Derivatives Futurs Iifl

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CHAPTER - I

INTRODUCTION

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INTRODUCTION

Every modern economy is based on a sound financial system .A financial system is a set

of institutional arrangements through which financial surpluses are mobilized from the units

generating surplus income and transferring them to the others in need of them. The activities

include production, distribution, exchange and holding of financial assets/instruments of

different kinds by financial institutions, banks and other intermediaries of the market. The

financial markets have two maor components! they are money market and capital market

A derivative is a financial instrument whose value depends on other, more basic, underlying

variables. The valuable underlying could be prices of traded securities and stocks, prices of gold

or copper. "erivatives have increasingly important field of finance, options and futures are

traded actively on many exchanges, #orward contacts, $wap and different types of options are

regularly traded outside exchanges by financial institutions, %anks and their corporate clients in

what are termed as over the counter markets. &n other words, there no single market place

organized exchanges

A derivative security is a security whose value depends on the value of together more basic

underlying variable. These are also known as contingent claims. "erivatives securities have been

very successful in innovation in capital markets.

The emergence of the market for derivative products most notably forwards, futures and options

can be traced back to the willingness of risk adverse economic agents to guard themselves

against uncertainties arising out of fluctuations in asset prices. %y their very nature, financial

markets are market by a very high degree of volatility. Though the use of derivative products, it

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is possible to partially or fully transfer price risks by locking ' in asset prices. As instrument of

risk management these generally don(t influence the fluctuations in the underlying asset prices.

)owever, by locking*in asset prices, derivative products minimize the impact of fluctuations in

asset prices on the profitability and cash*flow situation of risk*averse investor.

"erivatives are risk management instruments which derives their value from an underlying asset.

+nderlying asset can be %ullion, &ndex, $hare, urrency, %onds, &nterest, etc.

$tock exchanges

$tock Exchange*traded derivatives are divided into those traded on a futures exchange such as

-options and futures and securities exchanges like warrants, structured products.

ver the counter market

"erivatives traded T is not regulated in terms of their features and contractual provisions.

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1.2 Objectives of the study

• To study the "erivative trading

• To study the performance of future trading since #ebruary 0123 to April 0123 of

%)E4,&T,56,7E4 apital, TATA $teel

• To compare the prices of %)E4, &T, 56, 7E4 apital, TATA $teel from #ebruary to

April.

• To understand the concept of the #inancial "erivatives and derivative trading such as

#utures

• To study the different ways of buying and selling of futures

1. Need fo! the study

The study has been done to know the futures of derivatives and also to know the derivative

market in &ndia. This study also covers the recent developments in the derivative market taking

into account the trading of %)E4, &T, 56, 7E4 apital, and TATA $teel. Through this

study & came to know the trading done in derivative and their use in the stock market

1." #co$e of the study

The study is limited to 8"erivatives9 :ith special reference to #utures in the &ndian context and the &ndia

&nfo line has been taken as representative sample for the study. The study cannot be said as totally perfect,

any alteration may come. The study has only made humble attempt at evaluating "erivatives ;arkets

only in &ndian ontext. The study is not based on the &nternational perspective of the "erivatives ;arkets.

1.% #ou!ces of d&t&4


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The data is collected from secondary data

$econdary data

The secondary data are the data, which the investigator borrows from other who have

collected it for various other purposes. Therefore it may not entirely be reliable. &t is less

expensive and involves less expensive and involves less time and labor than the collection of

primary data.

The $ources of collecting "ata

• ompany records, brochures and other documents.

• %ooks, 5ewspapers, magazines, :ebsites

1.' (i)it&tio*s of the study

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Every work has its own limitation. 4imitations are extent to which process should not be

exceeded. 4imitation of this analysis is

• The study is based on only in &ndian ontext of the "erivatives ;arkets. The study is not based

on the &nternational perspective of the "erivatives ;arkets.

• ollected all the data(s by


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CHAPTER +II

RE,IE O (ITERATURE

RE,IE O (ITERATURE

De!iv&tives

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The emergence of the market for derivative products, most notably forwards, futures and options,

can be traced back to the willingness of risk*averse economic agents to guard themselves against

uncertainties arising out of fluctuations in asset prices. %y their very nature, the financial markets

are marked by a very high degree of volatility. Through of derivatives of products, it is possible

to partially or fully transfer price risks by locking 'in asset prices. As instruments of risk

management, these generally do not influence the fluctuations underlying prices. )owever, by

locking 'in asset prices, derivatives products minimize the impact of fluctuations in asset prices

on the profitability and cash flow situation of risk'averse investors.

Defi*itio*

The term "erivative has been defined in $ecurities ontracts -7egulation Act 2=>?, as

• A security derived from a debt instrument, share, loan whether secure or unsecured, risk

instrument or contract for differences or any other form of security.

• A contract, which derives its value from the prices, or index of prices, of underlying

securities.

Histo!y of De!iv&tives

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• "erivative trading began in 2@?> when the hicago board of trade -%T listed the first

8exchange traded9 derivatives contract in the +$A. These contracts were called 8future

contract9.

• &n 2=2= the hicago %utter and Egg board a spin*off of %T was recognized to allow

future trading. &ts name was changed to hicago mercantile exchange -;E.

• The first stock index futures contract was traded at ansas city board of trade.

I*di&* De!iv&tive )&!/et

$tarting from a controlled economy, &ndia has moved towards a world where a price fluctuates

every day. "erivatives are integral part of liberalization process to manage risk. &n Buly 2===,

"erivatives trading commenced in &ndia.

hronology of instruments

2==2 4iberalization process initiated

23th "ecember 2==> 5$E asked $E%& for permission to trade index

futures

2@th 5ovember 2==? $E%& setup 4. 6upta committee to draft a

policy framework for index futures

22th may 2==@ 4..6upta committee submitted report

0>th may 0111 $E%& gave permission to 5$E and %$E to do

index futures trading

=th Buly 0111 Trading of %$E $ensex futures commenced at

%$E

20th Bune 0111 Trading of 5ifty futures commenced at 5$E

0>th septmber 0111 5TC #utures trading commenced at $6D

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Need fo! de!iv&tive i* I*di& tod&y

&n less than decades of their coming into vogue, derivative market have become most important

market in the world .Today derivatives have become part and parcel of the day*to*day life for

ordinary people in maor part of the world.

+ntil the advent of 5$E the &ndian capital market had no access to the latest trading methods and

was using traditional out*dated methods of trading.

Uses of De!iv&tive )&!/et

• "erivative markets serve for risk

• )edges use derivative to reduce risk exposure.

• $peculator use derivatives to increase risk exposure in the anticipation of making profit.

• "erivative market facilitates the shifting of risk from those who bear it at a high cost, to

those who bear it at a low cost.

• $peculators perform a valuable service by absorbing risk from hedgers.in return they

receive a risk premium.

D&te of i*t!oductio* of de!iv&tive

"erivative products "ate of introduction +nderlying &5"

&5"ED #+T+7E$ Bune 0111 $E5$ED, $FG, 5TC

$T #+T+7E$ "ecember 0112 $E5$ED, $FG, 5TC

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P&!tici$&*ts

The following three broad categories of participants in the derivatives market.

Hed0e!s

)edgers face risk associated with the price of an asset. They use futures or options markets to

reduce or eliminate this risk.

#$ecu&to!s

$peculators wish to bet on future movements in the price of an asset. #utures and options

contracts can give them an extra leverage! that is, they can increase both the potential gains and

potential losses in a speculative venture.

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A!bit!&0eu!s

Arbitrageurs are in business to take advantage of a discrepancy between prices in two different

markets. &f, for example, they see the futures price of an asset getting out of line with the cash

price, they will take offsetting positions in the two markets to lock in a profit.

u*ctio*s of De!iv&tive &!/et

The following are the various functions that are performed by the derivatives markets. They areH

• Grices in an organized derivatives market reflect the perception of market participants about

the future and lead the prices of underlying to the perceived future level.

• "erivatives market helps to transfer risks from those who have them but may not like them to

those who have an appetite for them.

• "erivative trading acts as a catalyst for new entrepreneurial activity.

• "erivatives markets help increase savings and investment in the long run.

Ty$es of De!iv&tive &!/et

The following are the various types of derivatives. They are

• #orwardH A forward contract is a customized contract between two entities, where

settlement takes place on a specific date in the future at today(s pre*agreed price.

• #uturesH A futures contract is an agreement between two parties to buy or sell an asset at a

certain time in the future at a certain price.

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• ptionsH ptions are of two types * calls and puts. alls give the buyer the right but not

the obligation to buy a given


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utu!es

A #utures contract is an agreement between two parties to buy or sell an asset at a certain time in

the future at a certain price. The standardized items on a futures contract are

• Iuantity of the underlying

• Iuality of the underlying

• The date and the month of delivery

• The units of price


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Ty$es of futu!es

n the basis of the underlying asset they derive, the futures are divided into two methods

• $tock futuresH The stock futures are the futures that have the underlying asset as the

individual securities. The settlement of the stock futures is of cash settlement and the

settlement price of the future is the closing price of the underlying security.

ontracts

Cear 5umber of contracts

0113*011> *

011>*011? 2=>K@>?

011?*011K 21?K?@3

011K*011@ 0?@@30

011@*011= 3K131??

011=*0121 @1=1>3=

0121*0122 213=>>312

0122*0120 01>@K=>0

0120*012 002>KK=@1

012*0123 2=@?@01

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6raphical representation number of contracts per year in the stock future

&ndex futuresH &ndex futures are the futures, which have the underlying asset as an &ndex.

The &ndex futures are also cash settled.

Co*t!&cts

Cear 5umber of contracts

0113*011> 0?>

011>*011? 023@

011?*011K 3=>0

011K*011@ >>333?

011@*011= KK023K

011=*0121 2>2K>>

0121*0122 0>=>K3

0122*0120 101??K.0K

0120*012 >K1222.31

012*0123 ?2=2K=.0

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6raphical representation number of contracts per year in the &ndex

UTURE

P&!ties i* the futu!e co*t!&ct

There are two parties in a future contract, the %uyer and the $eller. The buyer of the futures

contract is one who is long on the futures contract and the seller of the futures contract is one

who is $)7T on the futures contract.

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The pay off for the buyer and the seller of the futures contract are as

follows

P&yoff fo! & buye! of futu!e

ase 2H The buyer bought the future contract at -#! if the futures price goes to E2 then

the buyer gets the profit of -#G.

ase 0H The buyer gets loss when the future price goes less than -#, if the futures price goes to

E0 then the buyer gets the loss of -#4

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LOSS

PROFIT

F

L

P

E

1

E2


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P&yoff fo! & see! of futu!e

# ' #uture Grice

E2, E0 ' $ettlement Grice

ase 2H The $eller sold the future contract at -f! if the futures price goes to E2 then the $eller

gets the profit of -#G.

ase 0H The $eller gets loss when the future price goes greater than -#, if the futures price

goes to E0 then the $eller gets the loss of -#4.

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F

LOSS

PROFIT

E1

P

E2

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&!0i*s

;argins are the deposits, which reduce counter party risk, arise in a futures contract. These

margins are collected in order to eliminate the counter party risk. There are three types of

margins

• &nitial ;arginH :henever a futures contract is signed, both buyer and seller are reJ of total purchase price of futures contract.

• ;arking to market marginH The process of adusting the e


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T!&di*0 i*t!oductio*

The futures trading system of 5$E, called 5EAT*#utures trading system, provides a fully

automated screen*based trading for 5ifty futures and stock futures on a nationwide basis as well

as an online monitoringaFsurveillance mechanism. &t supports an order driven market and

provides complete transparency of trading operations. &t is similar to that of trading of e


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T!&di*0 syste)

5ationwide*online*fully Automated $creen %ased Trading $ystem -$%T$

• Grice priority

• Time Griority

5oteH 2 5EAT system provides open electronic consolidated limit orders book -E4%

0 4imit order meansH $tated Iuantity and stated price

%efore pening the marketH +ser allowed setting up

2 ;arket :atch $creen

0 &n


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Temporary sign off * market up date -temporary sign off, after > minutes Automatically

Activate

Exit * the user comes out sign off $creen.

4ocal "atabaseH 4ocal "atabase is used for all in


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;arket $tatistics reportH * #or details of all securities traded

&nformation in a "ay

I*te!*et 3!o/i*0

• 5$E introduced internet trading system from #ebruary 0111

• lient place the order through brokers on order routing system

AP 4i!eess A$$ic&tio* P!otoco5

• 5$E.&T 4aunches the from 5ovember 0111

• 2st $tep*getting the permission from exchange for :AG

• 0nd step*Approved by the $E%&-$E%& Approved only for $E%& registered ;embers

TP 4ie T!&*sfe! $!otoco5

• 5$E Grovide for each member a separate directory -#ile to know their trading "ATA, clear

"ATA, bill trade 7eport.

• 5$E Grovide in Addition a 8ommon9 directory also, to know circulars, 5#; F %hava

opy information.

• #TG is connected to each member through N$AT, leased line and internet.

• N$AT -#7; 3H2>G; to =H1A;, &nternet -03 )ours

$nap $hot "ata %aseH $nap shot data base provides $nap shot of the limit order book at

many time points in a day

• &ndex "ata %aseH &ndex "ata %ase provides information about stock market indexes.

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• Trade "ata %aseH Trade "ata %ase provides a data base of every single traded order,

take place in exchange.

• %asket trading systemH Taking advantage for easy arbitration between future market

and F cash market difference, 5$E introduce basket trading system by off setting positions

through off line*order*entry facility. rders are created for a selected portfolio to the ratio of

their market apitalization from 2 lake to 1 corers. ffline*order*entry facility generate

order file in as specified format outside the system F up load the order file in to the system

by invoking this facility in %asket trading system

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T!&di*0 *et6o!/

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NSE MAIN FRAME

HUB ANTENNA SATELLITE

BROKER’S PREMISES


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Hodi*0 of #h&!es 4,oti*0 Ri0ht5 discosi*0 obi0&tio*

• Any person or "irector or officer or the company

• ;ore than >J share or voting 7ight

• :ithin 3th day inform to company is necessary

• ompany inform with in >th day to stock exchange is compulsory

3!o/e! 4T!&di*0 e)be!5

e&*s & )e)be! i* !eco0*i7ed stoc/ e8ch&*0e

EligibilityH 02 tears, graduation, 0 years experience in stock market relative Affairs and

• 1 4akhs paid up capital

• 211 lakhs net worth

• 20> lakhs interest free security deposit

• 0> lakhs collatery security deposit

• 2 lakh annual business subscription

3!o/e! 9 cie*t !e&tio*shi$

• #ill the client 7egistration Application form -for all details of clients.

• Agreement on non*udicial form -$pecified by $E%& that form

• GA5, Gass Gort, "riving 4icense or voter &dentity card -$E%& 7egistration 5umber in case

of #&&(s * Gan ards is must to future and option trading.

• And than Allot*+ni


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• Take copy of instruction in writing before placing order, cancellation F modification.

• &f order values exceed 2 lakh maintain the client record for K years.

• n conformation any order, issue contract note within 03 hours.

• ollect margin of >1,111 F multiple with 21,111.

5TEH * GA5 is compulsory if the transaction cost exceed 7s.2 lakh.

• &ssuing the 8know your client 8form is must.

#ub b!o/e!

• EligibilityH * 02 years, 21M0 lakhs.

• 5ot convicted involving fraud and dishonesty.

• 5ot debarred by $E%& previously.

• >2J of shares as dominant promoters his/her and his/her spouse.

• #irst application to stock exchange*$tock exchange send his application to $E%&*$E%&

satisfied issued ertificate 7egistration.

• A registered sub*broker, holding registration, granted by $E%& on the 7ecommendations of

a trading member, can transact through the member -broker who had recommend his

application for registration.

• ;aximum %rokerage ommission 0J.

• Gurchase note and sales note issued by the sub broker with 03 hours.

&i* Objectives of De)&t T!&di*0

• #reely transferability

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• "ematerialized in depository mode

CHAPTER-III

COPAN: PROI(E

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COPAN: PROI(E

INDIA INO(INE (IITED

&ndia &nfoline is a one*stop financial services shop, most respected for by ;r. 5irmal Bain -hairman and ;anaging "irector as an independent

business research and information provider, the company gradually evolved into a one*stop

financial services solutions provider.

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http://www.5paisa.com/http://www.5paisa.com/


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&ndia &nfoline received registration for a housing finance company from the 5ational )ousing

%ank and received the O#astest growing E


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• I*di& I*foi*e edi& &*d Rese&!ch #e!vices (i)ited

The services represent a strong support that drives the broking, commodities, mutual fund and

portfolio management services businesses. &t undertakes e


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and recently ac


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• &ndia &nfoline )ousing #inance 4imited -housing finance

II( 4Asi&5 P!iv&te (i)ited

& -Asia Grivate 4imited is wholly owned subsidiary which has been incorporated in

$ingapore to pursue financial sector activities in other Asian markets. #urther to obtaining the

necessary regulatory approvals, the company has been initially capitalized at 2 million $ingapore

dollars.

II( ANA;EENT

• THE ANA;EENT TEA

!. Ni!)& ,

providing globally acclaimed financial services in e


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Apart from 5irmal Bain and 7 Nenkataraman, the %oard of "irectors of &ndia &nfoline 4td.

comprises:

!. Niesh ,i/&)sey= I*de$e*de*t Di!ecto!

;r. Nikamsey, %oard member since #ebruary 011> * a practicing hartered Accountant and

partner -himi unveri F o., hartered Accountants, a member firm of

)4% &nternational, headed the audit department till 2==1 and

thereafter also handles financial services, consultancy, investigations, mergers and ach&tt&!= No* E8ecutive Di!ecto!

;r $at Gal hattar, * %oard member since April 0112 * Gresidential ouncil of ;inority 7ights

member, hairman of the %oard of Trustee of $ingapore %usiness

#ederation, is also a life trustee of $&5"A, a non profit body, helping the

under*privileged &ndians in $ingapore. )e oined the &ndia &nfoline board in April 0112.

! >!&*ti #i*h&= I*de$e*de*t Di!ecto!

;r. ranti $inha R %oard member since Banuary 011> R completed his

masters from the Agra +niversity and started his career as a lass & officer

with 4ife &nsurance orporation of &ndia.

! A!u* >. Pu!v&!= I*de$e*de*t Di!ecto!

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;r. A.. Gurvar ' %oard member since ;arch 0121 ' completed his

;asters degree in commerce from Allahabad +niversity in 2=?? and a

diploma in %usiness Administration in 2=?K.

PRODUCT# 9 #ER,ICE#

• E?uities

&ndia &nfoline provided the prospect of researched investing to its clients, which was hitherto

restricted only to the institutions. 7esearch for the retail investor did not exist prior to &ndia

&nfoline. &ndia &nfoline leveraged technology to bring the convenience of trading to the investor(s

location of preference -residence or office through computerized access. &ndia &nfoline made it

possible for clients to view transaction costs and ledger updates in real time. The ompany is

among the few financial intermediaries in &ndia to offer a complement of online and offline

broking. The ompanies network of branches also allows customers to place orders on phone or

visit our branches for trading.

• Co))odities

&ndia &nfoline(s extension into commodities trading reconciles its strategic intent to emerge as a

one stop solutions financial intermediary. &ts experience in securities broking has empowered it

with re


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• I*su!&*ce

An entry into this segment helped complete the clientPs product basket! concurrently, it graduated

the ompany into a one stop retail financial solutions provider. To ensure maximum reach to

customers across &ndia, it has employed a multi pronged approach and reaches out to customers

via our 5etwork, "irect and Affiliate channels. &ndia &nfoline was the first corporate in &ndia to

get the agency license in early 0112.

• I*vest O*i*e

&ndia &nfoline has made investing in ;utual funds and primary market so effortless. nly

registration is needed. 5o paperwork no


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distribution network to reach prospective clients. &t has received the in*principle approval to set

up a mutual fund.

•Po!tfoio &*&0e)e*t

& Gortfolio ;anagement $ervice is a product wherein an e


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CHAPTER +I,

DATA ANA(:#I# AND INTERPRETATION

DATA ANA(:#I# AND INTERPRETATION

-4ot size of selected companies for analysis

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"E ;GA5C 5A;E

%)E4 %harath )eavy Electrical

4td.

&T &T 4td

56 ilF 5atural 6as

orporation

7E4 apital 7eliance apital 4td

TATA $teel TATA ompany 4td.

The following tables explain about the trades that took place in futures between #ebruary 0123 to

April 0123. The table has various columns, which explain various factors involved in "erivations

trading.

•"ate ' the day on which trading took place

• losing Gremium ' Gremium for that day

• pen interest ' 5o. ptions that did not get exercised

• Traded


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utu!es of 3HE(

O* eb!u&!y 2@1"

"ate

ddSmmSyy

pen

7s.

)igh

7s.

4ow

7s.

lose7s.

;ovingaverages

0*0*0123 0@K.> 030> 0K@ 0@?

*0*0123 0=3.K 031 0>0 0?> 0K@.@>

3*0*0123 0@> 0311.@ 0@?3 0@3.@> 0K1.02

>*0*0123 0@> 0@@ 0>0.> 0?1.2 033.0@

?*0*0123 00== 0>1 00KK.>> 00@K.= 003.?2

=*0*0123 00@@ 0K 00>@ 00>.@> 02K.2

21*0*0123 001.@> 0>> 022.> 0K.?> 002.3>

22*0*0123 0>0 0>K 00=1 011.0> 002.2?

20*0*0123 01@ 033.=> 01@ 00> 00>.0

2?*0*0123 031 0?@.> 03 03=.K> 0>.=

2K*0*0123 0>=.K 0=K.0 0>0.0> 0@?.=> 2=>2.>2

2@*0*0123 032K.> [email protected] 0@@.=> 222K.@> 2=>=.@@

2=*0*0123 0@> 0@K 0?>. 0K3.@> 2=3?.>@

0*0*0123 0@= 0=.3 022.> 03K.1> 0?K.2?

03*0*0123 03>.1> 0@@.K 03.?> 0K=.? 0?2.@

0>*0*0123 0K1 [email protected] 03? 0>K.> 0K2.K

0?*0*0123 0>= 0@?.0 01 0K@

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I*te!$!et&tio*

• pen value of %)E4 explains that the market, the player(s showed a bearish attitude for

the next day where the price fell to 0@K.> and immediately rise to 0=3.K. 4ater being

the last trading day of the month again the players became bears as to keep a negative for

the next month which surge the price to 0>= for the last day of the trading month

• losing values explains that in the trading week most of the players closed up their

contracts to make profit. As the price was low, the open interest was low and the no. of

contracts traded declined to 0@? to 0K@

• There always exists an impact of price movements on open value. ;oving averages price

rise from 0K@.@> on first day to 0nd #ebruary, where it stood at 0K@.@> as high. As the

players in the market with an intention to short or correct

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utu!es of 3HE(

O* &!ch 2@1"

"ate

ddSmmSyy

pen

7s.

)igh

7s.

4ow

7s.

lose

7s.

;oving

averages

**0123 0@=K.> 03?K.> 0=K.> 03.>

3**0123 0=1.> 03K> 03=.K 03?0.K> 033=.=?

>**0123 030 03?1 031 03>.?> 03>2.12

?**0123 03?2.0 03KK.=> 030K 03?.?> 0332.K2

=**0123 03>0.>> 03?2.> 030K 033.@> 030.K?

21**0123 030@ 03>.@ 0302 030?.@ 030.?

22**0123 031 03? 032> 03>.3> 032.>

20**0123 033 0330.= 032? 030.> 03>2.=>

2**0123 03> 033 0KK.0> 0@@.1> 03?.>@

2?**0123 0@?.=> 0=> 0?1.2 0@=.@> [email protected]>

2K**0123 0@K.@ 0=> 0?1.2 0@=.@> 032>.=2

2@**0123 0== 0320.> [email protected]> 0@K.>> 0@@.??2=**0123 0@@.3> 0=>.@ 0@2 0@@.? 0@K

01**0123 0@>.0 031? 0K> 0@3.@> 0K0.2@

0**0123 0K> 0@1 0> 03.2 0?3.=

03**0123 0>>.1> 0K0 0>1.1> 0??.K> 030.@

0?*0*0123 02>.> 0310 00>.2 02@.>> 0?0.2

1**0123 0K> 0322 0K1 0312.?> 0KK.1?

2**0123 0310 032= 0@ 0322

43


44/80

I*te!$!et&tio*

• #rom the data of open values above there is low business growth in the futures of %)E4

on ;arch. n rd the price was 0@=K.> and it is high open value

• #rom the data of close values there is high turnover in the values. n the first day the

value is 03.> where as a huge increase of 03?0.K> in the second day are observed

• #rom the data and bar diagram of moving averages explains that on rd march the value is

033=.=?.5ext day the value predominantly increased to 03>2 and it is the high value.

44


45/80

utu!es of 3HE(

O* A$!i 2@1"

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;oving

averages

2*3*0123 032@.@ 030=.@ 0K>.2 0=3.2

0*3*0123 0==.K 033.K 0@? 030?.> 030K.K@

?*3*0123 032> 03?= 0323 03?0.K> 010.?

K*3*0123 0211 0220 0122.0> 012K.@> 0=.=

@*3*0123 0>0?. 0>??.>> 0>00. 0>K.3> 0>2.3

=*3*0123 0>0= 0>3.=> 03=0 03=@.= 0>.?@

21*3*0123 0>10.? 0>K? 0>12.> 0>?3.K 0>0.0@

2*3*0123 0>K1 0>K>.K 0>02.2 0>.0> 0>>3.>

23*3*0123 0>0=.= 0>K3 0>0=.= 0>?>.>> 0>3.@>

2?*3*0123 0>@2 0>@>.=> 0>02. 0>0.K> 0>.>

2K*3*0123 0>0.=> 0>.@ 03=K.1> 0>12.K> 0>13.0?

01*3*0123 03K= 03=>.3 033.? 03K@. 03=0.202*3*0123 03== 0>2@.@> [email protected]> 03=?.0> 03K=.?

00*3*0123 0>12 0>00.=> 03>K.2> 03=?.0> 03K?.3

0*3*0123 03>>.0 03@ 030>.? 03?@.? 03K1.?

03*3*0123 03?0 03=?.= 033? 03K@.=> 03@>.0?

0K*3*0123 03=3. 0>2@ [email protected]> 0>[email protected]> 03@K.?

0@*3*0123 0>22.>> 0>0K 03?= 03K>.K 03=3.?@

1*3*0123 03== 0>K@ 03?1.=> 0>11.2

45


46/80

I*te!$!et&tio*

• The market showed a positive upward movement opens values segment and cash market

during the first day of the week. )igh open value is 0>@2

• The future of %)E4 had shown a high growth way on close values till 1 th day of the

month whose impact shown on the close values. $tarting close value is 0=3.2 where it

ends at 0>11.2 and 0>?>.>> is the high value

• The moving averages of %)E4 on the day of the trading month showed an increase in the

price when compare with the staring day of the month. The value closed at 03=3.?@ with

highest 0>.> is the high value.

46


47/80

omparison of moving average of %)E4 for months

;onthd Total ;oving averages Gercentages

#ebruary ?1=.1? 1J

;arch [email protected] 3J

April 3011=.0 >J

I*te!$!et&tio*

To compare with #ebruary and ;arch ;onth in April ;onth values of ;oving Averages are

very high. April is the profitable ;onth of %)E4 to compare with #ebruary and ;arch.

47


48/80

utu!es of ITC (td

O* eb!u&!y 2@1"

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ddSmmSyy

pen

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lose

7s.

;oving

averages

0*0*0123 0>1.> 0>2.K 03?.K 03K.3

*0*0123 03K.@ 03@.> 03.> 033.K [email protected]?

3*0*0123 03>.> 0>.?> 033 0>0.2 03=.K2

>*0*0123 0>2. 0>3.1> 03=.1> 0>0.> 0>1.@

?*0*0123 03@.> 0>.= 03?.@ [email protected]> 03@.@

=*0*0123 03@ 03@ 031.> 03? 03?.2>

21*0*0123 03? 03K.> 03.? 033.3 033.??

22*0*0123 03>.> 03>.= 030.2 03.? 033.=?

20*0*0123 03>.2> [email protected]> 033.= 03?.= 03?.@

2?*0*0123 03K. 03=.K 033.@ 03@.?> [email protected]

2K*0*0123 0>1.K 0>2.= [email protected] 0>1.>> 0>1.22

2@*0*0123 0>0 0>0.> 03=.> 0>2.0> 03=.32=*0*0123 0>2.= 0>0.> 03?.K> 03@.>> 03=.3>

0*0*0123 03K.2> 0>1.3> 03?.0> 03@.>> [email protected]

03*0*0123 03K.K 03=.? 03?.2> 03=.1> 03@.?2

0>*0*0123 [email protected] 0>1. 03K.@ [email protected]> 03@.

0?*0*0123 03@. 03=. 03>.> 03K.?

48


49/80

I*te!$!et&tio*

• #rom the data above open values are fluctuating. n 0 #ebruary open value of &T 4td is

0>1.> and at the end of the month it is decreased to [email protected] 0>0 is the high value.

• lose value of &T 4td explains that, close value started at 03K.3 later it predominantly

increased to 0>0.2.on the last day 0?th #eb. 0123 with a considerable decline of 03K.?

• #rom the data and bar diagram there was huge decrease in the value of moving averages.

n rd the value is [email protected]?. &t slowly started increasing for the next days in the

month.0>1.@ is the high value and 033.?? is the low value.

49


50/80

utu!es of ITC (td

O* &!ch 2@1"

"ate

ddSmmSyy

pen

7s.

)igh

7s.

4ow

7s.

lose

7s.

;oving

averages

**0123 0>.> 03.?> 0>.2 032.K>

3**0123 030 03>.= 0@.> 03.=> 03.@2

>**0123 03?.2 03?.?> 030.@ 03>.K> 033.?@

?**0123 03?.0 03?.0 03.> 033.> 03?.=>

=**0123 03>.=> 0>2.3 03>.3> 0>1.K> 03@.>?

21**0123 0>2.3> 0>.> 03=.? 0>1.? 0>2.=2

22**0123 0>2.? 0>> 0>2.? 0>3.3 0>.K@

20**0123 0>3.2 0>K.0> 0>2.> 0>?.> 0>?.0>

2**0123 0>?.>> 0>=.K 0>>.3> 0>@ 0>K.=

2?**0123 0>= 0?1 0>@.0 0>=.> 0>=.2

2K**0123 0>=.@> 0?2.= 0>3.@ 0?1.0 0?1.=@

2@**0123 0?1.2> 0?3.K 0>=.2> 0?.3 0?2.K2=**0123 0?2.3 0?3.K> 0>=. 0?2.> 0?0.1>

01**0123 0?1.3 0?.> 0>=.> 0?2.0> 0?2.>

0**0123 0>=.> 0?0.> 0>@.2 0?2.0> 0?2.??

03**0123 0?2.0> 0?0.0> 0>@.@> 0?2.= 0?0.@>

0?*0*0123 0?1.3 0?>.3 0?1.> 0?3.@ 0?>.K?

1**0123 0?>.1> 0K0.3 0?.>> 0K1.? 0?@.

2**0123 0K1.3> 0K 0?@.> 0?=.?

50


51/80

I*te!$!et&tio*

• pen value of &T 4td on ;arch starts at 0>.> and consistent increased to 03?.0 in ? th

;arch was observed. After that the value slowly decreasing.030 is the low value and at

the end of the month it is reached to 0K1.3> and it is the high value for that month

• lose value of &T 4td explains that value started at 032.K>.4ater there was a huge

increase in the value. The value increased to 0?.3 on 2@ th march.0K1.? is the high value

and 032.K> is the low value.

• ;oving averages of &T 4td started at 03.@2 and after the first day there is continues

growth in the value.0?@. is the high value and 03.@2 is the low value

utu!es of ITC (td

51


52/80

O* A$!i 2@1"

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averages

2*3*0123 0?= 0?=.3> 0?.0 0?3.@

0*3*0123 0?? [email protected] 0?.=> 0?>.> 0?>.2?

?*3*0123 0?>.3 0?@.= 0?3.> 0?>.0 0?>.K

K*3*0123 0?3.> 0?K.3 0?.0> 0??.> 0?K.12

@*3*0123 0?K 0?=.= 0?3.2 0?=.> 0?K.K>

=*3*0123 0?=.3 0?=.3 0??.2> 0?K.3 0?@.?

21*3*0123 0?K 0K1.= 0??.2 0?=.2> 0?=.3

2*3*0123 0?=.@ 0K0.? 0?K.0> 0K2.K> 0?2.@2

23*3*0123 0K2.2> 0K2.K [email protected]> 0?@.>> [email protected]

2?*3*0123 0K1.> 0K1.> 0?0.3 0?.@ 0?K.12

2K*3*0123 0? 0?=.@> 0?0.2 [email protected] 0?>.K@

01*3*0123 [email protected]> 0?@.> 0?0.K 0?3.@> 0?>.3?

02*3*0123 0?3.= 0??.> 0?1.K 0?0.@> 0?.32

00*3*0123 0?.K 0?3.0 0?2.@ 0?0.>> 0?.2?

0*3*0123 0?0.3 0?K.@ 0?1.2> 0?3.2 0?3.3

03*3*0123 0?3.> 0?K.> 0?2.=> 0??.>> 0?>.@?

0K*3*0123 [email protected] 0K1.=> 0?> 0??.=> 0?K.>

0@*3*0123 0?? 0K1. 0?? 0?=.2 0?K.K

1*3*0123 0?=.? 0?=.? 0?>.K> 0?K.1>

52


53/80

I*te!$!et&tio*

• #rom the above data shows pictorial view of open values of &T 4td for the month of

April. #rom the above data we can say that 0?= is the starting value 0?0.3 is the low

value and 0K2.2> is the high value

• The future of &T 4td had shown a high growth way on close values till 2 th day of the

month whose impact shown on the close values. $tarting close value is 0?3.@ where it

ends at 0?K.1> and 0K2.K> is the high value

• The moving averages of &T 4td on the day of the trading month showed fluctuations in

the price when compare with the staring day of the month. The value closed at 0?K.K with

highest 0?K.> is the high value.

53


54/80

Co)$&!iso* of )ovi*0 &ve!&0e of ITC (td fo! )o*ths

o*thd Tot& ovi*0 &ve!&0es Pe!ce*t&0es

#ebruary K00.@? 0=J

;arch 3?K.KK 3J

April 3>0.@? >J

&nterpretation

#rom the pie chart we can see the consistent increase in the ;oving averages of &T 4td. To

compare with #ebruary and ;arch, in the ;onth of April ;oving averages are high. Nalues are

continuously increasing

54


55/80

utu!es of ON;C

O* eb!u&!y 2@1"

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pen

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lose

7s.

;oving

averages

0*0*0123 21=3 221= 21= 221>.2>

*0*0123 2221 2222.@ 21=0.= 2213.@> 222>.22

3*0*0123 221=.? 223.= 221> 22>.> 23?@.>

>*0*0123 001? 00@K 02? 02?3.@> 23?0.02

?*0*0123 2221. 220= [email protected] 21@?.3> 23>>.=@

=*0*0123 21@? 2201.@ 21K2.> 222?.?> 221.?@

21*0*0123 2220.>> 220@ 221.@ 221K.=> 2213.

22*0*0123 222? 222? 21@> 21@@. 21==.1?

20*0*0123 21=2.2 2222.=> 21=2.2 2211.=> 21=.02

2?*0*0123 21=@ 2213.@> 21@1 21=1.3 21==.1@

2K*0*0123 21= 2220.1> [email protected]> 221>.= 21=@.?

2@*0*0123 222K.@> 222=. 21=3 21=@.@ 2210.@

2=*0*0123 21=3 221@.>> 21=2 2210.3> 221.>

0*0*0123 222? 2200.>> 2213. 221=.> 221>.0@

03*0*0123 221.?> 221@.> 21=3 2213.1> 221>

0>*0*0123 21=@ 221> 21@@.?> 2212.? 2213.=@

0?*0*0123 221K 2222.= 21=1.0> 221=.

55


56/80

I*te!$!et&tio*

• The trading month showed a high and low strike prices or exercising prices for the

56 futures pen value. The open interests shown bears market because of the huge

correction done by the #&& -#oreign &nstitutional investors in flows. The number of

contracts traded high at 001? and low at 21@?

• losing values explains that prices of 56 on #ebruary fluctuating up and down. value

starts from 221>.2> and 02?3.@> is the high value and 221=. is the last day value.

• moving averages of 56 on march is explains that 222>.22 is the starting moving

average and 23?@.> is the high value and 2213.=@ is the last day moving average

56


57/80

utu!es of ON;C

O* &!ch 2@1"

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4ow

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7s.

;oving

averages

**0123 220> 22?.3 221K.= 2222.2

3**0123 2221 2221.0> 21=0 2210.3 2213.2

>**0123 2213 221K.3> 21.1> 21=@.@ 21=@.>

?**0123 2223.@ 221=.=> 21=2.> 21=3.> [email protected]

=**0123 221 221?.@ 21=@.> 2212.0> [email protected]>

21**0123 2211 2213.@> 21=3 [email protected] 21=K.02

22**0123 21=? 2211.>> 21@?.> 21=0 21=.2@

20**0123 21=1.0 21=0.K 21@1.> 21@@.K 21@=.=>

2**0123 21@K 21=.= 21@>.2 21@=.2> 21@.@2

2?**0123 [email protected] 21@@.=> 21?=.0 21K.? 21K=.0?

2K**0123 21K? 21@@.? 21K2 21K>.> 21K>.@@

2@**0123 21KK.@ 21@@.> 21K>.2 21K@.>> 21K22=**0123 21K>.K 21K@.@> 21>3.0 21>@.=> 21??.2

01**0123 21?1 21?3.@ 21>1.2 21?1.= 21?1.>?

0**0123 21>0.@ 21K0 21>1.> 21?2.@> 21?3.

03**0123 21K1 21K>.> 21>@.K> 21K1.@> 21?0.@>

0?*0*0123 21?@ 21K2 21> 21>?.>> 21K>.12

1**0123 21@.@> 221.=> [email protected]> 21=@.> 21@>.>2

2**0123 2211.=> 222>.> 21=>.3 2212.?>

57


58/80

I*te!$!et&tio*

• The open price gradually rises from 220> on rd march, where it stood at 220> as high. As

the players in the market with an intention to short or correct the market, the players

showed a bearish attitude for the next day the price decrease to 2221

• losing values explains that the market was recovered faster from the bear market to bear

market for the next day in the month of ;arch. The total price is decrease from 2222.2 to

2210.2

• The moving averages interest of the 56 was stood decline where the total month of

interest is ups and down where from 2213.2 to 21@>.2

58


59/80

utu!es of ON;C

O* A$!i 2@1"

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7s.

;oving

averages

2*3*0123 012 01K 00@?.>> 0==.>

0*3*0123 2211.= 221=.3 21@>.>> 21=1.K> 23K>..K2

?*3*0123 21=0.> 21==.2 21@?.3 21=?.3> 21=1.=>

K*3*0123 21== 21== [email protected]> 21@>.?> 21@=.K@

@*3*0123 21@@ 21=2.@ 21@0.?> [email protected]> 21K=.>>

=*3*0123 21@?.@ 21@=.3> 21?0.> 21?>.K> 21K.@

21*3*0123 21?K 21K?. 21?>.0> 21?@.> 21?.=2

2*3*0123 21K.> 21K.> 21>0.> 21>K.> 21>?.=

23*3*0123 21?1 21?0.> 2130 2133.K 213K.@>

2?*3*0123 213@ 21>=.= 2131 2132.0 21=.?

2K*3*0123 2132.@> 2132.@> 211.K> 210.K> 210?.?>

01*3*0123 210>.= 210@.> 2112.2 211>.@> 212.=02*3*0123 211= 2102.> 2111.1> 211.0 211?.0>

00*3*0123 211?.? 2123.3 2112.@ 211=.K 211@.?@

0*3*0123 211?.>> 210=.K ==@. 212.2> 212.@

03*3*0123 212>.? 2103.> [email protected]> 212@.?> 212?.>>

0K*3*0123 2103 210=.? 212>.2 212K.@> 210K.2

0@*3*0123 2122.1> 213= 2121.? 2133.@ 21?.

1*3*0123 [email protected] 213@. 21.> 213?.>

59


60/80

I*te!$!et&tio*

• The trading month of open values showed a high and low strike prices or exercising

prices for the 56 April futures.012 is the April 2st value and high value and 211?.? is

the low value in the month of April

• The close interests shown bears market because of the huge correction done by the #&&

-#oreign &nstitutional investors in flows.0==.> is the high value and 211.0 is the low

value in the month of April

• ;oving averages of 56 in the month of April explains that the number of contracts

traded high at 23K> and low at 211@.?@.

60


61/80

Co)$&!iso* of )ovi*0 &ve!&0e of ON;C fo! )o*ths

o*ths Tot& ovi*0 &ve!&0es Pe!ce*t&0es

#ebruary 2K?01.>2 0J

;arch [email protected] J

April 2@2?K.3 J

I*te!$!et&tio*

The pie chart of 56 for months explains that the values of ;oving averages for months

are fluctuating. To compare with #ebruary and April ;oving averages, ;arch ;oving averages

are high.

utu!es of Re C&$it&61


62/80

O* eb!u&!y 2@1"

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7s.

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7s.

4ow

7s.

lose

7s.

;oving

averages

0*0*0123 K@?.? K==.> [email protected] K=1.1>

*0*0123 [email protected] @1 K?0.2> K?>.2> KK=.1

3*0*0123 KK>.2> K=1 [email protected] [email protected] KK0.2

>*0*0123 K@1 K=.@ K??.3> K?=.= K?=.2?

?*0*0123 KK.0 K?=.@> KK.0 K>?.> K?1.2?

=*0*0123 K?@ KK=.3> K31 K>3.2 @>.K2

21*0*0123 =??.2> 2112.= =@>. ==?.>> @.?2

22*0*0123 [email protected] KK0.> K3?.@> K>1.0 @@.>2

20*0*0123 K>>.> KK3.>> K>>.> K?@.@ K>?.>?

2?*0*0123 K?@.@> KK2. K3@ K>1.K K?2.1>

2K*0*0123 K>>.> K?K K3@.= K?.?> K>@.?>

2@*0*0123 KK1. KK?.> K>.2> K?2.? K>=.@?

2=*0*0123 K? [email protected] K>0.2> K>3.> K>1.2

0*0*0123 K>? K>@.3> K0 K> K30.2@

03*0*0123 [email protected]> K?3 K0?.0 KK.0 K?.>

0>*0*0123 K2.> K3.@ K2.> KK.3 K3

0?*0*0123 K@.?> K31.= K0>.2> K0K.3

62


63/80

I*te!$!et&tio*

• #rom the data and %ar diagram above open values are fluctuating. n 0 #ebruary open

value of 7el capital is K@?.? and at the end of the month it is decreased to K@.?>.And

=??.2> is the high value.

• lose value of 7el apital explains that, close value started at K=1.1> later it

predominantly increased to =??.>>.on the last day 0?th #eb. 0123 with a considerable

decline of K0K.3

• #rom the data and bar diagram there was huge decrease in the value of moving averages.

n rd the value is very high. &t slowly started decreasing for the next days in the

month.KK=.1 are the starting value.@@.>2 is the high value and K3 is the low value.

63


64/80

utu!es of Re C&$it&

O* &!ch 2@1"

"ate

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pen

7s.

)igh

7s.

4ow

7s.

lose

7s.

;oving

averages

**0123 K=@ @13.2 KK@.@ K@K.>>

3**0123 K=0 @1=.> K@K.>> K=?.>> K@3.=@

>**0123 K=3 @13.? K=2.0> K=K.@> @11.?2

?**0123 @12.2 @13.K K=K.2> @1K.3> @1.2

=**0123 @2K @2K @11.0 @13.2 @1>.0

21**0123 @10.2 @2.3> K=>.0> @13.1> @1>.?@

22**0123 @13.> @2@ @12.0> @1@.= @1.0

20**0123 @21.2 @23.K K=K.> @1.K @1.1@

2**0123 @1>.> @1=.= K=0.1> K=?.?> K=3.2@

2?**0123 K=1.2> K=3 K@1. [email protected] K=>.3@

2K**0123 K@3.@ K10.= [email protected] @11.>> K=0.?>

2@**0123 @1>.?> @21.@> K=.? K=>.0 K==.2>2=**0123 K=>.2> @13.@ K=2.3 @12.K [email protected]

01**0123 @1.2 @1?.@ K=1.0 K=K.3> K=.

0**0123 K@.= K=.@ KK@ [email protected]> K@?.>

03**0123 K@K.@ K@K.@ KK>.? K@1.@> [email protected]

0?*0*0123 KKK.= K@.>> KK0 KK.1> KK>.=2

1**0123 KK1 K@ KK1 KK.@> KK1.0?

2**0123 K== K== K?0.? K?.=

64


65/80

I*te!$!et&tio*

• pen value of 7el apital on ;arch starts at K=@ and consistent increased to @21.2 in 20 th

;arch was observed. After that the value slowly decreasing.KK1 is the low value and at

the end of the month it is reached to K==

• lose value of 7el apital explains that value started at K@K.>>.4ater there was a huge

increase in the value.@1@.= is the high value and K?.= is the low value.

• ;oving averages of 7el apital started at K@3.=@ and after the first day there was growth

in the value.@1>.?@ is the high value and KK1.0? is the low value

65


66/80

utu!es of Re C&$it&

O* A$!i 2@1"

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pen

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7s.

lose

7s.

;oving

averages

2*3*0123 K?K.@ [email protected] K>>.> K>@.2>

0*3*0123 K?2.= KK0.>> K?1.0 K?>.@ K?=.>?

?*3*0123 KK2 K@?.?> [email protected]> [email protected]> K@1.=2

K*3*0123 K@?.3 K=K.@> [email protected]> K=0.0 K=1.0?

@*3*0123 K=>.= @1? K@K.> K=.@> K=1.

=*3*0123 K@= @1K.0 K@.@> K@3.@> K=1.K@

21*3*0123 K@= K==.=> K@@.> K=.1> K@3.?@

2*3*0123 K=? K=? KK0.? KK>.>> [email protected]

23*3*0123 KK>.1> [email protected] KK KKK.K> KK.>

2?*3*0123 [email protected]> K=1.?> K?>.> K?K. K?>.?2

2K*3*0123 K?? K??.=> K3=.=> K>2.@ K3=.=2

01*3*0123 K30 K30 K0K.23 K1.?> K=.=202*3*0123 K>.0 K3?.@ K KK. K>.>

00*3*0123 K32.0> K3?.K K3.3 K@.>> K@.?@

0*3*0123 K?.?> K>@.0> K.K K3.0 K3?.K2

03*3*0123 K33.@ K3@.@ K3 K>@.3 K3?.3

0K*3*0123 K30.K K33.@> K>.1> KK.K K33.@

0@*3*0123 K@ K3?.? K>.> K@. K>.22

1*3*0123 K? @.> K0?.= K0=.>

66


67/80

I*te!$!et&tio*

• #rom the above data shows pictorial view of open values of 7el capital for the month of

April. #rom the above data we can say that K?K is the starting value K? is the low value

and K=>.= is the high value

• The future of 7el apital had shown a high growth way on close values till 2th day of the

month whose impact shown on the close values. $tarting close value is K>@.2> where it

ends at K0=.> and K=.@> is the high value

• The moving averages of 7el apital on the day of the trading month showed fluctuations

in the price when compare with the staring day of the month. The value closed at K>.22

with highest K=1.0? is the high value.

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Co)$&!iso* of )ovi*0 &ve!&0e of Re C&$it& fo! )o*ths

;onthd Total ;oving averages Gercentages

#ebruary 22>@K.? 1J

;arch 23@=.3@ >J

April 20=?3.== 3J

I*te!$!et&tio*

#rom the above data and chart shows, to compare with #ebruary in the ;onth of ;arch ;oving

averages are high and after that in the month of April values are decreased. $o ;arch month is

the profitable month to the investor.

utu!es of TATA #tee

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O* eb!u&!y 2@1"

"ate

ddSmmSyy

pen

7s.

)igh

7s.

4ow

7s.

lose

7s.

;oving

averages

0*0*0123 >?0.> >@2.K >>? >K>.

*0*0123 >@2.2 >@=.K >?3.1> ??K.2> ?20.0

3*0*0123 >K.@ >=@ >K.@ >=3.0> ?22.0

>*0*0123 >=0.?> >=0.?> >K1 >K0.0> >?=.=?

?*0*0123 >>? >>@ >K.? >3.3 >3=.K

=*0*0123 >>0 >?2 >0>.0> >.>> >?.K

21*0*0123 >03.= >32 >03.= >.2> >0@.=

22*0*0123 >K.0 >30.=> >2K >01 >0@.?>

20*0*0123 >0> >K.@ >03 >0.@ >0=.=

2?*0*0123 >?.3> >32.K >[email protected] >?.= >=.>2

2K*0*0123 >=.= >>1.3 >K.1> >3@.@> >>?.0

2@*0*0123 >?2 >@3.>> >>0 >@0.@> >K1.1?

2=*0*0123 >@0 >@0 >[email protected] >K@.> >K?.=@

0*0*0123 >??.@ >K= >?3.0 >?=.? >K.K

03*0*0123 >??.> >K@.> >?.> >K.2 >K1.12

0>*0*0123 >?>.?> >K.@ >?. >?K.> >?=.=2

0?*0*0123 >?= >K0 >>=.@ >?=.

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I*te!$!et&tio*

• The market showed a positive upward movement opens values segment and cash market

during the first day of the month. )igh open value is >=0.?>.low open value is >0>

• The future of TATA $teel had shown a high growth way on close values till > th #ebruary

of the month whose impact shown on the close values. $tarting close value is >K>.

where it ends at >?=. and ??K.2> is the high value

• The moving averages of TATA $teel on the day of the trading month showed a increase in

the price when compare with the staring day of the month. The value closed at >?=.=2

with highest ?20.0 is the high value.

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71/80

utu!es of TATA #tee

O* &!ch 2@1"

"ate

ddSmmSyy

pen

7s.

)igh

7s.

4ow

7s.

lose

7s.

;oving

averages

**0123 >K@ ?21.3 >K@ ?2@.>>

3**0123 ?21 ?2> ?12.?> ?1?.3 ?2.=

>**0123 ?13 ?2=.K ?12.> ?2?.K> ?20.@

?**0123 ?2=. ?0>.3 ?2 ?2>.0> ?2?.@>

=**0123 ?00.> ?0? ?20.= ?2@.>> ?23.K

21**0123 ?2@ ?01 [email protected] ?21.3 ?2.12

22**0123 ?22.@ ?2K.3> ?11.2 ?21.2 ?2=.2?

20**0123 ?1?.? ?22.= ?1.2 ?1K [email protected]

2**0123 ?1K.0> ?21.> ?11.?> [email protected] [email protected]

2?**0123 ?13.> ?2>.= ?1K ?1=.K> ?2>.12

2K**0123 ?22 ?0=.3> ?1@ ?0K.2 ?0.12

2@**0123 ?.K ?30.K ?0=.3> ?0.0 ?0.?>

2=**0123 ?> ?31.3 ?0=.2 ?@.?> [email protected]

01**0123 ?=.= ?3> ??.0 ?3.K> ?K.1>

0**0123 ?3.@ ?30.=> ?0?.2 [email protected]> ??.K

03**0123 ?2.2> ?=.K ?0=. ?K.? ?3.@2

0?*0*0123 ?0.3 ?=.3 ?0?.= [email protected] ?@.=?

1**0123 ?33 ?3@. ?@.@> ?32.0 ?K.?2

2**0123 ?30. [email protected] ?2 ?.>>

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I*te!$!et&tio*

• #rom the data of open values above there is high business growth in the futures of TATA

$teel on ;arch. n 2=th the price was ?@.?> and it is high open value

• #rom the data of close values there is high turnover in the values. n the first day the

value is ?2@.>> where as a huge increase of ?3.K> on the 01th day is observed

• #rom the data and bar diagram of moving averages explains that on 3 th march the value is

?2.=.5ext day the value predominantly decreased to [email protected] ?@.=? is the high value.

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73/80

utu!es of TATA #tee

O* A$!i 2@1"

"ate

ddSmmSyy

pen

7s.

)igh

7s.

4ow

7s.

lose

7s.

;oving

averages

2*3*0123 ? ??.= ?03.> ?2.@>

0*3*0123 ?@.> ?>3.@ ?>.2> ?>0.? ?>.

?*3*0123 ?0> ?KK.0 ?>> ?K>.>> ?K1.>

K*3*0123 ?K=.K ?=1.3 ??=.0 ?@0.= ?K=.?@

@*3*0123 ?@> ?@@.2 ?K0.? ?@1.? ?K?.?

=*3*0123 ?@1.=> ?0.@ ??. ??>.? ?K.K

21*3*0123 ???.@> [email protected]> ???.@> ?K3.= ?K.0

2*3*0123 ?KK.= [email protected] ???.?> ?K=.2 ?K=.=>

23*3*0123 ?KK ?@K. ?K2.0> ?@>.@> [email protected]

2?*3*0123 ?@= ?=>.> ?K@.?> [email protected] ?@>.0?

2K*3*0123 ?KK ?=0.@ ?K2.K ?@=.K> ?K=.@

01*3*0123 ?@2 ?@2 ??2 ??=.>> ?K?.>>02*3*0123 ?K.3 ?K>.> ??3 ?K1.> ??@.@>

00*3*0123 ?K.3 ?K@ ??.> ???.?> ??K.K2

0*3*0123 ??3 ?K.@> ?>1.@> ???.2> ??1.=2

03*3*0123 ?>?.K ??0 ?33 ?3=.=> ?>K.=>

0K*3*0123 ?>0.? ??>.2 ?>0.3 ?>K.K> ?>2.K2

0@*3*0123 ?>3.>2 ?>@.0 ?3?.2 ?3K.3> ?3>.=?

1*3*0123 [email protected] ?32.2 ?0K ?0.K

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I*te!$!et&tio*

• pen value of TATA $teel explains that the market, the player(s showed a bearish attitude

for the next day where the price rice to ? to ?@.> and immediately fell to ?0>. 4ater

being the last trading day of the month again the players became bears as to keep a

negative for the next month which surge the price to [email protected] for the last day of the trading

month

• losing values explains that in the trading month most of the players closed up their

contracts to make profit. As the price was low, the close interest was low and the no. of

contracts traded declined to ?2.@> to ?0.K

• ;oving averages price rise from ?>. on 2 st April, where it stood at ?@>.0? as high. As

the players in the market with an intention to short or correct

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Co)$&!iso* of )ovi*0 &ve!&0e of TATA #tee fo! )o*ths

;onths Total ;oving averages Gercentages

#ebruary @30.?K 0KJ

;arch 21?12.2= 3J

April [email protected] KJ

&nterpretation

TATA $teel ;oving averages are continuously increasing from #ebruary to April. To compare

with #ebruary and ;arch in the month of April values of ;oving averages are very high

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CHAPTER +,

INDIN;#= #U;;E#TION# AND

CONC(U#ION

INDIN;#

76


77/80

• #utures of %.).E.4, for months had shown #luctuations in the values. n #ebruary it is

?1=.1? and ;arch it is [email protected] and April it is 3011=.0.The futures market of %)E4

is also influenced by cash market, 5TC index future, #&&($ involvement, national and

international affairs etc

• &T 4td had shown consistent increase in the values. #rom #ebruary to April values are

continuously increasing. #ebruary to April values is increased to K00.@?*3>0.@?.

• As the players in the market with an intention to short or correct the market, the players

showed a bearish attitude for the 56. The 56 was stood decline in the value from

#ebruary to April. :here the #ebruary month to April month values is ups and down

from 2K?01.>2 to [email protected] to 2@2?K.3.

• The values of 7el apital on the trading months showed fluctuations in the price when

compare with the #ebruary to the April month.

• #utures of TATA $teel for months had shown a positive upward movement since

#ebruary to April. Nalues are continuously increasing from #ebruary to April.

• To compare with all the five companies %)E4 Grice values are very high and &T 4td

and TATA $teel, 7el apital, 56 price values are maintaining low price.

#U;;E#TION#

77


78/80

• A future of %)E4 explains that to compare all months, in April values are very high. $o

in bearish market it is suggested to invest in options in order to maximize profit.

• &t is suggested to the investor that in cash market the profit/loss is limited but where in

#+T+7E an investor can enoy unlimited profits/loss. $o investor can invest in &T 4td

to maintain the profitable situation.

• &t is suggested to an investor to keep in mind the time or expiry duration of #uture

contract before trading of 56, 7el capital. The lengthy the time, the risk is low and

profit making. The fewer time may be high risk and chances of loss making.

• &t is suggested to an investor that future values of TATA $teel are continuously increasing

from #ebruary to April. $o investors can invest in TATA $teel.

• &t is suggested to an investor that %)E4 is profitable to invest to compare with other

companies.&T 4td, TATA $teel, 7el apital, 56 need to improve their performance

to increase the number of investors. &t is recommended that $E%& should take measures in

improving awareness about the #utures market

CONC(U#ION

78


79/80

This report shows that derivatives markets are large and growing rapidly, and that they are

playing an increasingly important role in the economies of &ndia. At present scenario the

"erivatives market is increased to a great position. &ts daily turnover teaches to the e


80/80

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