P a g e | 1

A

SUMMER TRAINING REPORT

ON

TRADING ON CURRENCY IN SWASTIKA INVESTMART LTD.

IN THE PARTIAL FULFILLMENT FOR THE AWARD

OF

BACHELOR OF BUSINESS ADMINISTRATION(2012-15)

SUBMITTED BY: ABHAY SETH 1259051102

B.B.A

P a g e | 2

CONTENTS

INDEX PAGE NUMBERACKNOWLEDEMENT 4DECLARATION 5EXECUTIVE SUMMARY 6INTRODUCTION 8&9OBJECTIVE 10INVESTORS EXPECTATIONS 11VISION AND MISSON 12&13COMPANY PROFILE 14&15CURRENT ACTIVITIES OF SWASTIKA 16STRENGETH OF SWASTIKA 17PROPOSED ACTIVITIES OF SWASITIKA 18ADVANTAGE OF SWASTIKA 19ABOUT THE MANAGEMENT 20&23MILESTONES 24JOIN US TO PURSUE A PROGRESSIVE CAREER 25MAJOR STOCK EXCHANGE IN INDIA 26BOMBAY STOCK EXCHANGE 27&28MAJOR PLAYER IN MARKET 29&32COMPETITION ADVANTAGE 33CURRENCY 34CURRENCY TRADING BASICS 35&36ADVANTAGE OF CURRENCY TRADING 37OFFERING 38FOREIGN EXCHANGE MARKET FOR BEGINNERS 39&40TOP 7 QUESTION ABOUT CUREENCY 41HOW DOES FOREX DIFFER FROM OTHER MARKET? 42WHERE IS THE COMMISSION IN FOREX TRADING? 43WHAT IS A PIP? 44WHAT ARE YOU REALLY SELLING OR BUYING IN THE CURREENCY MARKET? 44WHICH CURRENCIES ARE TRADED IN FOREX MARKET? 45WHAT IS A CURRENCY CARRY TRADE? 45INTRODUCTION OF FOREIGN EXCHANGE FOREX MARKET 46&47HOW FOREX IS UNIQUE 48MAKING AND LOSING MONEY 49BUYING AND SELLING 50CURRENCY QUOTES 51

P a g e | 3

MOST TRADED PAIRS 51BROKERS 52TAXES AND BROKRAGE CHARGES 53WHAT MOVE A CURRENCY 54LEARN FOREX TRADING 55FOREX BASIC:WHITE BELT 56FUNDAMENTAL TRADING:YELLOW BELT 57TECHNICAL TRADING:GREEN BELT 58TACTICAL TRADING:BLUE BELT 59BROKER AND TOOL:BROWN BELT 59STRATEGY AND NEW:BLACK BELT 59INTRODUCTION OF ONLINE AND OFFLINE TRADING 60&62INTRODUCTION OF ODIN TRADING SOFTWARE 63&65BIBLOGRAPHY 66

P a g e | 4

ACKNOWLEDGEMENT

I t has been a great pleasure having gone through as a trainee in

SWASTIKA INVESTMART LTD . which is India’s well known and starkly

established retail brokerage firm. I as a trainee got to learn a lot as I had an

opportunity to work with people who are extremely profound. I wou ld l i ke to

express my g ra t i tude to Mr. SHEKHER GEHLAWAT, zonal head

(Z.H) SWASTIKA INVESTMART LTD. f o r  g i v ing  an

oppor tun i t y   to  e longa te  my knowledge and  p rov id ing  me a  pragmatic

experience. It would not be fair enough at al l i f I would not thank

Mr.VIJAY BANSAL, Assistant branch Manager (ABM) SWASTIKA

INVESTMART LTD . f o r  p rov id ing  enough  know ledge  and  mak ing  us

acquainted with the job of cl ient servicing. It ’s been an amazing

experience working under her.

Last but not the least I would like to thanks each and every member of the

SWASTIKA INVESTMART LTD for being so cooperative and helpful.

A B H A Y S E T H

P a g e | 5

DECLARATION

This is to certify that report entitled “Trading On Currency in Sawstika Investmart

Limited” which is submitted by me in partial fulfillment of the requirement for the

award of “Post graduate diploma in management “ in S.R Collage Of Professional

Studies, Jhansi comprises only my original work and due acknowledgement has

been made in the text to all other material used.

Name-: ABHAY SETHRoll no.-: 1259051102Name of the guide-: MR,VIJAY BANSALDate: 22/07/2014

P a g e | 6

CHAPTER - I

EXECUTIVE SUMMARY

P a g e | 7

EXECUTIVE SUMMARY

 This project provides an insight into the financial service industry of which

insurance, stocks and mutual funds form an integral part. The project focuses on the

dematerialization and stock trading services provided by SWASTIKA.

The project also includes the services industry in which SWASTIKA plays an

important role. The organization structure, history of the company, ownership

patterns, divisions and branches and different departments in the organization are

also mentioned.

The project provides an overall view on the financial standing of the company,

products offered and services provided the competitors in the industry and the

competitive edge of SAWSTIKA to have a distinctive position in the industry.

Swastika Investmart

Limited Provide its Expert service in Capital market Operations to institutional

Investors. Company is a Member of National Stock Exchange as well as Bombay

Stock Exchange. Swastika is slowly

but steadily gaining market share and goodwill in the Market. Its strategies for

marketing its services as well as developing a good Relationship Marketing with its

client has given an edge over the other service providers Swastika is on expansion

path and is looking forward to be in the top.

P a g e | 8

CHAPTER – II

INTRODUCTION

P a g e | 9

INTRODUCTION

The stock broking industry is a service-oriented industry where brokers act as

agents for investors when a security is bought or sold and are compensated with a

commission. Investors would not hesitate to switch to alternative brokerage houses

if they do not obtain satisfaction. Providing quality service and hence customer

satisfaction should thus be recognised as a key strategy and a crucial element of

long-run success and profitability for stock broking businesses.

Little has been done towards understanding the expectations investors hold from

their stockbrokers. Since expectations serve as benchmark to gauge the service

level of brokers, the delivery of services that exceed customer expectations is one

strategy that can give firms a competitive advantage. Therefore, it would seem

beneficial for stockbrokerage firms, in a dynamic economic environment like India, to

provide service at a good scale of quality.

P a g e | 10

OBJECTIVES

To create awareness among the people about the different products offered by the company in the market through telecalling, canopies etc.To generate leads for endorsement of deals.To accompany the relationship manager on his visit to the prospective clients.To open demat accounts.To learn how to work in a team.To acquaint myself with work culture.To understand the operating terminal of Equity.To learn the trading procedure of equity market.

P a g e | 11

INVESTORS EXPECTATIONS

Providing basic knowledge to investors so as to help them in understanding the stock market and making proper decisions in stocks.

Providing an averagely priced product so as to appeal to the investors and have a penetration effect in the market.

Timely input (tips, entry and exist) to be provided to prospective clients so that they can maximize their wealth by making smart decisions.

Updated info about client accounts on amounts outstanding, payment, withdrawals, shortages etc if any.

Ancillary services like providing payout facilities, direct transfers, timely payments and receipts, confirmations about order receiptance and delivery of stocks, cheques, dematerialised shares etc.

Infrastructure facilities like proper sitting arrangements, water and other refreshments, clean facility and a clean working environment.

Cordial relation with clients should be maintained so as to promote goodwill and business of the broker.

Proper availability of RM’s to attend to clients requests so as to minimize delays in order reacceptance and minimizing customer dissatisfaction.

P a g e | 12

VISION

&

MISSION

P a g e | 13

VISION

"To be a prominent destination to enhance the Prosperity of it’s Clients, Investors, Associates and Employees, always""To provide best value for money to clients through personalised service, innovative products, best trading and investment strategies and state-of-the-art technologies. We at Swastika believe that 'Our services combined with our investors' trust will lead to a prosperous Swastika family"We are committed for :

Integrity and transparency in all transactions, Providing investment solutions based on quality and unbiased research, Providing personalized services to all investors and business associates, Achieving success through client’s growth .

MISSION

Institutional Broking – Empanelment with Banks, FIs, & Insurance Companies, Mutual Fund business, Merchant Banking Services, Registrar & Transfer Agents Services, Equity Placement & Venture Capital Funding, Dealing in Forex, Financing & Loans Syndication.

P a g e | 14

COMPANY PROFILE

P a g e | 15

Swastika Investmart Ltd. (Formerly known as Swastika Fin-Lease Ltd.), a Public Limited Company, was

incorporated in 1992 with its Registered Office in Mumbai and Administrative office at Indore (M.P.). It was

promoted by Mr. Sunil Nyati belonging to the Swastika group of Rajasthan, engaged in diversified business

since 1959. 

In the year 1995 the company came out with a Public issue of 15 Lac equity shares of Rs.10/- each for

cash at par, aggregating Rs.150 Lacs. The shares of company are listed on BSE and is one of the few

listed companies, engaged in Stock broking and Capital Markets activities. 

Since incorporation till 1998, the company was actively involved in the field of Hire Purchase and Lease

Finance. It started the stock broking business as a sub-broker in the year 1998 and after getting the

experience and with the blessings of its satisfied customers, it took the Corporate Membership of NSE in

2000 and BSE in 2004. Later, it got registered with CDSL in 2006 as Depository Participant as well. 

In the year 2007 the company has acquired membership of two premier Commodity Exchanges of India,

NCDEX and MCX through its wholly owned subsidiary company Swastika Commodity Pvt. Ltd. It has also

got the corporate membership of Currency Derivatives with NSE and MCX-SX in the year 2008. In 2009

company has started the services of Portfolio Management Services after being Registered with the SEBI

for the same. In year 2010, after having more than 20,000 clients in CDSL, NSDL Depository added in the

Company Portfolio. Company has also taken Member ship of USE & ICEX.

P a g e | 16

CURRENT ACTIVITIES OF SWASTIKA

Stock broking – NSE & BSE – Equities & Derivatives.Commodity Trading – NCDEX & MCX, ICEX & NCDEX SPOT Exchange.Currency Broking – NSE & MCX-SX & USE - Currency Derivatives.Depository Services – NSDL & CDSL.Portfolio Management & Investment Advisory Services.Mutual Funds And Fixed Deposits Investments.Initial Public Offering ( IPO) And IPO Financing.Technical Analysis and Research based advice.Internet Based Trading.

P a g e | 17

STRENGTHS OF SWASTIKACorporate Membership of NSE, BSE, NCDEX & MCX-SX, ICEX & USEInternet & Mobile Based Trading Platform.Depository Participants of NSDL & CDSL24 * 7 Web Base Back Office SoftwareOwn Private VSAT Net Work30 Own BranchesBusiness Partners and Sub Brokers – More than 500CTCL Net Work – More than 1000 Odin LicensesMore than 40000+ Registered Clients (Individual & Corporate).Company Listed at BSE since 1995.In House Technical Analysis & Research team.Strong team for Fundamental Equity Analysis & Research.Team for Derivative strategies trading.Annual turnover in C M & F&O (NSE & BSE): More than Rs. 50,000 Crores.Annual turnover in Commodity (NCDEX & MCX): More than Rs. 60000 Crores.Annual turnover in Currency (NSE & MCX-SX): More than Rs. 12000 Crores.

P a g e | 18

PROPOSED ACTIVITIES OF SWASTIKAInstitutional Broking – Empanelment with Banks, Financial Institutions and FIIs.Merchant Banking Services.Registrar & Transfer Agents Services.Equity Placement & Venture Capital Funding.Dealing in Forex.Financing & Loans SyndicationInsurance Broking

P a g e | 19

ADVANTAGE OF SWASTIKA

Started from ZeroOur biggest strength is that we started our stock broking business from level zero, as a Sub broker and later took trading memberships. Hence, we understand the needs of our clients and our business partners very well.

Integrated and transparent servicesWe value integrity and transparency in client’s transactions and provide the best value for money to our clients. Our dedicated relationship managers are trained to provide excellent services and complete satisfaction to all their clients.

All services under one umbrellaAll the memberships are in one Company name, no hassle of account transfers, deliveries adjustments. One can buy stock in one exchange and sell in another and get arbitrage opportunities, absolutely hassle-free.

Accurate and timely researchWe are always endeavored to provide timely research based advice to our clients. Our research team comprises of experienced Fundamental, Technical and Derivative Strategies analysts.

Wide range of ServicesWe are offering Stock, Commodities and Currencies broking, Investment Advisory Services, Depository Services, PMS, IPO & Mutual Fund Distribution etc.

24*7 Online Back Office SoftwareWeb-enabled centralized 24*7 back office software, providing direct access to all Branches, Business associates and clients to complete account related information, anytime-anywhere.

P a g e | 20

ABOUT THE MANAGEMENT

Swastika is managed by a team of 200+ experienced and qualified professionals across all the levels of management. The company was promoted by Mr. Sunil Nyati

KEY PERSONNEL

Mr Sunil Nyati, Managing - Director Swastika has been on a growth path under his able leadership and rich experience. He is a science graduate, having more than 15 years of experience in capital markets. He has been our guide all throughout success path of Swastika. His values of integrity and transparency have been inculcated in all the employees. He always innovates new ideas, adapts latest technology so as to provide quality and unbiased investment solutions to the investors.

P a g e | 21

Mr. Anil Nyati – Director 

A commerce graduate having 20 years of experience in business development and marketing. He has played a key role in establishment of regional offices in Jaipur and Delhi for establishment of branch network across Rajasthan, UP and Hariyana. He currently heads business development and marketing for the company for North region.

Mr. Vinod Gupta - Director 

A chartered accountant having overall 12 years experience in financial services and 6 years of experience in the Merchant Banking Industry. He is with the organisation since 1996 and is instrumental in setting up Company's business in Rajasthan and managing portfolio of High net worth individuals of his region. He is also developing the Merchant Banking and Private Equity placement business of the company.

P a g e | 22

Mrs. Anita Nyati, Director 

Mrs. Anita Nyati has been with Swastika Investmart Ltd for 15 years and has served as capital market consultant and accounts advisor. Her academic qualifications include Bachelor in Commerce and NCFM Certification in Capital Market and Derivatives Modules. She has over 20 years experience in accounting and capital market research.

Mr. Vijay Kumar Chowdhary, Director – Marketing 

Mr. Vijay Kumar Chowdhary with us as a Director Marketing to take care of all the Marketing and Sales Function of the Swastika Investmart Limited. Mr. Chowdhary enjoy around 40 years of experience in the various fields like Marketing, Supply Chain Management, Administration, Global Project handling, these functional responsibilities were managed on a Senior position in a leading groups of India like U.P. Steels Ltd., Steel Tubes of India Ltd., Ranbaxy Laboratories, Kinetic Honda Motors Ltd, Kinetic Engineering & Mahindra Two Wheelers Ltd.

P a g e | 23

Mr. Vinit Rathi, Vice President - Marketing An MBA with good experience in marketing for distribution of shares, derivatives market and other financial services and development of Franchises and Sub broker network. He is with the organisation since 2005 and his administrative and technical skills help us to continuously improve our operations and provide excellent services to all our Channel Partners.

P a g e | 24

MILESTONES

1992 : Incorporation with registered Office at Mumbai.

1993 : Actively involved in financing. Hire-purchase and leasing business.

1995 : Came out with an initial Public Issue, Listed at Bombay StockExchange.

1998 : Registered with RBI as NBFC,

2000 : Membership of NSE - Capital Market Division.

2002 : Membership of NSE - Future & Option Segment.

2003 : Setting up Research Desk and Mutual Fund Desk.

2004 : Membership of BSE - Capital Market Division

2005 : Centralised Back Office Software successfully implemented.

2006 : Registered with CDSL as Depository Participants.

2007 : Membership of NCDEX & MCX.

2008 : Membership of Currencies Derivatives of NSE and MCX-SX.

2009 : Starting of SEBI Registered Portfolio Management Services.

2010: Starting of NSDL Services, Membership of USE & ICEX.

2011: Starting of NCDEX Spot Exchange.

P a g e | 25

JOIN US TO PURSUE A PROGRESSIVE CAREER

BRANCH MANAGERMERCHANT BANKINGURGENT OPENING FOR WEB DESIGNEROPEN FOR ONLINE BIDDING EXCUTIVECUSTOMER SERVICE EXECUTIVEFUNDAMENTAL ANALYAT ONLINE MARKETING MANAGERBRANCH MANAGER

EXECUTIVE-BACK OFFICEBUSINESS DEVELOPMENT OFFICER-SIFMRTECHNICAL ANALYAT CFASYSTEM NETWORK ENGINEER

BUSINESS DEVELOPMENT EXECTIVE

REGIONAL BRANCH HEADFRANCHIEE MANAGERCOMMODITY TECHINAL ANALYATTELECALLERRECEPTIONST

P a g e | 26

MAJOR STOCK EXCHANGES IN INDIA

NSE was incorporated in 1992 and was given recognition as a stock exchange in April 1993. It

started operations in June 1994, with trading on the Wholesale Debt Market Segment.

Subsequently it launched the Capital Market Segment in November 1994 as a trading platform for

equities and the Futures and Options Segment in June 2000 for various derivative instruments.

NSE has been able to take the stock market to the doorsteps of the investors. The technology has

been harnessed to deliver the services to the investors across the country at the cheapest

possible cost. It provides a nation-wide, screen-based, automated trading system, with a high

degree of transparency and equal access to investors irrespective of geographical location. The

high level of information dissemination through on-line system has helped in integrating retail

investors on a nation-wide basis. The standards set by the exchange in terms of market practices,

Products, technology and service standards have become industry benchmarks and are being

replicated by other market participants. Within a very short span of time, NSE has been able to

achieve all the objectives for which it was set up. It has been playing a leading role as a change

agent in transforming the Indian Capital Markets to its present form. The Indian Capital Markets

are a far cry from what they used to be a decade ago in terms of market practices, infrastructure,

technology, risk management, learing and settlement and investor service.

BOMBAY STOCK EXCHANGE

P a g e | 27

Background:

The BSE Sensitive Index (1978-79=100) has, to a considerable extent,  been

serving the purpose of quantifying the price movements as also reflecting the

sensitivity of the market in an effective manner.

The number of companies listed on the Bombay Stock Exchange  has

registered a phenomenal increase from 992 in the year 1980 to about 4800

companies by the end of July 2005 and their combined market capitalization rose from Rs.

5,421 crores to around Rs. 18, 00,000crores at end of July 2005.These factors necessitated

compilation of a new broad-based index series reflecting the  present market trends in a

more effective manner and providing a better representation of the increased equity

stocks, market capitalization as also the newly emerged industry groups. Towards

this end, the Exchange constructed and launched on 27th May 1994, two index series

viz. the BSE-200 and the DOLLEX.

Coverage:

The equity shares of 200 selected companies from the specified and non-specified

lists of this Exchange have been considered for inclusion in the sample for  `BSE-

P a g e | 28

200'. The selection of companies has primarily been done on the basis of current

market capitalization of the listed scripts on the exchange. Besides market capitalization, the

market activity of the companies as reflected by the volumes of turnover and certain

fundamental factors were considered for the final selection of the 200 companies.

P a g e | 29

MAJOR PLAYERS IN MARKET

ICICI Direct.com

Sharekhan

Kotak securities

Indiabulls

HDFC Securities

Karvy

Angel broking

India Infoline ltd.

P a g e | 30

ICICI Web Trade Limited (IWTL) maintains www.icicidirect.com (hereinafter referred to as website) where as IWTL is an affiliate of ICICI bank limited and the website is owned by ICICI bank limited. IWTL has launched and established an online trading service on the website.

Products and servicesInvesting in mutual fundsPersonal financeComputer services featuresIPO’sMargin tradingMargin plus tradingCall tradingTrading on NSE/BSE

Sharekhan is India’s leading online retail broking house. Launched on February 8, 2000 as an online trading portal, Sharekhan has today a pan-India presence with over 1,529 outlets serving 950,000 customers across 450 cities. It also has international presence through its branches in the UAE and Oman. Sharekhan offers services like portfolio management, trade execution in equities, futures &options, commodities, and distribution of mutual funds, insurance and structured products.

P a g e | 31

Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank, is the stock broking and distribution arm of the Kotak Mahindra Group. The company was set up in 1994. Kotak Securities is a corporate member of both The Bombay Stock Exchange and The National Stock Exchange of India Limited. Its operations include stock broking and distribution of  various financial products - including private and secondary placement of debt and equity and mutual funds. Currently, Kotak Securities is one of the largest broking houses in Indiaw i th  w ide  geograph ica l   reach .  The  company  has   four  ma in  a reas  o f  bus iness :

Institutional Equities, Retail (equities and other financial products), Portfolio Management and Depository Services.

Indiabulls Group is one of the country's leading business houses with business interests in Power, Financial Services, Real Estate and Infrastructure. Indiabulls Group companies are listed in Indian and overseas financial markets. The Net worth of the Group is Rs 16,844 Crore and the total planned capital expenditure of the Group by 2013-14 is Rs 35,000 Crore. Indiabulls Securities (ISL) is one of India's leading capital markets companies providing securities broking and advisory services. Indiabulls Securities also provides depository services, equity research services and IPO distribution to its clients and offers commodities trading through a separate company. Indiabulls Securities is a pioneer of on-line securities trading in India. Indiabulls Securities Limited (ISL) is the pioneer in Retail Broking Industry having a pan India presence and providing services to a customer base exceeding half a million. ISL is the first and only brokerage house to be assigned the highest ratingBQ-1 by CRISIL. The company through various types of brokerage accounts provides product and services related to purchase and sale of securities listed in NSE and BSE. It also provides depository services, equity research services, mutual fund, and IPO distribution to its clients.

P a g e | 32

HDFC Securities are the subsidiary of (Housing development finance corporation) .HDFC securities would have an exclusive discretion to decide the customers who would be entitled to it’s online investment services. It also serves the right to decide on the criteria based on which customers will be chosen to participate in these services. The present websites contain features of services that they offer in due course. The launch of new services in subjected to the clearance of the regulators i.e SEBI, NSE, BSE .Products offered-:

Online trading for Resident & Non-resident Indians.Cash & carry on both NSE and BSE.Day Trading on both NSE and BSE.Trade in Futures and Options on NSE.Online IPO’s.Telephone based broking (Equity and commodity).

Indiainfoline.com Securities Pvt. Ltd. Is a wholly owned subsidiary of Indiainfoline.com ltd. And is the stock broking arm of Indiainfoline.com. The subsidiary was formed to comply with regulatory guidelines.www.5paise.com is a focused website of online stock group. IILSPL has applied for trading membership of the BSE under securities and exchange board of India (stock brokers and sub brokers) rules 1992.

Products offered by India Infoline Securities Pvt. Ltd. Stock market- IISPL deals in stock market by trading in equity and derivatives. Personal finance- it deals in mutual funds and insurance. Other trading- it provides services in stock and commodity trading (through internet)

COMPETITIVE ADVANTAGE

Flexi brokerage and exposure.

Call centre support provided for trading, back office and IT support.

Fully automated processes.

P a g e | 33

Feature rich software.

Interest on cash margin deposited with Religare.

Target group- Mass market.

USP

Interest on cash margin deposited.

Better quality product at competitive brokerage.

CURRENCY

The currency market is the largest and most liquid financial market in the world with a turnover of more than $ 5 Trillion on a daily basis. With the introduction of currency derivatives in 2008, the Indian market is poised for growth by increasing its share in the world forex trade.

Swastika extends the opportunity to benefit from this market in India. We offer a simple, convenient and profitable platform to trade and hedge in the Currency derivatives market and diversify your investment portfolio

P a g e | 34

How are currency prices determined?

Currency prices are affected by a variety of economic and political conditions, but probably the most important are interest rates, international trade, inflation, and political stability. Sometimes governments actually participate in the foreign exchange market to influence the value of their currencies. They do this either by flooding the market with their domestic currency in an attempt to lower the price or, conversely, buying in order to raise the price. This is known as central bank intervention. Any of these factors, as well as large market orders, can cause high volatility in currency prices. However, the size and volume of the FOREX market make it impossible for any one entity to drive the market for any length of time.

CURRENCY TRADING BASICS

The foreign exchange market is the term given to the worldwide financial market which is both decentralized and over-the-counter, which specializes in trading back and forth between different types of currencies. This market is also known as the Forex market. In recent times, both investors and traders located all around the world have begun to notice and recognize the foreign exchange market as an area of interest, which is speculated to contain opportunity.However, before considering treading these waters, it is important to first understand how transactions are conducted within the foreign exchange market. It is also necessary to first explain what the basics are of trading

P a g e | 35

foreign currency. Failure to fully and completely understand this art prior to journeying off into this market would render a person lost in a matter of minutes, just where they would never expect it. Thus, this article has been presented, intending to explain currency trading basics thoroughly.

The foreign exchange market is the term given to the worldwide financial market which is both decentralized and over-the-counter, which specializes in trading back and forth between different types of currencies. This market is also known as the Forex market. In recent times, both investors and traders located all around the world have begun to notice and recognize the foreign exchange market as an area of interest, which is speculated to contain opportunity.

P a g e | 36

P a g e | 37

ADVANTAGE OF CURRENCY TRADING

Accessible to small traders The minimum size of the USDINR futures contract is USD 1,000. Similarly EURINR future contract is EURO 1000, GBPINR future contract is GBP 1000 and JPYINR future contract is YEN 1,00,000. These are well within the reach of most small traders. As the profits or losses in the futures market are also paid / collected on a daily basis, the scope of accumulation of losses for participants gets limited.No Middlemen :Allows clients to interact directly on the exchange platform.Opportunity to Hedge foreign currency exposure risk.Minimal Cost: Low Brokerage, Lower taxation ( No Securities Transaction Tax).Lower margins and Higher Leverage.Currency Trading has no insider trading risk due to the large size of the forex market and its decentralized nature.Highly Safe - Governed by both the SEBI and RBI.Currency Futures are cash settled, thus providing convenience to the investors.

P a g e | 38

OFFERING

Access to NSE Currency Futures segment, MCX-SX and USE currency segments.Technologically advanced trading platform and service disseminationResearch calls for all currency pairs: USDINR, EURINR, GBPINR, JPYINRCompetitive Brokerage SchemesPersonalized service to time entry and exit pointsDaily Fundamental and technical Research Reports

P a g e | 39

FOREIGN EXCHANGE MARKET FOR BEGINNERS

The foreign exchange market or forex market as it is often called is the market in which currencies are traded. Currency Trading is the world’s largest market consisting of almost trillion in daily volume and as investors learn more and become more interested, the market continues to rapidly grow. Not only is the forex market the largest market in the world, but it is also the most liquid, differentiating it from the other markets. In addition, there is no central marketplace for the exchange of currency, but instead the trading is conducted over-the-counter. Unlike the stock market, this decentralization of the market allows traders to choose from a number of different dealers to make trades with and allows for comparison of prices. Typically, the larger a dealer is the better access they have to pricing at the largest banks in the world, and are able to pass that on to their clients. The spot currency market is open twenty-four hours a day, five days a week, with currencies being traded around the world in all of the major financial centers.Learn more about currency trading online.All trades that take place in the foreign exchange market involve the buying of one currency and the selling of another currency simultaneously. This is because the value of one currency is determined by its comparison to another currency. The first currency of a currency pair is called the “base currency,” while the second currency is called the counter currency. The currency pair shows how much of the counter currency is needed to purchase one unit of the base currency. Currency pairs can be thought of as a single unit that can be bought or sold. When purchasing a currency pair, the base currency is being bought, while the counter currency is being sold. The opposite is true, when the sale of a currency pair takes place. There are four major currency pairs that are traded most often in the foreign exchange market. These include the EUR/USD, USD/JPY, GBP/USD, and USD/CHF.

P a g e | 40

Forex Capital Markets (FXCM) is an online currency trading firm that offers a free demo account to traders who are new and interested in the foreign exchange market. Registering for a demo account allows a new trader to download the online trading platform that is used by the company’s clients trading live accounts and make trades as if they were doing it with real money. The demo account is an excellent way to experiment with the foreign exchange market while learning your way around the trading platform. It allows you to experience every step of currency trading including choosing currency pairs, deciding how much risk to take, tracking the time and dates of placed trades, deciding how long to stay in the trade, and when to exit the trade. It also allows the placing of stop and limit orders on trades.Information about trading and specifically about how to use the online trading platform can be found on the FXCM webpage. In addition, FXCM offers FREE interactive online seminars that are extremely useful to both new and experienced currency traders. These “educational webinars,” as they are called are run by experienced financial strategists and range in topics from trading specific news events to trading the Euro. In addition to the webinars, FXCM also offers numerous online courses that teach investors how to trade the currency market.

P a g e | 41

TOP 7 QUESTIONS

ABOUT CURRENCY TRADING

P a g e | 42

HOW DOES THE FOREX MARKET DIFFER FROM OTHER MARKETS?

Unlike stocks, futures or options, currency trading does not take place on a regulated exchange. It is not controlled by any central governing body, there are no clearing houses to guarantee the trades and there is no arbitration panel to adjudicate disputes. All members trade with each other based on credit agreements. Essentially, business in the largest, most liquid market in the world depends on nothing more than a metaphorical handshake

The FX market is different from other markets in some other key ways that are sure to raise eyebrows. Think that the EUR/USD is going to spiral downward? Feel free to short the pair at will. There is no uptick rule in FX as there is in stocks. There are also no limits on the size of your position (as there are in futures); so, in theory, you could sell $100 billion worth of currency if you had the capital to do it. If your biggest Japanese client, who also happens to golf with the governor of the Bank of Japan tells you on the golf course that BOJ is planning to raise rates at its next meeting, you could go right ahead and buy as much yen as you like. No one will ever prosecute you for insider trading should your bet pay off. There is no such thing as insider trading in FX; in fact, European economic data, such as German employment figures, are often leaked days before they are officially released.

P a g e | 43

WHERE IS THE COMMISSION IN FOREX TRADING?

Investors who trade stocks, futures or options typically use a broker, who acts as an agent in the transaction. The broker takes the order to an exchange and attempts to execute it as per the customer's instructions. For providing this service, the broker is paid a commission when the customer buys and sells the tradable instrument.

The FX market does not have commissions. Unlike exchange-based markets, FX is a principals-only market. FX firms are dealers, not brokers. This is a critical distinction that all investors must understand. Unlike brokers, dealers assume market risk by serving as a counterparty to the investor's trade. They do not charge commission; instead, they make their money through the bid-ask spread. 

In FX, the investor cannot attempt to buy on the bid or sell at the offer like in exchange-based markets. On the other hand, once the price clears the cost of the spread, there are no additional fees or commissions. Every single penny gain is pure profit to the investor. Nevertheless, the fact that traders must always overcome the bid/ask spread makes scalping much more difficult in FX.

P a g e | 44

WHAT IS A PIP?Pip stands for "percentage in point" and is the smallest increment of trade in FX. In the FX market, prices are quoted to the fourth decimal point. For example, if a bar of soap in the drugstore was priced at $1.20, in the FX market the same bar of soap would be quoted at 1.2000. The change in that fourth decimal point is called 1 pip and is typically equal to 1/100th of 1%. Among the major currencies, the only exception to that rule is the Japanese yen. One Japanese yen is now worth approximately US$0.01; so, in the USD/JPY pair, the quotation is only taken out to two decimal points (i.e. to 1/100th of yen, as opposed to 1/1000th with other major currencies).

WHAT ARE YOU REALLY SELLING OR BUYING IN THE CURRENCY MARKET?

The short answer is "nothing". The retail FX market is purely a speculative market. No physical exchange of currencies ever takes place. All trades exist simply as computer entries and are netted out depending on market price. For dollar-denominated accounts, all profits or losses are calculated in dollars and recorded as such on the trader's account.

The primary reason the FX market exists is to facilitate the exchange of one currency into another for multinational corporations that need to trade currencies continually (for example, for payroll, payment for costs of goods and services from foreign vendors, and merger and acquisition activity). However, these day-to-day corporate needs comprise only about 20% of the market volume. Fully 80% of trades in the currency market are speculative in nature, put on by large financial institutions, multibillion dollar hedge funds and even individuals who want to express their opinions on the economic and geopolitical events of the day.

P a g e | 45

WHICH CURRENCIES ARE TRADED IN THE FOREX MARKET?

Although some retail dealers trade exotic currencies such as the Thai baht or the Czech koruna, the majority trade the seven most liquid currency pairs in the world, which are the four "majors": 

EUR/USD (euro/dollar)USD/JPY (dollar/Japanese yen)GBP/USD (British pound/dollar)USD/CHF (dollar/Swiss franc)and the three commodity pairs:AUD/USD (Australian dollar/dollar)USD/CAD (dollar/Canadian dollar)NZD/USD (New Zealand dollar/dollar)

These currency pairs, along with their various combinations (such as EUR/JPY, GBP/JPY and EUR/GBP), account for more than 95% of all speculative trading in FX. Given the small number of trading instruments - only 18 pairs and crosses are actively traded - the FX market is far more concentrated than the stock market.

WHAT IS A CURRENCY CARRY TRADE?Carry is the most popular trade in the currency market, practiced by both the largest hedge funds and the smallest retail speculators. The carry trade rests on the fact that every currency in the world has an interest rate attached to it. These short-term interest rates are set by the central banks of these countries: the Federal Reserve in the U.S., the Bank of Japan in Japan and the Bank of England in the U.K.

The idea behind the carry is quite straightforward. The trader goes long the currency with a high interest rate and finances that purchase with a currency with a low interest rate. For example, in 2005, one of the best pairings was the

P a g e | 46

INTRODUCTION OF FOREIGN EXCHANGE

FOREX MARKERT

P a g e | 47

The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies. The main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.[1]

The foreign exchange market works through financial institutions, and it operates on several levels. Behind the scenes banks turn to a smaller number of financial firms known as “dealers,” who are actively involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the “interbank market”, although a few insurance companies and other kinds of financial firms are involved. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. [citation

needed] Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions.

The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from the European Union member states, especially Eurozone members, and payeuros, even though its income is in United States dollars. It also supports direct speculation and evaluation relative to the value of currencies, and the carry trade, speculation based on the interest rate differential between two currencies.[2]

In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying for some quantity of another currency. The modern foreign exchange market began forming during the 1970s after three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.

P a g e | 48

HOW FOREX IS UNIQUEFewer Rules: Unlike the trading of stocks, futures or options, currency trading does not take place on an exchange with rules, like the New York Stock Exchange. It is not controlled by any central governing body, and there are no clearing houses to make sure the party you are buying the currency from actually pays up. In fact, if you had exclusive information, and used it to make a lot of money, legal issues would not arise, like they would it in the stock market.No Commissions: There are no exchange, brokerage or clearing fees in the FX market. Instead, brokers make money on the difference in price you pay to buy, or the amount you receive when you sell, currencies.Trade Whenever You Want: Forex markets are open 24 hours a day, so if you are a night owl or early riser you can set your own trading schedule.No Limit to How Much Currency You can Buy: If you had $1 billion U.S. dollars you wanted to sell, you could do it! There's no limit to how much money you can buy or sell.Easy to Get In and Out: You can buy and sell currencies with the click of a button, instantaneously. The market is so large that you will never be stuck if you wanted to get rid of – or buy - your stockpile of currency.

P a g e | 49

MAKING AND LOSING MONEY

How People Make or Lose Money Doing It

By converting your money into a different currency, you are hoping that the new currency increases in value. When you convert back to your initial currency, ideally you will have more money than you started with. 

Let's take a look at a simple example of how someone can make money from a forex transaction. Suppose you have $900 U.S. dollars and you exchange that for $1000 Canadian dollars. One week later, the CAD/USD exchange rate goes up from 0.90 to 1.0, so the Canadian dolar which you own has increased in value compared to the U.S. dollar. You could then exchange the $1000 CAD you have back into U.S. dollars and you would receive $1000 USD. 

So you started with $900 USD, you now have $1000 USD, a profit of $100 USD.

Your Decision CAD USD

You buy 1,000 CAD at theCAD/USD rate of 0.90

+1000 -900

A week later, the CAD/USD rises to 1.00 and you exchange your 1,000 CAD back into U.S. dollars

-1000 +1000

Profit +100

P a g e | 50

BUYING AND SELLINGWhat are you really selling or buying in the currency market?You are buying and selling money. In the forex market, think of money as a commodity, you are buying a currency hoping that its value will increase, and if you are selling you are betting that it will decrease. Like any other commodity, the price of currencies is displayed in quotes in the spot market, and traded in currency pairs; like the US dollar and the Canadian dollar (USD/CAD) or the US dollar and Japanese yen (USD/JPY).

Also, although you are buying another country's currency, you are not buying anything ‘physical', and thus no physical exchange of money ever takes place. This can be confusing, but think of it like buying shares of a publicly traded company where everything is done electronically inside your trading account. But unlike the stock market, the forex market doesn't have a central exchange like the New York Stock Exchange for instance. Instead the forex market is an interbank market, which means it's all connected together in a network of banks and institutions.

You can also think of buying currencies as buying shares in a country, you are betting on the success or failure of a particular country's economy. You'll learn more about reading a currency quote and the economics that move currency rates in the upcoming Introduction to forex section.

P a g e | 51

CURRENCY QUOTESCurrencies are quoted in pairs, for example the USD/EUR is the U.S. dollar/euro. Using this quotation, the value of a currency is determined by its comparison to another currency. The first currency of a currency pair is called the base currency, and the second currency is called the quote currency. The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency.

For example, if the USD/EUR currency pair is quoted as being USD/EUR = 0.8000 and you purchase the pair; this means that for every 0.80 euros you sell, you purchase (receive) US$1. If you sell the currency pair, you will receive 0.80 euros for every US$1 you sell. The inverse of the currency quote is EUR/USD, and the corresponding price would be EUR/USD = 1.25, meaning that US$1.25 would buy 1 euro. 

MOST TRADED PAIRSAlthough some retail dealers trade exotic (less popular) currencies such as the Thai baht or the Czech koruna, the majority trade the seven most traded currency pairs in the world. The four most popular, also known as "the majors" are:

EUR/USD (euro/dollar) – "euro"USD/JPY (U.S. dollar/Japanese yen) – "gopher"GBP/USD (British pound/dollar) - "cable"USD/CHF (U.S. dollar/Swiss franc) – "swissie"

P a g e | 52

BROKERSThe forex (FX) market has many similarities to the stock market, but there are some key differences.

Choosing a BrokerThere are many forex brokers to choose from, just as in any other market. Here are some things to look for:Look for low spreadsThe spread, calculated in pips, is the difference between the price at which a currency can be purchased and the price at which it can be sold at any given point in time. Forex brokers don't charge a commission, so this difference is how they make money. In comparing brokers, you will find that the difference in spreads in forex is as great as the difference in commissions in the stock arena.Get the right account typeMany brokers offer two or more types of accounts. The smallest account is known as amini account and requires you to trade with a minimum of, say, $250, offering a high amount of leverage (which you need in order to make money with so little down). The standard account lets you trade at a variety of different leverages, but it requires a minimum initial investment of around $2,000.Things to AvoidSniping or HuntingSniping and hunting - or prematurely buying or selling near preset points - are shady acts committed by brokers to increase profits. Obviously, no broker admits to committing these acts.Strict Margin RulesWhen you are trading with borrowed money, your broker has a say in how much risk you take. As such, your broker can buy or sell at its discretion, which can be a bad thing for you. Let's say you have a margin account, and your position takes a dive before rebounding to all-time highs. Well, even if you have enough cash to cover, some brokers will liquidate your position on a margin call at that low. This action on their part can cost you dearly.

P a g e | 53

TAXES AND BROKERAGE CHARGESSERVICE CHARGE - 12.35% ON BROKRAGE

STAMP DUTY - 100 Rs Per CRORE

TURNOVER TAX ON COMMIDITY – 300 Rs

TURNOVRER TAX ON EQUITY – 500 Rs

COMMODITY TRANSACTION TAX (CTT) – 0.01% ON SELLING SIDE

ON EQUITY

SECURITY TRANSACTION TAX (STT) - 0.17% ON SEELING SIDE

NET ASSESTS VALUE(NAV) – ITS STARTS FROM 10 Rs MIN

P a g e | 54

WHAT MOVES A CURRENCY?Fundamental AnalysisIf you think it's difficult to value one company, try valuing a whole country! Fundamental analysis in the forex market is often very complex, and it's usually used only to predict long-term trends; however, some traders do trade short term strictly on news releases. There are many different fundamental indicators of currency values released at many different times. Here are a few:Non-farm payrollsPurchasing Managers Index (PMI)Consumer Price Index (CPI)Retail salesDurable GoodsThese reports are not the only fundamental factors to watch. There are also several meetings that provide quotes and commentary, which can affect markets just as much as any report. These meetings are often called to discuss interest rates, inflation and other issues that affect currency valuations. Even changes in wording when addressing certain issues - the Federal Reserve chairman's comments on interest rates, for example - can cause market volatility.

Simply reading the reports and examining the commentary can help forex fundamental analysts gain a better understanding of long-term market trends and allow short-term traders to profit from extraordinary happenings. If you choose to follow a fundamental strategy, be sure to keep a calendar that highlights important dates so you know when these reports are released. Your broker may also provide real-time access to such information

P a g e | 55

LEARN FOREX TRADING

Welcome to the OFXT Dojo where you can learn the art of currency trading! Whether you are new to forex, have some experience, or if you are just looking for advanced strategy ideas we have what you are looking for.

Forex Basic: White BeltFundamental Trading: Yellow BeltTechnical Trading: Green BeltTactical Trading: Blue BeltBrokers & Tools: Brown BeltStrategy & News: Black Belt

You have to believe in yourself- Sun Tzu

P a g e | 56

FOREX BASIC: WHITE BELT

Brand New to Forex? Make your way to White Belt and follow the training path all the way through. There is no rush, so move at your own pace.

WHAT IS FOREX?

Forex stands for the foreign exchange market. This is also referred to as the FX, Spot FX or Currency market. All of these names are just several ways of describing the very same market.

This market has been around since the 1970’s when currencies started to fluctuate when President Nixon took the U.S. off of the gold standard. Formerly, the U.S. currency was backed by gold and now it’s just backed by the “faith” in the government’s ability to honor and back the currency.

WHY FOREX TRADE?

ENORMOUS VOLUMEWHAT ADVANTAGE IS THAT TO YOU?NO COMMISSIONS24 HOUR A DAY TRADINGNO RESTRICTIONS ON SHORT SELLING

INTRUDUCTION TO CURRENCY PAIR?

MAJOR CURRENCY PAIRSCURRENCY CROSSESEXOTIC CURRENCY PAIRSNOW THAT WE KNOW WHAT THE PAIRS ARE… WHEN DO THEY TRADE?

FOREX ORDER TYPE?

MARKETING ORDERLIMIT ORDERSTOP-LOSS ORDERLIMIT ENTRY ORDER

P a g e | 57

FUNDAMENTAL TRADING: YELLOW BELT

Fundamentals of fundamental analysis. Already know what a pip is, but don’t quite understand how non-farm payrolls impacts the forex market? Begin here and we will show you how economics and fundamentals drive the currency market forward.

MOST ACTIVE TRADING TIMES IN FOREX

When is the Forex Market Open?Though the forex market is open 24 hours a day, there are specific times when the market is faster moving, and it’s easier to make money. There are three main time zones for trading – New York, London and Tokyo. Two sessions are usually always overlapping. In terms of Eastern Standard Time, New York is open from 9am to 5 pm, London is open from 3 am to 12 pm, and Tokyo is open from 7pm to 4 am.

What is the Best Time to Trade?The middle of the week is also usually the busiest time in terms of trading. Tuesday and Wednesday shows much more movement and activity than the beginning or end of the week. Friday is generally the slowest day, when things calm down as soon as the London session closes. Sundays and Holidays are generally dead as well, and it’s unadvised to do lots of trading then.

NFP-NON FARM PAYROLLS

Deciphering the NumbersAn increase in jobs suggests the economy is growing, which means that, all things being equal, there will be more demand for dollars.  Investors, for instance, who were thinking of buying US assets will feel more comfortable doing so. The NFP will usually show an increase in jobs.

P a g e | 58

TECHNICAL TRADING: GREEN BELT

Ready to Get Technical? Once you have mastered the basics, you are ready to understand technical analysis. Learn the ancient art of Japanese Candlesticks as well more modern techniques like Elliot Waves.

BEST CHART CHOICESCHOOSING A TIME FRAMETECHNICAL ANALYSIS AND CHARTING INDICATORSSUPPORT AND RESISTANCEPRICE CHANNELSGUIDE TO FIBONACCI RETRACEMENTSMOVING AVERAGES AND TECHNICAL TRADINGBOLLINGER BANDS INTRODUCTIONCOMMON CANDLESTICK PATTERNS AND HISTORY OF JAPANESE CANDLESTICKSJAPANESE CANDLESTICK PATTERNSIMPORTANT CHARTING PATTERNS WHEN TRADING FOREXLIST OF CANDLESTICK PATTERNSHEAD AND SHOULDERS CANDLESTICK PATTERN

P a g e | 59

TACTICAL TRADING : BLUE BELTYou have learned strategy, now it is time to learn tactics. OFXT ninja training is not complete without money management, commodity currencies or how to create a trading plan.

COMMODITY CURRENCIESTRADING CROSS CURRENCIESHOW TO TRADE SYNTHETIC CROSSESFOREX OPTIONS BASICSMONEY MANAGEMENTRISK REWARD RATIOCREATING A TRADING PLAN

BROKERS AND TOOLS : BROWN BELTHOW TO CHOOSE A FOREX BROKERHOW DO I KNOW IF I CAN TRUST MY FOREX BROKER?HOW TO PICK A MONEY MANAGERFOREX TRADING AND TAXES

STRATEGY AND NEWS : BLACK BELTHOW TO SCALP THE FOREX MARKETNEWS ANNOUNCEMENTS AND TRADINGNEWS TRADING STRATEGYRANGE TRADINGSWING TRADING STRATEGYTREND TRADING

P a g e | 60

INTRODUCTION OFONLINE TRADING

ANDOFFLINE TRADING

P a g e | 61

When you are opening an account for stock trading the brokers ask whether you want to

open an online or offline account, many people get confused because they do not know the

difference between the two. In order to remove their doubts given below is the difference

between online and offline trading

P a g e | 62

TRADINGIn online account the client himself or herself can trade in stock whereas in offline account only broker can trade in stock according to instructions given by the client, therefore an individual is dependent on brokers for execution of orders in offline trading which is not the case with online trading.

CONVENIENCEOnline trading account is best suited for those individuals who can track the stock market from their office or home, while for people who do not have internet facility at office or their office blocks stock market websites than offline trading account is best suited for them because they can give orders on phone and broker would place those orders.

FRAUDIn online trading account there are no chances of fraud as it is you who has complete control over your transactions while chances of fraud increases if you have offline account because some brokers tend to trade at their discretion without taking permission from client which may lead to losses to the client.

EXPERTISE AND KNOWLEDGEIf you do not have any knowledge about stock markets then an online account can be risky because you may end up buying a stock on impulse without doing proper research, whereas in offline account since a broker has been doing trading for years he or she have more knowledge and therefore can give you proper guidance and hence help you in taking the right decisions (however investor should be cautious as sometimes brokers tend to give biased opinion).

P a g e | 63

INTRODUCTION OF ODIN TRADING

SOFTWARE

P a g e | 64

ODIN™ Program Trading is a special trading application that facilitates auto-execution of the

trades based on the selected strategies. Program Trading can be used to take advantage of

arbitrage/spread opportunities that exist across the Cash and Futures or Calendar Spread in

various Exchanges like MCX, MCX Stock Exchange to cater the segments like Commodities,

Currency, Equities and Derivatives. The application has a built-in intelligence to search for the

opportunities that exist in the market as per the yield and other criteria defined by the user

P a g e | 65

FEATURES

Option to select touchline or weighted average price for calculation of Spread available

Option to specify the Tick size by which the order should be modified

Option to activate Square Off mode with a Timer that has an inbuilt logic to square off all option

positions by the end of the trading day

Option to specify whether user want to do a Reverse only after a Forward execution and vice

versa

Choose from the list of built-in Arbitrage, Quote drive Arbitrage (Bidding Model) as well as

Calendar Strategies (Spread IOC) that can be applied across selected stocks/contracts

BENEFITSEnables automatic calculation and execution of complex arbitrage/spread strategies without the

need for any form of human intervention

Application performs complex calculations based on the predefined parameters on a continual

and real-time basis

Eliminates any opportunity loss that arises if the same actions are to be performed manually

Enables Members to execute strategies for Proprietary Trades or on behalf of their clients

Enables Members to run multiple strategies in a single application

Exploit the arbitrage opportunities arise in the markets automatically

P a g e | 66

BIBLOGRAPHY WEBSITES:

www.Swastika.com www.google.com www.nseindia.com www.bseindia.com www.moneycontrol.com

www.investopedia.com www.onlineforextrading.com

NEWSPAPERS:

HINDUSTAN TIMES

ECONOMIC TIMES

MARKET EXPRESS