The Wait Essay Example For Students

The Wait Essay Suzy was waiting at the kinder gate for her Mummy to pick her up and take her home. She saw a red car pull up, that was Sallys car Bye Sally! said Suzy see you tomorrow! A big blue car pulled up in front of the kindi; that was not her mummys car. That was Tom and Tims car They were twins. By Tom and Tim said Suzy see you tomorrow! A little yellow car drove into the kindi driveway. Suzys mum wasnt in it either. It was Lucys car. Lucys curls bobbed as she hopped in. Bye Suzy said Lucy See you tomorrow! We will write a custom essay on The Wait specifically for you for only $16.38 $13.9/page Order now Bye. Said Suzy. She turned around so she could see the teacher, Miss Thatcher. She was still there waiting for everybodys mummies and daddies to pick them up. Soon, all of Suzys friends were gone: Mark, Sammy, Julia, Pete and even Jane. It was getting dusky, the sun was going down. I tell you what, said Miss Thatcher, Come inside, Ill make you a cup of cocoa and you can have some teddy bear biscuits while I give your mummy a ring. Suzy nodded her head and tried to hold back her tears like a big girl. Had her Mummy forgotten her? She went inside and started munching on biscuits and sipping cocoa. The moment Miss Thatcher picked up the phone to ring Suzys mummy they heard a car honking in the driveway. Mummy! Suzy shouted. Sorry Im so late pumpkin, Said Suzys mum But I had to pick up something very special for your birthday but youll have to wait until tomorrow to see what it is. Awwww! whined Suzy Thanks Very much for waiting with me Miss Thatcher, Ill be the first one finger painting tomorrow!

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Creative Inspiration from David Bowie

Creative Inspiration from David Bowie The news of David Bowies death reverberated through the world and caused an outpouring of words of affection, admiration and grief at the loss of such an incredible artist. Bowie was known for his creativity which included not only his music and lyrics but his physical appearance and the personas he created. Any individual seeking creative inspiration can find a gold mine of it in Bowies life and work. Here are some ways David Bowie manifested as a creative genius. Keep Ch-ch-ch-ch-changin Bowie was famous for his ability to constantly reinvent himself. Even in the early days of his fame in the late 60s early 70s, he experimented with different styles from hippie-folk to heavy metal. Perhaps his greatest transformation was the invention of the rock persona Ziggy Stardust. At the time, many felt that Bowie could have ridden the fame and popularity of his Ziggy persona to the end of his career, but at the height of his popularity, he decided to kill Ziggy and move on to other experiments. In America, he explored funk and soul music and then released his most popular album â€Å"Lets Dance† which was the ultimate ode to rock and the most popular of his career. But even the popularity of this album didnt tempt him to ground his artistic vision and his next phase was a Berlin-inspired industrial and house/electronica experiment. Bowies ability to keep moving forward and constantly explore new artistic styles are what made him the icon he became. Indulge in Artistic Angst but Dont Self-Destruct Bowie had some dark moments in his career. One of his most successful and yet darkest phases was during the time he spent in LA. The glamour and glitz of LA stardom, the parties and cocaine-fueled recording sessions sent him on a tailspin into darkness. Unlike other stars riding their fame into self-destruction, like Iggy Pop, Bowie was able to put an end to that phase when he left LA and moved to Berlin. Change of Scene Can Be Inspiring Just as his move from the UK to LA proved to be an enormous boon to his career, his decision to leave LA and station himself in Cold-War Berlin was another artistically driven choice. The grit and realism of Berlin was the complete opposite of the surreal opulence of LA. The experience grounded him as he moved into yet another creatively experimental phase. Collaborate with Other Artists Bowie enjoyed working with other artists and some of his greatest creative endeavors were the result of these collaborations. Mick Jagger, Freddie Mercury, Brian Eno and Iggy Pop were included in some of his most successful team projects. He once famously called the then virtually unknown guitarist Phil Palmer at his mothers house to ask him to collaborate on an album since he felt his own guitar skills were subpar. He was known for being generous and respectful of other peoples work and didnt let fame or ego get in the way of his artistic vision. Set Your Standards and Stick to Them No matter how famous he became, Bowie didnt abuse his fame. He held himself to a strict work ethic. Though he had a phase where he lost himself in drugs, particularly cocaine, he always managed to pull himself together to perform, record and give interviews. His foil during his LA years was Iggy Pop, who became known for his unpredictability and where Iggy allowed himself to be dragged under by his drug addiction, Bowie set limits for himself and maintained his professional ethics. Dont Be Afraid of the Unknown Bowie was always pushing the boundaries of his art. He was never repetitive or boring. Each album was borne of a daring new journey into unknown waters as he constantly sought to find a new voice and a new inspiration. He explored with musical technology and was known for being fearless and pioneering. His natural curiosity allowed him to follow many different artistic paths to the delight of his fans and music lovers. Bowies artistic vision was fueled by his constant striving for newness. He never allowed himself to settle into one style or voice and as a result, his lifes work is rich and diverse.

Design an e-Business System Essay Example | Topics and Well Written Essays - 3500 words

Design an e-Business System - Essay Example Proper communication remain essential in ensuring the minimisation of errors; hence improvement of the business process. The utilisation of an internet based system for establishing links between salesmen, customers and suppliers remains essential in improvement of the processes. The different stakeholders will access information from a central source, and share information from the same centre. This sharing can effectively improve business processes and increase the company’s market share. Objectives The main purpose of the subsystem remains ensuring quick transfer of information and sharing between various stakeholders. The system aims at improving the business process and increasing efficacy of the process of making sales and manufacturing. Improvement of these processes can result in increased sales owing to the reduced time taken in making orders and delivering supplies. The application of the system objectives can ensure the company sales increase significantly, ensuring the company achieves significant growth. Background Avitz Bike is a UK based manufacturing company which specialises in different types of bikes for different markets globally. While the company experiences a considerably good market share, stiff competition has resulted in reduced market share over the last 5 years. This reduction has been attributed to the duration taken before bikes are delivered to customers. The company relies heavily on sales made through different retailers across the United Kingdom. While the utilisation of retailers has continuously provided sufficient market-share, improvement in the selling process remains inevitable as the company seeks to increase sales. The utilisation of an E-business system seeks to ensure the company reduces the delivery time for most products. This would effectively increase the current sales volume, consequently increasing the market share. The company has adopted the E-business strategy to eliminate the lengthy supply chain, pre sent in the current strategy. Description of the business process The process of receiving orders within the business involves direct communication with retailers, through telephone, electronic data exchange of facsimile. The retailers first make contact with sales managers, to negotiate on different product prices, before making orders to the company. The orders are then subjected to a validation process, which includes verification of various order requirements as stated by the retailer. This validation process results in acceptance or rejection of the order. Following the validation of different orders, required parts can be orders to enhance the assembling of the requested bike. The customer specifications determine how the distributors deliver bikes to various retailers. When utilising process, the company does not make direct contacts with the customers making the process lengthy. The company utilises an information system developed in 1997, built on LAN with Windows NT as the client-server system. The current system contains information regarding customers, suppliers, bikes and other physical attributes of company products. Some of the information contained within the system remains available to specific departments, an aspect which causes delays. Problems and solutions in project that the company is facing The company faces a number of challenges resulting from the current business process and information systems. The biggest problem

Black Hole. Characteristics and nature Essay Example | Topics and Well Written Essays - 1250 words

Black Hole. Characteristics and nature - Essay Example 87, 2004). The presumption of ‘general relativity’ calculates that an adequately dense mass will distort space-time to shape a black hole. In the region of a black hole there is a scientifically described surface known as event sphere that considered being the ‘point of no return’. It is termed black as it soaks up all the radiance that strikes the sphere, not reflecting anything, just similar to an ideal black substance in thermodynamics. According to quantum mechanics, black hole discharges emission similar to a black substance with a restricted temperature. â€Å"This temperature is inversely proportional to the mass of the black hole† (Taylor & Wheeler, p. 194, 2000), and makes it complicated to examine this emission for black hole of astrophysical mass or bigger. It is currently believed that at the core of every galaxy, there is an extremely enormous black hole that is billions of times weightier as compared to the sun. The enormous black hole c onfines nearby stars and pulls them into a spinning accumulation disk. A ‘torus’ within the internal accumulation guards the black hole within those structures that are considered edge on. In a number of these structures, a jet is emitted at a 90 degree angle to the disk and is observed within the visual as well as radio wavebands. In the extreme innermost regions, the disk turns so warm that the discharge is within the â€Å"X-ray and Gamma-ray bands† (Susskind & Lindesay, p. 103, 2004). In spite of its imperceptible centre, the existence of a black hole can be deduced by its contact with other matter. Astronomers have recognized several astrophysical black hole in ‘binary systems’, by learning their contact with their cohort stars. There is rising consent that extremely enormous black holes are real and present at the cores of the majority of galaxies. Specially, there is strong proof of a black hole of above 4 million solar masses at the core of t he ‘Milky Way’. A black hole has a dominant gravitational field that catches all that goes in its vicinity. Scientists now think that a number of galaxies have enormous black holes at their cores. These black holes discharge massive quantities of energy that controls the active happenings that take place in the galaxy. According to scientists, the energy for the black hole may be the â€Å"trapped gas, stars, and dust† (Taylor & Wheeler, p. 78, 2000) that are drawn into the hole. Gas that is drawn into a black hole spins down within the hole much similar to a whirlpool. By means of a â€Å"spectroscope, the Hubble Space Telescope† (Raine & Edwin, p. 28, 2009) has the facility to watch the pace of this gas as it spins around the opening to the hole. The pace with which the gas whirls is said to be the ‘black hole's signature’. By identifying the pace of the gas, the mass of the black hole can be estimated. A black hole at the core of a galaxy i s said to have a â€Å"mass equal to that of 3 billion Suns† (Raine & Edwin, p. 73, 2009). When an object drops into a black hole, any fact regarding the form of that object or allocation of charge on it is consistently spread all along the sphere of the black hole, and is vanished for external viewers. The behaviour of the sphere during this condition is a dissipative structure that is directly equivalent to that of a conductive flexible covering with friction as well as electrical resistance - the covering theory. This is not similar to other field theories such as electromagnetism (Raine & Edwin, p. 70-75, 2009), which have no friction or resistivity on the microscopic point, since they are time reversible. In view of the fact that a black hole ultimately

Democracy - Essay Essay Example for Free

Democracy Essay Essay Introduction Democracy, it is generally believed, had its roots in Ancient Athens. We know it spread its stems to most of Europe and later to parts of Asia by mid 19th century , mostly in the form of parliamentary democracy. But in the context of this paper,we are not interested in the histrocity of the idea or concept of democracy, but in the idea itself. That is to say we want to analyze the meaning of democracy and its different forms, study its efficiency (so to say), ponder over its limitations and compare it to other forms of government. Whether democracy was conceived of in Athens, Sparta or India is not a topic of interest in this paper (although there may be references to historical events in the evolution of the idea when pertinent). What does democracy mean? Democracy comes from the greek â€Å"rule of the people†. But as I searched for a definition of democracy in the course of research for this paper, a consistent defintion of it seemed to elude me. So we must examine some of these definitions and try to find a core to the idea of democracy, if there exists one. Bunch of different ideas and quotes are out thr on internet put about 4-5 of them here and discuss if them from a current or historical perspective..ive written down one for u: â€Å"The right to dissent without repercussions to ones personal well-being is the core value of Democracyâ€Å" * Nathan Sharansky Discuss quotes such as this to evaluate how these ideas are implemented in practice.. All this should take up about 500 words..  The only core value seems to be people get to elect their governement..how much of the peoples rights are respected after that greatly varies.. Forms of democracy Representative..constitutes parliamentary and liberal(most democracies are  these) Constitutional Direct Socialist Totalitarian ..discuss all thseabout 300 words.. A critique of democacy An illusion There was no stone-pelting, nothing.There was no curfew They fired indiscriminately. (http://www.independent.co.uk/news/world/asia/kashmir-burns-again-as-india-responds-to-dissent-with-violence-2045905.html). The above was said by Abdul Rashid, a Kashmiri youth whose friend was gunned down by Indian army officials for holding a peaceful, nonviolent, anti-government rally in the summer of 2010. But this was not an anomoly in the process of democracy in India. Kashmir still remains the most militarized zone in the world with about a half a million troops on active duty (for the sake of comparison, the United States had about 165,000 troops in Iraq at its peak)(i read these figures on cia.gov..i dont remember the exact link ). How is that a government for the people is killing its own citizens for holding a nonviolent demonstration? How is such a huge militarization of a province in a democracy justified? Even a basic understanding of the ideas of freedom and liberty that democracy ent ails shows how abhorrent these actions are. But these things happen, not just in India, but in other developed counties like the United States (Japanese americans in 1942), where the rights of their citizens are violated just when they would want to exercise them. So one must ask, are democracies really for the people? A study of history of goverment brutality in countries like India and the United States seem to suggest otherwise. The almost forceful takeaway of land by the Indian goverment in eastern India from farmers (actions which directly led to the Naxalite-Maoist insurgency, something the current prime minister of India called the single biggest internal security challenge ever faced by our country.( http://www.ploughshares.ca/libraries/ACRText/ACR-IndiaAP.html)), seem to suggest otherwise. The locking up of Japanese Americans in internment camps in 1942 by Franklin Roosevelt and the Unites States government seem to suggest otherwise. The indiscriminate shooting of  unarmed, nonviolent Kashmiri youths (some as young as 9 years old)shouting â€Å"azadi!azadi!†(â€Å"freedom!freedom!†) by Indian security officials seem to suggest otherwise. One gets the idea. So maybe people like Vilfredo Pareto and Gaetano Mosca are correct after all. The masses are always characterized by apathy and division, the powers to be by drive and unity (Femia, Joseph V. Against the Masses, Oxford 2001). Maybe all democracy does is shift the power scale, from domination by a despotic leader to manipulation by a democratic government. Maybe the people don’t really have much of a say after all. Maybe it’s just an illusion. Majority rule Majority always gets its way..discuss gay rights..civil rights in us..womens rights historically..religious parties like shiv sena in Mumbai..rising intolerance of secularism in india..majority rule can get tyrannical and the minority issues ignored when people get to decide resolutions to minority issues. The irrational voter â€Å"The best argument against democracy is a five minute conversation with the average voter.† – Winston Churchill Talk about how the common man is largely ignorant about serious issues and hence can vote against his/her interests..u can greatly discuss the recent midterms in us to make this pointbasically ur sayin if we must solve economic issues we talk to economist..if we must solve environmental issues we talk to climate scientists..if we are talking abt what to teach in science class we take the consensus of scientist not what the common people of the state think (talk abt teaching creationism in schools..a lot of states in us have majority of it people wanting creationism be taught as science even though almost no scientist believe it to be science)not everything should be up for a vote.. Economically Ur a better person to write abt this Idealistic Show how its hard to apply democratic principles in practicecorrupt officials..apathetic citizens..uprisings etc.. Instable Frequent elections make the government instableshitload of examples on the internet abt this.. Best we have? â€Å"It has been said that democracy is the worst form of government except all the others that have been tried.†- Winston Churchill Compare democracy to other forms of governments like dictatorships, communist states, anarchist, socialist,etc..define and discuss each with respect to western liberal democracy..ive done some of it for anarchist Anarchist Anarchists are those who advocate the absence of the state, arguing that common sense would allow people to come together in agreement to form a functional society allowing for the participants to freely develop their own sense of morality, ethics or principled behaviour. (from wikipedia). One such current society is Somalia, and it would not be hyperbole to suggest they are not doing very well. The lack of a state and police have led to nationwide lawlessness, violence and spiralled the country into utter chaos. I think Somalia really characterizes the severe consequences of not having a state and is not a direction one would want their country to go in. Giving people all the power has resulted in the most powerful and the most brutal of them to take power and the rest of people losing all freedom(ironically).

Bram Stokers Dracula is Anti-Christian :: Bram Stoker Dracula Essays

Bram Stoker's Dracula is Anti-Christian There are many ways that Bram Stoker's Dracula can be considered Anti- Christian by showing of Anti-Christian values and perversions of the Christian religion. In chapter one as Jonathan Harker is traveling to Castle Dracula he is met by several people. When he meets these people and tells them where he is going they cross themselves along with doing several other superstiscious actions. One of the women he meets gives him a crucifix to protect him on his journey. This crucifix protects him when Jonathan cuts himself shaving and Dracula lunges for his throat he stops when he sees the crucifix around Jon's neck. Later in the book it discusses how you can defend yourself from Dracula and other vampires by the possession of a crucifix or practically any consecrated item from the Christian religion can be used to save you from the attack or presence of a vampire. For example, in the latter of the book Van Helsing uses a Host to prevent Dracula to enter his coffin. Another time, during the night Van Helsing and Lucy stay out near the courtyard of Castle Dracula, Van Helsing makes a (Holy circle) with the Host to keep vampires out and to keep Mina safe in the (Holy circle). Another time when the Host is used as a deterrence of vampires is at the time Van Helsing and the other men are going to leave Mina alone in the house. Van Helsing touches a Host to Mina's forehead and it burns into her head since she, herself, was unclean. Another abstruction of the Christian religion would be the fact that Dracula sleeps in a coffin and especially because the dirt in his coffin is consecrated and Dracula, being evil, uses this ground to rest in. Dracula has several of the powers that Christians believe no one but God could control. For instance, Dracula can control the weather, wild or unclean animals and, he can change form and disappear into the air. Christians believe that consuming God's body and blood will give them everlasting life with God in heaven. Dracula getting life after death or living an afterlife on earth by consuming the blood of the living to survive, build his strength, and create more followers of him in his evil ways. By this, Dracula is relying on humans to renew his life after death and thus not concentrating on God as the source of life. As Dracula feeds on the blood of the living he creates followers as Jesus had disciples. Dracula has evil ways and spreads his evil not by sexual reproduction as God meant it

Taylor’s Scientific Management Principles

â€Å"Maximum prosperity† means not only increase prosperity and productivity of employer or companies but the overall increase efficiency of the employees in form of higher wages, increase standard of living. Taylor’s stated that prosperity for the employer cannot exists for the long term unless it is accompanied with the prosperity of employees. This statement is very true because unless employees are not satisfied with their wages, working conditions etc. cannot give their best to the organization. There are some of employers who believe in extracting largest amount of work from their employees at low wages indicates low profits in comparison to the employers who are more liberal towards their employees obtained more fruitful results because the employees do their work with full interest. It is completely true that company achieve its highest prosperity when he is making his largest daily output. Related essay: Scientific Management Theory and Inefficiencies in Healthcare For e.g. if a successful workman and employer in combination produces 2 pair of shoes in a minute while his competitor produces only 1 pair of shoes in exact time, it is very clear that the   previous workman will receive more wages than later because large profits earned by the   organization. Until both men and machine contribute their fullest capacity it is not possible to obtain highest productivity and to exist in competition around the organization and to achieve high prosperity. Therefore, we can say that there is direct relationship between high prosperity and high productivity. There has been great impact of philosophy of maximum productivity results in maximum productivity on American society. The concept develops the attitude towards work in the employees and the worker. They were became more determined towards their work as they clearly known that their result bring them handsome wages. Therefore, in early sixties America was on the peak with the wealth and money, the policy of productivity was the main factor. This concept helps to create a sense of responsibility attitude in the mind of employees because there work was directly related to work. This also result in removing dull times, unemployment or underemployment, poverty. This would insure higher wages and make shorter working hours and better working and home conditions possible. A scientific management deals with the development and coordination of the welfare of each and every individual in the organization. It has great impact even on development of management and workman by way of its principles. Taylor’s scientific ideas provided a catalyst for increasing the output of American factories beyond the promise and provided technological advancement. His principles also help in modifying the American education system by making better use of buildings and classrooms and by standardizing the work. It emphasis on evaluating teaching skills of teacher to determine whether the material used for teaching is appropriate or not and to standardize the system. The Taylor’s principle helps to generate the law of efficiency in the organization which results in higher wages for higher work than other fellow workers and directly lead to increase in productivity. It provides more flexibility in developing method of production and to apply more dynamic operations. Earlier workers in the organization were not treated as human being but with the emergence of Taylor’s principles the importance of workmen in the industry increases manifold. They are provided with high wages, regular bonus, promotions, and other non-monetary benefits. He stressed upon the careful selection of employees which match the needs and requirements of the task and also on their training. New departments appeared like personnel and quality control in the organization which results in increasing the efficiency of an organization. However instead of so much acceptability it faces certain criticism such as individual differences ignores the economic interests of workers and management and many more. REFERENCE Referred to sites:- 1.http://www.fordham.edu/halsall/mod/1911taylor.html Modern History Sourcebook: Frederick W. Taylor: The Principles of Scientific Management, 1911 People organizations theory models [email  protected] 3. http://faculty.ncwc.edu/TOCONNOR/417/417lect03.htm THE SCIENTIFIC MANAGEMENT ERA Dated 6th 2007      

Portfolio Construction Using Technical and Fundamental Analysis Essay

CHAPTER ONE: INTRODUCTION 1.1 Background of the Organization Smart Equity Brokers Pvt. Ltd. & Smart Commodity Brokers Pvt. Ltd. was established on 1st May 2006 as Smart Equity Brokers Pvt. Ltd., by a young Chartered Accountant, Mr. Arun Khera, supported by Mr. Ravi Raj Jain, both having a rich experience & exposure to capital, derivative & commodity market. The Company acquired the membership of : ïÆ'Ëœ Bombay Stock Exchange [BSE] in 2006 ïÆ'Ëœ National Stock Exchange [NSE] in 2006 ïÆ'Ëœ National Commodity & Derivative Exchange [NCDEX] in 2003 ïÆ'Ëœ Multi Commodity Exchange [MCX] in 2006 ïÆ'Ëœ Derivatives Segment [NSE], Clearing Member in 2006 Smart is a full service brokerage house providing comprehensive advisory services to its clients under one roof, enabling you to manage all your financial needs. We have expertise in advisory services in both cash and derivatives sides of the capital markets. Smart also provides commodity trading through its group subsidiaries, and is a member of the MCX and NCDEX. The services are offered under total confidentiality and integrity with the sole purpose of maximizing returns to our customer base is a mix of institutional, high net worth, and retail investors. This diversified base of customers, together with our wide gamut of services, provides us with the necessary stability and strength to weather the volatility much better than that of the competitors and also maintain high standards of customer service levels throughout. Smart meets the support needs of this investor base through execution skills driven by an experienced sales team and research-backed advice generated by a team of experienced analysts. Smart advisory services range from investing, trading, research, financial planning and portfolio management, which are offered, to a large number of high net worth individuals and corporate. Mission:- To provide research-driven, unbiase d investment advise with the objective of achieving sustainable superior investment returns for our clients. To provide flawless execution support to meet diverse client needs on a platform of professionalism and integrity. Our Values To be fair, empathetic and responsive in serving our customers. To respect and reinforce our fellow employees and the power of teamwork. To strive relentlessly to improve what we do and how we do it. To always earn and be worthy of our customer’s trust. 2 1.2 Introduction of the Study This project is being done to construct portfolio of clients with the help of fundamental and technical analysis. Also analyse their portfolio by valuating those companies where they have already invested using specific valuation model. Then find out whether it is right time to invest in those companies using technical analysis. Also calculating the returns they are getting and suggest for higher return. Fundamental Analysis gives us the idea what to buy or what to sell, while Technical Analysis tells us the timing when to buy or when to sell. In this project I am mainly focusing on how to provide a holistic view to the clients, specifically HNIs (High Net-worth Individuals), on investing in equity market i.e. stock market. The main motive of this research is to check whether fundamental analysis and technical analysis together is useful to provide better suggestion for investments. 1.3 Learning Objectives of the project The  project  undertaken  during  the  period  of  internship  was  Ã¢â‚¬Å"Portfolio  Construction  using  Fundamental  and  Technical  Analysis†. The  learning  objectives  of  the  internship  are  as  follows:- ­Ã¢â‚¬  ïÆ'Ëœ Understanding  the  various  activities  in  a  Broking  Firm ïÆ'Ëœ To  get  acquainted  with  theall  workings  of  online  trading ïÆ'Ëœ To  gain  practical  knowledge  in  share  trading ïÆ'ËœTo  analyze  the  financial  market  &  share  movements  in  order  to  study  of  prospects  of  investing  in  a  particular  stock. ïÆ'Ëœ To  understand  the  working  in  the  derivatives  market. 1.4 Need of the Project Portfolio Construction is all about investing in a range of funds that work together to create an investment solution for investors. Building a portfolio involves understanding the way various types of investments work, and combining them to address your personal investment objectives and factors such as attitude to risk the investment and the expected life of the investment. When building an investment portfolio there are two very important considerations. †¢ The first is asset allocation, which is concerned with how an investment is spread across different asset types and regions. †¢ The second is fund selection, which is concerned with the choice  of fund managers and funds to represent each of the chosen asset classes and sectors. Both of these considerations are important, although academic studies have consistently shown that in the medium to long term, asset allocation usually has a much larger impact on the variability of a portfolio’s return. To help in ch oosing a 3 suitable asset allocation we have created a Risk Profiler that helps identify your attitude to risk and therefore better identify a combination of investments to build a portfolio. With such a vast number of investment funds to choose from, spanning the full range of asset classes and world markets it is easy to become confused when choosing which investments to make. It is even more difficult to choose the right combination of investment to potentially meet your investment goals. The tool, which we use so as to build the portfolio, is technical and fundamental analysis. 1.5 Scope of Project – extent and limitation The study will help the organization to know the present condition of the portfolio construction and expectations of the clients towards portfolio The willingness of the clients and to implement portfolio system which is effective for the clients Limitations of the Study: This project is being done with the help of historical data like annual reports of the company. So, the availability of data is the limitation of this project. Also this project needs a lot of time to analyzing data. As the project is based on secondary data, possibility of unauthorized information cannot be avoided. The report is basically is made between the horizon of three months and the situation of market is very dynamic so the conclusion or the return might not reflect the true picture. 4 CHAPTER TWO: METHODOLOGY 2.1 Research Design The methodologies used for portfolio construction are technical and fundamental analysis. While constructing the portfolio it was kept in mind that it was basically built for investing purpose. 2.2 Data Collection method and instruments All the data, graph and charts are collected from secondary sources. The instruments used are iChart Java application to construct charts and graphs. 2.3 Analysis Techniques and Procedure Fundamental analysis is the foundation of solid investing. It helps you determine the underlying health of a company by examining the business’ core numbers: its income statements, its earnings releases, its balance sheet, and other indicators of economic health. From these â€Å"fundamentals† investors evaluate if a stock is under- or overvalued. Fundamental analysis begins with an individual stock, but it also extends to that company’s larger context. It explores questions like these: Is the company competitive within its industry? Is that industry growing or shrinking, compared to other sectors? Shares of companies with strong fundamentals will tend to go up over time, while fundamentally weak companies will see their stock prices fall. This makes fundamental analysis especially valuable to long-term investors. Fundamental analysis is one school of investing research. It contrasts with another popular approach, technical analysis, which focuses not on business fundamentals but on stock-price action as reflected in charts. Technical analysts look for recognizable patterns in price charts that will help them estimate the stock’s future price movement. Fundamental analysis helps you determine if a company is a good or poor investment choice. Imagine you’re a venture capitalist or a bank, who must decide if that company is worthy of a loan or equity investment. How can you evaluate  whether this particular company deserves your investable capital? Fundamental analysts consider the following in making their decision to invest (or not): ïÆ'Ëœ Is the company making a profit consistently? (While this is naturally the most important question for investors, it’s important to consider the answer in a bigger context. A single profitable quarter for a new company might be a fluke. In the same regard, a drop in profitability for an established blue-chip company might just be a temporary setback.) ïÆ'Ëœ Is that profit growing or declining over time? ïÆ'Ëœ Is the company holding its own relative to the competition? Is it a leader in its sector? Is that sector growing or declining in importance to the overall economy? ïÆ'Ëœ Can the company pay its bills adequately? If you were to dismantle the company’s operations today, what would be the intrinsic value of its assets versus the value of its debts? Fundamental Analysis Tools ïÆ'Ëœ Earnings per Share – EPS ïÆ'Ëœ Price to Earnings Ratio – P/E ïÆ'Ëœ Projected Earning Growth – PEG ïÆ'Ëœ Price to Sales – P/S ïÆ'Ëœ Price to Book – P/B ïÆ'Ëœ Dividend Payout Ratio ïÆ'Ëœ Dividend Yield ïÆ'Ëœ Book Value ïÆ'Ëœ Return on Equity Earnings per Share – EPS The portion of a company’s profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company’s profitability. Calculated as: 5 When calculating, it is more accurate to use a weighted average number of shares outstanding over the reporting term, because the number of shares outstanding can change over time. However, data sources sometimes simplify the calculation by using the number of shares outstanding at the end of the period. Diluted EPS expands on basic EPS by including the shares of convertibles or warrants outstanding in the outstanding shares number. Price to Earnings Ratio – P/E Price/Earnings or P/E ratio is the ratio of a company’s share price to its earnings per share. It tells whether the share price of a company is fairly valued, undervalued or overvalued. Formula P/E Ratio = Current Share Price Earnings per Share Current share price is obtained from secondary markets like BSE, NSE, etc. while EPS is calculated as (net income minus preferred dividends)/weighted average number of shares outstanding. Leading and Trailing P/E Ratio If the EPS is the figure for the current period the P/E ratio is called trailing P/E ratio. For better analysis the EPS should be the one expected to prevail in the next reporting period, say next year. P/E ratio calculated based on expected P/E ratio is called leading P/E and is a more meaningful estimate of the company’s justified P/E ratio. Analysis If the justified P/E calculated using dividend discount analysis is higher than the current P/E ratio the share is undervalued and should be purchased. If the justified P/E is lower than P/E ratio the share is overvalued and should be sold. Projected Earning Growth – PEG 6 A stock’s price to earnings ratio divided by the growth rate of its earnings for a specified time period. The price/earnings to growth (PEG) ratio is used to determine a stock’s value while taking the company’s earnings growth into account, and is considered to provide a more complete picture than the P/E ratio. While a high P/E ratio may make a stock look like a good buy, factoring in the company’s growth rate to get the stock’s PEG ratio can tell a different story. The lower the PEG ratio, the more the stock may be undervalued given its earnings performance. The calculation is as follows: (P/E ratio)/Annual EPS Growth Price to Sales – P/S Investors are always seeking ways to compare the value of stocks. The price-to-sales ratio(Price/Sales or P/S) provides a simple approach: take the company’s market capitalization (the number of shares multiplied by the share price) and divide it by the company’s total sales over the past 12 months. The lower the ratio, the more attractive the investment. As easy as it sounds, price-to-sales provides a useful measure for sizing up stocks. But investors need to be mindful of the ratio’s potential pitfalls and possible unreliability. Dividend Payout Ratio Dividend payout ratio is the ratio of dividend per share divided by earnings per share. It is a measure of how much earnings a company is paying out to its shareholders as compared to how much it is retaining for reinvestment. Formula Dividend Payout Ratio = Dividend per Share Earnings per Share Dividend payout ratio can also be calculated as total dividends divided by net income. Analysis A shareholder has two sources of return, namely periodic income in the form of dividends and capital appreciation. Dividend payout ratio tells what percentage of total earnings the company is paying back to shareholders. A healthy dividend payout ratio leads to investor confidence in the company. Plowback ratio (also called retention rate) is equals 1 − payout ratio and it equals the earnings retained divided by total earnings for the period. 7 Book Value 1. The value at which an asset is carried on a balance sheet. To calculate, take the cost of an asset minus the accumulated depreciation. 2. The net asset value of a company, calculated by total assets minus intangible assets (patents, goodwill) and liabilities. 3. The initial outlay for an investment. This number may be net or gross of expenses such as trading costs, sales taxes, service charges and so on. Also known as â€Å"net book value (NBV).† Return on Equity Return on equity or return on capital is the ratio of net income of a business during a year to its stockholders’ equity during that year. It is a measure of profitability of stockholders’ investments. It shows net income as percentage of shareholder equity. Formula The formula to calculate return on equity is: ROE = Annual Net Income Average Stockholders’ Equity Net income is the after tax income whereas average shareholders’ equity is calculated by dividing the sum of shareholders’ equity at the beginning and at the end of the year by 2. The net income figure is obtained from income statement and the shareholders’ equity is found on balance sheet. You will need year ending balance sheets of two consecutive financial years to find average shareholders’ equity. Analysis Return on equity is an important measure of the profitability of a company. Higher values are generally favorable meaning that the company is efficient in generating income on new investment. Investors should compare the ROE of different companies and also check the trend in ROE over time. However, relying solely on ROE for investment decisions is not safe. It can be artificially influenced by the management, for example, when debt financing is used to reduce share capital there will be an increase in ROE even if income remains constant. Technical Analysis can be defined as an art and science of forecasting future prices based on an examination of the past price movements. Technical analysis is not astrology for predicting prices. Technical analysis is based on analyzing current demand-supply of commodities, stocks, indices, futures or any tradable instrument. Technical analysis involve putting stock information like prices, volumes and open interest on a chart and applying various patterns and indicators to it in order to assess the future price movements. The time frame in which technical analysis is applied may range from intraday (1-minute, 5-minutes, 10-minutes, 15-minutes, 30-minutes or hourly), daily, weekly or monthly price data to many years. There are essentially two methods of analyzing investment opportunities in the security market viz fundamental analysis and technical analysis. You can use fundamental information like financial and non-financial aspects of the company or technical information which ign ores fundamentals and focuses on actual price movements. The basis of Technical Analysis What makes Technical Analysis an effective tool to analyze price behavior is explained by following theories given by Charles Dow: †¢ Price discounts everything †¢ Price movements are not totally random †¢ What is more important than why CANDLE CHARTS What is a chart? Charts are the working tools of technical  analysts. They use charts to plot the price movements of a stock over specific time frames. It’s a graphical method of showing where stock prices have been in the past. 8 A chart gives us a complete picture of a stock’s price history over a period of an hour, day, week, month or many years. It has an x-axis (horizontal) and a y-axis (vertical). Typically, the x-axis represents time; the y-axis represents price. By plotting a stock’s price over a period of time, we end up with a pictorial representation of any stock’s trading history. A chart can also depict the history of the volume of trading in a stock. That is, a chart can illustrate the number of shares that change hands over a certain time period. Candlesticks Formation Candlestick charts provide visual insight to current market psychology. A candlestick displays the open, high, low, and closing prices in a format similar to a modern-day bar-chart, but in a manner that extenuates the relationship between the opening and closing prices. Candlesticks don’t involve any calculations. Each candlestick represents one period (e.g., day) of data. The figure given below display s the elements of a candle. 9 , A candlestick chart can be created using the data of high, low, open and closing prices for each time period that you want to display. The hollow or filled portion of the candlestick is called â€Å"the body† (also referred to as â€Å"the real body†). The long thin lines above and below the body represent the high/low range and are called â€Å"shadows† (also referred to as â€Å"wicks† and â€Å"tails†). The high is marked by the top of the upper shadow and the low by the bottom of the lower shadow. If the stock closes higher than its opening  price, a hollow candlestick is drawn with the bottom of the body representing the opening price and the top of the body representing the closing price. If the stock closes lower than its opening price, a filled candlestick is drawn with the top of the body representing the opening price and the bottom of the body representing the closing price. Each candlestick provides an easy-to-decipher picture of price action. Immediately a trader can see and compare the relationship between the open and close as well as the high and low. The relationship between the open and close is considered vital information and forms the essence of candlesticks. Hollow candlesticks, where the close is greater than the open, indicate buying pressure. Filled candlesticks, where the close is less than the open, indicate selling pressure. Thus, compared to traditional bar charts, many traders consider candlestick charts more visually appealing and easier to interpret. 10 Why candlestick charts? NIFTY (Daily) Candlestick Chart What does candlestick charting offer that typical Western high-low bar charts do not? Instead of vertical line having horizontal ticks to identify open and close, candlesticks represent two-dimensional bodies to depict open to close range and shadows to mark day’s high and low. For several years, the Japanese traders have been using candlestick charts to track market activity. Eastern analysts have identified a number of patterns to determine the continuation and reversal of trend. These patterns are the basis for Japanese candlestick chart analysis. This places candlesticks rightly as a part of technical analysis. Japanese candlesticks offer a quick picture into the psychology of short term trading, studying the effect, not the cause. Applying candlesticks means that for short-term, an investor can make confident decisions about buying, selling, or holding an investment. Candlestick analysis One cannot ignore that investor’s psychologically driven forces of  fear; greed and hope greatly influence the stock prices. The overall market psychology can be tracked through candlestick analysis. More than just a method of pattern recognition, candlestick analysis shows the interaction between buyers and sellers. A white candlestick indicates opening price of the session being below the closing price; and a black candlestick shows opening price of the session being above the closing price. The shadow at top and bottom indicates the high and low for the session. 11 Japanese candlesticks offer a quick picture into the psychology of short term trading, studying the effect, not the cause. Therefore if you combine candlestick analysis with other technical analysis tools, candlestick pattern analysis can be a very useful way to select entry and exit points. One candle patterns In the terminology of Japanese candlesticks, one candle patterns are known as â€Å"Umbrella lines†. There are two types of umbrella lines – the hanging man and the hammer. They have long lower shadows and small real bodies that are at top of the trading range for the session. They are the simplest lines because they do not necessarily have to be spotted in combination with other candles to have some validity. Hammer and Hanging Man Hammer Hanging Man Candlesticks Hammer Hammer is a one-candle pattern that occurs in a downtrend when bulls make a start to step into the rally. It is so named because it hammers out the bottom. The lower shadow of hammer is minimum of twice the length of body. Although, the color of the body is not of much significance but a white candle shows slightly more bullish implications than the black body. A positive day i.e. a white candle is required the next day to confirm this signal. Criteria †¢ The lower shadow should be at least two times the length of the body. †¢ There should be no upper shadow or a very small upper shadow. †¢ The real body is at the upper end of the trading range. The color of the body is not important although a white body should have slightly more bullish implications. †¢ The following  day needs to confirm the Hammer signal with a strong bullish day. Signal enhancements 1. The longer the lower shadow, the higher the potential of a reversal occurring. 2. Large volume on the Hammer day increases the chances that a blow off day has occurred. 3. A gap down from the previous day’s close sets up for a stronger reversal move provided the day after the Hammer signal opens higher. Pattern psychology 12 The market has been in a downtrend, so there is an air of bearishness. The price opens and starts to trade lower. However the sell-off is abated and market returns to high for the day as the bulls have stepped in. They start bringing the price back up towards the top of the trading range. This creates a small body with a large lower shadow. This represents that the bears could not maintain control. The long lower shadow now has the bears questioning whether the decline is still intact. Confirmation would be a higher open with yet a still higher close on the next trading day. Hanging man The hanging man appears during an uptrend, and its real body can be either black or white. While it signifies a potential top reversal, it requires confirmation during the next trading session. The hanging man usually has little or no upper shadow. Soybean Oil-December, 1990, Daily (Hanging Man and Hammer) 13 Dow Jones Industrials-1990, Daily (Hanging Man and Hammer) Shooting star and  inverted hammer Other candles similar to the hanging man and hammer are the â€Å"shooting star,† and the â€Å"inverted hammer.† Both have small real bodies and can be either black or white but they both have long upper shadows, and have very little or no lower shadows. Inverted Hammer Description Inverted hammer is one candle pattern with a shadow at least two times greater than the body. The small body identifies this pattern. They are found at the bottom of the decline which is evidence that bulls are stepping in but still selling is going on. The color of the small body is not important but the white body has more bullish indications than a black body. A positive day is required the following day to confirm this signal. Signal enhancements 1. The longer the upper shadow, the higher the potential of a reversal occurring. 2. A gap down from the previous day’s close sets up for a stronger reversal move. 14 3. Large volume on the day of the inverted hammer signal increases the chances that a blow off day has occurred 4. The day after the inverted hammer signal opens higher. Pattern psychology After a downtrend has been in effect, the atmosphere is bearish. The price opens and starts to trade higher. The Bulls have stepped in, but they cannot maintain the strength. The existing sellers knock the price back down to the lower end of the trading range. The Bears are still in control. But the next day, the Bulls step in and take the price back up without major resistance from the Bears. If the price maintains strong after the Inverted Hammer day, the signal is confirmed. Stars A small real body that gaps away from the large real body preceding it is known as star. It’s still a star as long as the small real body does not overlap the preceding real body. The color of the star is not important. Stars can occur at tops or bottoms. Shooting star Description The Shooting Star is a single l ine pattern that indicates an end to the uptrend. It is easily identified by the presence of a small body with a shadow at least two times greater than the body. It is found at the top of an uptrend. The Japanese named this pattern because it looks like a shooting star falling from the sky with the tail trailing it. Criteria 1. The upper shadow should be at least two times the length of the body. 2. Prices gap open after an uptrend. 15 3. A small real body is formed near the lower part of the price range. The color of the body is not important although a black body should have slightly more bearish implications. 4. The lower shadow is virtually non-existent. 5. The following day needs to confirm the Shooting Star signal with a black candle or better yet, a gap down with a lower close. Signal enhancements 1. The longer the upper shadow, the higher the potential of a reversal occurring. 2. A gap up from the previous day’s close sets up for a stronger reversal move provided. 3. The day after the Shooting Star signal opens lower. 4. Large volume on the Shooting Star day increases the chances that a blow-off day has occurred although it is not a necessity. Pattern psychology During an uptrend, the market gaps open and rallies to a new high. The price opens and trades higher. The bulls are in control. But before the close of the day, the bears step in and take the price back down to the lower end of the trading ra nge, creating a small body for the day. 25 This could indicate that the bulls still have control if analyzing a Western bar chart. 16 However, the long upper shadow represents that sellers had started stepping in at these levels. Even though the bulls may have been able to keep the price positive by the end of the day, the evidence of the selling was apparent. A lower open or a black candle the next day reinforces the fact that selling is going on. Two candles pattern Bullish engulfing A â€Å"bullish engulfing pattern† consists of a large white real body that engulfs a small black real body during a downtrend. It signifies that the buyers are overwhelming the sellers Engulfing Bullish engulfing Description The Engulfing pattern is a major reversal pattern comprised of two opposite colored bodies. This Bullish Pattern is formed after a downtrend. It is formed when a large 17 white candlestick that completely eclipses the previous day candlestick follows a small black candlestick. It opens lower that the previous day’s close and closes higher than the previous day’s open. Criteria 1. The candlestick body of the previous day is completely overshadowed by the next day’s candlestick. 2. Prices have been declining definitely, even if it has been in short term. 3. The color of the first candle is similar to that of the previous one and the body of the second candle is opposite in color to that first candle. The only exception being an engulfed body which is a doji. Signal enhancements 1. A small body being covered by the larger one. The previous day shows the trend was running out of steam. The large body shows that the new direction has started with good force. 2. Large volume on  the engulfing day increases the chances that a blow off day has occurred. 3. The engulfing body engulfs absorbs the body and the shadows of the previous day; the reversal has a greater probability of working. 4. The probability of a strong reversal increases as the open gaps between the previous and the current day increases. Pattern psychology After a decline has taken place, the price opens at a lower level than its previous day closing price. Before the close of the day, the buyers have taken over and have led to an increase in the price above the opening price of the previous day. The emotional psychology of the trend has now been altered. When investors are learning the stock market they should utilize information that has worked with high probability in the p ast. Bullish Engulfing signal if used after proper training and at proper locations, can lead to highly profitable trades and consistent results. This pattern allows an investor to improve their probabilities of been in a correct trade. The common sense elements conveyed in candlestick signals makes for a clear and concise trading technique for beginning investors as well as experienced traders. Bearish engulfing A â€Å"bearish engulfing pattern,† on the other hand, occurs when the sellers are overwhelming the buyers. This pattern consists of a small white candlestick with short shadows or tails followed by a large black candlestick that eclipses or â€Å"engulfs† the small white one. Bearish Engulfing 18 19 Piercing The bullish counterpart to the dark cloud cover is the â€Å"piercing pattern.† The first thing to look for is to spot the piercing pattern in an  existing downtrend, which consists of a long black candlestick followed by a gap lower open during the next session, but which closes at least halfway into the prior black candlestick’s real body. Description The Piercing Pattern is composed of a two-candle formation in a down trending market. With daily candles, the piercing pattern will often end a minor downtrend (a downtrend that lasts between six and fifteen trading days). The day before the piercing candle appears, the daily candle should have a fairly large dark real body, signifying a strong down day. Criteria 1. The downtrend has been evident for a good period. 2. The body of the first candle is black; the body of the second candle is white. 3. A long black candle occurs at the end of the trend. 4. The white candle closes more than halfway up the black candle. 5. The second day opens lower than the trading of the prior day. Signal enhancements 1. The reversal will be more pronounced, if the gap down the previous day close is more. 2. The longer the black candle and the white candle, the more forceful the reversal. 3. The higher the white candle closes into the black candle, the stronger the reversal. 4. Large volume during these two trading days is a significant confirmation. Pattern psychology 20 The atmosphere becomes bearish once a strong downtrend has been in effect. The price goes down. Bears may move the price even further but before the day ends the bulls enters and bring a dramatic change in price in the opposite direction. They finish near the high of the day. The move has almost negated the price decline of the previous day. This now has the bears concerned. More buying the next day will confirm the move. Being able to utilize information that has been used successfully in the past is a much more viable investment strategy than taking shots in the dark. Keep in mind, when you are given privileged information about stock market tips, where you  are in the food chain. Are you one of those privileged few that get top-notch pertinent information on a timely manner, or are you one of the masses that feed into a frenzy and allow the smart money to make the profits? Bearish Harami In up trends, the harami consists of a large white candle followed by a small white or black candle (usually black) that is within the previous session’s large real body. Description Bearish Harami is a two candlestick pattern composed of small black real body contained within a prior relatively long white real body. The body of the first candle is the same color as that of the current trend. The open and the close occur inside the open and the close of the previous day. Its presence indicates that the trend is over. Criteria 1. The first candle is white in color; the body of the second candle is black. 2. The second day opens lower than the close of the previous day and closes higher than the open of the prior day. 3. For a reversal signal, confirmation is needed. The next day should show weakness. 4. The uptrend has been apparent. A long white candle occurs at the end of the trend. Signal enhancements 1. The reversal will be more forceful, if the white and the black candle are longer. 2. The lower the black candle closes down on the white candle, the more convincing that a reversal has occurred, despite the size of the black candle. Pattern psychology 21 The bears open the price lower than the previous close, after a strong uptrend has been in effect and after a long white candle day. The longs get concerned and start profit taking. The price for the day ends at a lower level. The bulls are now concerned as the price closes lower. It is becoming evident that the trend has been violated. A weak day after that would convince everybody that the trend was reversing. Volume increases due to the profit taking and the addition of short sales. Bullish Harami A candlestick chart pattern in which a large candlestick is followed by a smaller candlestick whose body is located within the vertical range of the larger body. In downtrends, the harami consists of a large black candle followed by a small white or black candle (usually white) that is within the previous session’s large real body. This pattern signifies that the immediately preceding trend may be concluding, and that the bulls and bears have called a truce. Description The Harami is a commonly observed phenomenon. The pattern is composed of a two candle formation in a down-trending market. The color first candle is the same as that of current trend. The first body in the pattern is longer than the second one. The open and the close occur inside the open and the close of the previous day. Its presence indicates that the trend is over. 22 The Harami (meaning â€Å"pregnant† in Japanese) Candlestick Pattern is a reversal pattern. The pattern consists of two Candlesticks. The first candle is black in color and a continuation of the existing trend. The second candle, the little belly sticking out, is usually white in color but that is not always the case. Magnitude of the reversal is affected by the location and size of the candles. Criteria 1. The first candle is black in body; the body of the second candle is white. 2. The downtrend has been evident for a good period. A long black candle occurs at the end of the trend. 3. The second day opens higher than the close of the previous day and closes lower than the open of the prior day. 4. Unlike the Western â€Å"Inside Day†, just the body needs to remain in the previous day’s body, where as the â€Å"Inside Day† requires both the body and the shadows to remain inside the previous day’s body. 5. For a reversal signal, further confirmation is required to indicate that the trend  is now moving up. Signal enhancements 1. The reversal will be more forceful if the black candle and the white candle are longer. 2. If the white candle closes up on the black candle then the reversal has occurred in a convincing manner despite the size of the white candle. Pattern psychology After a strong down-trend has been in effect and after a selling day, the bulls open at a price higher than the previous close. The short’s get concerned and start covering. The price for the day finishes at a higher level. This gives enough notice to the short sellers that trend has been violated. A strong day i.e. the next day would convince everybody that the trend was reversing. Usually the volume is above the recent norm due to the unwinding of short positions. When the second candle is a doji, which is a candle with an almost non-existent real body, these patterns are called â€Å"harami crosses.† They are however less reliable as reversal patterns as more indecision is indicated. 23 Doji Doji lines are patterns with the same open and close price. It’s a significant reversal indicator. The Importance of the Doji The perfect doji session has the same opening and closing price, yet there is some flexibility to this rule. If the opening and closing price are within a few ticks of each other, the line could still be viewed as a doji. How do you decide whether a near-doji day (that is, where the open and close are very close, but not exact) should be considered a doji? This is subjective and there are no rigid rules but one way is to look at a near-doji day in relation to recent action. If there are a series of very small real bodies, the near-doji day would not be viewed as significant since so many other recent periods had small real bodies. One technique is based on recent market activity. If the market is at an important market junction, or is at the mature part of a bull or bear move,  or there are other technical signals sending out an alert, the appearance of a near-doji is treated as a doji. The philosophy is that a doji can be a significant warning and that it is better to attend to a false warning than to ignore a real one. To ignore a doji, with all its inherent implications, could be dangerous. The doji is a distinct trend change signal. However, the likelihood of a reversal increases if subsequent candlesticks confirm the doji’s reversal potential. Doji 24 sessions are important only in markets where there are not many doji. If there are many doji on a particular chart, one should not view the emergence of a new doji in that particular market as a meaningful development. That is why candlestick analysis usually should not use intra-day charts of less than 30 minutes. Less than 30 minutes and many of the candlestick lines become doji or near doji Doji at tops A Doji star at the top is a warning that the uptrend is about to change. This is especially true after a long white candlestick in an uptrend. The reason for the doji’s negative implications in uptrend is because a doji represents indecision. Indecision among bulls will not maintain the uptrend. It takes the conviction of buyers to sustain a rally. If the market has had an extended rally, or is overbought, then formation of a doji could mean the scaffolding of buyers’ support will give way. Doji are also valued for their ability to show reversal potential in downtrend s. The reason may be that a doji reflects a balance between buying and selling forces. With ambivalent market participants, the market could fall due to its own weight. Thus, an uptrend should reverse but a falling market may continue its descent. Because of this, doji need more confirmation to signal a bottom than they do a top. What are support and resistance lines? Support and resistance represent key junctures where the forces of supply and demand meet. These lines appear as thresholds to price patterns. They are the respective lines which stops the  prices from decreasing or increasing. A support line refers to that level beyond which a stock’s price will not fall. It denotes that price level at which there is a sufficient amount of demand to stop and possibly, for a time, turn a downtrend higher. Similarly a resistance line refers to that line beyond which a stock’s price will not increase. It indicates that price level at which a sufficient supply of stock is available to stop and possibly, for a time, head off an uptrend in prices. Trend lines are often referred to as support and resistance lines on an angle. Support A support is a horizontal floor where interest in buying a commodity is strong enough to overcome the pressure to sell. Support level is the price level at which sufficient demand exists to, at least temporarily, halt a downward movement in prices. Logically as the price declines towards support and gets cheaper, buyers become more inclined to buy and sellers become less inclined to sell. By the time the price reaches the support level, it is believed that demand will overcome supply and prevent the price from falling below support. 25 Support does not always hold true and a break below support signals that the bulls have lost over the bears. A fall below support level indicates more willingness to sell and a lack of willingness to buy. A break in the levels of support indicates that the expectations of sellers are reducing and they are ready to sell at even lower prices. In addition, buyers could not be coerced into buying until prices declined below support or below the previous low. Once support is broken, another support level will have to be established at a lower level ITC showing support and resistance Resistance 26 A resistance is a horizontal ceiling where the pressure to sell is greater than the pressure to buy. Thus a Resistance level is a price at which sufficient supply exists to; at least temporarily, halt an upward movement. Logically as the price advances towards resistance, sellers become more inclined to sell and buyers become less inclined to buy. By the time the price reaches the resistance level, it is believed that supply will overcome demand and prevent the price from rising above resistance. Resistance does not always hold true and a break above resistance signals that the bears have lost over the bulls. A break in the resistance level shows more willingness to buy or lack of incentive to sell. Resistance breaks and new highs indicate that buyer’s expectations have increased and are ready to buy at even higher prices. In addition, sellers could not be coerced into selling until prices rose above resistance or above the previous high. Once resistance is broken, another resistance level will have to be established at a higher level. What Does a Technical indicator offer? Technical analysts use indicators to look into a different perspective from which stock prices can be analyzed. Technical indicators provide unique outlook on the strength and direction of the underlying price action for a given timeframe. Why use indicators? Technical Indicators broadly serve three functions: to alert, to confirm and to predict. Indicator acts as an alert to study price action, sometimes it also gives a signal to watch for a break of support. A large positive divergence can act as an alert to watch for a resistance breakout. Indicators can be used to confirm other technical analysis tools. Some investors and traders use indicators to predict the direction of future prices. Tips for using indicators There are a large number of Technical Indicators that can be used to assist you in selection of stocks and in tracking the right entry and exit points. In short, indicators indicate. But it doesn’t mean that traders should ignore the price action of a stock and focus solely on the indicator. Indicators just filter price action with formulas. As such, they are derivatives and not direct reflections of the price action. While applying the indicators, the analyst should consider:  What is the indicator saying about the price action of a security? Is the price action getting stronger? Is it getting weaker? The buy and sell signals generated by the indicators, should be read in context with other technical analysis tools like candlesticks, trends, patterns etc. For example, an indicator may flash a buy signal, but if the chart pattern shows a descending triangle with a series of declining peaks, it may be a false signal. An indicator should be selected with due care and attention. It would be a futile exercise to cover more than five indicators. It is best to focus on two or three 27 indicators and learn their intricacies inside and out. One should always choose indicators that complement each other, instead of those that move in unison and generate the same signals. For example, it would be redundant to use two indicators that are good for showing overbought and oversold levels, such as Stochastic and RSI. Both of these indicators measure momentum and both have overbought/oversold levels. Types of indicators Indicators can broadly be divided into two types â€Å"LEADING† and â€Å"LAGGING†. Leading indicators Leading indicators are designed to lead price movements. Benefits of leading indicators are early signaling for entry and exit, generating more signals and allow more opportunities to trade. They represent a form of price momentum over a fixed look-back period, which is the number of periods used to calculate the indicator. Some of the wellmore popular leading indicators include Commodity Channel Index (CCI), Momentum, Relative Strength Index (RSI), Stochastic Oscillator and Williams %R. Lagging Indicators Lagging Indicators are the indicators that would follow a trend rather then predicting a reversal. A lagging indicator follows an event. These indicators work well when prices move in relatively long trends. They don’t warn you of upcoming changes in prices, they simply tell you what prices are doing (i.e., rising or falling) so that you can invest  accordingly. These trend following indicators makes you buy and sell late and, in exchange for missing the early opportunities, they greatly reduce your risk by keeping you on the right side of the market. Moving averages and the MACD are examples of trend following, or â€Å"lagging,† indicators. Oscillators Relative Strength Index (RSI) The RSI is part of a class of indicators called momentum oscillators. There are a number of indicators that fall in this category, the most common being Relative Strength Index, Stochastic, Rate of Change, Williams %R. Although these indicators are all calculated differently, there are a number of common elements to their use which shall be discussed in the context of the RSI. What is momentum? Momentum is simply the rate of change – the speed or slope at which a stock or commodity ascends or declines. Measuring speed is a useful gage of impending change. For example, assume that you were riding in a friends’ car, not looking at what was happening ahead but instead just at the speedometer. You can see when the car starts to slow down and if it continues to do so you can reasonably assume it’s going to stop very shortly. You may not know the reason for it coming to a stop†¦it 28 could be the end of the journey, approaching and intersection or because the road is a little rougher ahead. In this manner watching the speed provides a guide for what may happen in the future. An oscillator is an indicator that moves back and forth across a reference line or between prescribed upper and lower limits. When an oscillator reaches a new high, it shows that an uptrend is gaining speed and is likely to continue. When an oscillator traces a lower peak, it means that the trend has stopped accelerating and a reversal can be expected from there, much like a car slowing down to make a U-Turn. In the same way watching a stock for impending momentum change can provide a glimpse of what may happen in the future – momentum oscillators, such as RSI are referred to as trend leading indicators. The chart below illustrates the typical construction of the RSI which oscillates between 0% and 100%. You will notice there is a pair of horizontal reference lines: 70% ‘overbought’ and 30% ‘oversold’ lines. The overbought region refers to the case where the RSI oscillator has moved into a region of significant buying pressure relative to the recent past and is often an indication that an upward trend is about to end. Similarly the oversold region refers to the lower part of the momentum oscillator where there is a significant amount of selling pressure relative to the recent past and is indicative of an end to a down swing. Application of RSI RSI is a momentum oscillator generally used in sideways or ranging markets where the price moves between support and resistance levels. It is one of the most useful technical tool employed by many traders to measure the velocity of directional price movement. Overbought and Oversold The RSI is a price-following oscillator that ranges between 0 and 100. Generally, technical analysts use 30% oversold and 70% overbought lines to generate the buy and sell signals. ïÆ'Ëœ Go long when the indicator moves from below to above the oversold line. ïÆ'Ëœ Go short when the indicator moves from above to below the overbought line. Note here that the direction of crossing is important; the indicator needs to first go past the overbought/oversold lines and then cross back through them. 29 Silver Chart showing buy and sell points and also the failure in trending market What is the MACD and how is it calculated? The MACD does not completely fall into either the trend-leading indicator or trend following indicator; it is in fact a hybrid with elements of both. The MACD comprises two lines, the fast line and the slow or signal line. These are easy to identify as the slow line will be the smoother of the two. NIFTY chart below illustrates the basic MACD lines The procedure for calculating the MACD lines is as follows: Step1. Calculate a 12 period exponential moving average of the close price. Step2. Calculate a 26 period exponential moving average of the close price. Step3. Subtract the 26 period moving average from the 12 period moving average. This is the fast MACD line. Step4. Calculate a 9 period exponential moving average of the fast MACD line calculated above. This is the slow or signal MACD line. Sampling Plan The companies are selected from top 50 blue chip companies, and then fundamental analysis is done and then the technical analysis Limitations As we know that equity market is highly unpredictable and its really hard to predict the future trend of the equity so all the analysis that is done just gives the high probability of the trend that is going to happen, it does not give any surety. 30 CHAPTER 3: FINDINGS AND ANALYSIS 3.1 Findings Fundamental Analysis 31 Technical Analysis SBI SBI-I 32 SBI –II Chart SBI-I shows different support and resistance level for last two years. Chart SBI-II shows the morning star which is encircled. 33 JINDAL STEEL The above chart shows inverted hammer with DOJI. 34 VOLTAS The above chart shows two inverted hammer. 35 BHEL The above chart shows inverted hammer with bullish candle. 36 HPCL The above chart shows DOJI. 37 3.2 Analysis Fundamental Analysis As we have analyzed from the list of companies on basis of fundamental grounds. It tells us the company on which we should invest. The companies are:- SBI 38 From the above figures one can come to following conclusion:ïÆ' ¼ As a company should have high EPS and so is the case with SBI whose EPS is 256.11 ïÆ' ¼ Its P/E ratio is relatively lesser than other companies ïÆ' ¼ Positive PEG is a good sign. ïÆ' ¼ P/B is less than 1 which says it is undervalued so its high time to buy shares of this company. ïÆ' ¼ And on other grounds it has fair figures. BHEL From the above figures one can come to following conclusion:ïÆ' ¼ EPS is relatively high as compared to its per share price. ïÆ' ¼ Low P/E and P/S ratio which is always good. ïÆ' ¼ Good dividend payout ratio, dividend and return on equity. HPCL From the above figures one can come to following conclusion:ïÆ' ¼ EPS is relatively high as compared to its per share price. ïÆ' ¼ Its P/E ratio is relatively lesser than other companies ïÆ' ¼ P/B value is lesser which gives a clear indication that the prices will rise in future. ïÆ' ¼ Dividend is relatively higher. Technical analysis On the basis of technical analysis one can come to the following conclusion:SBI From the chart SBI-II its seen that there is formation of morning star which is a sign of trend reversal. And from here it is expected that it will go bullish. We can also see that RSI is in upward direction which indicates that it will go bullish and even MACD is in favor of bullish nature. So it is very strongly recommended that one should invest in this share and should hold as long as there is a sign of trend reversal. JINDAL STEEL As from the chart we have seen that inverted hammer has occurred long before followed by bullish candle which was the sign of buying but not it has reached to such a level at which it can reverse anytime. The RSI is also high and MACD can anytime go for selling indication. 39 VOLTAS From the chart of Voltas it is very clearly indicated that there are two inverted hammer and the hammer is followed by a green candle and thus we can say it has taken the bullish trend. We can also see that RSI is in upward direction which indicates that it will go bullish and even MACD is in favor of bullish nature. So it is very strongly recommended that one should invest in this share and should hold as long as there is a sign of trend reversal. BHEL From the chart of Bhel it is very clearly indicated that there is a inverted hammer followed by a green candle and thus we can say it  has taken the bullish trend. We can also see that RSI is in upward direction which indicates that it will go bullish and even MACD is in favor of bullish nature. So it is very strongly recommended that one should invest in this share and should hold as long as there is a sign of trend reversal. HPCL From the chart of HPCL there is formation of a DOJI candle which is one of the strongest sign o f trend reversal and for bullish trend to come in. We can also see that RSI is in upward direction which indicates that it will go bullish and even MACD is in favor of bullish nature. So it is very strongly recommended that one should invest in this share and should hold as long as there is a sign of trend reversal 40 CHAPTER FOUR: CONCLUSIONS AND RECOMMENDATIONS 4.1 SUMMARY This project is being done to construct portfolio of clients with the help of fundamental and technical analysis. Also analyze their portfolio by valuating those companies where they have already invested using specific valuation model. Then find out whether it is right time to invest in those companies using technical analysis. Also calculating the returns they are getting and suggest for higher return. As we can see we have come up with certain companies which have strong possibilities to do well. The different tools and indicators play a very vital role in analyzing the companies as well as forecasting their price behavior. 4.2 RECOMMENDATIONS AND CONCLUSION Recommendations The final portfolio that I came up with is 1. SBI 2. JINDAL STEEL 3. VOLTAS 4. BHEL 5. HPCL Conclusion In this project we have found out that both the analysis fundamental and  technical analysis can be used for the same purpose as to build a portfolio but they and completely different. One should not try to relate these two analysis with each other as it could lead to blunder. Both of the analysis are independent of each other. Both the analysis just gives a possibility that which option one should go for in case one wants to invest. It doesn’t confirms the result as they are just expected result.

Head Words

Head Words Head Words Head Words By Maeve Maddox English has several words that derive from caput, the Latin word for head. Here are just a few. The words cap, caparison, cape, and capuchin all trace their origin to a garment that was worn over the head. 1. cap Originally, the word referred to a hood. Unlike a hat, a cap does not have a brim. When a cap does not refer to something worn on a person’s head, it can mean something applied to the top of something. Bottles have caps, as do chimneys. 2. caparison A fancy covering for a horse is called a caparison. Medieval knights rode caparisoned horses in jousting tournaments. What’s the connection with head? The word comes from Medieval Latin caparo, which was a type of cape worn by old women; part of the cape covered the head. 3. cape Although now we think of a cape as fastening at the neck and hanging down around the shoulders, older capes included a part that covered the head, hence the name. 4. capuchin A Capuchin is a friar of the order of St. Francis. Capuchins got the name from the fact that they wore a cape called a capuchin; it included a hood. Capuchin monkeys are so-called because of black hair at the back of their heads; someone thought the patch of hair looks like a hood or cowl. 5. chaperon The Latin word caparo that gave us caparison also gives us our word chaperon. Originally the chaperon was a cap or hood worn by noblemen, but later it became a garment for women. I suppose that when the fashion was dropped by younger women, the older ones continued to wear them. In time chaperon came to mean an elderly woman who accompanies a young unmarried lady in public to protect her reputation. In current usage, a chaperon is any responsible person, man or woman, young or old, who accompanies younger people in a supervisory capacity. 6. per capita A legal term relating to inheritance, per capita is used generally to mean â€Å"on an individual basis†: The per capital GDP is a measure of the total output of a country that takes the gross domestic product (GDP) and divides it by the number of people in the country.   7. capital and Capitol As a noun, capital can mean â€Å"the head of a pillar or column,† or â€Å"the chief town in a region.† The first Capitol was the temple of Jupiter Optimus Maximus on the Capitoline Hill in Rome. In general usage, the word could mean any citadel on the top of a hill. In American usage, â€Å"the Capitol† is the building occupied by the United States Congress in Washington D.C. Similar buildings occupied by state legislatures in the various states are also called Capitols. The state Capitol (building) is located in the state capital (city). As an adjective, capital means â€Å"very important.† In Roman law, â€Å"capital punishment† could be death, but it could also be exile and the loss of property and citizenship, things that made life worth living for a Roman. In current usage, a â€Å"capital offense† is a crime punishable by death. â€Å"Capital punishment† is â€Å"death by execution.† 8. capitate, decapitate, capitulate, chapter An adjective, capitate means â€Å"having a head.† In botany and zoology an organ or the long narrow part of an organ is said to be capitate if it has a distinct head-like knob at one end. Decapitate is a verb meaning to separate the head from the body. Chapter comes from the Latin word capitulum, â€Å"little head.† A chapter is the main division of a book. Capitulate looks as if it would have something to do with the Latin source of the word for capture, but it too is from caput. Agreements, including terms for a town’s surrender, were written out under headings. 9. capo, captain, chief, chef The leader of a branch of the Mafia is a capo, Italian for head. The Italian word comes from good old caput. A captain is the head of whatever group is being led. Both chief and chef also descend from caput; both words translate literally as head. In heraldry, the chief is the top of the shield. Among people, the chief occupies the head position. Chief entered English from French in the 14th century with the meaning head, as in leader; its cognate chef followed in the 19th century with the meaning, â€Å"head cook.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Yours faithfully or Yours sincerely?What to Do When Words Appear Twice in a RowWhat the Heck are "Peeps"?

An Over View Of Apple Inc

An Over View Of Apple Inc Introduction One of the most fundamental factors that determine a successful business is the possession of feasible, clear and achievable business and corporate strategies with a purposeful organizational sense of direction. It is a statement of fact that business and corporate strategies are unachievable without a well laid-out plan at attracting a solid customer base for the organization (Parkinson, 1991). Customers are the facilitators of profits for organizations and any company that intends to remain in business should take the issue of customer service very seriously. Evolving a well-planned customer service automatically translate into programmes set out by companies to draw new customers and retain old ones. This forms the basic tenets or principles of marketing upon which organizational success in business rest. Though the aforementioned assertions have briefly introduced the core elements that drives a successful business, however, it takes far above the points mentioned f or a business firm to survive in whatever industry that it locates itself. This is due to the vociferous competing forces that are struggling with the business firm for the same customers and for the similar goods being offered by the industry. Despite the high rate of competition that threatens and even shut down some businesses, Jobber (2007) asserts that the principles and practice of marketing forbids customers to be chased about at whatever price. However, good marketing principles were identified as factors that would set a company to gain competitive advantage over the rest of the market players. Therefore, companies all over the world have been developing and establishing crack marketing team whose responsibilities will include devising policies and programmes that would impact on the company’s products through which the company can gain competitive edge (Jobber, 2007; Srinivasan et al, 2009). Having dwelt on the necessity of good marketing strategies for the success and survival of businesses in the highly competitive industries, this report will now narrow down its view on the case study of this research; APPLE Incorporations, one of the leading players in the computer retailing industry not only in the U.K., but globally. Suffice it to say that the computer retailing industry world over is a highly competitive one with many players competing for the patronage of their products. It may be rightly put that the industry is indeed saturated with products and services of the competing companies, however, the continuous growth in technological innovations has continued to enliven the industry and continued to open doors of marketing and sales opportunities for the industry. APPLE INCORPORATION: Background of the Company The company Apple Computer Inc. was established and cited in California, U.S.A on the 1st April, 1976 as Apple Computers Inc. for the design and manufacture of computer electronics, computer hardware and commercial servers (Hormby, 2005). However, in the year 2007, the company shed the word â€Å"computer† from its name to Apple Inc. to reflect its new business expansion into consumer electronics and telecommunication hardware. Apple’s most popular hardware products include Macintosh computers, the iPods, iPads and iPhone. Meanwhile for the software, Apple boast of the Max OS X operating system, the iTunes media browser the iLife suite of multimedia and creativity software; the iWork suite of productivity software; Aperture, a professional photography package; Final Cut Studio, a suite of professional audio and film-industry software products; and Logic Studio, a suite of audio tools. Presently, the company has about 284 retail stores in ten countries across the world. (MacRumors.com, 2010).

Value and Risk Management Article Example | Topics and Well Written Essays - 2500 words

Value and Risk Management - Article Example The company would be required to present before the attendees of this workshop with the bits of details about the project, such as the budget, pre-requisites, aims and the likes of it. This will help the attendees to understand the following arguments and requirements for the success of the project in a much better and elaborated manner. While the site for the same is yet to be decided, taking a peep at the various factors that might, in effect, make for the success of this project will help understand the project better. The project is targeted, apart from enhancing its regional presence, to make it easier for the customers and clients to approach the company. The project is focused at incorporating some of the important features like tour facilities for the prospective clients, giving a peek view into the kind of services and technology employed by the company. Secondly, the headquarters would provide office accommodation to over 12 staff members, recruiting the same for management and administrative purposes. Thirdly, it will also have an inbuilt workshop for the hi-tech light manufacturing processes, which will have another of 15 or more staff members recruited under head. While the foundations of the project do aim at solving the purpose behind the formulation of regional head quarters, it is essential here to examine a few factors that might help enhance the project and its establishment even better. The project has been allotted a set amount of funds. For the project to succeed, while the deadline is important, it is also of value for the project to remain within the boundaries of the set budget. In order to do the same, scoping of the whole project comes in handy, and that is what we will be doing here, as a part of the value management service. It needs to be seen if the project being offered by the company will in truth be able to come to terms with the reasons being cited for the project. Secondly, it also needs to be ascertained, if there are ample resources that can make the project successful in terms of requirements. To do the same, there is a "Job Plan" that will exploit various aspects involved in the project that are required to be referenced when discussing the project in general. Job Plan Dividing the whole process of value management to identify the strengths or weaknesses of the project will help the reader gain a better grounding of the whole scenario. Further, in this pre stage, the company managers would be required to understand, identify and explain to all involved the importance of the project, along with the aims that the project is trying to achieve. With detailed information and analysis, the people involved will be able to get a brief idea of the way project is to proceed, hence, enhancing the general output by those involved in the project. The Job Plan can be divided into four main stages - information gathering, alternative generation, evaluation and conclusion. Information Gathering In this first step, the need to identify all the requirements for the project will be looked into. Before beginning with the project, the company would be required to identify a location or site, keeping in mind the budget for the project. Once the site for the headquarters is identified, the next process of building the project would begin. This next process would