Project Dissertation Report on

“EQUITY ANALYSIS OF INDIAN IT

COMPANIES”

Submitted By
Anmol Kr Sharma
2K20/DMBA/23
Under the Guidance of
Mrs. Deepali Malhotra
Assistant Professor, DSM

DELHI SCHOOL OF MANAGEMENT

Delhi Technological University
Bawana Road, Delhi 110042
1
 DECLARATION

I hereby declare that all the work, information or data in the project titles, “EQUITY
ANALYSIS OF INDIAN IT COMPANIES” submitted at Delhi School of Management, Delhi
Technological University as part of my Dissertation Project, are of my own efforts and has not
been presented before in this manner. Also, conclusion derived from the research is based on
the material collected by myself.

(Sign of Student)
Anmol kr Sharma

Delhi school of Management

Delhi Technological University

2
 CERTIFICATE

This is to certify that the project titled as “EQUITY ANALYSIS OF INDIAN IT COMPANIES”
is bonafied work carried out by ANMOL KR SHARMA of Fourth Semester, MBA (2020-2022) at
Delhi School of Management, Delhi Technological University, under the subject Dissertation in
partial fulfilment of the award of Masters of Business Administration. This project was carried out
under my guidance.
To the best of my knowledge, this project is outcome of his individual efforts. I wish him all the
success for his future endeavor.

_
(Signature of Mentor)
Assistant Professor
Deepali Malhotra
DSM, DTU

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 ACKNOWLEDGEMENT

This project would not have been successfully completed without the valuable support and
contribution of some people. I am extremely grateful to my Faculty Guide, AP. Deepali
Malhotra, DSM-DTU, who has taken great pains to assist me in my project by guiding me
throughout. He has always been approachable and helpful and has been kind enough to
clarify all my doubts.

A special thanks to those who have supported and contributed in my endeavor.

Anmol Kr Sharma
2K20/DMBA/23
MBA Batch: 2020-22

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 TABLE OF CONTENTS

S.No. Particulars Page No.

1. Introduction 6-7

2. Research Methodology 8

3. Concepts & Key Terms 9-11

4. Indian IT Industry 12-13

5. Company Analysis 14-44

6. Findings and Conclusion 45

7. Bibliography 46

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 INTRODUCTION

Equity Analysis involves systematic analysis of a company's performance using both basic analysis
and technical analysis. Although basic analysis is a method of assessing collateral by examining its
quality and quantity features, in order to determine its internal value, technical analysis is used to
evaluate market action using various tools, with the aim of predicting future trends. Equity means
share in company ownership. Represents a claim for the assets and benefits of the company. By
acquiring more shares in a particular company, we are essentially increasing our percentage of
ownership. These stocks are traded on the stock market, also known as the stock exchange.

The stock exchange is a secondary market. It performs functions such as trading stocks, securities,
bonds, wallets and assets. Many people invest their money in stocks. They use professional stock
brokers for this purpose. The Stock Broking industry is growing rapidly, as more and more people
are attracted to stock exchanges in the hope of making a profit.
The purpose of this project is to provide a detailed financial analysis and recommendations for
buying, holding, or selling a particular investment. Banks often use equity analysis as a way to
“support” their bank investments and salesand trading.

It specializes in the Indian IT industry, gaining a prominent place among the pioneers in the global
market. The essential ingredients which are hard work and the incomparable fascination of
technology among the people of India. It has played a major role in India's economic growth, as
can be seen in its contributionto India's GDP (Domestic Product Total).

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EQUITY MARKET

Equity Market or Stock Market is the place where a company's stock is traded 6publicly. The main
market is where companies are competing for shares in the community by issuing IPOs (First
Public Offering). It is a method used by companies to grow a fund or money. It helps stockbrokers
to trade stocks and company securities. In order for a company's shares to be sold, they must be
listedon the stock exchange. Trade is a place where buyers and sellers meet. India's leading markets
are the BSE (Bombay Stock Exchange) and the NSE (National Stock Exchange).
The Stock Market is an important part of any economy. It is possible for companies to increase the
cost of their services without having to go into debt, as there is when there is a loan. The company's
initial shareholding is known as the IPO (First Public Offering). After that begins the second market
trade. The Security and Exchange Board of India (SEBI) regulates the primary and secondary
markets in our country.

BOMBAY STOCK EXCHANGE

BSE was founded in 1875 and was the first Asian stock exchange. It is the largest exchange in the
country and is located on Dalal Street in Mumbai. It has a complete list of about 5,400 companies
and has overall market capitalisation of more than ₹276.713 lakh crore, as of January 2022

NATIONAL STOCK EXCHANGE

Located in Mumbai, the NSE was established in 1992, as the country's first electronic exchange site.
It has a a total market capitalization of more than US$3.4trillion and has 1952 companies listed on it.

SENSEX
Sensex is a benchmark for the Bombay Stock Exchange, also known as the S&PBSE Sensex index.
It was first compiled in 1986. It contains the largest and 30 most traded shares on BSE. It helps to
do this
to give an idea of the whole Indian economy. It is used to look at the overall growth and
development of a particular industry or the prosperity and economicdownturn.

NIFTY
Nifty or Nifty 50 is a stock market index of the National Stock Exchange. Estimated average of 50
companies in 12 sectors of the Indian economy. It is an indicator of capitalization of the free float
market weight.

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 RESEARCH METHODLOGY

OBJECTIVES OF THE STUDY:

1) To study the concept of fundamental and technical analysis.

2) To predict investor decisions regarding the shares of the company taken into
consideration (i.e., Buy, sell & hold).

3) To know the future trend of TCS, Infosys and Wipro in capital market.
4) To study the trend of equity in stock market.
METHODOLOGY:

The project has been completed using the secondary data collected from the annual reports
of the company, relevant text books on the subject matter andcompany’s official website.

1. Moving Average Method.

2. Relative Strength Index (RSI).
3. Candlestick Charting.
LIMITATIONS OF THE STUDY:

1. The study is limited only to IT sector and 3 companies.

2. Only three technical tools to predict the movement of Stocks.
3. Fundamental Analysis is used to analyse only financial performance of thecompanies.
4. Technical Analysis is only used to predict the stock prices of the selectedcompanies.

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 CONCEPTS & KEY TERMS

FUNDAMENTAL ANALYSIS

Fundamental analysis is a method of evaluating a security by examining its qualitative and

quantitative features, for deriving its intrinsic value. And in case of futures and forex, it
focuses on the overall state of the economy, production, earning and management. It is an
important tool to conduct stock valuation and predict probable price evolution for an
organisation. It helps to make a projection on its business performance, to evaluate its
management and make internal business decisions, to calculate its credit risk. It comprises of
the following:

**Source: Proschool/ims

Fundamental analysis involves examining the economic, financial & other qualitative as well
as quantitative factors related to a security so as to

9
determine its intrinsic value. There are two approaches in fundamental analysis:

1. Top-down approach: This approach includes both national and international

economic indicators, like energy prices, GDP growth rates, inflation and interest
rates.
2. Bottom-up approach: In this process, we investigate focusing on a specific
business, irrespective of the industry or region.

It is the method of evaluating securities by attempting to measure the intrinsic value of a

particular stock. It is the study of everything from the overall economy and industry
conditions, to the economic condition and management of specific companies (i.e., using
real data to monitor a stock’s value). The method utilizes items like revenues, earnings,
return on equity and profit margins to work out a company’s underlying value and
potential for future growth. One of the main assumptions under fundamental analysis is
that, albeit things get mis-priced within the market from time to time, the worth of an
asset will eventually gravitate toward its true value. This seems to be an inexpensive bet
considering the long upward march of quality stocks generally despite regular setbacks and
periods of irrational exuberance. The key strategy for the fundamentalist is to shop for
when prices are at or below this intrinsic value and sell once they got overpriced.

TECHNICAL ANALYSIS:
Technical analysis is used to study market action using various tools, for the purpose of
forecasting future trends. It evaluates securities by analysing statistics generated by:

• Market activity
• Past Prices, and
• Volume

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It does not attempt to measure the intrinsic value related to a particular stock.The analysis looks
for patterns and indicators on charts to determine future performance. Technical analysis is
based on the assumption that Technicians the securities move in very predictable trends and
patterns. These trends continue until something happens to change them and until that change
takes place, price levels are predictable in nature.

It is better than a fundamental analysis although a combination both technical and fundamental
analysis is more effective in the process of prediction.

Technical analysis is, perhaps, the oldest form of security analysis. It is believed that
the first technical analysis occurred in 17th century Japan, where analysts used charts
to plot price changes in rice. Indeed, many
present-day Japanese analysts still rely on technical analysis to forecast prices in their stock
exchange, which is the second largest in the world. In the United States, technical analysis
has been used for more than 100 years.

Some of the important advantages of using technical analysis are:

• Unlike fundamental analysis, technical analysis is not heavily dependent

on financial accounting statements
• Problems with accounting statements
• Lack information needed by security analysts
• Many psychological and other non-quantifiable factors do not show up in financial
statements.

Fundamental analyst must process new information and quickly determine a new intrinsic
value, but technical analyst merely has to recognize a movement to a new equilibrium.
Technicians trade when a move to a new equilibrium is underway but a fundamental analyst
finds undervalued securities that may not adjust to “correct” prices as quickly.

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 INDIAN IT INDUSTRY

The entire world faced the impact of the outburst of COVID-19 pandemic in the year 2020. It
resulted in severe impacts on almost every aspect of our life. The social as well as the economic
well-being of the people was disrupted. Apart from the major attack on the health of the people,
it made us to changeour life in a way that we had never expected. There was major lockdown in
almost all parts of the world. The entire demand and supply chain was disrupted. There was
also a shift in the work culture, where all the office work was shifted to home. The culture of
work from home became an essential part of our life.

There was a sharp decline in the growth rate across all the industries. Industries like the
airways, tourism, leisure facilities, etc. were severely hit.

But among all the industries the Indian IT sector was a major exception to this case. The
industry has shown a sign of about 2.3% growth in the year 2020-2021. One of the major
factors contributing to this result was the easy transition of the working paradigm to the “new
normal”. The IT sector was having an infrastructure that helped them to continue their
services from home. Also, there was an increase in the demand for the IT sector services by
other industries to help them cope up with the changes required.

Before COVID-19, the market capitalisation by each significant trade in Indiawas about $2.16
trillion. The Sensex returned around 14% (barring profits) for the year 2019 yet unmistakably
included blue-chip organizations like HDFC Bank, HDFC, TCS, Infosys, Reliance, Hindustan
Unilever, ICICI Bank and Kotak Mahindra Bank, without which Sensex returns would have
been negative. In any case, in the beginning of 2020, there was generally speaking
recuperation which prompted both NSE and BSE exchanged at theirmost elevated levels ever,
hitting pinnacles of 12,362 and 42,273

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individually. The economic situations were by and large great as they sawrecord highs in
mid-January.
The IT industry accounted for 8% of India's GDP in 2020. The IT and BPM industry's
revenue is estimated at US$194 billion in FY 2021, an increase of 2.3% YoY. The
domestic revenue of the IT industry is estimated at US$45 billion and export revenue is
estimated at US$150billion in FY 2021.

STRENGTH WEAKNESS

1.) Cost advantage. 1.) Excessive dependence on USAfor

2.) Breadth of service offering. revenues.
3.) Ease of scalability. 2.) Excessive dependence on BFSIsector
4.) Quality and Maturity of for revenue.
process. 3.) High rate of attrition
5.) Global and 24/7 delivery. 4.) Decreasing competitive
advantage.

THREAT OPPORTUNITY

1.) Rupee Dollar. 1.) There is a great scope for

2.) Increase competition. product innovation.
3.) Global economic slowdown 2.) BFSI

*SWOT ANALYSIS OF IT INDUSTRY

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 COMPANY ANALYSIS

INFOSYS

Infosys is a leader in providing IT solutions and services for the corporate segment in India. It
was founded by N.R. Narayana Murthy in the year 1981. Infosys is today $13.0 billion
revenue IT, BPO and R&D Services organization. Infosys was ranked No. 1 in the HFS Top
10 Agile Software Development report (2020).It has also been recognized as a leader in Retail
and CPG Digital Services by Avasant. It has about 240000+ employees, and serves clients in
several countries across the globe. Infosys is the second- largest Indian IT company after Tata
Consultancy Services by 2020 revenue figures. Since, March 2020, the workforce of Infosys
has shifted to the work from home mode of functioning.
It deals in the sector of following services:

• IT services
• Consulting
• Outsourcing
• Managed services

The subsidiary of Infosys includes:

• Infosys BPM
• EdgeVerve Systems
• Infosys Consulting
FINANCIALS (QUARTERLY)

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 Source: Author

PRICE CHART

Source: Author
15
Technical Analysis using Moving Average, MACD, RSI
Date Close 12 Day 26 Day MACD RS RSI
EMA EMA
01/04/2021 1,385.20
05/04/2021 1,409.90
06/04/2021 1,411.05
07/04/2021 1,430.20
08/04/2021 1,439.85
09/04/2021 1,441.05
12/04/2021 1,425.75
13/04/2021 1,397.15
15/04/2021 1,360.75
16/04/2021 1,353.75
19/04/2021 1,362.55
20/04/2021 1,351.35 1397.379167
22/04/2021 1,351.10 1390.259295
23/04/2021 1,333.80 1381.57325
26/04/2021 1,343.55 1375.723519 0.641103 39.06537
27/04/2021 1,348.50 1371.535285 0.687038 40.72452
28/04/2021 1,356.00 1369.145241 0.76199 43.246
29/04/2021 1,356.35 1367.176743 0.765757 43.36708
30/04/2021 1,354.35 1365.203398 0.748409 42.80514
03/05/2021 1,352.05 1363.179798 0.727983 42.12907
04/05/2021 1,329.40 1357.982906 0.564572 36.08477
05/05/2021 1,341.50 1355.447074 0.693713 40.9581
06/05/2021 1,361.60 1356.393678 0.924736 48.04483
07/05/2021 1,352.55 1355.802343 0.831583 45.40241
10/05/2021 1,339.55 1353.301983 0.719466 41.8424
11/05/2021 1,330.65 1349.817062 1369.980769 -20.1637 0.654415 39.55569
12/05/2021 1,327.00 1346.306745 1366.797009 -20.4903 0.629286 38.62343
14/05/2021 1,316.40 1341.705707 1363.063897 -21.3582 0.561816 35.97196
17/05/2021 1,329.40 1339.812522 1360.570275 -20.7578 0.703424 41.29471
18/05/2021 1,340.00 1339.841364 1359.046551 -19.2052 0.827771 45.28855
19/05/2021 1,337.00 1339.404231 1357.413473 -18.0092 0.797544 44.36855
20/05/2021 1,339.30 1339.388196 1356.071734 -16.6835 0.827693 45.28622
21/05/2021 1,354.50 1341.713089 1355.955309 -14.2422 1.042264 51.03475
24/05/2021 1,348.05 1342.687998 1355.369731 -12.6817 0.949191 48.69666
25/05/2021 1,361.60 1345.597537 1355.831232 -10.2337 1.151219 53.51474
26/05/2021 1,397.25 1353.54407 1358.899289 -5.35522 1.723643 63.28447
27/05/2021 1,402.25 1361.03729 1362.110453 -1.07316 1.810102 64.41411
28/05/2021 1,405.05 1367.808476 1365.29116 2.517316 1.862244 65.06238
31/05/2021 1,393.75 1371.79948 1367.399222 4.400257 1.518197 60.28904
01/06/2021 1,387.20 1374.16879 1368.865947 5.302844 1.361213 57.64888

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02/06/2021 1,378.65 1374.858207 1369.590691 5.267516 1.188461 54.30579
03/06/2021 1,389.65 1377.133868 1371.076566 6.057302 1.364297 57.70413
04/06/2021 1,385.65 1378.444042 1372.15608 6.287962 1.276405 56.07109
07/06/2021 1,389.65 1380.168035 1373.451926 6.71611 1.345783 57.37032
08/06/2021 1,412.95 1385.211415 1376.377709 8.833706 1.780999 64.04169
09/06/2021 1,415.30 1389.840428 1379.260842 10.57959 1.82827 64.6427
10/06/2021 1,424.30 1395.1419 1382.597076 12.54482 2.023237 66.92287
11/06/2021 1,446.90 1403.104685 1387.360255 15.74443 2.550479 71.83479
14/06/2021 1,461.80 1412.134733 1392.87431 19.26042 2.924825 74.52116
15/06/2021 1,473.90 1421.637082 1398.876213 22.76087 3.252209 76.48281
16/06/2021 1,480.60 1430.7083 1404.929827 25.77847 3.447432 77.51511
17/06/2021 1,495.30 1440.645485 1411.623914 29.02157 3.908705 79.62803
18/06/2021 1,503.30 1450.284641 1418.414735 31.86991 4.179048 80.69143
21/06/2021 1,500.30 1457.979312 1424.48031 33.499 3.767702 79.02553
22/06/2021 1,511.85 1466.26711 1430.952139 35.31497 4.175811 80.67936
23/06/2021 1,503.15 1471.941401 1436.300129 35.64127 3.137223 75.8292
24/06/2021 1,559.20 1485.365801 1445.403823 39.96198 4.862836 82.94341
25/06/2021 1,574.20 1499.0326 1454.944281 44.08832 5.360165 84.27714
28/06/2021 1,571.80 1510.227585 1463.60026 46.62733 4.937088 83.15673
29/06/2021 1,563.05 1518.35411 1470.966907 47.3872 3.769055 79.03149
30/06/2021 1,580.80 1527.96117 1479.102692 48.85848 4.285899 81.08174
01/07/2021 1,560.40 1532.95176 1485.124715 47.82704 2.613832 72.32854
02/07/2021 1,567.80 1538.313027 1491.24881 47.06422 2.766237 73.4483
05/07/2021 1,578.95 1544.564869 1497.745194 46.81967 3.013538 75.08433
06/07/2021 1,562.20 1547.277966 1502.519624 44.75834 2.152399 68.27813
07/07/2021 1,564.60 1549.942895 1507.118171 42.82472 2.196493 68.71571
08/07/2021 1,560.75 1551.605526 1511.090899 40.51463 2.041018 67.11628
09/07/2021 1,562.90 1553.343138 1514.92861 38.41453 2.083587 67.57024
12/07/2021 1,547.85 1552.498039 1517.367232 35.13081 1.577396 61.20115
13/07/2021 1,544.95 1551.336803 1519.4104 31.9264 1.50169 60.02702
14/07/2021 1,576.90 1555.269602 1523.668888 31.60071 2.071128 67.43867
15/07/2021 1,580.80 1559.197356 1527.900823 31.29653 2.145984 68.21344
16/07/2021 1,555.45 1558.620839 1529.941502 28.67934 1.408135 58.47409
19/07/2021 1,541.70 1556.017633 1530.812502 25.20513 1.172625 53.97273
20/07/2021 1,550.05 1555.099536 1532.237502 22.86203 1.282004 56.17887
22/07/2021 1,590.20 1560.499607 1536.53102 23.96859 1.848396 64.89252
23/07/2021 1,590.45 1565.10736 1540.525019 24.58234 1.852194 64.93927
26/07/2021 1,603.90 1571.075459 1545.219462 25.856 2.072245 67.45052
27/07/2021 1,602.55 1575.917696 1549.466169 26.45153 2.0241 66.93231
28/07/2021 1,605.60 1580.484204 1553.62423 26.85997 2.080628 67.53909
29/07/2021 1,617.00 1586.102019 1558.318732 27.78329 2.308164 69.77176
30/07/2021 1,610.50 1589.855554 1562.184011 27.67154 2.025211 66.94446
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02/08/2021 1,631.55 1596.270084 1567.322232 28.94785 2.452746 71.03754
03/08/2021 1,655.20 1605.336225 1573.831696 31.50453 2.970037 74.81131
04/08/2021 1,649.25 1612.092191 1579.418237 32.67395 2.604943 72.26031
05/08/2021 1,653.55 1618.470315 1584.909479 33.56084 2.700614 72.97746
06/08/2021 1,650.20 1623.351805 1589.745814 33.60599 2.49995 71.42816
09/08/2021 1,663.30 1629.497681 1595.194272 34.30341 2.812859 73.77296
10/08/2021 1,677.25 1636.844192 1601.272474 35.57172 3.171704 76.02898
11/08/2021 1,677.55 1643.106624 1606.922661 36.18396 3.180015 76.07664
12/08/2021 1,689.60 1650.259451 1613.046909 37.21254 3.539506 77.97117
13/08/2021 1,712.20 1659.788766 1620.391582 39.39718 4.265603 81.00882
16/08/2021 1,704.40 1666.652033 1626.614428 40.03761 3.359069 77.05932
17/08/2021 1,741.65 1678.190182 1635.135581 43.0546 4.452069 81.65834
18/08/2021 1,733.45 1686.691692 1642.418131 44.27356 3.535872 77.95352
20/08/2021 1,732.95 1693.808355 1649.124195 44.68416 3.488727 77.72197
23/08/2021 1,738.75 1700.722454 1655.763144 44.95931 3.655291 78.51906
24/08/2021 1,720.85 1703.819 1660.584392 43.23461 2.352797 70.17416
25/08/2021 1,735.55 1708.700692 1666.1374 42.56329 2.667937 72.73672
26/08/2021 1,727.70 1711.623663 1670.697593 40.92607 2.258601 69.31199
27/08/2021 1,708.80 1711.189253 1673.519993 37.66926 1.615809 61.77091
30/08/2021 1,698.05 1709.167829 1675.337031 33.8308 1.375946 57.9115
31/08/2021 1,706.45 1708.749702 1677.641695 31.10801 1.500865 60.01384
01/09/2021 1,677.75 1703.980517 1677.649718 26.3308 1.028244 50.69628
02/09/2021 1,689.10 1701.691207 1678.497887 23.19332 1.162357 53.75417
03/09/2021 1,700.65 1701.531021 1680.138784 21.39224 1.309331 56.69742
06/09/2021 1,730.40 1705.972402 1683.861837 22.11057 1.717021 63.19499
07/09/2021 1,706.65 1706.076648 1685.549849 20.5268 1.271394 55.97417
08/09/2021 1,693.25 1704.103318 1686.120231 17.98309 1.09821 52.34033
09/09/2021 1,691.60 1702.17973 1686.52614 15.65359 1.078725 51.89359
13/09/2021 1,691.90 1700.598233 1686.924203 13.67403 1.082199 51.97386
14/09/2021 1,686.15 1698.375428 1686.866855 11.50857 1.009789 50.24353
15/09/2021 1,711.45 1700.386901 1688.687829 11.69907 1.326841 57.02327
16/09/2021 1,702.25 1700.673531 1689.692434 10.9811 1.180295 54.13465
17/09/2021 1,691.30 1699.23145 1689.811513 9.419937 1.033925 50.83397
20/09/2021 1,687.85 1697.480457 1689.666216 7.814242 0.992176 49.80363
21/09/2021 1,718.45 1700.706541 1691.798348 8.908193 1.377867 57.94551
22/09/2021 1,716.90 1703.197842 1693.657729 9.540113 1.349475 57.4373
23/09/2021 1,742.55 1709.25202 1697.279379 11.97264 1.7167 63.19064
24/09/2021 1,763.85 1717.65171 1702.210536 15.44117 2.045105 67.16041
27/09/2021 1,721.15 1718.189908 1703.613459 14.57645 1.196672 54.47659
28/09/2021 1,687.10 1713.406845 1702.39024 11.01661 0.882328 46.87428
29/09/2021 1,692.25 1710.151946 1701.639111 8.512835 0.925114 48.05502
30/09/2021 1,675.20 1704.774724 1699.680659 5.094065 0.802668 44.52668
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01/10/2021 1,665.15 1698.678612 1697.122832 1.55578 0.740456 42.5438
04/10/2021 1,678.75 1695.612672 1695.761882 -0.14921 0.853409 46.04536
05/10/2021 1,692.80 1695.179953 1695.542483 -0.36253 0.979075 49.47133
06/10/2021 1,673.55 1691.852268 1693.91341 -2.06114 0.825931 45.2334
07/10/2021 1,691.00 1691.72115 1693.697602 -1.97645 0.978629 49.45995
08/10/2021 1,723.85 1696.66405 1695.931113 0.732937 1.288198 56.29749
11/10/2021 1,690.95 1695.784965 1695.562142 0.222824 0.965745 49.12871
12/10/2021 1,685.15 1694.148817 1694.790872 -0.64206 0.921933 47.96904
13/10/2021 1,709.20 1696.464383 1695.858215 0.606169 1.124518 52.93051
14/10/2021 1,715.75 1699.431401 1697.33168 2.099721 1.183937 54.21113
18/10/2021 1,792.15 1713.695801 1704.35526 9.340542 1.93031 65.87392
19/10/2021 1,822.15 1730.381063 1713.080796 17.30027 2.245933 69.19222
20/10/2021 1,802.35 1741.453207 1719.693329 21.75988 1.834411 64.7193
21/10/2021 1,753.65 1743.329636 1722.208638 21.121 1.235011 55.25749
22/10/2021 1,719.80 1739.709692 1722.030221 17.67947 0.992305 49.80689
25/10/2021 1,707.55 1734.762047 1720.957612 13.80444 0.921712 47.96306
26/10/2021 1,703.70 1729.983271 1719.67927 10.304 0.90004 47.36953
27/10/2021 1,728.95 1729.824306 1720.365991 9.458315 1.066107 51.59979
28/10/2021 1,703.90 1725.835951 1719.146288 6.689663 0.905457 47.51914
29/10/2021 1,667.75 1716.899651 1715.339155 1.560496 0.733645 42.31808
01/11/2021 1,700.05 1714.307397 1714.206625 0.100772 0.916229 47.81418
02/11/2021 1,697.90 1711.783182 1712.998727 -1.21555 0.904392 47.48982
03/11/2021 1,702.50 1710.355 1712.221044 -1.86604 0.93416 48.29796
04/11/2021 1,708.70 1710.100385 1711.960226 -1.85984 0.977367 49.42771
08/11/2021 1,737.50 1714.31571 1713.852061 0.463649 1.193512 54.411
09/11/2021 1,742.50 1718.651755 1715.97413 2.677624 1.233923 55.23571
10/11/2021 1,740.15 1721.959177 1717.764936 4.194242 1.20919 54.73454
11/11/2021 1,733.30 1723.703919 1718.915681 4.788238 1.137609 53.21877
12/11/2021 1,780.20 1732.395624 1723.45526 8.940364 1.574093 61.15137
15/11/2021 1,787.15 1740.819374 1728.173389 12.64598 1.64375 62.17494
16/11/2021 1,792.30 1748.73947 1732.923508 15.81596 1.699337 62.95387
17/11/2021 1,787.45 1754.694936 1736.962508 17.73243 1.608649 61.66597
18/11/2021 1,779.40 1758.495715 1740.106026 18.38969 1.46856 59.49055
22/11/2021 1,759.40 1758.634836 1741.535209 17.09963 1.191043 54.35965
23/11/2021 1,736.90 1755.291015 1741.19186 14.09916 0.969158 49.21688
24/11/2021 1,696.00 1746.169321 1737.844315 8.325006 0.710166 41.52615
25/11/2021 1,722.40 1742.512502 1736.700292 5.81221 0.895928 47.25538
26/11/2021 1,691.65 1734.687502 1733.363233 1.324269 0.726616 42.08324
29/11/2021 1,696.35 1728.789425 1730.621512 -1.83209 0.757723 43.1082
30/11/2021 1,712.65 1726.306436 1729.290289 -2.98385 0.873901 46.6354
01/12/2021 1,714.90 1724.5516 1728.224342 -3.67274 0.891172 47.12273
02/12/2021 1,748.25 1728.197508 1729.707724 -1.51022 1.166851 53.85009
19
03/12/2021 1,735.55 1729.32866 1730.140485 -0.81182 1.04833 51.17975
06/12/2021 1,695.30 1724.093482 1727.559708 -3.46623 0.778457 43.77147
07/12/2021 1,711.65 1722.1791 1726.381211 -4.20211 0.891072 47.11995
08/12/2021 1,753.35 1726.974623 1728.378899 -1.40428 1.200388 54.55347
09/12/2021 1,763.45 1732.586219 1730.976759 1.609461 1.281069 56.16091
10/12/2021 1,759.25 1736.68834 1733.071073 3.617267 1.236397 55.28521
13/12/2021 1,744.65 1737.91321 1733.928771 3.984439 1.093629 52.23605
14/12/2021 1,752.15 1740.103486 1735.278492 4.824994 1.157509 53.65026
15/12/2021 1,734.20 1739.195257 1735.198604 3.996654 0.993872 49.84633
16/12/2021 1,771.60 1744.180602 1737.895003 6.285599 1.311084 56.73026
17/12/2021 1,820.85 1755.975894 1744.039818 11.93608 1.760935 63.78038
20/12/2021 1,798.90 1762.579603 1748.103535 14.47607 1.448239 59.15432
21/12/2021 1,811.60 1770.121202 1752.806977 17.31423 1.558884 60.92047
22/12/2021 1,824.70 1778.51794 1758.132386 20.38555 1.681794 62.71152
23/12/2021 1,857.60 1790.684411 1765.500357 25.18405 2.014219 66.82391
24/12/2021 1,863.50 1801.886809 1772.75959 29.12722 2.078419 67.51579
27/12/2021 1,866.15 1811.773454 1779.677398 32.09606 2.109473 67.8402
28/12/2021 1,888.00 1823.500615 1787.701295 35.79932 2.385215 70.45978
29/12/2021 1,885.55 1833.046674 1794.949347 38.09733 2.308354 69.77349
30/12/2021 1,892.85 1842.247186 1802.201247 40.04594 2.411754 70.68956
31/12/2021 1,887.75 1849.247619 1808.538192 40.70943 2.237674 69.11363
03/01/2022 1,898.45 1856.817216 1815.198326 41.61889 2.400759 70.5948
04/01/2022 1,899.15 1863.329952 1821.416968 41.91298 2.412249 70.69381
05/01/2022 1,844.65 1860.456113 1823.137934 37.31818 1.228623 55.12925
06/01/2022 1,817.80 1853.893634 1822.742531 31.1511 0.974842 49.36305
07/01/2022 1,814.30 1847.802306 1822.117158 25.68515 0.947372 48.64873
10/01/2022 1,850.75 1848.255797 1824.23811 24.01769 1.263417 55.819
11/01/2022 1,855.60 1849.385675 1826.561213 22.82446 1.308704 56.68566
12/01/2022 1,877.45 1853.703263 1830.330752 23.37251 1.528425 60.44969
13/01/2022 1,896.80 1860.33353 1835.2544 25.07913 1.737975 63.47665
14/01/2022 1,929.35 1870.951449 1842.224445 28.727 2.117588 67.92392
17/01/2022 1,939.50 1881.49738 1849.430042 32.06734 2.245067 69.184
18/01/2022 1,920.75 1887.536244 1854.713001 32.82324 1.790887 64.16909
19/01/2022 1,867.05 1884.384514 1855.626853 28.75766 1.102789 52.44412
20/01/2022 1,823.70 1875.048435 1853.261901 21.78653 0.826662 45.25534
21/01/2022 1,785.70 1861.302522 1848.257316 13.04521 0.668619 40.07022
24/01/2022 1,736.80 1842.148288 1840.001218 2.14707 0.528576 34.57962
25/01/2022 1,722.15 1823.687013 1831.271498 -7.58449 0.495117 33.11561
27/01/2022 1,678.60 1801.365934 1819.962499 -18.5966 0.41169 29.16294
28/01/2022 1,686.20 1783.648098 1810.054165 -26.4061 0.443357 30.71709
31/01/2022 1,736.20 1776.348391 1804.583486 -28.2351 0.667719 40.03786
01/02/2022 1,772.05 1775.6871 1802.173599 -26.4865 0.840961 45.68053
20
02/02/2022 1,787.10 1777.442931 1801.057036 -23.6141 0.919283 47.8972
03/02/2022 1,738.55 1771.459403 1796.426885 -24.9675 0.722652 41.94997
04/02/2022 1,741.10 1766.788725 1792.328597 -25.5399 0.734751 42.35483
07/02/2022 1,715.00 1758.821229 1786.600553 -27.7793 0.648295 39.33124
08/02/2022 1,717.30 1752.433348 1781.467179 -29.0338 0.659462 39.73949
09/02/2022 1,737.30 1750.10514 1778.195536 -28.0904 0.764033 43.31172
10/02/2022 1,769.60 1753.10435 1777.558829 -24.4545 0.945907 48.61009
11/02/2022 1,721.35 1748.219065 1773.395212 -25.1761 0.731796 42.25647
14/02/2022 1,682.20 1738.062286 1766.640011 -28.5777 0.610953 37.92496
15/02/2022 1,738.25 1738.091165 1764.537048 -26.4459 0.865553 46.39659
16/02/2022 1,733.30 1737.354063 1762.223192 -24.8691 0.84509 45.80209
17/02/2022 1,724.80 1735.422668 1759.451104 -24.0284 0.80969 44.74192
18/02/2022 1,706.95 1731.042258 1755.562133 -24.5199 0.739624 42.5163
21/02/2022 1,730.70 1730.989603 1753.720494 -22.7309 0.863618 46.34093
22/02/2022 1,734.35 1731.506587 1752.285642 -20.7791 0.88414 46.92538
23/02/2022 1,742.85 1733.251727 1751.586706 -18.335 0.935606 48.3366
24/02/2022 1,678.15 1724.774539 1746.14695 -21.3724 0.658003 39.68649
25/02/2022 1,694.60 1720.132302 1742.328657 -22.1964 0.739245 42.50378
28/02/2022 1,715.60 1719.435025 1740.348757 -20.9137 0.850935 45.97325
02/03/2022 1,702.80 1716.87579 1737.567367 -20.6916 0.79281 44.22165
03/03/2022 1,720.85 1717.487207 1736.329044 -18.8418 0.896543 47.27249
04/03/2022 1,723.30 1718.381483 1735.36393 -16.9824 0.911706 47.69071
07/03/2022 1,739.85 1721.684332 1735.696231 -14.0119 1.022014 50.54436
08/03/2022 1,778.20 1730.37905 1738.844658 -8.46561 1.297283 56.47032
09/03/2022 1,813.35 1743.143811 1744.363573 -1.21976 1.568991 61.07422
10/03/2022 1,825.90 1755.875533 1750.403308 5.472225 1.673465 62.59536
11/03/2022 1,822.00 1766.048528 1755.706767 10.34176 1.616932 61.78731
14/03/2022 1,890.70 1785.225677 1765.706265 19.51941 2.257792 69.30436
15/03/2022 1,839.30 1793.544804 1771.157653 22.38715 1.488953 59.82246
16/03/2022 1,889.40 1808.291757 1779.916345 28.37541 1.846399 64.86789
17/03/2022 1,854.60 1815.416102 1785.448468 29.96763 1.456858 59.2976
21/03/2022 1,853.05 1821.205933 1790.455989 30.74994 1.442262 59.05436
22/03/2022 1,887.40 1831.389635 1797.637027 33.75261 1.681358 62.70547
23/03/2022 1,872.40 1837.698922 1803.175025 34.5239 1.511415 60.1818
24/03/2022 1,886.70 1845.23755 1809.36206 35.87549 1.615185 61.76179
25/03/2022 1,876.55 1850.05485 1814.338944 35.71591 1.496482 59.94364
28/03/2022 1,873.90 1853.723334 1818.750874 34.97246 1.466186 59.45156
29/03/2022 1,886.00 1858.688975 1823.732291 34.95668 1.565737 61.02484
30/03/2022 1,903.95 1865.65221 1829.674344 35.97787 1.724777 63.29975
31/03/2022 1,906.85 1871.990331 1835.391059 36.59927 1.752449 63.66871

21
 RSI- INFY
26/04/2021
04/05/2021
12/05/2021
21/05/2021
31/05/2021
08/06/2021
16/06/2021
24/06/2021
02/07/2021
12/07/2021
20/07/2021
29/07/2021
06/08/2021
16/08/2021
25/08/2021
02/09/2021
13/09/2021
21/09/2021
29/09/2021
07/10/2021
18/10/2021
26/10/2021
03/11/2021
12/11/2021
23/11/2021
01/12/2021
09/12/2021
17/12/2021
27/12/2021
04/01/2022
12/01/2022
20/01/2022
31/01/2022
08/02/2022
16/02/2022
24/02/2022
07/03/2022
15/03/2022
Source: Author

14-day RSI is calculated for the stock which is typically recommended by Wilder and is
considered a good momentum indicator. It is calculated by using the formula RSI = {100- [100 /
(1+RS)]}. Traditionally, RSI value below means underbought regions and signals buying while
RSI greater than 70 means oversold region and signals selling. The RSI is calculated from 1st
April 2021 to 31st March 2021, the best time to buy was 25th January 2022 when the RSI was
below 30(29.16) and best time to sell the stock was between 11th JUNE TO 5TH JULY when the
RSI was above 70.
2000
1800
1600
1400
1200
1000
800
600
12 Day EMA
400 26 Day EMA
200
15-Apr-21
28-Apr-21
10-May-21
21-May-21
2-Jun-21
14-Jun-21
24-Jun-21
6-Jul-21
16-Jul-21
29-Jul-21
10-Aug-21
23-Aug-21
2-Sep-21
15-Sep-21
27-Sep-21
7-Oct-21
20-Oct-21
1-Nov-21
12-Nov-21
25-Nov-21
7-Dec-21
17-Dec-21
29-Dec-21
10-Jan-22
20-Jan-22
2-Feb-22
14-Feb-22
24-Feb-22
9-Mar-22
22-Mar-22

Source: Author

22
The graph above shows that the 12 Day EMA line crossed above 26 Day EMA line on 10th March
2022 which shows uptrend taking place. MACD is the difference between the 12 Day EMA and 26
Day EMA. The increasing positive MACD value shows price gaining momentum which signals
uptrend whereas the decreasing negative MACD value shows price losing momentum which will
showdowntrend taking place.

Technical Analysis using Candle Stick

Japanese Candle Stick is used to analyse the pattern of stock movement. In Japanese candlestick
charting method, price movement is indicated in form of candle which can be red or green. Red
candle shows bearish trend whereas green candle shows bullish trend. Each candle shows open ,
close , high and low price for the time frame taken. The size of the candle is known by its
magnitude of open and close, and the size of the shadow is known by high and close. In the above
Candle Stick Chart it is clear that Stock Price of Infosys has increased. Uptrend is clearly visible
from the graph and also the price chart shows that the share price has been consistently increasing
over the years. Currently the share price is quite high so the investors can wait for some correction
and they can buy at the dip.

23
 TCS
TCS is a leader in providing IT solutions and services for the corporate segment in India. It was
founded by in the year 1968. TCS is today $23.0 billion revenue IT,
BPO and R&D Services organization. Infosys was ranked No. 1 in the HFS Top 10 Agile
Software Development report (2020). It has also been recognized as a leader in Retail and CPG
Digital Services by Avasant. It has about 469000+ employees, and serves clients in several
countries across the globe. Infosys is the largest Indian IT company after Tata Consultancy
Services based on market capitalisationas of febrruary,2021. Since, March 2020, the workforce of
Infosys has shifted to the work from home mode of functioning.
It deals in the sector of following services:
• IT services
• Consulting
• Outsourcing
• Managed services

FINANCIALS (QUARTERLY)

Source: FR/tcs

24
 PRICE CHART

TECHNICAL ANAYSIS:
25
 Date Close 12 Day EMA 26 Day EMA MACD RS RSI
01/04/2021 3,165.00
05/04/2021 3,238.90
06/04/2021 3,264.70
07/04/2021 3,271.40
08/04/2021 3,317.35
09/04/2021 3,322.25
12/04/2021 3,246.55
13/04/2021 3,104.05
15/04/2021 3,218.95
16/04/2021 3,195.15
19/04/2021 3,161.80
20/04/2021 3,144.55 3220.8875
22/04/2021 3,118.80 3205.181731
23/04/2021 3,109.50 3190.461464
26/04/2021 3,100.80 3176.667393 0.809127 44.72473
27/04/2021 3,132.00 3169.795486 0.909023 47.61719
28/04/2021 3,124.10 3162.765412 0.884918 46.9473
29/04/2021 3,115.25 3155.455348 0.857486 46.16379
30/04/2021 3,035.65 3137.023756 0.659468 39.73971
03/05/2021 3,037.00 3121.635486 0.663685 39.89248
04/05/2021 3,049.75 3110.57618 0.706584 41.40342
05/05/2021 3,095.70 3108.287537 0.873081 46.61202
06/05/2021 3,111.45 3108.77407 0.93454 48.30811
07/05/2021 3,132.90 3112.485752 1.024679 50.60946
10/05/2021 3,145.50 3117.564867 1.081702 51.96238
11/05/2021 3,122.60 3118.339503 3156.986538 -38.647 0.973097 49.31824
12/05/2021 3,087.60 3113.610348 3151.846795 -38.2364 0.835092 45.50682
14/05/2021 3,051.50 3104.05491 3144.413699 -40.3588 0.721443 41.90921
17/05/2021 3,069.75 3098.777232 3138.883055 -40.1058 0.795535 44.3063
18/05/2021 3,088.80 3097.242273 3135.173199 -37.9309 0.878824 46.77522
19/05/2021 3,082.00 3094.897308 3131.234443 -36.3371 0.851559 45.99147
20/05/2021 3,060.00 3089.528491 3125.957818 -36.4293 0.768491 43.45461
21/05/2021 3,080.50 3088.139493 3122.590572 -34.4511 0.866381 46.42036
24/05/2021 3,081.50 3087.118032 3119.546826 -32.4288 0.871523 46.56758
25/05/2021 3,114.00 3091.25372 3119.13595 -27.8822 1.051508 51.25536
26/05/2021 3,158.50 3101.599301 3122.051806 -20.4525 1.316905 56.83898
27/05/2021 3,180.00 3113.660947 3126.344264 -12.6833 1.454994 59.26671
28/05/2021 3,143.60 3118.266955 3127.622467 -9.35551 1.162348 53.75397
31/05/2021 3,159.15 3124.556654 3129.95784 -5.40119 1.254881 55.65175
01/06/2021 3,153.00 3128.932554 3131.664667 -2.73211 1.207299 54.69576
02/06/2021 3,129.45 3129.012161 3131.500617 -2.48846 1.044047 51.07744

26
03/06/2021 3,141.25 3130.894905 3132.222794 -1.32789 1.117013 52.76363
04/06/2021 3,143.75 3132.872612 3133.076661 -0.20405 1.133661 53.13219
07/06/2021 3,183.20 3140.615287 3136.789501 3.825787 1.416574 58.61911
08/06/2021 3,200.15 3149.774474 3141.482871 8.291603 1.547481 60.74553
09/06/2021 3,200.25 3157.539939 3145.835992 11.70395 1.548312 60.75834
10/06/2021 3,216.80 3166.656872 3151.092585 15.56429 1.69655 62.91558
11/06/2021 3,273.80 3183.14043 3160.182023 22.95841 2.24637 69.19636
14/06/2021 3,276.35 3197.480364 3168.787058 28.69331 2.272859 69.44568
15/06/2021 3,262.75 3207.521846 3175.747276 31.77457 1.972722 66.3608
16/06/2021 3,274.35 3217.803101 3183.051182 34.75192 2.094019 67.67958
17/06/2021 3,317.75 3233.179547 3193.028872 40.15067 2.582747 72.08846
18/06/2021 3,297.30 3243.044232 3200.752659 42.29157 2.069505 67.42146
21/06/2021 3,273.10 3247.668196 3206.111722 41.55647 1.651313 62.28284
22/06/2021 3,301.20 3255.903858 3213.155298 42.74856 1.904001 65.56475
23/06/2021 3,261.40 3256.749419 3216.728979 40.02044 1.374302 57.88237
24/06/2021 3,373.60 3274.726431 3228.349055 46.37738 2.218913 68.93361
25/06/2021 3,380.80 3291.045442 3239.641718 51.40372 2.277281 69.4869
28/06/2021 3,336.75 3298.076912 3246.834924 51.24199 1.644754 62.18929
29/06/2021 3,340.85 3304.657387 3253.799003 50.85838 1.672595 62.58318
30/06/2021 3,345.75 3310.979328 3260.610188 50.36914 1.708428 63.07821
01/07/2021 3,341.50 3315.674816 3266.602026 49.07279 1.653098 62.30821
02/07/2021 3,325.45 3317.17869 3270.961135 46.21755 1.460703 59.3612
05/07/2021 3,321.00 3317.766584 3274.667718 43.09887 1.411647 58.53455
06/07/2021 3,262.30 3309.233263 3273.751591 35.48167 0.9557 48.86741
07/07/2021 3,274.95 3303.958915 3273.840362 30.11855 1.030659 50.75491
08/07/2021 3,258.50 3296.965236 3272.704039 24.2612 0.932744 48.2601
09/07/2021 3,208.15 3283.301353 3267.922258 15.3791 0.710311 41.53111
12/07/2021 3,193.10 3269.424222 3262.379869 7.044354 0.659672 39.74713
13/07/2021 3,187.55 3256.828188 3256.836915 -0.00873 0.641509 39.08045
14/07/2021 3,214.55 3250.323851 3253.704551 -3.3807 0.785757 44.00134
15/07/2021 3,202.95 3243.035567 3249.944955 -6.90939 0.736596 42.4161
16/07/2021 3,194.80 3235.61471 3245.860143 -10.2454 0.703303 41.29054
19/07/2021 3,184.60 3227.766293 3241.322355 -13.5561 0.662919 39.86477
20/07/2021 3,205.80 3224.386863 3238.691069 -14.3042 0.791445 44.17914
22/07/2021 3,216.35 3223.150423 3237.036175 -13.8858 0.860325 46.24596
23/07/2021 3,212.85 3221.565742 3235.244607 -13.6789 0.839662 45.64219
26/07/2021 3,197.55 3217.871013 3232.452414 -14.5814 0.754366 42.99936
27/07/2021 3,182.95 3212.498549 3228.785568 -16.287 0.68306 40.58442
28/07/2021 3,197.80 3210.237234 3226.490341 -16.2531 0.786599 44.02773
29/07/2021 3,195.80 3208.016121 3224.216982 -16.2009 0.774961 43.66074
30/07/2021 3,167.45 3201.775179 3220.012021 -18.2368 0.632181 38.7323
02/08/2021 3,219.40 3204.48669 3219.966686 -15.48 0.995765 49.8939

27
03/08/2021 3,284.90 3216.857969 3224.776561 -7.91859 1.489444 59.83039
04/08/2021 3,273.95 3225.641358 3228.419038 -2.77768 1.367868 57.76792
05/08/2021 3,283.95 3234.611918 3232.532443 2.079476 1.448146 59.15276
06/08/2021 3,309.80 3246.179316 3238.255965 7.92335 1.671625 62.5696
09/08/2021 3,322.70 3257.951729 3244.511079 13.44065 1.791728 64.17989
10/08/2021 3,333.90 3269.636078 3251.132481 18.5036 1.904024 65.56502
11/08/2021 3,344.20 3281.107451 3258.026371 23.08108 2.01524 66.83515
12/08/2021 3,351.75 3291.975535 3264.968862 27.00667 2.103034 67.77348
13/08/2021 3,463.40 3318.34853 3279.667465 38.68106 3.501203 77.78372
16/08/2021 3,472.95 3342.133371 3293.98469 48.14868 3.629995 78.40171
17/08/2021 3,553.05 3374.582083 3313.174713 61.40737 4.793325 82.73876
18/08/2021 3,560.55 3403.192532 3331.498808 71.69372 4.91063 83.08133
20/08/2021 3,559.50 3427.239835 3348.387785 78.85205 4.82529 82.83347
23/08/2021 3,637.40 3459.572168 3369.796097 89.77607 6.213797 86.13767
24/08/2021 3,613.20 3483.207219 3387.826016 95.3812 4.24287 80.92648
25/08/2021 3,659.00 3510.252262 3407.912978 102.3393 4.88934 83.02017
26/08/2021 3,671.85 3535.113453 3427.463868 107.6496 5.084671 83.56526
27/08/2021 3,720.15 3563.580614 3449.144323 114.4363 5.875348 85.45528
30/08/2021 3,701.30 3584.768212 3467.822521 116.9457 4.409884 81.51531
31/08/2021 3,786.45 3615.796179 3491.424556 124.3716 5.623271 84.90172
01/09/2021 3,714.95 3631.050613 3507.981997 123.0686 2.681259 72.83538
02/09/2021 3,836.75 3662.696673 3532.335182 130.3615 3.641061 78.4532
03/09/2021 3,842.05 3690.289492 3555.27702 135.0125 3.686038 78.66001
06/09/2021 3,852.00 3715.168032 3577.2565 137.9115 3.776972 79.06624
07/09/2021 3,815.90 3730.665258 3594.933797 135.7315 2.786816 73.59259
08/09/2021 3,774.15 3737.355218 3608.209071 129.1461 2.100866 67.75095
09/09/2021 3,791.40 3745.6698 3621.778769 123.891 2.210388 68.85112
13/09/2021 3,845.35 3761.005215 3638.339601 122.6656 2.579271 72.06135
14/09/2021 3,885.90 3780.219798 3656.677409 123.5424 2.877859 74.21257
15/09/2021 3,954.55 3807.039829 3678.742045 128.2978 3.422245 77.38705
16/09/2021 3,903.30 3821.849086 3695.375968 126.4731 2.380414 70.41782
17/09/2021 3,827.85 3822.772303 3705.188859 117.5834 1.605508 61.61977
20/09/2021 3,823.50 3822.884257 3713.952647 108.9316 1.573701 61.14544
21/09/2021 3,862.95 3829.048217 3724.989488 104.0587 1.767193 63.86229
22/09/2021 3,862.15 3834.140799 3735.149526 98.99127 1.759756 63.76492
23/09/2021 3,869.25 3839.542215 3745.082894 94.45932 1.799974 64.28538
24/09/2021 3,871.30 3844.428028 3754.43231 89.99572 1.812479 64.44418
27/09/2021 3,836.95 3843.277562 3760.544731 82.73283 1.478781 59.65759
28/09/2021 3,779.15 3833.411783 3761.922899 71.48888 1.108838 52.58052
29/09/2021 3,791.90 3827.025355 3764.143425 62.88193 1.168267 53.88021
30/09/2021 3,775.55 3819.10607 3764.988357 54.11771 1.079658 51.91517
01/10/2021 3,730.20 3805.428213 3762.411441 43.01677 0.880234 46.81514

28
04/10/2021 3,773.30 3800.485411 3763.218001 37.26741 1.069284 51.6741
05/10/2021 3,833.30 3805.533809 3768.40926 37.12455 1.352706 57.49575
06/10/2021 3,810.90 3806.359377 3771.556723 34.80265 1.214332 54.83966
07/10/2021 3,892.90 3819.673319 3780.545114 39.12821 1.617606 61.79716
08/10/2021 3,935.65 3837.515885 3792.034364 45.48152 1.844022 64.83853
11/10/2021 3,685.60 3814.144211 3784.150337 29.99387 0.760043 43.18322
12/10/2021 3,652.85 3789.329717 3774.424386 14.90533 0.701851 41.24044
13/10/2021 3,655.20 3768.694376 3765.59295 3.101425 0.707767 41.44401
14/10/2021 3,611.45 3744.502933 3754.174954 -9.67202 0.632713 38.75226
18/10/2021 3,647.15 3729.525559 3746.24718 -16.7216 0.725901 42.05924
19/10/2021 3,634.15 3714.852396 3737.943685 -23.0913 0.700309 41.18715
20/10/2021 3,608.85 3698.544335 3728.38119 -29.8369 0.652123 39.47181
21/10/2021 3,532.50 3672.999053 3713.871472 -40.8724 0.532947 34.76616
22/10/2021 3,498.85 3646.206891 3697.943956 -51.7371 0.490409 32.90431
25/10/2021 3,492.95 3622.628908 3682.759218 -60.1303 0.483127 32.57491
26/10/2021 3,482.60 3601.085999 3667.932609 -66.8466 0.469946 31.97028
27/10/2021 3,489.75 3583.957384 3654.733898 -70.7765 0.490244 32.89689
28/10/2021 3,421.65 3558.987017 3637.468424 -78.4814 0.405763 28.86427
29/10/2021 3,397.75 3534.181322 3619.711503 -85.5302 0.380952 27.58619
01/11/2021 3,476.40 3525.291888 3609.095836 -83.8039 0.597654 37.40823
02/11/2021 3,484.20 3518.970059 3599.844293 -80.8742 0.620799 38.30202
03/11/2021 3,492.25 3514.859281 3591.874345 -77.0151 0.646522 39.26592
04/11/2021 3,508.65 3513.904007 3585.709579 -71.8056 0.702959 41.27867
08/11/2021 3,502.75 3512.188006 3579.564425 -67.3764 0.687917 40.75539
09/11/2021 3,505.70 3511.189851 3574.092986 -62.9031 0.699439 41.15705
10/11/2021 3,484.30 3507.052951 3567.441654 -60.3887 0.641681 39.08683
11/11/2021 3,488.20 3504.152497 3561.571902 -57.4194 0.657888 39.68229
12/11/2021 3,526.05 3507.521343 3558.94065 -51.4193 0.827276 45.27374
15/11/2021 3,553.30 3514.564214 3558.522824 -43.9586 0.958608 48.94333
16/11/2021 3,556.40 3521.000489 3558.365578 -37.3651 0.974698 49.35933
17/11/2021 3,521.90 3521.138875 3555.664424 -34.5255 0.817125 44.96802
18/11/2021 3,475.70 3514.148279 3549.741133 -35.5929 0.662638 39.85461
22/11/2021 3,458.40 3505.57162 3542.975123 -37.4035 0.615696 38.10717
23/11/2021 3,464.25 3499.214448 3537.143633 -37.9292 0.641493 39.07987
24/11/2021 3,443.30 3490.612225 3530.192252 -39.58 0.583445 36.84656
25/11/2021 3,445.90 3483.733421 3523.948382 -40.215 0.595539 37.32526
26/11/2021 3,446.85 3478.059049 3518.237391 -40.1783 0.600298 37.51164
29/11/2021 3,502.00 3481.742272 3517.034621 -35.2923 0.897817 47.30787
30/11/2021 3,529.15 3489.035769 3517.932056 -28.8963 1.05555 51.35122
01/12/2021 3,577.80 3502.691804 3522.366719 -19.6749 1.359933 57.62592
02/12/2021 3,642.90 3524.262296 3531.29511 -7.03281 1.798569 64.26745
03/12/2021 3,640.45 3542.137327 3539.380658 2.75667 1.767153 63.86177

29
06/12/2021 3,536.40 3541.254662 3539.159868 2.094794 0.982363 49.55516
07/12/2021 3,584.50 3547.907791 3542.518396 5.389394 1.203452 54.61667
08/12/2021 3,626.90 3560.060438 3548.768886 11.29155 1.413333 58.56352
09/12/2021 3,601.75 3566.474217 3552.693413 13.7808 1.246249 55.48134
10/12/2021 3,636.80 3577.293568 3558.92353 18.37004 1.423678 58.74039
13/12/2021 3,609.65 3582.271481 3562.681046 19.59043 1.240127 55.35967
14/12/2021 3,623.80 3588.660484 3567.208376 21.45211 1.31249 56.75657
15/12/2021 3,570.35 3585.843486 3567.441089 18.4024 1.014 50.34756
16/12/2021 3,581.60 3585.190642 3568.489897 16.70074 1.065549 51.58672
17/12/2021 3,584.35 3585.061313 3569.66472 15.39659 1.079119 51.90271
20/12/2021 3,556.90 3580.728803 3568.719185 12.00962 0.941742 48.49985
21/12/2021 3,608.30 3584.970526 3571.651097 13.31943 1.198457 54.51355
22/12/2021 3,630.75 3592.013522 3576.028794 15.98473 1.319207 56.88182
23/12/2021 3,662.70 3602.888364 3582.448883 20.43948 1.504274 60.06826
24/12/2021 3,670.90 3613.351693 3589.000818 24.35088 1.555425 60.86757
27/12/2021 3,696.10 3626.082202 3596.93409 29.14811 1.724713 63.29889
28/12/2021 3,706.55 3638.461863 3605.053787 33.40808 1.800314 64.28972
29/12/2021 3,694.70 3647.113884 3611.694248 35.41964 1.648151 62.2378
30/12/2021 3,733.75 3660.442517 3620.735414 39.7071 1.948101 66.07986
31/12/2021 3,738.35 3672.428284 3629.447606 42.98068 1.986153 66.5121
03/01/2022 3,817.75 3694.785471 3643.395931 51.38954 2.693478 72.92525
04/01/2022 3,884.75 3724.010783 3661.274011 62.73677 3.336251 76.93861
05/01/2022 3,860.95 3745.078355 3676.064825 69.01353 2.677801 72.80984
06/01/2022 3,807.45 3754.673993 3685.79706 68.87693 1.812046 64.4387
07/01/2022 3,853.50 3769.877994 3698.2195 71.65849 2.111739 67.86363
10/01/2022 3,879.85 3786.796764 3711.673611 75.12315 2.296416 69.66403
11/01/2022 3,915.90 3806.6588 3726.801492 79.85731 2.568513 71.97712
12/01/2022 3,859.90 3814.849754 3736.66064 78.18911 1.765074 63.8346
13/01/2022 3,897.90 3827.626715 3748.604297 79.02242 1.993661 66.59608
14/01/2022 3,968.15 3849.245682 3764.866941 84.37874 2.448752 71.00401
17/01/2022 4,019.15 3875.384808 3783.702723 91.68208 2.804553 73.7157
18/01/2022 3,990.60 3893.110222 3799.028448 94.08177 2.309224 69.78144
19/01/2022 3,914.65 3896.424034 3807.593007 88.83103 1.533366 60.52682
20/01/2022 3,826.55 3885.674183 3808.997229 76.67695 1.080056 51.92437
21/01/2022 3,833.50 3877.647385 3810.812249 66.83514 1.105172 52.49793
24/01/2022 3,771.35 3861.293941 3807.889119 53.40482 0.889924 47.08783
25/01/2022 3,769.90 3847.233335 3805.075111 42.15822 0.885591 46.96622
27/01/2022 3,649.25 3816.77436 3793.53251 23.24185 0.616553 38.13998
28/01/2022 3,690.05 3797.278305 3785.867139 11.41117 0.727189 42.10247
31/01/2022 3,736.25 3787.889335 3782.191795 5.69754 0.862106 46.29735
01/02/2022 3,800.65 3789.852514 3783.559069 6.293445 1.064637 51.56534
02/02/2022 3,856.20 3800.05982 3788.939879 11.11994 1.252775 55.6103

30
03/02/2022 3,824.60 3803.835232 3791.58137 12.25386 1.123307 52.90366
04/02/2022 3,814.90 3805.537504 3793.308676 12.22883 1.086199 52.06594
07/02/2022 3,779.00 3801.454811 3792.248774 9.206037 0.959822 48.97496
08/02/2022 3,743.45 3792.530994 3788.63405 3.896944 0.853877 46.05898
09/02/2022 3,760.55 3787.610841 3786.55375 1.057091 0.911055 47.67289
10/02/2022 3,770.35 3784.955327 3785.353472 -0.39814 0.946345 48.62164
11/02/2022 3,694.95 3771.108354 3778.656918 -7.54856 0.732238 42.27122
14/02/2022 3,733.75 3765.360915 3775.33048 -9.96957 0.857617 46.1676
15/02/2022 3,817.80 3773.428466 3778.47637 -5.0479 1.150111 53.49078
16/02/2022 3,813.10 3779.531779 3781.041084 -1.5093 1.130204 53.05613
17/02/2022 3,784.20 3780.249967 3781.275078 -1.02511 1.013981 50.34709
18/02/2022 3,793.90 3782.349972 3782.210257 0.139715 1.051151 51.24688
21/02/2022 3,719.40 3772.665361 3777.557645 -4.89228 0.803975 44.56685
22/02/2022 3,586.40 3744.009152 3763.39782 -19.3887 0.553669 35.63622
23/02/2022 3,563.80 3716.284667 3748.612796 -32.3281 0.523825 34.37566
24/02/2022 3,401.65 3667.879333 3722.911848 -55.0325 0.369806 26.99697
25/02/2022 3,520.75 3645.244051 3707.936896 -62.6928 0.602383 37.59296
28/02/2022 3,554.20 3631.237274 3696.548978 -65.3117 0.672729 40.21744
02/03/2022 3,546.15 3618.146924 3685.408313 -67.2614 0.660683 39.78383
03/03/2022 3,544.40 3606.801244 3674.963253 -68.162 0.657926 39.68366
04/03/2022 3,524.35 3594.116437 3663.806716 -69.6903 0.625699 38.48801
07/03/2022 3,484.90 3577.313908 3650.554366 -73.2405 0.566865 36.17829
08/03/2022 3,599.95 3580.796384 3646.805895 -66.0095 0.862183 46.29958
09/03/2022 3,632.60 3588.766171 3645.753606 -56.9874 0.952438 48.78197
10/03/2022 3,620.95 3593.717529 3643.916302 -50.1988 0.920513 47.93057
11/03/2022 3,599.15 3594.553294 3640.60028 -46.047 0.862269 46.30207
14/03/2022 3,643.00 3602.006633 3640.778037 -38.7714 0.999331 49.98327
15/03/2022 3,593.90 3600.759459 3637.30559 -36.5461 0.857591 46.16683
16/03/2022 3,655.90 3609.242619 3638.682953 -29.4403 1.050467 51.23063
17/03/2022 3,672.75 3619.012985 3641.206438 -22.1935 1.106918 52.53732
21/03/2022 3,626.70 3620.195603 3640.131887 -19.9363 0.949212 48.69721
22/03/2022 3,700.95 3632.619356 3644.636933 -12.0176 1.196604 54.47518
23/03/2022 3,712.40 3644.893302 3649.656419 -4.76312 1.237689 55.31103
24/03/2022 3,749.85 3661.040486 3657.078166 3.96232 1.382403 58.02557
25/03/2022 3,707.45 3668.180411 3660.809413 7.370998 1.175068 54.02442
28/03/2022 3,707.70 3674.260348 3664.28279 9.977558 1.17602 54.04454
29/03/2022 3,705.35 3679.043371 3667.324805 11.71857 1.164791 53.80616
30/03/2022 3,731.55 3687.121314 3672.082227 15.03909 1.279437 56.12952
31/03/2022 3,739.95 3695.248804 3677.10947 18.13933 1.319021 56.87836

31
 RSI CHART- TCS
26/04/2021
04/05/2021
12/05/2021
21/05/2021
31/05/2021
08/06/2021
16/06/2021
24/06/2021
02/07/2021
12/07/2021
20/07/2021
29/07/2021
06/08/2021
16/08/2021
25/08/2021
02/09/2021
13/09/2021
21/09/2021
29/09/2021
07/10/2021
18/10/2021
26/10/2021
03/11/2021
12/11/2021
23/11/2021
01/12/2021
09/12/2021
17/12/2021
27/12/2021
04/01/2022
12/01/2022
20/01/2022
31/01/2022
08/02/2022
16/02/2022
24/02/2022
07/03/2022
15/03/2022
14-day RSI is calculated for the stock which is typically recommended by Wilder and is
considered a good momentum indicator. It is calculated by using the formula RSI = {100- [100 /
(1+RS)]}. Traditionally, RSI value below means underbought regions and signals buying while
RSI greater than 70 means oversold region and signals selling. The RSI is calculated from 1st
April 2021 to 31st March 2021, the best time to buy recently was 24th February 2022 when the RSI
was below 30(27) and best time to sell the stock was 14th JANUARY 2022 when the RSI crossed
70th mark(71).
16-Apr-21
30-Apr-21
14-May-21
27-May-21
9-Jun-21
22-Jun-21
5-Jul-21
16-Jul-21
30-Jul-21
12-Aug-21
26-Aug-21
8-Sep-21
22-Sep-21
5-Oct-21
19-Oct-21
1-Nov-21
15-Nov-21
29-Nov-21
10-Dec-21
23-Dec-21
5-Jan-22
18-Jan-22
1-Feb-22
14-Feb-22
25-Feb-22
11-Mar-22
25-Mar-22

32
The graph above shows that the 12 Day EMA line crossed above 26 Day EMA line on 24th March
2022 which shows uptrend taking place. MACD is the difference between the 12 Day EMA and 26
Day EMA. The increasing positive MACD value shows price gaining momentum which signals
uptrend whereas the decreasing negative MACD value shows price losing momentum which will
showdowntrend taking place.

Technical Analysis using Candle Stick

Japanese Candle Stick is used to analyse the pattern of stock movement. In Japanese candlestick
charting method, price movement is indicated in form of candle which can be red or green. Red
candle shows bearish trend whereas green candle shows bullish trend. Each candle shows open
close , high and low price for the time frame taken. The size of the candle is known by its
magnitude of open and close, and the size of the shadow is known by high and close. In the above
Candle Stick Chart it is clear that Stock Price of TCS has increased. Uptrend is clearly visible from
the graph and also the price chart shows that the share price has been consistently increasing over
the years. Recently TCS had share buyback as a result of which the share price is rising. Investors
can benefit from this uptrend taking place.

WIPRO

Wipro is a leader in providing IT solutions and services for the corporate segment in India.
Profitable presence in niche market segments of consumer products and lighting. Azim Premji has
led Wipro since 1966.Wipro Limited is today $9.0 billion revenue IT, BPO and R&D Services
organization. Wipro is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services
Company globally.
It’s also the first company in the world to be certified in BS 7799 (2002) security standards. It has
about 175000+ employees, and serves clients in 175+ countries across the globe. Wipro is raked as
one of the top 100 Technology companies inthe world. Since, March 2020, the workforce of Wipro
has shifted to the work from home mode of functioning.

33
It deals in the sector of following products and services:
• Personal care
• Health care
• Lighting
• Furniture
• IT services
• Consulting
• Outsourcing
• Managed services

The subsidiary of Consumer & Infrastructure &

Wipro includes: IT, Institutional Ecological
BPO, R&D Products Engineering
Services and
Consulting Services
Wipro Technologies Wipro Consumer Wipro Infrastucture
Wipro Infotech Care & Lighting Engineering

FINANCIALS (QUARTERLY)

34
PRICE CHART:

35
TECHNICAL ANALYSIS:
Date Close 12 Day EMA 26 Day EMA MACD RS RSI
01/04/2021 416.4
05/04/2021 425.45
06/04/2021 427.15
07/04/2021 438
08/04/2021 442.1
09/04/2021 450.1
12/04/2021 432.6
13/04/2021 418.95
15/04/2021 430.7
16/04/2021 469.2
19/04/2021 472.75
20/04/2021 470.1 441.125
22/04/2021 486.65 448.1288462
23/04/2021 475.7 452.3705621
26/04/2021 480.3 456.6673987 2.427933 70.8279
27/04/2021 485.05 461.0339528 2.542243 71.7693
28/04/2021 489.3 465.3825754 2.652388 72.62066
29/04/2021 489.85 469.1467946 2.667739 72.73525
30/04/2021 492.75 472.778057 2.754904 73.36816
03/05/2021 487.35 475.0198943 2.345012 70.10474
04/05/2021 481.95 476.0860644 2.021159 66.90012
05/05/2021 490.6 478.3189776 2.259397 69.31948

36
06/05/2021 512.3 483.5468272 2.90303 74.37888
07/05/2021 515.25 488.4242384 2.997259 74.98285
10/05/2021 525.95 494.1974325 3.36533 77.09222
11/05/2021 518.4 497.9209044 470.1884615 27.73244 2.629797 72.45025
12/05/2021 507.6 499.409996 472.9596866 26.45031 1.967389 66.30034
14/05/2021 498.45 499.2623043 474.847858 24.41445 1.599739 61.5346
17/05/2021 499.8 499.3450268 476.6961648 22.64886 1.629431 61.96896
18/05/2021 508.05 500.6842534 479.0186711 21.66558 1.824841 64.59978
19/05/2021 511.65 502.3712913 481.4358066 20.93548 1.91667 65.71432
20/05/2021 508.25 503.2757081 483.4220431 19.85366 1.752947 63.67529
21/05/2021 512.7 504.7255991 485.5907807 19.13482 1.873347 65.19739
24/05/2021 514.9 506.2908916 487.761834 18.52906 1.93745 65.95687
25/05/2021 517.55 508.0230621 489.9683648 18.0547 2.020604 66.89404
26/05/2021 527.25 510.9810525 492.7299674 18.25109 2.348393 70.13493
27/05/2021 540.9 515.5839675 496.2981179 19.28585 2.845145 73.99318
28/05/2021 538.7 519.1402802 499.4389981 19.70128 2.619305 72.37039
31/05/2021 539.05 522.203314 502.3731464 19.83017 2.632905 72.47382
01/06/2021 542.8 525.372035 505.3677281 20.00431 2.789823 73.61354
02/06/2021 543 528.0840296 508.1553038 19.92873 2.798836 73.67615
03/06/2021 539.05 529.7711019 510.4437998 19.3273 2.348619 70.13694
04/06/2021 541.2 531.529394 512.7220369 18.80736 2.44291 70.9548
07/06/2021 548.25 534.1017949 515.3537379 18.74806 2.77588 73.51611
08/06/2021 550.6 536.6399803 517.9645721 18.67541 2.895408 74.32875
09/06/2021 544.2 537.8030602 519.9079371 17.89512 2.143853 68.1919
10/06/2021 554.25 540.3333587 522.4517936 17.88157 2.58281 72.08895
11/06/2021 554.3 542.4820727 524.81092 17.67115 2.585162 72.10726
14/06/2021 561.6 545.4232923 527.5360371 17.88726 2.954946 74.7152
15/06/2021 557.9 547.3427858 529.7852195 17.55757 2.458681 71.08724
16/06/2021 555.25 548.5592803 531.6714995 16.88778 2.176716 68.52095
17/06/2021 558.7 550.119391 533.6736107 16.44578 2.337503 70.03748
18/06/2021 549.8 550.0702539 534.868158 15.2021 1.615759 61.77018
21/06/2021 542.15 548.8517533 535.4075537 13.4442 1.256602 55.68559
22/06/2021 556.55 550.036099 536.9736609 13.06244 1.707205 63.06153
23/06/2021 540.15 548.5151607 537.2089453 11.30622 1.099534 52.37038
24/06/2021 549.05 548.5974436 538.0860604 10.51138 1.307558 56.66414
25/06/2021 547.5 548.4286062 538.7833893 9.645217 1.258458 55.72201
28/06/2021 547.4 548.2703591 539.4216567 8.848702 1.255184 55.65771
29/06/2021 542.6 547.3979961 539.6570896 7.740907 1.106363 52.5248
30/06/2021 545.65 547.1290736 540.1010089 7.028065 1.187496 54.28564
01/07/2021 539.35 545.9322931 540.0453786 5.886915 1.005945 50.14819
02/07/2021 538.6 544.804248 539.9383135 4.865934 0.986607 49.66292
05/07/2021 536.35 543.5035945 539.6725125 3.831082 0.928914 48.15736

37
06/07/2021 532.6 541.8261184 539.1486227 2.677496 0.840679 45.67222
07/07/2021 532.15 540.3374848 538.6302062 1.707279 0.830484 45.36965
08/07/2021 531 538.9009487 538.0650057 0.835943 0.803663 44.55727
09/07/2021 525.8 536.8854181 537.1564868 -0.27107 0.694449 40.98378
12/07/2021 525.85 535.1876615 536.3189692 -1.13131 0.695857 41.03275
13/07/2021 524.85 533.597252 535.469416 -1.87216 0.675386 40.31227
14/07/2021 561.7 537.9207517 537.4124222 0.50833 1.842799 64.8234
15/07/2021 575.9 543.763713 540.2633539 3.500359 2.327261 69.94525
16/07/2021 577.75 548.9923725 543.0401425 5.95223 2.395232 70.54693
19/07/2021 573.8 552.8089306 545.3186504 7.49028 2.071476 67.44237
20/07/2021 568.1 555.1614028 547.0061578 8.155245 1.711886 63.1253
22/07/2021 584.2 559.6288793 549.7612572 9.867622 2.239922 69.13506
23/07/2021 599.15 565.7090517 553.4196826 12.28937 2.767958 73.46042
26/07/2021 590.45 569.5153515 556.1626691 13.35268 2.079729 67.52961
27/07/2021 591.45 572.8899128 558.7765455 14.11337 2.110507 67.8509
28/07/2021 591.95 575.8222339 561.2338384 14.5884 2.12708 68.02128
29/07/2021 590.45 578.0726594 563.3979985 14.67466 2.018978 66.87621
30/07/2021 587.15 579.4691734 565.157406 14.31177 1.802003 64.31124
02/08/2021 592.25 581.4354544 567.1642648 14.27119 1.980866 66.4527
03/08/2021 599.4 584.1992306 569.5520971 14.64713 2.250913 69.23941
04/08/2021 596.8 586.1378105 571.5704603 14.56735 2.035638 67.058
05/08/2021 600.9 588.4089166 573.7430188 14.6659 2.198055 68.73099
06/08/2021 598 589.8844679 575.5398322 14.34464 1.956058 66.17116
09/08/2021 596.8 590.9483959 577.1146594 13.83374 1.864579 65.09086
10/08/2021 603.85 592.9332581 579.095055 13.8382 2.160469 68.35913
11/08/2021 601.25 594.2127568 580.7361621 13.47659 1.933277 65.90844
12/08/2021 605.85 596.0031019 582.5964464 13.40666 2.133639 68.08822
13/08/2021 615.5 599.0026247 585.0337466 13.96888 2.586296 72.11607
16/08/2021 614.05 601.3176055 587.1830987 14.13451 2.409784 70.67263
17/08/2021 634.9 606.4841278 590.717684 15.76644 3.466643 77.61182
18/08/2021 629.4 610.0096466 593.5830407 16.42661 2.666171 72.72358
20/08/2021 620.05 611.5543163 595.5435562 16.01076 1.873972 65.20495
23/08/2021 628.85 614.2151907 598.0107002 16.20449 2.175135 68.50528
24/08/2021 633.55 617.1897768 600.643241 16.54654 2.348357 70.13461
25/08/2021 631.65 619.4144265 602.9400379 16.47439 2.183681 68.58981
26/08/2021 628.95 620.8814378 604.8667018 16.01474 1.972049 66.35318
27/08/2021 634.95 623.045832 607.0950942 15.95074 2.203983 68.78884
30/08/2021 632.45 624.4926271 608.9732354 15.51939 1.99623 66.62472
31/08/2021 640.95 627.0245306 611.3418846 15.68265 2.341375 70.0722
01/09/2021 642.05 629.3361413 613.6165598 15.71958 2.389477 70.49692
02/09/2021 651.45 632.7382734 616.4190369 16.31924 2.832147 73.90497
03/09/2021 655.1 636.178539 619.2842934 16.89425 3.017258 75.1074

38
06/09/2021 686.45 643.9126099 624.2595309 19.65308 4.729478 82.5464
07/09/2021 674.25 648.5799007 627.9625287 20.61737 2.75358 73.35877
08/09/2021 662.2 650.6753006 630.4986376 20.17666 1.906398 65.59316
09/09/2021 662.35 652.4714082 632.8579978 19.61341 1.910523 65.64191
13/09/2021 670.75 655.2834993 635.6648128 19.61869 2.15926 68.34702
14/09/2021 673.45 658.0783455 638.4637155 19.61463 2.245361 69.18679
15/09/2021 674.05 660.5355231 641.0997366 19.43579 2.265967 69.3812
16/09/2021 667.85 661.6608273 643.0812376 18.57959 1.843296 64.82955
17/09/2021 665.25 662.2130077 644.7233682 17.48964 1.700082 62.96409
20/09/2021 662.5 662.2571604 646.0401557 16.217 1.561861 60.96587
21/09/2021 667.6 663.0791357 647.6371812 15.44195 1.724239 63.2925
22/09/2021 668.15 663.8592687 649.1566493 14.70262 1.743098 63.54486
23/09/2021 674.3 665.465535 651.0191197 14.44642 1.97019 66.33212
24/09/2021 676.5 667.163145 652.9065923 14.25655 2.057675 67.29541
27/09/2021 653.9 665.1226612 652.9801781 12.14248 1.04565 51.11577
28/09/2021 639.6 661.1960979 651.9890538 9.207044 0.783176 43.92028
29/09/2021 640.75 658.0505444 651.1565313 6.894013 0.804915 44.59573
30/09/2021 634.1 654.3658452 649.8930845 4.472761 0.708939 41.48415
01/10/2021 636.25 651.5787921 648.8824856 2.696306 0.750455 42.87199
04/10/2021 641.05 649.958978 648.3023015 1.656676 0.850271 45.95387
05/10/2021 646.85 649.4806737 648.1947236 1.28595 0.980161 49.49905
06/10/2021 635.75 647.3682623 647.2728923 0.09537 0.773178 43.6041
07/10/2021 642.95 646.6885297 646.952678 -0.26415 0.920691 47.93542
08/10/2021 661.15 648.9133713 648.0043315 0.90904 1.322255 56.9384
11/10/2021 652.8 649.5113141 648.3595662 1.151748 1.103345 52.45668
12/10/2021 659.1 650.9864966 649.1551539 1.831343 1.237865 55.31456
13/10/2021 672.6 654.3116509 650.8918092 3.419842 1.548298 60.75811
14/10/2021 708.25 662.6098585 655.140564 7.469294 2.431127 70.85506
18/10/2021 709.75 669.862188 659.1857074 10.67648 2.47113 71.19094
19/10/2021 711.55 676.2756975 663.0645439 13.21115 2.522827 71.6137
20/10/2021 701.95 680.2255902 665.9449481 14.28064 1.945241 66.04692
21/10/2021 696.3 682.6985763 668.1934704 14.50511 1.698741 62.94568
22/10/2021 682.4 682.6526415 669.245806 13.40684 1.271766 55.98138
25/10/2021 667.7 680.3522351 669.1313018 11.22093 0.98873 49.71667
26/10/2021 668.15 678.4749682 669.0586128 9.416355 0.996067 49.90149
27/10/2021 671.1 677.3403577 669.2098267 8.130531 1.047865 51.16865
28/10/2021 656.9 674.1956873 668.2979877 5.8977 0.82606 45.2373
29/10/2021 646.75 669.9732738 666.7018404 3.271433 0.710321 41.53143
01/11/2021 655.45 667.738924 665.8683708 1.870553 0.839653 45.64193
02/11/2021 653.8 665.5944742 664.9744174 0.620057 0.818044 44.99584
03/11/2021 652.5 663.5799397 664.0503865 -0.47045 0.800563 44.46182
04/11/2021 653.7 662.059949 663.2836912 -1.22374 0.821806 45.10942

39
08/11/2021 658.35 661.4891876 662.9182326 -1.42904 0.910456 47.65647
09/11/2021 658.45 661.0216203 662.5872524 -1.56563 0.912509 47.71266
10/11/2021 652.6 659.7259864 661.8474559 -2.12147 0.807999 44.69022
11/11/2021 641.8 656.9681423 660.3624592 -3.39432 0.658137 39.69135
12/11/2021 660.05 657.4422743 660.339314 -2.89704 0.99566 49.89127
15/11/2021 658.9 657.6665398 660.2326982 -2.56616 0.973366 49.32515
16/11/2021 661.45 658.2486106 660.3228687 -2.07426 1.026836 50.66202
17/11/2021 661.8 658.7949782 660.4322858 -1.63731 1.03474 50.85367
18/11/2021 651.45 657.6649815 659.7669313 -2.10195 0.826667 45.25548
22/11/2021 644.05 655.570369 658.6027142 -3.03235 0.715833 41.71928
23/11/2021 642.8 653.6056968 657.4321428 -3.82645 0.69879 41.13457
24/11/2021 636.5 650.9740512 655.8816137 -4.90756 0.618821 38.22666
25/11/2021 636.7 648.7780433 654.4607534 -5.68271 0.622734 38.3756
26/11/2021 621.45 644.5737289 652.0155124 -7.44178 0.471314 32.03355
29/11/2021 630.6 642.4239245 650.4291782 -8.00525 0.628428 38.5911
30/11/2021 637.25 641.6279361 649.4529427 -7.82501 0.751399 42.90279
01/12/2021 634.8 640.5774844 648.3675396 -7.79006 0.716444 41.74001
02/12/2021 646.8 641.5347945 648.2514255 -6.71663 0.961825 49.02706
03/12/2021 640.75 641.4140569 647.6957644 -6.28171 0.848747 45.90931
06/12/2021 624.5 638.8118943 645.9775596 -7.16567 0.633361 38.77656
07/12/2021 632.4 637.825449 644.9718145 -7.14637 0.766222 43.38198
08/12/2021 641.7 638.4215338 644.7294578 -6.30792 0.934659 48.31131
09/12/2021 643.2 639.1566824 644.6161647 -5.45948 0.963916 49.08133
10/12/2021 638.25 639.0171928 644.1445969 -5.1274 0.873132 46.61349
13/12/2021 645.4 639.9991632 644.2375897 -4.23843 1.019638 50.48618
14/12/2021 646.9 641.0608304 644.4348053 -3.37397 1.052738 51.28458
15/12/2021 636.4 640.3437795 643.8396345 -3.49585 0.842513 45.7263
16/12/2021 644.3 640.9524288 643.8737357 -2.92131 1.004316 50.10767
17/12/2021 670.8 645.5443629 645.8682738 -0.32391 1.588824 61.37242
20/12/2021 665.95 648.6836917 647.3558091 1.327883 1.424692 58.75765
21/12/2021 690.8 655.1631237 650.5738973 4.589226 1.994706 66.60774
22/12/2021 685.65 659.8534124 653.1721271 6.681285 1.769582 63.89347
23/12/2021 694.55 665.1913489 656.2371547 8.954194 1.979626 66.43874
24/12/2021 698.45 670.3080645 659.3640322 10.94403 2.078748 67.51926
27/12/2021 699.6 674.8145161 662.3444742 12.47004 2.110224 67.84798
28/12/2021 705.45 679.5276675 665.5374761 13.99019 2.282661 69.53691
29/12/2021 703.7 683.2464879 668.3643297 14.88216 2.162529 68.37974
30/12/2021 714.1 687.993182 671.7521572 16.24102 2.499349 71.42326
31/12/2021 715.35 692.2019233 674.981627 17.2203 2.542946 71.7749
03/01/2022 718.7 696.2785504 678.220025 18.05853 2.668774 72.74294
04/01/2022 721.5 700.1587735 681.4259491 18.73282 2.782034 73.5592
05/01/2022 713.5 702.2112698 683.8018047 18.40947 2.063071 67.35302

40
06/01/2022 705.75 702.7556899 685.427597 17.32809 1.62496 61.90418
07/01/2022 711.5 704.1009684 687.3588861 16.74208 1.794636 64.21717
10/01/2022 693.5 702.4700501 687.8137834 14.65627 1.141613 53.30622
11/01/2022 694.15 701.1900424 688.2831328 12.90691 1.155764 53.61273
12/01/2022 691.35 699.6761897 688.5103081 11.16588 1.084566 52.02839
13/01/2022 649.75 691.9952375 685.6391742 6.356063 0.546208 35.32563
14/01/2022 639.8 683.9652009 682.2436798 1.721521 0.484287 32.6276
17/01/2022 646.65 678.2244008 679.6071109 -1.38271 0.568335 36.23813
18/01/2022 633.3 671.3129545 676.1769546 -4.864 0.483113 32.57427
19/01/2022 621.15 663.5955769 672.1008839 -8.50531 0.421208 29.63735
20/01/2022 615.2 656.1501035 667.8860036 -11.7359 0.394546 28.29208
21/01/2022 605.05 648.2885491 663.2314848 -14.9429 0.353445 26.11446
24/01/2022 572.75 636.6672339 656.5291526 -19.8619 0.260459 20.66379
25/01/2022 562.7 625.2876594 649.578845 -24.2912 0.239358 19.31307
27/01/2022 544.75 612.8972503 641.8137454 -28.9165 0.207088 17.15603
28/01/2022 552.15 603.5515195 635.1719864 -31.6205 0.266943 21.06985
31/01/2022 572.6 598.7897473 630.5370245 -31.7473 0.445076 30.79948
01/02/2022 576.65 595.3836323 626.545393 -31.1618 0.483068 32.57219
02/02/2022 588 594.2476889 623.6901787 -29.4425 0.597729 37.41115
03/02/2022 578.25 591.786506 620.3242396 -28.5377 0.540406 35.08203
04/02/2022 571.75 588.7039666 616.7261478 -28.0222 0.505594 33.58104
07/02/2022 557 583.8264333 612.3019887 -28.4756 0.436828 30.40225
08/02/2022 560.25 580.1992897 608.4462858 -28.247 0.469102 31.9312
09/02/2022 568.95 578.4686297 605.520635 -27.052 0.562142 35.98532
10/02/2022 573.65 577.7273021 603.1598472 -25.4325 0.616271 38.12919
11/02/2022 561.45 575.2231018 600.0702289 -24.8471 0.535276 34.86514
14/02/2022 541.7 570.0657015 595.7465082 -25.6808 0.435493 30.33751
15/02/2022 563.35 569.0325166 593.3467669 -24.3143 0.65556 39.59749
16/02/2022 563.9 568.2428987 591.1655249 -22.9226 0.661581 39.81635
17/02/2022 564.9 567.7286066 589.2199305 -21.4913 0.67337 40.24034
18/02/2022 562.45 566.9165133 587.2369727 -20.3205 0.653057 39.50601
21/02/2022 570.8 567.5139728 586.0194191 -18.5054 0.763775 43.30344
22/02/2022 564.15 566.9964385 584.3994622 -17.403 0.697537 41.09113
23/02/2022 567.1 567.012371 583.1180205 -16.1056 0.738969 42.49465
24/02/2022 537.15 562.4181601 579.712982 -17.2948 0.508585 33.71274
25/02/2022 555.25 561.3153662 577.9009092 -16.5855 0.71149 41.57137
28/02/2022 555.8 560.4668484 576.2638048 -15.797 0.71813 41.79717
02/03/2022 555.2 559.656564 574.703523 -15.047 0.712571 41.60826
03/03/2022 569.55 561.1786311 574.3217805 -13.1431 0.911934 47.69693
04/03/2022 575.3 563.3511494 574.3942412 -11.0431 0.997963 49.94901
07/03/2022 571.85 564.6586649 574.2057789 -9.54711 0.945409 48.59693
08/03/2022 587.45 568.1650241 575.1868323 -7.02181 1.201844 54.58351

41
 09/03/2022 585.5 570.8319435 575.9507707 -5.11883 1.16174 53.74097
10/03/2022 588.25 573.5116445 576.8618247 -3.35018 1.212418 54.80058
11/03/2022 586.2 575.4636992 577.5535414 -2.08984 1.16502 53.81106
14/03/2022 598.15 578.9538993 579.079205 -0.12531 1.410435 58.51371
15/03/2022 587.7 580.2994533 579.7177824 0.581671 1.145654 53.39416
16/03/2022 598.25 583.0610758 581.0905393 1.970537 1.349759 57.44245
17/03/2022 601.2 585.8516795 582.580129 3.271551 1.411222 58.52725
21/03/2022 600 588.0283442 583.8704898 4.157854 1.374221 57.88092
22/03/2022 610.05 591.4162913 585.8097127 5.606579 1.610695 61.69603
23/03/2022 611.2 594.4599388 587.6904748 6.769464 1.639836 62.11886
24/03/2022 610.55 596.9353328 589.3837729 7.55156 1.611256 61.70425
25/03/2022 603.35 597.9222047 590.4183083 7.503896 1.333924 57.15371
28/03/2022 600.2 598.2726347 591.142878 7.129757 1.233863 55.2345
29/03/2022 602.5 598.9229986 591.9841463 6.938852 1.292847 56.38611
30/03/2022 600.8 599.2117681 592.6371725 6.574596 1.234869 55.25466
31/03/2022 591.9 598.0868807 592.5825671 5.504314 0.985658 49.63887

RSI-WIPRO
26/04/2021
07/05/2021
21/05/2021
03/06/2021
16/06/2021
29/06/2021
12/07/2021
26/07/2021
06/08/2021
20/08/2021
02/09/2021
16/09/2021
29/09/2021
12/10/2021
26/10/2021
09/11/2021
23/11/2021
06/12/2021
17/12/2021
30/12/2021
12/01/2022
25/01/2022
08/02/2022
21/02/2022
07/03/2022

14- day RSI is calculated for the stock which is typically recommended by Wilder and is
considered a good momentum indicator. It is calculated by using the formula RSI = {100- [100 /
(1+RS)]}. Traditionally, RSI value below means underbought regions and signals buying while
RSI greater than 70 means oversold region and signals selling. The RSI is calculated from 1st
April 2021 to 31st March 2021, the best time to buy recently was between 17th January 2022 to 31st
January when the RSI entered into oversold region and best time to sell the stock was 4th
JANUARY 2022 when the RSI was above 70(73.56).

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 16-Apr-21
30-Apr-21
14-May-21
27-May-21
9-Jun-21
22-Jun-21
5-Jul-21
16-Jul-21
30-Jul-21
12-Aug-21
26-Aug-21
8-Sep-21
22-Sep-21
5-Oct-21
19-Oct-21
1-Nov-21
15-Nov-21
29-Nov-21
10-Dec-21
23-Dec-21
5-Jan-22
18-Jan-22
1-Feb-22
14-Feb-22
25-Feb-22
11-Mar-22
25-Mar-22
The graph above shows that the 12 Day EMA line crossed above 26 Day EMA line on 15th March
2022 which shows uptrend taking place. MACD is the difference between the 12 Day EMA and 26
Day EMA. The increasing positive MACD value shows price gaining momentum which signals
uptrend whereas the decreasing negative MACD value shows price losing momentum which will
showdowntrend taking place.

Technical Analysis using Candle Stick

43
Japanese Candle Stick is used to analyse the pattern of stock movement. In Japanese candlestick
charting method, price movement is indicated in form of candle which can be red or green. Red
candle shows bearish trend whereas green candle shows bullish trend. Each candle shows open,
close, high and low price for the time frame taken. The size of the candle is known by its magnitude
of openand close, and the size of the shadow is known by high and close. In the above Candle Stick
Chart it is clear that Stock Price of WIPRO has increased. Uptrend is clearly visible from the graph
and also the price chart shows that the share price has been consistently increasing over the years.
Currently, share is trading at the dip so the investors might consider buying the stock.

44
FINDINGS AND CONCLUSION
• In case of RSI of Infosys Scrip, the best time to buy was 25th January 2022 when the RSI
was below 30(29.16) and best time to sell the stock was between 11th JUNE TO 5TH JULY
when the RSI was above 70.
• In case of RSI of TCS, the best time to buy recently was 24th February 2022 when the
RSI was below 30(27) and best time to sell the stock was 14th JANUARY 2022 when
the RSI crossed 70th mark(71).
• In case of RSI of Wipro, the best time to buy recently was between 17th January 2022 to
31st January when the RSI entered into oversold region and best time to sell the stock
was 4th JANUARY 2022 when the RSI wasabove 70(73.56).
• The 12 DAY EMA seems to cross the 26 DAY EMA from above in the month of
MARCH 2022 for all the three companies taken for analysis.
• In Japanese Candle Stick Chart of all the three companies the stock price has been
increased. It indicates that the investors are becoming more bullish than bearish.
• Fundamentally, financial performance of these companies in respect of sales and profit
is good. If an investor opts for long term investment then he will earn huge amount of
return. Long term Investment is known to be less risky. This study may not provide any
guidelines to Speculators. It isuseful to Long Term Investors.
• Indian Economy is consistently achieving a tremendous growth in thissector, despite
the Covid-19 outbreak.

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