The document is a term paper analyzing the technical performance of Dr. Reddy's Laboratories, an emerging global pharmaceutical company with businesses in pharmaceutical services, generics, and proprietary products. It provides an overview of Dr. Reddy's capabilities, infrastructure, manufacturing expertise, partnerships, and board of directors. The paper also analyzes the company's financial performance from August 1-15, 2008 based on its daily stock prices.

1. TERM PAPER
ON
TECHNICAL ANALYSIS OF DR. REDDY’S LABS
Submitted To: Submitted By:
Mr. Amarjit Saini Bhavna Agrawal
RS1902B30
10900715
INTRODUCTION

2. Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global
pharmaceutical company.
As a fully integrated pharmaceutical company, our purpose is to provide affordable and
innovative medicines through our three core businesses:
• Pharmaceutical Services and Active Ingredients, comprising our Active Pharmaceuticals
and Custom Pharmaceuticals businesses;
• Global Generics, which includes branded and unbranded generics; and
• Proprietary Products, which includes New Chemical Entities (NCEs), Differentiated
Formulations, and Generic Biopharmaceuticals.
Our products are marketed globally, with a focus on India, US, Europe and Russia. Dr. Reddy’s
conducts NCE research in the areas of metabolic disorders, cardiovascular indications, anti-
infective and inflammation.
Our strong portfolio of businesses, geographies and products gives us an edge in an increasingly
competitive global market and allows us to provide affordable medication to people across the
world, regardless of geographic and socio-economic barriers.
PURPOSE
We are committed to providing Affordable and Innovative medicines for healthier lives.
Affordability
The high cost of many medicines puts them out of the reach of millions of people who
desperately need them. As a global pharmaceutical company, we take very seriously our
responsibility to help alleviate the burden of disease on individuals and on the world. Through
our Global Generics business, we provide high quality, lower-cost alternatives to innovator
drugs. Our wide range of generic medicines bring hope and health to people around the globe.
Innovation
Despite the great advances of medical science, there are still far too many diseases for which
there are no cures or no satisfactory treatments. We believe that innovation – in research,
processes and technologies – holds the key to finding solutions for unmet or inadequately met
medical needs. Our Proprietary Products business is dedicated to discovering new or better
treatments than currently exist. In addition, our Custom Pharmaceutical Services business works
with Innovator companies and emerging biotech firms to accelerate the development of new
molecules, while lowering research costs.
BUSINESSES:

3. Humanity’s health needs are greater than any one company’s ability to solve them; yet we can
work with others to bring new drugs quickly to the market and provide the building blocks of
affordable medicines. Through our PSAI business, which comprises the Active Pharmaceutical
Ingredients (API) and Custom Pharmaceutical Services (CPS) businesses, we offer IP
advantaged, speedy product development and cost-effective manufacturing services to our
customers – generic companies and innovators. This allows us to help make good medicines
available to more people around the world. The core strengths of our PSAI business are the state-
of-the-art infrastructure, resources and skills we are able to offer to our customers:
• Large and diverse product portfolio
• Eight FDA-inspected plants and three technology centers
• World class chemistry expertise
• Robust, large-scale manufacturing capabilities
• Intellectual Property (IP) driven product development for freedom to operate
• Total, seamless supply chain management
CAPABILITIES
Deep Manufacturing Expertise
They have 16 world-class manufacturing facilities of which 9 have a long history of regular USFDA
inspections. With an annual capacity of nine billion tablets/ capsules a year, dedicated to servicing the
more regulated markets, one of our finished dosages facilities is among the largest in Asia. Our facilities
are designed to respond to a wide range of technologies - oral solids, injectibles, topicals, inhalers,
cytotoxic, hormonals and other dosage forms.
Likewise our API facilities offer lean manufacturing, adhere to stringent regulatory guidelines and
continually drive cost competitiveness. Such manufacturing capabilities and our inherent expertise to
navigate intellectual property road blocks make us a preferred partner for some of the world’s leading
pharmaceutical companies.
Globally Synchronized Supply Chain
They put the needs of our partners and customers first. Our globally synchronized supply chain and a
comprehensive Information technology platform help us assure customers of timely delivery and superior
inventory turns. The uninterrupted success of our customers’ business is our promise.
Regulatory Performance

4. Over the years we have built an expertise in understanding the regulatory frameworks of the various
countries in which we operate. This has given us a distinctive edge, for ourselves and our customers. We
have built a successful track record of timely and extensive approvals. As an example, we are among the
leaders in terms of DMFs and ANDAs in the US itself, with more than half of these being Para IV
possibilities.
Quality & Product Responsibility
At Dr Reddy’s, we strictly follow quality control and quality assurance systems as specified by regulatory
requirements in each of the geographies in which we operate. For us, product responsibility extends
through the life cycle of the product -- from product development to manufacture to product release to
post-launch. We comply with the internationally accepted International Conference on Harmonization
(ICH) guidelines in product development and we have independent quality control and quality assurance
teams to ensure multi-stage quality compliance.
Board of Directors
Dr. Reddy’s Board of Directors comprises eminent individuals from diverse fields. The Board
acts with autonomy and independence in exercising strategic supervision, discharging its
fiduciary responsibilities, and in ensuring that the management observes the highest standards of
ethics, transparency and disclosure.
Our directors are experts in the diverse fields of medicine, chemistry and medical research
human resource development, business strategy, finance, and economics. They review all
significant business decisions, including strategic and regulatory matters. Every member of the
Board, including the non-executive directors, has full access to any information related to our
company.
Committees appointed by the Board focus on specific areas, take decisions within the authority
delegated to them and make specific recommendations to the Board on matters in their areas or
purview.
WHOLE-TIME DIRECTORS

5. Dr. K. Anji Reddy, Chairman
G V Prasad , Vice Chairman and Chief Executive Officer
Satish Reddy , Managing Director & Chief Operating Officer
Dr. Omkar Goswami
Ravi Bhoothalingam.
Dr. Bruce LA Carter.
Anupam Puri.
Ms.Kalpana Morparia.
J.P. Moreau.
Dr. Ashok Ganguly.
ALLIANCES AND PARTNERSHIPS
Our Partnering Philosophy
At the core of each successful partnership is a great relationship based on trust and mutual
respect. As we work towards fulfilling our core purpose we share your aspirations. We recognize
and embrace the fact that our partners are a core component of this strategy.
We understand that partnerships are successful when benefits accrue to both parties. They are
built on a shared vision with well-defined and agreed-upon goals. We also know that that the
partners’ thinking and interests may not always be identical, but that we share the same goal—a
successful product.
Our shared partnership successes are at the very heart of our business. From our first meeting
through product launch and beyond, we stand behind our belief in true partnership thereby
combining our strengths and sharing our successes. Dr. Reddy's firmly believes that the right
alliances can contribute significantly to the success of our partners as well as to our own strategy
and sustainable growth.
INFRASTUCTURE

6. Manufacturing Bandwidth and R&D Capabilities
Pharma Services & Active Ingredients
• 6 FDA-inspected plants in INDIA
• 1 Cytotoxic facility
• 1 FDA-inspected plant in Mexico
• 1 FDA-inspected plant in Mirfield, UK
• 3 Technology development centers
(2 in Hyderabad, INDIA; 1 in Cambridge, UK).
Product Development
• Integrated Product development Capabilities that includes API development,
Formulations development and analytical development skills.
• One Integrated Product development facility in Hyderabad, INDIA.
Global Generics
• 6 Formulation plants in INDIA (1 USFDA inspected)
• 1 USFDA inspected plant in USA.
New Chemical Entities
• Conducts research in the areas of metabolic disorders, cardiovascular indications
and Cancer.
Biologics
• Biologics development center
• GMP production
• E coli and mammalian cell platforms.

7. ACTIVE PHARMA INGREDIANTS
Dr. Reddy's offers an unparalleled portfolio to our customers, who
include innovators and generic formulators worldwide. With a strong product portfolio of more
than 140 products, including niches like oncology and hormones, and our “first in, last out”
approach, it is little wonder we are today the third ranked API player globally. Our goal is
always to enable our customers to be the first to launch a generic product and to provide value
added services to help them remain competitive and profitable for the entire life cycle of the
product. We have built the capabilities to consistently deliver on this promise in scale and
across the largest product range.
• A highly skilled global team focuses on timely delivery of products, product
development, technology leadership, cost competitiveness, the highest levels of
customer service, and full compliance with regulatory and quality requirements.
• Our expertise in organic synthesis and process development complemented by a
controlled supply chain enables us to provide our customers with high quality Bulk
Actives at competitive prices. We are aggressively building our product portfolio to cater
to generic players in the emerging markets and generic and patent challenge formulators
in regulated markets.
• Our operations capabilities are among our core strengths, with six USFDA approved
plants in India, one in Mexico and our latest addition, a USFDA inspected plant in
Mirfield, UK, having a total capacity of 3300KL.
• Our API business is supported by our technologically advanced Product Development
infrastructure, which identifies new products and is engaged every step of the way, from
the conceptual stage to delivery of drugs to the market place. The Product Delivery
Teams, the Centres of Excellence and IP teams help create value through Intellectual
Property and proactive patenting; early development work on certain promising
molecules; breakthrough product delivery; and by delivering cost leadership in API.
PRODUCT DEVEOLPMENT
Regulatory:
Dr. Reddy's is committed to the manufacture of premium quality products in compliance with all
regulatory requirements and customer expectations. We operate in accordance with cGMP
requirements and the USFDA and ICH guidelines & regulations. All our manufacturing facilities
are successfully inspected for several products by the USFDA and various other Agencies.
They are aided by a Best-in-Class Regulatory Affairs Team and we
support our customers with DMFs for their dosage form approvals / ANDA filings. We have
filed several DMFs in US, Canada (PMFs), Europe, Turkey, Korea, CIS and many more in other

8. parts of the world. Some of our products have also recieved the Certificate of Suitability (COS)
from European Pharmacopoeia
Its Customer support on Technical and Regulatory queries with
constant focus on responsiveness, reliability, customization, and confidentiality set us apart from
others. Continuous adaptation to the latest developments in global regulatory procedures and
active partnership with Pharmacopoeial bodies give us cutting edge in this area.
Intellectual Property:
Competent and well equipped Intellectual Property Management Cell of Dr. Reddy’s facilitates
the creation of intellectual wealth by navigating the Research and Development work and
honoring others intellectual property. A team of well qualified IP experts comprising specialists
from diverse fields of science are involved in evaluating techno-legal and techno-commercial
aspects of the products, strategic product development, competitive IP generation and patenting,
leveraging the intellectual property across the globe. This is a continuous process aimed at
providing generic medicines at affordable prices to the mankind. IPM cell in Dr Reddy's also
facilitates P-IV challenges leading to early generic launch of the products in the US market.
MANUFACTURING
Dr. Reddy's bulk manufacturing operations are spread across six units in Andhra Pradesh, India,
a state-of-the-art facility in Mexico and a manufacturing site based in Mirfield, UK. These
facilities have been built and are operated in accordance with the latest regulatory guidelines on
cGMP. Our facilities have been inspected by the USFDA and numerous other international
regulatory agencies for all major products.
GLOBAL GENERICS
Branded Generics
Our Branded Generics portfolio offers over 200 products in the major therapeutic areas of gastro-
intestinal, cardiovascular, pain management, oncology, anti-infectives, paediatrics and
dermatology. Brands like Omez, Ciprolet, Nise, Enam, Ketorol, Exifine and Cetrine enjoy
leadership positions in several key markets, including India, Romania, Venezuela, Russia & the
CIS countries.
Our 2,000 plus representatives, armed with technology enabled devices and
supported by a well integrated back-end service deliver value to our customers on every call.
Deep customer relationships, quality medicines and consistently delivered promise make us a
trusted brand across the world.

9. Unbranded Generics
In the unbranded generics space, we have capitalized on every opportunity to bring our high-
quality products to more people around the world. A synchronized supply chain that leverages
our strong product development capabilities, state-of-the-art manufacturing and vertical
integration with our own APIs has created a creditable track record of successful “Day 1”
launches, with significant market shares in all our key markets. Our transparent and strong
relationships with pharmacy chains, insurance funds and other distributor networks help us
deliver upon our promise to customers and patients globally.
Our generics offerings deliver quality at cost-effective prices in the highly
regulated markets of the United States, UK and Germany. In the US, we rank among the top 12
generic companies, with 34 product families being marketed and a large pipeline pending
approval. In the UK, we have more than 30 products in the market. Our acquisition of
betapharm, Germany's 5th largest generics company, further consolidated our presence in the
European Union (EU), with 145 products in the market.
DIFFERENTIATED FORMULATIONS
We are engaged in the discovery, development, and commercialization of novel small molecule
agents to address significant clinical unmet needs. We are also developing novel formulations of
approved products whose safety and efficacy profiles are well characterized. Although distinct,
both efforts seek to improve the care of patients suffering from serious diseases and impaired
quality of life. Our therapeutic areas of focus are bacterial infections, metabolic disorders, and
pain/inflammation.
Focus Therapeutic Areas
Bacterial infections:
The incidence of hospital acquired infections is growing as drug-resistant bacteria are becoming
more difficult to treat. There are significant challenges in adequately treating infections caused
by multi-drug resistant pathogens such as staphylococcus aureas, pseudomonas aeruginosa, and
acinetobacter baumannii. The resultant infections are often serious and life-threatening. We are
working to identify new approaches to treating these infections with products that have improved
efficacy and tolerability profiles.

10. Metabolic Disorders:
Cardiovascular Disease is one of the leading causes of death globally. Many patients suffering
from CVD are also afflicted with insulin resistance, type 2 diabetes, dyslipidemia, and obesity.
While there are several treatment options for a few of these conditions, a need persists for
effective and safe therapies that address insulin resistance, obesity, low HDL cholesterol and
atherosclerosis. We have several programs targeting one or more of these disease conditions.
Pain/Inflammation:
The prevalence of chronic and acute pain is growing steadily as our population ages and
diagnosis rates improve. Although there are a number of medications to treat chronic and acute
pain, new treatments that are both safe and tolerable remain essential. We are developing
products with improved efficacy and side effect profiles in several areas of acute and chronic
pain.

11. (Amount in 30 days No.
100) moving of
Date Open High Low Close average Oscillators (gain/loss) Runs

12. 8/1/2008 13.79 13.86 13.47 13.75 -0.22 1
8/4/2008 13.62 13.84 13.41 13.53 0.29
8/5/2008 13.85 13.95 13.6 13.82 0.18
8/6/2008 13.87 14.02 13.77 14 0.32
8/7/2008 14.19 14.65 14.19 14.32 0.44
8/8/2008 14.61 15.03 14.48 14.76 0.03 2
8/11/2008 15 15.06 14.51 14.79 -0.35
8/12/2008 14.51 14.54 14.23 14.44 -0.28
8/13/2008 14.54 14.54 14.06 14.16 -0.17 3
8/14/2008 14.09 14.13 13.8 13.99 0.08 4
8/15/2008 14.16 14.16 13.81 14.07 -0.23
8/18/2008 13.92 13.99 13.7 13.84 -0.07
8/19/2008 13.66 13.79 13.6 13.77 -0.13 5
8/20/2008 13.77 13.86 13.5 13.64 0.09
8/21/2008 13.67 13.74 13.5 13.73 0.17 6
8/22/2008 13.6 14.03 13.55 13.9 -0.34
8/25/2008 13.74 13.74 13.35 13.56 -0.01 7
8/26/2008 13.4 13.98 13.37 13.55 0.09 8
8/27/2008 13.61 13.92 13.55 13.64 -0.2 9
8/28/2008 13.39 13.59 13.34 13.44 0.22
8/29/2008 13.44 13.79 13.43 13.66 0.02
9/2/2008 13.77 13.82 13.58 13.68 0 10
9/3/2008 13.51 13.79 13.4 13.68 -0.48
9/4/2008 13.7 13.7 13.1 13.2 -0.1 11
9/5/2008 13 13.15 12.9 13.1 0.12 12
9/8/2008 13.31 13.5 13.07 13.22 -0.57
9/9/2008 13.06 13.3 12.55 12.65 -0.22 13
9/10/2008 12.7 13.17 12.35 12.43 0.13 14
9/11/2008 12.29 12.64 12.18 12.56 -0.02
9/12/2008 12.5 12.79 12.5 12.54 13.64733333 -0.088 -0.38
9/15/2008 12.4 12.7 12.05 12.16 13.59433333 -0.1012565 -0.27
9/16/2008 11.72 11.97 11.5 11.89 13.53966667 -0.1396527 -0.52 15
9/17/2008 11.68 11.68 11.19 11.37 13.458 -0.1878571 0.29
9/18/2008 10.53 11.8 10.53 11.66 13.38 -0.1857542 0.02
9/19/2008 12 12 10.57 11.68 13.292 -0.2086721 0.03
9/22/2008 11.62 11.78 11.41 11.71 13.19033333 -0.2082488 0.26 16
9/23/2008 11.66 12.15 11.55 11.97 13.09633333 -0.1710526 -0.25 17
9/24/2008 11.95 11.99 11.57 11.72 13.00566667 -0.1723164 0.13 18
9/25/2008 11.68 11.99 11.59 11.85 12.92866667 -0.1529664 -0.36
9/26/2008 11.51 11.63 11.21 11.49 12.84533333 -0.1833689 -0.67 19
9/29/2008 11.22 11.27 10.76 10.82 12.737 -0.2182081 0.33
9/30/2008 11.25 11.25 10.99 11.15 12.64733333 -0.1902687 0.09 20
10/1/2008 11.3 11.42 10.88 11.24 12.563 -0.1759531 -0.23

13. 10/2/2008 11.22 11.33 10.86 11.01 12.47533333 -0.1981063 -0.21
10/3/2008 11.3 11.55 10.8 10.8 12.37766667 -0.2230216 -0.96
10/6/2008 9.87 10.5 9.48 9.84 12.24233333 -0.2743363 -0.48
10/7/2008 9.6 9.97 9.32 9.36 12.10233333 -0.3092251 -0.1
10/8/2008 8.97 9.72 8.85 9.26 11.95933333 -0.3211144 -0.47
10/9/2008 9.25 9.41 8.32 8.79 11.79766667 -0.3459821 -0.29 21
10/10/2008 7.97 8.56 7.7 8.5 11.633 -0.3777452 0.61
10/13/2008 8.5 9.11 8.5 9.11 11.48133333 -0.3340643 0.39 22
10/14/2008 8.56 9.78 8.56 9.5 11.342 -0.3055556 -1.28 23
10/15/2008 8.71 9.13 8.2 8.22 11.16 -0.3772727 1.01 24
10/16/2008 8.55 9.28 8.53 9.23 11.02766667 -0.2954198 -0.45 25
10/17/2008 8.88 9.04 8.75 8.78 10.88366667 -0.3358548 0.96
10/20/2008 9.25 9.74 9.19 9.74 10.76766667 -0.2300395 0.07 26
10/21/2008 10.09 10.3 9.66 9.81 10.673 -0.2107804 -0.9
10/22/2008 9.2 9.34 8.82 8.91 10.55566667 -0.2906051 -0.02
10/23/2008 8.66 9.18 8.57 8.89 10.43333333 -0.2910686 -0.57
10/24/2008 8.2 8.55 8.05 8.32 10.29266667 -0.3157895 -0.38 27
10/27/2008 8.1 8.34 7.85 7.94 10.152 -0.3322119 0.72 28
10/28/2008 8.2 8.71 7.9 8.66 10.04433333 -0.2383465 -0.32 29
10/29/2008 8.5 8.69 8.12 8.34 9.943333333 -0.2847341 0.41 30
10/30/2008 8.72 8.79 8.54 8.75 9.846333333 -0.2508562 -0.29 31
10/31/2008 8.64 8.74 8.41 8.46 9.739 -0.2775406 0.08
11/3/2008 8.38 8.73 8.23 8.54 9.633333333 -0.2865497 0.21 32
11/4/2008 8.84 8.84 8.55 8.75 9.526 -0.253413 -0.36
11/5/2008 8.93 8.93 8.37 8.39 9.415 -0.2919831 -0.09 33
11/6/2008 8.16 8.74 8.16 8.3 9.296666667 -0.2776327 0.3
11/7/2008 8.35 8.64 8.29 8.6 9.200333333 -0.2051756 0.04 34
11/10/2008 8.6 8.85 8.57 8.64 9.127666667 -0.2251121 -0.1
11/11/2008 8.79 8.8 8.54 8.54 9.040666667 -0.2402135 -0.42 35
11/12/2008 8.39 8.42 8.06 8.12 8.936666667 -0.2624886 0.24 36
11/13/2008 8.2 8.4 8.03 8.36 8.848333333 -0.2259259 -0.26
11/14/2008 7.78 8.47 7.77 8.1 8.758333333 -0.1768293 -0.05 37
11/17/2008 8.03 8.25 7.92 8.05 8.698666667 -0.1399573 0.32 38
11/18/2008 7.92 8.45 7.92 8.37 8.665666667 -0.0961123 -0.56
11/19/2008 8.3 8.54 7.75 7.81 8.617333333 -0.1114903 -0.28 39
11/20/2008 7.75 8 7.45 7.53 8.575333333 -0.1141176 0.79
11/21/2008 7.85 8.33 7.71 8.32 8.569333333 -0.0867179 0.07
11/24/2008 8.42 8.54 8.08 8.39 8.545333333 -0.1168421 0.1
11/25/2008 8.6 8.6 8.27 8.49 8.511666667 0.03284672 0.41 40
11/26/2008 8.39 9.18 8.39 8.9 8.534333333 -0.035753 -0.03
11/28/2008 8.76 8.89 8.54 8.87 8.522333333 0.01025057 -0.17 41
12/1/2008 8.88 8.98 8.64 8.7 8.519666667 -0.1067762 0.45 42
12/2/2008 9.19 9.27 9 9.15 8.5 -0.0672783 -0.06 43

14. 12/3/2008 9.13 9.57 9 9.09 8.476 0.02020202 0.25
12/4/2008 9.22 9.54 9.01 9.34 8.490333333 0.05061867 0.31
12/5/2008 9.2 9.85 9.2 9.65 8.515666667 0.15985577 0.04
12/8/2008 9.54 9.99 9.54 9.69 8.561333333 0.22040302 0.23 44
12/9/2008 9.65 10.07 9.57 9.92 8.627333333 0.14549654 -0.07
12/10/2008 9.82 10.07 9.76 9.85 8.667 0.18105516 -0.45 45
12/11/2008 9.58 9.75 9.33 9.4 8.702333333 0.07428571 0.18 46
12/12/2008 8.88 9.71 8.88 9.58 8.73 0.13238771 -0.2 47
12/15/2008 8.96 9.54 8.96 9.38 8.760666667 0.09836066 0.38 48
12/16/2008 9.64 10.16 9.42 9.76 8.801333333 0.11542857 -0.22 49
12/17/2008 9.68 9.89 9.45 9.54 8.827666667 0.13706794 0.1
12/18/2008 9.77 10.1 9.47 9.64 8.869333333 0.16144578 0.64 50
12/19/2008 9.8 10.31 9.8 10.28 8.935333333 0.19534884 -0.6 51
12/22/2008 9.97 10.13 9.53 9.68 8.971333333 0.12037037 0.08 52
12/23/2008 9.88 9.95 9.65 9.76 9.008666667 0.14285714 -0.08
12/24/2008 9.87 9.87 9.52 9.68 9.046666667 0.19211823 -0.12 53
12/26/2008 9.71 9.71 9.38 9.56 9.094666667 0.14354067 0.06
12/29/2008 9.5 9.7 9.35 9.62 9.136666667 0.18765432 0.19 54
12/30/2008 9.53 9.87 9.52 9.81 9.193666667 0.21863354 -0.01 55
12/31/2008 9.46 9.87 9.46 9.8 9.252 0.17084827 0.41 56
1/2/2009 9.7 10.21 9.61 10.21 9.313333333 0.30729834 -0.38 57
1/5/2009 10.03 10.29 9.78 9.83 9.380666667 0.30544489 0.42 58
1/6/2009 9.92 10.34 9.92 10.25 9.471333333 0.23197115 -0.74 59
1/7/2009 9.84 9.84 9.4 9.51 9.511 0.13349225 0.07
1/8/2009 9.5 9.76 9.28 9.58 9.550666667 0.12838634 0.05
1/9/2009 9.21 9.91 9.21 9.63 9.588666667 0.08202247 0.08 60
1/12/2009 9.74 9.79 9.56 9.71 9.615666667 0.09470124 -0.11 61
1/13/2009 9.62 9.84 9.45 9.6 9.64 0.10344828 0.34 62
1/14/2009 9.68 9.96 9.56 9.94 9.681333333 0.0863388 -0.19 63
1/15/2009 9.47 9.76 9.13 9.75 9.701333333 0.07260726 0.02 64
1/16/2009 9.61 9.77 9.49 9.77 9.724 0.04603854 -0.59 65
1/20/2009 10 10 9.11 9.18 9.718666667 -0.0487047 0.07 66
1/21/2009 9.48 9.56 9 9.25 9.705333333 -0.0454076 -0.69 67
1/22/2009 8.89 9.06 8.41 8.56 9.667666667 -0.1370968 0.26 68
1/23/2009 9 9.37 8.38 8.82 9.631 -0.1045685 -0.15 69
1/26/2009 8.98 8.98 8.6 8.67 9.591666667 -0.0776596 0.27
1/27/2009 8.77 8.98 8.77 8.94 9.576333333 -0.0668058 0.18 70
1/28/2009 8.97 9.13 8.84 9.12 9.561 -0.0277186 -0.2 71
1/29/2009 9 9 8.83 8.92 9.545666667 -0.0860656 0.13 72
1/30/2009 8.96 9.11 8.82 9.05 9.522 -0.0513627 -0.05
2/2/2009 8.95 9.08 8.83 9 9.504 -0.06639 -0.17 73
2/3/2009 8.7 8.94 8.7 8.83 9.477 -0.1410506 0.19
2/4/2009 8.9 9.24 8.89 9.02 9.435 -0.0681818 0.25

15. 2/5/2009 9.2 9.4 9.19 9.27 9.421333333 -0.0502049 0.27
2/6/2009 9.19 9.54 9.19 9.54 9.414 -0.0144628 0.03 74
2/9/2009 9.54 9.64 9.3 9.57 9.410333333 0.00104603 -0.36
2/10/2009 9.57 9.57 9.12 9.21 9.398666667 -0.0426195 -0.1 75
2/11/2009 9.33 9.33 9.04 9.11 9.381666667 -0.0713558 0.2 76
2/12/2009 9.09 9.31 8.88 9.31 9.365 -0.05 -0.36
2/13/2009 9.12 9.12 8.91 8.95 9.336666667 -0.1234084 -0.34 77
2/17/2009 8.58 8.75 8.58 8.61 9.283333333 -0.1241099 0.24 78
2/18/2009 8.58 8.93 8.58 8.85 9.250666667 -0.1365854 -0.19
2/19/2009 8.69 8.76 8.6 8.66 9.197666667 -0.0893796 -0.18 79
2/20/2009 8.6 8.84 8.43 8.48 9.163333333 -0.1148225 0.1 80
2/23/2009 8.6 8.78 8.49 8.58 9.13 -0.1090343 -0.03
2/24/2009 8.65 8.65 8.18 8.55 9.094 -0.1194645 -0.09
8.56 8.61 8.41 8.46 9.052333333 -0.11875 -0.24
2/26/2009 8.39 8.41 8.12 8.22 9.006333333 -0.1730382 -0.2
2/27/2009 8.11 8.33 7.97 8.02 8.942333333 -0.1774359 -0.25
3/2/2009 8.16 8.16 7.76 7.77 8.876333333 -0.2047083 -0.08 81
3/3/2009 7.8 7.89 7.63 7.69 8.807 -0.1623094 0.22 82
3/4/2009 8.01 8.01 7.6 7.91 8.764666667 -0.1448649 -0.31 83
3/5/2009 7.65 7.9 7.5 7.6 8.709666667 -0.1121495 0.14 84
3/6/2009 7.66 8.01 7.54 7.74 8.682333333 -0.122449 -0.33 85
3/9/2009 7.64 7.8 7.27 7.41 8.635333333 -0.1453287 0.33
3/10/2009 7.47 7.76 7.47 7.74 8.604333333 -0.1342282 0.06
3/11/2009 7.73 7.93 7.65 7.8 8.566333333 -0.1447368 0.24
3/12/2009 7.99 8.1 7.81 8.04 8.530333333 -0.0986547 0.48
3/13/2009 8.29 8.55 8.1 8.52 8.517 -0.0585635 0.17
3/16/2009 8.66 8.8 8.65 8.69 8.505 -0.0344444 0.3
3/17/2009 8.35 9 8.27 8.99 8.504666667 0.01812005 0.05 86
3/18/2009 8.9 9.09 8.76 9.04 8.511666667 0.00221729 -0.57
3/19/2009 8.65 9.26 8.39 8.47 8.493333333 -0.0862999 -0.42 87
3/20/2009 8.24 8.28 7.83 8.05 8.452666667 -0.1561845 0.54 88
3/23/2009 8.25 8.66 8.25 8.59 8.421 -0.1024033 -0.26 89
3/24/2009 8.42 8.48 8.33 8.33 8.379666667 -0.0955483 0.32
3/25/2009 8.39 8.68 8.32 8.65 8.361 -0.050494 0.31 90
3/26/2009 8.9 8.96 8.63 8.96 8.356 -0.037594 -0.04
3/27/2009 9.2 9.33 8.84 8.92 8.343 -0.003352 -0.31 91
3/30/2009 8.9 8.9 8.4 8.61 8.331666667 0 0.84 92
3/31/2009 9.16 9.84 9.11 9.45 8.359666667 0.06779661 -0.09 93
4/1/2009 9.67 9.67 9.17 9.36 8.376666667 0.08083141 0.82
4/2/2009 9.68 10.2 9.68 10.18 8.427333333 0.2004717 0.05 94
4/3/2009 10.25 10.28 9.86 10.23 8.485666667 0.19230769 -0.25
4/6/2009 10.19 10.42 9.87 9.98 8.532333333 0.16725146 -0.06 95
4/7/2009 9.77 9.99 9.77 9.92 8.578 0.17257683 0.44

16. 4/8/2009 10.11 10.46 10.11 10.36 8.641333333 0.26034063 0.32 96
4/9/2009 10.5 10.79 10.35 10.68 8.723333333 0.33167082 -0.01
4/13/2009 10.87 10.87 10.58 10.67 8.811666667 0.37323037 -0.25 97
4/14/2009 10.66 10.66 10.27 10.42 8.9 0.3550065 0.62 98
4/15/2009 10.73 11.04 10.6 11.04 9.011666667 0.39570164 -0.37 99
4/16/2009 10.84 10.84 10.53 10.67 9.103666667 0.40394737 0.17 100
4/17/2009 10.83 10.95 10.74 10.84 9.211666667 0.4005168 -0.29 101
4/20/2009 10.73 10.83 10.49 10.55 9.305333333 0.42375169 0.06
4/21/2009 10.5 10.61 10.42 10.61 9.412 0.37080103 0.24
4/22/2009 10.69 11 10.64 10.85 9.515666667 0.39102564 0.1 102
4/23/2009 11 11.01 10.82 10.95 9.620666667 0.3619403 -0.13 103
4/24/2009 10.27 10.82 10.27 10.82 9.713333333 0.26995305 0.26 104
4/27/2009 10.77 11.2 10.77 11.08 9.798666667 0.27502877 -0.18 105
4/28/2009 10.33 11.03 10.33 10.9 9.872333333 0.21245829 0.04
4/29/2009 10.87 11.08 10.86 10.94 9.937333333 0.21017699 0.01
4/30/2009 10.92 11.09 10.87 10.95 10.001 0.29279811 0.05
5/1/2009 11.09 11.09 10.53 11 10.08533333 0.36645963 0.23 106
5/4/2009 11.24 11.32 10.94 11.23 10.19133333 0.30733411 -0.23 107
5/5/2009 11.13 11.25 10.96 11 10.27166667 0.32052821 0
5/6/2009 11.14 11.29 10.99 11 10.36066667 0.2716763 0.35
5/7/2009 11.34 11.5 11.14 11.35 10.45066667 0.26674107 0.2 108
5/8/2009 11.43 11.55 11.11 11.55 10.537 0.29484305 -0.2 109
5/11/2009 11.43 11.48 11.33 11.35 10.618 0.31823461 0.33 110
5/12/2009 11.71 11.82 11.61 11.68 10.72033333 0.23597884 -0.35 111
5/13/2009 11.57 11.58 11.3 11.33 10.783 0.21047009 0.32 112
5/14/2009 11.44 11.72 11.4 11.65 10.85933333 0.14440079 -0.08 113
5/15/2009 11.48 11.6 11.39 11.57 10.90566667 0.13098729 1.22 114
5/18/2009 12.47 13.4 12.4 12.79 10.991 0.28156313 -0.39 115
5/19/2009 12.74 13.25 12.17 12.4 11.07166667 0.25 0.49
5/20/2009 12.97 13.35 12.79 12.89 11.17066667 0.24420849 0.16
5/21/2009 12.99 13.06 12.61 13.05 11.26033333 0.22191011 0.38
5/22/2009 13.51 13.85 13.24 13.43 11.352 0.25866917 0.3 116
5/26/2009 13.49 13.78 13.26 13.73 11.454 0.31765835 -0.15 117
5/27/2009 13.8 13.89 13.43 13.58 11.55933333 0.23007246 0.17 118
5/28/2009 13.65 13.87 13.5 13.75 11.64966667 0.28865979 -0.31 119
5/29/2009 13.6 13.71 13.39 13.44 11.742 0.2398524 0.13 120
6/1/2009 13.33 13.59 13.13 13.57 11.833 0.28625592 -0.43
6/2/2009 13.36 13.36 13.04 13.14 11.91933333 0.23845429 -0.01 121
6/3/2009 13.14 13.22 13.08 13.13 12.00333333 0.21013825 0.54
6/4/2009 13.41 13.72 13.41 13.67 12.09733333 0.24840183 0.53
6/5/2009 14.23 14.42 14.06 14.2 12.20566667 0.31238447 0.05
6/8/2009 14.18 14.34 13.88 14.25 12.32 0.28610108 0.57
6/9/2009 14.58 14.84 14.51 14.82 12.44466667 0.35963303 0.51 122

17. 6/10/2009 15.32 15.67 15.26 15.33 12.59233333 0.40127971 -0.04
6/11/2009 15.4 15.75 15.21 15.29 12.73733333 0.39634703 -0.53 123
6/12/2009 14.91 14.93 14.54 14.76 12.86433333 0.34181818 0.13 124
6/15/2009 14.67 15.17 14.32 14.89 12.994 0.32591273 -0.39 125
6/16/2009 15 15 14.03 14.5 13.103 0.31818182 0.52
6/17/2009 14.64 15.21 14.6 15.02 13.237 0.36545455 0.19
6/18/2009 15.15 15.35 14.87 15.21 13.37733333 0.34008811 0.09 126
6/19/2009 14.99 15.49 14.99 15.3 13.509 0.32467532 -0.06 127
6/22/2009 15.12 15.4 15 15.24 13.632 0.34273128 0.34
6/23/2009 15.41 15.67 15.3 15.58 13.773 0.33390411 0.18
6/24/2009 15.27 16.18 15.27 15.76 13.909 0.39099735 0.6
6/25/2009 15.65 16.74 15.55 16.36 14.07666667 0.40429185 0.02
6/26/2009 16.45 16.5 15.46 16.38 14.23433333 0.41573034 0.38
6/29/2009 16.44 16.95 16.33 16.76 14.40733333 0.31039875 0.19
6/30/2009 16.74 16.98 16.47 16.95 14.546 0.36693548 0.18 128
7/1/2009 17 17.28 16.5 17.13 14.70366667 0.32893716 -0.2
7/2/2009 17.01 17.02 16.5 16.93 14.83833333 0.29731801 -0.48 129
7/6/2009 16.53 16.58 15.92 16.45 14.95166667 0.22486969 0.08
7/7/2009 16.53 16.85 16.44 16.53 15.055 0.20393299 0.2
7/8/2009 16.55 17.05 16 16.73 15.155 0.23195876 0.11 130
7/9/2009 16.8 17.04 16.51 16.84 15.26366667 0.22472727 -0.84
7/10/2009 16.62 16.68 15.9 16 15.33866667 0.19047619 -0.33 131
7/13/2009 16.07 16.07 15.12 15.67 15.413 0.15475313 0.33 132
7/14/2009 15.51 16.07 15.51 16 15.494 0.21765601 -0.07
7/15/2009 15.75 16 15.71 15.93 15.587 0.21325209 -0.11 133
7/16/2009 15.61 15.95 15.4 15.82 15.67666667 0.15727871 0.11
7/17/2009 15.83 16 15.8 15.93 15.752 0.12183099 0.38 134
7/20/2009 16.16 16.39 15.88 16.31 15.82233333 0.1445614 -0.08
7/21/2009 16.53 16.7 15.76 16.23 15.88833333 0.0951417 -0.54 135
7/22/2009 15.58 15.8 15.38 15.69 15.91733333 0.02348337 0.61
7/23/2009 16.14 16.4 15.86 16.3 15.94966667 0.06605625 0.3
7/24/2009 16.74 16.74 16.35 16.6 15.99333333 0.12466125 0.17 136
7/27/2009 16.6 16.84 16.55 16.77 16.06033333 0.12625923 -0.11 137
7/28/2009 16.46 16.72 16.38 16.66 16.11933333 0.14896552 0.04
7/29/2009 16.66 16.79 16.53 16.7 16.19266667 0.11185087 0.15 138
7/30/2009 16.99 17.17 16.78 16.85 16.25366667 0.1078238 -0.1 139
7/31/2009 16.98 17.17 16.71 16.75 16.305 0.09477124 0.38
8/3/2009 16.62 17.18 16.47 17.13 16.366 0.12401575 0.11 140
8/4/2009 17 17.29 17 17.24 16.43266667 0.10654685 -0.2
8/5/2009 17.23 17.27 16.86 17.04 16.48133333 0.08121827 -0.64 141
8/6/2009 16.86 16.96 16.35 16.4 16.50266667 0.00244499 0.39 142
8/7/2009 16.52 16.97 16.46 16.79 16.517 0.02503053 -0.63 143
8/10/2009 16.46 16.48 16.1 16.16 16.50966667 -0.0357995 0.2

18. 8/11/2009 16.54 16.58 16.3 16.36 16.49633333 -0.0348083 0.23 144
8/12/2009 16.5 16.64 16.42 16.59 16.48433333 -0.0315236 -0.01
8/13/2009 16.86 16.89 16.36 16.58 16.466 -0.0206734 -0.12
8/14/2009 16.59 16.59 16.33 16.46 16.45033333 0.0006079 -0.83 145
8/17/2009 16.34 16.34 15.39 15.63 16.423 -0.0544465 0.56
8/18/2009 15.97 16.27 15.95 16.19 16.41166667 -0.0322773 0.07
8/19/2009 15.89 16.32 15.71 16.26 16.396 -0.0344418 0.04
8/20/2009 16.25 16.3 16.1 16.3 16.378 0.01875 0.25 146
8/21/2009 16.36 17.14 16.3 16.55 16.39633333 0.05615826 -0.02
8/24/2009 16.2 16.58 16.2 16.53 16.425 0.033125 -0.11 147
8/25/2009 16.44 16.55 16.07 16.42 16.439 0.03075957 0.31 148
8/26/2009 16.87 17.12 16.69 16.73 16.46566667 0.05752212 -0.25 149
8/27/2009 16.64 16.64 16.26 16.48 16.48766667 0.03452605 0.01 150
8/28/2009 16.7 16.78 16.35 16.49 16.50633333 0.01103617 -0.37
8/31/2009 16.4 16.4 15.82 16.12 16.5 -0.0067776 -0.43 151
9/1/2009 15.94 16.12 15.69 15.69 16.482 0 0.05 152
9/2/2009 15.69 15.85 15.6 15.74 16.48366667 -0.0343558 -0.04 153
9/3/2009 15.44 15.71 15.44 15.7 16.46366667 -0.0542169 0.23
9/4/2009 15.7 15.98 15.63 15.93 16.44133333 -0.0500894 0.36
9/8/2009 16.07 16.44 16.07 16.29 16.42533333 -0.0222089 0
9/9/2009 16.21 16.4 16.11 16.29 16.413 -0.0245509 0.35 154
9/10/2009 16.69 16.85 16.47 16.64 16.411 -0.0124629 -0.16 155
9/11/2009 16.68 16.68 16.4 16.48 16.39866667 -0.0161194 0.22
9/14/2009 16.7 16.76 16.59 16.7 16.397 -0.0251022 0.23
9/15/2009 16.72 16.99 16.72 16.93 16.39033333 -0.0179814 0.44
9/16/2009 16.97 17.4 16.97 17.37 16.39466667 0.0193662 0.1
9/17/2009 17.37 17.5 17.21 17.47 16.409 0.0652439 0.63 156
9/18/2009 18 18.1 17.8 18.1 16.46566667 0.07802263 -0.06 157
9/21/2009 18.29 18.29 17.82 18.04 16.50733333 0.11633663 0.03
9/22/2009 18.1 18.24 18 18.07 16.571 0.10452323 0.43
9/23/2009 17.73 18.63 17.73 18.5 16.64233333 0.1151296 0.99
9/24/2009 18.8 19.56 18.59 19.49 16.739 0.17551267 1.01 158
9/25/2009 20.52 20.71 20.26 20.5 16.86966667 0.2454435 -0.3
9/28/2009 20.63 20.67 20.2 20.2 16.99433333 0.29238644 -0.95 159
9/29/2009 20.76 20.88 19.22 19.25 17.115 0.18900556 0.25 160
9/30/2009 20.33 20.5 19.5 19.5 17.22533333 0.19926199 -0.27
10/1/2009 19.75 19.79 19.05 19.23 17.32433333 0.1797546 -0.33 161
10/2/2009 18.72 19.1 18.55 18.9 17.411 0.14199396 0.52
10/5/2009 19.42 19.45 19.13 19.42 17.50666667 0.17483364 0.53
10/6/2009 19.96 20.01 19.62 19.95 17.62066667 0.21498173 0.07
10/7/2009 20.2 20.2 19.86 20.02 17.74066667 0.19665272 1.01 162
10/8/2009 20.65 21.06 20.56 21.03 17.884 0.27609223 -0.47 163
10/9/2009 20.68 20.68 20.46 20.56 18.02 0.24681625 0.24

19. 10/12/2009 20.68 20.85 20.57 20.8 18.16366667 0.29032258 0.03
10/13/2009 20.83 21.09 20.76 20.83 18.32066667 0.3275972 0.63 164
10/14/2009 21.1 21.6 21.1 21.46 18.513 0.36340534 -0.63
10/15/2009 20.94 21.03 20.77 20.83 18.68266667 0.32675159 -0.37
10/16/2009 20.37 20.5 19.97 20.46 18.84133333 0.28436911 -0.11
10/19/2009 20.41 20.62 20.25 20.35 18.98866667 0.24923266 -0.29
10/20/2009 20.35 20.37 19.93 20.06 19.11433333 0.23143033 -0.56 165
10/21/2009 19.78 19.78 19.45 19.5 19.22133333 0.171875 0.2
10/22/2009 19.5 19.75 19.31 19.7 19.32333333 0.19538835 0.73
10/23/2009 20.56 20.99 20.3 20.43 19.455 0.22335329 0.5 166
10/26/2009 21.14 21.25 20.78 20.93 19.596 0.23626698 -0.17
10/27/2009 21 21.32 20.69 20.76 19.72366667 0.19516408 -0.34 167
10/28/2009 20.89 21.02 20.41 20.42 19.82533333 0.1688609 0.76
10/29/2009 21.2 21.38 20.98 21.18 19.949 0.17016575 0.55
10/30/2009 21.41 22 21.21 21.73 20.07 0.20454545 1.2 168
11/2/2009 21.75 23.56 21.46 22.93 20.233 0.26895407 -0.44 169
11/3/2009 22.2 22.77 22 22.49 20.38033333 0.21567568 0.2
11/4/2009 22.61 23.21 22.6 22.69 20.52 0.16418676 0.23
11/5/2009 22.96 23.07 22.61 22.92 20.63433333 0.11804878 0.08
11/6/2009 22.62 23.06 22.62 23 20.71766667 0.13861386 0.8
11/9/2009 23.41 24 23.41 23.8 20.83766667 0.23636364 0.2
11/10/2009 23.78 24.45 23.49 24 20.996 0.23076923 0.61 170
11/11/2009 24.59 24.76 23.99 24.61 21.16633333 0.27977119 -0.9 171
11/12/2009 24.01 24.14 23.31 23.71 21.31566667 0.25449735 0.51
11/13/2009 23.8 24.32 23.8 24.22 21.493 0.24716787 0.28 172
11/16/2009 24.33 24.63 23.88 24.5 21.66233333 0.22807018 -0.2
11/17/2009 24.29 24.36 24.05 24.3 21.80733333 0.21378621 -0.33
11/18/2009 24.1 24.1 23.62 23.97 21.939 0.13980029 -0.52 173
11/19/2009 23.61 23.61 22.96 23.45 22.01966667 0.1405642 0.57
11/20/2009 23.79 24.1 23.71 24.02 22.135 0.15480769 0.1 174
11/23/2009 24.06 24.24 23.92 24.12 22.24566667 0.15794527 -0.08
11/24/2009 23.98 24.37 23.98 24.04 22.35266667 0.12022367 -0.11
11/25/2009 24.07 24.19 23.84 23.93 22.435 0.14882381 -0.12 175
11/27/2009 23.68 24.16 23.31 23.81 22.53433333 0.16373412 0.44
11/30/2009 24.21 24.25 23.77 24.25 22.66066667 0.19164619 0.73 176
12/1/2009 24.9 25.14 24.75 24.98 22.815 0.24526421 -0.46 177
12/2/2009 24.5 24.58 24.27 24.52 22.96366667 0.2574359 0.05 178
12/3/2009 24.5 25 24.44 24.57 23.13266667 0.24720812 -0.68
12/4/2009 24.5 24.52 23.7 23.89 23.27233333 0.16935879 -0.41
12/7/2009 23.55 23.77 23.44 23.48 23.374 0.12183469 -0.09 179
12/8/2009 23.3 23.39 23.1 23.39 23.456 0.12668593 0.15
12/9/2009 23.25 23.59 23.13 23.54 23.54866667 0.15279138 0.44 180
12/10/2009 24.09 24.16 23.7 23.98 23.66733333 0.13220019 -0.16 181

20. 12/11/2009 23.99 23.99 23.72 23.82 23.75533333 0.0961804 0.17
12/14/2009 23.83 24.08 23.69 23.99 23.83066667 0.04622765 0.41
12/15/2009 24.04 24.52 24.04 24.4 23.87966667 0.08492663 0.52
12/16/2009 24.68 24.92 24.46 24.92 23.96066667 0.09828118 0.2
12/17/2009 24.99 25.19 24.75 25.12 24.04166667 0.09598604 0.82
12/18/2009 25.82 26 25.55 25.94 24.14233333 0.12782609 0.19 182
12/21/2009 26.47 26.54 26.12 26.13 24.24666667 0.09789916 -0.04
12/22/2009 26.1 26.19 25.75 26.09 24.323 0.08708333 -0.57
12/23/2009 26.26 26.28 25.41 25.52 24.37366667 0.03697684 -0.17
12/24/2009 25.78 25.78 25.23 25.35 24.39833333 0.06916913 -0.1
12/28/2009 25.79 25.79 25.14 25.25 24.44966667 0.04252684 -0.88 183
12/29/2009 24.8 24.8 24.25 24.37 24.45466667 -0.0053061 0.05 184
12/30/2009 24.37 24.46 24.12 24.42 24.452 0.00493827 -0.21 185
12/31/2009 24.49 24.8 24.21 24.21 24.449 0.01001252 0.67
1/4/2010 24.85 25.1 24.59 24.88 24.47933333 0.06098081 0.43
1/5/2010 25.53 25.58 25.23 25.31 24.54133333 0.05370525 0.86 186
1/6/2010 26.01 26.26 25.91 26.17 24.613 0.08499171 -0.02
1/7/2010 25.94 26.23 25.76 26.15 24.68066667 0.08777038 -0.17 187
1/8/2010 26.14 26.26 25.8 25.98 24.74533333 0.08566653 0.54 188
1/11/2010 26.18 26.53 26.18 26.52 24.83166667 0.11381772 -0.27 189
1/12/2010 26.84 26.84 26.07 26.25 24.913 0.08247423 0.96 190
1/13/2010 26.64 27.29 26.64 27.21 25.01166667 0.08927142 -0.09
1/14/2010 26.94 27.33 26.94 27.12 25.083 0.10603589 -0.14
1/15/2010 27.03 27.09 26.58 26.98 25.165 0.0980871 -0.81
1/19/2010 26.09 26.17 25.63 26.17 25.21833333 0.09543742 -1.69
1/20/2010 25.67 25.99 23.75 24.48 25.238 0.04258944 -0.37
1/21/2010 24.17 24.42 23.58 24.11 25.259 0.03078239 -0.22 191
1/22/2010 24 24.43 23.75 23.89 25.27566667 0.01486831 0.15 192
1/25/2010 24.1 24.25 23.91 24.04 25.29233333 0.00250209 -0.44 193
1/26/2010 23.99 24 23.27 23.6 25.27966667 -0.0092359 0.14 194
1/27/2010 23.57 23.88 23.57 23.74 25.277 -0.010421 -0.22 195
1/28/2010 24.56 24.63 23.46 23.52 25.26133333 -0.0360656 0.19
1/29/2010 24 24 23.65 23.71 25.23833333 -0.0485554 0.26
2/1/2010 24.04 24.5 23.72 23.97 25.20666667 -0.0457803 1.06 196
2/2/2010 24.76 25.1 24.73 25.03 25.20366667 -0.035081 -0.23
2/3/2010 25.04 25.12 24.6 24.8 25.16566667 -0.0508993 -0.68 197
2/4/2010 24.62 24.75 24.02 24.12 25.09866667 -0.0755079 0.06 198
2/5/2010 24.63 24.63 23.51 24.18 25.035 -0.0525078 -0.84 199
2/8/2010 24.03 24.03 23.24 23.34 24.96233333 -0.0792899 0.32 200
2/9/2010 23.73 23.73 23.13 23.66 24.906 -0.0629703 -0.28 201
2/10/2010 23.53 23.59 23.13 23.38 24.84366667 -0.0406237 0.22
2/11/2010 23.23 23.78 23.16 23.6 24.818 -0.033579 0
2/12/2010 23.32 23.65 23.28 23.6 24.79066667 -0.0251962 0.65

21. 2/16/2010 24.09 24.28 23.95 24.25 24.792 -0.0253215 0.04
2/17/2010 24.38 24.62 24.07 24.29 24.77233333 -0.0403003 0.15 202
2/18/2010 24.1 24.47 24.1 24.44 24.74333333 -0.0661062 -0.07
2/19/2010 24.35 24.45 24.25 24.37 24.68333333 -0.0680688 -0.47 203
2/22/2010 24.69 24.69 23.82 23.9 24.60833333 -0.0800616 0.33
2/23/2010 25.22 25.22 24.17 24.23 24.55 -0.0863499 0.32 204
2/24/2010 24.47 24.67 24.33 24.55 24.48433333 -0.0647619 -0.05 205
2/25/2010 24.42 24.6 24.15 24.5 24.426 -0.0995957 0.11
2/26/2010 24.69 24.91 24.55 24.61 24.33933333 -0.0925516 0.63
3/1/2010 25.08 25.35 24.85 25.24 24.27666667 -0.0644922 0.21
3/2/2010 24.88 25.54 24.4 25.45 24.22566667 -0.0275124 0.08 206
3/3/2010 25.59 25.81 25.28 25.53 24.20433333 0.04289216 -0.22 207
3/4/2010 25.83 25.83 25.21 25.31 24.232 0.04977188 0.35
3/5/2010 25.49 25.73 25.34 25.66 24.28366667 0.07408958 0.21
3/8/2010 25.7 25.96 25.47 25.87 24.34966667 0.07612313 0
3/9/2010 25.89 25.98 25.72 25.87 24.41066667 0.09618644 0.14 208
3/10/2010 25.91 26.01 25.55 26.01 24.491 0.09561921 -0.06 209
3/11/2010 25.73 25.95 25.53 25.95 24.56466667 0.10331633 0.28
3/12/2010 26.04 26.34 26.02 26.23 24.655 0.10628427 0.53
3/15/2010 26.73 26.82 26.35 26.76 24.75666667 0.11639549 0.1
3/16/2010 27.11 27.11 26.68 26.86 24.853 0.07311227 0.68
3/17/2010 27.16 27.83 26.94 27.54 24.93666667 0.11048387 0.02
3/18/2010 27.57 27.63 27.23 27.56 25.02866667 0.14262023 0.57
3/19/2010 27.69 28.44 27.5 28.13 25.16233333 0.16335815 0.17
3/22/2010 28.38 28.76 27.9 28.3 25.29966667 0.21251071 0.6 210
3/23/2010 28.84 29.1 28.4 28.9 25.485 0.22147084 -0.15
3/24/2010 28.6 28.99 28.41 28.75 25.65466667 0.22968349 -0.28
3/25/2010 29.23 29.23 28.45 28.47 25.82433333 0.20635593 -0.16 211
3/26/2010 28.75 28.75 28.14 28.31 25.98133333 0.19957627 0.24 212
3/29/2010 28.65 28.65 28.3 28.55 26.14633333 0.17731959 -0.37 213
3/30/2010 28.41 28.44 28.03 28.18 26.27733333 0.16014821 0.05
3/31/2010 28.4 28.46 28.23 28.23 26.40866667 0.15507365 0.35
4/1/2010 28.33 28.71 28.31 28.58 26.54666667 0.17275339 0.79 214
4/5/2010 28.79 29.37 28.79 29.37 26.71333333 0.22887029 -0.29
4/6/2010 29.02 29.26 28.78 29.08 26.886 0.20016508 -0.2
4/7/2010 29 29.08 28.75 28.88 27.041 0.17637475 -0.17
4/8/2010 28.75 28.81 28.5 28.71 27.17966667 0.17183673 -0.64
4/9/2010 28.41 28.48 28.06 28.07 27.29866667 0.14059325 -0.71
4/12/2010 27.48 27.48 26.75 27.36 27.39033333 0.08399366 -0.21 215
4/13/2010 27.1 27.19 26.81 27.15 27.454 0.06679764 0.26 216
4/14/2010 27.19 27.43 27.04 27.41 27.51933333 0.07363886 -0.1
4/15/2010 27.59 27.91 27.3 27.31 27.57866667 0.07902015 -0.71 217
4/16/2010 26.88 27.06 26.17 26.6 27.62166667 0.03663289 0.15 218

22. 4/19/2010 26.31 26.78 26.31 26.75 27.658 0.03401624 -0.13
4/20/2010 26.48 26.66 26.21 26.62 27.683 0.02899111 -0.25 219
4/21/2010 26.5 26.56 26.26 26.37 27.69966667 0.01384083 0.35
4/22/2010 26.81 26.85 26.46 26.72 27.72333333 0.02967245 0.5
4/23/2010 27.42 27.42 26.79 27.22 27.76566667 0.03774304 0.74 220
4/26/2010 27.56 28.1 27.56 27.96 27.82333333 0.04484305 -0.8 221
4/27/2010 28.14 28.2 27.09 27.16 27.83666667 0.01116902 0.66
4/28/2010 27.74 27.85 27.51 27.82 27.86866667 0.01016703 0.52 222
4/29/2010 27.99 28.63 27.74 28.34 27.89533333 0.02830189 -0.25 223
4/30/2010 28.42 28.7 28.03 28.09 27.913 -0.001422 0.09 224
5/3/2010 28.2 28.28 27.78 28.18 27.91466667 -0.0042403 -0.31
5/4/2010 27.97 27.97 27.56 27.87 27.90033333 -0.0356401 -0.18
5/5/2010 26.81 27.94 26.81 27.69 27.86 -0.0368696 -1.76
5/6/2010 27.3 27.41 24.17 25.93 27.766 -0.0892167 -0.63 225
5/7/2010 25.39 25.91 24.77 25.3 27.66033333 -0.1063229 1.37
5/10/2010 27.02 27.3 26.42 26.67 27.60566667 -0.0658494 0.33
5/11/2010 26.03 27.28 26.03 27 27.554 -0.0418737 1.38 226
5/12/2010 27.36 28.58 27.36 28.38 27.56066667 0.0053135 -0.5 227
5/13/2010 28.31 28.38 27.85 27.88 27.549 -0.0244927 0.2
5/14/2010 28 28.35 27.8 28.08 27.53233333 -0.0439224 0.18
5/17/2010 28.27 28.61 27.63 28.26 27.49533333 -0.0281981 0.02 228
5/18/2010 28.44 28.98 28.18 28.28 27.46866667 -0.0207756 -0.32
5/19/2010 28.04 28.18 27.52 27.96 27.438 -0.0261233 -1.03 229
5/20/2010 27.82 27.88 26.76 26.93 27.37866667 -0.0406128 0.47 230
5/21/2010 26.56 27.7 26.56 27.4 27.35633333 0.00146199 -0.28
5/24/2010 26.68 27.5 26.68 27.12 27.34833333 -0.001105 -0.25 231
5/25/2010 26.06 26.87 25.75 26.87 27.339 -0.0197008 0.6
5/26/2010 27.48 27.72 27.33 27.47 27.341 0.00585866 1.13
5/27/2010 28.11 28.62 28.11 28.6 27.384 0.07518797 0.1
5/28/2010 28.79 29.21 28.4 28.7 27.454 0.0728972 0.73
6/1/2010 29.03 29.94 28.95 29.43 27.54333333 0.10555973 0.9
6/2/2010 29.77 30.35 29.65 30.33 27.667 0.15017065 0.32 232
6/3/2010 30.39 30.79 30.04 30.65 27.80966667 0.14708084 -1.18 233
6/4/2010 29.67 30.19 29.31 29.47 27.90133333 0.08265981 0.33
6/7/2010 29.59 30.27 29.59 29.8 27.98733333 0.0658083 1.26
6/8/2010 29.97 31.08 29.97 31.06 28.09066667 0.14359352 1.54 234
6/9/2010 31.4 33.14 31.4 32.6 28.272 0.17181884 -0.49
6/10/2010 32.56 32.75 31.71 32.11 28.415 0.13302752 -0.74
6/11/2010 31.66 31.68 31.17 31.37 28.516 0.11676753 -0.91 235
6/14/2010 31.31 31.31 30.25 30.46 28.595 0.08090845 0.56 236
6/15/2010 30.67 31.11 30.67 31.02 28.68966667 0.11302476 -0.18 237
6/16/2010 30.76 31.04 30.31 30.84 28.78866667 0.11375948 0.01 238
6/17/2010 30.99 30.99 30.41 30.85 28.894 0.18974161 -0.16 239

23. 6/18/2010 31.21 31.21 30.61 30.69 29.05266667 0.21304348 0.65 240
6/21/2010 31.52 31.7 31.22 31.34 29.254 0.17510311 -0.71 241
6/22/2010 30.91 31.09 30.61 30.63 29.386 0.13444444 0.9
6/23/2010 31.1 31.95 31.1 31.53 29.537 0.11099366 0.17
6/24/2010 31.4 32 31.15 31.7 29.64766667 0.13701578 0.44 242
6/25/2010 31.86 32.42 31.67 32.14 29.78966667 0.14458689 -0.28
6/28/2010 32.28 32.28 31.71 31.86 29.91566667 0.12738854 -0.96
6/29/2010 31.26 31.44 30.8 30.9 30.00366667 0.09264498 -0.05
6/30/2010 30.51 31.2 30.5 30.85 30.08933333 0.10336195 -0.44 243
7/1/2010 30.77 30.86 29.59 30.41 30.171 0.12922391 0.63
7/2/2010 30.65 31.25 30.5 31.04 30.308 0.13284672 0.06
7/6/2010 31.32 31.95 31.05 31.1 30.43133333 0.14675516 0.31
7/7/2010 31.25 31.5 31.03 31.41 30.57433333 0.16896167 0.33 244
7/8/2010 31.5 31.81 31.37 31.74 30.73666667 0.1554423 -0.44 245
7/9/2010 31.72 31.74 31.28 31.3 30.86433333 0.09440559 0.14
7/12/2010 31.34 31.59 31.04 31.44 30.959 0.09547038 0.13 246
7/13/2010 31.36 31.83 30.94 31.57 31.05466667 0.07271492 -0.23 247
7/14/2010 31.43 31.57 31.17 31.34 31.11833333 0.03330036 0.29 248
7/15/2010 31.49 31.73 31.32 31.63 31.16166667 0.0319739 -0.43
7/16/2010 31.57 31.88 31.07 31.2 31.18 0.05870377 -0.24
7/19/2010 31.23 31.49 30.53 30.96 31.22966667 0.03892617 -0.35
7/20/2010 30.45 30.66 30.02 30.61 31.25666667 -0.0144881 -1.21
7/21/2010 30.27 30.29 29.01 29.4 31.20133333 -0.0981595 -1.3 249
7/22/2010 29.2 29.67 27.64 28.1 31.05133333 -0.1248832 0.63 250
7/23/2010 28.53 28.95 28.21 28.73 30.93866667 -0.0841568 -0.85 251
7/26/2010 28.47 28.61 27.55 27.88 30.82233333 -0.0847012 0.18
7/27/2010 28.12 28.44 27.93 28.06 30.74233333 -0.0954223 0.26
7/28/2010 28.13 28.5 28.02 28.32 30.65233333 -0.0817121 0.41
7/29/2010 29.19 29.45 28.56 28.73 30.582 -0.0687196 0.18
7/30/2010 28.75 29.02 28.51 28.91 30.51733333 -0.0579993 0.47
8/2/2010 28.92 29.44 28.92 29.38 30.47366667 -0.0625399 0.16
8/3/2010 29.5 29.74 29.42 29.54 30.41366667 -0.035586 0.23 252
8/4/2010 29.77 29.9 29.57 29.77 30.385 -0.0558199 -0.43
8/5/2010 29.25 29.37 29.01 29.34 30.312 -0.0744479 -0.21 253
8/6/2010 29.2 29.27 28.69 29.13 30.22633333 -0.0936528 0.13 254
8/9/2010 29.45 29.45 28.71 29.26 30.13033333 -0.081607 -0.29 255
8/10/2010 28.97 29.1 28.52 28.97 30.034 -0.0624595
Total
Total Gain Loss
92.96 -77.74

24. Total no. of
Gain and
losses 281 228
Sigma G 0.3308185
-0.34096
Sigma L 5
RS 0.9702418
RSI 49.244808
MOVING AVERAGE: This is an indicator frequently used in technical analysis showing the
average value of a security's price over a set period. Moving averages are generally used to
measure momentum and define areas of possible support and resistance.
In this, I have calculate three moving average on the bases of 30 days.
Moving average charts is a tool used by technical analysts to track the price movements of a
security. It plots average daily settlement prices over a defined period of time like 10 days, 20
days, and 30 days.

25. INTERPRETATION: As per moving average chart the trend of Dr. Reddy’s labs in BSE.10
days and less than 10 days moving average is helpful for short term investment .For long term
investors 30 days moving average and more than 30 days moving average is helpful for
investment in stock market.
Here Dr. Reddy’s Labs market performance was good and its moving average trend is in
increasing form. Moving averages can be used to quickly identify whether a security is moving
in an uptrend or a downtrend depending on the direction of the moving average. As charts when
a moving average is heading upward and the price is above it, the security is in an uptrend.
Conversely, a downward sloping moving average with the price below can be used to signal a
downtrend.
RELATION BETWEEN MOVING AVERAGE AND MARKET PRICE:
INTERPRETATION: As shown in the above chart, the market price is below the moving
average line. The moving average shows that it is going below the closing price and hence it can
be said that it is not a good prospective for the company and it should try to move along with the
market trend.

26. OSCILATORS: Oscillator is a technical analysis tool that is banded between two extreme
values and built with the results from a trend indicator for discovering short-term overbought or
oversold conditions. As the value of the oscillator approaches the upper extreme value the asset
is deemed to be overbought, and as it approaches the lower extreme it is deemed to be oversold.

27. INTERPRETATION: 0.42375169This was the highest value that was found in the oscillator
and hence it can be said that it was overbought and so they should sell the share at that point of
time and the date referred to is on the 20th of April, 2009.
-0.3777452 this was the lowest amount which was found in the oscillator and hence it can be said
that the oscillator indicated that this was the time when the share was oversold and hence the
investor should buy the shares at that point of time which was on the 10th of October,2008.
CANDLE STICK: Candlestick is formed with the help of opening, high, low and closing
price of the day. If the opening price is above the closing price then a filled candlestick is drawn.
Normally, black colour is used for filling the candle. If the closing price is above the opening
price, then a hollow candlestick (normally displayed in white with black border) is drawn. The
filled or the hollow portion of the candle is known as body or real body which can belong,
normal or short with proportionate to the line above or below it. The lines (long or short) above
and below the body or real body represent the high or low price range and these lines are known
as shadows, tails or wicks. For the particular day, the highest price is declared by the top of the
upper shadow and the lowest price is marked by the bottom of the lower tail.

28. INTERPRETATION: The candlestick chart shows the daily price movement of a stock by four
ways i.e. Open, High, Low, Close. So, we get an actual figure of a stock whether the stock is
over sold or over brought in the particular day, and also give a brief of the behavior of short
sellers or speculators in the intraday and interday transactions. When we talk about the
candlestick diagram of last two years we find that over low high and close has been on an
increasing trend over a period of last two years so, it shows the growth from company’s prospect
but it is not good from new investor’s purpose. As, it is good for long term investors but vice-
versa for short term investor purpose.
V-FORMATION:

29. V-Formation
INTERPRETATION: This thing is not a good sign for company as formation of V shows the
sudden fall and sudden rise in the prices of that particular stock. In this case there are lots of V’s
are forming that means company has gone through many sudden fall in share price that is not a
good sign for company’s image.

30. HEAD AND SHOULDER: A head and shoulders pattern is also a trend reversal formation. It
is formed by a peak (shoulder), followed by a higher peak (head), and then another lower peak
(shoulder). A "neckline" is drawn by connecting the lowest points of the two troughs. The slope
of this line can either be up or down. Typically, when the slope is down, it produces a more
reliable signal.
Head
Shoulder
Shoulder
INTERPRETATION:-
When we show the head and shoulder chart we find an uneven trend of stock movement, because
there is number of head and shoulders drawn over a period of time, and if we talk about
movement of stock of last two years there is a increasing trend with a slight trend downwards
followed by the stock, as we learn earlier that a upward stock movement is not so reliable, so the
current scenario does not show a positive frame for investment. Hence the uncertainity does not
give a good base for investment and so it is a situation where investor should sell its investment
and not go for the purchase of the same stock.
RESISTANCE & SUPPORT LEVEL.
Support and resistance is a concept in technical analysis that the movement of the price of a security
will tend to stop and reverse at certain predetermined price levels.
A support level is a price level where the price tends to find support as it is going down. This
means the price is more likely to "bounce" off this level rather than break through it. However,

31. once the price has passed this level, by an amount exceeding some noise, it is likely to continue
dropping until it finds another support level.
A resistance level is the opposite of a support level. It is where the price tends to find resistance
as it is going up. This means the price is more likely to "bounce" off this level rather than break
through it. However, once the price has passed this level, by an amount exceeding some noise, it
is likely that it will continue rising until it finds another resistance level.
INTERPRETATION: If we talk about support and resistance level of Dr. Reddy’s Labs of last
two years we find that the support is 13 and the resistance level being 19. As, we see the stock of
the company crosses the support level and cross the resistance level is also surpassed. And from
that movement the stock is continuously moving on and on. So, there was a good investment
prospect. But when stock cross the resistance level it shows the investment in the particular stock
is made is shows some sort of risky investment so it is good stock for long term investor and not
for short term investor and it is a highly risky stock for new investors and suggestion is not to
invest in this particular stock in the mean time.

32. Conclusion:-
The study is concerned with the relevant features of technical analysis and about its indicators.
Technical analysis is widely accepted worldwide and a very useful tools for the analysis of share
price behavior. The share market is more challenging, fulfilling and rewarding to resourceful
investors willing to learn the art of cyclical timing to study of technical analysis.
The technical approach to invest is essentially a reflection of the idea that price moves in trends
which are determined by the challenging attitudes of investors towards a variety of economic,
monetary, political and psychological forces. By studying the nature of previous market turning
points it is possible to develop some characteristics that can help to identify major markets top
and bottoms. The recognition of top and bottoms is in nutshell of technical analysis process.
Entering the market at the beginning of the up-trend and getting out of it at the first stroke of the
formation in the reversal is the basis of this analysis.
Bibliography:-
Websites:
• www.forextrading.about.com
• www.investopedia.com
• www.about.com
• www.sify.com/finance
• www.bse.com
• www.capitaline.com
•
Books Referred
• Technical Analysis of the Financial Markets By John J. Murphy
• Investment analysis and portfolio management By Prasanna Chandra.