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NATIONAL INSTITUTE OF TECHNOLOGY
DURGAPUR
(DEEM ED UNIVERSITY)
DEPARTM ENT OF M AN AGEM ENT STUDIES
TECHN ICAL AN ALYSIS OF ULTRATECH CEM EN T
(SECURITY AN ALYSIS AND PORTFOLIO M AN AGEM ENT)
SU B M I T TED T O
Pro f. A VIJAN DUTTA
B Y
BANHI GUHA (0 7 / M B A / 4 7 )
OCTOBER, 2008
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INDEX
1. INTRODUCTION....3
2. TREND LINES3
3. M OVING AVERAGES..6
a. SIM PLE M OV IN G AVERAGE.... .. ... .. .. ..6
b . EXPON ENTIAL M OVIN G AVERAGE...13
4. M OV IN G AVERAGES CON VERGENCE/ DIV ERGENCE (M ACD)..20
5. BO LLINGER BA NDS...27
6. %K & %D..34
7. RSI...41
8. PORTFOLIO...48
9. PROFIT FROM DIFFERENT M ETHODS.. .. .5 3
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INTRODUCTION
Technical Analysis of Ult raTech is based on sto ck price of Sensex dat a from 24 t h August 2004
(when the com pany w as l isted) t i l l 12 t h Septem ber 2008.
TREND LINES
Technical Analysis is based on past behavior and is used to predict the future. One of most
common and easy way of predict ion of future is by t rend l ines which is done ei ther by taking
dai ly data or w eekly data or m ont hly data (here m ont hly data are taken) and candle st ick type
char t are drawn to understand the past behavior and help to predict the future and helps in
decision m aking when t o buy a par t icu lar stock and w hen t o sell the same stock or to ho ld the
same.
The t able below is the m ont hly open, h igh, low and close pr ice of Ul t raTech Cem ent Ltd
Date OpenPrice
HighPrice
LowPrice
ClosePrice
Date OpenPrice
HighPrice
LowPrice
ClosePrice
Aug-04 305 338.7 249 265.95 Sep-06 773.8 921.4 762 891.15
Sep-04 267.5 283 254 266.6 Oct-06 890 919.75 860 880.5
Oct-04 269.5 353 264 303.75 Nov-06 871 936.5 860 898.75
Nov-04 303 310 276 295.2 Dec-06 902 1,155.00 895 1,096.90
Dec-04 295 351 294 340.3 Jan-07 1,108.00 1,204.95 985 993.7
Jan-05 342 360 311 343.75 Feb-07 991 1,140.05 820 891.1
Feb-05 346 391 338 372.25 Mar-07 900 928 715 770.45
Mar-05 360 392.9 338 354.55 Apr-07 742.5 860 662 820.3
Apr-05 356.8 377.85 331 333.4 M ay-07 837.95 859.95 790 827
May-05 341 367 315 324.9 Jun-07 829.5 916.2 779 900.05
Jun-05 325.2 358.5 314 352.45 Jul-07 902 1,004.00 851 932.15Jul-05 348 430 348 380.75 Aug-07 901.1 950 808 920.5
Aug-05 384.85 448.4 375 439.05 Sep-07 922 1,090.00 922 1,042.55
Sep-05 442.9 495 406 466.3 Oct-07 1,048.00 1,165.00 969 999.15
Oct-05 475 475 381 398.15 Nov-07 1,010.00 1,070.00 870 987.4
Nov-05 403 477.05 403 450 Dec-07 1,005.00 1,050.00 926 1,014.50
Dec-05 455.95 464.5 415 427.15 Jan-08 1,040.00 1,040.00 731 860.6
Jan-06 434.5 539.9 421 518.55 Feb-08 865 925 785 911.35
Feb-06 528.95 565 498 560.5 Mar-08 890 940 750 779.85
Mar-06 565 689 563 684.45 Apr-08 780 843 755 761.05
Apr-06 690 885 690 859.65 M ay-08 779 779 625 650.25
May-06 811.25 883.9 585 605.45 Jun-08 655 660 538 544.85
Jun-06 611 751.85 501 749.95 Jul-08 538 598 500 574.15Jul-06 750 761 599 722.1 Aug-08 567 650 552 590.3
Aug-06 699 78 1.4 699 769 Sep-08 595.95 613 557 565.5
The graph in next page show s the candle st ick of t he above data w i th support and resistance
line.
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0
20 0
40 0
60 0
80 0
1000
1200
1400
Support l ines
support at 260
support at 315
support at 350
support at 400
support at 425 support at 600
support at 500 support at 715
support at 660
support at 550
resistance at 885
resistance at 390
support at 730
support at 500
resistance at 390 resistance at 495
resistance at 475 resistance at 880
resistance at 650
resistance at 104 0
resistance at 1165resistance at 1140resistance at 1200
Resistance l ines
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0
20 0
40 0
60 0
80 0
1000
1200
Bearish Trend
Bull ish Trend
The g raph is d rawn w i th thehelp of c lose pr ice wi t h
month l y da ta
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M OVING AVERAGES
M oving averages are one of t he m ost popular and easy t o use tools avai lable to t he t echnical
analyst . They smooth a data ser ies and make i t easier to spot t rends, something that is
especia l ly helpfu l in volat i le markets. They also form the bui ld ing b locks for many other
techn ical indicator s and over lays.
The tw o m ost popu lar types of mo ving averages are the Sim ple M oving Average (SM A) and the
Exponent ia l M oving Average (EM A). They are descr ibed in m ore det ai l below.
A) SIM PLE M OVIN G AVERAGE (SM A)
A sim ple m oving average is form ed by com put ing the average (m ean) pr ice of a secur i ty ( in t h is
case UltraTech stock price is taken) over a specif ied number of periods. While i t is possible to
create moving averages f rom the Open, the High, and the Low data points, most moving
averages are created using the closing price.
For Ult raTech 200 Days & 5 Days SM A are taken 2 00 Days can be t aken fo r long ru n and 5Days
is taken for shor t run.
A 200 Day sim ple m oving average is calculated by add ing the closing prices for t he last 200 Days
and div id ing the t ota l by 200.
The calculat ion is repeated for each price bar on the chart. The averages are then joined to
form a sm oot h curving l ine - the mov ing average l ine fo r next SM A new per iod w ou ld be added
and the o ldest d ay, w ould be d ropped . As new days are added, the o ld days wi l l be subt racted
and the m ov ing average w i ll con t inue to m ove over t ime.
(The f i rst par t of th e table and the last par t of t he table is been show n here)
Sl
No
Date Close
Price
200 D
SM A
5 Days
SM A
Sl
No
Date Close
Price
200 D
SM A
5 Days
SM A
1 24-Aug-04 260.35 15 13-Sep-04 260.2 260.68
2 25-Aug-04 255.8 16 14-Sep-04 261.55 259.96
3 26-Aug-04 270.15 17 15-Sep-04 263.85 260.02
4 27-Aug-04 262.7 18 16-Sep-04 265.25 261.95
5 30-Aug-04 266 263 19 17-Sep-04 271.25 264.42
6 31-Aug-04 265.95 264.12 20 20-Sep-04 277.7 267.92
7 01-Sep-04 267.35 266.43 21 21-Sep-04 277.45 271.1
8 02-Sep-04 263.15 265.03 22 22-Sep-04 279.3 274.19
9 03-Sep-04 262.8 265.05 23 23-Sep-04 269.55 275.05
10 06-Sep-04 265.55 264.96 24 24-Sep-04 270.35 274.87
11 07-Sep-04 265.15 264.8 25 27-Sep-04 272.85 273.9
12 08-Sep-04 263.55 264.04 26 28-Sep-04 266.05 271.62
13 09-Sep-04 255.6 262.53 27 29-Sep-04 264.2 268.6
14 10-Sep-04 258.9 261.75 28 30-Sep-04 266.6 268.01
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Sl
No
Date Close
Price
200 D
SM A
5 Days
SM A
Sl N o Date Close
Price
200 D
SM A
5 Days
SM A
And t he last part of t he table is show n below , the complet e table is been don e in M S-Excel
95 2 12-Jun-08 638.3 893.90 630.7 98 4 28-Ju l-08 560.4 824.10 553.2
95 3 13-Jun-08 632 892.69 629.4 98 5 29-Ju l-08 548.6 821.40 554.94
95 4 16-Jun-08 621.95 891.28 629.6 98 6 30-Ju l-08 556.6 818.69 551.93
95 5 17-Jun-08 628.25 889.87 632.1 98 7 31-Ju l-08 574.1 816.02 558.06
95 6 18-Jun-08 632.1 888.43 630.5 98 8 01-Aug-08 566.5 813.15 561.27
95 7 19-Jun-08 626.5 886.94 628.1 98 9 04-Aug-08 574.7 810.45 564.14
95 8 20-Jun-08 592.4 885.30 620.2 99 0 05-Aug-08 612.3 807.89 576.89
95 9 23-Jun-08 574.2 883.44 610.6 99 1 06-Aug-08 632.6 805.84 592.08
96 0 24-Jun-08 562.7 881.36 597.5 99 2 07-Aug-08 633.7 803.98 603.99
96 1 25-Jun-08 569.9 879.30 585.1 99 3 08-Aug-08 631.3 802.04 616.94
96 2 26-Jun-08 592.9 877.26 578.4 99 4 11-Aug-08 634.6 800.10 628.92
96 3 27-Jun-08 568.0 875.11 573.5 99 5 12-Aug-08 634.5 798.19 633.35
96 4 30-Jun-08 544.8 872.91 567.6 99 6 13-Aug-08 633.1 796.41 633.45
96 5 01-Ju l-08 522.3 870.65 559.6 99 7 14-Aug-08 617.3 794.44 630.18
96 6 02-Ju l-08 541.3 868.45 553.9 99 8 18-Aug-08 610.3 792.34 625.99
96 7 03-Ju l-08 534.2 866.15 542.1 99 9 19-Aug-08 610 790.40 621.06
96 8 04-Ju l-08 537.5 863.97 536.0 1000 20-Aug-08 608.6 788.45 615.89
96 9 07-Ju l-08 552.2 861.86 537.5 1001 21-Aug-08 592.0 786.46 607.68
97 0 08-Ju l-08 555.9 859.74 544.2 1002 22-Aug-08 585 784.52 601.21
97 1 09-Ju l-08 566.5 857.58 549.2 1003 25-Aug-08 594.2 782.61 597.9997 2 10-Ju l-08 554.6 855.29 553.3 1004 26-Aug-08 591.0 780.65 594.2
97 3 11-Ju l-08 551.35 852.80 556.1 1005 27-Aug-08 594.8 778.71 591.43
97 4 14-Ju l-08 541.5 850.25 553.9 1006 28-Aug-08 590.4 776.77 591.1
97 5 15-Ju l-08 529.85 847.60 548.7 1007 29-Aug-08 590.3 774.86 592.16
97 6 16-Ju l-08 530.2 844.84 541.5 1008 01-Sep-08 598.0 773.06 592.92
97 7 17-Ju l-08 520.15 842.25 534.6 1009 02-Sep-08 608.4 771.18 596.4
97 8 18-Ju l-08 539.85 839.74 532.3 1010 04-Sep-08 605.0 769.06 598.45
97 9 21-Ju l-08 538.65 837.13 531.7 1011 05-Sep-08 588.9 766.94 598.16
98 0 22-Ju l-08 539.9 834.31 533.7 1012 08-Sep-08 581 764.84 596.3
98 1 23-Ju l-08 571.7 831.70 542.0 1013 09-Sep-08 582.8 762.57 593.25
98 2 24-Ju l-08 543.5 829.00 546.7 1014 10-Sep-08 588.2 760.32 589.2
98 3 25-Ju l-08 550.5 826.58 548.8 1015 11-Sep-08 584.3 758.27 585.06
And below are the graphs show ing the s imple m oving averages of 200D & 5 D of SM A w ith c lose
pr ice to get t he buy and sel l signal ei ther fo r long or shor t term according to SM A taken.
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25 0
26 0
27 0
28 0
29 0
30 0
31 0
32 0
33 0
34 0
35 0
01-Aug-04 21-Aug-04 10-Sep-04 30-Sep-04 20-Oct -04 09-No v-04 29-Nov-04 19-Dec-04 08-Jan-05
Close Pr ice 200 Days M A 5 Days M A
Sel l at 263 on 2nd Sep
Buy a t 302 on 7 th Dec
Buy at 260 on 13th Sep
Sel l at 295 on 3rd Dec
2004
Buy at 286 on 25th OctBuy a t 265 on 5 th Oct
Sel l a t 270 o n 23rd Sep
Sel l at 316 on 21 Dec
Sel l at 300 on 4th Nov
Sel l at 304 on 11th Oct
Buy a t 308 on 23 DecBuy a t 280 on 24 th Nov
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30 0
32 0
34 0
36 0
38 0
40 0
42 0
44 0
46 0
48 0
50 0
29-Dec-04 17-Feb-05 08-Apr -05 28-M ay-05 17-Ju l-05 05-Sep-05 25-Oct -05 14-Dec-05
Close Pr ice 200 Days M A 5 Days M A
Sel l at 370 on 16th Feb
Buy at 325 on 27th JanBuy at 360 on 24th Feb
Sel l at 340 on 10th Jan
Se l la t 374 on 14 th Mar
Buy a t 353 on 4 th May
Se l la t 348 on 11 th May
Sel l at 360 on 20th Apr
Buy a t 410 on 01st Nov
Buy a t 326 on 25 th May
Buy a t 355 on 31 th M ar
Sel l at 459 on 23rd Nov
Sel l at 374 on 15th July
Buy at 361 on 22nd July
Sel l a t 418 on 19th Aug
Buy a t 407 on 25 th Aug
Sel l at 462 on 23th Feb
Long Term Buy at 410 on 20th Jun
Sel l at 441 on 21st Dec
Buy a t 431 on 09 th Dec
2005
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35 0
45 0
55 0
65 0
75 0
85 0
95 0
1050
29-Dec-05 17-Feb -06 08-Apr -06 28-M ay-06 17-Ju l-06 05-Sep-06 25-Oct -06 14-Dec-06
Clo se Pr ice 200 Days M A 5 Days M A
Sel l at 727 on 14t h Jul
Buy at 436 on 3rd Jan
Se l la t 837 on 2nd M ay
Buy at 651 on 26th JulBuy at 631 on 15th Jun
Sel l at 764 on 23rd Aug
Buy a t 769 on 31st Aug
2006
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650.00
750.00
850.00
950.00
1,050.00
1,150.00
29-Dec-06 17-Feb-07 08-Apr -07 28-M ay-07 17-Ju l-07 05-Sep-07 25-Oct -07 14-Dec-07
Clo se Pr ice 200 Days M A 5 Days M A
Long Term Buy at 904 on 27th Aug
Sel l at 1113 on 05th Jan
Sel l at 1062 on 9th Feb
Buy a t 852 on 22nd Aug
Sel l at 1044 on 18th Oct
Buy a t 693 on 5st Apr
Sel l a t 967 on 24th Jul
Buy a t 753 on 14 th Mar
Sel l at 1130 on 19th Jan
Long Term Sel l at 812 on 5th M ar
Buy at 1060 on 1st Feb
Sel l at 788 on 23rd Mar
Buy a t 984 on 13 th Nov
Buy at 1071 on 12th Jan
2007
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50 0
60 0
70 0
80 0
90 0
1000
29-Dec-07 17-Feb-08 07-Apr -08 27-M ay-08 16-Ju l-08 04-Sep-08
Close Pr ice 200 Days M A 5 Days M A
Long Term Sel l at 871 on 16nd Jan
Buy at 798 on 24th Jan
Sel l at 865 on 6th Feb
Buy at 863 on 14th Feb
Sel l at 911 on 29th Feb
Buy at 539 on 18th Jul
Sel l a t 633 on 13th Aug
2008
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B) EXPON ENTIAL M OVING AVERAGE (EM A)
In order t o redu ce the lag in sim ple m oving averages, technicians of ten use exponent ial m oving
averages (also called exponent ial ly w eighted m oving averages). EM A's reduce th e lag by
apply ing more weight to recent pr ices re lat ive to o lder pr ices. The weight ing appl ied to the
most recent pr ice depends on the speci f ied per iod of the moving average. The shor ter the
EM A's per iod, the m ore w eight w i l l be appl ied to the m ost recent p r ice.
Exponent ia l M oving Average Form ula
EM A (curren t) = {(Pr ice (current ) EM A (previous) } x M ult ip l ier) + EM A(previous)
M ult ip l ier = {2 / (Time per iods + 1)}
N O T E: Th e s im p l e m o v i n g a v e r a g e i s u s ed f o r t h e f i r s t c a l cu l a t i o n o n l y . A f t e r t h a t t h e p r e v i o u s p e r i o d ' s
EM A i s u s e d .
(The f i rst par t of th e table and the last par t of t he table is been show n here)
Sl
No
Date Close
Price
200 D
EM A
5 Days
EM A
Sl
No
Date Close
Price
200
DEM A
5 Days
EM A
1 24-Aug-04 260.35 FIRST VA LUE 23 23-Sep-04 269.55 272.93
2 25-Aug-04 255.8 322.03 263 24 24-Sep-04 270.35 272.07
3 26-Aug-04 270.15 M ULTIPLIER 25 27-Sep-04 272.85 272.33
4 27-Aug-04 262.7 0.0099 0.3333 26 28-Sep-04 266.05 270.23
5 30-Aug-04 266 27 29-Sep-04 264.2 268.22
6 31-Aug-04 265.95 263.98 28 30-Sep-04 266.6 267.68
7 01-Sep-04 267.35 265.10 29 01-Oct -04 265.05 266.80
8 02-Sep-04 263.15 264.45 30 04-Oct -04 269.15 267.58
9 03-Sep-04 262.8 263.90 31 05-Oct -04 265.7 266.9510 06-Sep-04 265.55 264.45 32 06-Oct -04 295.25 276.38
11 07-Sep-04 265.15 264.68 33 07-Oct -04 316.25 289.67
12 08-Sep-04 263.55 264.30 34 08-Oct -04 319.2 299.51
13 09-Sep-04 255.6 261.40 35 09-Oct -04 314.95 304.66
14 10-Sep-04 258.9 260.56 36 11-Oct -04 304.2 304.50
15 13-Sep-04 260.2 260.44 37 12-Oct -04 301.15 303.38
16 14-Sep-04 261.55 260.81 38 14-Oct -04 288.6 298.45
17 15-Sep-04 263.85 261.82 39 15-Oct -04 289.9 295.60
18 16-Sep-04 265.25 262.96 40 18-Oct -04 286.2 292.47
19 17-Sep-04 271.25 265.72 41 19-Oct -04 286.4 290.44
20 20-Sep-04 277.7 269.71 42 20-Oct -04 285.6 288.83
21 21-Sep-04 277.45 272.29 43 21-Oct -04 291.05 289.57
22 22-Sep-04 279.3 274.63 44 25-Oct -04 286.65 288.59
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Sl
No
Date Close
Price
200 D
EM A
5 Days
EM A
Sl N o Date Close
Price
200 D
EM A
5 Days
EM A
And t he last part of t he table is show n below , the complet e table is been don e in M S-Excel
95 2 12-Jun-08 638.3 831.26 552.27 98 4 28-Ju l-08 560.4 757.33 552.27
95 3 13-Jun-08 632 829.28 551.05 98 5 29-Ju l-08 548.6 755.25 551.05
95 4 16-Jun-08 621.95 827.22 552.91 98 6 30-Ju l-08 556.6 753.28 552.91
95 5 17-Jun-08 628.25 825.24 559.99 98 7 31-Ju l-08 574.1 751.49 559.99
95 6 18-Jun-08 632.1 823.32 562.17 98 8 01-Aug-08 566.5 749.65 562.17
95 7 19-Jun-08 626.5 821.36 566.36 98 9 04-Aug-08 574.7 747.91 566.36
95 8 20-Jun-08 592.4 819.08 581.69 99 0 05-Aug-08 612.3 746.56 581.69
95 9 23-Jun-08 574.2 816.64 598.66 99 1 06-Aug-08 632.6 745.43 598.66
96 0 24-Jun-08 562.7 814.12 610.34 99 2 07-Aug-08 633.7 744.32 610.34
96 1 25-Jun-08 569.9 811.69 617.32 99 3 08-Aug-08 631.3 743.19 617.32
96 2 26-Jun-08 592.9 809.51 623.10 99 4 11-Aug-08 634.6 742.11 623.10
96 3 27-Jun-08 568.0 807.11 626.90 99 5 12-Aug-08 634.5 741.04 626.9096 4 30-Jun-08 544.8 804.50 628.96 99 6 13-Aug-08 633.1 739.97 628.96
96 5 01-Ju l-08 522.3 801.69 625.09 99 7 14-Aug-08 617.3 738.75 625.09
96 6 02-Ju l-08 541.3 799.10 620.18 99 8 18-Aug-08 610.3 737.47 620.18
96 7 03-Ju l-08 534.2 796.46 616.78 99 9 19-Aug-08 610 736.20 616.78
96 8 04-Ju l-08 537.5 793.89 614.07 1000 20-Aug-08 608.6 734.93 614.07
96 9 07-Ju l-08 552.2 791.48 606.73 1001 21-Aug-08 592.0 733.51 606.73
97 0 08-Ju l-08 555.9 789.14 599.48 1002 22-Aug-08 585 732.03 599.48
97 1 09-Ju l-08 566.5 786.92 597.74 1003 25-Aug-08 594.2 730.66 597.74
97 2 10-Ju l-08 554.6 784.61 595.51 1004 26-Aug-08 591.0 729.27 595.51
97 3 11-Ju l-08 551.35 782.29 595.27 1005 27-Aug-08 594.8 727.94 595.2797 4 14-Ju l-08 541.5 779.89 593.64 1006 28-Aug-08 590.4 726.57 593.64
97 5 15-Ju l-08 529.85 777.41 592.53 1007 29-Aug-08 590.3 725.21 592.53
97 6 16-Ju l-08 530.2 774.95 594.37 1008 01-Sep-08 598.0 723.95 594.37
97 7 17-Ju l-08 520.15 772.41 599.06 1009 02-Sep-08 608.4 722.80 599.06
97 8 18-Ju l-08 539.85 770.10 601.05 1010 04-Sep-08 605.0 721.62 601.05
97 9 21-Ju l-08 538.65 767.79 597.02 1011 05-Sep-08 588.9 720.30 597.02
98 0 22-Ju l-08 539.9 765.53 591.68 1012 08-Sep-08 581 718.92 591.68
98 1 23-Ju l-08 571.7 763.60 588.72 1013 09-Sep-08 582.8 717.56 588.72
98 2 24-Ju l-08 543.5 761.41 588.54 1014 10-Sep-08 588.2 716.28 588.54
98 3 25-Ju l-08 550.5 759.31 587.14 1015 11-Sep-08 584.3 714.96 587.14
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25 0
26 0
27 0
28 0
29 0
30 0
31 0
32 0
33 0
34 0
21-Aug-04 10-Sep-04 30-Sep-04 20-Oct -04 09-Nov-04 29-Nov-04 19-Dec-04
Close Pr ice 200 Days EM A 5 Days EM A
Sell at 267 on 1st Sep
Buy at 260 on 13th Sep
Sel l at 269 on 23th Sep
Buy a t 265 on 5 th Oct
Sel l a t 304 on 11th Oct
Buy a t 289 on 26 th Oct
Sel l a t 300 on 4th Nov
Buy a t 284 on 24 th Nov
2004
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30 0
32 0
34 0
36 0
38 0
40 0
42 0
44 0
46 0
48 0
50 0
01-Jan-05 20-Feb-05 11-Apr -05 31-M ay-05 20-Ju l-05 08-Sep-05 28-Oct -05 17-Dec-05
Close Pr ice 200 Days EM A 5 Days EM A
Sel l at 370 on 16th Feb
2005
Long Term Buy at 325 on 20th Jun
2005
Sel l at 340 on 10th Jan
Buy at 325 on 27th Jan
Buy a t 350 on 30 th M ar
Sel l at 373 on 18th Apr
Buy a t 329 on 3 rd M ay
Se l l a t 350 on 13 th May
Buy at 325 on 20th Jun
Sel l at 465 on 3rd Oct
Buy a t 398 on 31 th Oct
Sel l a t 455 on 24th Nov
Buy a t 430 on 12 th Dec
Sel l at 438 on 22th Dec
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650.00
750.00
850.00
950.00
1,050.00
1,150.00
29-Dec-06 17-Feb-07 08-Apr -07 28-M ay-07 17-Ju l-07 05-Sep-07 25-Oct -07 14-Dec-07
Close Pr ice 200 Days EM A 5 Days EM A
2007Sel l at 1130 on 19th Jan
Buy at 1060 on 1st Feb
Sel l at 1111 on 8th Feb
Buy a t 693 on 5 t h Apr
Sel l a t 967 on 24th Jul
Buy a t 867 on 23rd Aug
Sel l at 1001 on 16th Oct
Buy a t 977 on 28 th Dec
Long Term Sel l at 883 on 2nd M ar
Long Term Buy at 873 on 28th Jun
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45 0
55 0
65 0
75 0
85 0
95 0
29-Dec-07 17-Feb-08 07-Ap r-08 27-M ay-08 16-Ju l-08 04-Sep-08
Close Pr ice 200 Days EM A 5 Days EM A
2008
Long Term Sell at 909 on 11th Jan
Buy at 539 on 18th Jul
Buy a t 617 on 14 th Aug
Sel l at 911 on 29th Feb
Buy at 806 on 12th Feb
Sel l at 985 on 7th Jan
Sel l at 899 on 5th Feb
Buy at 798 on 24th Jan
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M OV ING AV ERAGES CON VERGENCE / DIV ERGENCE (M ACD)
I t is a techn ical analysis indicato r created b y Gerald Appel in t he 196 0s. I t show s th e dif fere nce
betw een a f ast and s low exponent ia l m oving average (EM A) of c losing pr ices. Dur ing the 1980s
M ACD proved to be a valuable tool for any t r ader . W ith t he emergence of com put er ized
analysis, it h as becom e highly unreliable in th e mo dern er a, and standard M ACD based tr adeexecut ion n ow prod uces a greater d ist r ibut ion of losing t rades, som e addi t ions have been m ade
to M ACD over the years but even w i th t he addi t ion of t he M ACD histo gram, i t remains a lagging
indicator . I t has of ten been cr i t icized for f a i l ing to respond in m i ld/volat i le market condi t ions.
M ost st rat egies no longer recom m end using M ACD as the p r imary m ethod of analysis, but
instead bel ieve, i t should be used as a moni tor ing tool only. I t is prone to whipsaw, and i f a
trader is not careful i t is possible that they might suffer substantial loss, especial ly i f they are
leveraged or t rading opt ion s. The standard per iods recomm ended b ack in t he 1960s by Gerald
Appel are 12 and 26 d ays:
M ACD Form ula
M ACD = EM A 26 Day EM A 12 Day
Signal = EM A 9 Day of M ACD
A signal l ine (or t r igger l ine) is then form ed by smo ot hing th is wi t h a fur t her EM A. The standardperio d fo r th is is 9 days; the signal l ine crossing is th e usual trading rule. This is to bu y w hen t he
M ACD crosses up t hro ugh t he s ignal l ine, or sell w hen i t crosses down thro ugh th e s ignal l ine.
These crossings m ay occur to o frequ ent ly, and o th er tests m ay have to be app lied. A crossing of
the M ACD l ine up thr ough zero is in terp reted as bul l ish, or dow n th rough zero as bear ish.
(The f i rst par t of th e table and the last par t of t he table is been show n here)
Sl
No
Date Close Price 26 D EM A 12 D EM A 9 D EM A of
M ACD (SignalLine)
Difference
(M ACD)
1 24-Aug-04 260.35 First Valu e
2 25-Aug-04 255.8 2 6 6 .0 9 0 4 2 6 4 .0 4 1 7 -4 .6 7 9 9 3 4
3 26-Aug-04 270.15 Mul t ip l ie r
4 27-Aug-04 262.7 0 .0 7 4 0 7 4 0 .1 5 3 8 4 6 0 .2
5 30-Aug-04 266
6 31-Aug-04 265.95
7 01-Sep-04 267.35
8 02-Sep-04 263.15
9 03-Sep-04 262.8
10 06-Sep-04 265.55
11 07-Sep-04 265.15
12 08-Sep-04 263.55
13 09-Sep-04 255.6 262.7429
14 10-Sep-04 258.9 262.1517
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Sl No Date Close
Price
26 D EM A 12 D EM A 9 D EM A
of M ACD
(Signal
Line)
Difference
(M ACD)
And t he last part of t he table is show n below , the complet e table is been don e in M S-Excel
98 4 28-Ju l-08 560.4 561.4802 549.0779 18.6147 12.40227
98 5 29-Ju l-08 548.6 560.5261 549.0044 17.1961 11.52171
98 6 30-Ju l-08 556.6 560.239 550.1806 15.7685 10.05834
98 7 31-Ju l-08 574.1 561.2694 553.8682 14.0950 7.401189
98 8 01-Aug-08 566.5 561.6606 555.8193 12.4443 5.8413
98 9 04-Aug-08 574.7 562.6301 558.7317 10.7351 3.898466
99 0 05-Aug-08 612.3 566.3131 566.9807 8.45461 -0.66755
99 1 06-Aug-08 632.6 571.2232 577.0759 5.59315 -5.8527
99 2 07-Aug-08 633.7 575.8511 585.7873 2.48728 -9.9361899 3 08-Aug-08 631.3 579.9585 592.7893 -0.5763 -12.8308
99 4 11-Aug-08 634.6 584.0097 599.2294 -3.5050 -15.2197
99 5 12-Aug-08 634.5 587.7497 604.6556 -6.18519 -16.9059
99 6 13-Aug-08 633.1 591.109 609.0317 -8.5326 -17.9227
99 7 14-Aug-08 617.3 593.0528 610.3114 -10.277 -17.2587
99 8 18-Aug-08 610.3 594.334 610.3174 -11.418 -15.9833
99 9 19-Aug-08 610 595.4945 610.2685 -12.089 -14.774
1000 20-Aug-08 608.6 596.469 610.0195 -12.3821 -13.5506
1001 21-Aug-08 592.0 596.1416 607.255 -12.128 -11.1133
1002 22-Aug-08 585 595.3163 603.8311 -11.405 -8.51481
1003 25-Aug-08 594.2 595.2373 602.3571 -10.548 -7.11978
1004 26-Aug-08 591.0 594.9272 600.6176 -9.5768 -5.69039
1005 27-Aug-08 594.8 594.9178 599.7226 -8.6224 -4.8048
1006 28-Aug-08 590.4 594.5831 598.2883 -7.6389 -3.70521
1007 29-Aug-08 590.3 594.2658 597.0593 -6.6699 -2.79351
1008 01-Sep-08 598.0 594.5461 597.2118 -5.8690 -2.66561
1009 02-Sep-08 608.4 595.5761 598.9407 -5.36816 -3.36465
1010 04-Sep-08 605.0 596.2778 599.8806 -5.01508 -3.60277
1011 05-Sep-08 588.9 595.735 598.199 -4.50485 -2.463941012 08-Sep-08 581 594.6435 595.553 -3.78577 -0.90943
1013 09-Sep-08 582.8 593.7662 593.591 -2.99356 0.175267
1014 10-Sep-08 588.2 593.3539 592.7616 -2.27638 0.592334
1015 11-Sep-08 584.3 592.687 591.4675 -1.57721 1.219468
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-1 2
-1 0
-8
-6
-4
-2
0
2
10
-O
ct
-04
20
-O
ct
-04
30
-O
ct
-04
09
-N
ov
-04
19
-N
ov
-04
29
-N
ov
-04
09
-D
ec
-04
19
-D
ec
-04
29
-D
ec
-04
M ACD 9 D EM A o f M ACD
2004
BULLISH TREND
Buy a t 286 on 18 th Oct
Sel l a t 305 on 28th Oct
Buy a t 300 on 4 th Nov
Sel l at 298 on 29th Nov
BEARISH TREND
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-2 0
-1 5
-1 0
-5
0
5
10
15
29
-D
ec
-04
17
-F
eb
-05
08
-A
pr
-05
28
-M
ay
-05
17
-J
ul-05
05
-S
ep
-05
25
-O
ct
-05
14
-D
ec
-05
M ACD 9 D EM A o f M ACD
2005
BULLISH TREND
Buy at 324 on 11th Jan
Sel l at 350 on 28th Jan
Buy at 368 on 17th Feb
Se l la t 364 on 6 th May
BEARISH TREND
BULLISH TREND
Buy a t 336 on 17 th M ay
Sel l at 365 on 13th Apr
Buy a t 345 on 26 th Apr
Sel l a t 329 on 9th Jun
BEARISH TREND
Buy at 459 on 26th Sep
Buy a t 450 on 29 th Nov
Se l la t 431 on 7 th Nov
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-6 0
-4 0
-2 0
0
20
40
29
-D
ec
-05
17
-F
eb
-06
08
-A
pr
-06
28
-M
ay
-06
17
-J
ul-06
05
-S
ep
-06
25
-O
ct
-06
14
-D
ec
-06
M ACD 9 D EM A o f M ACD
2006
BULLISH TREND
Sel l at 448 on 5th Jan
Buy at 727 on 14th Jul
Buy a t 786 on 4 th May
Sel l at 631 on 15th Jun
BEARISH TREND
Buy a t 878 on 5 th Oct
Sel l a t 916 on 01st Dec
Sel l at 738 on 28th Jul
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-5 0
-3 0
-1 0
10
30
50
70
29
-D
ec
-06
17
-F
eb
-07
08
-A
pr
-07
28
-M
ay
-07
17
-J
ul-07
05
-S
ep
-07
25
-O
ct
-07
14
-D
ec
-07
M ACD 9 D EM A o f M ACD
2007
BULLISH TREND
Sel l at 1163 on 17th Jan
Buy at 1111 on 22nd Jan
Buy at 1038 on 10th Jan
Sel l at 1120on 7th Feb
BEARISH TREND
Buy a t 1062 on 9 th Feb
Buy at 929 on 26st Jul
Se l l a t 797 on 20 th Mar
Sel l at 1030 on 14st Nov
Buy at 1044 on 18st Oct
Sel l a t 919 on 29st Aug
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-2 0
-1 0
0
10
20
30
40
50
29
-D
ec
-07
17
-F
eb
-08
07
-A
pr
-08
27
-M
ay
-08
1
6-
Ju
l-08
04
-S
ep
-08
M ACD 9 D EM A o f M ACD
2008
BULLISH TRENDSel l at 809 on 3rd Apr
Buy a t 761 on 30 th AprBuy at 970 on 8th Jan
Sel l at 644 on 3rd Jun
BEARISH TREND
Buy a t 876 on 5 th Mar
Buy at 574 on 23rd Jun
Sel l at 895 on 28th Jan
Buy a t 608 on 20 th Aug
Sel l at 556 on 8th Jul
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B0LLINGER BAND S
Boll inger Bands are a technical trading tool created by John Boll inger in the early 1980s. They
arose f rom the need for adapt ive t rading bands and the observat ion that volat i l i ty was
dynam ic, not stat ic as w as w idely bel ieved at the t ime.
The purp ose of Bol l inger Bands is to p rovide a re lat ive def in i t ion of h igh and low . By def in i t ion
pr ices are h igh at the u pper band and low at t he low er band. This def in i t ion can aid in r igorous
pat t ern recogni t ion and is useful in com par ing pr ice act ion to the act ion o f indicators to arr iveat system atic tr ading decisions.
Boll inger Bands consist of a set o f th ree curves draw n in relat ion to securit ies pr ices. The m idd leband is a measure of the intermediate- term t rend, usual ly a s imple moving average, which
serves as the base for the up per and low er bands. The interval betw een the u pper and low er
bands and t he m iddle band is determ ined by volat i l i ty , typical ly the standard deviat ion of the
same data that were used for the average. The defaul t parameters, 20 per iods and two
standard deviat ions, may b e adjusted t o sui t p urpo ses.FORM ULA FOR BOLLINGER BAN D
M iddle Bol l inger Band = 2 0-per iod s im ple m oving average
Upper Bol l inger Band = M iddle Bol l inger Band + 2 * 20-per iod standard deviat ion
Low er Bol l inger Band = M iddle Bol l inger Band - 2 * 20-per iod standard deviat ion
(The f i rst par t of th e table and the last par t of t he table is been show n here)
Sl
No
Date Close
Price
20 D SM A 20 D SD M BB (20 D
SM A)
UBB LBB
1 24-Aug-04 260.35
20 20-Sep-04 277.7 264.14 5.01821 264.14 274.1764 254.1036
21 21-Sep-04 277.45 264.995 5.70885 264.995 276.4127 253.5773
22 22-Sep-04 279.3 266.17 6.10038 266.17 278.3708 253.9692
23 23-Sep-04 269.55 266.14 6.08218 266.14 278.3044 253.9756
24 24-Sep-04 270.35 266.5225 6.09435 266.5225 278.7112 254.3338
25 27-Sep-04 272.85 266.865 6.24596 266.865 279.3569 254.3731
26 28-Sep-04 266.05 266.87 6.24527 266.87 279.3605 254.3795
27 29-Sep-04 264.2 266.7125 6.27084 266.7125 279.2542 254.1708
28 30-Sep-04 266.6 266.885 6.2177 266.885 279.3204 254.4496
29 01-Oct -04 265.05 266.9975 6.16288 266.9975 279.3233 254.6717
30 04-Oct -04 269.15 267.1775 6.17054 267.1775 279.5186 254.8364
31 05-Oct -04 265.7 267.205 6.16267 267.205 279.5303 254.8797
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Sl N o Date Close
Price
20 D SM A 20 D SD M BB (20 D
SM A)
UBB LBB
And t he last part of t he table is show n below , the complet e table is been don e in M S-Excel
98 4 28-Ju l-08 560.4 544.11 13.4224 544.11 570.9549 517.265198 5 29-Ju l-08 548.6 545.4225 12.4809 545.4225 570.3843 520.4607
98 6 30-Ju l-08 556.6 546.1875 12.6752 546.1875 571.5379 520.8371
98 7 31-Ju l-08 574.1 548.185 13.7325 548.185 575.6499 520.7201
98 8 01-Aug-08 566.5 549.6375 14.058 549.6375 577.7534 521.5216
98 9 04-Aug-08 574.7 550.7625 15.0848 550.7625 580.9321 520.5929
99 0 05-Aug-08 612.3 553.585 20.1969 553.585 593.9789 513.1911
99 1 06-Aug-08 632.6 556.89 26.473 556.89 609.8361 503.9439
99 2 07-Aug-08 633.7 560.845 31.3035 560.845 623.4519 498.2381
99 3 08-Aug-08 631.3 564.8425 34.7507 564.8425 634.344 495.34199 4 11-Aug-08 634.6 569.5 37.4477 569.5 644.3955 494.6045
99 5 12-Aug-08 634.5 574.7325 38.8278 574.7325 652.3881 497.0769
99 6 13-Aug-08 633.1 579.8775 39.3993 579.8775 658.6762 501.0788
99 7 14-Aug-08 617.3 584.7375 37.6899 584.7375 660.1173 509.3577
99 8 18-Aug-08 610.3 588.2625 36.6082 588.2625 661.4788 515.0462
99 9 19-Aug-08 610 591.83 35.0426 591.83 661.9153 521.7447
1000 20-Aug-08 608.6 595.2675 33.098 595.2675 661.4636 529.0714
1001 21-Aug-08 592.0 596.285 32.6679 596.285 661.6208 530.9492
1002 22-Aug-08 585 598.36 30.4949 598.36 659.3498 537.3702
1003 25-Aug-08 594.2 600.5475 28.4863 600.5475 657.5201 543.5749
1004 26-Aug-08 591.0 602.08 27.0747 602.08 656.2295 547.9305
1005 27-Aug-08 594.8 604.39 24.2353 604.39 652.8606 555.9194
1006 28-Aug-08 590.4 606.0775 21.9165 606.0775 649.9105 562.2445
1007 29-Aug-08 590.3 606.885 21.0038 606.885 648.8925 564.8775
1008 01-Sep-08 598.0 608.46 19.0062 608.46 646.4724 570.4476
1009 02-Sep-08 608.4 610.145 17.366 610.145 644.877 575.413
1010 04-Sep-08 605.0 609.78 17.3925 609.78 644.565 574.995
1011 05-Sep-08 588.9 607.5975 17.1287 607.5975 641.8549 573.3401
1012 08-Sep-08 581 604.9625 16.9633 604.9625 638.8891 571.0359
1013 09-Sep-08 582.8 602.5375 16.4848 602.5375 635.5071 569.5679
1014 10-Sep-08 588.2 600.215 15.0024 600.215 630.2198 570.2102
1015 11-Sep-08 584.3 597.7075 13.1376 597.7075 623.9827 571.4323
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24 0
26 0
28 0
30 0
32 0
34 0
05-Sep-04 25-Sep-04 15-Oct -04 04-Nov-04 24-Nov-04 14-Dec-04 03-Jan-05
UBB M BB Close Pr ice LBB
2004
Buy a t 278 on 22nd Nov
Sel l at 295 on 6th Oct
Sel l a t 316 on 21st Dec
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25 0
30 0
35 0
40 0
45 0
50 0
29-Dec-04 17-Feb -05 08-Apr -05 28-M ay-05 17-Ju l-05 05-Sep-05 25-Oct -05 14-Dec-05
UBB M BB Close Pr ice LBB
2005
Sel l at 373 on 18th Apr
Buy a t 352 on 24 th Mar
Sel l at 339 on 23rd Jun
Buy a t 338 on 28 th AprBuy a t 437 on 13 th Oct
Buy a t 426 on 7 th Dec
Sel l at 456 on 17th Nov
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35 0
45 0
55 0
65 0
75 0
85 0
95 0
1050
24-Dec-05 12-Feb-06 03-Apr -06 23-M ay-06 12-Ju l-06 31-Aug-06 20-Oct -06 09-Dec-06
UBB M BB Close Pr ice LBB
2006
Sel l at 717 on 23rd Jun
Buy a t 720 on 12 th MayBuy at 659 on 19th Jul
Sel l a t 826 on 14th Sep
Sel l at 468 on 6th Jun
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65 0
75 0
85 0
95 0
1050
1150
29-Dec-06 17-Feb-07 08-Apr -07 28-M ay-07 17-Ju l-07 05-Sep -07 25-Oct -07 14-Dec-07
UBB M BB Close Pr ice LBB
2007
Sel l at 809 on 23rd Apr
Buy at 1059 on 23rd Jan
Sel l at 873 on 28th Jun
Buy at 796 on 12th JunBuy a t 867 on 23rd Aug
Sel l at 946 on 3rd Sep
Buy a t 1005 on 19 th Oct
Sel l a t 1038 on 28th Nov
Buy a t 968 on 20 th Dec
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45 0
55 0
65 0
75 0
85 0
95 0
1050
24-Dec-07 12-Feb-08 02-Apr -08 22-M ay-08 11-Ju l-08 30-Aug-08
UBB M BB Close Pr ice LBB
2008
Buy at 565 on 12rd Sep
Sel l at 817 on 23rd Apr
Buy a t 761 on 30 th Apr
Sel l a t 612 on 5th Aug
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%K AND %D
Stochast ic system is one of the most widely used indicators among the future t raders. The
indicator has caught the fancy of short-term and day traders because it is a very fast indicator
w hich can bounce f rom th e overbought t o the oversold region in a b l ink.
For com putat ion t he system , we have to calculate t he %K f i rst
STEPS OF CALCULATION OF %K
1. Find the lowest low fo rm ed by the Scr ip t in N num ber o f days (Say 5)
2 . Deduct t he l owest l ow f r om today s c lose .
3 . Find the h ighest h igh in N number o f days (Say 5)
4 . Take the d i f fe rence between t he h ighest h igh and the lowest low . th is is the range o f N
days (in t his case it is 5)5 . Divide the resu l t ob ta in in step 2 by the resu l t ob ta ined in step 4 and mul t ip ly the end
resul t b y hun dred. This percentage w i l l indicate by h ow m uch percentage todays c lose
is placed vis--vis the r ange.
Next step is to calculate %D, which is three p er iod average of %K. These tw o com ponent s make
up t he Fast Sto chastic system . The Fast Stochastic is an ext rem ely volat i le in dicator ; hen ce it is
d i f f icu lt t o der ive any w or thw hi le assum pt ions f rom i t . In o rder t o do aw ay wi th t h is p rob lem a
furt her sm oot henin g is incorpo rate d w hich is refer red as Slow Sto chastic. The Fast %D is taken
as Slow %K and a t hree-per iod average of t he same is taken as t he Slow %D.
(The f i rst par t of t he table and th e last par t of t he t able is been shown here)
Sl
No
Date High
Price
Low
Price
Close
Price
Highest
High
Lowest
LowFast
%K
Fast
%D
Slow
%K
Slow
%D
1 24-Aug-04 338.7 254 260.35
2 25-Aug-04 263.4 248.9 255.8
3 26-Aug-04 272 254 270.15
4 27-Aug-04 272.7 261 262.7
5 30-Aug-04 269 263 266 248.9 338.7 19.04
6 31-Aug-04 268.3 264.85 265.95 248.9 272.7 71.63
7 01-Sep-04 273.5 265 267.35 254 273.5 68.46 53.04 53.04
8 02-Sep-04 269.6 261 263.15 261 273.5 17.2 52.43 52.43
9 03-Sep-04 265.5 258.5 262.8 258.5 273.5 28.66 38.10 38.10 47.86
10 06-Sep-04 268.35 264.1 265.55 258.5 273.5 47 30.95 30.95 40.49
11 07-Sep-04 266.5 264 265.15 258.5 273.5 44.33 40 40 36.35
12 08-Sep-04 270 262.1 263.55 258.5 270 43.91 45.08 45.08 38.67
13 09-Sep-04 265.5 254 255.6 254 270 10 32.749 32.74 39.27
14 10-Sep-04 264.45 255 258.9 254 270 30.625 28.17 28.17 35.33
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Sl
No
Date High
Price
Low
Price
Close
Price
Highest
High
Lowest
LowFast
%K
Fast
%D
Slow
%K
Slow
%D
And t he last part of t he table is show n below , the complet e table is been don e in M S-Excel
98 4 28-Ju l-08 566 549 560.4 500 598 61.63 48.34 48.34 56.2398 5 29-Ju l-08 565.5 542.15 548.6 500 598 49.59 54.25 54.25 53.16
98 6 30-Ju l-08 562.8 550 556.65 500 598 57.80 56.34 56.34 52.98
98 7 31-Ju l-08 581.2 555 574.15 500 581.2 91.31 66.23 66.23 58.94
98 8 01-Aug-08 567.4 552 566.55 542.15 581.2 62.48 70.53 70.53 64.37
98 9 04-Aug-08 580 563.55 574.75 542.15 581.2 83.48 79.09 79.09 71.95
99 0 05-Aug-08 616.8 574 612.35 550 616.8 93.33 79.76 79.76 76.46
99 1 06-Aug-08 636.9 612 632.6 552 636.9 94.93 90.58 90.58 83.14
99 2 07-Aug-08 648 611 633.7 552 648 85.10 91.12 91.12 87.15
99 3 08-Aug-08 639.75 622.25 631.3 563.55 648 80.22 86.75 86.75 89.4899 4 11-Aug-08 645 628 634.65 574 648 81.95 82.42 82.42 86.77
99 5 12-Aug-08 638 627.5 634.5 611 648 63.51 75.23 75.23 81.47
99 6 13-Aug-08 650 620 633.1 611 650 56.66 67.37 67.37 75.01
99 7 14-Aug-08 639 606 617.35 606 650 25.79 48.65 48.65 63.75
99 8 18-Aug-08 619.95 600 610.35 600 650 20.7 34.38 34.38 50.14
99 9 19-Aug-08 614.9 587.35 610 587.35 650 36.15 27.54 27.54 36.86
1000 20-Aug-08 624 600.25 608.65 587.35 650 33.99 30.28 30.28 30.74
1001 21-Aug-08 610 585 592.05 585 639 13.05 27.73 27.73 28.52
1002 22-Aug-08 607 575 585 575 624 20.40 22.48 22.48 26.83
1003 25-Aug-08 602.3 590.05 594.25 575 624 39.28 24.24 24.24 24.82
1004 26-Aug-08 597 584.2 591.05 575 624 32.75 30.81 30.81 25.85
1005 27-Aug-08 610 593 594.8 575 610 56.57 42.87 42.87 32.64
1006 28-Aug-08 599 585 590.4 575 610 44 44.44 44.44 39.37
1007 29-Aug-08 603.8 586.2 590.3 584.2 610 23.64 41.40 41.40 42.90
1008 01-Sep-08 605.1 589.7 598.05 584.2 610 53.68 40.44 40.44 42.09
1009 02-Sep-08 612.95 599 608.45 585 612.95 83.89 53.74 53.74 45.19
1010 04-Sep-08 613 596.05 605.05 585 613 71.60 69.72 69.72 54.63
1011 05-Sep-08 599.95 585.1 588.95 585.1 613 13.79 56.43 56.43 59.96
1012 08-Sep-08 610 575 581 575 613 15.78 33.73 33.73 53.29
1013 09-Sep-08 590 581.05 582.8 575 613 20.52 16.70 16.70 35.62
1014 10-Sep-08 594 580 588.2 575 613 34.73 23.68 23.68 24.70
1015 11-Sep-08 592.5 582.9 584.35 575 610 26.71 27.32 27.32 22.57
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0
10
20
30
40
50
60
70
80
90
10 0
31-Aug-04 20-Sep-04 10-Oct -04 30-Oct -04 19-Nov-04 09-Dec-04 29-Dec-04
SLOW %K SLOW %D
2004
Buy at 263 on 8th Sep
Sel l at 263 on 8th Sep
Sell at 277 on 21st Sep
Buy a t 290 on 12 th NovBuy at 265 on 1st Oct
Buy at 285 on 20t h Oct Buy at 277 on 23rd Nov
Buy a t 297 on 9 th Dec
Buy a t 327 on 27 th Dec
Buy at 260 on 13th Sep
Sel l at 319 on 8th Oct
Sel l a t 306 on 2nd Nov
Sel l at 295 on 1st Dec
Sel l at 309 on 16th Dec
Sel l at 336 on 30th Dec
Sel l at 284 on 18th Nov
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0
10
20
30
40
50
60
70
80
90
10 0
01-Jan-05 20-Feb-05 11-Apr -05 31-M ay-05 20-Ju l-05 08-Sep-05 28-Oct -05 17-Dec-05
SLOW %K SLOW %D
2005
Buy at 329 on 14th Jan
Sel l at 372 on 7th FebSe l la t 366 on 2nd Mar
Buy at 330 on 21th Jun
Buy a t 341 on 29 th Mar Buy a t 329 on 3 rd M ayBuy at 362 on 21st Jul
Buy a t 455 on 6 th Oct
Buy a t 327 on 27 th DecBuy at 362 on 23th Feb
Sel l at 344 on 5th Apr
Sel l a t 355 on 1 0 th M a y Sel l at 481 on 21st SepSel l at 468 on 22nd Nov
Sel l at 443 on 19th Dec
Sel l at 338 on 28th Jun
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0
10
20
30
40
50
60
70
80
90
10 0
29-Dec-05 17-Feb-06 08-Apr -06 28-M ay-06 17-Ju l-06 05-Sep-06 25-Oct -06 14-Dec-06
SLOW %K SLOW %D
2006
Buy at 537 on 3rd Feb
Sel l at 545 on 10th Feb
Sel l at 706 on 5th Apr
Buy a t 900 on 22nd NovBuy a t 623 on 28 th M ar
Buy a t 749 on 16 th M ayBuy at 620 on 24th Jul
Buy a t 737 on 10 th Aug
Buy a t 869 on 9 th DecBuy at 533 on 22nd Feb
Se l l a t 575 on 2nd Mar Sel l at 717 on 23rd Jun
Sel l at 722 on 31st Jul
Sel l a t 775 on 22nd Aug
Se l la t 889 on 8 th Nov
Sel l at 1014 on 20th Dec
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0
10
20
30
40
50
60
70
80
90
10 0
01-Jan-07 20-Feb-07 11-Apr -07 31-M ay-07 20-Ju l-07 08-Sep-07 28-Oct -07 17-Dec-07
SLOW %K SLOW %D
2007
Buy at 1070 on 12th Jan
Sel l at 1083 on 18th Jan
Sel l at 842 on 20th Apr
Buy a t 1003 on 27 th NovBuy a t 693 on 5 th Apr
Buy a t 819 on 14 th M ayBuy at 873 on 12th Jul
Buy a t 867 on 23rd Aug
Buy at 999 on 19th Sep
Buy at 985 on 31st Jan
Sel l at 1120 on 7th Feb
Sell at 836 on 21st Jun
Sel l at 967 on 24th Jul
Sel l a t 920 on 31st Aug
Sel l at 1001 on 16th Nov
Sel l at 982 on 17th Dec
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0
10
20
30
40
50
60
70
80
90
10 0
31-Dec-07 19-Feb-08 09-Apr -08 29-M ay-08 18-Ju l-08 06-Sep-08
SLOW %K SLOW %D
2008
Buy at 985 on 7th Jan
Sel l at 879 on 30th Jan
Sel l at 792 on 8th Apr
Buy a t 655 on 28 th MayBuy at 539 on 18th Jul
Buy a t 774 on 24 th M ar
Buy a t 591 on 26 th Aug
Buy a t 666 on 14 th M ay Buy at 569 on 25th JunBuy at 806 on 13th Feb
Sel l at 881 on 20th Feb
Sel l at 692 on 21st M ay
Sel l at 628 on 17th Jun
Sel l at 551 on 11th Jul
Sel l a t 581 on 8th Sep
Sel l at 631 on 8th Aug
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RSI (RELATIVE STRENGTH INDEX)
The RSI is a pr ice-fol lowing oscil lator that ranges between 0 and 100. A popular method of
interpretat ion is to look fo r d ivergence where the sto ck is pr ice is making a new high, but RSI is
fal l ing to surp ass is previo us high.
FORM ULA FOR RSI
RSI = 100-{ 100 / (1+RS)}
RS = (Average of u p closing price/ Average of do w n closing price)
Here RS and RSI are t aken f or 14 Days Perio d.
If RSI 70 then t he stock is over bought .
(The f i rst par t of th e table and the last par t of t he table is been show n here)
Sl
N
o
Date Close
Price
Di f f o f
Close
Price
Up
Close
Price
D o w n
Close
Price
Sum of
up CP
(1 4
Day)
Sum of
Do wn
CP (14
Day)
Count
of up
CP
Count
o f
Down
CP
RS (14
D)
RSI
(14 D)
1 24-Aug-04 260.3
2 25-Aug-04 255.8 -4.55 0 4.55
3 26-Aug-04 270.1 14.35 14.35 0
4 27-Aug-04 262.7 -7.45 0 7.45
5 30-Aug-04 266 3.3 3.3 0
6 31-Aug-04 265.9 -0.05 0 0.05
7 01-Sep-04 267.3 1.4 1.4 08 02-Sep-04 263.1 -4.2 0 4.2
9 03-Sep-04 262.8 -0.35 0 0.35
10 06-Sep-04 265.5 2.75 2.75 0
11 07-Sep-04 265.1 -0.4 0 0.4
12 08-Sep-04 263.5 -1.6 0 1.6
13 09-Sep-04 255.6 -7.95 0 7.95
14 10-Sep-04 258.9 3.3 3.3 0
15 13-Sep-04 260.2 1.3 1.3 0 26.4 26.55 6 8 1.325 57.00
16 14-Sep-04 261.5 1.35 1.35 0 27.75 22 7 7 1.261 55.77
17 15-Sep-04 263.8 2.3 2.3 0 15.7 22 7 7 0.713 41.64
18 16-Sep-04 265.2 1.4 1.4 0 17.1 14.55 8 6 0.881 46.84
19 17-Sep-04 271.2 6 6 0 19.8 14.55 8 6 1.020 50.51
20 20-Sep-04 277.7 6.45 6.45 0 26.25 14.5 9 5 1.005 50.14
21 21-Sep-04 277.4 -0.25 0 0.25 24.85 14.75 8 6 1.263 55.82
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Sl
N
o
Date Close
Price
Di f f o f
Close
Price
Up
Close
Price
D o w n
Close
Price
Sum of
up CP
(1 4
Day)
Sum of
Do wn
CP (14
Day)
Count
of up
CP
Count
o f
Down
CP
RS (14
D)
RSI
(14 D)
And t he last part of t he table is show n below , the complet e table is been don e in M S-Excel
98 4 28-Jul-08 560.4 9.9 9.9 0 80.6 76.1 7 7 1.059 51.43
98 5 29-Jul-08 548.6 -11.8 0 11.8 70 87.9 6 8 1.061 51.49
98 6 30-Jul-08 556.6 8.05 8.05 0 78.05 76 7 7 1.026 50.66
98 7 31-Jul-08 574.1 17.5 17.5 0 95.55 72.75 8 6 0.985 49.62
98 8 01-Aug-08 566.5 -7.6 0 7.6 95.55 70.5 8 6 1.016 50.40
98 9 04-Aug-08 574.7 8.2 8.2 0 103.7 58.85 9 5 0.979 49.48
99 0 05-Aug-08 612.3 37.6 37.6 0 141 58.85 9 5 1.331 57.10
99 1 06-Aug-08 632.6 20.25 20.25 0 161.2 48.8 10 4 1.321 56.92
99 2 07-Aug-08 633.7 1.1 1.1 0 142.6 48.8 10 4 1.169 53.9099 3 08-Aug-08 631.3 -2.4 0 2.4 142.6 50 10 4 1.141 53.29
99 4 11-Aug-08 634.6 3.35 3.35 0 144.7 50 10 4 1.158 53.66
99 5 12-Aug-08 634.5 -0.15 0 0.15 112.9 50.15 9 5 1.251 55.58
99 6 13-Aug-08 633.1 -1.4 0 1.4 112.9 23.35 9 5 2.687 72.88
99 7 14-Aug-08 617.3 -15.75 0 15.75 105.9 39.1 8 6 2.032 67.02
99 8 18-Aug-08 610.3 -7 0 7 96.05 46.1 7 7 2.083 67.56
99 9 19-Aug-08 610 -0.35 0 0.35 96.05 34.65 7 7 2.772 73.48
1000 20-Aug-08 608.6 -1.35 0 1.35 88 36 6 8 3.259 76.52
1001 21-Aug-08 592.0 -16.6 0 16.6 70.5 52.6 5 9 2.412 70.691002 22-Aug-08 585 -7.05 0 7.05 70.5 52.05 5 9 2.438 70.91
1003 25-Aug-08 594.2 9.25 9.25 0 71.55 52.05 5 9 2.474 71.21
1004 26-Aug-08 591.0 -3.2 0 3.2 33.95 55.25 4 10 1.536 60.57
1005 27-Aug-08 594.8 3.75 3.75 0 17.45 55.25 4 10 0.789 44.12
1006 28-Aug-08 590.4 -4.4 0 4.4 16.35 59.65 3 11 1.005 50.12
1007 29-Aug-08 590.3 -0.1 0 0.1 16.35 57.35 3 11 1.045 51.10
1008 01-Sep-08 598.0 7.75 7.75 0 20.75 57.35 3 11 1.326 57.01
1009 02-Sep-08 608.4 10.4 10.4 0 31.15 57.2 4 10 1.361 57.65
1010 04-Sep-08 605.0 -3.4 0 3.4 31.15 59.2 4 10 1.315 56.81
1011 05-Sep-08 588.9 -16.1 0 16.1 31.15 59.55 4 10 1.307 56.66
1012 08-Sep-08 581 -7.95 0 7.95 31.15 60.5 4 10 1.287 56.27
1013 09-Sep-08 582.8 1.8 1.8 0 32.95 60.15 5 9 0.986 49.64
1014 10-Sep-08 588.2 5.4 5.4 0 38.35 58.8 6 8 0.869 46.51
1015 11-Sep-08 584.3 -3.85 0 3.85 38.35 46.05 6 8 1.110 52.61
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10
20
30
40
50
60
70
80
90
21-Aug-04 10-Sep-04 30-Sep-04 20-Oct -04 9-No v-04 29-Nov-04 19-Dec-04 8-Jan-05
RSI of 14D f or 2004
2004
In 2004 th is stock w as ne i ther
Over Bought no r Over Sold
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10
20
30
40
50
60
70
80
90
29-Dec-04 17-Feb-05 8-Ap r -05 28-M ay-05 17-Ju l-05 5-Sep-05 25-Oct -05 14-Dec-05
RSI of 14D f or 2005
2005
Just Ove r Sold
Over Bought on 3rd Feb
Over Bought on 12th M ayOver Bought fro m 6t h-14th Jul
Over Bought on 22nd Sep
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20
30
40
50
60
70
80
90
29-Dec-05 17-Feb-06 08-Apr -06 28-M ay-06 17-Ju l-06 05-Sep-06 25-Oct -06 14-Dec-06
RSI of 14D f or 2006
2006
In this year t he Stock is not Over Sold
Over Bough t f rom 10th -4th Aug
Over Bough t f rom 17th -20th AprOver Bought fro m 21st-23rd Aug
Over Bought f rom 14th-19th Sep
Over Bought on 19th Dec
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10
20
30
40
50
60
70
80
90
29-Dec-06 17-Feb-07 08-Apr -07 28-M ay-07 17-Ju l-07 05-Sep-07 25-Oct -07 14-Dec-07
RSI of 14D f or 2007
2007 Over Bought from 10th-11th SepOver Bough t f rom 25th -30th AprOver Bought f rom 28th Jun-9th Jul
Over Sold from 23rd-27th Feb
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0
10
20
30
40
50
60
70
80
29-Dec-07 17-Feb-08 07-Apr -08 27-M ay-08 16-Ju l-08 04-Sep-08
RSI of 14D f or 2008
2008 Over Bough t f rom 19th -26 th Aug
Just Over Bought on13t h Jun
Over Bought on 14t h Aug
Over Sold from 13rd-15th M ay
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Page 48 o f 55
PORTFOLIO RISK AN D PORTFOLIO RETURN
For th is par t monthly data are taken of three stock pr ices of Ul t raTech, Bhatr i Air te l and
Reliance fro m Sept em ber 200 4 t i l l Sep 20 08.
PORTFOLIO RETURN
I t is summ at ion of W eightage Retu rn of the stocks (W 1* R1+W 2* R2+W 3* R3)
PORTFOLIO RETURN
I t is Var iance or Standard d eviat ion o f port fo l io.
Var iance -Covariance M atr ix
W 1
UltraTech
W 2
Air te l
W 3
RIL
W 1
UltraTech
V1 Cov12 Cov13
W 2
Air te l
Cov12 V2 Cov23
W 3
RIL
Cov13 Cov23 V3
Portf olio Variance = (W 12 V1 ) + (W 2
2 V2 ) + (W 32 V3 ) + 2(W 1W 2Cov 12 ) +2(W 2W 3Cov23 )+ 2(W 1W 3Cov13 )
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Ret urn w .r .t Close Pr ice (%) Ret urn w .r .t Close Pr ice (%)
Date Ul t raTech Air te l RIL Date Ul t raTech Air te l RIL
Sep-04 0.244 4.469 8.969 Nov-06 2.073 18.872 1.533
Oct-04 13.935 7.666 2.132 Dec-06 22.047 -0.214 2.036
Nov-04 -2.815 10.331 -2.362 Jan-07 -9.408 12.507 7.419
Dec-04 15.278 24.229 3.299 Feb-07 -10.325 1.590 -0.733
Jan-05 1.014 6.841 -0.215 M ar-07 -13.539 6.184 1.015
Feb-05 8.291 -2.279 4.393 Apr-07 6.470 6.401 14.013
M ar-05 -4.755 -8.108 -1.816 M ay-07 0.817 4.402 12.826
Apr-05 -5.965 0.145 -3.343 Jun-07 8.833 -1.398 -3.403
M ay-05 -2.549 8.158 1.431 Jul-07 3.566 8.075 11.292
Jun-05 8.480 8.391 19.925 Aug-07 -1.250 -2.607 3.551
Jul-05 8.030 16.574 9.503 Sep-07 13.259 6.967 17.183
Aug-05 15.312 11.427 2.369 Oct-07 -4.163 6.949 21.181
Sep-05 6.207 10.477 10.277 Nov-07 -1.176 -6.671 2.451
Oct-05 -14.615 -7.418 -3.900 Dec-07 2.745 5.865 1.063
Nov-05 13.023 10.817 9.226 Jan-08 -15.170 -13.081 -13.938
Dec-05 -5.078 -3.314 6.814 Feb-08 5.897 -4.494 -0.857
Jan-06 21.398 2.864 -19.77 M ar-08 -14.429 0.061 -7.882
Feb-06 8.090 1.603 -0.694 Apr-08 -2.411 8.800 15.471
M ar-06 22.114 14.268 12.346 M ay-08 -14.559 -2.487 -8.153
Apr-06 25.597 -1.187 28.314 Jun-08 -16.209 -17.662 -12.841
M ay-06 -29.570 -10.29 -6.700 Jul-08 5.378 10.739 5.396
Jun-06 23.867 1.107 11.067 Aug-08 2.813 4.761 -3.148
Jul-06 -3.714 3.473 -7.532 Sep-08 -4.201 -6.229 -8.911
Aug-06 6.495 7.353 14.157
M o n t h l y
ret urn 2.246072 3.919838 3.3457
Sep-06 15.884 14.075 4.783
Yearly
ret urn % 26.95286 47.03806 40.149
Oct-06 -1.195 13.075 4.709
Variance
(n )138.29057 68.52405 88.21268
Covarian ce M atr ix Variance Covarian ce M atr ix
Covariance
Ut ech-Air Ut ec-RIL Air-RIL
44.98449 48.514045 34.808333
Variance -Covariance M atrix
Ultr atech Airt el RIL
Ultratech 138.29 44.98 48.51
Air te l 44.98 68.52 34.81
RIL 48.51 34.81 88.21
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W eighage Ret urn Port fo l io
Retur n in
%
Port fo l io
Risk (var )
Port fo l io
Risk (Sd)
Sl
No Ult rat ech Air tel RIL Ult rat ech Air tel RIL
1 0 0 1 0.27 0.47 0.40 40.00 88.21 9.39
2 0 0.1 0.9 0.27 0.47 0.40 40.70 78.40 8.85
3 0 0.2 0.8 0.27 0.47 0.40 41.40 70.34 8.39
4 0 0.3 0.7 0.27 0.47 0.40 42.10 64.01 8.00
5 0 0.4 0.6 0.27 0.47 0.40 42.80 59.43 7.71
6 0 0.5 0.5 0.27 0.47 0.40 43.50 56.59 7.52
7 0 0.6 0.4 0.27 0.47 0.40 44.20 55.49 7.45
8 0 0.7 0.3 0.27 0.47 0.40 44.90 56.14 7.49
9 0 0.8 0.2 0.27 0.47 0.40 45.60 58.52 7.65
10 0 0.9 0.1 0.27 0.47 0.40 46.30 62.65 7.92
11 0 1 0 0.27 0.47 0.40 * 47.00 68.52 8.2812 0.1 0 0.9 0.27 0.47 0.40 38.70 81.57 9.03
13 0.1 0.1 0.8 0.27 0.47 0.40 39.40 72.76 8.53
14 0.1 0.2 0.7 0.27 0.47 0.40 40.10 65.69 8.10
15 0.1 0.3 0.6 0.27 0.47 0.40 40.80 60.36 7.77
16 0.1 0.4 0.5 0.27 0.47 0.40 41.50 56.77 7.53
17 0.1 0.5 0.4 0.27 0.47 0.40 42.20 54.93 7.41
18 0.1 0.6 0.3 0.27 0.47 0.40 42.90 54.83 * 7.40
19 0.1 0.7 0.2 0.27 0.47 0.40 43.60 56.47 7.51
20 0.1 0.8 0.1 0.27 0.47 0.40 44.30 59.86 7.74
21 0.1 0.9 0 0.27 0.47 0.40 45.00 64.98 8.0622 0.2 0 0.8 0.27 0.47 0.40 37.40 77.51 8.80
23 0.2 0.1 0.7 0.27 0.47 0.40 38.10 69.70 8.35
24 0.2 0.2 0.6 0.27 0.47 0.40 38.80 63.63 7.98
25 0.2 0.3 0.5 0.27 0.47 0.40 39.50 59.30 7.70
26 0.2 0.4 0.4 0.27 0.47 0.40 40.20 56.71 7.53
27 0.2 0.5 0.3 0.27 0.47 0.40 40.90 55.86 7.47
28 0.2 0.6 0.2 0.27 0.47 0.40 41.60 56.76 7.53
29 0.2 0.7 0.1 0.27 0.47 0.40 42.30 59.40 7.71
30 0.2 0.8 0 0.27 0.47 0.40 43.00 63.78 7.99
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W eighage Ret u rn Port fo l io
Retur n in
%
Port fo l io
Risk
(var)
Port fo l io
Risk (Sd)
Sl
No Ult ra tech A i r te l RIL U l t ra tech A i r tel RIL
31 0.3 0 0.7 0.27 0.47 0.40 36.10 76.05 8.72
32 0.3 0.1 0.6 0.27 0.47 0.40 36.80 69.23 8.32
33 0.3 0.2 0.5 0.27 0.47 0.40 37.50 64.15 8.01
34 0.3 0.3 0.4 0.27 0.47 0.40 38.20 60.82 7.80
35 0.3 0.4 0.3 0.27 0.47 0.40 38.90 59.23 7.70
36 0.3 0.5 0.2 0.27 0.47 0.40 39.60 59.38 7.71
37 0.3 0.6 0.1 0.27 0.47 0.40 40.30 61.28 7.83
38 0.3 0.7 0 0.27 0.47 0.40 41.00 64.92 8.06
39 0.4 0 0.6 0.27 0.47 0.40 34.80 77.17 8.78
40 0.4 0.1 0.5 0.27 0.47 0.40 35.50 71.35 8.45
41 0.4 0.2 0.4 0.27 0.47 0.40 36.20 67.27 8.20
42 0.4 0.3 0.3 0.27 0.47 0.40 36.90 64.94 8.06
43 0.4 0.4 0.2 0.27 0.47 0.40 37.60 64.35 8.02
44 0.4 0.5 0.1 0.27 0.47 0.40 38.30 65.50 8.09
45 0.4 0.6 0 0.27 0.47 0.40 39.00 68.39 8.27
46 0.5 0 0.5 0.27 0.47 0.40 33.50 80.88 8.99
47 0.5 0.1 0.4 0.27 0.47 0.40 34.20 76.06 8.72
48 0.5 0.2 0.3 0.27 0.47 0.40 34.90 72.98 8.54
49 0.5 0.3 0.2 0.27 0.47 0.40 35.60 71.64 8.46
50 0.5 0.4 0.1 0.27 0.47 0.40 36.30 72.05 8.49
51 0.5 0.5 0 0.27 0.47 0.40 37.00 74.20 8.6152 0.6 0 0.4 0.27 0.47 0.40 32.20 87.19 9.34
53 0.6 0.1 0.3 0.27 0.47 0.40 32.90 83.36 9.13
54 0.6 0.2 0.2 0.27 0.47 0.40 33.60 81.28 9.02
55 0.6 0.3 0.1 0.27 0.47 0.40 34.30 80.94 9.00
56 0.6 0.4 0 0.27 0.47 0.40 35.00 82.34 9.07
57 0.7 0 0.3 0.27 0.47 0.40 30.90 96.08 9.80
58 0.7 0.1 0.2 0.27 0.47 0.40 31.60 93.25 9.66
59 0.7 0.2 0.1 0.27 0.47 0.40 32.30 92.17 9.60
60 0.7 0.3 0 0.27 0.47 0.40 33.00 92.82 9.63
61 0.8 0 0.2 0.27 0.47 0.40 29.60 107.56 10.3762 0.8 0.1 0.1 0.27 0.47 0.40 30.30 105.73 10.28
63 0.8 0.2 0 0.27 0.47 0.40 31.00 105.64 10.28
64 0.9 0 0.1 0.27 0.47 0.40 28.30 121.63 11.03
65 0.9 0.1 0 0.27 0.47 0.40 29.00 120.80 10.99
66 1 0 0 0.27 0.47 0.40 27.00 138.29 11.76
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0
5
10
15
20
25
30
35
40
45
50
4 6 8 10 12 14 16 18 20
Return(%)
Risk (sd)
Effective Port fol ioM aximum return of p or t fo l io is 47% with Risk Sd = 8.28With Ul t ra tech weight = 0
A i r te l We igh t = 1RIL weight = 0
M in imum Risk of Por t fo l io is 7 .40% with return = 42.9%
Wit h Ul t ra tech w eight = 0.1A i r te l We igh t = 0 .6RIL weight = 0.3
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PROFIT FROM DIFFERENT M ETHODS
SM A
Buy Sell Profit
Prof i t
A f ter
Brokerage
2004
260 270 10 7.35
265 304 39 36.155
286 300 14 11.07
280 295 15 12.125
302 316 14 10.91
308
340 32 28.76
2005
325 370 45 41.525
360 374 14 10.33
355 360 5 1.425
353 348 -5 -8.505
326 374 48 44.5
361 418 57 53.105
407 462 55 50.655
410 459 49 44.655
431 441 10 5.64
2006
436 832 396 389.66
631 727 96 89.21
651 764 113 105.925769
2007
1113 344 334.59
1071 1130 59 47.995
1060 1062 2 -8.61
753 788 35 27.295
693 967 274 265.7
852 1044 192 182.52
200
8798 865 67 58.685
863 911 48 39.13539 633 94 88.14
To tal Pr of it 2122 1969.94
LT410 812 402 395.89
904 871 -33 -41.875
369 354.015
EM A
Buy Sell Profit
Prof i t
A f terBrokerage
(0.5%)
2004
260 269 9 6.355
265 304 39 36.155
289 300 11 8.055
284
2005
340 56 52.88
325 370 45 41.525
350 373 23 19.385
329 350 21 17.605
325 465 140 136.05
398 455 57 52.735
430 438 8 3.66
2006
436 806 370 363.79
570 727 157 150.515
651
2007
1130 479 470.095
1060 1111 51 40.145
693 967 274 265.7
867 1001 134 124.66977
2008
985 8 -1.81
798 899 101 92.515
806 911 105 96.415
539 617 78 72.22
Tot al Pro fi t 2166 2048.65
LT325 883 558 551.96
873 985 112 102.71
670 654.67
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Boll inger Band
Buy Sell Profit
Prof i t
A f ter
Brokerage
2004 278 310 32 29.06
2005
352 373 21 17.375
338 339 1 -2.385
437 456 19 14.535
42 6
2006
468 42 37.53
720 717 -3 -10.185
659 826 167 159.575
2007
1059 809 -250 -259.34
796 873 77 68.655
867 946 79 69.935
1005 1038 33 22.785
96 8
2008817 -151 -159.925
761 612 -149 -155.865
Tot al Pro f i t -82 -168.25
M ACD
Buy Sell Profit
Prof i t
A f ter
Brokerage
2004 286 305 19 16.045
300 298 -2 -4.99
2005
324 350 26 22.63
368 365 -3 -6.665
345 364 19 15.455
336 329 -7 -10.325
459 431 -28 -32.45
450
2006
448 -2 -6.49
786 631 -155 -162.085727 738 11 3.675
878 916 38 29.03
2007
1038 1163 125 113.995
1111 1120 9 -2.155
1062 797 -265 -274.295
929 919 -10 -19.24
1044 1030 -14 -24.37
2008
970 895 -75 -84.325
876 809 -67 -75.425
761 644 -117 -124.025574 556 -18 -23.65
To tal Pr of it -516 -649.66
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%K & %D
Buy Sell ProfitPro f it Af te rBrokerage
2004
263 263 0 -2.63
260 277 17 14.315
265 319 54 51.08
285 306 21 18.045
290 284 -6 -8.87
277 295 18 15.14
297 309 12 8.97
327 336 9 5.685
2005
329 372 43 39.495
362 366 4 0.36
341 344 3 -0.425
329 355 26 22.58
330 338 8 4.66
362 481 119 114.785455 468 13 8.385
327 443 116 112.15
2006
537 545 8 2.59
533 575 42 36.46
623 706 83 76.355
749 717 -32 -39.33
620 722 102 95.29
737 775 38 30.44
869 889 20 11.21
900 1014 114 104.43
2007
1070 1083 13 2.235
985 1120 135 124.475
693 842 149 141.325
819 836 17 8.725
873 967 94 84.8
867 920 53 44.065
999 1001 2 -8
1003 982 -21 -30.925
2008
985 879 -106 -115.32
806 881 75 66.565
774 792 18 10.17
666 692 26 19.21
655 628 -27 -33.415569 551 -18 -23.6
539 631 92 86.15
591 581 -10 -15.86
Tot al Pro f it 1324 1081 77