across most markets.

The Bombay Stock Exchange (BSE) Sensex fell 4.44 percent on Monday, 31st march the last
day of the financial quarter, to end the quarter of March down 22.9 percent, its biggest
quarterly fall since the June 1992 quarter, as reports of rising inflation and global economic
slowdown dampened market sentiments. Financial stocks led the Sensex slide along with IT.
According to market analysts, IT stocks fell on worries about the health of the US economy.
Indian IT firms depend on the US clients for a major share of their revenues.

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Candlestick pattern below shows highly volatile market period between July 2008 and June
2008.This period has been a very volatile period full of major events. After a downward rally
which is shown by percentage retracement from 4500 level to 2500 level within 2 months,
market became range bound for almost 4 months and again

US STOCK MARKET (2005-2008)

Overall, the past two quarters have been a good time to be in the market with the S&P 500 up
7.38 percent (total return), the Dow up 5.78 percent, and the NASDAQ up 7.23 percent. On
October 3, the Dow finally topped its record high of 11722.98, which was set at the height of
the tech bubble. The major indices continued to climb higher on investor optimism. Then, on
February 27th, seemingly out of the blue, the market tumbled in a chain reaction that rippled
across equity markets all around the world, triggered by a massive sell-off in the Chinese
market. The Shanghai Index fell 9 percent that day, and the Dow, NASDAQ, and the S&P
500 all fell over 3 percent. However, the sell-off in the Chinese market was the catalyst, not
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the cause, of the drop in the U.S. markets. Tensions had been building around the housing
market, credit quality, energy costs, the possibility of a war against Iran, and uncertainty
about the health of the U.S. economy, including comments the day before by former Fed
Chairman, Alan Greenspan, warning of a recession.

Energy prices have continued to remain at high levels, relative to historical prices. By October
1, 2006, light sweet crude oil had dropped down to $60 a barrel. At the beginning of the first
quarter of 2007, oil prices dipped down into the low $50’s, and have since climbed back up to
around $60. International tension has been one of the factors keeping oil prices high.
Following the drop in the price of oil in the third quarter of 2006, the energy costs in the CPI
fell 7.8 percent and 6.3 percent in September and October, respectively. However, with the
hostage situation in Iran, oil prices rallied and energy costs for the March CPI rose 5.9
percent.

INDIVIDUAL SECTOR PERFORMANCE

Performance by individual sector over the previous two quarters is shown below. As can be
seen, the markets performed quite well over the last two quarters, especially so for the fourth
quarter of 2006 as none of the sectors had a negative return over this quarter. Utilities and
Basic Materials showed the most impressive gains over both of the previous two quarters, and
the Oil & Gas sector was a very strong performer for the fourth quarter of 2006. The Oil &
Gas sector’s noteworthy gains during the fourth quarter of 2006 were due to high oil prices.
The Basic Materials and Utilities sectors performed well in late February and March, as
investor demand for those low volatility sectors increased when market risk increased. The
Financial sector did poorly in the first quarter of 2007 on increasing worries about the housing
market, the troubles of sub-prime mortgage firms, and deteriorating credit quality.

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 Quarterly Sector Returns

Fourth Quarter (2006) First Quarter (2007)

12%
10%
8%
6%
4%
2%
0%
-2%
-4%
CS CG E F HC I T BM TC U

CS CG E F HC I T BM TC U
Consumer Services Consumer Goods Oil & Gas Financials Health Care Industrials Technology Basic Materials Telecommunications Utilities

INTEREST RATES
YieldCurveon3/ 31/ 07
The Fed chairman, Ben Bernanke, has kept
5.20%
the key interest rate constant at 5.25 percent
5.00%
throughout the past two quarters. Many
4.80%
investors have anticipated a rate cut, and
4.60%
this has created an unusual yield curve.1 It
4.40%
has become clear that the Fed’s chief
concern is inflation. CPI data over the past 4.20%
1-Mo 3-Mo 6-Mo 2-Yr 5-Yr 10-Yr 30-Yr
two quarters has not been low enough for
the Fed to feel comfortable cutting rates, but it has also not been so high that the Fed has felt a
need to raise rates further. A twelve-month trailing CPI shows core inflation, which excludes
more volatile food and energy prices, at 2.5 percent, energy at 4.4 percent, and an overall
increase of 2.8 percent. Annualized data from the last three months, however, has shown
energy increasing at a troublesome 22.9 percent, bringing the overall CPI up to 4.7 percent
while the core CPI has been a modest 2.3 percent.
ECONOMY
Measures of economic performance were strong overall. GDP grew by 3.3 percent in 2006,
which is fairly strong historically, but more moderate compared to 2004’s GDP growth of 3.9
percent.2 One of the Fed’s reasons for raising interest rates in 2004 was to keep the GDP from
1
2

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growing too fast. This has helped moderate GDP growth, but it is still high enough that the
Fed may continue to At this point, it is generally acknowledged that the mortgage party of
2003-2006 is over, and investors are waiting to see what the damage will be when all is said
and done.

Investors are chiefly concerned that rising delinquencies and defaults in the housing market
will reduce consumer spending, hurting the overall economy. There is also concern that
mortgage delinquency and bankruptcies could spill over into other areas, such as auto loans
and credit cards. During the past two quarters, delinquency rates have increased across the
board, with adjustable rate mortgages and sub-prime mortgages seeing the largest increases.
From the third to the fourth quarter of 2006, prime delinquency rates increased 13 basis points
to 2.57 percent, sub-prime delinquencies increased 77 basis points to 13.33 percent, and sub-
prime ARM delinquencies increased 122 basis points to 14.44 percent.3 Many sub-prime
mortgage firms are facing financial difficulties and warning of poor performance, and the
former number two sub-prime lender, New Century, has gone into bankruptcy.

MARKET VOLATILITY
U.S. equity market volatility, as measured by the implied volatilities of S&P 500 options, rose
sharply at the end of February with the big sell-off but has fallen back to more reasonable
levels since. On February 27, the volatility index spiked, closing at 18.31 percent compared to
the previous day’s closing volatility of 11.15. The market remained at a heightened volatility
for the month of March, fueled in part by the Iranian hostage situation and the related
concerns over oil supplies. The average volatility throughout the period was 11.78 percent,
compared with 14.07 percent for the prior two quarters.

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 CBOE MarketVolatilityIndex
30

25
Volatility

20

15

10

Dec-06
Oct-06

Nov-06
May-06
Apr-06

Mar-07

Apr-07
Feb-07
Sep-06
Aug-06

Jan-07
Jun-06

Jul-06

TECHNICAL ANALYSIS

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Indicator Interpretation
Bollinger Bands Bullish- The share price is currently above the moving average price and
near the top bollinger band. Moving average has been increasing since
August 2006, which is also a bullish signal.
Stochastics Neutral- At this time %K is above % D, which is bullish, however the gap
between the two is narrowing, which is bearish. With %K at 78.95 the
Company is close to being considered over bought in the market.
Generally, with a %K greater than 80 this assumption is more likely to
occur.
Moving Bullish- Current share price is above both the 25-day and 50-day moving
Averages averages and both averages have an increasing slope.
MACD Neutral- MACD is below the signal line, which is bearish. MACD is
1.22, meaning the short-term moving average is greater than the long-term
moving average, which is bullish.
Regression Bullish- The regression line is upward sloping and the share price is below

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 the regression line. These are both positive indicators because
theoretically the share price will increase to return to the upward trend.
PriceROC Neutral- The share price has increased over the past 100 days, indicating a
positive rate of change. The current decreasing slope of this rate of
change is a negative sign.

COMPARISION OF INDIAN STOCK MARKET & US STOCK

MARKET
With major financial crisis erupting in the U.S., Indian Stock Market benchmark index
(Sensex) fell by 469.54 points or 3.35 per cent on Monday to close at 13531.27. Realty stocks
led the fall with a loss of 7.65 per cent. The National stock exchange, the NSE Nifty lost
155.55 points or 3.68 per cent. All sectoral indices closed in the negative territory.
An eventful week of turmoil has begun in the global financial scenario as stock prices
plunged across much of the globe on news that investment bankers, Lehman Brothers
Holdings filed for bankruptcy and Merrill Lynch & Co’s forced sale to Bank of America.
Even American International Group (AIG), the world’s largest insurance company, asked the
U.S. Federal Reserve for an emergency funding before announcing a major restructuring plan.
The investments in Indian firms by these U.S. investment bankers are a major worry for
Indian investors. Investor confidence is at its lowest ebb. Investors are worried that all these
are likely to trigger another round of troubles for banks and financial institutions around the
globe. Six months ago, in March, Bear Stearns, the fifth biggest U.S. investment bank,
witnessed a full circle before its fall and sell-off to JP Morgan Chase & Co for a rock bottom
price of $2 per share.

REFERENCES

 Cha, B and S Oh (2000): “The relationship between developed equity markets and the

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 Pacific Basin’s emerging equity markets”, International Review of Economics and
Finance,
vol 9, pp 299–322.
 Chen, G M, M Firth and O M Rui (2002): “Stock market linkages: evidence from
Latin America”, Journal of Banking and Finance, vol 26.
 Ahlgren, N and J Antell (2002): “Testing for cointegration between international stock
prices”,
 Applied Financial Economics, vol 12

www.investopedia.com/technical analysis
www.bseindia.com

www.nseindia.com

www.moneycontrol.com

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