A REPORT

On

A STUDY ON TECHNICAL ANALYSIS OF SELECTED

STOCKS IN FMCG SECTOR WITH SPECIAL
REFERENCE TO SHAREKHAN LTD

By

Regn. No. : LCAWMBA100

Submitted to

THE UNIVERSITY OF CALICUT

In partial fulfilment of the requirements for the award of the degree of

MASTER OF BUSINESS MANAGEMENT

Under the guidance of

MR. RANJITH KARAT

ASSISTANT PROFESSOR

LEAD OF COLLEGE OF MANADEMENT

DHONI, PALAKKAD, KERALA-678009
 DECLARATION

I SNEHA K, Regn No.LCAWMBA100, hereby declare this project titled

“A STUDY ON TECHNICAL ANALYSIS OF SELECTED STOCKS IN

FMCG SECTOR WITH SPECIAL REFERENCE TO SHAREKHAN LTD”

submitted in partial fulfilment of Master of Business Administration of

Calicut University, is a record of my original work done under the

guidance of Assistant Professor Dr.RANJITH KARAT, LEAD College of

Management, Dhoni, Palakkad. I further declare that this exposition is a

result of my own effort and has not been submitted earlier for the award

of any degree/diploma by Calicut University or any other University or

Academic body.

Date: Ms. SNEHA K

Place: Regn. No: LCAWMBA100
 ACKNOWLEDGEMENT

I would like to thank Dr. Thomas George, Director of LEAD College of Management,
and Palakkad for their kind co-operation, valuable guidance, and suggestions in
bringing out this project report.

I express my gratitude to my guide Dr.Ranjith Karat, Assistant professor, for his

valuable guidance and supervision, which enabled me to complete this report on time
and with confidence.

I have great pleasure in expressing my sincere gratitude to Mr. Shiju Kuruvankattil,

Business partner of Sharekhan limited, for permitting me to undergo this project
work in his esteemed organization. I also express my sincere thanks to all who
directly or indirectly helping me in completing this project.

SNEHA K
 CHAPTER 1

INTRODUCTION
1.1 INTRODUCTION

Investors and traders use stock analysis to make buying and selling decisions.
Investors and traders try to obtain an advantage in the markets by analysing historic
and current data. The two types of stock analysis are fundamental analysis and
technical analysis.

These two methods are used to forecast stock prices in the future.

Fundamental analysis is the process of valuing a stock using financial and economic
data to forecast stock price movements. Fundamental analysis focuses on data which
consists of financial records, economic reports, company assets, and market share.
Investors and analysts often study the indicators on a business's financial statements -
balance sheet, income statement, cash flow statement, and footnotes – to da o
fundamental analysis on a public company or sector.

Technical analysis examines past and current price action in order to forecast the
probability of future price fluctuations. Technical analysts look at the whole financial
market, focusing on price and volume as well as the demand and supply factors that
influence the market. Technical analysis is widely used by equity traders, forex
traders, and commodity traders all around the world to forecast price movements in
the short and long term. The tools of technical analysis are useful in examining how
the demand and supply for particular security would affect the fluctuations in price,
volume as well as implied instability. It works on the assumption that historical
activity of trading and changes in the price of the security could be used as valuable
indicators. These indicators may help in assessing the movements of price in the
future when combined with appropriate rules of trading or investing. It is used
frequently in order to produce trading signals for short terms through numerous
charting tools. However, they are also helpful in improving the assessment of the
strength of security or its weakness in relation to the larger market or in its area.
Analysts take the help of this information so that they can improve their complete
assessment estimate. Technical Analysis has resulted in increased gains for traders and
investors, which is why an increasing number of individuals are gaining technical
analysis skills in order to maximize their profits from the market.

The current study entitled “ A STUDY ON TECHNICAL ANALYSIS OF

SELECTED STOCKS IN FMCG SECTOR WITH SPECIAL REFERENCE TO
SHAREKHAN LTD” was carried out on the top stocks in FMCG sector based on
market capitalization. Simple Moving Average (SMA), Rate Of Change (ROC) and
Relative Strength Index (RSI) are some of the technical tools used for analysing the
stocks.

1.2 INDUSTRY PROFILE

The stock market is a fiscal market where individuals and institutions can buy and sell
shares of intimately traded companies. It provides a platform for investors to trade
stocks, which represents power in those companies. In the stock market, investors can
buy shares of companies they believe will increase in value over time, allowing them
to potentially profit from capital appreciation and tips. Again, they can sell shares if
they anticipate a decline in value or want to realize their gains.

A stock market is the place where the shares of the publicly listed companies are
traded. A stock market serves two important purposes. Firstly, in the case of
companies, they can raise capital by trading in stock market for their further business
expansions. Secondly, the investors can gain profit by buying and selling the shares of
the publicly listed companies.

1.2.1 DEFINITION OF STOCK EXCHANGE

A stock exchange is a centralized platform where financial instruments such as stocks,

bonds, commodities, and derivatives are bought and sold. It serves as a marketplace
for investors, traders, and companies to participate in the buying and selling of
securities. Stock exchanges provide transparency, liquidity, and efficient price
discovery mechanisms for these assets through the matching of buy and sell orders.
They also play a crucial role in facilitating capital formation for companies by
enabling them to raise funds through the issuance of stocks or bonds to investors.
Additionally, stock exchanges often have regulatory functions to ensure fair trading
practices and investor protection. Examples of prominent stock exchanges include the
New York Stock Exchange (NYSE), NASDAQ, London Stock Exchange (LSE), and
Tokyo Stock Exchange (TSE).

1.2.2 LIST OF STOCK EXCHANGE AROUND THE WORLD

Stock exchanges serve as crucial financial marketplaces where securities such as

stocks, bonds, and derivatives are bought and sold. Among the major global
exchanges are the New York Stock Exchange (NYSE), the NASDAQ, and the Tokyo
Stock Exchange (JPX), which play pivotal roles in the global economy due to their
size, liquidity, and influence. These exchanges attract investors from around the world
and facilitate the trading of a wide range of financial instruments. Additionally,
prominent exchanges like the London Stock Exchange (LSE), the Shanghai Stock
Exchange (SSE), and the Bombay Stock Exchange (BSE) are significant players in
their respective regions, contributing to the vibrancy and liquidity of the global
financial markets. Together, these exchanges form a vital network that connects
investors, companies, and governments, facilitating capital formation, investment, and
economic growth on a global scale.

1.2.3 MAJOR STOCK EXCHANGES IN INDIA

The major stock exchanges of India are:

Bombay Stock Exchange (BSE)

National Stock Exchange (NSE)

 Bombay stock exchange

BSE Limited, formerly known as the Bombay Stock Exchange, is a stock exchange in
Mumbai, India. It is located on Dalal Street. It is Asia's oldest stock market, having
been founded in 1875. As of May 2021, the BSE is the world's seventh biggest stock
exchange, with a market capitalization of more than US$3.1 trillion.

The BSE was the first stock exchange registered by the Indian government under the
Securities Contracts Regulation Act on August 31, 1957. The present building,
Phiroze Jeejeebhoy Towers, located on Dalal Street in the Fort district, began
construction in the late 1970s and was completed and inhabited by the BSE in 1980.

The S&P BSE SENSEX index was created in 1986, offering the BSE a way to
measure the overall performance of the exchange. The BSE utilized this index to
launch its derivatives market in 2000, where S&P BSE SENSEX futures contracts
were traded. In 2001 and 2002, the BSE expanded its trading platform by developing
S&P BSE SENSEX options and equity derivatives.

 National Stock Exchange of India

The National Stock Exchange of India Limited (NSE), based in Mumbai,

Maharashtra, is India's leading government-owned stock exchange. It is owned by a
number of major financial organizations, banks, and insurance firms. The National
Stock Market (NSE) was founded in 1992 as the country's first dematerialized
electronic exchange.

The NSE was the first exchange in the country to provide a contemporary, fully
automated screen-based electronic trading system that allowed investors from all over
the country to trade with ease. NSE's Managing Director and Chief Executive Officer
is Vikram Limaye.

The NIFTY 50 is a benchmark Indian stock market index that reflects a weighted
average of top 50 Indian firms listed on the National Stock Exchange.

The NIFTY 50 index includes 13 sectors of the Indian economy (as of 30 April 2021)
and provides investment managers with exposure to the Indian market in a single
portfolio. Due to the emergence of sectoral indexes like as NIFTY Bank, NIFTY IT,
NIFTY Pharma, NIFTY SERV SECTOR, NIFTY Next 50, and others, the NIFTY 50
index's share of NSE's market capitalization declined from 65 percent to 29 percent
between 2008 and 2012.
The Central Government has recognized the following 22 Stock Exchanges:

1. Bombay Stock Exchange.

2. Delhi Stock Exchange Association Ltd.

3. Madhya Pradesh Stock Exchange (Indore).

4. Ahmadabad Stock Exchange.

5. Madras Stock exchange.

6. Calcutta Stock exchange.

7. Uttar Pradesh Stock Exchange Association Ltd.

8. Pune Stock Exchange Ltd.

9. Bangalore Stock Exchange Ltd.

10. Ludhiana Stock Exchange Association Ltd.

11. Hyderabad Stock Exchange Ltd.

12. Gauhati Stock Exchange Ltd. 13. Cochin Stock Exchange Ltd.

14. Mangalore Stock Exchange Ltd.

15. Magadh Stock Exchange Association 4

16. Bhubaneshwar Stock Exchange 17. Saurashtra Kutch Stock Exchange.

18. Jaipur Stock Exchange.

19. Vadodara Stock Exchange.

20. Coimbatore Stock Exchange.

21. Over The Counter Exchange of India.

22. National Stock Exchange.

1.2.4 FUNCTIONS OF STOCK MARKET

The stock market serves several important functions within the financial system and
economy:

 Capital Formation: One of the primary functions of the stock market is to

facilitate the raising of capital for companies. Companies issue shares of stock
to investors in exchange for capital, which they can then use for various
purposes such as expanding operations, funding research and development, or
investing in new projects.

 Facilitating Investment: The stock market provides a platform for individuals

and institutional investors to invest their savings and funds in a wide range of
assets, including stocks, bonds, and other securities. Investors can diversify
their portfolios and potentially earn returns through buying and selling
securities on the stock market.

 Price Discovery: Stock markets help determine the prices of securities through
the interaction of supply and demand. The constant trading of stocks and other
securities on exchanges results in price movements that reflect the collective
assessment of investors regarding the value of those assets.

 Liquidity: Stock markets provide liquidity by allowing investors to buy and

sell securities easily. This liquidity enables investors to quickly convert their
investments into cash without significantly affecting the price of the securities.

 Corporate Governance: The stock market plays a role in corporate governance

by providing a platform for shareholders to vote on important company
decisions, elect directors, and hold management accountable for their actions.
 Shareholder activism and proxy voting are mechanisms through which
shareholders can influence corporate governance practices.

 Facilitating Mergers and Acquisitions (M&A): The stock market provides a

venue for companies to acquire or merge with other companies through stock
transactions. Mergers and acquisitions often involve the exchange of shares of
stock as part of the deal structure.

 Risk Management: Stock markets offer various financial instruments, such as

options and futures contracts, that allow investors to hedge against or
speculate on price movements in the underlying securities. These instruments
help investors manage risk in their portfolios.

 Economic Indicators: The performance of the stock market is often used as an

indicator of the overall health of the economy. Rising stock prices may signal
economic expansion and investor confidence, while falling stock prices may
indicate economic contraction or uncertainty.

1.2.5 FMCG SECTOR IN INDIA

The FMCG (Fast Moving Consumer Goods) sector in India is one of the most vibrant
and rapidly growing industries in the country. With a burgeoning population
exceeding 1.3 billion, India offers a vast consumer base for FMCG companies. This
sector encompasses a wide range of products including food and beverages, personal
care items, household goods, and more. The demand for FMCG products is largely
driven by factors such as rising disposable incomes, urbanization, changing lifestyles,
and increasing awareness about health and hygiene. FMCG companies in India
employ various distribution channels to reach consumers, including retail stores,
supermarkets, e-commerce platforms, and direct selling. Additionally, intense
competition among both domestic and multinational players in the FMCG sector
fosters innovation and ensures a diverse range of high-quality products at competitive
prices for consumers.
Despite its robust growth, the FMCG sector in India also faces challenges such as
infrastructure bottlenecks, distribution inefficiencies, regulatory hurdles, and evolving
consumer preferences. Companies in this sector need to constantly adapt to changing
market dynamics and consumer trends to maintain their competitive edge.
Furthermore, the COVID-19 pandemic has significantly impacted the FMCG
industry, leading to shifts in consumer behaviour, supply chain disruptions, and
changes in marketing strategies. However, the long-term growth prospects for the
FMCG sector in India remain promising, driven by factors such as demographic
trends, urbanization, and increasing consumer aspirations, making it a key driver of
the country's economic growth.

1.3 COMPANY PROFILE

Sharekhan Ltd was founded by Mumbai-based entrepreneur Shripal Morakhia in

2000. Sharekhan Ltd pioneered the online retail broking industry and leveraged on the
first wave of digitization, when dematerialization (demat) of securities came into
effect and electronic trading was introduced in the stock exchanges. In India,
Sharekhan Ltd has over 4800+ employees, and is present in over 575 cities through
153 branches, more than 2,500 business partners. The company has 1.4 million
customer base and, on an average, executes more than 4 lakh trades per day. 1995 -
Incorporated as Vision Paints due to the growing need of meaningful and imaginative
entertainment.

Company was taken over by Morrie’s Trading, a company owned by Ashok Mishra. -
Name of the company was changed to its current name on 12th November 2001. 2007
- Net profit of Vision Corporation increased by 900% to Rs 0.10 crore during the
quarter ended September 2007 as against Rs 0.01 crore during the previous quarter
ended September 2006. - The members of Vision Corporation have decided to issue
up to 49,00,000 equity shares on 12th September 2007 of face value of Rs 10 each at
a premium of Rs 4 each aggregating to Rs 6,86,00,000 on preferential basis.
Company had made allotment of 17,50,000 equity shares by converting share
warrants which have been allotted on preferential 2008 -The Board of the company,
had decided to appoint Mr. Ashok Kumar Mishra as Managing Director, Group
Affairs with effect from January 31, 2008. 2009 -Company has signed an Agreement
with Religare Securities Ltd -Company has signed a MOU with TCIL.

Founded in 2000 and a subsidiary of BNP Paribas since November 2016, Sharekhan
Ltd was one of the first brokers to offer online trading in India. With 16 lakh
customers, 153 branches and more than 2400 business partners spread across over 575
locations, Sharekhan Ltd is one of the largest brokers in India. Sharekhan offers a
wide range of savings & investment solutions including equities, futures and options.
Currency trading, portfolio management, research and mutual funds and investor
education. On an average, Sharekhan Ltd executes more than 400,000 trades daily
Acquisition of Sharekhan Ltd by BNP Paribas Sharekhan is now a fully owned
subsidiary of BNP Paribas, it was rebranded as Sharekhan Ltd by BNP Paribas.

The firm’s online trading and investment site - www.sharekhan.com- was launched on
Feb 8, 2000. The site gives access to superior content and transaction facility to retail
customers across the country. Known for its jargon-free, investor friendly language
and high-quality research, the site has a registered base of over two lakh customers.
The number of trading members currently stands More than 8 Lacks. While online
trading currently accounts for just over 8 per cent of the daily trading in stocks in
India, Sharekhan Ltd alone accounts for 32 per cent of the volumes traded online. On
April 17, 2002Sharekhan launched Speed Trade, a net-based executable application
that emulates the broker terminals along with host of other information relevant to the
Day Traders. This was for the first time that a net- based trading station of this Caliber
was offered to the traders. In the last six months Speed Trade has become a de facto
standard for the Day Trading community over the net.

On October 01, 2007Sharekhan again launched another integrated Software based

product Trade Tiger, a net-based executable application that emulates the broker
terminals along with host of other information relevant to the Day Traders. It has
another quality which differs it from other that it has the combined terminal for
EQUITY and COMMODITIES both.
JavaScript. It is one of India’s leading broking houses operating via online retail
industry. Sharekhan Ltd offers a complete package of stock trading and investment
solutions and secures high returns on securities and investments. It is the retail arm of
its parent company and offers trade execution facilities and depository services for
commodities, derivatives and equities backed by its sound advice and experience.
Sharekhan Ltd offers offline trading options, online NSE and BSE executions of both
intraday and delivery-based transactions and online trading options.

Its additional investment products include Insurance, RBI Bonds and Mutual Funds.
Sharekhan Ltd has started online IPO to offer application form of several companies’
issues by filling an online form. It has an analysis and research team that tracks
performance trends and offers valuable advice. Sharekhan Ltd has implemented 3-in-1
concept and integrated Demat account, trading account and linked savings account. A
customer can transfer funds directly from savings to trading account without any
additional paperwork. Buying and selling of shares is an easy option via website and
client can also view market prices of shares he wishes to trade on the terminal.

Finance is an integral part of any business that has a direct impact on all its
operations. Sharekhan Ltd has an accounts department for calculating payout and pay-
in of funds and is dependent on profit/loss of client portfolio. The company has
targeted investors from both rural and urban sector as its potential customers. It offers
maximum value to its clients so as to keep them happy.

Sharekhan Ltd faces stiff competition from several rival companies and has adopted a
competitive pricing policy to gain a competitive advantage over its competitors. It has
levied reasonable rates so as to increase its client base because affordable rates will
gain larger volumes and will ultimately lead to greater gains. Brokerage on the
delivery based transaction is levied at .50% on both sides for selling and purchasing
and .10% single side on intra-day transactions. Brokerage charges for commodities
are .10% of its trade value and if carried forward then extra .02% on the total trade.

Sharekhan Ltd business:

1. Brokering Business.
2. White feathering house production.
VISION: To be the best retail broking brand in the retail business of the stock market.

MISSION: To educate and empower the individual investor to make better investment
decisions through quality advices and superior services.

Products and Services

 Trade tiger
 Sharekhan App
 Sharekhan Mini
 Dial-N-Trade
 Pattern Finder
 Sharekhan Classroom
 EMF
 Equity trading
 Bond
 IPO
 Portfolio Management Services
 NRI Services
 Learn to trade
 Mutual funds and SIP
 Derivatives trading

1.3.1 ITC (INDIAN TOBACCO COMPANY) LTD

ITC Limited, often referred to simply as ITC, is one of India's largest and most
diversified conglomerates with a significant presence in various sectors including
FMCG (Fast Moving Consumer Goods), hotels, paperboards and packaging,
agribusiness, and information technology. Founded in 1910 as the Imperial Tobacco
Company of India Limited (in 1970 it was renamed as India Tobacco Company Ltd) ,
ITC has evolved over the decades to become a multi-business conglomerate with a
strong focus on sustainability, innovation, and social responsibility. In the FMCG
sector, ITC has established itself as a prominent player with a diverse portfolio of
products catering to different consumer needs. Its FMCG portfolio includes brands
such as Aashirvaad, Sunfeast, Bingo!, Yippee!, Classmate, Fiama, and many others.
These brands span across categories like food and beverages, personal care items,
education and stationery products, and lifestyle products. ITC's FMCG business is
known for its emphasis on quality, innovation, and customer-centric approach. The
company invests heavily in research and development to continuously introduce new
products and variants that cater to evolving consumer preferences. Apart from FMCG,
ITC has a significant presence in the hospitality industry through its subsidiary, ITC
Hotels. ITC Hotels is renowned for its luxury properties and sustainable practices,
offering a blend of Indian hospitality and world-class amenities. The hotels division of
ITC operates under various brands such as ITC Hotels, WelcomHotel, Fortune Hotels,
and WelcomHeritage. With a focus on sustainability and responsible luxury, ITC
Hotels has received numerous accolades and awards for its environmental initiatives
and community development programs. Another key business segment of ITC is its
paperboards and packaging division, which manufactures high-quality paperboards,
specialty papers, and packaging solutions. ITC is one of the largest producers of
packaging boards in India and serves a wide range of industries including FMCG,
pharmaceuticals, food and beverages, and textiles. The company's paperboards and
packaging business is known for its state-of-the-art manufacturing facilities,
technological expertise, and sustainable practices.

ITC is also involved in agribusiness, where it operates across the entire agricultural
value chain from sourcing raw materials to manufacturing and marketing of various
agricultural products. The company engages with farmers through its e-Choupal
initiative, which provides digital platforms and services to enhance their productivity,
efficiency, and livelihoods. Additionally, ITC's agribusiness division is involved in
exports of agricultural commodities and processed foods, contributing to India's
foreign exchange earnings. Furthermore, ITC has a presence in the information
technology sector through its subsidiary, ITC Infotech, which offers a wide range of
IT services and solutions to clients across industries. ITC Infotech is known for its
domain expertise, technological capabilities, and customer-centric approach,
providing end-to-end IT solutions to help businesses achieve their digital
transformation goals. In terms of sustainability and social responsibility, ITC has been
a pioneer in implementing environmentally sustainable practices and social
development initiatives. The company's 'Triple Bottom Line' philosophy focuses on
creating economic value, environmental stewardship, and social impact. ITC has
undertaken various initiatives in areas such as water stewardship, renewable energy,
afforestation, rural development, and skill-building, making significant contributions
to the communities in which it operates.

1.3.2 HINDUSTAN UNILEVER LTD

Hindustan Unilever Limited (HUL) is a flagship company of the multinational

consumer goods giant, Unilever. Established in 1933 as Lever Brothers India Limited,
HUL has played a pivotal role in shaping India's consumer goods industry over the
past eight decades. The company operates in various segments of the FMCG (Fast
Moving Consumer Goods) sector, offering a diverse range of products that cater to the
everyday needs of consumers across the country. HUL's product portfolio spans
multiple categories, including home care, personal care, foods and beverages, and
water purification. The company's extensive range of brands encompasses household
names such as Lux, Lifebuoy, Dove, Ponds, Sunsilk, Surf Excel, Rin, Knorr, Brooke
Bond, Kissan, and Pureit, among others. These brands have become synonymous with
quality, reliability, and innovation, earning the trust and loyalty of millions of
consumers in India. One of the key strengths of HUL lies in its relentless focus on
innovation and product development. The company continuously invests in research
and development to introduce new and improved products that meet the evolving
needs and preferences of consumers.

HUL's innovative approach is evident in its product formulations, packaging designs,

and marketing strategies, which often set industry benchmarks and drive category
growth. Distribution plays a crucial role in HUL's success story. The company has
built an extensive distribution network that reaches every nook and corner of India,
ensuring the availability of its products even in the remotest of areas. HUL's
distribution network encompasses a mix of traditional retail channels, modern trade
outlets, e-commerce platforms, and direct selling initiatives, enabling it to effectively
penetrate both urban and rural markets. HUL's commitment to sustainability and
corporate social responsibility (CSR) is deeply ingrained in its business ethos. The
company's 'Sustainable Living Plan' reflects its dedication to creating a positive social
and environmental impact while driving business growth.

HUL's sustainability initiatives focus on areas such as water conservation, waste

management, renewable energy adoption, and sustainable sourcing practices.
Moreover, the company actively engages in community development programs aimed
at promoting health, hygiene, education, and women's empowerment in rural and
marginalized communities. Over the years, HUL has demonstrated resilience and
adaptability in navigating through various challenges, including economic
fluctuations, regulatory changes, and competitive pressures. The company's ability to
anticipate market trends, innovate rapidly, and stay connected with consumers has
enabled it to maintain its leadership position in the Indian FMCG sector. In
conclusion, Hindustan Unilever Limited stands as a beacon of excellence in India's
consumer goods landscape, driven by its strong brand portfolio, innovative spirit,
extensive distribution reach, and commitment to sustainable and inclusive growth. As
the company continues to evolve and embrace new opportunities, it remains dedicated
to enriching the lives of consumers while contributing to the socio-economic
development of the nation.

1.3.3 NESTLE INDIA LTD

Nestlé India Ltd. is a subsidiary of Nestlé S.A., a global food and beverage
conglomerate headquartered in Switzerland. Nestlé India has been operating in the
country for over a century, with its origins tracing back to 1912 when Nestlé
established its presence in India. Over the years, Nestlé India has become one of the
leading FMCG (Fast Moving Consumer Goods) companies in the country, offering a
diverse portfolio of food and beverage products. Nestlé India's product range
encompasses various categories, including dairy products, beverages, chocolates and
confectionery, prepared dishes and cooking aids, and infant nutrition. Some of its
iconic brands include Maggi, Nescafé, KitKat, Nestlé Milkmaid, Nestea, Cerelac, and
NesPlus. These brands have earned immense popularity and consumer trust due to
their consistent quality, innovation, and adherence to stringent safety and hygiene
standards. One of Nestlé India's key strengths lies in its commitment to innovation
and product development. The company invests significantly in research and
development to create new and improved products that cater to the evolving tastes and
preferences of Indian consumers. For example, Maggi, one of Nestlé India's flagship
brands, has been continuously innovating its product offerings to introduce new
flavors, variants, and packaging formats to suit diverse consumer preferences.

Nestlé India also places a strong emphasis on quality assurance and food safety across
its manufacturing processes. The company has implemented stringent quality control
measures and adheres to global standards to ensure the safety and integrity of its
products. Nestlé India's commitment to quality is reflected in its state-of-the-art
manufacturing facilities, which utilize advanced technology and best practices to
maintain the highest standards of food safety and hygiene. In addition to its focus on
product quality and innovation, Nestlé India is deeply committed to sustainability and
corporate social responsibility (CSR). The company has implemented various
initiatives aimed at reducing its environmental impact, conserving natural resources,
and promoting social development. Nestlé India's sustainability efforts include
reducing water usage, minimizing waste generation, promoting responsible sourcing
practices, and supporting community development programs in areas such as
nutrition, education, and rural livelihoods.

Furthermore, Nestlé India actively engages with stakeholders, including suppliers,

customers, employees, and communities, to foster long-term relationships built on
trust, transparency, and mutual respect. The company's corporate governance practices
prioritize ethical conduct, integrity, and accountability, ensuring responsible and
sustainable business practices.

Overall, Nestlé India Ltd. continues to play a significant role in shaping the Indian
FMCG industry, leveraging its strong brand portfolio, commitment to quality and
innovation, and dedication to sustainability and social responsibility. With a focus on
meeting the needs of consumers while contributing to the well-being of society and
the environment, Nestlé India remains a trusted and respected name in the Indian food
and beverage market.

1.3.4 GODREJ CONSUMER PRODUCTS LTD

Godrej Consumer Products Ltd (GCPL) is a prominent player in the Fast Moving
Consumer Goods (FMCG) sector, not just in India but also globally. Established in
2001, it is part of the diversified Godrej Group, which has a legacy spanning over 123
years in various industries like consumer goods, real estate, agriculture, and more.
GCPL focuses primarily on personal care, household products, hair care, and
insecticides.

A significant aspect of GCPL's success lies in its robust portfolio of brands. The
company boasts several iconic brands that are household names in India and beyond.
Some of its well-known brands include Godrej No.1, Cinthol, Good Knight, Hit,
Ezee, and Darling. These brands cater to a diverse range of consumer needs and
preferences, offering products that are of high quality, innovative, and affordable.

GCPL's commitment to innovation is evident in its continuous efforts to develop new

products and improve existing ones. The company invests substantially in research
and development to stay ahead of evolving consumer trends and preferences. By
understanding consumer insights and market dynamics, GCPL introduces innovative
products and variants that resonate with its target audience.

Distribution plays a pivotal role in GCPL's success story. The company has built a
robust distribution network that ensures its products are widely available across urban
and rural markets in India. With a vast network of distributors, retailers, and
wholesalers, GCPL effectively reaches consumers even in remote areas. Moreover, its
international presence spans over 50 countries, facilitated by strategic acquisitions and
partnerships.

GCPL's commitment to sustainability and social responsibility is another cornerstone

of its operations. The company actively engages in initiatives aimed at reducing its
environmental footprint and contributing to the communities it operates in. From
promoting sustainable sourcing practices to supporting education and health
programs, GCPL strives to create a positive impact on society while ensuring long-
term business sustainability.

In conclusion, Godrej Consumer Products Ltd stands as a testament to the Godrej

Group's legacy of excellence and innovation. With its strong brand portfolio, focus on
innovation, extensive distribution network, and commitment to sustainability, GCPL
continues to be a leader in the FMCG sector, driving growth and creating value for its
stakeholders.

1.3.5 BRITANNIA INDUSTRIES LTD

Britannia Industries Limited, commonly known as Britannia, stands as one of India's

foremost FMCG (Fast Moving Consumer Goods) companies with a legacy spanning
over a century. Established in 1892, Britannia has evolved from its humble beginnings
as a small bakery in Kolkata to become a household name synonymous with quality,
taste, and trust.

At the heart of Britannia's success lies its commitment to delivering delicious and
nutritious food products to consumers across India and beyond. The company's
product portfolio encompasses a wide range of bakery and dairy products, including
biscuits, bread, cakes, dairy items, and snacks. Britannia's diverse range of brands
caters to various consumer preferences and demographics, offering something for
everyone.

Britannia's iconic brands have become an integral part of Indian households, enjoyed
during tea time, as snacks, or as part of daily meals. Brands like Britannia Good Day,
Britannia Tiger, Britannia Marie Gold, and Britannia Milk Bikis have attained cult
status, symbolizing quality and flavor. The company's foray into the dairy segment
with products like Britannia Cheese further underscores its commitment to offering
wholesome and nutritious options to consumers.

Central to Britannia's success is its relentless focus on innovation and product

development. The company invests significantly in research and development,
continually exploring new flavors, ingredients, and packaging formats to stay ahead
of consumer preferences and market trends. This emphasis on innovation has enabled
Britannia to introduce new products that resonate with changing lifestyles and tastes,
ensuring its relevance in a dynamic consumer landscape.

Britannia's distribution network is another key pillar of its success, enabling the
company to reach consumers across urban and rural areas nationwide. The company
has a vast network of distributors, retailers, and wholesalers, ensuring its products are
readily available in even the most remote corners of the country. Britannia's robust
distribution infrastructure has been instrumental in driving the widespread adoption of
its brands and products among consumers of all demographics.

Internationally, Britannia has made significant strides, exporting its products to over
60 countries worldwide. The company's global expansion reflects its ambition to
become a globally recognized FMCG player while also showcasing the universal
appeal of its products beyond Indian shores.

In addition to its business endeavors, Britannia is deeply committed to sustainability

and corporate social responsibility (CSR). The company focuses on initiatives aimed
at reducing its environmental impact, promoting sustainable sourcing practices, and
supporting community development programs. Britannia's CSR initiatives encompass
areas such as education, healthcare, nutrition, and environmental conservation,
underscoring its commitment to creating a positive impact on society.

Overall, Britannia Industries Limited stands as a beacon of success in India's FMCG

landscape, driven by its rich heritage, unwavering commitment to quality and
innovation, extensive distribution network, and dedication to societal well-being. As
Britannia continues to evolve and expand its presence both domestically and globally,
it remains poised to shape the future of the food industry while delighting consumers
with its delectable offerings.

1.4 STATEMENT OF THE PROBLEM

The above study entitled “ A Study on Technical Analysis of Selected Stocks in Fmcg
Sector with Special Reference to Sharekhan” is undertaken to provide an idea on the
technical analysis of the selected stocks in FMCG sector based on their market
capitalization. . It helps in understanding the concept of technical analysis. Technical
analysis uses historical pricing charts and market statistics to examine and predict
price fluctuations in the stock markets. Stock market is volatile in nature. In current
scenario of Indian stock market each investor is required to be alert enough about the
economic happenings in the market. Quite often the investors are confused to invest in
current market. Technical analysis helps investors in maximizing their profit and
capital appreciation. This study aims to provide a solution to the investor dilemma and
reducing their risk. Technical analysis market indicators will aid the investor in
identifying significant market turning points.

The study aids in the comprehension of the technical analysis idea. Technical analysis
examines and forecasts price movements in the stock markets using historical pricing
charts and market statistics. The stock market is prone to volatility. Every investor in
the Indian stock market nowadays needs to be sufficiently aware of the market's
economic developments. Investors frequently struggle to decide how to position
themselves in the market. Investors can maximise their profit and capital growth with
the aid of technical analysis. This research attempts to offer an answer to the
investor's conundrum while lowering their risk. The investor will be helped in
recognising key market turning points by technical analysis market indicators.

1.5 OBJECTIVES OF THE STUDY

 To examine the technical indicators, patterns, and trends observed in the stock
prices of selected companies within the FMCG (Fast Moving Consumer
Goods) sector.
 To analyse historical stock data using Sharekhan's platform and expertise, with
a focus on identifying recurring patterns and correlations that may influence
price movements.
 To assess the effectiveness and reliability of various technical analysis
methodologies, such as moving averages, chart patterns, and momentum
indicators, in predicting price trends and market behaviour within the FMCG
sector.
  To evaluate the applicability of technical analysis tools and strategies in the
context of FMCG stocks, considering factors such as market volatility, sector-
specific dynamics, and macroeconomic trends.
 To provide insights and recommendations for investors, traders, and market
participants interested in trading FMCG stocks, based on the findings of the
study and Sharekhan's insights.
 To contribute to the existing body of knowledge on technical analysis and its
relevance in the context of specific sectors, such as FMCG, by conducting a
systematic and empirical study.

1.6 RESEARCH METHODOLOGY

Research methodology refers to the "how" of any particular piece of research. It's
about how a researcher conducts a project in a systematic way to ensure accurate and
valid conclusions that address the objectives of the study.

1.6.1 RESEARCH DESIGN

This study is more descriptive in nature.

1.6.2 SAMPLING METHOD

Non-probability sampling technique is used for the study. Convenience sampling

technique is a non-probability sampling technique. Here the samples are selected from
a source that is conveniently accessible to the researcher.

1.6.3 SAMPLE SIZE

The samples are selected from the FMCG sector in NIFTY Stock Exchange. Which
consist of ITC( India Tobacco Company) Ltd, Hindustan Unilever Ltd, Nestle India
Ltd, Godrej Consumer Products Ltd, Britannia Industries Ltd.

1.6.4 SOURCE OF DATA

The study is based on secondary data. Data are collected from various websites such
as official website of NSE, Yahoo Finance and Upstox.

1.6.5 THE TOOLS AND TECHNIQUES USED FOR DATA ANALYSIS

 Moving Average Analysis

 RSI
 Return on change

1.6.6 PERIOD OF STUDY

The research is conducted for 60 days.

1.7 SCOPE OF THE STUDY

The study is focused on the stocks in the NSE FMCG sector. The research of this
study is on historic data. There are several methods for determining whether an
investment is good or bad, as well as whether to buy or sell it. When considering a
new investment, whether it's a stock or some type of security, the overall market,
economic data, financial statements, and fundamentals may all be useful
considerations.

However, one of the most common ways analysts and investors evaluate good
investments is through the use of technical analysis. Technical Analysis help investors
to take proper decision in equity market and thereby they can earn high return.

1.8 LIMITATIONS OF THE STUDY

 The time of the study is limited to 60 days.

 The study is limited to only the FMCG sector.
 The study is limited to selected companies from FMCG sector.
 Data is collected from secondary sources; hence the reliability and accuracy of
data may be questionable.
 CHAPTER 2

LITERATURE REVIEW
2.1 REVIEW OF LITERATURE

1. In their 2018 study, Kumar et al. performed stock price prediction using
various supervised learning methods including Support Vector Machine
(SVM), k-Nearest Neighbors (KNN), Naïve Bayes, Random Forest (RF), and
SoftMax. They integrated several technical indicators into these machine
learning models for feature extraction. These indicators included 10-day and
50-day moving averages, the Relative Strength Index (RSI) to determine if a
stock is overvalued or oversold, the Rate of Change (RoC) to measure price
changes over different timeframes, volatility to indicate return dispersion, and
the Disparity Index (DI) to assess the strength of a selected moving average
relative to the latest closing price. Additionally, they used the stochastic
oscillator to position the trading session within the high-low range, the
Williams %R momentum indicator to relate the closing price to the highest
point, and volume price trend and Commodity Channel Index (CCI) to
evaluate the current price level relative to the median price over a specific
period. The analysis utilized historical data from the past 5 to 10 years for
companies such as Amazon, Bata, Bosch, Cipla, and Eicher Motors. Model
 performance was assessed using evaluation metrics like accuracy, precision,
recall, and F-measure. The results indicated that for large datasets, such as
those of Amazon, Bata, and Bosch, the Random Forest algorithm
outperformed others in terms of accuracy. Conversely, for smaller datasets like
Cipla and Eicher Motors, the Naïve Bayes algorithm achieved the highest
accuracy. The study concluded that reducing the number of statistical features
negatively impacts the efficiency of algorithms in predicting stock market
movements.
2. Matheus José Silva de Souza (2018) In his paper he investigated the
profitability of technical analysis when applied to the stock markets of the
BRICS nations. Additionally, he explored whether technical analysis and
fundamental analysis could complement each other in these markets. To
conduct this research, a comprehensive portfolio was created, encompassing
assets traded in each BRICS member's markets. An automated trading system
was developed to simulate transactions in this portfolio using technical
analysis techniques. This study updated previous research findings by
including more recent data and adding South Africa, the newest BRICS
member. The results indicated that, on average, the returns generated by the
automated system exceeded the initial investment. Certain groups of assets
from each country significantly outperformed the portfolio average, surpassing
the returns obtained from a buy-and-hold strategy. Notably, the sample
portfolio returns were particularly strong in Russia and India. The study also
found that technical analysis could aid fundamental analysis in identifying the
most dynamic companies in the stock market.
3. Werner Kristjanpoller (2018), A hybrid model has been analyzed to predict
the price volatility of Bitcoin. This model combines an Artificial Neural
Network (ANN) with a Generalized Autoregressive Conditional
Heteroskedasticity (GARCH) model, utilizing Principal Component Analysis
(PCA) for pre-processing. Technical analysis indexes are used as input data.
The inclusion of PCA pre-processing enhances the accuracy of the hybrid
model.
4. Jian Wang (2018) With the rapid development of the financial market, many
professional traders use technical indicators to analyze stock market trends.
One widely used technical indicator is the Moving Average Convergence
 Divergence (MACD), which is popular among investors. MACD is a
momentum indicator derived from the Exponential Moving Average (EMA) or
Exponentially Weighted Moving Average (EWMA), which responds more
significantly to recent price changes compared to the Simple Moving Average
(SMA). Traders find the analysis of 12- and 26-day EMAs particularly useful
for identifying buy and sell points. The purpose of this study is to develop an
effective method for predicting stock price trends. Typically, the traditional
EMA is calculated using a fixed weight; however, in this study, we use a
variable weight based on historical volatility. This approach aims to improve
the accuracy of stock price trend predictions.
5. T. Deva prasad (2018) in their article, the authors state that technical
indicators can play a useful role in timing stock market entry and exit. By
applying these technical tools, brokers and investors can achieve substantial
profits. The volatility of shares in the banking sector differs from other sectors
because it is influenced by decisions made by the Reserve Bank of India
(RBI).
6. Bader S. Alhashela (2018) This study proposes the application of various
popular technical trading rules to analyze Asian property market indices. By
employing these technical trading rules, the research aims to evaluate their
effectiveness in predicting market trends and making informed investment
decisions within the Asian property sector. The study focuses on
understanding how these rules can be utilized to enhance trading strategies and
improve returns for investors in the dynamic and diverse property markets of
Asia.
7. The study investigates the profitability of various popular technical trading
rules applied to Asian property market indices from 1995 to 2015. The results
validate the predictive and profitability power of technical indicators in the
markets of Indonesia, Malaysia, Taiwan, and Thailand, but not in the markets
of China, Hong Kong, Japan, the Philippines, and Singapore. In the markets
where technical indicators are predictive, these indicators have been proven
useful in generating returns that exceed those from a buy-and-hold strategy
using four different trading strategies. These findings remain robust even after
accounting for transaction costs, risk adjustments, and data snooping. The
results for markets where technical analysis is effective contradict the weak-
 form market efficiency, while markets where technical analysis is not
successful are at least weakly efficient.
8. Saadul Haque (2018) In their article, the authors state that due to its
tremendous prospects, India has become a significant target for global
pharmaceutical companies. By 2020, the government aims to make India one
of the world's top destinations for drug discovery and development. In the
coming years, the Indian pharmaceutical industry is expected to grow steadily.
Based on their calculations, it is recommended that investors continuously
monitor the market to select the right companies for their portfolios. Returns
and Beta values will assist investors in assessing their portfolios or investment
opportunities. To make sound investment decisions, investors should conduct
comprehensive economic, fundamental, and corporate analyses, as well as
technical analysis.
9. Sadia et al. (2019) propose a framework for predicting stock market prices
using historical data. This study employs an RF classifier, an SVM classifier,
and the RF algorithm for their analysis. They also constructed a confusion
matrix to assess the performance of these models. Their findings indicate that
the RF algorithm is the most suitable for stock market prediction based on
various historical data points. In a related study, Kompella, Chilukuri, and
Kalyana (2019) evaluate the effectiveness of the random forest algorithm in
predicting stock prices, comparing it with logistic regression based on
sentiment analysis. They use historical stock data and news headlines as
inputs, calculating the polarity score through sentiment analysis. Various error
metrics, including variance score, Mean Absolute Error (MAE), Mean Squared
Error (MSE), and Mean Squared Log Error (MSLE), were utilized to measure
the algorithm's effectiveness. The results demonstrate that the RF algorithm
outperforms logistic regression in forecasting the stock market when sentiment
classification is applied.
10. According to Robert D. Edwards (2019), the term "technical" in the context of
the stock market has acquired a distinct meaning, different from its ordinary
dictionary definition. It refers to the study of market actions, such as price
changes and transaction volumes, rather than the goods traded in the market.
Technical analysis involves the science of recording the actual trading history
 —typically in graphic form—of a specific stock or market averages, and then
using that historical data to predict probable future trends.
11. According to Patel Khyati V (2019), technical analysts hold the belief that the
past performance of stocks and markets serves as indicators for future
performance. Technical analysis involves identifying trend reversals early on
to formulate buying and selling strategies. It is the process of forecasting
future financial price movements by examining past price movements.
However, it's important to note that technical analysis doesn't provide a
complete forecast of the future. Its primary objective is to generate returns by
helping individuals determine optimal entry and exit points in securities. This
paper conducts a significant technical analysis of selected insurance
companies to understand share price behavior, interpret signals, and identify
major market turning points. The analysis utilizes technical tools such as
Moving Average Convergence-Divergence and Relative Strength Index to
assist in investment decision-making.
12. In their paper, Andrea Picasso (2019) explains that the stock market prediction
problem can be conceptualized as a classification task using time series data.
Their approach leverages technical analysis indicators and sentiment from
news articles as input features. The result is a robust predictive model capable
of forecasting the trend of a portfolio consisting of the top twenty most
capitalized companies listed in the NASDAQ100 index. To demonstrate the
real effectiveness of their approach, they utilize the predictions to conduct a
high-frequency trading simulation, achieving a return of more than 80% on an
annualized basis. This project signifies progress in combining technical and
fundamental analysis, offering a starting point for the development of new
trading strategies.
13. Malawana & Rathnayaka (2020) employed a machine learning approach for
analysis and data processing using the Spark model on the Google Cloud
Platform. They found that Logistic Regression and Naive Bayes were effective
in categorizing emotional reactions. A key discovery of the study was that
public perception significantly impacts the functioning of economic forces and
variables such as interest rates, public trust, and faith in the bond market.
Various factors, including monetarism, political shifts, unexpected pandemics,
and interest rate fluctuations, influence these perceptions.
14. Duan, Liu & Wang (2021) conducted a study to measure the Chinese stock
industry's response to the novel coronavirus 2019 (COVID-19) outbreak. By
analyzing 6.3 million textual data pieces obtained from government
publications, media sources, and Chinese social media platforms, they
developed two COVID-19 sentiment indexes reflecting the sentiments
surrounding the pandemic. These sentiment indexes are real-time and forward-
looking, providing insights into market sentiment. Their research revealed that
attitudes towards COVID-19 accurately predicted stock market volatility and
salary scales, indicating the significant impact of pandemic-related sentiment
on financial markets and economic indicators.
15. Gao et al. (2022) investigated sentiment analysis-based prediction methods
and introduced a framework incorporating varying weights to enhance the
model's prediction performance. In their approach, sentiment scores of news
articles were determined using the widely-used Loughran-McDonald
sentiment dictionary. Subsequently, the sentiment index for each news source
was computed by aggregating these sentiment scores. The researchers utilized
Recurrent Neural Networks (RNN) to establish a series of base classifiers,
which relied on both market data and sentiment indices from different news
publishers. To integrate these base classifiers and predict the movement of the
stock market index, they employed the evidential reasoning rule. This
comprehensive framework aimed to improve the accuracy of stock market
predictions by incorporating sentiment analysis from diverse sources.
16. Sentiment analysis using data sourced from social media platforms is gaining
increased attention due to the expanding influence of digital networking across
various aspects of our lives (Yang et al., 2023). However, this data presents
challenges, including the presence of misleading information and bot-
generated content from various sources, making it volatile and complex to
interpret. Acquiring high-quality data and extracting useful insights from it
poses difficulties. While organizational quarterly or annual reports are reliable
options for stock prediction, they serve as supplementary resources. Properly
deciphered, these reports offer valuable insights into an organization's status,
aiding in understanding the future trajectory of its stocks. However,
comprehending the fundamental details of a company requires professional
expertise or specialized knowledge. Since historical Twitter data is not readily
 available unless archived, data collection necessitates gathering information
over a specified time frame, starting from a designated date and time. Filtering
out relevant data from the influx of unrelated tweets is crucial. Additionally,
real-time Twitter data validation is essential. Live testing of the forecast poses
another significant challenge, requiring careful consideration and validation to
ensure accurate predictions.
17. (Kammili, 2023) the Indian fast-moving consumer goods (FMCG) sector is
recognized for its pivotal role in the country's economy, displaying robust
growth and serving the needs of its vast population. This study endeavors to
closely scrutinize the Indian FMCG sector through the lens of technical
analysis techniques, aiming to discern patterns, trends, and potential
investment prospects. Employing a quantitative approach, the research utilizes
various technical indicators and chart patterns to evaluate the price and
volume movements of FMCG sector stocks listed on Indian stock exchanges.
Historical price data and trading volumes spanning from April 26, 2021, to
June 2, 2021, are gathered and scrutinized to identify recurrent patterns and
trends, aiding investors in making informed decisions. Technical analysis tools
such as Moving Averages Convergence and Divergence (MACD), Relative
Strength Index (RSI), On-Balance Volume (OBV), and trendlines are
employed. Through these techniques, the study seeks to uncover potential
signals for buying and selling, support and resistance levels, and price targets
within the Indian FMCG sector. Furthermore, the research delves into the
influence of market trends, economic factors, and industry-specific events on
the sector's performance. The study's findings enrich the existing knowledge
base in technical analysis, offering valuable insights for investors and traders
interested in the Indian FMCG sector. These results deepen comprehension of
the sector's price movements, volatility, and investment opportunities,
empowering market participants to devise effective trading strategies and risk
management approaches. It's important to highlight that this study exclusively
focuses on the technical analysis of the Indian FMCG sector and does not
incorporate fundamental analysis or qualitative factors that could impact
investment decisions. Therefore, readers are encouraged to integrate the
findings of this study with additional research and analysis before making
investment choices.
18. (Sharma, 2018)FMCG, or Fast-Moving Consumer Goods, are products
that consumers purchase frequently and regularly. Examples include soap,
shampoo, detergents, toothpaste, food products, beverages like Coca-Cola,
Pepsi, and Sprite, as well as household accessories and some electronic items.
These items constitute a subset of products commonly used by consumers.
The contribution of rural areas to the development of the FMCG sector is
significant. Rural areas play a crucial role in the direct distribution of FMCG
products across different parts of the country. The rural population consistently
consumes FMCG products to enhance their living standards. In the current
landscape, FMCG companies are increasingly targeting the rural population by
producing products tailored to their needs. Additionally, government support,
such as providing loans, facilitates the growth of FMCG businesses in rural
areas. This, in turn, reduces unemployment in rural regions and promotes self-
employment opportunities, thereby boosting the purchasing power of the
general public.
19. (Sanjay Sehgal, 2007) The study assesses the economic viability of
employing technical analysis within the Indian stock market. It suggests that
technical indicators generally fail to outperform a Simple Buy and Hold
strategy in terms of net returns for individual stocks. Notably, technical
indicators exhibit relatively stronger performance during market upswings
compared to downturns. However, regardless of market cycle conditions,
trading strategies based on technical analysis do not appear economically
feasible compared to passive strategies. Moreover, technical indicators do not
yield economically significant profits when applied to industry or economy-
based data. Furthermore, when fundamentals are combined with technical
information, the study observes that technical indicators tend to be more
profitable for smaller stocks compared to larger ones, and for higher-value
stocks compared to lower-value ones. However, the economic feasibility of
strategies based on fundamental and technical analyses remains uncertain.
These findings align with the efficient market hypothesis, suggesting that
market prices already reflect all available information, making it difficult to
consistently outperform the market using technical analysis strategies.
20. (Dr. Vanita Patil Gaude, 2024) Investors in the stock market are keen on
analyzing stock price movements, which fluctuate due to ongoing buying and
 selling activities. Two main approaches are utilized for this analysis: the
fundamental approach and the technical approach. Despite having the same
ultimate goal of buying low and selling high to generate profitable returns,
these approaches diverge significantly in their underlying principles. In
fundamental analysis, the focus lies on assessing fundamental factors.
Analysts aim to determine the true value or intrinsic worth of a stock based on
its present and future earning potential. They seek to identify shares whose
market price is lower than their intrinsic value, indicating potential for
investment. On the other hand, "Technical Analysis" encompasses various
trading techniques that focus on forecasting future prices through the
examination of past price movements and related summary statistics.
Technical analysts primarily focus on the direction of price movements rather
than on intrinsic value.
21. (Paramasivan, 2021) Technical analysis involves studying the stock
market to understand the factors influencing supply and demand of stocks. It
aids in gauging the intrinsic value of shares, determining whether they are
undervalued or overvalued. Utilizing stock market indicators, investors can
identify significant market turning points. This study conducts a detailed
technical analysis of selected companies, providing insights into the price
behavior of their shares, signals they emit, and key market turning points.
Investors and traders should consider technical analysis as a valuable tool,
even for fundamentally strong stocks, when making decisions on whether to
buy or sell at a particular time. The objective of this study is to conduct
technical analysis on selected stocks within the steel sector and offer
recommendations on whether to buy or sell based on analysis techniques. The
study relies solely on secondary sources, primarily historical data sourced
from websites. Techniques such as Candlestick Charts, Simple Moving
Average, Rate of Change (ROC), and Relative Strength Index (RSI) are
employed to determine the technical strength of the stocks under
consideration.
22. (Devlina Chatterjee, 2016) Researchers have evaluated stock
recommendations based on technical analysis by examining the liquidity of
trading strategies rather than focusing solely on the magnitude of excess
returns compared to a benchmark. This study employs an event study
 methodology, analyzing 403 technical calls published over a four-year period
from 2011 to 2015 on an online finance portal. Parametric survival models are
utilized to explore factors influencing the time taken for a stock to reach the
targeted sell or buy price. The findings suggest that technical calls with lower
targeted returns, a bullish market trend, and higher trading volumes in the pre-
recommendation period tend to achieve their objectives more quickly.
However, in line with previous research, analysts employing technical analysis
have not consistently delivered recommendations that result in high returns
within a short timeframe.
23. (Mehta Vani Joghee1, 2021): The study primarily focuses on analyzing
the pricing patterns of the top five firms in the Fast Moving Consumer Goods
sector listed on the National Stock Exchange, using Technical Analysis
techniques. By applying various technical indicators and charts over a
predetermined period, the study examines the price movements of these
companies. Through this analysis, the study aims to identify turning points, or
trend creation, which provide buy and sell signals for investors. Additionally,
the study enables the identification of resistance and support levels for each
company, facilitating the assessment of their performance relative to others
within the FMCG sector based on their price fluctuations.
24. (Dhutti, 2014) Technical analysis involves analyzing a security's historical
prices to forecast its future price movements, typically utilizing various charts.
Technical tools such as chart patterns and the Relative Strength Index (RSI)
are instrumental in making investment decisions regarding whether to buy or
sell stocks in the IT sector. Additionally, statistical tools like the coefficient of
variation and beta are employed to analyze the risk-return relationship of
securities with the market. This study aims to apply technical analysis to five
selected stocks in the IT sector: Tata Consultancy Services (TCS), Infosys
Limited, Wipro, Hindustan Computers Technologies Limited (HCL), and
Satyam Computers Limited (now Mahindra Satyam), covering the period from
January to December 2012. By doing so, the study seeks to assist investors in
identifying current trends and understanding the associated market risks.
Based on secondary data collected from NSE websites and journals, this study
offers insights into market dynamics and provides valuable information for
investors navigating the IT sector.
25. (Dr.N. Manickamahesh, 2021) The study titled "A Study on Technical
Indicators for Prediction of Selected Indices Listed on NSE" aims to apply
technical analysis to all sectors listed on the NSE from April 2016 to March
2021. Based entirely on secondary data, the research utilizes key technical
tools such as Simple Moving Average, Exponential Moving Average, Moving
Average Convergence and Divergence, Rate of Change, Williams % R,
Bollinger Bands, Relative Strength Index, Stochastic Oscillator, Directional
Movement Index, and Commodity Channel Index. The objective is to make
informed investment decisions and evaluate market efficiency, sensitivity,
reliability, and correlation of each technical indicator used in the study. This
research is particularly beneficial for individuals seeking to invest in sectors
with higher efficiency in future markets, and for those interested in assessing
whether investment decisions can be solely reliant on technical analysis.
26. (Jyothi, 2020) The stock market witnesses daily fluctuations in securities'
prices due to continuous buying and selling activities. Stock prices follow
trends and cycles, making them inherently unstable. Investors seek to
capitalize on these fluctuations by purchasing securities at low prices and
selling them at higher prices to realize substantial returns. Consequently,
analyzing stock price movements becomes crucial for investors. Technical
analysis posits that share prices are determined by the interplay of demand and
supply forces in the market. This research study endeavors to apply various
technical analysis tools and techniques to selected scripts, aiding in precise
investment decision-making in the Indian equity market. The analysis is
grounded solely on secondary data sourced from the National Stock Exchange
(NSE) website, as well as journals and magazines. The study utilizes
techniques such as the Relative Strength Index and Bollinger Bands to assess
whether scripts are technically robust and provides guidance on optimal
buying and selling times. By employing these tools, investors can identify
current trends and assess associated risks on par with prevailing market
conditions. The paper's objective is to conduct technical analysis on securities
of selected blue-chip companies, facilitating informed investment decisions in
the Indian stock market. Ultimately, technical analysis serves to offer impartial
insights in a world often influenced by bias.
27. (Vinutha, 2018) The securities market, also known as the equity market,
serves as a platform for buying and selling shares of various companies. This
marketplace, referred to as the stock exchange, is where companies issue
shares and other securities, and where consumers and vendors engage in
transactions involving shares and securities. Within the stock exchange, stock
dealers and investors can buy and sell equity shares, debentures, and other
securities. Additionally, stock exchanges facilitate the issuance and redemption
of securities, as well as transactions involving new financial instruments and
asset transfers, including the payment of income and dividends. Securities
traded on a stock exchange encompass shares issued by listed companies, as
well as collective investment securities. Stock exchanges typically operate as
"continuous auction" markets, where buyers and sellers execute transactions at
the exchange's premises or through electronic networks. While traditional
exchanges may have physical trading floors for record-keeping purposes, the
advent of electronic trading has led to increased transaction speeds and
efficiency, with a significant portion of trading now conducted electronically.
The trading activities on the exchange are regulated by exchange authorities,
ensuring fair and orderly markets for investors and traders alike.
28. (Dr. Anshul Sharma, 2020) The study examines the impact of past prices
on current share prices in the Indian stock markets during the period 2019-
2020, employing the Efficient Market Hypothesis (EMH). According to EMH,
all available information is already reflected in share prices, and price
movements are independent of each other. Thus, past prices, publicly available
data, and insider information do not influence share prices. While previous
research on this topic has yielded conflicting results, often due to the
economic and market development status, this paper focuses on testing the
weak form of the efficient market hypothesis in the Indian stock market,
specifically within the FMCG sector. The research gathers one year's worth of
day-to-day closing prices for ten FMCG organizations for the financial year
2019-20. It then tests the null hypothesis (Ho) that price changes occur
randomly against the alternate hypothesis (Ha) that price changes are not
random. The collected data is subjected to a run test at a 10% significance
level to analyze the hypothesis. The study's findings reveal that the null
hypothesis is accepted for 80% of the sample, indicating that Indian capital
 markets exhibit weak-form efficiency. In other words, share prices in the
Indian stock market move independently of each other on consecutive days.
29. (Dr. Bhaskar V. Patil 1, 2022) Investors are constantly on the lookout for
new information to enhance their understanding and make informed decisions
regarding investments. Stocks are typically categorized into three main types:
income, growth, and value. Growth companies are those that reinvest their
earnings back into the company rather than distributing dividends, aiming to
fuel further expansion. During bullish trends, these growth stocks often
outperform value-based stocks due to perceived lower risk and favorable
market conditions. Conversely, in bearish trends, growth stocks tend to
underperform value stocks. This study focuses on strategically determining the
buying and selling of growth-oriented stocks, utilizing two widely favored
technical indicators: Bollinger Bands and Momentum. By employing these
indicators simultaneously, investors can enhance decision-making accuracy.
Bollinger Bands help identify potential price volatility and deviation from the
average, while Momentum indicates the strength or weakness of price trends.
Integrating both indicators enables investors to make more informed decisions
regarding the timing of buying and selling growth stocks.
30. (Varshney, 2014) Globalization has significantly expanded
financial markets, particularly the stock market, over the past two decades.
Stock markets serve as a gauge of economic progress, facilitating the
mobilization of funds, providing equity capital to corporate sectors, and
offering satisfactory returns for investors. Technical analysis, a method of
forecasting stock price movements based on past trends, plays a crucial role in
stock market trading. In this study, an evaluation of stocks of pharmaceutical
companies in India listed on stock exchanges has been conducted using
various technical indicators. The aim is to forecast the returns of these
companies in the upcoming period by utilizing the Beta coefficient within the
Capital Asset Pricing Model (CAPM). The Beta coefficient measures the
correlated volatility of an asset relative to the volatility of a benchmark.
Through this analysis, investors can gain insights into the potential future
performance of pharmaceutical stocks based on historical trends and market
dynamics.
2.2 THEORETICAL FRAMEWORK

Technical analysis examines past and current price action to forecast the probability of
future price fluctuations. By studying historical data, such as price movements and
trading volumes, technical analysts aim to identify patterns and trends that can
provide insights into potential future market behaviour. This approach is rooted in the
belief that all relevant information is already reflected in the price, thus allowing
analysts to make informed predictions based on past market activity. Technical
analysts look at the whole financial market, focusing on various indicators and chart
patterns. These include moving averages, relative strength index (RSI), Bollinger
Bands, and support and resistance levels, among others. By analyzing these
indicators, they aim to determine the market's direction, momentum, and potential
reversal points. This comprehensive analysis enables traders to make decisions about
entry and exit points, helping them to optimize their trading strategies and manage
risks effectively.

The application of technical analysis has resulted in increased gains for traders and
investors, which is why an increasing number of individuals are gaining technical
analysis skills to maximize their profits from the market. The widespread availability
of trading platforms and educational resources has further facilitated the adoption of
technical analysis. As more people recognize its potential to enhance trading
performance, there is a growing emphasis on learning and mastering these techniques.
Consequently, technical analysis has become an essential tool for both novice and
experienced market participants aiming to improve their financial outcomes.

2.2.1 CHARTS IN TECHNICAL ANLYSIS

 Line chart
 Bar chart
 Candle stick chart
  Renko chart
 Point and figure chart, etc.

 LINE CHART

A line chart, also known as a line graph, is a type of graph used to display information
that changes over time. It is characterized by a series of data points connected by
straight line segments. These points represent individual measurements taken at
specific intervals and are plotted along two axes: the x-axis (horizontal) and the y-axis
(vertical). The x-axis typically represents time or another sequential variable, such as
months, years, or stages of a process. The y-axis represents the variable being
measured, such as temperature, sales figures, or any other quantitative data. The
intersection of these axes forms a coordinate system where each data point is placed
according to its corresponding values on the x and y axes. Line charts are particularly
useful for identifying trends and patterns in data over time. By observing the direction
and slope of the lines connecting the data points, one can infer whether the measured
variable is increasing, decreasing, or remaining stable. For instance, a rising line
indicates an upward trend, whereas a falling line suggests a downward trend.

Moreover, line charts can display multiple data sets on the same graph, making it easy
to compare different variables or categories over the same time period. Each data set
is represented by a different line, often distinguished by varying colors or line styles,
which helps in comparing and contrasting the trends of each variable. The simplicity
and clarity of line charts make them a popular choice in various fields, including
economics, finance, meteorology, and any domain where monitoring changes over
time is crucial. They are effective in presenting data in a way that is easy to
understand at a glance, making them a valuable tool for both analysis and
communication of data trends.

 BAR CHART

A bar chart, also known as a bar graph, is a visual tool used to represent data where
rectangular bars illustrate the values of different categories. These bars can be
oriented either horizontally or vertically, and their length or height is proportional to
the values they represent. This proportionality allows for an easy and immediate
comparison between different categories. The primary purpose of a bar chart is to
compare discrete categories or groups. For instance, you might use a bar chart to show
the sales figures for different products, the population sizes of various cities, or the
performance levels of different teams. In a vertical bar chart, the categories are
typically listed along the horizontal axis (x-axis), while the vertical axis (y-axis)
represents the values. In a horizontal bar chart, this orientation is reversed, with
categories listed along the vertical axis and values represented on the horizontal axis.

Bar charts can be further refined to show more detailed information. Grouped bar
charts, for example, allow for the comparison of subcategories within the main
categories by using different colours or shades for each subcategory. Stacked bar
charts, on the other hand, stack subcategory bars on top of one another, making it
easier to see the total value for each main category as well as the contribution of
each subcategory. The effectiveness of bar charts lies in their simplicity and clarity.
They make it easy to see which categories have higher or lower values and to
compare these values at a glance. This is particularly useful in presentations or reports
where quick comprehension of the data is crucial. Furthermore, bar charts are
versatile and can be used in various fields such as business, science, and education to
present complex data in an accessible format. In essence, bar charts are a fundamental
tool in data visualization. They provide a clear and effective way to communicate
quantitative information, making it possible to convey complex data insights through
simple and intuitive visual means.

 CANDLE STICK CHART

A candlestick chart is a type of financial chart used to represent price movements of
an asset over a specific period. It originated in Japan and has been used for centuries,
particularly in trading and technical analysis of financial markets. Each "candlestick"
on the chart provides a detailed summary of an asset's price action within a defined
time frame, such as a day, an hour, or even a minute. The construction of a candlestick
involves four main components: the opening price, the closing price, the highest price,
and the lowest price during the selected time period. The candlestick itself is
composed of a "body" and "wicks" (also called shadows). The body of the candlestick
represents the range between the opening and closing prices. If the closing price is
higher than the opening price, the body is typically coloured green or white,
indicating a bullish or upward movement. Conversely, if the closing price is lower
than the opening price, the body is coloured red or black, indicating a bearish or
downward movement. Above and below the body, thin lines extend to show the
highest and lowest prices reached during the time period. These lines are called wicks
or shadows. The upper wick stretches from the top of the body to the highest price,
while the lower wick extends from the bottom of the body to the lowest price.
Candlestick charts are favoured by traders because they provide a visually intuitive
representation of price action and market sentiment. The shapes and patterns formed
by sequences of candlesticks can signal potential market trends and reversals. For
example, a long-bodied candlestick with short wicks indicates strong buying or selling
pressure, while a small-bodied candlestick with long wicks (often called a "doji")
suggests market indecision.

Specific patterns have been identified and named, such as the "hammer," "shooting
star," "engulfing," and "doji," each of which can give insights into potential future
price movements. Traders use these patterns to make informed decisions about
entering or exiting positions. In summary, candlestick charts are a powerful tool for
visualizing price movements in financial markets. They condense complex price
information into simple, interpretable shapes, allowing traders to quickly grasp market
dynamics and make strategic decisions. The combination of price data in a single
candlestick and the patterns formed over multiple periods provides a rich source of
information for technical analysis.

 RENKO CHART
A Renko chart is a type of financial chart used in technical analysis to identify trends
and price movements in the market. Unlike traditional time-based charts, such as
candlestick or bar charts, Renko charts focus solely on price changes. This makes
them particularly useful for traders who want to filter out market noise and
concentrate on significant price movements. The name "Renko" is derived from the
Japanese word "renga," meaning "brick." This is because Renko charts are built using
"bricks" that are added or removed based on a predefined price movement rather than
fixed time intervals. A new brick is added to the chart when the price moves a
specified amount, known as the "brick size." If the price moves up by the brick size, a
new brick is added above the previous one; if it moves down by the brick size, a new
brick is added below the previous one. The bricks are uniform in size, and only the
price changes that meet or exceed the brick size are represented. One of the main
advantages of Renko charts is their ability to filter out insignificant price movements,
allowing traders to focus on the overall trend. This can make it easier to identify
support and resistance levels, as well as to spot potential breakouts or reversals. For
instance, a series of consecutive bricks in one direction indicates a strong trend, while
alternating bricks may signal a period of consolidation or sideways movement.

Renko charts are also relatively simple to interpret. The absence of time on the x-axis
and the consistent brick size help in maintaining a clear visual of price trends without
the distractions of minor fluctuations. This simplicity can be beneficial for both
novice and experienced traders who prefer a straightforward approach to analysing
price action. However, Renko charts are not without their limitations. Because they do
not account for time, they may not provide a complete picture of the market,
especially in volatile conditions where time-based analysis is crucial. Additionally, the
choice of brick size can significantly impact the chart's sensitivity to price
movements. A smaller brick size will result in more bricks and potentially more noise,
while a larger brick size will reduce the number of bricks but may overlook smaller,
significant price changes.

Renko charts are a valuable tool in technical analysis, particularly for traders seeking
to identify clear price trends and reduce market noise. Their unique focus on price
movements, rather than time, allows for a simplified and often clearer view of market
trends, making them a popular choice among trend-following traders.

 POINT AND FIGURE CHART

Point and figure charts are a type of technical analysis tool used by traders to visualize
price movements in financial markets. Unlike traditional candlestick or line charts,
which plot price against time, point and figure charts focus solely on price
movements. They are constructed using a grid of columns consisting of Xs and Os.
Each column represents a specific price range, and Xs and Os are used to denote
upward and downward price movements, respectively. The construction of a point
and figure chart involves filtering out insignificant price movements and focusing
only on significant price changes. This filtering process eliminates noise from the
chart and helps traders identify trends more clearly. When a price movement exceeds
a predetermined threshold, a new X or O is added to the chart, indicating a change in
direction. This simplicity and focus on price movements make point and figure charts
particularly useful for identifying trends, support and resistance levels, and potential
price targets. One of the key features of point and figure charts is their ability to
clearly illustrate trend reversals and continuation patterns. By analysing the
distribution of Xs and Os on the chart, traders can identify important levels of support
and resistance and anticipate potential price movements. Additionally, point and
figure charts can be customized with different box sizes and reversal criteria to adapt
to different market conditions and trading styles. While point and figure charts may
not be as widely used as other charting methods, they offer a unique perspective on
price action and can be a valuable tool in a trader's arsenal.

2.2.2 TECHNICAL INDICATORS

Technical indicators are mathematical patterns generated from past data that technical
traders and investors use to forecast future price trends and make trading choices. It
derives a sequence of data points using historical price, volume, and open interest data
using a mathematical formula. For analysis, a technical indicator is generally shown
graphically and compared to the corresponding price chart. The mechanics of a
technical indicator captures investor behaviour and, in certain cases, psychology to
offer a hint of future price activity patterns. Cycle volumes, momentum readings,
volume patterns, price trends, Bollinger Bands, moving average, Elliot waves,
oscillators, and sentiment indicators are some of the basic indicators used in technical
analysis to anticipate future price movements. A technical indicator not only provides
important insight into the price structure, but it also demonstrates how to profit from
price changes.

TYPES OF TECHNICAL INDICATORS

i. On the basis of where they are plotted

Two basic types of technical indicators

 Oscillators
 Overlays

 Oscillators

Oscillators are a class of technical indicator that tracks the movement of the market by
oscillating between a local minimum and maximum. They are useful for identifying
overbought or oversold price fluctuations. Oscillators are used by traders and
investors to spot price turns and reversals in ranging markets since they fluctuate
within a commonly established range. Oscillators are used in technical analysis, such
as relative strength.

 Overlays

To recognise overbought and oversold positions, traders and investors utilise overlays,
which are specialised technical indicators. They reveal information on the supply and
demand for a stock. Two overlays that are frequently used are Bollinger Bands and
moving average. In addition to identifying overbought and oversold conditions,
Bollinger Bands can predict future market volatility. Moving averages, on the other
hand, are utilised to identify and gauge a market trend's strength.

ii. On the basis of when they do indicate (Economic indicators)

 Announcing factors Leading indicators provide predictions about upcoming

events. They typically change before the economy does, in other words. They
are therefore quite good at predicting short-term economic developments.
 Signs that are late Lagging indicators typically shift after the overall economy
does. As a result, they cannot be utilised to directly predict economic changes
because such have already occurred. They are helpful for validating specific
trends (like economic cycles) and then building upon them to make other
projections.
 Unexpected indicators an economic statistics indicator known as a coincident
indicator varies (more or less) simultaneously with general economic
conditions and hence represents the situation of the economy at the time.

iii. On the basis of what they indicate

 Trend-Spotting Tools These indicators are used by traders and investors to

assess the trend or movement of the asset they are trading. The trend of an
asset can be either upward (bullish trend), downward (bearish trend), or
sideways (no obvious direction). Moving averages, MACD, average
directional index, linear regression, and forecast oscillators are a few examples
of trend indicators.
 Momentum Indicators The momentum of a security is a measurement of how
quickly its value changes over time. Momentum traders are interested in
stocks or assets that are moving strongly in one direction on a large scale.
They employ momentum indicators like the RSI, Stochastics, CCI,
Commodity Channel Index, Chande's momentum oscillator, and William’s
percent R to do this. Indicators of Volatility Because volatility is so crucial to
 trading, it is tracked by a variety of indicators and utilised to produce signals.
The rate at which a security's price fluctuates (up and down) in relation to
other securities is known as volatility. High volatility is defined as a price's
rapid up-and-down movements over a brief period of time. A price may be
seen as having low volatility if it fluctuates gradually. Among the volatility
indicators employed by traders are Bollinger bands, envelopes, average true
range, volatility channels indicator, and projection oscillator.
 Volume Indicators The volume of trades is a critical factor in trading. It's used
to affirm or deny a stock's continuation or change in direction, for example. A
lot of indicators are dependent on volume. The Money Flow Index, for
example, is a volume-tied oscillator that measures buying and selling pressure
using both price and volume.
 Volatility Indicators Volatility is so essential in trading that it's measured by
numerous indicators and used to generate signals. The volatility of a security
is the pace at which its price changes relative to other securities (up and
down). When the price swings up and down fast over a short period of time, it
is said to have high volatility. We might consider a price to have low volatility
if it changes slowly. Bollinger bands, Envelopes, Average true range, Volatility
channels indicator and Projection oscillator are some of the volatility
indicators used by traders.

2.2.3 TOOLS TO PREDICT INDIVIDUAL SHARES TRENDS

Technical indicators are used to analyse individual shares in order to discover buying
and selling indications. These signals are created with the aid of procedures that are
far ahead of the real motions.

The tools are as follows:

 Moving Average Analysis

 Oscillators
 MACD
 ROC
  RSI
 Chart Patterns

1) Moving Average Analysis

A simple technical analysis tool is the moving average. Moving averages are
commonly used to assess a stock's trend direction as well as its support and resistance
levels. Because it is dependent on historical prices, it is a trend following—or lagging
—indicator.

2) Oscillators

 MACD (Moving Average Convergence and Divergence) MACD is the

difference between short-term moving average and long-term moving average.
This difference helps in identifying whether prices have moved upward or
downward in the recent past. MACD=Short Period Moving Average-Long
Period Moving Average When MACD is in the positive zone, it indicates
buying as share prices are likely to move upward in the future. When it is in
the negative zone, it indicates selling i.e., the southern movement of the
market in the near future.
 ROC (Rate of Change) The rate of change is the most used metric for
determining how much a security's price has changed over time. This is also
known as price rate of change (ROC). By subtracting the price of a security at
time B from the price of the same security at time A and dividing the result by
the price at time A, the price rate of change can be calculated. When ROC is
more than 1 (ROC>1), and moving upward continuously, the market is likely
to move upward. When ROC is less than 1moving upward continuously, it
indicates that market has come out of the red and in the near future, it is
expected to move upwards. Calculation of ROC: ROC= B-A A 31 where: B =
price at current time A= price at previous time
 RSI (Relative Strength Index) RSI is a powerful oscillator that indicates
market movement much before such movements takes place. Under RSI, gains
 and losses of prices over the immediate previous day’s price for a certain
period is calculated. With the help of a formula, RSI is calculated and plotted
on a graph to identify over brought and over-sold market. Market always
moves southward after an over brought situation and moves northward after an
over-sold situation. Calculation of RSI: Average of ‘n’ day’s Advance RSI =
Average of ‘n’ day’s Declines

3) Chart Patterns

A chart pattern is a shape within a price chart that can assist predict what prices will
do next based on previous behaviour. Technical analysis is based on chart patterns,
which need a trader to know exactly what they're looking at as well as what they're
searching for. Before getting into the chart patterns, it's necessary to first understand
what support and resistance levels are. The level at which an asset's price stops
declining and begins to rise is referred to as support. Resistance is the point at which
the price generally stops increasing and begins to fall.

The term "support" refers to something that keeps the price from falling any further.
The support level is a price point on the chart where the trader predicts the
stock/index to have the most demand (in terms of buying). When the price goes below
the support line, it will almost certainly rebound back. The current market price is
always below the support level.

The price is most likely to decrease until it reaches support, consolidate, absorb all
demand, and then resume rising upwards. In a falling market, one of the most
important technical levels to look for is support. The support is frequently used as a
buying signal. The term "resistance" refers to something that prevents the price from
rising further. The resistance level is a price point on the chart where traders expect
the stock/index to get the most supply (in terms of selling). The level of resistance is
always higher than the current market price. It's quite likely that the price will rise to
the resistance level, consolidate, absorb all supply, and then fall. In a rising market,
one of the most important technical analysis tools for market players is resistance.
Resistance is frequently used as a sell signal.
TYPES OF CHART PATTERNS:

 Head and Shoulders: A chart pattern with a large peak on one side and a
somewhat smaller peak on the other is known as a head and shoulders pattern.
Head and shoulders patterns are used by traders to predict a bullish-to-bearish
reversal. The first and third peaks are usually smaller than the second, but they
all fall back to the same level of support, known as the 'neckline.' It is
expected that the third peak will break down into a bearish downtrend after it
has dropped back to the level of support.
 Double top: Another pattern those traders use to identify trend reversals is a
double top. Typically, the price of an asset will reach a high point before
retracing to a level of support. It will then rise once more before reverting
back current trend more permanently.
 Double bottom: A double bottom chart pattern suggests a period of selling,
with the price of an asset dropping below a support level. Then it will rise to a
point of resistance before falling. Finally, when the market gets more
optimistic, the trend will invert and continue to go upward. A bullish reversal
pattern is a double bottom, which indicates the conclusion of a downtrend and
the beginning of an uptrend.
 Rounding bottom: A bottom chart pattern with a rounded bottom might
indicate either a continuation or a reversal. During an uptrend, for example, an
asset's price may decrease somewhat before rising again. This would be a
continuation of the positive trend.
 Cup and handle: The cup and handle pattern is a bullish continuation pattern
that is used to show a period of bearish market sentiment before the overall
trend finally continues in a bullish motion.
 Wedges: When the price fluctuations of an asset tighten between two sloping
trend lines, wedges emerge. The two types of wedges are rising and falling
wedges. A rising wedge is a trend line that is trapped between two upwardly
sloping lines of support and resistance. Between two downwardly sloping
levels, there is a falling wedge.
 Pennant or flags: After an asset has experienced a period of upward movement
followed by a time of consolidation, pennant patterns, or flags, are formed.
During the early phases of a trend, there will usually be a substantial gain
before it breaks down into a series of smaller upward and downward
movements.
 Ascending triangle: The ascending triangle is a bullish continuation pattern
that indicates that an uptrend will continue. Place a horizontal line along the
swing highs – the resistance – and then draw an ascending trend line along the
swing lows – the support – to create ascending triangles on charts.
 Descending triangle: A descending triangle, on the other hand, indicates a
bearish continuation of a downturn. During a descending triangle, a trader will
often open a short position – potentially using CFDs – in order to profit from a
dropping market.
 Symmetrical triangle: Depending on the market, the symmetrical triangle
formation can be bullish or bearish. In any instance, it's generally a
continuation pattern, which indicates that once the pattern is established, the
market will usually continue in the same direction as the broader trend.
 CHAPTER 3

DATA ANALYSIS & INTERPRETATION

3.1 SIMPLE MOVING AVERAGE

TABLE 3.1.1

SIMPLE MOVING AVERAGE OF ITC LTD.

DATE CLOSE TOTAL SMA

01/04/2019 299.51 0 0
01/05/2019 276.84 0 0
01/06/2019 272.17 0 0
01/07/2019 268.55 0 0
01/08/2019 244.15 1361.22 272.244
01/09/2019 258.26 1319.97 263.994
01/10/2019 256.07 1299.2 259.84
01/11/2019 244.89 1271.92 254.384
01/12/2019 236.24 1239.61 247.922
01/01/2020 233.71 1229.17 245.834
01/02/2020 196.34 1167.25 233.45
01/03/2020 170.65 1081.83 216.366
01/04/2020 180.93 1017.87 203.574
01/05/2020 196.14 977.77 195.554
01/06/2020 193.46 937.52 187.504
01/07/2020 192.96 934.14 186.828
01/08/2020 189.93 953.42 190.684
01/09/2020 170.65 943.14 188.628
01/10/2020 164.24 911.24 182.248
01/11/2020 192.46 910.24 182.048
01/12/2020 207.72 925 185
01/01/2021 202.01 937.08 187.416
01/02/2021 202.60 969.03 193.806
01/03/2021 217.16 1021.95 204.39
01/04/2021 201.36 1030.85 206.17
01/05/2021 215.27 1038.4 207.68
01/06/2021 201.46 1037.85 207.57
01/07/2021 203.70 1038.95 207.79
01/08/2021 210.01 1031.8 206.36
01/09/2021 234.70 1065.14 213.028
01/10/2021 221.83 1071.7 214.34
01/11/2021 219.80 1090.04 218.008
01/12/2021 216.71 1103.05 220.61
01/01/2022 218.85 1111.89 222.378
01/02/2022 214.53 1091.72 218.344
01/03/2022 249.12 1119.01 223.802
01/04/2022 257.96 1157.17 231.434
01/05/2022 268.99 1209.45 241.89
01/06/2022 271.83 1262.43 252.486
01/07/2022 301.19 1349.09 269.818
01/08/2022 318.54 1418.51 283.702
01/09/2022 330.17 1490.72 298.144
01/10/2022 346.57 1568.3 313.66
01/11/2022 337.92 1634.39 326.878
01/12/2022 329.52 1662.72 332.544
01/01/2023 350.19 1694.37 338.874
01/02/2023 374.39 1738.59 347.718
01/03/2023 381.15 1773.17 354.634
01/04/2023 422.94 1858.19 371.638
01/05/2023 445.50 1974.17 394.834
01/06/2023 451.60 2075.58 415.116
01/07/2023 465.70 2166.89 433.378
01/08/2023 439.70 2225.44 445.088
01/09/2023 444.40 2246.9 449.38
01/10/2023 428.40 2229.8 445.96
01/11/2023 435.80 2214 442.8
 01/12/2023 462.10 2210.4 442.08
01/01/2024 441.65 2212.35 442.47
01/02/2024 406.30 2174.25 434.85
01/03/2024 428.35 2174.2 434.84

CHART SHOWING SMA OF ITC LTD

SMA
500
450
400
350
300
250
200
150
100
50
0
9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4
2 01 201 20 1 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202
1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/
4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/

INTERPRETATION

The SMA chart for ITC Ltd. shows the main performance trends of the stock from
April 2019 to March 2024. Around the middle of 2019, the SMA first increases
quickly, signalling high closing prices. Subsequently, there is a gradual decrease from
late 2019 to mid-2020, which corresponds to a dip in the stock price. In mid-2020 to
early 2021, the SMA then stabilizes with a little upward tendency. From 2021 to mid-
2023, there is a notable growth period that indicates robust price rise. Last but not
least, the SMA rises at the middle of 2023 and then gradually declines near the
beginning of 2024, indicating recent price swings.
 TABLE 3.1.2

SIMPLE MOVING AVERAGE OF HINDUSTAN UNILEVER LTD

DATE CLOSE TOTAL SMA

01/04/2019 1,750.22 0 0
01/05/2019 1,780.89 0 0
01/06/2019 1,779.99 0 0
01/07/2019 1,719.30 0 0
01/08/2019 1,873.89 8,904.29 1780.858
01/09/2019 1,973.51 9,127.58 1825.516
01/10/2019 2,166.09 9,512.78 1902.556
01/11/2019 2,026.63 9,759.42 1951.884
01/12/2019 1,914.81 9,954.93 1990.986
01/01/2020 2,025.59 10,106.63 2021.326
01/02/2020 2,165.49 10,298.61 2059.722
01/03/2020 2,288.71 10,421.23 2084.246
01/04/2020 2,185.65 10,580.25 2116.05
01/05/2020 2,048.59 10,714.03 2142.806
01/06/2020 2,170.72 10,859.16 2171.832
01/07/2020 2,209.90 10,903.57 2180.714
01/08/2020 2,117.35 10,732.21 2146.442
01/09/2020 2,068.25 10,614.81 2122.962
01/10/2020 2,071.30 10,637.52 2127.504
01/11/2020 2,138.20 10,605.00 2121
01/12/2020 2,395.40 10,790.50 2158.1
01/01/2021 2,263.90 10,937.05 2187.41
01/02/2021 2,132.05 11,000.85 2200.17
01/03/2021 2,431.50 11,361.05 2272.21
01/04/2021 2,353.75 11,576.60 2315.32
01/05/2021 2,340.05 11,521.25 2304.25
01/06/2021 2,471.30 11,728.65 2345.73
01/07/2021 2,333.30 11,929.90 2385.98
01/08/2021 2,724.10 12,222.50 2444.5
01/09/2021 2,701.80 12,570.55 2514.11
01/10/2021 2,393.15 12,623.65 2524.73
01/11/2021 2,317.55 12,469.90 2493.98
01/12/2021 2,360.15 12,496.75 2499.35
01/01/2022 2,273.75 12,046.40 2409.28
01/02/2022 2,172.10 11,516.70 2303.34
01/03/2022 2,048.65 11,172.20 2234.44
01/04/2022 2,234.85 11,089.50 2217.9
01/05/2022 2,353.25 11,082.60 2216.52
01/06/2022 2,230.60 11,039.45 2207.89
01/07/2022 2,637.40 11,504.75 2300.95
01/08/2022 2,659.85 12,115.95 2423.19
01/09/2022 2,696.45 12,577.55 2515.51
01/10/2022 2,550.70 12,775.00 2555
01/11/2022 2,684.35 13,228.75 2645.75
01/12/2022 2,561.05 13,152.40 2630.48
01/01/2023 2,576.75 13,069.30 2613.86
01/02/2023 2,460.65 12,833.50 2566.7
01/03/2023 2,560.35 12,843.15 2568.63
01/04/2023 2,457.30 12,616.10 2523.22
01/05/2023 2,667.55 12,722.60 2544.52
01/06/2023 2,678.15 12,824.00 2564.8
01/07/2023 2,560.80 12,924.15 2584.83
01/08/2023 2,505.05 12,868.85 2573.77
01/09/2023 2,465.60 12,877.15 2575.43
01/10/2023 2,484.00 12,693.60 2538.72
01/11/2023 2,545.55 12,561.00 2512.2
01/12/2023 2,663.95 12,664.15 2532.83
01/01/2024 2,479.00 12,638.10 2527.62
01/02/2024 2,412.30 12,584.80 2516.96
 01/03/2024 2,264.35 12,365.15 2473.03

CHART SHOWING SMA OF HINDUSTAN UNILEVER LTD

SMA
3000

2500

2000

1500

1000

500

0
9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4
2 01 201 20 1 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202
1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/
4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/

INTERPRETATION

The Simple Moving Average (SMA) of the stock prices of Hindustan Unilever Ltd.
from April 2019 to March 2024 is displayed on the chart. The SMA first rises
strongly, signifying a notable surge in stock prices. This is followed by a continuous
increase that continues until the middle of 2020. The SMA begins to fluctuate in 2021
and peaks in November 2022. From there, it shows a minor decreasing tendency into
early 2024. Despite some recent drops, the SMA trend is generally upward, indicating
favorable market sentiment and rising stock values throughout the five-year
timeframe.
 TABLE 3.1.3

SIMPLE MOVING AVERAGE OF NESTLE INDIA LTD

DATE CLOSE TOTAL SMA

01/04/2019 1,073.95 0 0
01/05/2019 1,132.33 0 0
01/06/2019 1,173.15 0 0
01/07/2019 1,149.84 0 0
01/08/2019 1,287.52 5,816.79 1163.358
01/09/2019 1,388.96 6,131.80 1226.36
01/10/2019 1,494.70 6,494.17 1298.834
01/11/2019 1,445.39 6,766.41 1353.282
01/12/2019 1,478.54 7,095.11 1419.022
01/01/2020 1,535.94 7,343.53 1468.706
01/02/2020 1,577.88 7,532.45 1506.49
01/03/2020 1,630.06 7,667.81 1533.562
01/04/2020 1,792.46 8,014.88 1602.976
01/05/2020 1,754.08 8,290.42 1658.084
01/06/2020 1,717.44 8,471.92 1694.384
01/07/2020 1,652.22 8,546.26 1709.252
01/08/2020 1,594.95 8,511.15 1702.23
01/09/2020 1,591.87 8,310.56 1662.112
01/10/2020 1,716.16 8,272.64 1654.528
01/11/2020 1,788.89 8,344.09 1668.818
01/12/2020 1,839.03 8,530.90 1706.18
01/01/2021 1,706.00 8,641.95 1728.39
01/02/2021 1,610.16 8,660.24 1732.048
01/03/2021 1,716.52 8,660.60 1732.12
01/04/2021 1,630.92 8,502.63 1700.526
01/05/2021 1,769.56 8,433.16 1686.632
01/06/2021 1,763.30 8,490.46 1698.092
01/07/2021 1,770.27 8,650.57 1730.114
01/08/2021 1,946.78 8,880.83 1776.166
01/09/2021 1,944.56 9,194.47 1838.894
01/10/2021 1,900.02 9,324.93 1864.986
01/11/2021 1,915.26 9,476.89 1895.378
01/12/2021 1,970.57 9,677.19 1935.438
01/01/2022 1,852.15 9,582.56 1916.512
01/02/2022 1,763.91 9,401.91 1880.382
01/03/2022 1,738.06 9,239.95 1847.99
01/04/2022 1,833.03 9,157.72 1831.544
01/05/2022 1,769.15 8,956.30 1791.26
01/06/2022 1,747.00 8,851.15 1770.23
01/07/2022 1,935.91 9,023.15 1804.63
01/08/2022 1,992.59 9,277.68 1855.536
01/09/2022 1,914.48 9,359.13 1871.826
01/10/2022 2,036.34 9,626.32 1925.264
01/11/2022 2,018.38 9,897.70 1979.54
01/12/2022 1,960.60 9,922.39 1984.478
01/01/2023 1,901.78 9,831.58 1966.316
01/02/2023 1,867.00 9,784.10 1956.82
01/03/2023 1,970.45 9,718.21 1943.642
01/04/2023 2,176.14 9,875.97 1975.194
01/05/2023 2,167.31 10,082.68 2016.536
01/06/2023 2,289.43 10,470.33 2094.066
01/07/2023 2,255.33 10,858.66 2171.732
01/08/2023 2,198.64 11,086.85 2217.37
01/09/2023 2,250.69 11,161.40 2232.28
01/10/2023 2,423.48 11,417.57 2283.514
01/11/2023 2,423.61 11,551.75 2310.35
01/12/2023 2,658.03 11,954.45 2390.89
01/01/2024 2,507.00 12,262.81 2452.562
01/02/2024 2,596.20 12,608.32 2521.664
 01/03/2024 2,622.35 12,807.19 2561.438

CHART SHOWING SMA OF NESTLE INDIA LTD

SMA
3000

2500

2000

1500

1000

500

19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24
/20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/

INTERPRETATION

The Simple Moving Average (SMA) of Nestle India Ltd.'s stock prices from 2019 to
2024 is shown in the table and chart that are supplied. The SMA values show a steady
upward trend, suggesting that the average price of the stock has been rising over time.
The overall pattern shows consistent growth despite sporadic volatility, with
considerable rises in SMA values, especially from mid-2020 onwards. This indicates
that Nestle India Ltd. is performing well on the market and that investors have faith in
the firm. During the studied period, the company most likely had stable growth and
favourable market conditions.
 TABLE 3.1.4

SIMPLE MOVING AVERAGE OF GODREJ CONSUMER PRODUCTS LTD

DATE CLOSE TOTAL SMA

01/04/2019 651.80 0 0
01/05/2019 688.05 0 0
01/06/2019 663.10 0 0
01/07/2019 598.75 0 0
01/08/2019 608.95 3210.65 642.13
01/09/2019 687.30 3246.15 649.23
01/10/2019 740.35 3298.45 659.69
01/11/2019 725.00 3360.35 672.07
01/12/2019 684.55 3446.15 689.23
01/01/2020 672.65 3509.85 701.97
01/02/2020 560.50 3383.05 676.61
01/03/2020 520.85 3163.55 632.71
01/04/2020 543.20 2981.75 596.35
01/05/2020 633.80 2931 586.2
01/06/2020 690.80 2949.15 589.83
01/07/2020 691.85 3080.5 616.1
01/08/2020 651.30 3210.95 642.19
01/09/2020 724.95 3392.7 678.54
01/10/2020 664.80 3423.7 684.74
01/11/2020 699.75 3432.65 686.53
01/12/2020 740.15 3480.95 696.19
01/01/2021 744.65 3574.3 714.86
01/02/2021 686.40 3535.75 707.15
01/03/2021 729.65 3600.6 720.12
01/04/2021 691.75 3592.6 718.52
01/05/2021 856.55 3709 741.8
01/06/2021 870.25 3834.6 766.92
01/07/2021 987.80 4136 827.2
01/08/2021 1,099.90 4506.25 901.25
01/09/2021 1,029.90 4844.4 968.88
01/10/2021 956.65 4944.5 988.9
01/11/2021 923.10 4997.35 999.47
01/12/2021 968.35 4977.9 995.58
01/01/2022 888.30 4766.3 953.26
01/02/2022 767.95 4504.35 900.87
01/03/2022 747.30 4295 859
01/04/2022 782.40 4154.3 830.86
01/05/2022 766.95 3952.9 790.58
01/06/2022 757.55 3822.15 764.43
01/07/2022 853.75 3907.95 781.59
01/08/2022 924.25 4084.9 816.98
01/09/2022 910.45 4212.95 842.59
01/10/2022 829.30 4275.3 855.06
01/11/2022 881.45 4399.2 879.84
01/12/2022 874.05 4419.5 883.9
01/01/2023 913.25 4408.5 881.7
01/02/2023 923.30 4421.35 884.27
01/03/2023 968.15 4560.2 912.04
01/04/2023 907.50 4586.25 917.25
01/05/2023 1,058.35 4770.55 954.11
01/06/2023 1,081.00 4938.3 987.66
01/07/2023 1,035.95 5050.95 1010.19
01/08/2023 1,005.15 5087.95 1017.59
01/09/2023 991.60 5172.05 1034.41
01/10/2023 991.85 5105.55 1021.11
01/11/2023 1,008.20 5032.75 1006.55
01/12/2023 1,131.20 5128 1025.6
01/01/2024 1,162.00 5284.85 1056.97
01/02/2024 1,127.70 5420.95 1084.19
 01/03/2024 1,251.80 5680.9 1136.18

CHART SHOWING SMA OF GODREJ CONSUMER PRODUCTS LTD

SMA
1200

1000

800

600

400

200

0
9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4
2 01 201 20 1 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202
1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/
4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/

INTERPRETATION

A general increasing trend in stock prices is revealed by the Simple Moving Average
(SMA) study of Godrej Consumer Products Ltd. from April 2019 to March 2024.
Early 2020 sees a stabilization of the initial oscillations, which are then followed by a
notable increase from mid-2021 onwards, indicating excellent firm performance and
positive market mood. The SMA exhibits consistent rise despite short-term volatility,
especially in mid-2022, peaking at 1136.18 by March 2024. This suggests steady
long-term growth and rising stock investor confidence.
 TABLE 3.1.5

SIMPLE MOVING AVERAGE OF BRITANNIA INDUSTRIES LTD

DATE CLOSE TOTAL SMA

01/04/2019 2,885.34 0 0
01/05/2019 2,911.14 0 0
01/06/2019 2,733.55 0 0
01/07/2019 2,595.36 0 0
01/08/2019 2,691.66 13,817.05 2763.41
01/09/2019 2,933.26 13,864.97 2772.994
01/10/2019 3,254.52 14,208.35 2841.67
01/11/2019 3,046.39 14,521.19 2904.238
01/12/2019 3,016.60 14,942.43 2988.486
01/01/2020 3,188.86 15,439.63 3087.926
01/02/2020 2,959.21 15,465.58 3093.116
01/03/2020 2,679.00 14,890.06 2978.012
01/04/2020 3,154.04 14,997.71 2999.542
01/05/2020 3,366.35 15,347.46 3069.492
01/06/2020 3,590.47 15,749.07 3149.814
01/07/2020 3,809.46 16,599.32 3319.864
01/08/2020 3,712.27 17,632.59 3526.518
01/09/2020 3,784.10 18,262.65 3652.53
01/10/2020 3,460.40 18,356.70 3671.34
01/11/2020 3,624.49 18,390.72 3678.144
01/12/2020 3,563.12 18,144.38 3628.876
01/01/2021 3,488.15 17,920.26 3584.052
01/02/2021 3,351.31 17,487.47 3497.494
01/03/2021 3,611.64 17,638.71 3527.742
01/04/2021 3,436.24 17,450.46 3490.092
01/05/2021 3,447.85 17,335.19 3467.038
01/06/2021 3,649.65 17,496.69 3499.338
01/07/2021 3,423.40 17,568.78 3513.756
01/08/2021 3,997.50 17,954.64 3590.928
01/09/2021 3,948.95 18,467.35 3693.47
01/10/2021 3,675.75 18,695.25 3739.05
01/11/2021 3,545.50 18,591.10 3718.22
01/12/2021 3,606.00 18,773.70 3754.74
01/01/2022 3,535.30 18,311.50 3662.3
01/02/2022 3,427.45 17,790.00 3558
01/03/2022 3,206.40 17,320.65 3464.13
01/04/2022 3,279.25 17,054.40 3410.88
01/05/2022 3,647.80 17,096.20 3419.24
01/06/2022 3,466.40 17,027.30 3405.46
01/07/2022 3,900.40 17,500.25 3500.05
01/08/2022 3,747.75 18,041.60 3608.32
01/09/2022 3,843.05 18,605.40 3721.08
01/10/2022 3,766.55 18,724.15 3744.83
01/11/2022 4,362.30 19,620.05 3924.01
01/12/2022 4,307.45 20,027.10 4005.42
01/01/2023 4,317.60 20,596.95 4119.39
01/02/2023 4,461.75 21,215.65 4243.13
01/03/2023 4,322.15 21,771.25 4354.25
01/04/2023 4,553.55 21,962.50 4392.5
01/05/2023 4,657.05 22,312.10 4462.42
01/06/2023 5,024.55 23,019.05 4603.81
01/07/2023 4,793.95 23,351.25 4670.25
01/08/2023 4,467.75 23,496.85 4699.37
01/09/2023 4,537.15 23,480.45 4696.09
01/10/2023 4,426.50 23,249.90 4649.98
01/11/2023 4,852.65 23,078.00 4615.6
01/12/2023 5,338.45 23,622.50 4724.5
01/01/2024 5,173.10 24,327.85 4865.57
01/02/2024 4,965.20 24,755.90 4951.18
01/03/2024 4,911.25 25,240.65 5048.13
 CHART SHOWING BRITANNIA INDUSTRIES LTD

SMA
6000

5000

4000

3000

2000

1000

19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24
/20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/

INTERPRETATION

From April 2019 to March 2024, Britannia Industries Ltd.'s Simple Moving Average
(SMA) study shows a significant rising trend in stock prices. The SMA values are
erratic at first, but by early 2020, they begin to settle and exhibit notable growth. The
SMA is rising despite slight fluctuations, indicating strong market performance and
investor confidence. The SMA demonstrates a continuous and steady increase by
March 2024, reaching 5048.13, indicating consistent long-term growth for Britannia
Industries Ltd.
3.2 RELATIVE STRENGTH INDEX (RSI) TABLE

TABLE 3.2.1

RELATIVE STRENGTH INDEX TABLE OF ITC LTD

YEAR DATE CLOSE GAIN LOSS

2019-2020 Apr-1 299.51
May-1 276.84 22.67
Jun-1 272.17 4.67
Jul-1 268.55 3.62
Aug-1 244.15 24.4
Sep-1 258.26 14.11
Oct-1 256.07 2.19
Nov-1 244.89 11.18
Dec-1 236.24 8.65
Jan-1 233.71 2.53
Feb-1 196.34 37.37
Mar-1 170.65 25.69
2020-2021 Apr-1 180.93 10.28
May-1 196.14 15.21
Jun-1 193.46 2.68
Jul-1 192.96 0.5
Aug-1 189.93 3.03
Sep-1 170.65 19.28
Oct-1 164.24 6.41
Nov-1 192.46 28.22
Dec-1 207.72 15.26
Jan-1 202.01 5.71
Feb-1 202.6 0.59
Mar-1 217.16 14.56
2021-2022 Apr-1 201.36 15.8
 May-1 215.27 13.91
Jun-1 201.46 13.81
Jul-1 203.7 2.24
Aug-1 210.01 6.31
Sep-1 234.7 24.69
Oct-1 221.83 12.87
Nov-1 219.8 2.03
Dec-1 216.71 3.09
Jan-1 218.85 2.14
Feb-1 214.53 4.32
Mar-1 249.12 34.59
2022-2023 Apr-1 257.96 8.84
May-1 268.99 11.03
Jun-1 271.83 2.84
Jul-1 301.19 29.36
Aug-1 318.54 17.35
Sep-1 330.17 11.63
Oct-1 346.57 16.4
Nov-1 337.92 8.65
Dec-1 329.52 8.4
Jan-1 350.19 20.67
Feb-1 374.39 24.2
Mar-1 381.15 6.76
2023-2024 Apr-1 422.94 41.79
May-1 445.5 22.56
Jun-1 451.6 6.1
Jul-1 465.7 14.1
Aug-1 439.7 26
Sep-1 444.4 4.7
Oct-1 428.4 16
Nov-1 435.8 7.4
Dec-1 462.1 26.3
 Jan-1 441.65 20.45
Feb-1 406.3 35.35
Mar-1 428.35 22.05

CHART SHOWING RSI OF ITC LTD

YEAR AVERAGE AVERAGE RS RSI

GAIN LOSS
2019-2020 14.11 14.297 0.98692 49.67086
2020-2021 14.02 6.268333 2.236639 69.10375
2021-2022 13.98 8.653333 1.615562 61.7673
2022-2023 14.908 8.525 1.748739 63.61968
2023-2024 18.125 24.45 0.741309 42.57193

RSI
80

70

60

50

40

30

20

10

0
2019-2020 2020-2021 2021-2022 2022-2023 2023-2024

INTERPRETATION
The Relative Strength Index (RSI) for ITC Ltd. over the course of five fiscal years,
from 2019 to 2024, is displayed in the data supplied. The average gains and losses
during these intervals are used to compute the RSI. The RSI for 2019–2020 was
49.67, which denotes moderate strength. 2020–2021 saw the RSI peak at 69.10,
indicating excellent performance. It declined somewhat to 61.76 in 2021–2022 and
then held steady at 63.02 in 2022–2023. But in 2023–2024, the RSI fell to 42.57,
pointing to a weakening of the stock market. The pattern points to swings in ITC's
market power, with notable expansion in the early years and a recent downturn.

TABLE 3.2.2

RELATIVE STRENGTH INDEX TABLE OF HINDUSTAN UNILEVER LTD

YEAR DATE CLOSE GAIN LOSS

2019-2020 Apr-1 1,750.22
May-1 1,780.89 30.67
Jun-1 1,779.99 0.90
Jul-1 1,719.30 60.69
Aug-1 1,873.89 154.59
Sep-1 1,973.51 99.62
Oct-1 2,166.09 192.58
Nov-1 2,026.63 139.46
Dec-1 1,914.81 111.82
Jan-1 2,025.59 110.78
Feb-1 2,165.49 139.90
Mar-1 2,288.71 123.22
2020-2021 Apr-1 2,185.65 103.06
May-1 2,048.59 137.06
Jun-1 2,170.72 122.13
Jul-1 2,209.90 39.18
Aug-1 2,117.35 92.55
 Sep-1 2,068.25 49.10
Oct-1 2,071.30 3.05
Nov-1 2,138.20 66.90
Dec-1 2,395.40 257.20
Jan-1 2,263.90 131.50
Feb-1 2,132.05 131.85
Mar-1 2,431.50 299.45
2021-2022 Apr-1 2,353.75 77.75
May-1 2,340.05 13.70
Jun-1 2,471.30 131.25
Jul-1 2,333.30 138.00
Aug-1 2,724.10 390.80
Sep-1 2,701.80 22.30
Oct-1 2,393.15 308.65
Nov-1 2,317.55 75.60
Dec-1 2,360.15 42.60
Jan-1 2,273.75 86.40
Feb-1 2,172.10 101.65
Mar-1 2,048.65 123.45
2022-2023 Apr-1 2,234.85 186.20
May-1 2,353.25 118.40
Jun-1 2,230.60 122.65
Jul-1 2,637.40 406.80
Aug-1 2,659.85 22.45
Sep-1 2,696.45 36.60
Oct-1 2,550.70 145.75
Nov-1 2,684.35 133.65
Dec-1 2,561.05 123.30
Jan-1 2,576.75 15.70
Feb-1 2,460.65 116.10
Mar-1 2,560.35 99.70
2023-2024 Apr-1 2,457.30 103.05
 May-1 2,667.55 210.25
Jun-1 2,678.15 10.60
Jul-1 2,560.80 117.35
Aug-1 2,505.05 55.75
Sep-1 2,465.60 39.45
Oct-1 2,484.00 18.40
Nov-1 2,545.55 61.55
Dec-1 2,663.95 118.40
Jan-1 2,479.00 184.95
Feb-1 2,412.30 66.70
Mar-1 2,264.35 147.95

CHART SHOWING RSI OF HINDUSTAN UNILEVER LTD

YEAR AVERAGE AVERAGE RS RSI

GAIN LOSS
2019-2020 121.62 78.22 1.554932 60.86001
2020-2021 131.32 107.52 1.221339 54.9821
2021-2022 188.22 105.28 1.78781 64.12955
2022-2023 127.44 126.95 1.00384 50.09582
2023-2024 83.84 102.17 0.820582 50.09582
 RSI
70

60

50

40

30

20

10

0
2019-2020 2020-2021 2021-2022 2022-2023 2023-2024

INTERPRETATION

Hindustan Unilever Ltd.'s Relative Strength Index (RSI) research from 2019 to 2024
reveals shifting market circumstances over time. The average gains and losses show
different market performance levels, and the RSI peaked in 2021–2022 at 64.0598,
suggesting a stronger relative strength in that year. On the other hand, 2023–2024 saw
the lowest RSI at 50.09582, indicating poorer market performance than prior years.
Visual evidence of these differences is provided by the chart, which shows the highest
RSI in 2021–2022 and comparatively lower indices in the surrounding years.
According to the statistics, Hindustan Unilever Ltd.'s relative market strength peaked
in the years 2021–2022, and it declined in the years that followed, indicating shifting
investor attitude and shifting market conditions.
 TABLE 3.2.3

RELATIVE STRENGTH INDEX (RSI) TABLE OF NESTLE INDIA LTD

YEAR DATE CLOSE GAIN LOSS

2019-2020 Apr-1 1,073.95
May-1 1,132.33 58.38
Jun-1 1,173.15 40.82
Jul-1 1,149.84 23.31
Aug-1 1,287.52 137.68
Sep-1 1,388.96 101.44
Oct-1 1,494.70 105.74
Nov-1 1,445.39 49.31
Dec-1 1,478.54 33.15
Jan-1 1,535.94 57.40
Feb-1 1,577.88 41.94
Mar-1 1,630.06 52.18
2020-2021 Apr-1 1,792.46 162.40
May-1 1,754.08 38.38
Jun-1 1,717.44 36.64
Jul-1 1,652.22 65.22
Aug-1 1,594.95 57.27
Sep-1 1,591.87 3.08
Oct-1 1,716.16 124.29
Nov-1 1,788.89 72.73
Dec-1 1,839.03 50.14
Jan-1 1,706.00 133.03
Feb-1 1,610.16 95.84
Mar-1 1,716.52 106.36
2021-2022 Apr-1 1,630.92 85.60
May-1 1,769.56 138.64
Jun-1 1,763.30 6.26
 Jul-1 1,770.27 6.97
Aug-1 1,946.78 176.51
Sep-1 1,944.56 2.22
Oct-1 1,900.02 44.54
Nov-1 1,915.26 15.24
Dec-1 1,970.57 55.31
Jan-1 1,852.15 118.42
Feb-1 1,763.91 88.24
Mar-1 1,738.06 25.85
2022-2023 Apr-1 1,833.03 94.97
May-1 1,769.15 63.88
Jun-1 1,747.00 22.15
Jul-1 1,935.91 188.91
Aug-1 1,992.59 56.68
Sep-1 1,914.48 78.11
Oct-1 2,036.34 121.86
Nov-1 2,018.38 17.96
Dec-1 1,960.60 57.78
Jan-1 1,901.78 58.82
Feb-1 1,867.00 34.78
Mar-1 1,970.45 103.45
2023-2024 Apr-1 2,176.14 205.69
May-1 2,167.31 8.83
Jun-1 2,289.43 122.12
Jul-1 2,255.33 34.10
Aug-1 2,198.64 56.69
Sep-1 2,250.69 52.05
Oct-1 2,423.48 172.79
Nov-1 2,423.61 0.13
Dec-1 2,658.03 234.42
Jan-1 2,507.00 151.03
Feb-1 2,596.20 89.20
 Mar-1 2,622.35 26.15

CHART SHOWING RSI OF NESTLE INDIA LTD

YEAR AVERAGE AVERAGE RS RSI

GAIN LOSS
2019-2020 69.86 36.31 1.923957 65.79977
2020-2021 103.18 61.35 1.681852 62.71233
2021-2022 78.53 53.02 1.481255 59.69781
2022-2023 113.17 47.64 2.375609 70.37571
2023-2024 112.82 62.66 1.800419 64.29106

RSI
72
70
68
66
64
62
60
58
56
54
2019-2020 2020-2021 2021-2022 2022-2023 2023-2024

INTERPRETATION

The Relative Strength Index (RSI) of Nestle India Ltd. from 2019 to 2024 is analyzed,
and the chart and data presented demonstrate varying tendencies in the stock's
performance. Different levels of market momentum are shown by the RSI values
throughout time. The RSI was comparatively high in 2019–2020, at 65.80, indicating
strong momentum. It dropped to 62.71 in 2020–2021, indicating a minor slowdown in
the upward trend. In 2021–2022, the RSI fell even lower to 59.68, indicating a
weakening momentum. But in 2022–2023, the RSI jumped to 70.58, indicating a
robust market rebound and heightened purchasing pressure. The RSI dropped to 64.29
by 2023–2024, indicating a slight deterioration in market strength.

TABLE 3.2.4

RELATIVE STREGNTH INDEX (RSI) TABLE OF GODREJ CONSUMER

PRODUCTS LTD

YEAR DATE CLOSE GAIN LOSS

2019-2020 Apr-1 651.80
May-1 688.05 36.25
Jun-1 663.10 24.95
Jul-1 598.75 64.35
Aug-1 608.95 10.2
Sep-1 687.30 78.35
Oct-1 740.35 53.05
Nov-1 725.00 15.35
Dec-1 684.55 40.45
Jan-1 672.65 11.9
Feb-1 560.50 112.15
Mar-1 520.85 39.65
2020-2021 Apr-1 543.20 22.35
May-1 633.80 90.6
Jun-1 690.80 57
Jul-1 691.85 1.05
Aug-1 651.30 40.55
Sep-1 724.95 73.65
Oct-1 664.80 60.15
 Nov-1 699.75 34.95
Dec-1 740.15 40.4
Jan-1 744.65 4.5
Feb-1 686.40 58.25
Mar-1 729.65 43.25
2021-2022 Apr-1 691.75 37.9
May-1 856.55 164.8
Jun-1 870.25 13.7
Jul-1 987.80 117.55
Aug-1 1,099.90 112.10
Sep-1 1,029.90 70.00
Oct-1 956.65 73.25
Nov-1 923.10 33.55
Dec-1 968.35 45.25
Jan-1 888.30 80.05
Feb-1 767.95 120.35
Mar-1 747.30 20.65
2022-2023 Apr-1 782.40 35.1
May-1 766.95 15.45
Jun-1 757.55 9.4
Jul-1 853.75 96.2
Aug-1 924.25 70.5
Sep-1 910.45 13.8
Oct-1 829.30 81.15
Nov-1 881.45 52.15
Dec-1 874.05 7.4
Jan-1 913.25 39.2
Feb-1 923.30 10.05
Mar-1 968.15 44.85
2023-2024 Apr-1 907.50 60.65
May-1 1,058.35 150.85
Jun-1 1,081.00 22.65
 Jul-1 1,035.95 45.05
Aug-1 1,005.15 30.80
Sep-1 991.60 13.55
Oct-1 991.85 0.25
Nov-1 1,008.20 16.35
Dec-1 1,131.20 123.00
Jan-1 1,162.00 30.80
Feb-1 1,127.70 95.70
Mar-1 1,251.80 5.90

CHART SHOWING RSI OF GODREJ CONSUMER PRODUCTS LTD

YEAR AVERAGE AVERAGE RS RSI

GAIN LOSS
2019-2020 44.4625 44.11429 1.007893 50.19656
2020-2021 40.86111 52.98333 0.771207 43.54132
2021-2022 90.68 62.25 1.456707 59.2951
2022-2023 49.72143 25.44 1.954459 66.15285
2023-2024 62.80 31.19 2.013466 66.81562
 RSI
80

70

60

50

40

30

20

10

0
2019-2020 2020-2021 2021-2022 2022-2023 2023-2024

INTERPRETATION

The Relative Strength Index (RSI) of Godrej Consumer Products Ltd. is shown in the
tables and chart for the years 2019 through 2024. The stock's price momentum is
shown by the RSI levels, which exhibit variations over time. The RSI began at 50.19
in 2019–2020, declined slightly in 2020–2021, and then began to rise, reaching a peak
of 66.15 in 2022–2023. This points to bettering market circumstances and heightened
investor interest. Even with the minor decline to 66.81 in 2023–2024, performance is
still excellent when compared to prior years.

TABLE 3.2.5

RELATIVE STREGNTH INDEX (RSI) TABLE OF BRITANNIA

INDUSTRIES LTD

YEAR DATE CLOSE GAIN LOSS

2019-2020 Apr-1 2,885.34
May-1 2,911.14 25.80
 Jun-1 2,733.55 177.59
Jul-1 2,595.36 138.19
Aug-1 2,691.66 96.30
Sep-1 2,933.26 241.60
Oct-1 3,254.52 321.26
Nov-1 3,046.39 208.13
Dec-1 3,016.60 29.79
Jan-1 3,188.86 172.26
Feb-1 2,959.21 229.65
Mar-1 2,679.00 280.21
2020-2021 Apr-1 3,154.04 475.04
May-1 3,366.35 212.31
Jun-1 3,590.47 224.12
Jul-1 3,809.46 218.99
Aug-1 3,712.27 97.19
Sep-1 3,784.10 71.83
Oct-1 3,460.40 323.70
Nov-1 3,624.49 164.09
Dec-1 3,563.12 61.37
Jan-1 3,488.15 74.97
Feb-1 3,351.31 136.84
Mar-1 3,611.64 260.33
2021-2022 Apr-1 3,436.24 175.40
May-1 3,447.85 11.61
Jun-1 3,649.65 201.80
Jul-1 3,423.40 226.25
Aug-1 3,997.50 574.10
Sep-1 3,948.95 48.55
Oct-1 3,675.75 273.20
Nov-1 3,545.50 130.25
Dec-1 3,606.00 60.50
Jan-1 3,535.30 70.70
 Feb-1 3,427.45 107.85
Mar-1 3,206.40 221.05
2022-2023 Apr-1 3,279.25 72.85
May-1 3,647.80 368.55
Jun-1 3,466.40 181.40
Jul-1 3,900.40 434.00
Aug-1 3,747.75 152.65
Sep-1 3,843.05 95.30
Oct-1 3,766.55 76.50
Nov-1 4,362.30 595.75
Dec-1 4,307.45 54.85
Jan-1 4,317.60 10.15
Feb-1 4,461.75 144.15
Mar-1 4,322.15 139.60
2023-2024 Apr-1 4,553.55 231.40
May-1 4,657.05 103.50
Jun-1 5,024.55 367.50
Jul-1 4,793.95 -230.60
Aug-1 4,467.75 -326.20
Sep-1 4,537.15 69.40
Oct-1 4,426.50 110.65
Nov-1 4,852.65 426.15
Dec-1 5,338.45 485.80
Jan-1 5,173.10 165.35
Feb-1 4,965.20 207.90
Mar-1 4,911.25 53.95
 CHART SHOWING RSI OF BRITANNIA INDUSTRIES LTD

YEAR AVERAGE AVERAGE RS RSI

GAIN LOSS
2019-2020 171.44 177.26 0.967189 49.16605
2020-2021 232.39 138.81 1.67409 62.6041
2021-2022 212.00 156.66 1.353297 57.50643
2022-2023 245.82 121.00 2.031582 67.01392
2023-2024 140.87 134.46 1.047643 51.16337

RSI
80

70

60

50

40

30

20

10

0
2019-2020 2020-2021 2021-2022 2022-2023 2023-2024

INTERPRETATION

Britannia Industries Ltd.'s Relative Strength Index (RSI) data from 2019 to 2024
shows erratic stock performance over time. The computed RSI values and the average
gain and loss indicate that the company's stock saw significant volatility. The RSI
chart shows a decline in 2021–2022 after peaking at 61.40 in 2020–2021, indicating
robust stock performance during that time. The RSI did, however, make a comeback
in 2022–2023 and reach 57.01 before falling to 51.63 in 2023–2024. This pattern,
which alternates between periods of strength and weakness, emphasizes the cyclical
nature of the company's stock momentum.

3.3 RATE OF CHANGE (ROC)

TABLE 3.3.1

RATE OF CHANGE (ROC) OF ITC LTD

YEAR DATE OPEN CLOSE PRICE ROC

RATIO
2019-2020 Apr-1 295.18 299.51 0 0
May-1 299.26 276.84 0 0
Jun-1 279.68 272.17 0 0
Jul-1 272.72 268.55 0 0
Aug-1 268.79 244.15 0.96156482 -0.03844
Sep-1 242.95 258.26 0.96814581 -0.03185
Oct-1 257.51 256.07 0.98301366 -0.01699
Nov-1 257.76 244.89 0.97860325 -0.0214
Dec-1 244.49 236.24 0.97491939 -0.02508
Jan-1 237.14 233.71 0.99138605 -0.00861
Feb-1 235.45 196.34 0.9471741 -0.05283
Mar-1 198.28 170.65 0.92218187 -0.07782
2020-2021 Apr-1 170.65 180.93 0.93725656 -0.06274
May-1 180.64 196.14 0.95657236 -0.04343
Jun-1 199.77 193.46 0.95199992 -0.048
Jul-1 193.46 192.96 0.99081459 -0.00919
Aug-1 192.81 189.93 1.01716578 0.017166
Sep-1 189.93 170.65 0.98591903 -0.01408
Oct-1 173.43 164.24 0.95980619 -0.04019
 Nov-1 165.78 192.46 0.99435226 -0.00565
Dec-1 193.81 207.72 1.01008998 0.01009
Jan-1 208.62 202.01 1.00591475 0.005915
Feb-1 202.75 202.60 1.02609092 0.026091
Mar-1 204.19 217.16 1.04799262 0.047993
2021-2022 Apr-1 218.65 201.36 1.00275286 0.002753
May-1 199.97 215.27 1.00408053 0.004081
Jun-1 216.66 201.46 0.99580703 -0.00419
Jul-1 201.66 203.70 0.99790612 -0.00209
Aug-1 205.19 210.01 0.99008761 -0.00991
Sep-1 209.71 234.70 1.03092364 0.030924
Oct-1 233.76 221.83 1.0044237 0.004424
Nov-1 222.78 219.80 1.01578604 0.015786
Dec-1 220.64 216.71 1.01004505 0.010045
Jan-1 216.71 218.85 1.00751178 0.007512
Feb-1 219.65 214.53 0.98040484 -0.0196
Mar-1 213.09 249.12 1.02391867 0.023919
2022-2023 Apr-1 248.47 257.96 1.03451759 0.034518
May-1 256.42 268.99 1.04774157 0.047742
Jun-1 268.99 271.83 1.04625317 0.046253
Jul-1 271.83 301.19 1.07172704 0.071727
Aug-1 302.14 318.54 1.05242423 0.052424
Sep-1 317.54 330.17 1.0520848 0.052085
Oct-1 330.86 346.57 1.05159049 0.05159
Nov-1 347.11 337.92 1.04135765 0.041358
Dec-1 339.61 329.52 1.01555037 0.01555
Jan-1 328.87 350.19 1.01825732 0.018257
Feb-1 350.84 374.39 1.02433291 0.024333
Mar-1 371.96 381.15 1.02000702 0.020007
2023-2024 Apr-1 381.65 422.94 1.04808989 0.04809
May-1 423.39 445.50 1.06326244 0.063262
Jun-1 447.00 451.60 1.05101173 0.051012
Jul-1 451.60 465.70 1.04398246 0.043982
 Aug-1 466.00 439.70 1.02571855 0.025719
Sep-1 440.00 444.40 1.00848747 0.008487
Oct-1 441.00 428.40 0.99296402 -0.00704
Nov-1 430.00 435.80 0.9934488 -0.00655
Dec-1 437.90 462.10 0.99796831 -0.00203
Jan-1 464.75 441.65 0.99941273 -0.00059
Feb-1 442.00 406.30 0.98131474 -0.01869
Mar-1 408.90 428.35 0.99571798 -0.00428

CHART SHOWING ROC OF ITC LTD

ROC
0.1
0.08
0.06
0.04
0.02
0
-0.0219 19 19 20 20 20 21 21 21 22 22 22 23 23 23
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/
-0.04
/
4 8 12 4 8 12 4 8 12 4 8 12 4 8 12
-0.06
-0.08
-0.1

INTERPRETATION

The table indicates that throughout the previous five years, ITC Ltd.'s Rate of Change
(ROC) has fluctuated. The stock price has had ups and downs over time. For instance,
from April 1, 2023 to May 1, 2023, the ROC was positive, indicating a rise in price.
But from October 1, 2023, and November 1, 2023, the ROC was negative, indicating
a drop in price. All things considered, the stock price appears to be trending upward.

TABLE 3.3.2

RATE OF CHANGE (ROC) OF HINDUSTAN UNILEVER LTD

YEAR DATE OPEN CLOSE PRICE ROC

RATIO
2019-2020 Apr-1 1,702.72 1,750.22 0 0
May-1 1,749.02 1,780.89 0 0
Jun-1 1,786.36 1,779.99 0 0
Jul-1 1,791.24 1,719.30 0 0
Aug-1 1,713.67 1,873.89 1.01844674 0.018447
Sep-1 1,855.07 1,973.51 1.02610575 0.026106
Oct-1 1,980.53 2,166.09 1.04228284 0.042283
Nov-1 2,155.88 2,026.63 1.02769789 0.027698
Dec-1 2,029.32 1,914.81 1.02264736 0.022647
Jan-1 1,921.78 2,025.59 1.01649974 0.0165
Feb-1 2,040.62 2,165.49 1.01683233 0.016832
Mar-1 2,180.68 2,288.71 1.00899956 0.009
2020-2021 Apr-1 2,283.44 2,185.65 1.01189861 0.011899
May-1 2,120.93 2,048.59 1.01579339 0.015793
Jun-1 2,066.17 2,170.72 1.01564932 0.015649
Jul-1 2,173.71 2,209.90 1.00726471 0.007265
Aug-1 2,209.80 2,117.35 0.9887747 -0.01123
Sep-1 2,149.95 2,068.25 0.99013578 -0.00986
Oct-1 2,090.00 2,071.30 0.99512518 -0.00487
Nov-1 2,072.00 2,138.20 0.99154221 -0.00846
Dec-1 2,159.00 2,395.40 1.0102755 0.010275
Jan-1 2,395.40 2,263.90 1.00650632 0.006506
 Feb-1 2,276.65 2,132.05 1.00070954 0.00071
Mar-1 2,135.20 2,431.50 1.02924377 0.029244
2021-2022 Apr-1 2,446.80 2,353.75 1.01433009 0.01433
May-1 2,343.00 2,340.05 0.99346386 -0.00654
Jun-1 2,347.00 2,471.30 1.01558624 0.015586
Jul-1 2,484.00 2,333.30 1.01479245 0.014792
Aug-1 2,342.00 2,724.10 1.02170896 0.021709
Sep-1 2,745.00 2,701.80 1.02524672 0.025247
Oct-1 2,706.00 2,393.15 0.99997228 -2.8E-05
Nov-1 2,393.00 2,317.55 0.98420679 -0.01579
Dec-1 2,340.00 2,360.15 0.99766486 -0.00234
Jan-1 2,378.00 2,273.75 0.95895558 -0.04104
Feb-1 2,303.30 2,172.10 0.95019925 -0.0498
Mar-1 2,128.95 2,048.65 0.96785567 -0.03214
2022-2023 Apr-1 2,054.90 2,234.85 0.98967885 -0.01032
May-1 2,220.00 2,353.25 0.99976996 -0.00023
Jun-1 2,370.00 2,230.60 0.9965966 -0.0034
Jul-1 2,226.00 2,637.40 1.04590063 0.045901
Aug-1 2,637.50 2,659.85 1.05279187 0.052792
Sep-1 2,650.00 2,696.45 1.03916636 0.039166
Oct-1 2,723.00 2,550.70 1.01336612 0.013366
Nov-1 2,569.00 2,684.35 1.0330522 0.033052
Dec-1 2,680.00 2,561.05 0.99192277 -0.00808
Jan-1 2,573.90 2,576.75 0.99040611 -0.00959
Feb-1 2,600.20 2,460.65 0.97622108 -0.02378
Mar-1 2,458.00 2,560.35 0.99705382 -0.00295
2023-2024 Apr-1 2,570.00 2,457.30 0.97935119 -0.02065
May-1 2,471.80 2,667.55 1.00384254 0.003843
Jun-1 2,667.00 2,678.15 1.00446464 0.004465
Jul-1 2,687.00 2,560.80 1.00547309 0.005473
Aug-1 2,570.00 2,505.05 0.99252264 -0.00748
Sep-1 2,505.05 2,465.60 0.99816291 -0.00184
Oct-1 2,490.00 2,484.00 0.98254903 -0.01745
 Nov-1 2,485.00 2,545.55 0.98617812 -0.01382
Dec-1 2,547.50 2,663.95 1.00528674 0.005287
Jan-1 2,659.75 2,479.00 0.99612211 -0.00388
Feb-1 2,475.10 2,412.30 0.99426815 -0.00573
Mar-1 2,416.95 2,264.35 0.98258544 -0.01741

CHART SHOWING ROC OF HINDUSTAN UNILEVER LTD

ROC
0.06

0.04

0.02

0
9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4
2 01 201 20 1 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202
-0.02
1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/
4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/
-0.04

-0.06

INTERPRETATION

Hindustan Unilever Ltd.'s ROC chart, which covers the period from April 2019 to
March 2024, shows significant volatility with sharp peaks and troughs. Significant
peaks were seen in the middle of 2022, signifying sharp drops that were followed by
quick price gains. The ROC regularly oscillated about zero during the period,
representing intervals of stability broken by momentum surges. Early in 2024, the
most recent trend indicates a modest downward momentum among investors,
indicating short-term pessimism.
TABLE 3.3.3

RATE OF CHANGE (ROC ) OF NESTLE INDIA LTD

YEAR DATE OPEN CLOSE PRICE ROC

RATIO
2019-2020 Apr-1 1,081.31 1,073.95 0 0
May-1 1,073.92 1,132.33 0 0
Jun-1 1,132.38 1,173.15 0 0
Jul-1 1,180.18 1,149.84 0 0
Aug-1 1,148.67 1,287.52 1.03566837 0.035668
Sep-1 1,283.00 1,388.96 1.05390889 0.053909
Oct-1 1,388.90 1,494.70 1.05886717 0.058867
Nov-1 1,494.70 1,445.39 1.04171535 0.041715
Dec-1 1,445.39 1,478.54 1.04947002 0.04947
Jan-1 1,481.90 1,535.94 1.03519085 0.035191
Feb-1 1,530.00 1,577.88 1.02609493 0.026095
Mar-1 1,595.00 1,630.06 1.01600903 0.016009
2020-2021 Apr-1 1,630.03 1,792.46 1.04328901 0.043289
May-1 1,742.05 1,754.08 1.03903256 0.039033
Jun-1 1,754.08 1,717.44 1.02675503 0.026755
Jul-1 1,720.50 1,652.22 1.01239093 0.012391
Aug-1 1,652.80 1,594.95 1.00137538 0.001375
Sep-1 1,599.50 1,591.87 0.98129988 -0.0187
Oct-1 1,591.90 1,716.16 0.99445351 -0.00555
Nov-1 1,720.10 1,788.89 1.00715648 0.007156
Dec-1 1,806.78 1,839.03 1.01909192 0.019092
Jan-1 1,838.97 1,706.00 1.00989804 0.009898
Feb-1 1,720.00 1,610.16 0.9979822 -0.00202
Mar-1 1,623.60 1,716.52 0.99439115 -0.00561
2021-2022 Apr-1 1,716.52 1,630.92 0.97665483 -0.02335
 May-1 1,636.00 1,769.56 0.98805754 -0.01194
Jun-1 1,759.90 1,763.30 1.00407284 0.004073
Jul-1 1,763.00 1,770.27 1.01783147 0.017831
Aug-1 1,779.58 1,946.78 1.02609243 0.026092
Sep-1 1,974.68 1,944.56 1.0315612 0.031561
Oct-1 1,944.50 1,900.02 1.01119863 0.011199
Nov-1 1,909.89 1,915.26 1.01122961 0.01123
Dec-1 1,921.00 1,970.57 1.01548221 0.015482
Jan-1 1,969.50 1,852.15 0.9859037 -0.0141
Feb-1 1,860.00 1,763.91 0.97886701 -0.02113
Mar-1 1,760.00 1,738.06 0.9808458 -0.01915
2022-2023 Apr-1 1,738.06 1,833.03 0.99017793 -0.00982
May-1 1,826.90 1,769.15 0.97835372 -0.02165
Jun-1 1,758.00 1,747.00 0.98973382 -0.01027
Jul-1 1,740.00 1,935.91 1.02268966 0.02269
Aug-1 1,944.20 1,992.59 1.03003388 0.030034
Sep-1 1,970.00 1,914.48 1.01299153 0.012992
Oct-1 1,911.75 2,036.34 1.03242939 0.032429
Nov-1 2,039.95 2,018.38 1.03037716 0.030377
Dec-1 2,019.00 1,960.60 1.00379265 0.003793
Jan-1 1,961.66 1,901.78 0.99285221 -0.00715
Feb-1 1,910.00 1,867.00 0.99408069 -0.00592
Mar-1 1,870.00 1,970.45 0.99159236 -0.00841
2023-2024 Apr-1 1,978.40 2,176.14 1.01405782 0.014058
May-1 2,180.00 2,167.31 1.01844635 0.018446
Jun-1 2,178.60 2,289.43 1.03492438 0.034924
Jul-1 2,295.00 2,255.33 1.03396115 0.033961
Aug-1 2,260.83 2,198.64 1.01781172 0.017812
Sep-1 2,205.00 2,250.69 1.00377447 0.003774
Oct-1 2,250.69 2,423.48 1.02032597 0.020326
Nov-1 2,420.00 2,423.61 1.01051741 0.010517
Dec-1 2,433.99 2,658.03 1.03318263 0.033183
 Jan-1 26,680.05 2,507.00 0.34073081 -0.65927
Feb-1 2,510.00 2,596.20 0.34738707 -0.65261
Mar-1 2,596.20 2,622.35 0.34953892 -0.65046

CHART SHOWING ROC OF NESTLE INDIA LTD

ROC
0.1

-0.1 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24
/20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20 /20
/1 7/1 0/1 1/1 4/1 7/1 0/1 1/1 4/1 7/1 0/1 1/1 4/1 7/1 0/1 1/1 4/1 7/1 0/1 1/1
4-0.2 1 1 1 1 1

-0.3

-0.4

-0.5

-0.6

-0.7

INTERPRETATION

The Rate of Change (ROC) chart for Nestlé India Ltd., which spans the period from
April 2019 to March 2024, demonstrates a generally steady trend with just little
variations near the zero line, signifying steady but gradual price changes. But in early
2024, there is a sharp and unparalleled decline, with the ROC falling to about -0.65.
This sharp decline implies that Nestlé India Ltd.'s stock price will drop significantly,
most likely as a result of an exceptional event or a significant change in the market.
The stock had modest growth and sporadic little falls prior to this decline, which was
indicative of a typically steady but steadily rising stock price over time.
 TABLE 3.3.4

RATE OF CHANGE (ROC) OF GODREJ CONSUMER PRODUCTS LTD

YEAR DATE OPEN CLOSE PRICE ROC

RATIO
2019-2020 Apr-1 692.00 651.80 0 0
May-1 654.55 688.05 0 0
Jun-1 694.90 663.10 0 0
Jul-1 662.00 598.75 0 0
Aug-1 600.00 608.95 0.97190816 -0.02809
Sep-1 608.95 687.30 1.0079959 0.007996
Oct-1 688.90 740.35 1.01342653 0.013427
Nov-1 741.90 725.00 1.01774816 0.017748
Dec-1 724.00 684.55 1.02449647 0.024496
Jan-1 684.90 672.65 1.01774607 0.017746
Feb-1 675.80 560.50 0.96232399 -0.03768
Mar-1 574.00 520.85 0.93029171 -0.06971
2020-2021 Apr-1 535.00 543.20 0.93363497 -0.06637
May-1 530.00 633.80 0.97709771 -0.0229
Jun-1 635.20 690.80 0.99971186 -0.00029
Jul-1 695.00 691.85 1.03748484 0.037485
Aug-1 696.00 651.30 1.038739 0.038739
Sep-1 653.00 724.95 1.05717936 0.057179
Oct-1 729.00 664.80 1.00454786 0.004548
Nov-1 664.80 699.75 0.99850195 -0.0015
Dec-1 712.00 740.15 1.00756918 0.007569
Jan-1 742.00 744.65 1.0209952 0.020995
Feb-1 749.65 686.40 0.98284896 -0.01715
Mar-1 690.00 729.65 1.01184504 0.011845
2021-2022 Apr-1 730.70 691.75 0.99123981 -0.00876
May-1 690.00 856.55 1.02960567 0.029606
Jun-1 859.00 870.25 1.0309866 0.030987
Jul-1 871.80 987.80 1.07666276 0.076663
Aug-1 990.05 1,099.90 1.08805882 0.088059
Sep-1 1,105.80 1,029.90 1.07256484 0.072565
Oct-1 1,029.20 956.65 1.01825633 0.018256
Nov-1 956.20 923.10 1.00894398 0.008944
Dec-1 929.00 968.35 0.99354324 -0.00646
Jan-1 973.90 888.30 0.95438618 -0.04561
Feb-1 891.00 767.95 0.94247065 -0.05753
Mar-1 760.00 747.30 0.95230704 -0.04769
2022-2023 Apr-1 750.00 782.40 0.96524083 -0.03476
May-1 781.00 766.95 0.95115378 -0.04885
Jun-1 780.00 757.55 0.96470217 -0.0353
Jul-1 757.05 853.75 1.02087225 0.020872
Aug-1 854.15 924.25 1.04148182 0.041482
Sep-1 910.00 910.45 1.0320293 0.032029
Oct-1 910.45 829.30 1.01511284 0.015113
Nov-1 830.00 881.45 1.03227623 0.032276
Dec-1 885.95 874.05 1.00659371 0.006594
Jan-1 877.95 913.25 0.99867478 -0.00133
Feb-1 927.00 923.30 0.99774335 -0.00226
Mar-1 923.35 968.15 1.02608989 0.02609
2023-2024 Apr-1 970.00 907.50 1.00043628 0.000436
May-1 911.95 1,058.35 1.03477035 0.03477
Jun-1 1,068.30 1,081.00 1.02868391 0.028684
Jul-1 1,078.15 1,035.95 1.02003332 0.020033
Aug-1 1,036.00 1,005.15 1.00465011 0.00465
Sep-1 1,004.90 991.60 1.01426666 0.014267
Oct-1 991.00 991.85 0.98594147 -0.01406
Nov-1 996.00 1,008.20 0.98564448 -0.01436
Dec-1 1,013.00 1,131.20 1.01727866 0.017279
 Jan-1 1,134.80 1,162.00 1.02824095 0.028241
Feb-1 1,212.05 1,127.70 1.03817201 0.038172
Mar-1 1,260.80 1,251.80 1.03458467 0.034585

CHART SHOWING ROC OF GODREJ CONSUMER PRODUCTS LTD

ROC
0.1
0.08
0.06
0.04
0.02
0
-0.0219 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
/1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/ /1/
-0.04
4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1
-0.06
-0.08

INTEPRETATION

Godrej Consumer Products Ltd.'s Rate of Change (ROC) chart, which shows data
from April 2019 to March 2024, shows a high degree of volatility with regular swings
above and below the zero line. Notable decreases can be observed in early 2020 and
late 2022, however peaks can be observed in mid-2021 and early 2023, signifying
periods of significant price increases. The ROC shows both significant increases and
losses across the period, although it mostly stays within the range of -0.08 to 0.1
despite these oscillations. This fluctuation points to a very dynamic stock
performance, with several instances of abrupt moves suggesting possible responses to
news about the firm or the market.
 TABLE 3.3.5

RATE OF CHANGE (ROC) OF BRITANNIA INDUSTRIES LTD

YEAR DATE OPEN CLOSE PRICE ROC

RATIO
2019-2020 Apr-1 3093.47 2,885.34 0 0
May-1 2916.17 2,911.14 0 0
Jun-1 2925.14 2,733.55 0 0
Jul-1 2739.93 2,595.36 0 0
Aug-1 2580.42 2,691.66 0.96926861 -0.030731
Sep-1 2689.02 2,933.26 1.00103172 0.001032
Oct-1 2941.08 3,254.52 1.02398168 0.023982
Nov-1 3282.81 3,046.39 1.02022938 0.020229
Dec-1 3046.39 3,016.60 1.02769723 0.027697
Jan-1 3033.44 3,188.86 1.02980709 0.029807
Feb-1 3149.31 2,959.21 1.00081214 0.000812
Mar-1 2983.92 2,679.00 0.96090507 -0.039095
2020-2021 Apr-1 2690.01 3,154.04 1.00635037 0.00635
May-1 3097.50 3,366.35 1.026299 0.026299
Jun-1 3403.36 3,590.47 1.02773213 0.027732
Jul-1 3591.67 3,809.46 1.05282479 0.052825
Aug-1 3812.84 3,712.27 1.06249992 0.0625
Sep-1 3721.18 3,784.10 1.03608761 0.036088
Oct-1 3805.87 3,460.40 1.0011879 0.001188
Nov-1 3470.12 3,624.49 0.9994044 -0.000596
Dec-1 3688.80 3,563.12 0.98084039 -0.01916
Jan-1 3561.78 3,488.15 0.98205313 -0.017947
Feb-1 3525.91 3,351.31 0.96870181 -0.031298
Mar-1 3359.03 3,611.64 1.00187838 0.001878
2021-2022 Apr-1 3621.55 3,436.24 0.98273307 -0.017267
 May-1 3425.38 3,447.85 0.99094186 -0.009058
Jun-1 3458.00 3,649.65 1.00614266 0.006143
Jul-1 3640.00 3,423.40 1.00370316 0.003703
Aug-1 3446.70 3,997.50 1.02063538 0.020635
Sep-1 3984.60 3,948.95 1.02855356 0.028554
Oct-1 3958.80 3,675.75 1.0112045 0.011205
Nov-1 3694.00 3,545.50 0.99289685 -0.007103
Dec-1 3550.50 3,606.00 1.00746461 0.007465
Jan-1 3610.00 3,535.30 0.97412477 -0.025875
Feb-1 3560.00 3,427.45 0.96825285 -0.031747
Mar-1 3420.95 3,206.40 0.97113614 -0.028864
2022-2023 Apr-1 3210.00 3,279.25 0.98288039 -0.01712
May-1 3242.00 3,647.80 1.00312446 0.003124
Jun-1 3649.10 3,466.40 0.99679488 -0.003205
Jul-1 3412.00 3,900.40 1.03343559 0.033436
Aug-1 3900.40 3,747.75 1.03606972 0.03607
Sep-1 3730.00 3,843.05 1.03746619 0.037466
Oct-1 3862.00 3,766.55 1.00919773 0.009198
Nov-1 3780.00 4,362.30 1.05007653 0.050077
Dec-1 4364.55 4,307.45 1.01986816 0.019868
Jan-1 4379.95 4,317.60 1.02388338 0.023883
Feb-1 4329.90 4,461.75 1.02409926 0.024099
Mar-1 4439.00 4,322.15 1.02244123 0.022441
2023-2024 Apr-1 4344.00 4,553.55 1.00480844 0.004808
May-1 4565.25 4,657.05 1.01151504 0.011515
Jun-1 4655.00 5,024.55 1.03071219 0.030712
Jul-1 5035.00 4,793.95 1.0135861 0.013586
Aug-1 4825.10 4,467.75 1.00309507 0.003095
Sep-1 4475.00 4,537.15 0.99682026 -0.00318
Oct-1 4525.80 4,426.50 0.9886885 -0.011311
Nov-1 4442.60 4,852.65 0.99032334 -0.009677
Dec-1 4873.00 5,338.45 1.02078517 0.020785
Jan-1 5339.90 5,173.10 1.02838779 0.028388
 Feb-1 5196.05 4,965.20 1.01552876 0.015529
Mar-1 4965.20 4,911.25 1.01708121 0.017081

CHART SHOWING ROC OF BRITANNIA INDUSTRIES LTD

ROC
0.08

0.06

0.04

0.02

0
9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4
-0.022 01 201 20 1 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202 202 202 20 2 202
1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/
4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/ 4/ 7/ 10/ 1/
-0.04

-0.06

INTERPRETATION

Britannia Industries Ltd.'s ROC chart, which spans the period from April 2019 to
January 2024, demonstrates a high degree of volatility. Notable peaks in mid-2020
and late-2022 indicate major price rises, while troughs in early 2020 and 2021
indicate high decreases. Between 2022 and 2024, the ROC somewhat stabilizes,
indicating less volatile price swings and possible investor confidence. This pattern
demonstrates how sensitive the stock is to changes in the market, providing insightful
information for financial choices.
 CHAPTER 4

SUMMARY, FINDINGS, SUGGESTIONS AND

CONCLUSION
4.1 SUMMARY

The project entitled “ A STUDY ON TECHNICAL ANALYSIS OF SELECTED

STOCKS IN FMCG SECTOR WITH SPECIAL REFERENCE TO SHAREKHAN”.
Ratio analysis was undertaken with the object to understand the concept of Technical
Analysis and its application. To analyse and study the price movements of stock of
Nifty FMCG ; ITC LTD, HINDUSTAN UNILEVER LTD, NESTLE INDIA LTD,
GODREJ CONSUMER PRODUCTS LTD, BRITANNIA INDUSTRIES LTD. The
project is divided into four chapters. The first chapter discussed about the industry
profile, company profile, research methodology used for the study followed by the
objectives of the study, research design, sources of data and limitations of the study.
The second chapter deals with the various reviews of many authors on the topic of
technical analysis. Theoretical concept deals with the tools used for measuring the
future movement of stock prices. The third chapter dealt with data analysis and
interpretation. Here the researcher collected the data and tabulated for easy analysis
and also graphs were plotted for making the chapter clearer. Based on the analysis the
researcher has done the overall technical analysis of various stocks. Chapter four
deals with the summary, findings, suggestions and conclusion that researcher founded
in the study. In the concluding section of the study, a summary of the whole research
is made. And the details specified in each chapter is described.

4.2 FINDINGS

 From April 2019 to March 2024, ITC Ltd.'s SMA chart shows periods of
initial rise in mid-2019, followed by decline, stabilization, strong growth until
mid-2023, and recent volatility from mid-2023 to early 2024. ( Refer Table
No; 3.1.1 & Chart 3.1.1)
 From April 2019 to March 2024, Hindustan Unilever Ltd.'s SMA shows strong
initial growth, steady increase until mid-2020, followed by volatility, a peak in
November 2022, and a slight decline into early 2024, reflecting positive
market sentiment and overall upward trend.(Refer Table 3.1.2 & Chart 3.1.2)
 Nestle India Ltd.'s SMA consistently rises between 2019 and 2024, pointing to
rising stock prices and solid market success. Notable SMA rises starting in
mid-2020 point to steady growth and great investor confidence, which is
 indicative of the company's promising future.( Refer Table 3.1.3 & Chart
3.1.3)
 A growing trend can be seen in Godrej Consumer Products Ltd.'s SMA from
April 2019 to March 2024. Early 2020 sees stabilization, with a notable
increase starting in mid-2021. The SMA peaks at 1136.18 by March 2024,
showing solid growth and investor confidence, despite instability in the middle
of 2022. (Refer Table 3.1.4 & Chart 3.1.4)
 The SMA of Britannia Industries Ltd. increases steadily between April 2019
and March 2024. Following an initial period of volatility, it balances and
increases, hitting 5048.13 by March 2024, a sign of solid performance and
investor confidence. (Refer Table 3.1.5 & Chart 3.1.5)
 The RSI for ITC Ltd. varied from 49.67 in 2019–2020, which was a moderate
strength, to 69.10 in 2020–2021, which was a good performance. It decreased
to 42.57 in 2023–2024, showing a recent decline of the market strength, after
slightly declining in 2021–2022 (61.76) and being stable in 2022–2023
(63.02). (Refer Table 3.2.1 & Chart 3.2.1)
 The RSI for Hindustan Unilever Ltd. showed significant strength at its peak of
64.0598 in 2021–2022, but it declined to 50.09582 in 2023–2024, indicating
lower performance, which was suggestive of shifting market conditions.
(Refer Table 3.2.2 & Chart 3.2.2)
 The RSI for Nestle India Ltd. changed over the span of the period, from 65.80
in 2019–2020 to 64.29 in 2023–2024, indicating shifting market trend. (Refer
Table 3.2.3 & Chart 3.2.3)
 The RSI for Godrej Consumer Products Ltd. showed better market conditions
at its peak of 66.15 in 2022–2023, and it slightly declined to 66.81 in 2023–
2024. (Refer Table 3.2.4 & Chart 3.2.4)
 The RSI for Britannia Industries Ltd. peaked at 61.40 in 2020–2021,
suggesting strong performance, but by 2023–2024 it decreased to 51.63,
indicating stock performance volatility with cyclical ups and downs. (Refer
Table 3.2.5 & Chart 3.2.5)
 ITC Ltd.'s stock price is rising overall over the last five years with both
positive and negative ROC fluctuations. (Refer Table 3.3.1 & Chart 3.3.1)
 The ROC chart for Hindustan Unilever Ltd. (April 2019 - March 2024) shows
a significant level of volatility. Mid-2022 saw both rapid growth and sharp
 declines. There is a minor downward trend and short-term investor pessimism
in early 2024. (Refer Table 3.3.2 & Chart 3.3.2)
 The ROC chart for Nestlé India Ltd. (April 2019 - March 2024) shows a
slightly fluctuating steady trend. A fast decrease to -0.65 in early 2024
indicates a large price decline brought on by an extraordinary happening. The
stock had modest growth and occasional minor losses prior to this. (Refer
Table 3.3.3 & Chart 3.3.3)
 The ROC chart of Godrej Consumer Products Ltd., which covers the period
from April 2019 to March 2024, shows strong volatility and swings around
zero, indicating variations in the company's stock price. (Refer Table 3.3.4 &
Chart 3.3.4)
 The ROC chart of Britannia Industries Ltd., which covers the period from
April 2019 to January 2024, shows strong fluctuations in prices and high
volatility with significant peaks and troughs. (Refer Table 3.3.5 & Chart 3.3.5)

4.3 SUGGESTIONS

 Based on the study, the following suggestions are provided to investors to

enhance their investments:
 It is recommended that investors utilize a variety of tools for their analysis.
Instead of relying on a single method, they should incorporate different chart
patterns to confirm buy or sell signals. For instance, tools like the Relative
Strength Index (RSI) and Rate of Change (ROC) can provide additional
insights.
 Evaluation of market movements is crucial because the market is highly
dynamic and volatile. Investors are advised to make investment decisions
based solely on a thorough analysis of market trends and profitability factors.
 Suitable for long-term investors, these individuals can take advantage of the
market's relative stability. With fewer fluctuations in share prices compared to
the broader market, long-term investors can more accurately predict when the
shares will rise.
  Keep shares as an investment to achieve long-term returns. Shares can be
invested in specific sectors, industries, or even countries, depending on the
investor's preferences.
 Investors should be conscious about the stock market by gaining relevant
information through credible sources to ensure positive returns and
profitability.
 Due to the significant influence of internal and external factors on investment
decisions, it is advisable for investors to conduct appropriate supervision
before investing. Proper monitoring is essential, as political and economic
factors can greatly impact the stock market.

4.4 CONCLUSION

The project undertaken “ A Study On Technical Analysis Of Selected Stocks In

FMCG Sector With Special Reference To Sharekhan” . For this study we take NIFTY
five companies i.e., ITC Ltd, Hindustan Unilever Ltd, Nestle India Ltd, Godrej
Consumer Products Ltd, & Britannia Industries Ltd. Technical Analysis involves
analysing share prices to forecast future price movements in the near term. This
prediction is made by studying price and volume data, based on the premise that
history repeats itself—meaning patterns in share prices and trading volumes recur
over time. This repetitive nature of price and volume patterns aids in predicting
upcoming price movements. Unlike fundamental analysis that focuses on the intrinsic
value of a company or commodity, technical analysis disregards value and instead
concentrates solely on market price movements. The first chapter of the study
introduces the industry and organization under investigation, discussing the study's
objectives, research methodology, scope, and limitations. The second chapter reviews
various authors' perspectives and theoretical concepts, detailing the tools and
techniques employed by the researcher for data analysis.
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LINKS

www.moneycontrol.com
https://finance.yahoo.com/
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ANNEXURE
 ITC LTD

Year Date Open High low Close Volume Change%

2019- Apr-1 295.18 308.10 289.91 299.51 185.14M 1.38%
2020 May-1 299.26 308.10 275.75 276.84 291.59M -7.57%
Jun-1 279.68 280.42 270.83 272.17 214.77M -1.69%
Jul-1 272.72 281.17 262.38 268.55 259.92M -1.33%
Aug-1 268.79 269.04 233.21 244.15 234.08M -9.09%
Sep-1 242.95 259.20 232.62 258.26 329.44M 5.78%
Oct-1 257.51 262.38 239.62 256.07 351.77M -0.85%
Nov-1 257.76 264.67 243.50 244.89 226.19M -4.37%
Dec-1 244.49 246.38 233.56 236.24 244.94M -3.53%
Jan-1 237.14 242.41 229.09 233.71 219.66M -1.07%
Feb-1 235.45 237.79 190.87 196.34 456.63M -15.99%
Mar-1 198.28 202.20 133.78 170.65 885.52M -13.08%
2020- Apr-1 170.65 192.56 163.54 180.93 535.73M 6.03%
2021 May-1 180.64 196.79 156.14 196.14 554.41M 8.40%
Jun-1 199.77 208.12 179.59 193.46 764.24M -1.37%
Jul-1 193.46 207.22 190.33 192.96 604.24M -0.265
Aug-1 192.81 206.43 188.84 189.93 567.65M -1.57%
Sep-1 189.93 192.07 165.13 170.65 646.32M -10.15%
Oct-1 173.43 174.13 162.35 164.24 527.59M -3.76%
Nov-1 165.78 196.74 163.44 192.46 663.13M 17.19%
Dec-1 193.81 217.26 191.22 207.72 650.96M 7.93%
Jan-1 208.62 220.64 199.02 202.01 771.14M -2.75%
Feb-1 202.75 237.74 200.56 202.6 998.53M 0.30%
Mar-1 204.19 226.70 200.37 217.16 841.77M 7.19%
2021- Apr-1 218.65 219.25 199.32 201.36 370.96M -7.28%
2022 May-1 199.97 216.57 197.88 215.27 549.12M 6.91%
Jun-1 216.66 218.06 201.16 201.46 569.50M -6.42%
Jul-1 201.66 214.03 199.67 203.7 417.08M 1.11%
Aug-1 205.19 215.82 203.10 210.01 355.80M 3.10%
Sep-1 209.71 24429 207.72 234.7 706.56M 11.76%
Oct-1 233.76 263.68 220.94 221.83 624.79M -5.48%
Nov-1 222.78 243.75 218.65 219.8 394.69M -0.92%
Dec-1 220.64 237.49 208.51 216.71 457.40M -1.40%
Jan-1 216.71 225.91 208.27 218.85 266.19M 0.99%
Feb-1 219.65 237.04 205.73 214.53 466.27M -1.98%
Mar-1 213.09 256.42 211.15 249.12 699.29M 16.12%
2022- Apr-1 248.47 271.48 247.28 257.96 443.04M 3.55%
2023 May-1 256.42 280.62 247.62 268.99 462.38M 4.28%
Jun-1 268.99 274.11 256.97 271.83 263.36M 1.05%
Jul-1 271.83 304.03 269.54 301.19 316.76M 10.80%
Aug-1 302.14 319.43 301.24 318.54 245.94M 5.76%
Sep-1 317.54 347.41 314.07 330.17 313.63M 3.65%
Oct-1 330.86 351.04 321.27 346.57 250.51M 4.97%
Nov-1 347.11 359.24 332.35 337.92 256.22M -2.50%
Dec-1 339.61 345.22 323.36 329.52 191.18M -2.49%
Jan-1 328.87 352.83 324.00 350.19 218.46M 6.27%
Feb-1 350.84 391.59 327.08 374.39 371.51M 6.91%
Mar-1 371.96 391.19 367.39 381.15 236.51M 1.81%
2023- Apr-1 381.65 425.63 376.18 422.94 171.37M 10.96%
2024 May-1 423.39 452.00 408.83 445.5 288.31M 5.33%
Jun-1 447.00 455.90 433.85 451.6 164.98M 1.37%
Jul-1 451.60 499.70 450.05 465.7 284.13M 3.12%
Aug-1 466.00 468.85 436.10 439.7 229.26M -5.58%
Sep-1 440.00 457.00 436.65 444.4 205.72M 1.07%
Oct-1 441.00 458.20 427.05 428.4 183.88M -3.60%
Nov-1 430.00 444.50 425.50 435.8 157.16M 1.73%
Dec-1 437.90 467.90 437.40 462.1 254.72M 6.03%
Jan-1 464.75 481.40 437.50 441.65 155.10M -4.43%
 Feb-1 442.00 447.75 399.40 406.3 376.52M -8.00%
Mar-1 408.90 438.00 399.35 428.35 487.27M 5.43%

HINDUSTAN UNILEVER LTD

Year Date Open High low Close Volume Change%

2019- Apr-1 1755.0 1642.97 24.97M 2.98%
1,750.22
2020 1,702.72 9
May- 1797.2 1648.95 30.77M 1.75%
1,780.89
1 1,749.02 1
Jun-1 1857.0 1737.57 18.43M -0.05%
1,779.99
1,786.36 1
Jul-1 1808.2 1651.99 24.73M -3.41%
1,719.30
1,791.24 7
Aug-1 1880.9 1698.74 34.74M 8.99%
1,873.89
1,713.67 6
Sep-1 2091.7 1785.96 31.71M 5.32%
1,973.51
1,855.07 1
Oct-1 2177.9 1919.44 33.49M 9.76%
2,166.09
1,980.53 4
Nov-1 2180.6 1999.45 27.54M -6.44%
2,026.63
2,155.88 8
Dec-1 2053.2 1899.23 28.46M -5.52%
1,914.81
2,029.32 2
Jan-1 2076.9 1898.33 26.56M 5.79%
2,025.59
1,921.78 2
Feb-1 2298.3 2021.41 42.23M 6.91%
2,165.49
2,040.62 7
Mar-1 2303.1 1749.82 67.40M 5.69%
2,288.71
2,180.68 5
2020- Apr-1 2603.1 2118.89 104.22M -4.50%
2,185.65
2021 2,283.44 7
May- 2150.8 1893.90 318.49M -6.27%
2,048.59
1 2,120.93 0
Jun-1 2190.5 2045.30 77.56M 5.96%
2,170.72
2,066.17 8
Jul-1 2339.9 2115.95 65.94M 1.81%
2,209.90
2,173.71 9
Aug-1 2234.8 2100.65 36.95M -4.19%
2,117.35
2,209.80 0
Sep-1 2185.0 2000.05 49.27M -2.32%
2,068.25
2,149.95 0
Oct-1 2208.5 2068.00 47.77M 0.15%
2,071.30
2,090.00 0
Nov-1 2220.3 2043.00 48.82M 3.23%
2,138.20
2,072.00 5
Dec-1 2417.4 2120.10 50.14M 12.03%
2,395.40
2,159.00 0
Jan-1 2456.9 2251.00 43.94M -5.49%
2,263.90
2,395.40 5
Feb-1 2288.7 2120.00 52.29M -5.82%
2,132.05
2,276.65 0
Mar-1 2438.6 2128.00 50.28M 14.05%
2,431.50
2,135.20 0
2021- Apr-1 2505.9 2300.00 42.28M -3.20%
2,353.75
2022 2,446.80 0
May- 2446.9 2319.35 26.57M -0.58%
2,340.05
1 2,343.00 5
Jun-1 2533.9 2330.60 32.27M 5.61%
2,471.30
2,347.00 5
Jul-1 2513.4 2318.00 22.44M -5.58%
2,333.30
2,484.00 0
Aug-1 2,342.00 2737.4 2324.60 2,724.10 35.23M 16.75%
 5
Sep-1 2859.3 2677.00 33.48M -0.82%
2,701.80
2,745.00 0
Oct-1 2734.0 2368.00 40.01M -11.42%
2,393.15
2,706.00 0
Nov-1 2449.0 2284.70 32.59M -3.16%
2,317.55
2,393.00 0
Dec-1 2389.9 2201.15 28.84M 1.84%
2,360.15
2,340.00 0
Jan-1 2425.0 2240.90 35.16M -3.66%
2,273.75
2,378.00 0
Feb-1 2333.0 2120.00 28.16M -4.47%
2,172.10
2,303.30 0
Mar-1 2167.9 1901.55 59.68M -5.68%
2,048.65
2,128.95 5
2022- Apr-1 2290.0 2038.40 39.29M 9.09%
2,234.85
2023 2,054.90 0
May- 2388.0 2106.20 39.41M 5.30%
2,353.25
1 2,220.00 0
Jun-1 2413.8 2100.00 39.28M -5.21%
2,230.60
2,370.00 0
Jul-1 2654.0 2203.60 43.65M 18.24%
2,637.40
2,226.00 0
Aug-1 2715.0 2550.00 27.34M 0.85%
2,659.85
2,637.50 0
Sep-1 2729.0 2508.05 35.82M 1.38%
2,696.45
2,650.00 0
Oct-1 2734.0 2488.00 25.61M -5.41%
2,550.70
2,723.00 0
Nov-1 2698.0 2428.10 28.51M 5.24%
2,684.35
2,569.00 0
Dec-1 2,680.00 2741.6 2539.40 2,561.05 28.11M -4.59%
0
 Jan-1 2693.5 2527.05 35.60M 0.61%
2,576.75
2,573.90 0
Feb-1 2657.4 2435.65 27.50M -4.51%
2,460.65
2,600.20 5
Mar-1 2568.4 2393.00 30.31M 4.05%
2,560.35
2,458.00 5
2023- Apr-1 2588.5 2419.00 25.50M -4.02%
2,457.30
2024 2,570.00 5
May- 2680.0 2450.00 29.74M 8.56%
2,667.55
1 2,471.80 0
Jun-1 2738.2 2620.10 25.38M 0.40%
2,678.15
2,667.00 0
Jul-1 2769.6 2553.00 35.07M -4.38%
2,560.80
2,687.00 5
Aug-1 2591.7 2488.10 29.26M -2.18%
2,505.05
2,570.00 5
Sep-1 2549.0 2442.90 31.97M -1.57%
2,465.60
2,505.05 0
Oct-1 2582.0 2455.65 30.34M 0.75%
2,484.00
2,490.00 0
Nov-1 2554.5 2463.30 26.47M 2.48%
2,545.55
2,485.00 0
Dec-1 2667.1 2497.00 36.78M 4.65%
2,663.95
2,547.50 0
Jan-1 2669.4 2365.70 24.94M -6.94%
2,479.00
2,659.75 0
Feb-1 2,475.10 2511.55 2346.75 2,412.30 30.55M -2.69%
Mar-1 2438.8 2232.00 44.15M -6.13%
2,264.35
2,416.95 0

NESTLE INDIA LTD

Year Date Open High low Close Volume Change%

2019- Apr-1 1,081.31 1106.91 1052.75 1,073.95 11.6M -0.51%
2020 May-1 1,073.92 1136.46 996.62 1,132.33 15.55M 5.44%
Jun-1 1,132.38 1176.83 1112.82 1,173.15 12.65M 3.60%
Jul-1 1,180.18 1184.05 1109.37 1,149.84 10.47M -1.99%
Aug-1 1,148.67 1294.88 1115.03 1,287.52 18.80M 11.97%
Sep-1 1,283.00 1414.40 1238.77 1,388.96 25.53M 7.88%
Oct-1 1,388.90 1514.69 1333.59 1,494.70 16.05M 7.61%
Nov-1 1,494.70 1509.17 1398.25 1,445.39 14.40M -3.30%
Dec-1 1,445.39 1499.34 1400.50 1,478.54 18.79M 2.29%
Jan-1 1,481.90 1589.99 1412.04 1,535.94 13.37M 3.88%
Feb-1 1,530.00 1683.15 1518.44 1,577.88 20.12M 2.73%
Mar-1 1,595.00 1683.52 1220.00 1,630.06 36.76M 3.31%
2020- Apr-1 1,630.03 1836.99 1500.50 1,792.46 29.69M 9.96%
2021 May-1 1,742.05 1792.00 1610.87 1,754.08 39.32M -2.14%
Jun-1 1,754.08 1774.90 1605.22 1,717.44 34.84M -2.09%
Jul-1 1,720.50 1776.46 1643.22 1,652.22 38.36M -3.80%
Aug-1 1,652.80 1689.90 1587.50 1,594.95 21.59M -3.47%
Sep-1 1,599.50 1651.50 1510.00 1,591.87 26.52M -0.19%
Oct-1 1,591.90 1736.00 1537.50 1,716.16 29.47M 7.81%
Nov-1 1,720.10 1806.89 1647.50 1,788.89 38.64M 4.24%
Dec-1 1,806.78 1884.40 1715.00 1,839.03 32.33M 2.80%
Jan-1 1,838.97 1863.00 1696.13 1,706.00 18.58M -7.23%
Feb-1 1,720.00 1764.60 1600.21 1,610.16 31.72M -5.62%
Mar-1 1,623.60 1729.90 1607.00 1,716.52 22.58M 6.61%
2021- Apr-1 1,716.52 1786.60 1625.50 1,630.92 18.68M -4.99%
2022 May-1 1,636.00 1790.00 1627.27 1,769.56 13.04M 8.50%
Jun-1 1,759.90 1818.93 1732.24 1,763.30 14.53M -0.35%
Jul-1 1,763.00 1844.90 1736.03 1,770.27 12.23M 0.40%
Aug-1 1,779.58 2032.50 1765.40 1,946.78 15.00M 9.97%
Sep-1 1,974.68 2060.91 1931.62 1,944.56 14.59M -0.11%
Oct-1 1,944.50 2020.00 1860.43 1,900.02 12.64M -2.29%
Nov-1 1,909.89 1959.90 1856.10 1,915.26 9.75M 0.80%
 Dec-1 1,921.00 1981.49 1860.00 1,970.57 10.62M 2.89%
Jan-1 1,969.50 2002.50 1821.78 1,852.15 8.44M -6.01%
Feb-1 1,860.00 1885.00 1733.00 1,763.91 13.03M -4.76%
Mar-1 1,760.00 1837.48 1679.00 1,738.06 14.68M -1.47%
2022- Apr-1 1,738.06 1872.50 1725.00 1,833.03 12.16M 5.46%
2023 May-1 1,826.90 1848.00 1600.00 1,769.15 19.22M -3.48%
Jun-1 1,758.00 1784.85 1643.50 1,747.00 14.32M -1.25%
Jul-1 1,740.00 1942.31 1733.11 1,935.91 12.29M 10.81%
Aug-1 1,944.20 2015.00 1905.00 1,992.59 10.66M 2.93%
Sep-1 1,970.00 2005.00 1826.73 1,914.48 14.38M -3.92%
Oct-1 1,911.75 2105.00 1841.03 2,036.34 11.11M 6.37%
Nov-1 2,039.95 2084.24 1944.00 2,018.38 12.36M -0.88%
Dec-1 2,019.00 2063.59 1955.27 1,960.60 12.57M -2.86%
Jan-1 1,961.66 2018.90 1892.90 1,901.78 8.80M -3.00%
Feb-1 1,910.00 1979.98 1846.02 1,867.00 12.56M -1.83%
Mar-1 1,870.00 1975.19 1788.00 1,970.45 12.56M 5.54%
2023- Apr-1 1,978.40 2184.96 1936.49 2,176.14 14.62M 10.44%
2024 May-1 2,180.00 2230.00 2127.50 2,167.31 17.42M -0.41%
Jun-1 2,178.60 2317.53 2157.28 2,289.43 13.86M 5.63%
Jul-1 2,295.00 2339.53 2207.61 2,255.33 11.24M -1.49%
Aug-1 2,260.83 2293.82 2145.00 2,198.64 13.25M -2.51%
Sep-1 2,205.00 2306.29 2163.25 2,250.69 10.83M 2.37%
Oct-1 2,250.69 2474.50 2225.51 2,423.48 18.79M 7.68%
Nov-1 2,420.00 2458.99 2377.31 2,423.61 12.15M 0.01%
Dec-1 2,433.99 2665.00 2413.86 2,658.03 20.24M 9.67%
Jan-1 26,680.0 27678.30 2446.40 2,507.00 7.65M -5.68%
5
Feb-1 2,510.00 2606.20 2409.10 2,596.20 16.30M 3.56%
Mar-1 2,596.20 2653.65 2468.15 2,622.35 19.02M 1.01%

GODREJ CONSUMER PRODUCTS LTD

Year Date Open High low Close Volume Change%
2019- Apr-1 692.00 692.80 645.65 651.80 32.14M -4.99%
2020 May-1 654.55 691.00 626.50 688.05 29.11M 5.56%
Jun-1 694.90 715.00 647.60 663.10 20.00M -3.63%
Jul-1 662.00 686.50 590.20 598.75 19.66M -9.70%
Aug-1 600.00 659.90 585.05 608.95 19.68M 1.70%
Sep-1 608.95 724.20 575.00 687.30 26.84M 12.87%
Oct-1 688.90 743.95 655.30 740.35 18.05M 7.72%
Nov-1 741.90 764.00 691.80 725.00 16.88M -2.07%
Dec-1 724.00 734.10 645.05 684.55 21.32M -5.58%
Jan-1 684.90 772.00 671.65 672.65 22.59M -1.74%
Feb-1 675.80 688.40 556.40 560.50 31.69M -16.67%
Mar-1 574.00 645.85 425.10 520.85 53.97M -7.07%
2020- Apr-1 535.00 639.80 515.35 543.20 37.05M 4.29%
2021 May-1 530.00 639.95 484.05 633.80 46.75M 16.68%
Jun-1 635.20 697.70 591.25 690.80 44.48M 8.99%
Jul-1 695.00 721.70 663.50 691.85 27.75M 0.15%
Aug-1 696.00 716.70 647.00 651.30 24.74M -5.86%
Sep-1 653.00 736.95 641.00 724.95 34.06M 11.31%
Oct-1 729.00 762.00 661.00 664.80 31.99M -8.30%
Nov-1 664.80 719.60 653.60 699.75 29.32M 5.26%
Dec-1 712.00 756.90 683.10 740.15 41.27M 5.77%
Jan-1 742.00 808.35 731.25 744.65 37.86M 0.61%
Feb-1 749.65 773.80 676.00 686.40 30.92M -7.82%
Mar-1 690.00 734.65 646.15 729.65 30.23M 6.30%
2021- Apr-1 730.70 748.00 687.50 691.75 20.58M -5.19%
2022 May-1 690.00 892.00 687.60 856.55 67.25M 23.82%
Jun-1 859.00 942.35 836.45 870.25 37.06M 1.60%
Jul-1 871.80 1010.00 869.00 987.80 31.48M 13.51%
Aug-1 990.05 1100.00 957.05 1,099.90 32.60M 11.29%
Sep-1 1,105.80 1138.00 1010.95 1,029.90 25.81M -6.31%
Oct-1 1,029.20 1072.20 930.00 956.65 23.92M -7.11%
Nov-1 956.20 985.25 877.05 923.10 17.64M -3.51%
 Dec-1 929.00 976.00 871.20 968.35 25.78M 4.90%
Jan-1 973.90 976.00 848.75 888.30 15.95M -8.27%
Feb-1 891.00 929.50 742.05 767.95 23.58M -13.55%
Mar-1 760.00 764.90 660.05 747.30 45.09M -2.69%
2022- Apr-1 750.00 832.75 739.10 782.40 30.85M 4.70%
2023 May-1 781.00 838.20 747.50 766.95 36.04M -1.97%
Jun-1 780.00 808.45 708.50 757.55 25.89M -1.23%
Jul-1 757.05 898.75 750.55 853.75 29.26M 12.70%
Aug-1 854.15 937.95 838.00 924.25 34.24M 8.26%
Sep-1 910.00 956.00 859.20 910.45 27.93M -1.49%
Oct-1 910.45 921.00 807.35 829.30 21.95M -8.91%
Nov-1 830.00 888.90 793.85 881.45 22.86M 6.29%
Dec-1 885.95 927.95 861.45 874.05 19.85M -0.84%
Jan-1 877.95 946.20 877.00 913.25 24.22M 4.48%
Feb-1 927.00 953.70 898.55 923.30 16.47M 1.10%
Mar-1 923.35 973.00 894.20 968.15 23.58M 4.86%
2023- Apr-1 970.00 992.20 897.00 907.50 21.45M -6.26%
2024 May-1 911.95 1065.00 902.00 1,058.35 29.73M 16.62%
Jun-1 1,068.30 1089.00 1027.10 1,081.00 19.32M 2.14%
Jul-1 1,078.15 1102.05 1024.00 1,035.95 21.45M -4.17%
Aug-1 1,036.00 1048.00 999.00 1,005.15 17.88M -2.97%
Sep-1 1,004.90 1047.15 971.55 991.60 15.62M -1.35%
Oct-1 991.00 1007.75 959.80 991.85 15.23M 0.03%
Nov-1 996.00 1030.00 973.10 1,008.20 20.03M 1.65%
Dec-1 1,013.00 1138.80 1008.00 1,131.20 22.90M 12.20%
Jan-1 1,134.80 1230.00 1076.15 1,162.00 25.26M 2.72%
Feb-1 1,212.05 1314.30 1175.00 1,127.70 26.84M 8.24%
Mar-1 1,260.80 1282.75 1176.55 1,251.80 17.32M -0.47%

BRITANNIA INDUSTRIES LTD

Year Date Open High low Close Volume Change%

2019- Apr-1 3093.47 3097.50 2865.41 2,885.34 5.62M -6.14
2020 May-1 2916.17 2959.01 2606.17 2,911.14 12.37M 0.89
Jun-1 2925.14 2998.87 2690.01 2,733.55 7.63M -6.10
Jul-1 2739.93 2852.31 2530.90 2,595.36 7.85M -5.06
Aug-1 2580.42 2733.10 2291.49 2,691.66 15.75M 3.71
Sep-1 2689.02 3570.49 2578.63 2,933.26 12.39M 8.98
Oct-1 2941.08 3386.43 2824.61 3,254.52 9.25M 10.95
Nov-1 3282.81 3286.80 2993.19 3,046.39 8.63M -6.40
Dec-1 3046.39 3144.28 3008.83 3,016.60 6.28M -0.98
Jan-1 3033.44 3262.49 2967.03 3,188.86 7.80M 5.71
Feb-1 3149.31 3305.73 2906.21 2,959.21 9.25M -7.20
Mar-1 2983.92 3153.29 2092.23 2,679.00 14.64M -9.47
2020- Apr-1 2690.01 3277.83 2465.84 3,154.04 21.93M 17.73
2021 May-1 3097.50 3404.36 2856.40 3,366.35 17.00M 6.73
Jun-1 3403.36 3694.28 3293.52 3,590.47 20.94M 6.66
Jul-1 3591.67 3995.17 3499.06 3,809.46 23.26M 6.10
Aug-1 3812.84 3990.19 3670.37 3,712.27 12.45M -2.55
Sep-1 3721.18 3876.56 3526.96 3,784.10 11.66M 1.94
Oct-1 3805.87 3865.60 3369.49 3,460.40 19.70M -8.55
Nov-1 3470.12 3671.27 3377.46 3,624.49 19.28M 4.74
Dec-1 3688.80 3783.65 3521.77 3,563.12 13.58M -1.69
Jan-1 3561.78 3691.20 3467.33 3,488.15 15.23M -2.10
Feb-1 3525.91 3603.52 3305.03 3,351.31 16.50M -3.92
Mar-1 3359.03 3641.48 3354.59 3,611.64 10.33M 7.77
2021- Apr-1 3621.55 3835.76 3424.29 3,436.24 11.97M -4.86
2022 May-1 3425.38 3541.85 3358.93 3,447.85 11.25M 0.34
Jun-1 3458.00 3709.90 3442.00 3,649.65 8.10M 5.85
Jul-1 3640.00 3661.00 3378.00 3,423.40 8.23M -6.20
Aug-1 3446.70 4027.30 3440.05 3,997.50 13.04M 16.77
Sep-1 3984.60 4153.00 3940.30 3,948.95 6.91M -1.21
Oct-1 3958.80 3993.15 3605.85 3,675.75 5.70M -6.92
Nov-1 3694.00 3760.00 3469.10 3,545.50 6.94M -3.54
 Dec-1 3550.50 3658.35 3430.10 3,606.00 5.35M 1.71
Jan-1 3610.00 3800.95 3430.25 3,535.30 4.81M -1.96
Feb-1 3560.00 3710.00 3327.35 3,427.45 5.83M -3.05
Mar-1 3420.95 3439.55 3050.00 3,206.40 9.35M -6.45
2022- Apr-1 3210.00 3402.00 3132.05 3,279.25 5.01M 2.27
2023 May-1 3242.00 3700.00 3156.90 3,647.80 10.30M 11.24
Jun-1 3649.10 3669.75 3270.95 3,466.40 7.20M -4.97
Jul-1 3412.00 3949.35 3412.00 3,900.40 8.38M 12.52
Aug-1 3900.40 3916.00 3585.25 3,747.75 6.48M -3.91
Sep-1 3730.00 3889.80 3564.10 3,843.05 8.50M 2.54
Oct-1 3862.00 3878.20 3690.00 3,766.55 4.29M -1.99
Nov-1 3780.00 4387.90 3705.45 4,362.30 10.61M 15.82
Dec-1 4364.55 4537.00 4296.55 4,307.45 5.80M -1.26
Jan-1 4379.95 4444.00 4206.30 4,317.60 5.46M 0.24
Feb-1 4329.90 4669.20 4326.85 4,461.75 6.95M 3.34
Mar-1 4439.00 4454.55 4153.00 4,322.15 5.46M -3.13
2023- Apr-1 4344.00 4564.85 4222.55 4,553.55 5.36M 5.35
2024 May-1 4565.25 4705.45 4443.35 4,657.05 8.65M 2.27
Jun-1 4655.00 5085.25 4587.55 5,024.55 7.19M 7.89
Jul-1 5035.00 5270.35 4763.80 4,793.95 7.12M -4.59
Aug-1 4825.10 4843.50 4421.40 4,467.75 11.00M -6.80
Sep-1 4475.00 4634.30 4426.00 4,537.15 7.28M 1.55
Oct-1 4525.80 4623.00 4401.90 4,426.50 6.86M -2.44
Nov-1 4442.60 4875.90 4347.70 4,852.65 5.72M 9.63
Dec-1 4873.00 5386.05 4837.05 5,338.45 7.07M 10.01
Jan-1 5339.90 5375.00 4926.00 5,173.10 4.46M -3.10
Feb-1 5196.05 5239.75 4828.85 4,965.20 6.60M -4.02
Mar-1 4965.20 5014.00 4740.70 4,911.25 5.73M -1.09