NBFC11[1] copy.docx

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A

PROJECT

REPORT ON

EQUITY RESEARCHIN NON-BANKING FINANCIAL

COMPAIES AND ALUMINIUM SECTORA DETAILED STUDY IN

FINANCE

SUBMITTED IN PARTIAL FULFILLMENT OF THE AWARD OF DEGREE

OF MASTER OF MANAGEMENT STUDIES (MMS) UNDER THE

UNIVERSITY OF MUMBAI SUBMITTED BY

BY

VINIT SURESH SHELAR

ROLL NO: !

BATCH :"#$%-"#$

UNDER THE GUIDANCE OF

PROF&DR&MANISHA DUBEY

BHARATI VIDYAPEETH'S

INSTITUTE OF MANAGEMENT STUDIES RESEARCH

NAVI MUMBAI

CERTIFICATE OF APPROVAL

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This is to certify that the summer internship project entitled EQUITY

RESEARCH IN NON-BANKING FINANCIAL COMPAIES AND

ALUMINIUM SECTOR submitted by. A student of BharatiVidyapeeth Institute

of Management Studies And Research as a part of the curriculum of Master of

Management Studies and Research has been appro!ed.

"r. Manisha "ubey "r. " .# $atil

%$roject &uide ' % "irector '

CERTIFICATE

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DECLARATIONI Mr. VI)IT S*R+S, S,+-AR MMS Student of BharatiVidyapeeths institute

of management studies and research hereby declare that I ha!e completed the

projectentitled EQUITY RESEARCH IN NON-BANKING FINANCIAL

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COMPAIES AND ALUMINIUM SECTOR during the academic year (012

(013.

The report 4or5 is original and the information6data and the references included in

the report are true to the best of my 5no4ledge.

S*+,./01 23 S./41,.

AKNOWLEDGEMENT


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7hate!er I do and 4hate!er 4e achie!e during the course of our limited life is just not done only

by our o4n efforts but by efforts contributed by other people associated 4ith us indirectly or

directly.

8irst of all I 4ould li5e to than5 our director D0& D&Y& P.*5%BharatiVidyapeeths institute of

management and entrepreneurship de!elopment' for pro!iding me an opportunity to underta5e a

project as a partly fulfillment of MMS course. I than5 all those people 4ho contributed to this

from the !ery beginning until its successful end.

I ac5no4ledge my gratitude to P023& DR& MANISHA DUBEY BharatiVidyapeeths institute of

management studies and research' for her e9tended guidance encouragement support and

re!ie4s 4ithout 4hom this project 4ould not ha!e been a success.

I sincerely than5 M0& N*6178 R/9015 for assigning such a challenging project 4or5 4hich has

enriched my 4or5 e9perience and getting me acclimati:ed in a fit and final 4or5ing ambience in

the premises of birla sun life insurance

-ast but not the least I 4ould li5e to e9tend my than5s to all the employees at Birla sun life

insurance co. and my friends for their cooperation !aluable information and feedbac5 during my

project.

P51: CBD B159/0; N*&

%Signature of the student'

VINIT SURESH SHELAR&

I,.024/.*2,

India is a de!eloping country. )o4adays many people are interested to in!est in

financial mar5ets especially on e;uities to get high returns and to sa!e ta9 in


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honest 4ay. +;uities are playing a major role in contribution of capital to

the business from the beginning. Since the introduction of shares concept

large numbers of in!estors are sho4ing interest to in!est in stoc5 mar5et.

This project mainly focuses on e;uity analysis of selected )B8=s and Aluminium

=ompanies. The 8undamental analysis and Technical analysis gi!es the idea to us

4hich is the time to in!est the money on 4hich companies.

8undamental analysis is the e9amination of the underlying forces that affect the

4ell being of the economy industry groups and companies. Technical analysis is

directed to4ards predicting the price of a security. The price at 4hich a buyer and

seller settle a deal is considered to be the one precise figure 4hich synthesis

4eighs and finally e9presses all factors rational and irrational ;uantifiable and

non2;uantifiable and is the only figure that counts.

L*.10./01 R1 In a pioneering paper

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e9cess profits using trend follo4ing rules ha!e disappeared o!er time

opportunities still e9ists in the e9otic currencies.

Cne of the more significant paper relating central ban5 inter!ention to that of

e9cess profits using technical analysis is that by -eBaron %1???'. *sing simple

mo!ing a!erages rules on ( currencies %"eutsche Mar5 and #en against the "ollar

he found significant profits of more than


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implies that the positi!e returns earned by technical analyst during this period are

in fact an ade;uate compensation for ris5 bearing.

8inally there has been some e!idence that trading rule profits has been declining

o!er time. -eBaron %(00(' disco!ered that returns from MA trading rules declined

during the 1??0s. Clson %(00' found out that post 1?@0 returns declined to :ero

by the 1??0s using MA rule portfolios tested in successi!e fi!e2year periods.

Similarly Schulmeister %(00' found that e!en profits from the best of 10(

technical trading rules has been declining since the 1?0s and $u5thuanthong2-e

-e!ich and Thomas %(00@' find that currencies for emerging mar5ets tend to ha!e

more profit opportunities than de!eloped nations. 8inally in a conclusi!e study

)eely 7eller and *lrich %(00?' conducted out of sample test on a !ariety of

pre!iously studied rules and concluded that simple technical trading rules 4ere

profitable up to the 1??0s but as 5no4ledge of the usefulness of these rules

became more and more 4idespread profitability disappeared. The decline in the

profitability of trading rule returns has been partly attributed to the rise in

algorithmic trading. Do:han and Salmon %(010' found that returns to a genetic

algorithm that pro!ed profitable in (00/ disappeared by (00 and attributed the

declining profitability to a rise in algorithmic trading o!er the same period. Their

findings are bac5ed up by =haboud et al.%(00?' 4ho reported that algorithmic

traders accounted for 30F of total trading !olume in (00 %4hereas in (00/ they

4ere almost none9istent' in t4o currency mar5ets.

OBJECTIVE OF THE STUDY

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To study about some of the major players in )on2Ban5ing 8inancial

companies H Aluminium sector. To compare the financial ratios of the major players and interpreting them.

To identify the top line and bottom line of both the sectors and the factors

that affects them. To e!aluate the shares of the )on2Ban5ing 8inancial companies

HAluminium sector. To find out ho4 the judgment is ta5en by the analyst on the basis of

fundamental analysis and technical analysis of the company. To predict the future performance of the stoc5s and gi!e suggestion on the

same.

B*05 S/, L*31 I,7/0,1 P023*51

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An C!er!ie4 of the B*05 S/, L*31 I,7/0,1(BSLI)

+stablished in (000 Birla Sun -ife Insurance =ompany -imited

%BS-I' is a joint !enture bet4een the Aditya Birla &roup a 4ell25no4n and

trusted name globally amongst Indian conglomerates and Sun -ife 8inancial Inc

leading international financial ser!ices organi:ation from =anada. The local

5no4ledge of the Aditya Birla &roup combined 4ith the domain e9pertise of Sun

-ife 8inancial Inc. offers a formidable protection for its customersJ future.

7ith an e9perience of o!er 10 years BS-I has contributed

significantly to the gro4th and de!elopment of the life insurance industry in India

and currently ran5s amongst the top 3 pri!ate life insurance companies in the

country. Dno4n for its inno!ation and creating industry benchmar5s BS-I has

se!eral firsts to its credit.

It 4as the first Indian Insurance =ompany to introduce K8ree -oo5 $eriodK and the

same 4as made mandatory by IR"A for all other life insurance companies.

Additionally BS-I pioneered the launch of *nit -in5ed -ife Insurance plans

amongst the pri!ate players in India. To establish credibility and further

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transparency BS-I also enjoys the prestige to be the originator of practice to

disclose portfolio on monthly basis.

These category de!elopment initiati!es ha!e helped BS-I be closer to

its policy holders e9pectations 4hich gets further accentuated by the complete

bou;uet of insurance products %!i:. pure term plan life stage products health plan

and retirement plan' that the company offers.

V*7*2,:

To be a leader and role model in a broad based and integrated financial ser!ices

business.

M*77*2,:

To help people mitigate ris5s of life accident health and money at all

stages and under all circumstances. +nhance the financial future of our customers including enterprises.

V5/17:

Integrity

=ommitment

$assion

Seamlessness Speed

A>2/. B*05 S/, L*31 I,7/0,1:

1(


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Wealth Creation

Tax Savings

Savings

Regular Income

Technology

Other Mutual Funds

Portfolio management services:

Future usiness Continuity Plan:

S!I"s usiness Continuity Management Policy

usiness Continuity Management System O#$ectives %CMS&

)C)2BA)DI)& 8I)A)=IA- =CM$A)I+S %)B8=S'.

)on2ban5ing financial companies %)B8=s' are fast emerging as an important

segment of Indian financial system. It is an heterogeneous group of institutions

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%other than commercial and co2operati!e ban5s' performing financial

intermediation in a !ariety of 4ays li5e accepting deposits ma5ing loans and

ad!ances leasing hire purchase etc. They raise funds from the public directly or

indirectly and lend them to ultimate spenders. They ad!ance loans to the !arious

4holesale and retail traders small2scale industries and self2employed persons.

Thus they ha!e broadened and di!ersified the range of products and ser!ices

offered by a financial sector. &radually they are being recognised as

complementary to the ban5ing sector due to their customer2oriented ser!ices

simplified procedures attracti!e rates of return on deposits fle9ibility and

timeliness in meeting the credit needs of specified sectors etc.

The 4or5ing and operations of )B8=s are regulated by the Reser!e Ban5 of India

%RBI'4ithin the frame4or5 of the Reser!e Ban5 of India Act 1?/%=hapter III B'

and the directionsissued by it under the Act. As per the RBI Act a Jnon2ban5ing

financial companyJ is defined as2

1. A financial institution 4hich is a company

(. Anon ban5ing institution 4hich is a company and 4hich has as its principal

business the recei!ing of deposits under any scheme or arrangement or in

any other manner or lending in any manner

/. Such other non2ban5ing institution or class of such institutions as the ban5

may 4ith the pre!ious appro!al of the =entral &o!ernment and by

notification in the Cfficial &a:ette specify

*nder the Act it is mandatory for a )B8= to get itself registered 4ith the RBI as a

deposit ta5ing company. This registration authorises it to conduct its business as an

)B8=. 8or the registration 4ith the RBI a company incorporated under

the =ompanies Act 1?


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%raised to Rs (00 la5h 4.e.f April (1 1???'. The term J)C8J means o4ned funds

%paid2up capital and free reser!esminus accumulated losses deferred re!enue

e9penditure and other intangible assets' less

1. In!estments in shares of subsidiaries6companies in the same group6 all other

)B8=s

(. The boo5 !alue of debentures6bonds6 outstanding loans and ad!ances

including hire2purchase and lease finance made to and deposits 4ith

subsidiaries6 companies in the same group in e9cess of 10F of the o4ned

funds.

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TYPES OF NBFC7

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NBFC A,5@7*7

1. The major )on Ban5ing 8inancial =ompanies %)B8=s' in India ha!e their

relati!e speciali:ations for e.g. ,"8= %mortgage loans' I"8=

%infrastructure loans' Mahindra 8inance $o4er 8inance =orporation %po4er

financer' HShriram Transport 8inance %auto loans'. The trend of segmental

monopoly is changing as ban5s are entering long2term finance and 8Is also

meeting the medium and short G term needs of the business masses

(. )B8=sJ gro4th had been constrained due to lac5 of ade;uate capital. &oing

for4ard 4e belie!e capital infusion and le!erage thereupon 4ould catapult

)B8=sJ gro4th in si:e and scale. A number of )B8=s ha!e been issuing

non2con!ertible debentures %)="s' in order to increase their balance sheet

li;uidity. Also to address this purpose especially in the infrastructure

financing space a ne4 category of )B8=s 4as formed called Infrastructure

financing companies %I8=s'.

/. )B8=s are not re;uired to maintain cash reser!e ratio %=RR' and statutory

li;uid ratio %S-R'. $riority sector lending norm of 0F %of total ad!ances' is

also not applicable for them. 7hile this is to their ad!antage they do not

ha!e access to lo42cost demand deposits. As a result their cost of funds is

al4ays high resulting in thinner interest spread. ,o4e!er the regulatory

arbitrage may soon change bet4een the t4o entities 4ith the help of the

*shaThorat committee recommendations 4hich call for stricter regulations

in the space.

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F*,,*5 Y10$%

8#1 pro!ed to be a challenging year. The une!en political climate led to

stagnant economical scenario G thereby leading to lo4er infusion of

in!estments in to infrastructure and core industries G also leading to lo4er

capital e9penditure and less job creation. The inflation remained on the

higher side thereby reducing the disposable income and leading to lo4er

consumer spends.

It 4as also the most challenging year for the Indian commercial !ehicles

sector. IndiaJs cycle2prone commercial !ehicle industry is not ne4 to

do4nturns. Thus the !ehicle financiers too faced enormous challenges

during the year.

"espite the o!erall slo4do4n in the economy the demand for indi!idual

home loans continued to remain strong. The demand for affordable housing

remained robust 4ith increased gro4th coming from tier II and tier III cities.

In an endea!or to further support home loans the 8inance Act (01/

pro!ided a one2time benefit of additional interest deduction up to Rs 1 la5h

for first2time home buyers pro!ided the loan amount and property cost did

not e9ceed Rs (< la5hs and Rs 0 la5hs respecti!ely. This coupled 4ith the

other fiscal benefits a!ailable on home loans has helped reduce the effecti!e

rate of interest payable on a home loan. Thus o!erall 8#1 turned out to be

a strong year in terms of home loan disbursements for housing financiers.

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"uring 8#1 India continued to sho4 a deceleration in gro4th 4ith the

&"$ gro4th rate at lo4er than < percent. The macroeconomic scenario 4as

difficult 4ith a slo4do4n in the in!estment cycle persistently high headline

inflation and a !olatile currency and interest rates. The trend of declining

pri!ate in!estment in Infrastructure continued during the year. The issues

faced by the infrastructure sector are 4ell 5no4n and the &o!ernment

initiated some steps to reduce the bottlenec5s faced in project e9ecution.

And 8#1 pro!ed to be an e;ually turbulent year for infrastructure

financiers.

The Reser!e Ban5 of India granted branch licenses to t4o )B8=s namely

I"8= and Bandhan 8inancial ser!ices to set ban5 in the pri!ate space.

The retail focused )B8=s 4itnessed a surge in asset ;uality issues during

the fiscal ended March and the troubles are li5ely to continue in 8#1< as

4ell. The agency stated delin;uencies due for o!er 10 days after 4hich the

asset turns bad as per the e9isting reporting guidelines for the retail focused

)B8=s increased to 1.?F for 8#1 from 1./F at the end of 8#1/. &oing

by the ?02day due rule 4hich ;ualifies an asset as bad for commercial

ban5s delin;uencies increased to .


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P02791.7The economy has been seeing early signs of impro!ement in !arious

macroeconomic parameters. These e!ents are e9pected to gi!e further boost to the

economic gro4th of the nation.8actors li5e higher industrial gro4th and clearance

of stalled projects are li5ely to reduce cyclical pressure on major non2ban5 finance

companies from the second half of the ne9t fiscal.7hile in 8#1< delin;uency le!el

for retail )B8=s could remain at ele!ated le!els a possible pic52up in industrial

acti!ity could result in some easing although the same is e9pected only to4ards

the latter part of the year.The gross non2performing loan %gross )$-' ratio of

)B8=s to reach .(F by the end of March (01< from (.


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8*)"AM+)TA- A)A-#SIS

A method of e!aluating a security that entails attempting to measure its intrinsic

!alue by e9amining related economic financial and other ;ualitati!e and

;uantitati!e factors. 8undamental analysts attempt to study e!erything that can

affect the securityJs !alue including macroeconomic factors %li5e the o!erall

economy and industry conditions' and company2specific factors %-i5e financial

condition and management'

The end goal of performing fundamental analysis is to produce a !alue that an

in!estor can compare 4ith the securityJs current price 4ith the aim of figuring out

4hat sort of position to ta5e 4ith that security %underpriced N buyo!erpricedNsell

or short'

This method of security analysis is considered to be the opposite of technical

analysis.

((


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F/,4=1,.5 A,5@7*7 23 NBFC

In the fundamental analysis of )B8= sector I ha!e ta5en mostly large sector. I

ha!e ta5en top < )B8= companies on 4hich I ha!e done the analysis. 8irstly Iha!e found out the +arnings per share %+$S' then $6+ ratio of all the companies.

8ormula of +$S is $rofit 6 )umber of outstanding shares and $6+ ratio is Mar5et

!alue per share 6 +arnings per share. After finding $6+ ratio I ha!e founded the

Sector $6+ 4hich is a!erage of all the $6+ ratio.

If $6+ of Ban5 is less than Sector $6+ then its a Value pic5 so out of < Ban5 I ha!e

got / Value pic5 ban5s name of those ban5s are $o4er 8inance =orp. Reliance

=apital Rural +lectricity =orp. 8or remaining ban5s I ha!e founded $+& ratio

formula for the same is $6+ 6 +$S gro4th. If the $+& is less than 1 then its a

&ro4th pic5. 8or all the < Ban5 I ha!e computed -ong Term $rice Target %-T$T'

4hich is calculated by multiplying Sector $6+ and +$S -T$T is the target 4hich is

li5ely to be achie!ed by the Ban5s in the near future. The illustration of the same is

as follo4s %$rice is as date on 13 thune (01


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$ ,"8= /1. 11?/.


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A552.*2, 23 F/,4

D.1 S1.20 C2=9,@ N=1 Q/,.*.@ P0*1 V5/1

132un21< )B8=

Rural +lectricity =orp. ?


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+,)))*))

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-+,)))*))

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.+,)))*))

.)-+

.)-/

%$rice is as date on 13

th

une (01


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(72/01-???&=2,1@2,.025&2=)

BOTTOM LINE OF NBFC7

%$rice is as date on 13thune (01


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)*))

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.,)))*))

2,)))*))

/,)))*))

+,)))*))

3,)))*))

Mar 4-+

Mar 4-/

(72/01-???&=2,1@2,.025&2=)

TECHNICALANALYSIS

Technical analysis is a financial term used to denote a security analysis discipline

for forecasting the direction of prices through the study of past mar5et data

primarily price and !olume. Beha!ioral economics and ;uantitati!e analysis

incorporate technical analysis 4hich being an aspect of acti!e management standsin contradiction to much of modern portfolio theory.

Technical analysis employs models and trading rules based on price and !olume

transformations such as the relati!e strength inde9 mo!ing a!erages regressions

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inter2 mar5et and intra2mar5et price correlations business cycles stoc5 mar5et

cycles or classically through recognition of chart patterns.

Technical analysis stands in contrast to the fundamental analysis approach to

security and stoc5 analysis. Technical analysis analy:es price !olume and other

mar5et information 4hereas fundamental analysis loo5s at the actual facts of the

company mar5et currency or commodity. Most large bro5erage trading group or

financial institutions 4ill typically ha!e both a technical analysis and fundamental

analysis team.

CONCEPTS

A& Resistance 2 a price le!el that may prompt a net increase of selling acti!ity

B& Support 2 a price le!el that may prompt a net increase of buying acti!ityC& Brea5out 2 the concept 4hereby prices forcefully penetrate an area of prior

support or resistance usually but not al4ays accompanied by an increase in

!olume.

D& Trending 2 the phenomenon by 4hich price mo!ement tends to persist in one

direction for an e9tended period of time

E& A!erage true range 2 a!eraged daily trading range adjusted for price gaps

F& =hart patterns 2 distincti!e pattern created by the mo!ement of security

prices on a chart

CHARTTYPES:

There are three main types of charts that are used by in!estors and

traders depending on the information that they are see5ing and their indi!idual s5ill

le!els. The chart types are the line chart the bar chart the candlestic5 chart.

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A& LINE CHART :

The most basic of the three charts is the line charts because it representsonly the closing prices o!er a set period of time. The line is formed byconnecting the closing prices o!er the time frame. -ine charts do not pro!ide

!isual information of the trading range for the indi!idual points such as thehigh lo4 and opening prices. ,o4e!er the closing price is often consideredto be the most important price in stoc5 data compared to the high and lo4 forthe day and this is 4hy it is the only !alue used in line charts.

BAR CHARTS :

The bar chart e9pands on the line chart by adding se!eral more 5ey pieces of

information to each data point. The chart is made up of a series of !ertical

lines that represent each data point. This !ertical line represents the high and lo4

for the trading period along 4ith the closing price. The close and open are

represented on the !ertical line by a hori:ontal dash.

The opening price on a bar chart is illustrated by the dash that is located on the

left side of the !ertical bar. =on!ersely the close is represented by the dash on

the right. &enerally if the left dash %open' is lo4er than the right dash %close'

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then the bar 4ill be shaded blac5 representing an up period for the stoc5 4hich

means it has gained !alue. A bar that is colored red signals that the stoc5 has gone

do4n in !alue o!er that period. 7hen this is the case the dash on the right %close'

is lo4er than the dash on the left %open'.

B& CA NDL

E-

STICKCHARTS :

The candlestic5 chart is similar to a bar chart but it differs in the 4ay that it is

!isually constructed. Similar to the bar chart the candlestic5 also has a thin

!ertical line sho4ing the periodJs trading range. The difference comes in the

formation of a 4ide bar on the !ertical line 4hich illustrates the difference

bet4een the open and close. And li5e bar charts candlestic5s also rely hea!ily

on the use of colors to e9plain 4hat has happened during the trading period.

There are t4o color constructs for days up and one for days that the price

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falls. 7hen the price of the stoc5 is up and closes abo!e the opening trade

the candlestic5 4ill usually be 4hite or clear. If the stoc5 has traded do4n for

the period then the candlestic5 4ill usually be red or blac5 depending on the

site. If the stoc5Js price has closed abo!e the pre!ious days close but belo4 the

dayJs open the candlestic5 4ill be blac5 or filled 4ith the color that is used to

indicate an up day.

CHART PATTERNS :

$& HEAD AND SHOULDERS :

This is one of the most popular and reliable chart patterns in technical analysis.

,ead and shoulders is a re!ersal chart pattern that 4hen formed signals that

the security is li5ely to mo!e against the pre!ious trend ,ead and shoulders top

is a chart pattern that is formed at the high of an up4ard mo!ement and signals

that the up4ard trend is about to end. ,ead and shoulders bottom also 5no4n

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as in!erse head and shoulders is the lesser 5no4n of the t4o but is used to

signal a re!ersal in a do4ntrend.

"& C/9 ,4 H,451 :

A cup 4ith handle chart is a bullish continuation pattern in 4hich the

up4ard trend has paused but 4ill continue in an up4ard direction once the

pattern is confirmed. This price pattern forms 4hat loo5s li5e a cup 4hich is

preceded by an up4ard trend. The handle follo4s the cup formation and is

formed by a generally do4n4ard6side4ays mo!ement in the securityJs price.

Cnce the price mo!ement pushes abo!e the resistance lines formed in the

handle the up4ard trend can continue. There is a 4ide ranging time frame for

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this type of pattern 4ith the span ranging from se!eral months to more than a

year.

&

DOUBLETOPS AND BOTTOMS :

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This chart pattern is another 4ell25no4n pattern that signals a trend re!ersal 2 it

is considered to be one of the most reliable and is commonly used. These

patterns are formed after a sustained trend and signal to chartists that the trend

is about to re!erse. The pattern is created 4hen a price mo!ement tests

support or resistance le!els t4ice and is unable to brea5 through. This

pattern is often used to signal intermediate and long2term trend re!ersals.

4. TRIANGLES:

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Triangles are some of the most 4ell25no4n chart patterns used in technical

analysis. The three types of triangles 4hich !ary in construct and implication

are the symmetrical triangle ascending and descending triangle. These chart

patterns are considered to last any4here from a couple of 4ee5s to se!eral

months.

!&

FLAG AND PENNANT :

These t4o short2term chart patterns are continuation patterns that are formed

4hen there is a sharp price mo!ement follo4ed by a generally side4ays price

mo!ement. This pattern is then completed upon another sharp price mo!ement

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in the same direction as the mo!e that started the trend. The patterns are

generally thought to last from one to three 4ee5s

&

WEDGE:

The 4edge chart pattern can be either a continuation or re!ersal pattern. It is

similar to a symmetrical triangle e9cept that the 4edge pattern slants in an

up4ard or do4n4ard direction 4hile the symmetrical triangle generally

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sho4s a side4ays mo!ement. The other difference is that 4edges tend to form

o!er longer periods usually bet4een three and si9 months.

& TR

IPL

E

TOPS AND BOTTOMS :

Triple tops and triple bottoms are another type of re!ersal chart pattern in chart

analysis. These are not as pre!alent in charts as head and shoulders and double

tops and bottoms but they act in a similar fashion. These t4o chart patterns are

formed 4hen the price mo!ement tests a le!el of support or resistance three

times and is unable to brea5 through this signals a re!ersal of the prior trend.

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&

ROUNDING BOTTOM :

A rounding bottom also referred to as a saucer bottom is a long2term re!ersal

pattern that signals a shift from a do4n4ard trend to an up4ard trend. This

pattern is traditionally thought to last any4here from se!eral months to se!eral

years.

/?


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TECHNICALANALYSIS OF NBFC

P2?10 F*,,1 C209&

P0*17

D.1 O91, H*+8 L2? C5271

((2Sep210 /( /


41/52

P0*17

D.1 O91, H*+8 L2? C5271

((2Sep210 //.3 /3.(< //.( //.(

Documents

NBFC11[1] copy.docx