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Transcript of Global Financial Markets-A Technical Report_Dec 2015
Global Financial Markets
A Technical Report
Dec
2015
THE CONCEPT: GLOBAL FINANCIAL MARKET MELTDOWN
V. N. PRASHANTH KUMAR | Financial Markets Strategist
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 2
Financial Markets Strategist
Preface to this Edition
Vertical: Financial Markets
Series: Investment Strategy Research (ISR-III)
Title: Global Financial Markets-A Technical Report
Concept: Global Financial Markets Meltdown
The Intent:
To offer Global Technical Picture of the Financial Markets and appraise the shape it is
turning out to be in the immediate future.
To evaluate the vulnerabilities that exists for the Global Financial Markets Meltdown in the
near term through technical assessment of the various instruments, Asset Classes &
Markets.
To get a sense of internals of the Equity Markets especially the Indian Equity Markets and
to understand its behavior in terms of technical perspective at the current juncture.
Constructive & Valuable To:
Investors: Short Term Risk Management strategies may be considered by assessment of
the current Investment Positions to protect their portfolio.
Traders: Manage the Trading positions by taking cautious stance and can adopt short
term investment strategies by keeping track of the overall technical picture of the Global
Financial Markets.
Portfolio & Fund Managers: Adopt appropriate risk management strategies against the
existing Investment Positions and build Short to Medium term risk management strategies
by making shifts between Asset Classes for better returns.
Edition: Dec 2015
Author: V.N. Prashanth Kumar ©
Feedback: [email protected]
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 3
Financial Markets Strategist
Ideas to this Edition Scientific Assessment
The data generated in the Market are scientifically assessed through consideration of various set
of technical parameters to guide the future price action of a particular instrument or Market by
numerous calculation methodologies. These technical parameters empirically tested and
evolved over a period of time and have become standardized trading tools for the market
participants.
Trading Patterns
The market or instruments/stocks over a period of time generates or forms trading patterns that
are well established and provides direction to gauge the market or a particular instrument on
various parameters and helps in assessment of the current trends or patterns to guide future
trends. Further, the formation of relationships evolve and continue to evolve between various
asset classes/Markets/instruments/stocks. The relationships may be in terms of time gaps, price
ratios, chart patterns, trends, indicators, etc. These behavioral patterns of the
Markets/Instruments/Stocks are tracked, assessed by the technical analysts with great deal of
involvement & experiences over a period of time.
Tug of War
The conundrum of Technical analysis is to navigate the behavior of the market with high level of
velocity & dynamism and to throw up clues about the future price action of the
Markets/Instruments/Stocks. The behavior of the Markets/Instruments/Stocks & scientific
assessment of them does not correspond in terms of periodicity of their movements. Always
there is a time lag between behavior and the scientific assessment. The tug of war between
technical analysts & Markets/Instruments/Stocks behavior continues to cover the variance of the
time lag especially in case of Short to Medium term investment decisions.
Judgement
By inherent nature the technical indicators are not a fool-proof to provide precise picture of
future price action, hence the technical analysts form judgements & opinion based on the
analysis, experiences, historical patterns, sense, perceptions and set expectations of the price
action of instrument or Market/Stocks. The opinion or targets changes according to behavioral
changes in the market and also on periodicity of the technical indicators established.
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 4
Financial Markets Strategist
Synopsis
Part I – Equities
* Nifty 50 * * Dow Jones * * German DAX * * London FTSE *
* Shanghai Composite * * Hangseng *
Part II – Forex
* USD-INR * * USD Index *
Part III – Commodities
* Gold * * Crude Oil * * Copper *
Part IV – Interest Rates & Spreads
* 10 Year US Treasury* * Spreads *
Part V – Volatility
* India VIX * * CBOE VIX* * USD-INR v/s Nifty Volatility *
* Hangseng Index Volatility *
Part VI – Strategic Forecasting
* Equities * * Commodities * * Forex * * Government Bonds *
Part VII – Financial Knowledge
* Theme * * Concept *
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 5
Financial Markets Strategist
Part-I
Equities
Outlook: Bearish
Perspective
The Price channel of Nifty-50 is in a downward trend and the 14 day RSI (Relative Strength
Index), the Price-Volume trend are also looking downwards (See the trends in the Blue lines),
which indicates that the Nifty is heading for a big decline and may hit new lows in coming days
& months. Further, the Nifty in its pullback from the lows of 7539.50 has not crossed the 200
DMA (Day Moving Average), suggests that the bears are in control of the Market.
NIFTY 50
Nifty RSI & Price-Volume Trend
7539.5
0
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 6
Financial Markets Strategist
Perspective
The retracement period considered from the point of view of Medium to Long term i.e., from
28th Aug 2013 where the Nifty has hit a low of 5118.85 and thereafter rallied towards new highs
of 9119.2 on 4th Mar 2015. The Retracement of 38.2% between 9119.2 and 5118.85 has been
achieved on 8th Sep 2015 which is 7539.5. If the low of 7539.5 is broken then there is a high
chance of Nifty retracing to the levels of 7119.03, which 50% of 9119.2 and 5118.85. If the
selling intensifies then the Nifty may drop to 6646 and thereabouts which is 61.8% retracement
between 9119.2 and 5118.85. This co-relates the support that Nifty has taken on 8th May 2014 of
6638.55 and expect the value buying emerges from these levels.
Fibonacci Retracements
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V.N. Prashanth Kumar Page 7
Financial Markets Strategist
Perspective
The Nifty MACD (Moving Average Convergence Divergence) is indicating the bearish signal,
where the MACD has crossed the 9 EMA (Exponential Moving Average) on the downside. Also
the Money Flow Index indicates the buying pressure is not visible although MFI has moved up
higher but the prices have not moved to substantiate the MFI movement. In the above chart, the
co-relation between the two red arrows of MFI and Nifty, where the second arrow of MFI moved
up equally with the first arrow, but the second arrow of Nifty has not moved up the level of first
arrow; indicates that selling pressure is considerably higher compared to that of buying pressure.
MACD & Money Flow Index
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 8
Financial Markets Strategist
Outlook: Bearish
Perspective
The 20 Day Standard Deviation of the DJIA is at historical low, where the market participants are
sensing there is no risk in the Market. Theoretically, this is where the buying should emerge but
historically when the standard deviation hits bottom, the selling pressure is seen and also DJIA
already at its peak and further decline in Standard deviation will only add risk to the Market.
Even the RSI is trending downwards which is visible from the trend line which is indicated in the
above chart. Additionally, the MACD is showing the bearish signal where the MACD has not
crossed the 9 EMA Signal even though the DJIA moved from the support of 17200 to 18000
levels, this indicates bearish outlook for the DJIA in the short to medium term.
DOW JONES INDUSTRIAL AVERAGE
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 9
Financial Markets Strategist
Outlook: Bearish
Perspective
The bearish outlook of DJIA substantiated by co-relating the German DAX’s chart, where the
German DAX’s standard deviation was at historical lows in mid of November 2015 and from
there it has registered 10% decline i.e., from 11480 levels it has come down to 10340 levels. This
is indicative of the fact, that the Markets deceive the market participants as a risk free market
and risk emerges from that point. Further, the MACD and RSI of German DAX indicating bearish
signal where it is trending downwards.
GERMAN DAX COMPOSITE
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 10
Financial Markets Strategist
Outlook: Bearish
Perspective
The London FTSE has formed Double Top pattern which is indicated in the chart (blue line)
above, where the same pattern is likely to emerge in the DJIA chart. This co-relation may be true
once the breakdown of the first support of DJIA is taken out. The FTSE also has declined 9%
from its peak after the 20 Day standard deviation has hit historical lows. The formation of charts
patterns across the European indices are similar and may replicate in developed markets equities
especially DJIA.
LONDON FTSE
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V.N. Prashanth Kumar Page 11
Financial Markets Strategist
Outlook: Bearish
Outlook: Bearish
Perspective
The Shanghai Composite has formed a symmetrical triangle after the serious capitulation in the
markets between June 2015 and Aug 2015, which is highly bearish in terms of future price
movements and severe breakdown is expected in the coming months. Correspondingly, the
Money Flow Index has been declining drastically even as the price action is on the upmove.
Further, the Relative Strength Index (RSI) has hit one year low, where it indicates the future price
action would be on the downwards.
SHANGHAI COMPOSITE
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Financial Markets Strategist
Outlook: Bearish
Perspective
The Hangseng Index which is the corresponding gauge to Nifty 50 is showing severe distribution
pattern over the past 9 Months (April 2015 to Dec 2015). (Please see the Blue Line). This
indicates that market participants are in exit mode from Hongkong Markets. Even the Money
Flow Index and Relative Strength Index are showing the pattern of bearish signals. The
Hangseng Index declined 30% from its peak since May 2015, whereas Nifty has declined 16%
from the peak it has registered in Mar 2015 of 9119.2. These two indexes are co-related in
Medium to Long term view, hence the Nifty has more room on the downside.
HANGSENG
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Financial Markets Strategist
Part-II
Forex
Outlook: Bullish
Perspective
The USD-INR is in a long term uptrend and this shows from the fact that the prices of USD-INR is
faraway from 200 Day Moving averages and not broken since Oct 2014 even though the Current
Account Deficit is substantially lower than what it was in Aug 2013 where the USD-INR has hit a
record high of 68.85. In terms of technical perspective, the Relative Strength Index (RSI) of the
USD-INR has formed a double bottom formation which is bullish signal for future price
breakouts. The shortage of liquidity which is existing in the Global Markets since April 2015 and
it is evident from the charts of 3 Month LIBOR Rates and Credit Spreads where the movement is
significant. This is posing risks to Global Financial Markets and particularly emerging market
currencies where the depreciation may be substantial in the near future.
USD-INR
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Financial Markets Strategist
Outlook: Bullish
Perspective
The US Dollar Index has moved up from 94 to 100 i.e., 6% since mid of Oct 2015 which is in itself
is highly significant and indicates there is greater sense of risk aversion in the Global Financial
Markets. As far as technicals of the US Dollar Index is concerned, the Relative Strength Index
(RSI) is signifying upward trend (see the trendline in Red) where the movement in the Index may
take off to the new levels before the real correction in the Index starts. The risk aversion is
currently shrugged off and the real impact of the US Dollar index upmove in the Global Financial
Markets is not felt. But once the sense of risk aversion emerge, then it may negatively impact
Global Equities, Commodities & particularly emerging market currencies.
US DOLLAR INDEX
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V.N. Prashanth Kumar Page 15
Financial Markets Strategist
Part-III
Commodities
Outlook: Bullish
Gold- Daily Chart
GOLD
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Financial Markets Strategist
Gold & Silver Index- Daily Chart
Gold Bugs Index – Daily Chart
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V.N. Prashanth Kumar Page 17
Financial Markets Strategist
Perspective
Gold has been hitting new lows from past few weeks, but its Relative Strength Index is hitting
higher highs, indicates that there would be reversal of trend in Gold prices in the near future.
And even the MACD has crossed over the 9 EMA signal on Daily charts.
The Gold & Silver Index which is the formation of sixteen precious metal companies stocks
and Gold Bugs Index which is dollar weighted index of Gold Mining Companies is showing
double bottom formation. Also these two indexes are hitting higher highs inspite of Gold &
Silver hitting new lows. This indicates that Investors are buying the Gold company stocks on
the expectation of higher prices in Gold in near future. Further, the Relative Strength Index
(RSI) is trending upwards on daily charts of these two indexes.
If the risk aversion takes centre stage in Global Markets in coming days, the Gold may rally
substantially from here.
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 18
Financial Markets Strategist
Outlook: Bearish
Perspective
Crude Oil prices currently trading below the cost of production and not sustainable at these
levels for longer period of time. In terms of technical perspective, the Relative Strength Index
(RSI) and MACD are trending downwards and may trend even lower in coming days. The Crude
Oil moves in opposite direction with US Dollar Index. The outlook for US Dollar Index is on the
upside and it is expected that Crude Oil will head lower in the near term.
CRUDE OIL
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Financial Markets Strategist
Outlook: Bearish
Perspective
The base metals are in the long term bear market and coming out this would certainly take
longer period of time. The technical charts of the Copper reflecting the same where RSI (Relative
Strength Index) is hitting lower lows and no recovery is in sight. The base metals also behaves in
opposite direction with US Dollar Index and it is expected that the base metals would move
southwards in the near future.
COPPER
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Financial Markets Strategist
Part-IV
Interest Rates & Spreads
10 Year US Treasury Bond Yield
Perspective
The Bond yields has been on the downward trend since June 2015 till the mid of Oct 2015, but
the trend was broken and bond yields has risen sharply since then. This indicates expectation
about interest rates increase in US is on the forefront. The gush of liquidity realized by selling US
Government securities are not flown into emerging markets equities or developed market
equities or Commodities. So, by conclusion the money has been moved into the US Dollar. This
articulates that the investors are sensing the risk aversion in the Global Financial Markets in the
near future.
INTEREST RATES
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V.N. Prashanth Kumar Page 21
Financial Markets Strategist
US 3 Month LIBOR Rate – 5 Year Chart
US 3 Month LIBOR Rate – 1 Year Chart
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 22
Financial Markets Strategist
30 Year US Mortgage Rates
Perspective
The 3 Month US LIBOR rate (Refer Chart : US 3 Month LIBOR Rate – 5 Year Chart) is on the rise
since mid of 2014, where the liquidity in the Global Markets is tightening and picked up faster
pace since July 2015 (Refer Chart : US 3 Month LIBOR Rate – 1 Year Chart). Further, the money is
being funded to real economy especially to the US Housing Market (Refer Chart: 30 Year US
Mortgage Rates), where the 30 Year Mortgage rates have also risen since Jan 2015. Hence,
investable money is drying up and visible in the prices of emerging market equities where the
sell-off is happening since Jan 2015 period. With the interest rates going up in the United States,
further liquidity crunch is expected and if any of the Global risks unfold in coming days &
months then the interest rates may spike up leading to liquidity crisis globally. This will impact
negatively on emerging market equities & emerging market currencies.
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V.N. Prashanth Kumar Page 23
Financial Markets Strategist
Treasury Euro-Dollar Spread (Basis Points)
Perspective
The TED spread is in an uptrend since past two years and the spread has widened from 0.17 to
0.30 suggesting that the risk money is becoming scarce. Further, the volatility has rapidly
increased from Aug 2015 where the standard deviation has jumped to historical highs indicating
there would be increased levels of volatility in the coming days which could seriously impact the
financial markets across the world. Expect the risk money to become even more risker and
scarce due to increasing trend of interest rates in the United States.
SPREADS
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V.N. Prashanth Kumar Page 24
Financial Markets Strategist
Credit Default Swaps-Spreads (Basis Points)
Perspective
The spreads of Credit Default Swaps of long term debts of 150 S&P companies have risen
alarmingly since Jun 2014 and spiked up in the recent months. The spread of CDS have risen
from 60 basis points since Jun 2014. The increase in CDS spreads was the main catalyst during
the financial crisis of 2008 that has led to Great Recession. The consistent rising of spreads
indicates the market is sensing the default of debt by the companies. This will result in the severe
liquidity crisis in the Credit Markets and there would be high chances of liquidity squeeze may
happen in the Global Financial Markets resulting in sell off of risk asset classes. During the
Lehman brother’s collapse the spreads of Credit Default Swaps have spiked up irrationally.
0
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S&P/ISDA U.S. 150 Credit Spread Index
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V.N. Prashanth Kumar Page 25
Financial Markets Strategist
Part-V
Volatility
Perspective
There are three reasons to be highly bullish on the INDIA VIX. First, the Standard Deviation is at
historically low, where market is sensing no risk. This is the point where the volatility may spike
up would lead to sell off in the Equity Markets. Second, on the Charts the INDIA VIX has formed
saucer formation that may result in sharp spike of Volatility Index. Finally, the Relative Strength
Index (RSI) is on a positive trend and also MACD has crossed over the 9 EMA signal which
positive for INDIA VIX.
INDIA VIX
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Financial Markets Strategist
Perspective
The chart pattern of the CBOE VIX and INDIA VIX is almost similar as both works on same
methodology. The chart of CBOE VIX formed saucer formation before spiking up and also
standard deviation has hit a low in Nov 2015. The MACD and RSI also showing bullish signals as
the uptrend may continue in the shorter time frame and volatility may increase which may
negatively impact Equity Markets globally.
CBOE VIX
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 27
Financial Markets Strategist
Perspective
The comparison of historical volatility of the USD-INR and Nifty tells us the degree of Nifty
Volatility compared to USD-INR is becoming higher since Aug 2013. A small percentage of
volatility change in the USD-INR leading to high volatility in case of Nifty. This suggests that the
Nifty is more vulnerable to USD-INR volatility and this would be keenly watched from the short
to Medium term point of view.
USD-INR v/s NIFTY VOLATILITY
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V.N. Prashanth Kumar Page 28
Financial Markets Strategist
Perspective
The chart of Hangseng Index Volatility has formed saucer formation where the spike in volatility
is expected in the near term. The MACD is also showing the positive signal. This indicates the
Hangseng index is poised for the breakdown and this is also evident from the perspective
expressed about Hangseng markets above. The overall picture of the emerging market equities
suggest there would be severe sell off if there is a Global Risk Aversion.
HANGSENG INDEX VOLATILITY
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V.N. Prashanth Kumar Page 29
Financial Markets Strategist
Part-VI
Strategic Forecasting Forecast for Short Term (1 to 3 months)
Major Asset Class
& Categories
Expected
Relative
Performance
over the Short
Term
Investment
Strategy
(Short
Term)**
Specific
Instruments
Current
Market
Price
(CMP$$)
Expected
Range over
the Short
Term
Equities Emerging Market
Equities
Underperform Sell Nifty50 7650.05 6700-6900
Developed
Market Equities
Underperform Sell Dow Jones 17368.50 15800-16000
Commodities
Gold Outperform Buy Spot-CME ($) 1059.60 1300-1350
Base Metals Underperform Sell
Forex
US Dollar Index Outperform Buy Spot-ICE 97.65 102-105
EUR-USD Underperform Sell Spot ($) 1.0996 1.00-1.04
USD-INR Outperform Buy Spot ($) 67.12 70-72
Government Bonds
US Govt Bonds Outperform Buy
Indian Govt
Bonds
Underperform Sell
$$Current Market Price – As on 14th Dec 2015 (EOD)
** The Investment strategy is based on broader market review & analysis. This is not the strategy for
investment in individual equities & specific equity based or related funds. The investment in these
categories is to be done on the basis of the specific risk assessment analysis related to individual industries,
companies & components of funds & other equity related instruments. The above Investment Strategy
may change accordingly on the basis of the changes in political, economic, monetary, fundamental &
technical of the respective Asset Class & categories within the given time frame which may be impacted
by the Global events which are presently uncertain & unforeseen.
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 30
Financial Markets Strategist
Part-VII
Financial Knowledge
THEME: Volatility
Volatility refers to the degree of variation of prices of any financial instrument over a period of
time measured by the standard deviation of returns. It is measure of uncertainty.
CONCEPT: Types of Volatility
Historical Volatility
Historical volatility is the standard deviation of the change in price of a stock or other financial
instrument relative to its historic price over a period of time. It is also known as realized volatility
or statistical volatility, which measures past market changes and their actual results. Historical
volatility is something that we can observe and measure based on the past price movements of a
security on daily basis.
Relative Volatility
Relative Volatility is the expression of relative measure of price variations between Markets or
Stocks or any financial instruments. Historical volatility measures the prices of particular
market/stocks/instruments on an individual basis, but relative volatility measures the prices
between them. Beta is used as a measure of relative volatility between stocks and indices or
between any financial instruments or indices.
Implied Volatility
Implied volatility is one of the deciding factors in the pricing of options. Implied volatility cannot
be calculated from historical prices of the stock, but rather is the byproduct of an options pricing
model. In simplest terms, Implied Volatility is an expression of the market’s expectation of the
future volatility of the stock price between now and the option’s expiration. Market participants
express themselves about their willingness to pay for option contracts. It is only an estimate of
future prices, rather than an indication of them.
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 31
Financial Markets Strategist
Important Websites
NSE (National Stock Exchange of India Ltd) BSE (Bombay Stock Exchange Ltd)
http://www.nseindia.com/ http://beta.bseindia.com/
SEBI (Securities Exchange Board of India) RBI (Reserve Bank of India)
http://www.sebi.gov.in/sebiweb/ http://www.rbi.org.in/home.aspx/
Disclaimer
The forecast, analysis, views, opinion & perspectives mentioned in this report are purely personal & not related any
organization or individual. The analysis is based on the current global & domestic environment. The targets, strategy
mentioned in this report may not be achieved & changed accordingly in future based on political, economic, social,
environmental conditions & policy decisions through governmental actions or any other events which are
unforeseen and unknown at current juncture. The known & unknown risks may unfold in future which may impact
the financial markets & investments. Assess your own investment & risk management strategy & perform your
research & analysis before investing in Financial Markets. This document cannot be construed as an inducement to
invest in financial markets & the decision of investing in financial markets are solely & wholly related personal
actions of individual or for that matter any other person or institutions & no responsibility lies with author or with
this report, on any financial loss caused by investment decisions based on this report.
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 32
Financial Markets Strategist
ABOUT THE AUTHOR
Origin
V.N. Prashanth Kumar, Bangalore based finance professional graduated in Commerce from
Bangalore University, also qualified Chartered Accountant-Intermediate & a Certified Accountant
Technician from the Institute of Chartered Accountants of India (ICAI).
Other Qualifications:
Diploma in “Entrepreneurship & Business Management” from Entrepreneurship
Development Institute of India.
Awarded Certificate from Ludwig Maximilan University of Munich (LMU), Germany on
completion of “Competitive Strategy” course with distinction.
Experience:
More than 12 years of in-depth & rich learning experience in Financial Markets as a Trader,
Investor, Analyst & a Strategist in Equities, Commodities & Forex Segments in Indian
Markets.
Also having 12 years of high performance corporate experiences under various fields of
Corporate Finance, Business Operations & Strategy in prominent multinational listed
companies including Mphasis Limited & Bharti Airtel Limited.
Corporate experiences include Financial Reporting, Operations Management, Compliance &
Risk Management, Channel Management, Customer Collections & Relationship
Management, Business Planning & Analysis, Business Engineering, Enterprise Resource
Planning and Business & Strategic Support.
Financial Markets experiences include Trading & Investment (Equities, Commodities, and
Forex), Tax Planning & Investment Advisory, Strategic Advisory Services and Market
Research & Analysis.
Accolades & Recognition:
Received “Top Performer Award” from CEO-Bharti Airtel-Telemedia Business for
commendable performance in Financial Reporting.
Global Financial Markets-A Technical Report Dec 2015
V.N. Prashanth Kumar Page 33
Financial Markets Strategist
Received “Star Performer Award” for conducting Business Engineering on intra-circle
collections management across Bharti Airtel-Telemedia Business.
Awarded “Certificate of Excellence” under Six Sigma Green Belt Project for successfully
spearheading substantial reduction in customer complaints of Bharti Airtel-Fixed line
business.
Received appreciation & applauds from the Investment community on clear assessment of
Global Investment Climate & its impact on Indian equity markets in a report titled “Equity
Investment Strategy-India” which was published in Jul 2012.
Published comprehensive strategic assessment on the Indian equity markets with Global
perspective through a research report titled “Equity Investment Strategy-India” released
in Jul 2014, to provide tremendous visibility & advantage to investment community in
assessing their investment strategies.
The Core
Passion to learn Financial Markets that lead the way in conquering the complexity & dynamism
for the purpose transforming the concept of investment into productive & sustainable value.
Vision: Achieve greater visibility of environment to give a clear direction for taking decisions
through high quality, decisive research in an innovative manner.
Values: Excellence, Integrity, Innovation, Transparency & Accountability.