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TERM PAPER
OF
SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT
ON
GMDC LTD.
Submitted To: Submitted By:
MR. AMARJIT SAINI KARAN VEER SINGH REG.NO. -10900968 ROLL NO. - RS1902B41
Gujarat Mineral Development Corporation Ltd.
(A Government of Gujarat Undertaking)
Corporate History 1963
The Gujarat Mineral Development Corporation Limited, (GMDC) was set up / established / constituted in the year 1963, with the mandate to develop major mineral resources in the State of Gujarat. The Company commenced its operations, with a small sand crushing plant at Surendranagar which supplied graded sand to consumers all over the State. The sand was used by various manufacturers of sodium silicate and glass industries.
1968The next project, set up by GMDC, in the year 1968 was beneficiation of fluorspar, a rare mineral essential for basic industries, like refining of steel manufacturing of aluminium, hydrochloric acid, foundry flux and welding electrodes among others.
1970
By early 70's, the Industrialisation of Gujarat took off at a rapid pace, particularly in the chemical and textile industries, which required massive quantities of fuel to sustain the growth. GMDC, therefore commenced mining of lignite in Kutch district. Availability of lignite as an efficient and cheaper substitute for coal provided the impetus for industrial growth of Gujarat. The production of lignite, demand driven, continued to increase and reached a level of 5 million tonnes by the year 1997-98.
Meanwhile, based on further exploration in other parts of Gujarat, more deposits of lignite were identified in Bharuch district. GMDC started mining operations at Rajpardi near Ankleshwar in 1984, and has been supplying lignite to majority of the textile industries from this mine. Though lignite dominates the current activities of the Corporation, GMDC continues to pursue its
path of expansion based on mineral resources, particularly in the fields of lignite based power generation, as well as continues to look into the development of other minor and major mineral resources in the State of Gujarat.
Functional Divisions
Name Designation Phone no.
(Office)
Phone No.
(Residence)
Shri A L Thakor GM (P,R and D) and GM
(LP and Sales)
(079) 27910096 (02717) 235712 [email protected]
Shri A
Selvanayagam
DGM (Sales) (079) 27912760 (079) 26924910 [email protected]
Shri B P Pati, IFS C.G.M. (079) 27912322 (079) 23248362 [email protected]
Shri D
Chattopadhyay
GM (Power ) (079) 27912962 (079) 26760774 [email protected]
Shri D C Shah GM (IT) (079) 27911878 (079) 26650661 [email protected]
Shri D K Thakkar DGM(P & M) (079) 27911540 (079) 26841275 [email protected],
Shri D U Vyas GM (Geo / Tech) (079) 27913211 (079) 25891890 [email protected]
Shri D S Shah Manager (Civil) (079) 27913200 (079) 30424985 [email protected]
Shri Joel Evans Co. Secretary (079) 27911151 (079) 23224860 [email protected]
Shri K N Limbadia GM (HR) (079) 27910090 (079) 26402005 [email protected]
Shri L Kulshrestha GM (Finance, K ) (079) 27912746 (079) 29296716 [email protected]
Shri P K Soni GM (CSR) (079) 27912747 (079) 26872130 [email protected]
Shri S R Bhatt GM (Accounts) (079) 27912648 (079) 25430202 [email protected]
HEAD OF PROJECTS
Name Projects Phone No.(Office) Phone No.(Residence)
Shri A K Makadia Rajpardi (02645) 240185 (02645) 240128
Shri Samantarai Mata-No-Madh (02839) 291467 9727792767
Shri J H Parikh Chher (02839) 293022-23 9727792609
Shri S N Benerjee Kadipani (02669) 274221 9727792806
Shri G K Patel Shivrajpur (02676) 243604 9727792725
Shri G M Dadabhai Gadhsisa (02834) 282289 (02834) 282290
Shri H K Joshi Tadkeswar (02623) 233052 9727792766
Shri C R Patel Panandhro (02839) 284411 (02839) 282463
Shri A K Garg Bhavnagar (0278) 2883802 (0278) 2560542
Shri Dinesh Prasad Bhatia (02891) 233104 9727792837;
DIFFERENT TYPE OF ANALYSIS
Technical Analysis Fundamental Analysis
TECHNICAL ANALYSIS
Technical Analysis operates on the theory that market prices at any given point in time reflect all known factors affecting supply and demand for a particular market. Consequently, technical analysis focuses, not on evaluating those factors directly, but on an analysis of market prices themselves. This approach theorize that a detailed analysis of, among other things, actual daily, weekly and monthly price fluctuations is the most effective means of attempting to capitalize on the future course of price movements. Technical strategies generally utilize a series of mathematical measurements and calculations designed to monitor market activity. Trading decisions are based on signals generated by charts, manual calculations, computers or their combinations.
Fundamental Analysis is based on the study of factors external to the trading markets which affect the supply and demand of a particular market. It is in stark contrast to technical analysis since it focuses, not on price but on factors like weather, government policies, domestic and foreign political and economic events and changing trade prospects. Fundamental analysis theorizes that by monitoring relevant supply and demand factors for a particular market, a state of current or potential disequilibrium of market conditions may be identified before the state has been reflected in the price level of that market. Fundamental analysis assumes that markets are imperfect, that information is not instantaneously assimilated or disseminated and that econometric models can be constructed to generate equilibrium prices, which may indicate that current prices are inconsistent with underlying economic conditions, and will, accordingly, change in the future.
Date Open High Low CloseOscillators M. Avg.
M.avg(50) GAIN LOSS
No. of runs
8/1/2008 250277.95 246.5 273.9
8/4/2008 277284.95 272 275.05 1.15 1
8/5/2008 275 279 266 267.5 -7.558/6/2008 272 274 255.2 258.05 -9.458/7/2008 258 265.8 252.25 256.4 -1.65 2
8/8/2008256.15 265 256.05 257.95 1.55 3
8/11/2008 263.4 267.5 255.6 257.5 -0.45
8/12/2008 259.8261.05 246.95 248.7 -8.8 4
8/13/2008 250 264.7 242.5 253.85 5.158/14/2008 251.3 262 243.9 258.8 -0.05513 260.77 4.95
8/18/2008253.15 267.7 253.15 262.05 -0.04726 259.585 3.25 5
8/19/2008 255261.85 254.5 256.75 -0.04019 257.755 -5.3 6
8/20/2008 259.9263.95 256.15 258.8 0.002906 256.885 2.05 7
8/21/2008256.55 265.7 253 256.05 -0.00137 256.685 -2.75
8/22/2008 252 259 252 253.75 -0.01628 256.42 -2.38/25/2008 260 260 250.55 251.75 -0.02233 255.8 -28/26/2008 250 254 246.5 247.95 -0.00302 254.845 -3.88/27/2008 258 258 244.15 245.15 -0.03427 254.49 -2.8 88/28/2008 245.5 249 244 246 -0.04946 253.705 0.858/29/2008 248 250.4 245 247.85 -0.05419 252.61 1.85 99/1/2008 247 247.9 244.1 245.15 -0.04518 250.92 -2.79/2/2008 247 247.9 240.4 241.2 -0.06801 249.365 -3.959/4/2008 239 242 198 206.2 -0.19469 244.105 -35
9/5/2008 204219.85 192 193.3 -0.23823 237.83 -12.9
9/8/2008 193.3 203 190.05 191.1 -0.24091 231.565 -2.29/9/2008 190 194 186.1 187.55 -0.2436 225.145 -3.559/10/2008 185 196 185 185.8 -0.2421 218.93 -1.759/11/2008 192 192 182.5 183.9 -0.25244 212.805 -1.9
9/12/2008185.25 187 168 169.65 -0.31551 205.17 -14.25
9/15/2008 164.1 165.1 151.25 158.75 -0.35244 196.26 -10.99/16/2008 152 157.8 147.8 154.9 -0.35779 187.235 -3.859/17/2008 156 161 143.55 144.75 -0.29801 177.59 -10.15 109/18/2008 141 149.4 131 146 -0.2447 171.57 1.259/19/2008 152.9 153.9 142.4 150.2 -0.21402 167.26 4.29/22/2008 152.1 175.6 149 171.35 -0.08638 165.285 21.15 11
5
9/23/2008162.45
173.85 154.55 156 -0.16039 162.13 -15.35
9/24/2008 157.1 162.8 150.5 151.9 -0.17401 158.74 -4.1
9/25/2008150.05 156 137.9 141.8 -0.16416 154.53 -10.1
9/26/2008 142146.45 131.4 132.45 -0.16567 150.81 -9.35
9/29/2008 137138.25 120.15 132.3 -0.1459 148.165 -0.15 12
9/30/2008 130 143.9 123 140.25 -0.03109 146.7 7.95
10/1/2008143.95 147.9 136.05 146.25 0.001712 146.85 6 13
10/3/2008 144147.85 129.15 131.8 -0.1225 145.43 -14.45
10/6/2008125.05 129.5 116 116.9 -0.31777 142.1 -14.9
10/7/2008 120.8123.75 109.55 113 -0.27564 136.265 -3.9
10/8/2008109.25 110.8 103 107.8 -0.29032 131.445 -5.2
10/10/2008 100.3 103.5 92.8 94.85 -0.3311 125.74 -12.95 1410/13/2008 99 103.5 98.3 102 -0.2299 121.76 7.1510/14/2008 106.9 109 102.05 103.25 -0.21958 118.84 1.25 1510/15/2008
101.25 102.4 96 96.7 -0.31052 115.28 194.617 -6.55
10/16/2008 46.5 55.5 43.5 50.35 -0.65573 106.29 190.146 -46.3510/17/2008 52 53 47.1 47.45 -0.63998 96.41 185.594 -2.9 1610/20/2008 48.95 50.3 45.9 48.05 -0.58896 88.035 181.205 0.610/21/2008 48.95 52.5 48 51.35 -0.54558 81.48 177.071 3.3 1710/22/2008 50.4 52.25 49 50.2 -0.53432 75.2 172.947 -1.1510/23/2008 48.15 49.85 46.55 48.55 -0.48814 69.275 168.759 -1.6510/24/2008 47.55 48.8 44 44.75 -0.56127 64.265 164.504 -3.810/27/2008 42 42 38 39.65 -0.61598 58.03 160.323 -5.1 1810/28/2008 41 47.55 40.5 46.75 -0.51655 52.38 156.181 7.1 19
10/29/2008 51 51 43.05 43.85 -0.1291 47.095 151.882 -2.9 2010/31/2008 45.1 51 44 49.25 0.037935 46.985 147.626 5.411/3/2008 51.25 54.3 49.5 49.8 0.03642 47.22 143.487 0.55 2111/4/2008 47.8 50.8 46.2 49.3 -0.03992 47.345 139.297 -0.511/5/2008 51.9 52.4 46.25 47.15 -0.06076 46.925 135.119 -2.1511/6/2008 46.8 47.15 43.05 43.8 -0.09784 46.285 130.92 -3.35 2211/7/2008 43.8 45.4 42.65 44.05 -0.01564 45.835 126.766 0.2511/10/2008 45 48.4 44.15 47.3 0.192938 46.09 122.753 3.25 2311/11/2008 49 49.5 44.55 45.1 -0.03529 46.635 118.752 -2.211/12/2008 44.2 45.95 43.75 44.1 0.005701 46.37 114.714 -111/14/2008 47 47 42.7 43.15 -0.12386 46.3 110.62 -0.9511/17/2008 43.25 44.2 39.55 40 -0.19679 45.375 106.517 -3.1511/18/2008 38 39.6 38 38.25 -0.22414 44.22 102.458 -1.7511/19/2008 37.45 38.3 35.1 35.45 -0.24814 42.835 99.043 -2.811/20/2008 34 35.2 32.9 34.6 -0.21005 41.58 95.869 -0.8511/21/2008 34 35 31.15 33.45 -0.24064 40.545 92.716 -1.1511/24/2008 33.7 33.8 31.65 31.9 -0.32558 39.33 89.603 -1.5511/25/2008 32.75 32.75 29.7 30 -0.33481 37.6 86.487 -1.911/26/2008 30 30.5 27.55 28.15 -0.36168 35.905 83.372 -1.8511/28/2008 28 29 26 26.75 -0.38007 34.17 80.514 -1.4 2412/1/2008 27.1 28.65 26 26.85 -0.32875 32.54 77.876 0.1 2512/2/2008 26 26.7 25.1 26.15 -0.31634 31.155 75.301 -0.7 2612/3/2008 26.55 31.3 26.35 28.55 -0.19464 30.185 72.977 2.412/4/2008 29.1 31.55 29.1 30.65 -0.11416 29.705 70.67 2.1 2712/5/2008 31.25 32.5 30.3 30.6 -0.0852 29.305 68.278 -0.05 2812/8/2008 32 32.75 30.75 30.95 -0.02978 29.055 65.47 0.3512/10/2008 31.8 32.2 30.25 31.15 0.038333 28.98 62.973 0.212/11/2008 31.65 33.4 30.85 31.2 0.108348 29.1 60.559 0.0512/12/200 30.1 32.25 30 31.75 0.186916 29.46 58.358 0.55
812/15/2008 32.5 38.1 32 38.1 0.418994 30.595 56.471 6.3512/16/2008 40.5 45.7 38.25 45.7 0.74761 32.48 54.739 7.6 2912/17/2008 46.8 50.25 42.75 43.4 0.52014 34.205 52.802 -2.3 3012/18/2008 44.9 45.8 40.5 44.7 0.458401 35.82 50.771 1.312/19/2008 44.8 46.35 44.3 44.9 0.46732 37.245 49.033 0.2 3112/22/2008 45 45.45 42.1 42.4 0.369952 38.425 47.543 -2.512/23/2008 42.05 42.75 38.2 38.65 0.24077 39.195 46.056 -3.75 3212/24/2008 38.95 41.45 36.1 40 0.282051 40.08 44.7 1.35 3312/26/2008 40.45 42.2 38.25 38.75 0.220472 40.835 43.578 -1.25 3412/29/2008 39.15 42.2 38.25 40.85 0.072178 41.745 42.355 2.112/30/2008 42.2 44.9 41.2 44.25 -0.03173 42.36 41.175 3.4 3512/31/2008 45.25 45.7 42.1 42.6 -0.01843 42.05 40.093 -1.65 361/1/2009 43.45 46.85 42.5 45.85 0.025727 42.295 40.003 3.251/2/2009 46.1 50.4 44.75 50.4 0.122494 42.865 40.062 4.551/5/2009 51 52.9 49.35 52.9 0.247642 43.665 40.159 2.5 371/6/2009 53.9 53.9 50.3 51.65 0.336352 44.59 40.165 -1.251/7/2009 52.2 53.3 49.1 49.1 0.2275 45.635 40.143 -2.551/9/2009 47.05 47.45 46.65 46.65 0.203871 46.3 40.105 -2.451/12/2009 45 46.25 44.35 44.35 0.085679 46.86 40.097 -2.31/13/2009 42.4 44.35 42.15 42.15 -0.04746 46.99 40.147 -2.21/14/2009 43 43.2 40.4 41.55 -0.02465 46.72 40.043 -0.61/15/2009 40.95 41.85 39.55 40.7 -0.11232 46.53 39.98 -0.85 381/16/2009 41.9 42.7 41.05 42.7 -0.15278 46.215 39.849 2 391/19/2009 43.5 44.25 40.6 41.4 -0.21739 45.315 39.681 -1.3 401/20/2009 41.4 42.7 40.55 42 -0.18683 44.225 39.535 0.6 411/21/2009 41.15 42.45 39.95 40.15 -0.18228 43.075 39.395 -1.851/22/2009 41.25 41.25 39.1 40.05 -0.14148 42.17 39.32 -0.11/23/2009 39.05 39.9 38.05 38.05 -0.14205 41.31 39.2 -21/27/2009 38 38.95 36.5 37.9 -0.10083 40.665 39.012 -0.15 421/28/2009 38.9 39.75 38.15 39.75 -0.04332 40.425 38.905 1.851/29/2009 40.6 41.7 39.6 40.2 -0.01229 40.29 38.827 0.451/30/2009 39.95 41.6 39 41.05 -0.03864 40.325 38.785 0.85 43
2/2/2009 41.2 42.85 39.8 40.25 -0.02778 40.08 38.79 -0.82/3/2009 40.3 41.2 39 39.2 -0.06667 39.86 38.809 -1.052/4/2009 40.4 40.4 38.75 38.95 -0.02989 39.555 38.879 -0.252/5/2009 38.55 40.15 38.05 38.5 -0.0387 39.39 38.957 -0.45 442/6/2009 39.4 39.9 38.6 39.2 0.030223 39.305 39.072 0.72/9/2009 39.7 41.15 39.6 41 0.081794 39.6 39.254 1.8 452/10/2009 42 42.9 40.25 40.7 0.023899 39.88 39.468 -0.32/11/2009 39.1 41.5 39.1 40.35 0.003731 39.94 39.712 -0.35 462/12/2009 40 42.35 40 40.7 -0.00853 39.99 39.991 0.352/13/2009 41.95 41.95 40.5 40.7 0.01118 39.955 40.268 0 472/16/2009 41 41.5 39.1 39.3 0.002551 39.86 40.531 -1.42/17/2009 38.5 39.5 38.35 38.7 -0.00642 39.81 40.734 -0.6 482/18/2009 37.9 39.7 37.9 38.8 0.007792 39.795 40.897 0.1 492/19/2009 38.4 39.3 37 37.45 -0.04464 39.69 41.034 -1.352/20/2009 37.95 37.95 36.75 36.95 -0.09878 39.465 41.154 -0.52/24/2009 36.1 36.9 35.8 36.2 -0.11057 38.985 41.255 -0.75 502/25/2009 36.8 37.25 36.35 36.5 -0.09542 38.565 41.361 0.3 512/26/2009 36.1 36.9 35.85 36.35 -0.10688 38.165 41.453 -0.152/27/2009 36 36.5 35.55 35.85 -0.11916 37.68 41.408 -0.53/2/2009 35.7 36.25 34.55 34.8 -0.1145 37.09 41.19 -1.053/3/2009 34.9 34.95 33.75 33.95 -0.12274 36.555 41.001 -0.853/4/2009 33.95 34.2 33 33.5 -0.1366 36.035 40.777 -0.453/5/2009 33.8 34 32.4 33.3 -0.11081 35.485 40.545 -0.23/6/2009 32.5 34.5 31 33.05 -0.10555 35.045 40.358 -0.253/9/2009 32.35 34 31.7 31.9 -0.11878 34.54 40.223 -1.153/12/2009 32.1 33.2 31 31.2 -0.14521 34.04 40.047 -0.7 523/13/2009 31.9 33.1 31.5 31.95 -0.12105 33.585 39.911 0.753/16/2009 32.15 36.9 32.05 35.5 -0.00976 33.5 39.804 3.553/17/2009 36.2 37.8 35.4 35.75 0.027299 33.49 39.634 0.253/18/2009 37 37.7 36.05 36.2 0.066274 33.63 39.506 0.453/19/2009 36.5 40.4 36.35 38.8 0.158209 34.115 39.365 2.63/20/2009 39.1 41.1 38.05 38.8 0.165165 34.645 39.133 0 533/23/2009 39.1 40.4 38.25 38.7 0.170953 35.185 38.849 -0.1 543/24/2009 39.2 42.85 39.05 39.6 0.241379 35.84 38.608 0.9 553/25/2009 39.8 40.3 39.1 39.45 0.264423 36.595 38.415 -0.15 563/26/2009 39.5 41.35 39.5 40 0.251956 37.475 38.282 0.553/27/2009 40.1 41.75 39.7 40.45 0.139437 38.325 38.204 0.45 573/30/2009 40 40.2 37.85 38.1 0.065734 38.585 38.123 -2.35 583/31/2009 38.25 40.85 37.7 39.65 0.095304 38.975 38.085 1.554/1/2009 40.2 41.75 39.25 40.7 0.048969 39.425 38.085 1.054/2/2009 41.5 43.1 41.1 41.45 0.068299 39.69 38.06 0.754/6/2009 42.45 44.4 42.2 42.95 0.109819 40.105 38.091 1.5
4/8/2009 42 47.25 41.35 46.2 0.166667 40.855 38.175 3.25 594/9/2009 47.25 47.5 44.1 45.25 0.147022 41.42 38.277 -0.95 604/13/2009 46 54.3 45.25 54.3 0.3575 42.905 38.562 9.054/15/2009 56 64.4 53.5 59.85 0.479604 44.89 38.998 5.55 614/16/2009 60.55 62.9 53.9 54.3 0.425197 46.275 39.326 -5.554/17/2009 56 57.7 51.7 52.6 0.326608 47.725 39.583 -1.7 624/20/2009 53.8 57.85 53.3 57.15 0.404177 49.475 39.922 4.55 634/21/2009 57.2 60.5 55.1 56.85 0.371532 51.09 40.238 -0.34/22/2009 57.45 60.2 52.8 53.9 0.254948 52.335 40.511 -2.95 644/23/2009 54.65 56.5 53.1 55 0.190476 53.54 40.827 1.14/24/2009 55 57.45 54.55 55.35 0.223204 54.455 41.155 0.35 654/27/2009 55.5 58.1 54.35 55.2 0.016575 55.45 41.489 -0.154/28/2009 55.7 55.7 51.25 51.95 -0.132 55.215 41.744 -3.25 664/29/2009 53.45 53.7 52.2 52.8 -0.02762 54.51 41.98 0.855/4/2009 54.85 55.6 53.7 54.5 0.036122 54.53 42.256 1.75/5/2009 55 59.5 54.5 58.4 0.021872 55.11 42.617 3.95/6/2009 60 64.2 59.5 62.95 0.1073 55.69 43.062 4.555/7/2009 64 65.95 62.05 63.85 0.184601 56.39 43.525 0.95/8/2009 64.3 72.3 63 70.65 0.284545 58.065 44.152 6.8 675/11/2009 72.1 72.8 65.9 70.35 0.271003 59.6 44.785 -0.35/12/2009 70 70.4 66.1 68.15 0.234601 60.88 45.372 -2.25/13/2009 68.5 70.75 66.5 67.15 0.292589 62.075 45.966 -1 685/14/2009 65 77.65 64 74.5 0.410985 64.33 46.717 7.35 695/15/2009 75.5 76.8 73 73.55 0.349541 66.405 47.464 -0.95 705/18/2009 88.25 88.25 88.25 88.25 0.51113 69.78 48.499 14.7 715/19/2009 89 93.3 70 85.45 0.357427 72.485 49.481 -2.8 725/20/2009 86 94.5 82.05 89.3 0.39859 75.12 50.55 3.85 735/21/2009 90 93.45 85.25 86.35 0.222222 77.37 51.581 -2.95 745/22/2009 87 90.3 85 88.7 0.260839 79.175 52.676 2.355/25/2009 89 91.8 88 90.05 0.32135 81.145 53.807 1.35 755/26/2009 91 97.4 87 88.25 0.314222 83.155 54.906 -1.8 765/27/2009 91 94.35 89.25 91.5 0.228188 85.59 56.075 3.25 775/28/2009 92.4 92.95 87.55 88.85 0.208022 87.025 57.214 -2.65 785/29/2009 90.45 93.7 88.6 89.65 0.015864 88.635 58.383 0.86/1/2009 91 93.25 89.85 91.25 0.067876 88.935 59.569 1.6 796/2/2009 91.5 92.95 88.3 89.75 0.005039 89.365 60.654 -1.5 806/3/2009 94 98.7 89.5 95.75 0.108859 90.01 61.854 66/4/2009 99.9 105.3 97 100.85 0.136979 91.46 63.147 5.1 81
6/5/2009102.95 103.7 98.25 99.3 0.102721 92.52 64.357 -1.55
6/8/2009 99 101 89.4 90.3 0.023229 92.545 65.387 -9 826/9/2009 89 95.5 81.35 94.5 0.032787 93.17 66.503 4.2 83
6/10/2009 96.8 97.25 89.5 91.5 0.029826 93.17 67.541 -3 846/11/2009 92 97.45 88 94.1 0.049637 93.695 68.634 2.6 856/12/2009 95.1 99.9 91.65 93 0.019178 94.03 69.694 -1.16/15/2009 92.6 94.25 85 86 -0.04178 93.505 70.605 -7 866/16/2009 82.65 91 82.65 89.2 -0.06841 93.45 71.627 3.2 876/17/2009 89.5 91.9 83.5 84.65 -0.16063 92.34 72.527 -4.556/18/2009 85 86.5 76.2 76.85 -0.22608 89.94 73.25 -7.8 886/19/2009 79.45 81.95 76 78.45 -0.13123 87.855 73.99 1.66/22/2009 79 81.7 78.5 79.1 -0.16296 86.735 74.713 0.656/23/2009 76 87 74 84.2 -0.07978 85.705 75.473 5.1 896/24/2009 85.7 86.1 81.5 83.35 -0.11424 84.89 76.235 -0.856/25/2009 84.5 86 81.55 82.4 -0.11398 83.72 76.797 -0.95 906/26/2009 83.5 86 82.3 85.35 -0.00756 82.955 77.307 2.95 916/29/2009 86 86.4 83.5 84.25 -0.05549 82.78 77.906 -1.16/30/2009 84.95 88.3 82.2 83.2 -0.01713 82.18 78.518 -1.05 927/1/2009 83.9 84.8 80.7 83.7 0.089135 82.085 79.049 0.57/2/2009 88.2 92.05 83.75 92.05 0.173359 83.605 79.753 8.35 937/3/2009 91.5 92 85.5 86.8 0.097345 84.44 80.411 -5.257/6/2009 86.7 89.9 78.7 79.85 -0.05166 84.515 80.908 -6.957/7/2009 79.85 81.65 75.2 77.45 -0.07079 83.84 81.35 -2.47/8/2009 76 83.8 73.05 76.95 -0.06614 83.2 81.785 -0.57/9/2009 79 79.95 74.5 74.9 -0.12244 82.45 82.244 -2.057/10/2009 75.75 76.9 71 72.8 -0.13591 81.195 82.644 -2.17/13/2009 73 73.4 68.3 69.5 -0.16466 79.72 82.944 -3.3 947/14/2009 70.25 72.85 70.25 72.2 -0.1374 78.62 83.22 2.77/15/2009 72.5 79 72.5 77.25 -0.16078 77.975 83.506 5.057/16/2009 79.7 89 78 83.5 -0.03802 77.12 83.899 6.25 957/17/2009 84 88.45 82.25 83 0.039449 76.74 84.146 -0.5 967/20/2009 84.5 88.8 82 86.9 0.122014 77.445 84.477 3.97/21/2009 88.4 91.9 86.5 88.35 0.148148 78.535 84.881 1.457/22/2009 89 94.35 86.7 90.55 0.208945 79.895 85.349 2.2 977/23/2009 91.85 92.7 87.65 89.1 0.223901 81.315 85.641 -1.45 987/24/2009 91.5 94.75 89.5 92.9 0.336691 83.325 86.028 3.87/27/2009 93.4 97.8 93 97.05 0.344183 86.08 86.204 4.15 997/28/2009 98.5 98.85 94.25 95 0.229773 88.36 86.395 -2.057/29/2009 94.5 97.65 88.6 92.75 0.110778 89.91 86.464 -2.257/30/2009 92.05 93.8 91.5 91.95 0.107831 90.755 86.576 -0.87/31/2009 93.4 94.3 89.05 90.1 0.036824 91.465 86.604 -1.85 1008/3/2009 90.95 91.35 89.05 90.45 0.023769 91.82 86.612 0.358/4/2009 91.4 94.7 90.55 92.2 0.018222 92.205 86.691 1.758/5/2009 92 95.95 91.5 93.8 0.05275 92.53 86.737 1.6 1018/6/2009 93.95 94.5 87.3 88 -0.05274 92.42 86.72 -5.8
8/7/2009 87.9 88.85 84.25 85.05 -0.12365 91.635 86.628 -2.958/10/2009 87.45 87.45 82 83 -0.12632 90.23 86.463 -2.05 1028/11/2009 83 85.9 82.05 84.65 -0.08733 89.195 86.361 1.658/12/2009 82.05 91.9 82.05 91.1 -0.00924 89.03 86.268 6.458/13/2009 92.8 93.2 90.2 91.55 0.016093 88.99 86.082 0.45 1038/14/2009 92.2 94.4 89 89.4 -0.01161 88.92 85.884 -2.158/17/2009 88 88.95 82.55 83.9 -0.09002 88.265 85.756 -5.5 1048/18/2009 83.5 87.15 83.5 85.1 -0.09275 87.555 85.568 1.28/19/2009 85.9 90.8 85.3 87.5 -0.00568 86.925 85.488 2.48/20/2009 88.95 92 86.25 90.45 0.063492 87.17 85.415 2.958/21/2009 89.95 92.9 88.3 91.95 0.107831 87.86 85.394 1.58/24/2009 93.9 94.65 91.25 91.95 0.086237 88.755 85.513 0 1058/25/2009 90.6 92.9 90.25 91.7 0.006586 89.46 85.563 -0.25 1068/26/2009 92.7 99.25 92.1 97.35 0.063353 90.085 85.817 5.658/27/2009 98.5 115.4 97.25 112.4 0.257271 92.17 86.528 15.05 1078/28/2009 113.8 114.8 109 112.3 0.338498 94.46 87.205 -0.1 108
8/31/2009 111.9118.15 109 116.65 0.37074 97.735 87.956 4.35 109
9/1/2009 118 118 106.05 108.1 0.235429 100.035 88.434 -8.559/2/2009 108 109.2 104.75 106.05 0.172471 101.89 88.888 -2.059/3/2009 107 109.7 103.9 105.3 0.145188 103.375 89.346 -0.75 1109/4/2009 106.8 111.4 106.75 110.25 0.199021 105.205 89.844 4.959/7/2009 112.4 122.5 111.55 121.1 0.320611 108.12 90.581 10.85 111
9/8/2009124.25
124.25 113.8 114.6 0.177196 110.41 91.209 -6.5
9/9/2009 114.9 116.9 111.25 112.15 -0.00222 111.89 91.778 -2.459/10/2009 113 116.4 110.6 111 -0.01158 111.75 92.157 -1.15 1129/11/2009 112.5 114.7 108 112.95 -0.03172 111.815 92.68 1.95 1139/14/2009 112 113.2 109.1 110.3 0.020352 111.18 93.289 -2.65 1149/15/2009 111 113.9 110.05 112.1 0.057049 111.58 93.982 1.8
9/16/2009 113.5114.45 112 112.9 0.072175 112.265 94.701 0.8
9/17/2009 112.9 116.4 111.3 114.15 0.035374 113.15 95.486 1.25 115
9/18/2009 114.2115.35 112 112.4 -0.07184 113.365 96.278 -1.75 116
9/22/2009 113 115.6 111.5 114.15 -0.00393 112.67 97.171 1.75 117
9/23/2009 112.5114.55 110.15 110.55 -0.01427 112.265 97.938 -3.6
9/24/2009 108 111.1 105.85 107.25 -0.03378 111.775 98.538 -3.3 1189/25/2009 107 109.6 105.5 107.7 -0.04648 111.445 99.022 0.45
9/29/2009108.55 114.8 108.4 112.1 0.016319 111.36 99.604 4.4
9/30/2009 114.4118.25 113.5 116 0.03479 111.93 100.186 3.9 119
10/1/2009 117 117.9 113.6 114.25 0.011957 112.145 100.704 -1.7510/5/2009 113.1 113.9 109.85 110.4 -0.03285 111.895 101.101 -3.85
10/6/2009111.95 112.7 106.1 108.6 -0.03381 111.34 101.491 -1.8 120
10/7/2009109.95 113 108.65 109.45 -0.04117 111.045 101.822 0.85 121
10/8/2009110.65
111.55 108.6 109.05 -0.01357 110.535 102.062 -0.4
10/9/2009 110.5110.85 106.8 107.25 0 110.205 102.307 -1.8
10/12/2009 108.2
109.45 106.2 106.75 -0.00882 110.155 102.587 -0.5 122
10/14/2009
107.95 110.8 107.95 109.15 -0.02632 110.3 102.931 2.4
10/15/2009
110.15 113.9 108.5 111.65 -0.0375 110.255 103.362 2.5
10/16/2009 112.4 116.8 111.45 113.75 -0.00438 110.03 103.828 2.110/20/2009 116 117.4 114.05 114.75 0.039402 110.08 104.279 1 12310/21/2009
114.75 115.6 112 112.3 0.03407 110.27 104.649 -2.45 `124
10/22/2009 112 115.6 110.25 113.85 0.040201 110.795 105.166 1.5510/23/2009 116.1 117.5 113.2 113.9 0.044475 111.24 105.743 0.05 12510/26/2009 115 116 111 111.75 0.041958 111.51 106.318 -2.1510/27/2009 113.5 114.6 106.15 106.8 0.000468 111.465 106.761 -4.9510/28/2009 106.2 107.5 103 106.6 -0.02336 111.45 107.071 -0.210/29/2009 106 106 101.05 102.8 -0.07927 110.815 107.296 -3.8 12610/30/2009
105.65
108.45 102.55 103.55 -0.08967 110.005 107.579 0.75 127
11/3/2009 102.9103.45 95.3 96.2 -0.16166 108.25 107.825 -7.35 128
11/4/2009 97.7 101 97.45 100.1 -0.10864 106.785 108.125 3.911/5/2009 102 102 98.9 101.2 -0.11111 105.675 108.399 1.111/6/2009 102.8 107.8 102 106.25 -0.06716 104.915 108.715 5.0511/9/2009 106 108.6 105 107.25 -0.04027 104.25 109.021 111/10/2009
108.25 110.8 107 108.8 0.018727 103.955 109.358 1.55
11/11/2009 108.8 111.9 107.5 109.6 0.028143 104.235 109.716 0.8 12911/12/200 110 110.7 106.4 107.45 0.045233 104.32 109.918 -2.15 130
911/13/2009 108 111.7 107 109.5 0.05746 104.99 109.86 2.0511/16/2009 111.4 112.9 110.6 111.55 0.159563 105.79 109.845 2.0511/17/2009
112.35
117.95 110.6 117.05 0.169331 107.875 109.853 5.5 131
11/18/2009 117.8
120.75 114.65 115.2 0.13834 109.385 109.995 -1.85
11/19/2009 115.9
118.25 113 115.05 0.082824 110.77 110.175 -0.15 132
11/20/2009 116 116.9 113.9 115.2 0.074126 111.665 110.373 0.1511/23/2009 116
137.25 114.1 135 0.240809 114.44 110.868 19.8 133
11/24/2009 135.5 136.7 126.6 129.15 0.178376 116.475 111.029 -5.85 13411/25/2009 131 134.7 128.6 130.8 0.21731 118.595 111.353 1.6511/26/2009 131 132.9 128 131.7 0.20274 121.02 111.744 0.9 13511/27/2009 125.2 128.5 121.6 125.7 0.126849 122.64 112.038 -6 13611/30/2009 127.5
143.65 127.5 138.75 0.185391 125.36 112.554 13.05
12/1/2009139.45 143 138 140.05 0.215712 127.66 113.149 1.3
12/2/2009 141148.75 140 141.85 0.232942 130.325 113.744 1.8 137
12/3/2009 142.5 146 140 140.85 0.222656 132.905 114.303 -112/4/2009 139.5 143.9 138.15 139.7 0.034815 135.355 114.814 -1.1512/7/2009 140.9 141.5 135.55 136.85 0.059621 135.54 115.303 -2.85 13812/8/2009 136.8 143.7 136.8 140 0.070336 136.625 115.82 3.15 13912/9/2009 140 143 138.6 139.55 0.059605 137.5 116.4 -0.4512/10/2009 140 141 138.35 139 0.105807 138.23 117.035 -0.55 14012/11/2009 140 143 138 139.4 0.004685 139.6 117.669 0.4 14112/14/2009 140
140.25 136.9 138.15 -0.01357 139.54 118.19 -1.25 142
12/15/2009 140.3 145.4 138 141.7 -0.00106 139.705 118.704 3.55 14312/16/2009 141
142.65 139.1 139.9 -0.00674 139.51 119.217 -1.8
12/17/2009 140.6 142.6 139 139.75 0.000358 139.4 119.804 -0.1512/18/200 139.6 141.5 138 138.5 0.012057 139.28 120.402 -1.25
912/21/2009
139.75 141.5 136.6 138.15 -0.01321 139.41 120.976 -0.35 144
12/22/2009
139.85 145.2 139.35 143.95 0.03153 139.805 121.674 5.8
12/23/2009 145
151.45 144.8 147.75 0.06295 140.625 122.484 3.8
12/24/2009
148.95 151.5 145.2 149.45 0.072095 141.67 123.338 1.7
12/29/2009 150 153.1 147.15 150.25 0.087586 142.755 124.16 0.812/30/2009 151.4
153.65 149 151.5 0.06916 144.09 124.957 1.25 145
12/31/2009
152.65
154.75 146.25 150.4 0.075054 144.96 125.69 -1.1 146
1/4/2010150.25
154.55 147.4 151.5 0.084079 146.12 126.425 1.1
1/5/2010 152.9 155.6 152 153.1 0.105415 147.455 127.241 1.6 147
1/6/2010 154154.35 151 151.65 0.09772 148.77 127.997 -1.45 148
1/7/2010 152.8 168.7 151.7 167.15 0.161167 151.67 129.062 15.5 149
1/8/2010 168.5172.95 162.65 163.65 0.107614 153.64 130.1 -3.5
1/11/2010164.95
165.75 161 162.25 0.085647 155.09 131.209 -1.4
1/12/2010161.75 164.3 155.25 157.05 0.045258 155.85 132.218 -5.2 150
1/13/2010 155.4 158.8 154.25 157.65 0.040594 156.59 133.315 0.6
1/14/2010 160164.45 157.9 163.5 0.087101 157.79 134.514 5.85
1/15/2010164.75 174.8 164 170.15 0.123102 159.765 135.993 6.65
1/18/2010 168175.65 167 171.25 0.11855 161.74 137.416 1.1
1/19/2010171.85 187.7 171.85 177.4 0.169799 164.17 138.94 6.15
1/20/2010 182 186.9 176.8 177.85 0.064014 166.79 140.372 0.45 151
1/21/2010 175.4177.45 167.05 167.95 0.026276 166.87 141.586 -9.9
1/22/2010 165 170.8 152.25 163.05 0.004931 166.81 142.671 -4.9
1/25/2010 161.9163.85 157.05 158.4 0.008596 166.425 143.647 -4.65
1/27/2010 155 158.9 146 147.2 -0.06629 165.44 144.442 -11.21/28/2010 150 152.4 141.25 144.75 -0.11468 164.15 145.147 -2.45 1521/29/2010 144.7 148.5 135.6 146.2 -0.14076 162.42 145.84 1.452/1/2010 145 149.8 142.9 147 -0.14161 160.105 146.439 0.8
2/2/2010 151.4 159.7 147.6 148.35 -0.16375 157.815 147.102 1.35
2/3/2010 150152.65 148.65 149.5 -0.1594 155.025 147.791 1.15 153
2/4/2010 149 153 145.7 146.55 -0.12742 151.895 148.418 -2.952/5/2010 130 143.5 130 141.4 -0.13278 149.24 148.546 -5.15 1542/8/2010 144.6 146 141 142.05 -0.10322 147.14 148.804 0.652/9/2010 142.5 150.9 141.35 149 0.012228 146.2 149.168 6.95
2/10/2010150.85 154.2 148.9 152.7 0.054922 146.75 149.588 3.7
2/11/2010 154.4 159.4 152.2 154.2 0.05472 147.695 150.158 1.5 155
2/15/2010155.65 158.3 152.7 153.6 0.044898 148.435 150.455 -0.6 156
2/16/2010 154.9 159.9 153.8 155.1 0.045501 149.245 150.756 1.5 1572/17/2010 156.9 156.9 152.6 153.45 0.026421 149.755 150.988 -1.652/18/2010 154.2 156.4 148.25 151 0.030365 149.905 151.191 -2.452/19/2010 148 152.4 145.6 146.3 0.034653 149.88 151.323 -4.7
2/22/2010148.55 150 139.2 140 -0.01443 149.74 151.386 -6.3 158
2/23/2010 140143.25 138.3 142.25 -0.0453 149.76 151.431 2.25 159
2/24/2010141.55
143.45 138.5 140.2 -0.08186 148.88 151.444 -2.05
2/25/2010 141.7 142.9 137.8 138.15 -0.10409 147.425 151.427 -2.05
2/26/2010 139.4142.25 135.2 137.85 -0.10254 145.79 151.396 -0.3 160
3/2/2010 139.9 142.4 139.5 141.1 -0.09026 144.54 151.455 3.253/3/2010 142 144.4 141.25 142.35 -0.07234 143.265 151.468 1.253/4/2010 143.5 150 142.95 148.9 -0.01391 142.81 151.648 6.553/5/2010 151.1 154 150 150.65 0.029733 142.775 151.866 1.75 1613/8/2010 152.8 154 146.8 148.3 0.059286 142.975 152.062 -2.35
3/9/2010147.55
149.35 144.5 144.95 0.018981 143.47 152.198 -3.35
3/10/2010 146 147 143.5 144.2 0.028531 143.665 152.203 -0.75 162
3/11/2010 144.5147.25 142.8 144.2 0.043793 144.065 152.132 0 163
3/12/2010 144.9 146.3 142.7 143.15 0.038448 144.565 152.006 -1.053/15/2010 143.2 143.2 139.1 139.6 -0.01063 144.74 151.793 -3.55
3/16/2010 140.4141.85 138.4 139.4 -0.02072 144.57 151.551 -0.2 164
3/17/2010 140.8147.35 140.8 145.3 -0.02418 144.865 151.449 5.9
3/18/2010 143.3150.45 143.3 149.25 -0.00929 144.9 151.404 3.95 165
3/19/2010 149.8 152.8 147.85 149.05 0.005057 144.74 151.323 -0.23/22/2010 147 148.2 141 142.1 -0.01966 144.12 151.132 -6.95 167
3/23/2010143.95 145.4 141.5 142.25 -0.01352 143.85 150.634 0.15 168
3/25/2010 142143.25 140.1 140.85 -0.02323 143.515 150.178 -1.4
3/26/2010 141.8 143.7 139.2 140.45 -0.01886 143.14 149.742 -0.4 1693/29/2010 144.5 145 140.5 141.25 0.011819 142.95 149.426 0.83/30/2010 142.5 145 141.65 142.25 0.020445 143.215 149.118 1 1703/31/2010 143.5 143.9 140 141.75 -0.02443 143.45 148.683 -0.5 171
4/1/2010 143145.65 141.4 145.05 -0.02814 143.425 148.181 3.3
4/5/2010 146147.35 144.7 145.55 -0.02348 143.055 147.667 0.5
4/6/2010 147.1 149.9 146.55 148.15 0.042576 142.965 147.082 2.6 172
4/7/2010148.15 149.9 145.2 146.85 0.032337 143.44 146.462 -1.3
4/8/2010 147 147 142.6 143.55 0.019169 143.57 145.974 -3.3
4/9/2010 144.7145.85 142.6 143.3 0.020292 143.815 145.579 -0.25
4/12/2010144.85
144.85 142 142.45 0.008496 144.015 145.26 -0.85 173
4/13/2010 143.4 144.2 141.6 142.7 0.003163 144.16 145.17 0.25 174
4/15/2010143.95 145.5 142 142.35 0.004233 144.17 145.122 -0.35
4/16/2010142.25 142.8 138.9 141.05 -0.02758 144.1 145.019 -1.3
4/19/2010138.05
140.35 138 139.15 -0.04397 143.51 144.862 -1.9 175
4/20/2010 139.5 142.5 139.5 141.65 -0.04387 143.12 144.728 2.5 176
4/21/2010142.45 143.5 140.05 140.65 -0.04222 142.37 144.551 -1
4/22/2010140.65 142.2 139 139.4 -0.02891 141.625 144.408 -1.25
4/23/2010 140.5 141.6 138.5 139.2 -0.02861 141.19 144.364 -0.2
4/26/2010140.15
140.95 138.6 139.15 -0.02317 140.775 144.306 -0.05
4/27/2010 139.5 140.3 138.3 138.9 -0.02663 140.42 144.104 -0.25
4/28/2010136.75 138.5 131.8 132.35 -0.07025 139.385 143.697 -6.55 177
4/29/2010 133 135.8 133 135 -0.04289 138.65 143.313 2.65
4/30/2010 136.5138.95 135.1 137 -0.01545 138.245 142.981 2 178
5/3/2010 138 138 133.25 133.75 -0.05577 137.705 142.554 -3.255/4/2010 134.1 135 129 129.95 -0.07608 136.535 142.084 -3.8 1795/5/2010 125 134.4 122.7 133.2 -0.04448 135.79 141.728 3.25 1805/6/2010 132.9 135.5 128.55 130.6 -0.06178 134.91 141.414 -2.65/7/2010 127.9 129.7 125.05 126.25 -0.09271 133.615 141.139 -4.35 181
5 55/10/2010 128 129.9 127.85 128.75 -0.07307 132.575 140.869 2.5 182
5/11/2010129.85
129.85 125.55 126.2 -0.04647 131.305 140.589 -2.55
5/12/2010127.15 129.5 124.55 125.7 -0.06889 130.64 140.34 -0.5 183
5/13/2010 127 128.5 125.6 125.85 -0.08139 129.725 140.1 0.15 184
5/14/2010125.85
125.85 119.55 120.65 -0.09794 128.09 139.691 -5.2
5/17/2010 119 120.9 116.5 120.05 -0.07618 126.72 139.245 -0.6 1855/18/2010 120 125 119.6 120.65 -0.09422 125.79 138.68 0.65/19/2010 122 129 120.65 121.1 -0.07274 124.58 138.089 0.45 186
5/20/2010 121.9123.45 118.05 119.15 -0.05624 123.435 137.506 -1.95
5/21/2010 118 118 113 115.4 -0.10369 122.35 136.915 -3.75
5/24/2010117.35 119.7 113.55 114.85 -0.08994 120.96 136.328 -0.55
5/25/2010 113.7 115.4 109.55 110.5 -0.12092 119.39 135.654 -4.35 1875/26/2010 111.5 122.5 111.5 120.4 -0.04331 118.86 135.199 9.9
5/27/2010 122.4124.45 121.6 122.55 0.015748 118.53 134.858 2.15 187
5/28/2010 125 125 120.05 121.1 0.008746 118.575 134.492 -1.45 1885/31/2010 122.4 129.5 120 125.75 0.042271 119.145 134.101 4.65 189
6/1/2010 128128.25 122.2 123.05 0.016102 119.385 133.577 -2.7 190
6/2/2010 123.5 124.9 120.5 123.9 0.039866 119.665 133.074 0.85 1916/3/2010 124 126 122.25 123.65 0.07149 120.115 132.705 -0.256/4/2010 124 124.3 122 122.35 0.065303 120.81 132.307 -1.36/7/2010 120 120 117.5 119.25 0.079186 121.25 131.875 -3.1 1926/8/2010 119 125.8 119 122.1 0.01412 122.41 131.508 2.85 193
6/9/2010 123125.65 115.2 117.3 -0.04284 122.1 131.029 -4.8 194
6/10/2010 117.5 120.9 117.2 119.8 -0.01073 121.825 130.58 2.56/11/2010 121.1 126 120.25 124.65 -0.00875 122.18 130.238 4.85
6/14/2010 126.1127.25 125.45 126.1 0.024787 122.215 129.859 1.45
6/15/2010 126.5 131.9 120.25 129.6 0.046005 122.87 129.54 3.5 1956/16/2010 129.9 131 126.5 127.15 0.028306 123.195 129.12 -2.456/17/2010 127 129.4 125.55 126.95 0.037597 123.525 128.722 -0.2
6/18/2010127.65 128.1 123.4 123.9 0.038994 123.68 128.329 -3.05 196
6/21/2010 125.5 130.5 125.5 128.4 0.051597 124.595 128.031 4.5 1976/22/2010 129 129.9 125.8 127.35 0.085678 125.12 127.729 -1.05 1986/23/2010 125.6 128.8 125.6 128.05 0.068865 126.195 127.436 0.7 1996/24/2010 129 129.4 126.25 126.7 0.016446 126.885 127.123 -1.35
6/25/2010 126 128.8 125 125.6 -0.00397 126.98 126.814 -1.1 2006/28/2010 127 129.8 126.95 128.6 -0.00772 127.23 126.603 36/29/2010 129.4 133.8 128.4 129.15 0.015729 127.185 126.353 0.55 201
6/30/2010 127.2130.65 127.2 128.3 0.010634 127.3 126.106 -0.85
7/1/2010 127130.55 125.4 126 0.016949 127.205 125.838 -2.3
7/2/2010 126.7127.95 125 125.45 -0.02298 127.36 125.563 -0.55
7/5/2010 126.1126.65 123.05 123.6 -0.02945 126.88 125.252 -1.85 202
7/6/2010 124125.55 122.4 124.2 -0.03007 126.565 124.958 0.6
7/7/2010 124.9 125.4 123.6 124.25 -0.01934 126.185 124.796 0.05 203
7/8/2010125.75 126.4 122.1 122.95 -0.0211 125.81 124.555 -1.3
7/9/2010124.05
125.15 121.8 122.65 -0.04627 125.515 124.268 -0.3
7/12/2010 122124.75 121.7 122.15 -0.0542 124.87 124.036 -0.5 204
7/13/2010 123.4 123.7 122.35 122.75 -0.04326 124.23 123.892 0.6
7/14/2010 124126.55 123 123.35 -0.02103 123.735 123.695 0.6 205
7/15/2010 124 124.3 120.75 121.45 -0.03189 123.28 123.512 -1.9 206
7/16/2010122.25 123.4 121 122.2 -0.01133 122.955 123.431 0.75 207
7/19/2010 122122.85 120.7 121.65 -0.02053 122.76 123.289 -0.55
7/20/2010 122.7 123.4 121.25 121.5 -0.02213 122.49 123.195 -0.15 208
7/21/2010 122.5124.75 121.2 123.2 0.002033 122.385 123.145 1.7
7/22/2010 123.5 124.9 122.8 123.65 0.008153 122.455 123.101 0.45 209
7/23/2010 124.7124.75 122.1 122.25 0.000819 122.415 123.133 -1.4
7/26/2010 124.5 125 119.9 120.15 -0.02118 122.215 123.135 -2.1 210
7/27/2010120.35 122.3 120 120.75 -0.02108 122.015 123.137 0.6 211
7/28/2010 121.1121.85 119.6 120.1 -0.01112 121.69 123.117 -0.65
7/29/2010 121 122 118 118.3 -0.03191 121.375 123.1 -1.8 212
7/30/2010118.95 122 116.3 120.8 -0.00699 121.235 123.208 2.5
8/2/2010 122.9124.85 121.5 124.35 0.023457 121.505 123.398 3.55
8/3/2010 125.3 126 123.3 124.4 0.00974 121.795 123.676 0.05 2138/4/2010 124.0 126.5 123.55 124.35 0.005661 121.91 123.755 -0.05 214
58/5/2010 125.3 126 124.5 125.05 0.022904 122.05 123.805 0.7
8/6/2010124.65 128.5 124 127.15 0.058261 122.54 123.926 2.1
8/9/2010 128.9 131.3 128 130.4 0.079917 123.565 124.019 3.25 2158/10/2010 131 131.8 127.5 127.9 0.064946 124.28 124.116 -2.5 216
Mean106.5825
Total Gain
Total loss
634.8 -780.8
Total no. of gain and loss 226 266
Sigma(g) 2.80885
Sigma(l)
-2.93534
RS 0.59691
RSI37.37906
MOVING AVERAGE
An indicator frequently used in technical analysis showing the average value of a security's price over a set period. Moving averages are generally used to measure momentum and define areas of possible support and resistance.
In this, I have calculate three moving average on the bases of 10 days, and 50 days.
Moving average charts is a tool used by technical analysts to track the price movements of a security. It plots average daily settlement prices over a defined period of time like 10 days and 50 days.
8/1/
2008
8/28
/200
8
9/24
/200
8
10/2
1/20
08
11/1
7/20
08
12/1
4/20
08
1/10
/200
9
2/6/
2009
3/5/
2009
4/1/
2009
4/28
/200
9
5/25
/200
9
6/21
/200
9
7/18
/200
9
8/14
/200
9
9/10
/200
9
10/7
/200
9
11/3
/200
9
11/3
0/20
09
12/2
7/20
09
1/23
/201
0
2/19
/201
0
3/18
/201
0
4/14
/201
0
5/11
/201
0
6/7/
2010
7/4/
2010
7/31
/201
00
100
200
300
400
500
600
10 Days Moving Average
10 days moving average M. Avg.
Interpretation:-
As shown in the above chart, the market price is below the moving average line also both the market price and moving average is moving along the line, also it has reached the resistance level, hence it is advisable to long term investors to sell the share and book the profit at the same time it advisable to the short term investors to buy the share and hold it for mere future and sell it when it reaches the support level. Thus it is good sign to sell to long term investors
Date 11/17/2008 3/4/2009 6/23/2009 10/5/2009 1/20/2010 5/7/20100
50
100
150
200
250
300
350
400
450
500
50 Days Moving Average
Interpretation:-
As per tree different period moving average charts show the trend of GMDC in BSE.10
days and less than 10 days moving average is helpful for short term investment .For long term
investors 50 days moving average which is helpful for investment in stock market.
Here GMDC market performance was good and its moving average trend is in increasing
form. Moving averages can be used to quickly identify whether a security is moving in an
uptrend or a downtrend depending on the direction of the moving average. As charts when a
moving average is heading upward and the price is above it, the security is in an uptrend.
Conversely, a downward sloping moving average with the price below can be used to signal a
downtrend.
OSCILLATORS
Oscillators is a technical analysis tool that is banded between two extreme values and built with
the results from a trend indicator for discovering short-term overbought or oversold conditions.
As the value of the oscillator approaches the upper extreme value the asset is deemed to be
overbought, and as it approaches the lower extreme it is deemed to be oversold.
Date 10/16/20081/2/2009 3/23/20096/10/20098/20/200911/9/20091/22/20104/12/20106/23/2010
-0.8-0.6-0.4-0.2
00.20.40.60.8
1
oscillators
oscillators
Interpretation:-
According to GMDC oscillator chart, company oscillator value 0.78 on 16 Dec 2008. This is the highest value of last two years, this is the position of over brought so, this is the moment where investors should sell their investment, and move towards another investment where there is a great prospect of profitability. When we move further and a glance of data from 1dec 08 to 30sep10 the maximum achievable value is on 16, dec 2008. But when we move towards minimum level the maximum oversold position is on 8 th oct 2008 i.e. -0.543 that is the position where an investor should invest in the particular stock or if an exist investor then shoud hold the stock till it reaches it maximum level.
If we talk about 20 may 2009 then we get the value near than over brought so, it is a the time where investor should sold the stock, and for new investor that not to purchase the particular stock in the mean time. Because, when the market correction will done the value of stock definitely decreases.
HEAD AND SHOULDERS
A head and shoulders pattern is also a trend reversal formation. It is formed by a peak (shoulder), followed by a higher peak (head), and then another lower peak (shoulder). A "neckline" is drawn by connecting the lowest points of the two troughs. The slope of this line can either be up or down. Typically, when the slope is down, it produces a more reliable signal.
Date 12/2/2008 4/6/2009 8/4/2009 12/3/2009 4/7/2010 7/30/20100
50100150200250300
Head & shoulders Head
Shoulder
Shoulder
Neck Line
CLOSING PRICE
Interpretation:-
When we show the head and shoulder chart we find an uneven trend of stock movement, because there is number of head and shoulders drawn over a period of time, and if we talk about movement of stock of last two years there is a increasing trend follow by the stock, as we learn earlier that a upward stock movement is not so reliable due to this the current scenario is not the positive for the investment. Because, from 9th jan 2010 to 6th feb 2010. The head and shoulder movement is purely upward so, there is not a good time to investment as this point at 6 th jan 2010 of near about 172. So, it is the situation where investor should sale its investment and not the purchase of the same stock.
CANDLE STICK CHARTS
Candlestick is formed with the help of opening, high, low and closing price of the day. If the
opening price is above the closing price then a filled candlestick is drawn. Normally, black
colour is used for filling the candle. If the closing price is above the opening price, then a hollow
candlestick (normally displayed in white with black border) is drawn. The filled or the hollow
portion of the candle is known as body or real body which can belong, normal or short with
proportionate to the line above or below it. The lines (long or short) above and below the body or
real body represent the high or low price range and these lines are known as shadows, tails or
wicks. For the particular day, the highest price is declared by the top of the upper shadow and the
lowest price is marked by the bottom of the lower tail.
Date 10/31/2008 2/3/2009 5/12/2009 8/5/2009 11/6/2009 2/5/2010 5/10/2010 8/3/20100
50
100
150
200
250
300
0
50
100
150
200
250
300
OpenClose
Interpretation:-
The candlestick chart shows the daily price movement of a stock by four ways i.e. Open, High, Low, Close. So, we get a actual figure of a stock whether the stock is over sold or over brought in the particular day, and also give a brief of the behavior of sort sellers or speculators in the intraday and interday transactions. When we talk about the candlestick diagram of last two years we find that over low high and close is increasing over a period of last two years so, it shows the growth from company’s prospect but it is not good from new investor’s purpose. As, it is good for long term investors but vice-versa for short term investor purpose.
V-Formulation
Date 11/6/2008 2/13/2009 5/28/2009 8/27/2009 12/4/2009 3/15/2010 6/17/20100
50
100
150
200
250
300
V-Formulation
V-Formulation
V-Formulation
Support and resistance level
Support and resistance is a concept in technical analysis that the movement of the price of a security will tend to stop and reverse at certain predetermined price levels.
A support level is a price level where the price tends to find support as it is going down. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, by an amount exceeding some noise, it is likely to continue dropping until it finds another support level.
A resistance level is the opposite of a support level. It is where the price tends to find resistance as it is going up. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, by an amount exceeding some noise, it is likely that it will continue rising until it finds another resistance level.
Date 11/6/2008 2/13/2009 5/28/2009 8/27/2009 12/4/2009 3/15/2010 6/17/20100
50
100
150
200
250
300
Support and Resistance level
Close
Resistance level
Support level
Interpretation:-
If we talk about support and resistance level of GMDC of last two years we find that 150 and 200. As, we show the stock of GMDC cross the support level at 15 th Oct,08 and cross the resistance level 19th nov,08. And from that movement the stock is continuously moving on and on. So, till 10th apr there was a good investment prospect. But after 25 th jan 2010 when stock cross the Support level again it shows the investment in the particular stock is made some sort of safe investment so, this would be the time to purchase the stock and it is good stock for long term investor. As, the last price of stock at 5th Aug,10 is near about 150. So, it is highly risky stock for new investors and suggestion is not to invest in this particular stock in the mean time.
Conclusion:-
The study is concerned with the relevant features of technical analysis and about its
indicators. Technical analysis is widely accepted worldwide and a very useful tools for the
analysis of share price behavior. The share market is more challenging, fulfilling and rewarding
to resourceful investors willing to learn the art of cyclical timing to study of technical analysis.
The technical approach to invest is essentially a reflection of the idea that price moves in
trends which are determined by the challenging attitudes of investors towards a variety of
economic, monetary, political and psychological forces. By studying the nature of previous
market turning points it is possible to develop some characteristics that can help to identify major
markets top and bottoms. The recognition of top and bottoms is in nutshell of technical analysis
process. Entering the market at the beginning of the up-trend and getting out of it at the first
stroke of the formation in the reversal is the basis of this analysis.
As we do the technical analysis of GMDC Ltd. we find some outcomes i.e. under here-
Company is having a good growth rate. The investor should choose the particular stock wisely. The stock is good for long term investors. In the current time there is a good time to sell the particular stock and should purchase
the new with same fetures. The stock is highly volatile stock as it is a front line stock. In the mean time stock is good for speculators if, they are able to take risks. The stock is not good for the new investors as correction is required, and stock is also
overbought. The stock is showing its Bullish trend over a period of time. There is a positive correlation in between the stock and market (BSE) price.
Bibliography:-
Websites:
www.forextrading.about.com www.investopedia.com www.about.com www.sify.com/finance www.bse.com www.capitaline.com
Books Referred
Technical Analysis of the Financial Markets By John J. Murphy Investment analysis and portfolio management By Prasanna Chandra.
