Mountains: A road to recreation

â€Å"Chasing angels or feeling demons, go to mountains† said by Jeffrey Rasley. The word recreation means refreshment of health or spirits by relaxation and enjoyment. In other sense refreshment of one’s mind and body. Pakistan is a God gifted land. There are many breathtaking landscapes present in it. The land of Pakistan is known as the land of adventures and nature. Beside, Murree, there are many hill stations and resorts such as in the places like Swat, Kalam , and Hunza Vellay. So, I agree with the statement that mountains are use for recreation. Firstly, for recreational purpose, mountains are use for hiking. Mountaineering was introduced in eighteen century by intellectuals such as scientists and philosophers. They climb on mountains for research purposes. At that time â€Å"Chamonix† which is located in France, became the attracting point for many hikers. Especially Mount Blanc, which had an elevation of about sixteen thousand feet. After half of the eighteen century, British hikers started to hike on Swiss mountains with their guides. These guides were from different countries such as from Switzerland, Italy, and France. After Alpes, in late nineteen century, hikers started to hike on Andes mountain ranges which are located in South America. By the advent of twentieth century, hikers came to hike Himalayas which are also located in Pakistan. In Himalayas ranges, the highest peak is K2 which has an elevation of about twenty eight thousand feet. Now in twenty first century, hiking become very common in our society. First of all, some people hike on mountain as for fun. But after words they chose mountain hiking as their profession. For instance Conrad Kein is one of them. Bachendri Pal who is first Indian women to climb on Mount Everast. She conquered Mount Everst peak on twenty third May, 1984. Secondly, for recreational purpose, people use to prefer mountainous areas for visiting. People also used to come on mountains for camping. In Pakistan, Swat valley is known as â€Å"Mini Switzerland†. Where everywhere, you will see greenry. This valley is also more fertile as compared to other northern areas of Pakistan. So, for attracting people, government has built different places for recreation, such as museum, golf course, and parks. Local people also made restaurants in hilly areas. In swat museum, you can see the things of second century BC. Especially, the crafts of Mauryan Emporer. In Murree , there is Ayubia park which is named after our first military dictator General Ayub Khan. In that park, there is chair lift, that’s why it is very famous. Thirdly, the people of plain areas used to go to mountainous areas for relaxing their selves. So, in Murree, you will hardly find any place in restaurants especially in summer vocations. In that period of three to four months, some hotel owners are not good enough because they charge more. So, in that response Kalam Hotel Association General Sectery Rahuet Din Siddique said in a statement that â€Å" his union would take action against those hotel owners who had been fleecing visitors by demanding high prices†. But this is the dilemma of our people that we always think that how to flatter others. Fourthly, in Pakistan, there are also worth seeing places such as Kashmir which is a mountainous area and is known as â€Å"Paradise†. The Great Mughal King Shah Jahan said â€Å"If there is heaven anywhere on earth that is the Kashmir†. So, he was the first to say it as a Heaven. Concordia is known as the ‘paradise of mountaineers’ which is present in north of Pakistan and is close to China boarder. Concordia is a chain of fourteen mountains and highest mountain is K2 which has an elevation of about eighty six hundred meter and is also known as world’s second highest mountain. The locals named K2 as â€Å"Choghori†. The name Concordia derived from the Latin word which means ‘harmony with the heart’. People used to visit in these places for recreation. Due to the poor securitization of Pakistan, people are scared to visit these places. In recent incidence in which eleven mountaineers are killed by terrorist. One mountaineer was left alive in the incidence. She said that she was not scared and she is full determined for expedition of Nanga Parbat. And she said in a statement that she will come next year. In response to that statement , the ACP President Col Manzoor Hussain said â€Å" we apologize to you that our government failed to protect the lives of your team members†. Although, the indigenous of mountainous areas are known for their hospitality. Visitors are welcomed by these people open heartedly. But due to security lapse, people are scared and they want protection from government. So, government should take action against terrorists. In short, mountaineering is very famous all over the world. People use to go on mountain areas throughout the whole year. In summer season, people go on mountains for recreation in order to see the beauty and nature. This time the temperature is moderate. In winter season, people use to go on mountainous areas for skating etc. But unfortunately, people are refused to go on these areas just because of poor security. As, Pakistan is fighting war on terror, so , people are scared to go. At last, if we go through the context of Pakistan, many tourist from all over the globe attract towards the scenic beauty of these mountain. K2 is famous in this regard.

Dissent from Puritanism Essay

During the early part of English colonization of the Americas the main group of people that were sent to the Americas was religious and political outcasts. This included Puritans, Quakers many other religions, debtors and political dissidents. The Puritans and Quakers came to the Americas in search of political freedom. The Puritans settled in the northeast region of the United States mainly in modern day Massachusetts. During their long nearly 4 month Journey across the Atlantic Ocean the boat goers grew close to each other because of the treacherous voyage. This caused theses people to group together and form towns with government based on their religion, Puritanism. Puritanism was one of the driving forces behind the formation of early successful northeastern towns and colonies in America. Many people who immigrated to the northeastern English colonies of the Americas had a strong dislike for Puritanism. Many believed the religion was too archaic in its beliefs and ways of life. Because of the animosity of non-puritans towards puritans and vice versa this caused the two peoples to form separate ettlements and very distinct cultures. Due to the differences in the cultures and the increase of immigration to New England the new settlers had to find new geographically suitable locations to start new settlements, therefore fully populating the entire New England colony. This gave New England a wide variety of culture, goods, natural resources and the capability to export large amounts of goods to the mother country for a profit. The non-puritans had settlements more based on economic ethics and systems that would financially help the settlement. Puritans had ettlements with more theocratic governments and more devotion to their religion. Although the governments of the two cultures were somewhat different they were also similar in many ways as well. Both governments were democratic. The puritans had a direct form of democracy where only white male land owners could vote. The problem with this is that once the colony started to fill it became harder and harder for young white men to find a piece of land suitable to settle on and start their families. With no land they had no say in their government as well. This drove many young Puritan Men to leave their theocratic settlements to seek other settlements where land owning was not necessary to have a say in government. This allowed puritans and non-puritans to culturally diffuse and further enrich the culture of New England. The non-puritan settlements had a representative or indirect form of democracy. These settlements followed a more English form of government. They also were mostly follows of the Anglican Church (the most common religion in England at the time). Because of the religious diversity in early New England and the abundance of natural resources (mostly large amounts of lumber) the colony was able to thrive. The religious acrimony between the puritans and non-puritans actually helped the English colony of New England reach its full economic potential by spreading out the population of the settlers. Many factors contributed to the formation of New England, but The objection of Puritanism and Puritanism itself was the paramount reason that New England did as well as it did and as early as it did. Dissent from Puritanism By halpin19

National News Essay Example | Topics and Well Written Essays - 750 words

National News - Essay Example The broadcast networks CBS, on the other hand, focus on the national consumers and therefore it broadcast national news. In this perspective, the first three news broadcasted in the two newscasts differs. The top stories from satellites news, MSNBC were the six theories, four words concerning the Malaysia is missing jet, Biden’s Europe trip in an attempt to find a solution for Ukraine crisis, and 10 years imprisonment of TV pitchman, Kelvin Trudeau. The broadcast networks CBS top news was the new findings from the Malaysian missing jet, the claims made by antitrust suit that the NCAA is unlawful cartel and the arrest of Calif. Man in subway-bombing terrorist plot. Although the two broadcasts differ in terms of news transmission, the first top story, the Malaysian jet misery, was similar. However, information and focus on news broadcasted differs. CBS News attempted to examine the recent report of the misery while MSNBC explains the current situation and efforts of the authorit ies concerned (Orlik, 2014). The two news-casting stations differ in terms of the time the news is aired. The time the newscaster takes, depends on the strict regulations of the company and the authorities concerned. MSNBC utilized a lot of time in explaining the situation of Malaysia missing jet and time it takes to cast videos to accentuate and authenticate the information provided by the news anchor. The broadcast utilizes prolonged videos and explanations on various issues anchored. In addition, the broadcast provides additional information based on issues anchored outside the report recorded in the field to increase viewer understanding of the issues. In this perspective, the broadcast explains causal factor of Ukraine crisis and underlying factors that lead to imprisonment of the TV pitchman (Murray, 2014). On the other hand, CBS News also took time since the news anchor took time in explaining the situations that lead to the

Technology is making communication easier in today's world, but at the Essay - 1

Technology is making communication easier in today's world, but at the expense of personal contact as many people choose to interact from home in front of a computer screen - Essay Example The first decade of the twentieth century has, however, bought significant changes in the society having made the world a very small place to live in. McLuhan’s claim narrated that the technological advancements had created a global â€Å"tribal echo-land† of media resonance where people from all over the world could listen to each other’s conversations whenever desired. This communication has become an inevitable part of every human being’s everyday routines in the present times. In order to keep up with the rapid changes that are taking place in the world it has become essential that the news giving sources should regularly be looked up to. And what else could be better than staying logged in to online news giving sites and social and business networking sites at regular intervals. This is a very important benefit of technology. All the current updates just about anything and everything are just a click of the mouse away. At least one of the communication devices in a household is definitely logged on to the internet round the clock. However, this habit of staying connected to the internet has its disadvantages as well. It is often said that technology behaves like a ‘double edged sword’ (Kurzweil, 2008) . Where the pros of the attractive and convenient to use communications advancements have shaped the society towards betterment the cons of the said changes are often problematic and alarming. The most dangerous phenomenon of present times is social networking websites. These sites are very attractive to human nature. Elders and youngsters both like to stay logged in to their profiles identities on these websites round the clock just because they are anxious about status updates from their friends or are looking up the next comment update on any issue that is being commented upon in the discussion board. These and other

Assignments Essay Example | Topics and Well Written Essays - 500 words

Assignments - Essay Example There are three different arguments about determinism. First, the author said that if determinism is true, then we can accurately predict our future. Also, the author argued that it is completely illogical to completely â€Å"foretell† what would happen to a person’s life because everything has already been determined even at the micro-level. The second argument against determinism is that people can always change their mind about a decision let’s say to do something or to go somewhere. The author calls this â€Å"stepping-back† which is an active participation of an individual to take decisions as well as change decisions in his life. These decisions were based on valuing that the theory of determinism lacks according to Honderich. The last argument against determinism by Honderich is about determinism as â€Å"self-destructive†. He first stated the Epicurean argument to determinism to lay down a strong foundation for his reason. In the end, Honder ich concluded that if determinism was true, then people do not have free will. Of course, we know that man has free will and would do whatever he chooses according to his value judgments. The main difference tells us that Frankfurt believes that a person is still morally responsible for the consequences of his actions. Frankfurt believes that individuals have a choice to make and be answerable for their decisions.

Peter eisenman building germany holocaust memorial Essay

Peter eisenman building germany holocaust memorial - Essay Example Peter Eisenman: Building Germany’s Holocaust Memorial chronicles the creation of a major public sculpture in the center of Berlin. This sculpture was created by American architect Peter Eisenman and is a memorial for the Jews killed in the Holocaust during the Nazi regime of Germany. The public memorial is a soccer field size space filled with 2711 concrete stele. The stele are of varying heights, tipping to the left and right on a shifting, wavy ground. This has the effect of reminding the audience of a wheat field tossed by strong winds. The idea of this memorial was first propagated by a group of German journalists led by Lea Rosh in the year 1988. Two design competitions were held and finally the entry of American architect Peter Eisenman was accepted by German chancellor Helmut Kohl. The project was finally implemented in the year 1999 when the Bundestag (lower house of the German parliament) provided the financing for the project. Peter Eisenman succeeded brilliantly in completing the memorial when it was finally dedicated to the memory of the Jews killed in the Nazi genocide. The documentary also documents the feelings and impressions on the memorial of some prominent German politicians, academicians, literati and general visitors to the German Holocaust memorial. The documentary Peter Eisenman: Building Germany’s Holocaust Memorial is a well-shot one and is an example of the Cinema verite style of documentary filmmaking.

Equity and trusts Degree Case Study Example | Topics and Well Written Essays - 2000 words

Equity and trusts Degree - Case Study Example This is so because, even though equity looks at intent and not form, equity is also bound to take cognizance of the express will of the Parliament. We shall now turn our attention to the provisions of the will made by James: a. 100 000 to my beloved sister - Emily, in absolute confidence that she will use a decent amount to look after my step daughter, Mary: James is entitled to leave as much money as he wills to his sister or on trust for his step daughter. The problem we have in the scenario at hand is that of the three certainties i.e. whether what James stated amounts to a declaration of trust over the 100,000 The second is whether the amount left for Mary is identifiable The issue of objects does not seem problematic as Mary is clearly the intended beneficiary. The last problem that we will deal with is what would happen to the 100,000 if no trust is to be found. To consider whether James has created a valid trust or gave a power of appointment. In Re Weekes' Settlement (1897) a testatrix left property to her husband with a 'power to dispose of all such property by will amongst our children in accordance with the power granted to him as regards the other property which I have under my marriage settlements.' The court decided that the document did not create a trust for the children of the testatrix but a mere power of appointment for the husband to distribute the money if he willed. In the will left by James, an analogy could easily be drawn with the facts in Re Weekes' Settlement (1897). He has left the 100,000 to his sister with a power of appointment that she could use a decent amount of the money for the care of James's step daughter. There are also cases where a relatively clearer intention was found like in Mussorie Bank Ltd v Reynor (1882), here also the question was whether the testator actually wanted to create a trust. However, in light of cases like Lambe v Eames (1871) where the Court of Appeal refused to hold a valid trust because the testator left a estate to his widow stating 'to be at her disposal in any way she may think best, for the benefit of herself and her family' seems to be closest to facts at hand. The only problem in concluding that the money was an absolute gift to Emily is the case of Comiskey v Bowring-Hanbury (1905), where a trust was held on the words 'in full confidence that', in our case, similar words are used. In Comiskey however, the testator's words were construed in such a way also because they were followed by an instruction that if the wife died without devising the property to her nieces then the property will be divided equally amongst them. James uses similar words, 'in absolute confidence' but one may be bound to incline towards earlier authorities as there are no further instructions. This indicates two things, first, that

Write your opinion about northern ontario Assignment

Write your opinion about northern ontario - Assignment Example This place the region in the north although the region is not very northerly compared to other Canadian provinces. The only distinct region in Ontario is the north and south. Over the years, the region that can be referred to as North Ontario registered a population decline. At the same time, southern Ontario gained population. In addition, the northern part is sparsely population but the southern regions have more people per square kilometer by more than 100 times. This population difference has not always been like that. According to statistics, northern Ontario has lost people due to emigration. The difference between the northern regions and the southern regions was probably not as large in the past. Economy in the north has been characterized by boom and bush. This probably explains wild population changes. Migrations must have been dictated by this boom and bust cycles. This kind of boom/bust cycles are common with economies that rely heavily in resource extraction. As long as the resource has huge demand, the boom attracts people and bust pushes people into other regions. Population in the north could have been more stable if the region’s economy was more diverse. There is little manufacturing that can give people stable jobs. The north trails other regions in terms of employment. The further north you move, the worse the problem of unemployment. When Ontario is compared to other regions in the county, the region as a whole fares poorly. Politically, the region feels isolated from the rest of Ontario. The problems of employment and exclusion are worse in the north and this creates disaffection. As a result, Northern Ontario Heritage Party want a separate province for the north so that the region’s problems can be better articulated without submersing them in those of the more prosperous southern region and other parts of Ontario. Northern also consider the southern ignorant of the problems that are present in the north. To make

Group portfolio Research Paper Example | Topics and Well Written Essays - 500 words - 1

Group portfolio - Research Paper Example One of the core values that Haier has is the rights and wrongs sense in which the product users are always right while the company need to improve itself2. The value acts as a motivator, hence forming values for customers. Therefore, the firm’s employees work their best to meet the customer’s requirements in addition to generating a wide variety of choices that they can choose from. The workforce has a mind-set, whereby, they feel the need to persistently advance themselves, which they perceive to be the only way they can continually refuse, dare and outdo themselves to realize triumph through establishment of innovation out of change. The organization, in addition, has an adaptive culture that has led to its growth, whereby, it maintains its pace with the social growth as well as remains in case of any world changes. Its innovativeness as well as the entrepreneurship character enables the firm to uphold a competitive benefit in the ever-changing market. That is to say, the more radical the world changes the quicker the speed of customer’s variation, hence, the more lasting the inheritance turns out to be3. In addition, the organization has employed the concept of two spirits, innovation and entrepreneurship, which is considered to be the gene for the company’s consistent culture. The gene ensures that all members of the workforce maintain their value as well as aid them in their individual development. It is also mandated for every employee to have the entrepreneurship and innovation spirits. Entrepreneurship is considered to be the spirit of pioneering work in which the company persuades all employees to have it4. They are encouraged to transform from being supervised and instead become their own managers. On the other hand, innovation specializes on creation of new value, which is majorly generated from creation of new product users. Lastly, the interest theory of â€Å"win-win model

Motivation and Compensation Essay Example for Free

Motivation and Compensation Essay Attrition problems occur when an organization is going through changes. Magic Graffix seems to be having problems with recruiting, training, and retaining employees. The gradual reduction of a workforce by employees leaving and not being replaced rather than by their being laid off is called attrition. Attrition can be explained after a little digging to see where the problem actually occurs. The problem of diminishing employees for Magic Graffix is happening because the employees are not motivated to complete the task at hand. HR has been assigned a budget to come up with a plan to correct the problem. A number of steps must occur to correct the attrition such as finding out why the problems exist and trying to see how to make it better gradually. Attrition starts when employees start to leave an organization. The question is when it is first noticed what can be done to correct the issue so that it does not get any worse. The Magic Graffix simulation enables suggestions that would help in escalating the problem and correcting it. Conducting an employee survey, as well as commissioning, â€Å"Who is Smiling† is the first steps to combating the problem. The employee survey will allow the organization to get a feel or sense of how the employee thinks and what he or she is feeling towards the organization. The survey will also allow for seeking any areas that need improvement as the employee see it. Commissioning, â€Å"Who is Smiling† will allow the organization to see how other employees in similar organizations feel about the industry and his or her organization. The next step was to determine the needs of the employee in each area of the organization. I have decided that employees are less concerned with his or job descriptions or the training provided; however they are concerned with benefits and compensation so this is an area that needs to be looked into closely. Our employees want to be compensated for a job well done; he or she would like to have a salary that is comparable to others in the industry. Pay is a key motivating factor for the employees, so correcting the pay scale is a good place to start. The employees are also not concerned with the recruiting techniques. In the future after correcting the pay scale and making the pay more in-line with similar organizations Magic will look into other aspects of training for upward mobility. The next task was to identify Business Delivery needs. What I have chosen should boost morale throughout the department. Game credits will allow the developer to see that he or she is valued by the organization. It will also boost self-esteem and awareness of his or her skill in the industry. Personal projects will allow the developer to showcase his or her skills. This will allow him or her to flaunt the creative mind that he or she was hired for. Telecommuting opportunities in today’s industry is crucial to the success of an organization. As a gaming developer they need to feel comfortable when working. It may be feasible to offer telecommuting to the software and developer personnel. Telecommuting will allow for personal freedom to get the task completed in a timely manner. Developers and software personnel get burnout therefore it may be nice to offer a mini sabbatical. This will allow him or her time off to get things put in order. Time to get his or head in the right place is always a necessity. If allowed the mini sabbatical the employee will come back refreshed and invigorated full of new ideas. Compensation and benefits is an instant motivator for an employee. It would be a wise decision to structure pay and incentives around the type of job that is done by the employee for the organization. Spot performances, group incentives, individual incentives, and lump sum merit awards are the choices to support compensation and incentives. Magic has people that work as a part of a team and also individually therefore the pay, rewards, and incentives should be set up around the job title. The simulation has great ideas to correct the attrition problem however there are a few ideas that should be looked into. The first idea is the recruitment techniques. Magic has done the homework and analyzed the needs of the organization as well as the employee, putting this to use is the key to success. A recruitment plan to hire the best employee would include group or series interviewing techniques because this will allow for the organization to get a feel for the candidate and the candidate a feel for the people he or she would be working with. I would also recommend testing on the software the organization is currently using, because this will allow the organization to determine the individual skill level to complete the task. Once the person is hired it would be beneficial to sit with him or her at intervals along the way to determine if the organization is meeting his or her individual needs. At each interval the person is evaluated on his or her production and also areas are pointed out that need work. The employee will also be allowed time to give feedback to the organization. Magic Graffix is currently in a position to improve the way they utilize the employees. Magic is currently faced with trying to retain its employees as they are leaving for better jobs within the industry. Magic needs to make itself more competitive in the industry. Making the organization more competitive and offering key incentives will allow Magic to recruit the best candidates for the job.

Modernisationory vs dependency school

Modernisationory vs dependency school SGM 100 1. INTRODUCTION There are many reasons to examine the current situation of the world, where a lot of countries are underdeveloped or are developing, and a small portion of the world, which are the Western countries, are relatively rich and developed. In this essay I discuss the Modernisation theory and Dependency Theory and how they came into existence. Also, the contributions made by all the countries and trying to develop in their own way by the argument based on the Neo-Marxist theorists explains the reasons why this division is still present, especially, the third World countries being dependent on Western countries. Later, I have taken CUBA as an example to show how it ended its dependency on the western countries, and it may give hope to other underdeveloped countries. Then the comparison between the two theories is done and concluding which one is better. 2. DEPENDENCY THEORY: After World War II, due to economic expansion and polarisation Cold War emerged, and it was then that American social scientists started studying the Third World nations with the purpose of promoting social and political stability and bringing development in the economic structure. (So, 1990, pp.17). However, scholars from made their own theories. It was partly based on the modernisation theory which resulted in the sub-optimal results, as well as ending by saying that imperialism has actively underdeveloped the peripheral societies they are living in (Martinussen, 1997, pp.86). Peripheral countries are assumed to be dependent on mass media. Modernisation School was first criticised in Latin America, when the United Nations-Economic Commission for Latin America went Bankrupt (ECLA). (So, 1990, pp. 91). Overall, because of the failure of the ECLA and the Modernisation School theories declined, it gave rise to Neo-Marxist Dependency Theories. First, attempt to redefine dependency theory from the Third Nations point of view was done by Paul Baran and Andre Frank. Baran argued that the backward or the third world countries were defined by double economies: a large sector was under agriculture and a very small sector was under industries (Martinussen, 1997, pp.86). The capability to generate economic surplus and profit margins from agriculture is still minimal (Keet, 2002). Baran articulated the difference between the classes and their relations. Also, their impact upon how the economic surplus is been utilised and the power being distributed which resulted to create barriers, preventing development. Thus the crucial and most important point is the conditions of the Third World country within their country. He explained solution to eradicate dependency on the western countries by using a lot of state interference to promote industrialisation as an arrangement for evolution of other industrial sectors (Martinussen, 1997, pp.8 7). Frank criticised Barans thesis by identifying the causes of underdevelopment. Merchant capitals target metropoles. The satellites exists only to feed the metropoles based on their requirements. The crucial method to gain more economic surplus was trade and batter system, including both international and national exchanges. Frank proposed a solution to eradicate the problem of dependency by de-linking completely from the world market to grow. (Martinussen, 1997, pp.88-89). It directly blamed the external factors, like colonialism, whereas the Modernisation School assumed the reason behind these countries to be under-developed is overpopulation, culture, and lack of motivation to do anything constructive or little investment. Moreover, Frank argues that the same process of development in the Western countries immortalises the third world countries to develop (So, 1990). Most of the scholars tried to explain the reason for them to remain backward by focussing on the external factor s. They think there was unequal exchange of economies from the western countries, and their theoretical structure is core versus periphery. All the solutions that were proposed included a socialist revolution with a completely or partly staying away from the international system. Based on the classical dependency theories, more observational information was collected from the circumferences point of perspective, not only from Latin America, but also within African and Asian countries. It was very clear that dependency theory alone cannot explain all the observations. Martinussen (1997, pp. 93) states the actual changes in the less developed countries implied greater and greater differentiation between the underdeveloped countries. Therefore, Neo-Marxist theory required an elaborate and expanded version of explanation. 3. MODERNISATION THEORY For more than 10 years, till the late 1960s, modernisation theory was very popular among the social science. The concept was used in order to explain the changes which will last for a long time due to this theory. It also criticised the Marxist theory on dependency and discussed the difference in cold war and explained how the new independent countries should progress. After this, in the next 20 years, the concept of modernisation theory and its understanding was completely changed and had become the target of criticism. Most of the people did not accept any theory, but there were some of them who preferred Neo-Marxist theory; puts the blame on the United States for most of the countries to remain underdeveloped. Many people started ignoring the modernisation theory without mentioning any efforts that could be made to apply this theory systematically. As the Cold War ended, modernisation theory was again brought into picture. It was only to reduce the rising disagreement over globalisation. Some argued that the fall of communism was one of the reasons that deviate the requirements which were specified in the theory, while others replied that other abrupt changes in Russia and other countries proved the theory to be wrong. What was the reason that proved modernisation theorists wrong? Was it the failure of the socialist model or the failure of the economic advice? Later, debates about globalisation pointed out many of the same issues as modernisation theory. After almost 50 years, the theory was again brought into the limelight, social scientists are again working on the positives and negatives of the theory and opening it to the outside world, also on political reform in order to improve capacity of the state and its responsiveness, a breakdown of social barriers, and to improve the knowledge of the state that maximises absorption of information. Definition It is used to inspire by its historical and sociological background. It had been developed by doing a lot of historical research and investigating the effects of modernisation that will have on the human communication. According to Giddens (1991), Modernisation means the appearance of modes of social life or organization which emerged in Europe from about the seventeenth century onwards and which subsequently became more or less worldwide in their influence. Modernisation theories explain how the communication and media uses have changed in the traditional and modern societies. After the World War II, there were more or less twenty societies which were regarded as highly efficient and more. Definitions ofmodernised varied from places to places. For some of them, structural features, such as levels ofeducation, urbanisation, use of sources of energy, and fertility were the ways to decide whether the particular society is modern or no. For others, attitudes described the modernisation of the society, such as secularization, achievement orientation, functional specificity in formal organizations, and acceptance of equality in relationships. Core assumptions and statements Modernisation theory has evolved in three parts. The first part came into existence in the 1950s and 1960s. One tried to contrast the Western styles of living from the other parts of the world, their technological inventions and their highly selective, targeting to only one person at a time, types of communication, their individualist cultures and of individual motivation and achievement (Lerner, 1958 and Schramm, 1964). According to McQuail, (2000, pp. 84), this produced three variants: 1. Economic development: mass media promote the global diffusion of many technical and social innovations that are essential to modernisation (Rogers, 1962). 2. Literacy and Cultural Development: Mass media teaches literacy and other techniques to develop. It encourages a favourable state of mind. E.g. finding a way to live a life beyond the traditional way. 3. National identity development: Mass media helps support the national identities and democratic elections in the newly created colonies. Most of these theories have been criticised as they were pro-western bias. The second step of modernisation theory is a part of the critical theory that was popular in the 1970s and 1980s. This part does not join hands but it criticises the influence of the western countries on the other countries. This is held to be an instance of Western cultural and fiscal imperialism or authority. (Schiller, 1976). The third step of modernisation theory which rose in the 1990s is the theory of late, or post modernity. It tries to not be in favour or against the modernisation of the westerns. In fact, it attempts to eradicate the differences in the process of modernisation and explains the results of modernity for individuals in contemporary society (Giddens, 1991a, b). Giddens showed that modern society is characterised by time-space distantiation and dis-embedding mechanisms. Traditional society is basically a direct conversation between the people who live close by, whereas, modern societies goes way beyond that and reaches out to a number of people and communicate with them through the means of mass media and interactive media. Benjamin Barber tried to explain the differences between the Western and non-Western cultures of the world in hisJihad versus McWorld: How the Planet is both Falling Apart and Coming Together(1996). This matter of grouping on integration and division in civilisation a nd in media use is also present in the effort of Meyrowitz (1993) and Van Dijk (1993, 1991/1999). Van Dijk tries to explain the rise of the new media such as computer networks and mobile telephony as important tools for modern life. It tries to explain the relationship between all the countries from a historical, sociological, economic and cultural point of view. It gives attention to the role played by the mass media and the new media to help a society develop. 4. CASE STUDY ON CUBA THE ALTERNATIVE MODEL Cuba has always been a socialist revolution, which was a necessity by the classical dependency school in order to end the dependency. Unexpectedly, the relations with the international countries changed.Partly, because U.S put restrictions on Cuba. This was the reason for Cuba to move strongly towards the Soviet Bloc. This resulted in the export of sugar cane and import of petroleum, equipments required in industries, daily bread and butter and agrochemicals (Rosset and Benjamin, 1994, and Enriquez, 2000). Moreover, 5.4 times more for Cuban sugar cane was paid by the soviets than the market price (Rosset, 2002), providing almost 80% of Cubas foreign exchange (Enriquez, 2000), thereby promoting dependency of Cuban society. Its positive point was their internal investment to get an excellent education system and a good health care system. But, Cubas links with the Soviet Bloc. ended after the end of the Cold War.According to Dr. Funes quoted in Parker, 2002, $8billion/ per disappeared from the Cuban trade and imports were reduced by 75 percent(2002). Other sources claim it to have been cuts of 82% (Rosset, 2002) of its pesticides or over 90% of Cubas fertilizer use (Rosset and Benjamin, 1994, pp. 3). Even more seriously, Approximate weight of the populations caloric intake that was derived from imported goods ranged from 44 to 57 percent.(Enriquez, 2000). This indicated food shortage for the citizens. Thus Cuba, which was still under the restriction of the U.S, lost all their trading partners overnight. They faced the challenge to find other ways to be highly mechanized and industrialised. They wanted to be self sufficient and rely on themselves in its food production to prevent scarcity.Here Cubas social structure proved to be of great advantage. As they were highly educated and along with state regulation, they started planning which resulted in positive result of the socialist revolution, which is known as The Alternative Model. Although Cuban citizens are still on food ransoms, and food availability had dropped at least to only 60% (Kovaleski, 1999) during the 1991-1995 period, Cuban agriculture has recovered in most areas to the levels of the 1980s (Parker, 2002) and is now world leader when it comes to knowledge of organic agriculture (Rosset, 2002). Elimination of dependency We are told that small countries cannot feed themselves, that they need imports to cover the deficiency of their local agriculture and synthetic farm chemicals, yet Cuba is virtually doing so. We are told that we need the efficiency of large-scale corporate or state farms in order to produce enough food, yet we find small farmers and gardeners in the vanguard of Cuba. We hear time and again that international food aid is the answer to food shortages-yet Cuba has found an alternative in local production.(Rosset, 2000)Acknowledged, Cuba has faced real hardship in the 1990s, but it is also an example that the so-called de-linking as outlined by the Dependency School is possible. Proof of the viability of organic agriculture is the other great windfall (Parker, 2002). Also can this Alternative Model be an example for other dependent countries? According to the World System dependency theorists Cuba was already in the semi periphery, because they have educated population who were crucial in its policies for survival. Enriquez (2000) points out the parallel, but slower process in China and Vietnam, and says that countries of other Soviet Bloc are not experiencing a this difference because they dont have the socialist planning structure. She also explains by going little ahead, claiming that due to the restrictions put by the U.S change have been positive. On the other hand, Latin America lost a lot of liberty of their power to administer their spending (Anon, 2002), Cuba has proved that even after going through a lot of difficulties, it was capable enough to gain back all the things that it had lost. However, the majority of the dependent nations do not have a socialist structure in place, also U.S continuous to put restrictions to prevent neo-liberal influences. So Cuba cannot be an appropriate example for these nations but it can encourage them to find their way out of this dependency trap. 5. GLOBALISATION: MODERNISATION vs. DEPENDENCY Over the last ten decades many events and situations have occurred throughout the word. This has affected not only the places where these events or situations took place but also the media relations, politics and economic factors were affected the world as a whole,   due to industrialisation. Some of these situations that have occurred have been positive and some were negative. Events that take place In developed and those countries which has the power to influence the other countries, such as the United States or United Kingdom have a tendency to make a larger impact on other developing or underdeveloped countries because more relationships are tied through them. This makes countries like the United States and the United Kingdom able to purposely make decisions and direct it in a direction which is beneficial for them, which is why the way the United States and the United Kingdom conducts its business is criticised so thoroughly. There are some people who believe that this has led to globalisation and this effect is a very good thing and there will be a difference in the social and cultural background in all societies because of industrial capitalism. These kinds of people believe in the modernisation theory which was developed because of globalisation. There are also some people that believe that this is not a good thing and it can lead to inequality all over the world as the result of historical exploitation of the poor, underdeveloped societies by rich, and the developed countries. This led to the development of dependency theory. The people who follow this are considered as dependency theorist According to my opinion, by in large, I believe that the dependency theory is the way we think and react in terms of globalisation. The modernisation theory states that one thing needed to modernise is infusion or the merger of capitals. I believe that this is all too true, and the more advanced the society becomes, the more they must stay away from others in order to make themselves greater and develop more. At this point the people in the United States use the third world countries or the underdeveloped and developing countries as the way to gain resources that we are exhausting. They get their raw materials, their industry, and even their people from these countries. The other countries and their cultures that decide not to modernise and wants their traditional ways of thinking to be alive are not given any choice by the other countries and cultures. They remain backward as they do not get any choice because the other cultures are going ahead as they are modernising their cultures . The Kung tribes in the Kalahari Desert in Namibia, Botswana and Angola, talks about the way they had lost their traditional values in less than one generation because they had lost their land which they needed to exist in this world as hunter gatherers. This is something that will continue happening and I do not believe that there is anything we can do about it except compensate heavily. On the contrary, Dependency theory has an almost exact opposite outlook on globalisation than modernisation has. It basically attacks the structure modernisation theory, and with some very good reason. The modernisation theory says that globalisation has a positive impact through infusion of capital from the sources received from the other countries. Dependency theory accepts this but censures the words under which it is done. First world countries like America indirectly set standards of developing and underdeveloped countries by making unfair, but unavoidable, deals. These deals are shaped in a particular fashion that seems to be something helpful and which cannot be avoided. One of the very good examples is that can explain dependency theory is about the states of Global South. They are in desperate need to develop. Development seeks to improve the welfare of people living in conditions of economic and social poverty (Weaver n.d, pp. 112). Why is the Global South prone to remain in this condition? This is a question which has been asked a million times and the answers are given in many different ways. Two interesting theories are used to understand the conditions of Global South and their development, which are: the Classical Economic Theory, which is also known as the Modernisation Theory and the Dependency Theory. One of these theories explains the need to development and living conditions in the southern countries. According to modernisation theory, there are a few steps which can lead to success for each and every country. In Walt Rostow (1962) work on The Stages of Economic Growth: A Non-totalitarianism proclamation, a particular pattern for developing has to be undertaken for a country to become successful, profitable, sophisticated, and have a modern economy, which in turn, will enrich the lives of the citizens in that particular country. This is a very systematic theory. It says that if you do this then only you will become successful and modern. It is demonstrated by Mahler 45 that there needs to be preconditions for development, and thus leading to mass-consumption. The part that is not included in this theory assumes that all countries will follow the exactly same predetermined way to development. Too many variables intercede between that will affect the ability of a state to develop. For example, Mexico faces a lot of difficulty to develop as it is geographically destined due to the deserts, forests, and mountains. Approximately thirteen percent of Mexicos land is arable, as well as, there are no big rivers inMexico, it becomes all the more difficult to have a good economy. These factors increase the difficulty level for Mexico to develop because it constrains transportation, which directly affects the ability to export and import goods efficiently and profitably. If the states in the Global South follow the steps of modernisation, there is no guarantee that they will develop. It can be argued that having a rigid set of rules and regulations to follow will not make you reach to the decided destination. One important and sometimes neglected barrier to development could be the geographical condition. However, there are other variables that can restrict a country from developing. As stated in A Global Agenda: Issues Before the 54th General Assembly, Underlying all these initiatives [for development] is the assumption that poverty eradication and good governance are inseparable, because good governance brings about a proper balance among state action, the private sector, civil society, and the communities themselves (Tessitore n.d, pp. 105). The reason is that if a countries leadership is very poor, it will directly affect its ability to develop. Take for instance; Saddam Husseins country could not develop because all the wealth that was collected by the people was kept by him. Maybe if Hussein would have used the wealth in a good way in his country, by encouraging invention and improving education, then probably his country could have developed long back. Also in India, the political parties and the government are very corrupt. They can be easily bribed. Most of the taxes that people pay go in the pockets of the politicians and the government. If this was not the case in India, and if they had strict rules on bribing, then India would have been one of the developed countries. In relation to modernisation theory, the states in the Global South should create situations which can improve production and free trade, as well as enhance the internal characteristics, for example, removing illiteracy, improving the communication and infrastructure problem, as well as what the Asians did, popularly known as Asian Tigers, by improving their transportation which improved their ability to import and export goods efficiently, proved that export-oriented growth was possible. Dependency theory became popular in the 1970s(Kegley n.d, pp. 226). According to the dependency theory, the states in the North exploit the states in the South. One main reason for this can be that the southern states are highly dependent on the wealth earned by the northern states; therefore this unable them to advance, because of the vicious circle that then ensues. An example of this bad circle can start with a country being economically unstable. They allow a multinational corporation to set up a branch in one of their cities. This increases job opportunities for the people of that city. But the people are hired for very low salary. Then the products that are produced are bought by the northern states, which in turn stop the southern states mass-consumption abilities. This is one of the generalized ways that the south gets exploited and remains underdeveloped by the north and the multinational corporation that had set up their branches in the cities of the southern states and com e out making huge amount of profit at the expense of desperate people who are just trying to survive and are willing to work for pennies. For example, all the multinational companies have their customer service centres in India, as it is a developing country. There are huge amount of people who are unemployed and are willing to work even during the nights for pennies for the multinational companies. All the services provided to people in the north with any difficulty is provided by these people working in the particular customer service centres. According to dependency theory, underdevelopment is the reason of the development of capitalism. A significant example could be Latin America and the United States. The following quote from the preface to the English edition (1979) the persistence of Dependency and Development in Latin America by Fernando Henrique Cardoso, Prentice Hall and Enzo Faletto(2003), somewhat details this dependency issue, In order to go ahead with economic expansion, a dependent country has to play the interdependency game, but in a position similar to the client who approaches a banker even if the dependent country becomes less poor after the first loan, a second one follows. In most cases, when such an economy expands, its roots have been planted by those who hold the lending notes. Thus, leading to the conclusion, that in order for global south to develop, the capitalist system will have to break down completely in relation to the dependency theory. Of course, dependency theory did not take backward so cieties who are not dependent into consideration. Therefore, after considering all factors of dependency theory, it can be concluded that theory by itself cannot explain or improve the economical conditions and life of the citizens in the global south. It is very clear that some states in the south are completely dependent on the states in the north   and they end up being exploited by the north and are caught in the cycle of debt which is never-ending and continues to grow with no way to escape, making them more and more dependent on the northern countries. It is also very clear that modernisation theory neglected the fact that not every state will develop in the same way or in the same period of time. It doesnt give justice to explain the lack of assumed decreasing profit of the people that is described in the theory. 6. CONCLUSION In conclusion, the concept of educating citizens and improve the other internal characteristics, it would seem to lead to an improved life for the citizens. Also by becoming less dependent on wealthier and developed nations would help to improve the lives of the citizens in the Global South. Indeed, there are differences in the theoretical approach to the problem of development. General consensus on the practical problem are, those on the Left and Right agree that the growth rate achieved by under-developed countries after forty years of international assistance is less than satisfactory, if not disappointing (Mahler n.d, pp. 59). Modernisation theory, however, hypothesises and predicts better than dependency theory. It is a model for some sort of success, based on the definition of success by the western capitalistic countries. REFERENCES Anon. (2002).La economia de America Latina y el Caribe cay en 2002. Press release CEPAL, United Nations, 18 December 2002. Date accessed: 25-11-2009. Barber, Benjamin and Schulz, Andrea. (1996)Jihad versus McWorld: How the Planet is Both Falling Apart and Coming Together. New York: Ballantine Books Development versus Dependency theory. RevisionNotes.Co.Uk. Mar. 29, 2007. Dijk, J.A.G.M. van (1993b).Communication Networks and Modernisation.Communication Research,20(3), pp. 384‑407. Dijk, Jan van (1991/1999).De Netwerkmaatschappij, Sociale aspecten van nieuwe media.Houten: Bohn Stafleu en van Loghum/London, Thousand Oaks, New Delhi: Sage Publications. Enriquez, L.J. (2000).Cubas New Agricultural Revolution. Development report no 14. Date accessed: 17-10-2009.Giddens, A. (1991a).The Consequences of Modernity. Stanford (Cal): Stanford University Press, Oxford: Basill Blackwell, Cambridge: Polity Press. Giddens, A. (1991b).Modernity and Self‑Identity; Self and Society in the Late Modern Age. Cambridge: Polity Press. Keet, C.M. (2002).Agriculture and Development, University of Limerick. Pp. 9. Kegley, Charles W. World Politics: Trend and Transformation. 11th ed. United States: Thomson Wadsworth, 2007. Kovaleski, S.F. (1999).Cuba Urban Agriculture.City Farmer, Date accessed: 17-10-2009. Lerner, D. (1958).The Passing of Traditional Society: Modernizing the Middle East.Glencoe ILL.: The Free Press. Mahler, Gregory S. Comparative Politics: An Instructional and Cross-National Approach. 4th ed. Martinussen, J. (1997). Society, State Market A guide to competing theories of development. New York: Zed Books. Pp. 386. McQuail, D. (2000).McQuails Mass Communication Theory, 4thEdition,/London, Thousand Oaks, New Delhi: Sage Publications. Meyrowitz, J. J. Maguire (1993). Media, Place and multiculturalism.Society 30, (5): 41-8. New Jersey: Prentice Hall, 2003. The Persistence of Dependency as a Useful Framework for Understanding Latin America. Center for Latin American Studies. Feb. 10, 2003. Nov 29, 2009. Parker, N. (2002).Cuba Campaign: Policy Think Tank Releases New Report on Cubas Successful Organic Farms. Global Exchange. 28 January 2002. . Date accessed: 17-10-2009. Rogers, E.R. (1962).The Diffusion of Innovations. Glencoe, ILL: The Free Press. Rosset, P.M. (2000).Cuba: A Successful Case Study of Sustainable Agriculture. In:Hungry for Profit: The Agribusiness Threat to Farmers, Food and the Environment. Magdoff, F., Foster, J.B. and Buttel, F. H. (eds.). New York: Monthly Review Press. pp 203-213. Date accessed: 17-10-2009. Rosset, P.M. (2002).Agricultura Alternativa Durante La Crisis Cubana. FoodFirst, 7 May 2002. Date accessed: 17-11-2009. Rosset, P and Benjamin, M (eds.). (1994).The greening of the revolution Cubas experiment with organic agriculture. Melbourne: Ocean Press. Pp.85. Schramm, W. (1964).Mass Media and National Development, The role of information in developing countries.Urbana: Un

Gender Roles and Ideas :: Arab Women Culture Literature Essays

Gender Roles and Ideas The Male Character in Arab Women’s Novels: Often in literature authors, particularly men, are criticized for falsely or inaccurately portraying or "writing" women. This debate has been historically confined to male authors, but is on occasion reversed and female authors are criticized for inaccurately writing men. Although it may sound like a fair trade—or at least the beginnings of one in the world of critics—these situations are limited to primarily European and predominately North American literature. Examining the portrayal of men and the male sex as a whole, by women, is an important if not essential undertaking in this modern world, but where is comes to a point of being absolutely crucial is when it is the women authors of a world where they are second class citizens only because of their gender. If the writing of men in Arab women’s novels can be understood at even the most basic level it may allow some insight into what these women think and assume consciously and subconsciously, about themselves and their position in society and about the inherent oppression that they deal with and resign themselves to—no matter how weak or extreme the degree of the oppression, ranging from Egypt to Saudi Arabia. The purpose of this discourse is to first, examine and delineate the manner in which Arab women novelists portray or ‘write’ men; and second, to discuss the most relevant reasons why the women write them as they do. This will be accomplished by focusing mainly on three novels written by women from Jordan and Palestine with settings form Beirut to London. The first of these three novels is Fadia Faqir’s, Pillars of Salt. This story is set in Jordan before and during the British occupation and Mandate. The book itself is broken into a number of chapters, each shifting between the voices of "The Storyteller", Maha, and Um Saad, and Faqir’s third-person. For purposes of ease in this discourse these short chapters will be grouped into eight natural sections, as each five or six chapters between Maha and Um Saad is set off by an interlude from The Storyteller, who himself appears nine times altogether. In this book there is a large spectrum men that Faqir writes, but in terms of relevance to the topic above we will focus on the following characters to illustrate how Faqir portrays the male sex: The Storyteller, who could be argued as not being a man, but with very little success, as it is undoubtedly Faqir’s intention to have the story’s told by The Storyteller to be from a male perspective.

Remoteness and Loneliness in Wuthering Heights by Emily Bronte Essay

Remoteness and Loneliness in Wuthering Heights by Emily Bronte Emily Bronte loved nature and spent most of her childhood on the remote Yorkshire Moors near her home in Haworth. Emily found that the Moors were a place of peace and sanctuary where she could retreat to relax and follow one of her most favourite past times, which was writing. However she knew that in a matter of seconds the Moors could change into a wild and savage wilderness. Emily chose this ever-changing setting for her only novel "Wuthering Heights". "Wuthering Heights" tells the tale of two families living in and around the bleak Yorkshire Moors near a small village, very similar to Haworth, called Gimmerton. This setting mirrors the personalities of the savage and brutal characters. These characters live in a remote and weather ravaged working farmhouse called Wuthering Heights. Wuthering Heights acquired it's name due to the, "atmospheric tumult to which its station is exposed in stormy weather" The inhabitants of Wuthering Heights need to be tough to survive and only those characters born in Wuthering Heights are able to survive within it. When Hindley returns from University with his wife Frances she dies rather quickly as she cannot survive the savage weather conditions. We do not expect Hindley to die but as he has been away from Wuthering Heights for so long he also cannot survive. However there are other reasons for his death. When Heathcliff returns from his absence he stays with Hindley, and gets his long awaited revenge by slowly luring Hindley into gambling and alcoholism. This is the main cause of his death. If Wuthering Heights was not set in such an isolated place Heathcliff would not have been able to torture and... ...alanced and would not have been as successful with Victorian audiences. Imagery using nature was not seen or heard of very much in large industrial cities such as London or Liverpool so a novel set in the remote Yorkshire Moors was inevitably going to be interesting for the inhabitants of the city to read. "Wuthering Heights" would be neither realistic nor interesting and would not have the excitement that it is famous for without it‘s setting. It would become boring and average and would not have made such an impact with its new ideas and scandals such as Catherine falling in love with her adoptive brother Heathcliff. However perhaps with a less savage and remote setting the characters would have been happier and most importantly the tragic yet futile love of Catherine and Heathcliff could have continued not only in their deaths but also in their lives.

Comparing the Film Black Orpheus and the Original Greek Myth Essay

Comparing the Film Black Orpheus and the Original Greek Myth The story of Orpheus and Eurydice is one that has been retold countless times over the years. It started as a Greek myth, later being made into a movie titled Black Orpheus. After reading the myth and watching the movie, it is easy to see that there are far more differences in the two works than similarities. These differences are not only in the way the story is told, but also in the organization of the events that take place and in the description of the characters. The main differences in these two versions of the myth are the role of the characters, the main plot scheme, and the journey into the underworld. The characters in the movie, Black Orpheus, are significantly altered from the Greek myth. In the myth, Orpheus and Eurydice are together from the beginning and are completely in love. Everyone is happy for their love and the only thing that stands in their way is death. In the movie, however, this is notably changed. Orpheus begins as a streetcar conductor that was engaged to Mira, giving the idea that Orpheus was in love with another woman. We quickly see that this is not the case as Orpheus is always very curt and rude with his fiancà ©e. They are slated to get married, but there is an eerie feeling in the air that something is about to go wrong. The main difference with these characters is that in the movie, Orpheus cheats on his fiancà ©e. We soon see that Eurydice is the wildcard when it comes to Orpheus. It does not matter whether or not he is with another woman, she will do what it takes to win Orpheus’s love. This is where one of the main differences occurs. Contrary to the myth, Orpheus cheats on his fiancà ©e and gives his love and affection to Eurydic... ... Orpheus thinks that a trick is being played on him and turns around, causing Eurydice to be lost forever. This leads the viewer to believe that Orpheus was not really in the underworld and that this was just a fake journey into a nonexistent underworld. It seems quite odd that anyone can walk down a spiral staircase and be placed at the gates of Hades. This is the main reason the journey into the underworld appears to be a false one. Overall, the two versions of the story convey the same message, but in very different ways. From the differences in the characters to the plot variances, we can see that the similar messages can be portrayed in a variety of ways. The story of Orpheus and Eurydice is an ancient one that will forever be retold and altered. A prime example of this was shown in the differences between the original myth and that movie of Black Orpheus.

Comparative Essay for Poetry Unit Essay

Cultural conflict is when a new set of beliefs and habits overtakes and conceals the old set, deteriorating the sacred cultural connections established at birth. Sujatas â€Å"Search for My Tongue† and John Agards â€Å"Half-Caste† are both excellent examples of cultural conflict. In the both cases, the authors are attempting to depict the hardships involved with a clash of culture. In Search for My Tongue, Sujata Bhatt finds conflict between two languages: what would you do/if you had two tongues in your mouth (3-4). In Half-Caste, Agard protests the racial discrimination towards the Guyanese interior hidden by the British exterior. Both poets express these cultural conflicts with the use of perspective, cultural context, literary devices, imagery and variations to syntax. The similarities in these poems show that cultural conflict is abundant and ubiquitous, whereas the differences provide uniqueness amongst the cultural conflicts. In Search for My Tongue, Bhatts poem encompasses the conflict between mother tongue and the foreign tongue. These very physical objects replace her native language of Guajarati and foreign language of English. The use of this metaphorical analogy is widespread, such as in the French language, where the word langue means both tongue and language. According to Bhatt, if you had to/speak a foreign tongue,/your mother tongue would rot (10-12). The conflict between languages continues in the subconscious world, where the mother tongue always returns and blossoms out of my mouth (38). Similarly Half-Caste is also a conflict of cultures, specifically race. John Agard is a mixed race of black and white light an shadow (13). His life in Britain has allegedly suppressed his black, unwanted side. This protest poem is the black side attempting to be freed just as how Bhatts mother tongue wants to grow(s) back (31). Agard often describes himself as half a person, standing on one leg (2), Half-a-eye (41), half-a-dream (43), half-a-shadow, (46). Bhatt searches for her two tongue but only finds one. Contrastingly, Half-caste is a poem of external conflict between Agard and the disapproving English society, whereas Search For My Tongue is about self-discovery and internal conflict. In Search for My Tongue, lines between 1 and 14 are all in the 2nd person, which connects the poem to the reader.  It is more dramatic and heartfelt than a narrative. Bhatts internal conflicts are voiced out to the world, searching for an answer to the question I ask you, what would you do (3). Half-caste uses the exact same strategy in order to achieve a different goal. The 2nd person narrative is installed between lines 4 and 37. He uses phrases like Explain yuself/wha yu mean (4-5), which directly targets the discriminating British (you need proof of that from his poem) yo put the on metaphor with the sun dont pass in England society, it fits really well here . External conflicts between Agard and the society are immediately voiced. Both poems employ the perspective of the it is not 2nd person , JUDD told me that on Search for my tongue isto connect with the reader, but one does it to apply the internal conflicts to the outside world whereas the other does it to be heard. Bhatt brings out her internal conflicts so that she can connect with the reader. In Search for My Tongue, many literary devices are used to bring out these internal conflicts. Her metaphorical tongues actually symbolize languages. She often changes between the ambiguous meanings. For example, she states that if you had two tongues in your mouth,/and lost the first one, the mother tongue, (4-5). Bhatt is giving supernatural qualities to the physical tongue. In an another example, she states that your mother tongue would rot,/rot and die in your mouth (12-13). In this case, Bhatt is creating personifications by giving lifelike, natural properties to a language. This shows how Bhatt is switching between the multiple meanings. In Half-Caste, Agard also draws on multiple examples. Contrastingly, he uses allusions or references to external literary works. The two apparent allusions are Picasso and Tchaikovsky. Put the lines Both of these artists use contrasts to create a greater piece of work. According to Agard, a mixed person is a living example of beauty derived from two contrasting cultures. Although the meaning of these allusions is not ambiguous, they are often sarcastic and direct. The differences in the use of literary devices have to do with the fact that Bhatt is unclear about her cultural conflict, whereas Agard understands his cultural conflict. Both poets use the literary device of repetition to express cultural conflict. For example, in â€Å"Search for My Tongue,† the words tongue and mouth are very abundant. The word â€Å"tongue† ends lines 2, 5, 7, 11 and 37. The word â€Å"mouth† ends lines 4, 13, 34 and 38. Not only does the repetition bring the poem together, it strengthens the message Bhatt is trying to send. It resembles a distress signal from a person with dire need. Similarly, John Agard repeats the phrase â€Å"Explain yuself† in lines 4, 10, 23 and 31. This reminds the reader of the aggressive tone in this rebellious poem, and ties the poem together. Every time a new idea is brought up, â€Å"Explain yuself† is the introductory line. Another way the poets attempt to describe cultural conflict is by the use of imagery. At the end of the poem, Sujata Bhatt writes â€Å"It grows back, a stump of a shoot† (31). This is a metaphor, comparing the mother language to a growing bamboo. The metaphor adds to the clear imagery. Continuing,Grows longer, grows moist, grows strong veins,It ties the other tongue in knots,The bud opens, the bud opens in my mouth,It pushes the other tongue aside. (32-35)These lines paint a very explicit picture in the reader’s mind, helping the poet come across with the meaning. Similarly, John Agard also appeals to the many senses. The â€Å"red an green† (8) on the â€Å"canvas† (9) feed on the human sense of sight. The â€Å"black key† (28) and â€Å"white key† (29) in the â€Å"symphony† (30) by â€Å"Tchaikovsky† (26) affect the human sense of hearing. Together, it allows the reader to fully experience the idea of â€Å"Half-Caste.†Finally, both poets use a strange form of syntax. In â€Å"Search for My Tongue,† Bhatt adds a full section of Gujarati. This symbolizes the rebirth of the mother tongue within Bhatt’s subconscious mind. In addition, between lines 31 and 35, there are no periods, replaced by commas. This section holds the imagery explained above, and periods would add unnecessary breaks. Similarly, â€Å"Half-Caste† has no punctuations. Together with the differing dialect, it shows the poet opposing his surroundings. This is a form of  protest, since Agard is not following the general rules of writing set by his racist opponents. Therefore, both poets express cultural conflict with variations to syntax. When reading Search for My Tongue, a monolingual person would not be able to fully comprehend Bhatt’s cultural conflict, except when it is described physically. By allowing the reader to picture two tongues in their mouth, Bhatt’s internal conflicts are expressed externally, allowing her to share her pain with the world. However, someone who is bilingual may have already experienced similar cultural conflicts. Therefore, this bilingual reader will understand â€Å"Search for My Tongue† much better than a regular monolingual reader. Similarly, â€Å"Half-Caste,† is also geared towards two different types of people. A person who isn’t mixed will not be able to comprehend this poem as well as someone who is mixed. In addition, Half-Caste protests against discriminative English people. In a less discriminative culture such as Canada where the use of racial slurs like half-caste is scarce, it is much harder to comprehend Agards cultural conflicts. Therefore, both Half-caste and Search for my Tongue are both good examples of how cultural context impacts how the poem is perceived. In conclusion, both poems are affected by cultural context, which dictates the effect on the reader. For example, as previously stated, a bilingual person will be able to comprehend Search for My Tongue better than a monolingual person. However, Sujata Bhatt needs to ensure that the monolingual demographic will still be able to extract the full meaning. Both Bhatt and Agard achieve this by employing very similar methods. The narrative, metaphors and personifications, vivid imagery and variations to syntax all contribute to expressing cultural conflict. Although the two poems have many commonalities, they are based on different subject matter. Search for My Tongue is about Bhatts internal conflict with herself, whereas Half-Caste is about Agards external conflict against his society. These conflicts differ, but are all linked to culture the overriding link between these entwining poems.

Concepts of Electrostasis

Why do you suppose this is so? -Outer electrons are loosely bound with the nucleus because of their larger distance from the nucleus, so they can be easily stripped off. In the case of the inner electrons, the opposite is true. They are more tightly bound because their closer to the nucleus, so they are more difficult to remove them. 52) You are not harmed by contact with a charged metal ball, even though its voltage may be very high. Is the reason similar to why you are not harmed by the rater than 1 ICC sparks from a Fourth of July sparkler? Defend your answer in terms of the energies that are involved. Yes. The reason is similar, because the amount of energies involved in both cases is very small. Chapter 23: Electric Current 46) In the circuit shown, how do the brightness's Of the identical lightships compare? Which bulb draws the most current? What will happen if Bulb A is unscrewed? If Bulb C is unscrewed? -The brightness of Bulb A and Bulb B will be the same, while Bulb C will be twice as Bulbs A or B. Bulb C draws the most current. When Bulb A is unscrewed, Bulb C will glow as it had and Bulb B will not glow. If Bulb C is unscrewed, Bulb A and Bulb B will glow at the same brightness.Chapter 24: Magnetism 15) One way to make a compass is to stick a magnetized needle into a piece of cork and float it in a glass bowl full of water. The needle will align itself with the horizontal component of Earth's magnetic field. Since the north pole of this compass is attracted northward, will the needle float toward the north side of the bowl? Defend your answer. -The needle will point toward the northward direction; however, it will not eve towards the northward side since the forces acting on the needle balances each other Out, remaining at rest. 3) In a mass spectrometer, ions are directed into a magnetic field, where they curve and strike a detector. If a variety of singly unionized atoms travel at the same speed through the magnetic field, would you expect them a ll to be deflected by the same amount, or would different ions be bent different amounts? Defend your answers. -Deflection of ions by magnetic fields solely depends upon their charge/ mass ratio. This is different for different ions. Chapter 25: Electromagnetic Induction 2) A certain simple earthquake detector consists of a little box firmly anchored to Earth.Suspended inside the box is a massive magnet that is surrounded by stationary coils of wire fastened to the bode. Explain how this device works, applying two important principles of physics-?one studied in Chapter 2 and the other in this chapter. -When an earthquake occurs, stationary coils inside the detector begin to vibrate and a relative motion between the coils and magnets is generated. The motion of the coils induces voltage into the coils. As a result, the intensity of the earthquake is recorded. ) A length of wire is bent into a closed loop and a magnet is plunged into it, inducing a voltage and, consequently, a current in the wire. A second length of wire, twice as long, is bent into two loops of wire, and a magnet is similarly plunged into it. Twice the voltage is induced, but the current is the same as that produced in the single loop. Why? -The voltage induced is directly proportional to the number Of loops Of the wire. Resistance is directly proportional to the length of the wire as long as all other parameters are constant in the formula R=PL/A.The second wire has wise the length and twice the number of turns than the first wire. 43) The metal wing of an airplane acts like a â€Å"wire† flying through Earth's magnetic field. A voltage is induced between the wing tips, and a current flows along the wing but only for a short time. Why does the current stop even though the airplane contain use flying through Earth's magnetic field? -The current stops even though the airplane continues to fly through the Earth's magnetic field, because the losses which occurred when a motor operates a gen erator and when the voltage is stepped up by a transformer is not considered.After the completion of each cycle, the energy outputted decreases due to the losses in the motor, the generator, and the transformer. Therefore, this will stop. Chapter 32: The Atom and the Quantum 6) Why does classical physics predict that atoms should collapse? -According to classical physics, an accelerated charged particle emits radiation. An electron that is orbiting the nucleus should radiate energy and move into a spiral path that ends at the nucleus. Therefore, atoms should collapse from a classical physics description. 28) When and where do Newton's laws of motion and quantum mechanics overlap?When the size of the system is very large compared to the De Brogue wavelength, the Newton's laws of motion and quantum mechanics overlap. Chapter 33: The Atomic Nucleus and Radioactivity 16) Two protons in an atomic nucleus repel each other, but they are also attracted to each other. Explain. -Two protons i n an atomic nucleus repel each other and also attract each Other, because of Coulomb Repulsion. The protons repel each other; however, due to a strong nuclear force, they also attract each other. 47) Why is carbon dating ineffective in finding the ages of dinosaur bones?

Software Developer

R N S INSTITUTE OF TECHNOLOGY CHANNASANDRA, BANGALORE – 61 UNIX SYSTEM PROGRAMMING NOTES FOR 6TH SEMESTER INFORMATION SCIENCE SUBJECT CODE: 06CS62 PREPARED BY RAJKUMAR Assistant Professor Department of Information Science DIVYA K 1RN09IS016 6th Semester Information Science and Engineering [email  protected] com Text Books: 1 Terrence Chan: Unix System Programming Using C++, Prentice Hall India, 1999. 2 W. Richard Stevens, Stephen A.Rago: Advanced Programming in the UNIX Environment, 2nd Edition, Pearson Education / PHI, 2005 Notes have been circulated on self risk nobody can be held responsible if anything is wrong or is improper information or insufficient information provided in it. Contents: UNIT 1, UNIT 2, UNIT 3, UNIT 4, UNIT 5, UNIT 6, UNIT 7 RNSIT UNIX SYSTEM PROGRAMMING NOTES UNIT 1 INTRODUCTION UNIX AND ANSI STANDARDS UNIX is a computer operating system originally developed in 1969 by a group of AT&T employees at Bell Labs, including Ken Thompson, Dennis Ritchie, Do uglas McElroy and Joe Ossanna.Today UNIX systems are split into various branches, developed over time by AT&T as well as various commercial vendors and non-profit organizations. The ANSI C Standard In 1989, American National Standard Institute (ANSI) proposed C programming language standard X3. 159-1989 to standardise the language constructs and libraries. This is termed as ANSI C standard. This attempt to unify the implementation of the C language supported on all computer system. The major differences between ANSI C and K&R C [Kernighan and Ritchie] are as follows: ? Function prototyping ? Support of the const and volatile data type qualifiers. Support wide characters and internationalization. ? Permit function pointers to be used without dereferencing. Function prototyping ANSI C adopts C++ function prototype technique where function definition and declaration include function names, arguments’ data types, and return value data types. This enables ANSI C compilers to check for function calls in user programs that pass invalid number of arguments or incompatible arguments’ data type. These fix a major weakness of K&R C compilers: invalid function calls in user programs often pass compilation but cause programs to crash when they are executed.Eg: unsigned long foo(char * fmt, double data) { /*body of foo*/ } unsigned long foo(char * fmt, double data); eg: int printf(const char* fmt,†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. ); External declaration of this function foo is specify variable number of arguments Support of the const and volatile data type qualifiers. ? The const keyword declares that some data cannot be changed. Eg: int printf(const char* fmt,†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. ); Declares a fmt argument that is of a const char * data type, meaning that the function printf cannot modify data in any character array that is passed as an actual argument value to fmt.Volatile keyword specifies that the values of some variables may change asynchronously, giving an hint to the compiler’s optimization algorithm not to remove any â€Å"redundant† statements that involve â€Å"volatile† objects. char get_io() { volatile char* io_port = 0x7777; char ch = *io_port; /*read first byte of data*/ ch = *io_port; /*read second byte of data*/ } ? eg: If io_port variable is not declared to be volatile when the program is compiled, the compiler may eliminate second ch = *io_port statement, as it is considered redundant with respect to the previous statement. Prepared By: RAJKUMAR [Asst. Prof. ] & DIVYA K [1RN09IS016] Page 1 RNSIT UNIX SYSTEM PROGRAMMING NOTES The const and volatile data type qualifiers are also supported in C++. Support wide characters and internationalisation ? ? ANSI C supports internationalisation by allowing C-program to use wide characters. Wide characters use more than one byte of storage per character. ANSI C defines the setlocale function, which allows users to specify the format of date, monetary and real number re presentations. For eg: most countries display the date in dd/mm/yyyy format whereas US displays it in mm/dd/yyyy format. Function prototype of setlocale function is: ? #include char setlocale (int category, const char* locale); ? The setlocale function prototype and possible values of the category argument are declared in the header. The category values specify what format class(es) is to be changed. Some of the possible values of the category argument are: category value effect on standard C functions/macros LC_CTYPE LC_TIME LC_NUMERIC LC_MONETARY LC_ALL ? ? ? ? ? Affects behavior of the macros Affects date and time format. Affects number representation format Affects monetary values format combines the affect of all above Permit function pointers without dereferencing ANSI C specifies that a function pointer may be used like a function name.No referencing is needed when calling a function whose address is contained in the pointer. For Example, the following statement given below d efines a function pointer funptr, which contains the address of the function foo. extern void foo(double xyz,const int *ptr); void (*funptr)(double,const int *)=foo; The function foo may be invoked by either directly calling foo or via the funptr. foo(12. 78,†Hello world†); funptr(12. 78,†Hello world†); K&R C requires funptr be dereferenced to call foo. (* funptr) (13. 48,†Hello usp†); ANSI C also defines a set of C processor(cpp) symbols, which may be used in user programs.These symbols are assigned actual values at compilation time. cpp SYMBOL USE _STDC_ Feature test macro. Value is 1 if a compiler is ANSI C, 0 otherwise _LINE_ Evaluated to the physical line number of a source file. _FILE_ Value is the file name of a module that contains this symbol. _DATE_ Value is the date that a module containing this symbol is compiled. _TIME_ value is the time that a module containing this symbol is compiled. The following test_ansi_c. c program illustrates the use of these symbols: #include int main() { #if _STDC_==0 printf(â€Å"cc is not ANSI C compliant†); #else printf(â€Å"%s compiled at %s:%s.This statement is at line %d †, _FILE_ , _DATE_ , _TIME_ , _LINE_ );

Portfolio Construction Using Technical and Fundamental Analysis Essay

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