TERM PAPER

ON

TECHNICAL ANALYSIS OF DR. REDDY’S LABS

Submitted To: Submitted By:

Mr. Amarjit Saini Bhavna Agrawal

RS1902B30

10900715

INTRODUCTION

Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global pharmaceutical company.

As a fully integrated pharmaceutical company, our purpose is to provide affordable and innovative medicines through our three core businesses:

Pharmaceutical Services and Active Ingredients, comprising our Active Pharmaceuticals and Custom Pharmaceuticals businesses;

Global Generics, which includes branded and unbranded generics; and

Proprietary Products, which includes New Chemical Entities (NCEs), Differentiated Formulations, and Generic Biopharmaceuticals.

Our products are marketed globally, with a focus on India, US, Europe and Russia. Dr. Reddy’s conducts NCE research in the areas of metabolic disorders, cardiovascular indications, anti-infective and inflammation.

Our strong portfolio of businesses, geographies and products gives us an edge in an increasingly competitive global market and allows us to provide affordable medication to people across the world, regardless of geographic and socio-economic barriers.

PURPOSE

We are committed to providing Affordable and Innovative medicines for healthier lives.

Affordability

The high cost of many medicines puts them out of the reach of millions of people who desperately need them. As a global pharmaceutical company, we take very seriously our responsibility to help alleviate the burden of disease on individuals and on the world. Through our Global Generics business, we provide high quality, lower-cost alternatives to innovator drugs. Our wide range of generic medicines bring hope and health to people around the globe.

Innovation

Despite the great advances of medical science, there are still far too many diseases for which there are no cures or no satisfactory treatments. We believe that innovation – in research, processes and technologies – holds the key to finding solutions for unmet or inadequately met medical needs. Our Proprietary Products business is dedicated to discovering new or better treatments than currently exist. In addition, our Custom Pharmaceutical Services business works with Innovator companies and emerging biotech firms to accelerate the development of new molecules, while lowering research costs.

BUSINESSES:

Humanity’s health needs are greater than any one company’s ability to solve them; yet we can work with others to bring new drugs quickly to the market and provide the building blocks of affordable medicines. Through our PSAI business, which comprises the Active Pharmaceutical Ingredients (API) and Custom Pharmaceutical Services (CPS) businesses, we offer IP advantaged, speedy product development and cost-effective manufacturing services to our customers – generic companies and innovators. This allows us to help make good medicines available to more people around the world. The core strengths of our PSAI business are the state-of-the-art infrastructure, resources and skills we are able to offer to our customers:

Large and diverse product portfolio Eight FDA-inspected plants and three technology centers

World class chemistry expertise

Robust, large-scale manufacturing capabilities

Intellectual Property (IP) driven product development for freedom to operate

Total, seamless supply chain management

CAPABILITIES

Deep Manufacturing Expertise

They have 16 world-class manufacturing facilities of which 9 have a long history of regular USFDA inspections. With an annual capacity of nine billion tablets/ capsules a year, dedicated to servicing the more regulated markets, one of our finished dosages facilities is among the largest in Asia. Our facilities are designed to respond to a wide range of technologies - oral solids, injectibles, topicals, inhalers, cytotoxic, hormonals and other dosage forms.

Likewise our API facilities offer lean manufacturing, adhere to stringent regulatory guidelines and continually drive cost competitiveness. Such manufacturing capabilities and our inherent expertise to navigate intellectual property road blocks make us a preferred partner for some of the world’s leading pharmaceutical companies.

Globally Synchronized Supply Chain

They put the needs of our partners and customers first. Our globally synchronized supply chain and a comprehensive Information technology platform help us assure customers of timely delivery and superior inventory turns. The uninterrupted success of our customers’ business is our promise.

Regulatory Performance

Over the years we have built an expertise in understanding the regulatory frameworks of the various countries in which we operate. This has given us a distinctive edge, for ourselves and our customers. We have built a successful track record of timely and extensive approvals. As an example, we are among the leaders in terms of DMFs and ANDAs in the US itself, with more than half of these being Para IV possibilities.

Quality & Product Responsibility

At Dr Reddy’s, we strictly follow quality control and quality assurance systems as specified by regulatory requirements in each of the geographies in which we operate. For us, product responsibility extends through the life cycle of the product -- from product development to manufacture to product release to post-launch. We comply with the internationally accepted International Conference on Harmonization (ICH) guidelines in product development and we have independent quality control and quality assurance teams to ensure multi-stage quality compliance.

Board of Directors

Dr. Reddy’s Board of Directors comprises eminent individuals from diverse fields. The Board acts with autonomy and independence in exercising strategic supervision, discharging its fiduciary responsibilities, and in ensuring that the management observes the highest standards of ethics, transparency and disclosure.

Our directors are experts in the diverse fields of medicine, chemistry and medical research human resource development, business strategy, finance, and economics. They review all significant business decisions, including strategic and regulatory matters. Every member of the Board, including the non-executive directors, has full access to any information related to our company.

Committees appointed by the Board focus on specific areas, take decisions within the authority delegated to them and make specific recommendations to the Board on matters in their areas or purview.

WHOLE-TIME DIRECTORS

Dr. K. Anji Reddy, Chairman

G V Prasad , Vice Chairman and Chief Executive Officer

Satish Reddy , Managing Director & Chief Operating Officer

Dr. Omkar Goswami

Ravi Bhoothalingam.

Dr. Bruce LA Carter.

Anupam Puri.

Ms.Kalpana Morparia.

J.P. Moreau.

Dr. Ashok Ganguly.

ALLIANCES AND PARTNERSHIPS

Our Partnering Philosophy

At the core of each successful partnership is a great relationship based on trust and mutual respect. As we work towards fulfilling our core purpose we share your aspirations. We recognize and embrace the fact that our partners are a core component of this strategy.

We understand that partnerships are successful when benefits accrue to both parties. They are built on a shared vision with well-defined and agreed-upon goals. We also know that that the partners’ thinking and interests may not always be identical, but that we share the same goal—a successful product.

Our shared partnership successes are at the very heart of our business. From our first meeting through product launch and beyond, we stand behind our belief in true partnership thereby combining our strengths and sharing our successes. Dr. Reddy's firmly believes that the right alliances can contribute significantly to the success of our partners as well as to our own strategy and sustainable growth.

INFRASTUCTURE

Manufacturing Bandwidth and R&D CapabilitiesPharma Services & Active Ingredients

6 FDA-inspected plants in INDIA 1 Cytotoxic facility

1 FDA-inspected plant in Mexico

1 FDA-inspected plant in Mirfield, UK

3 Technology development centers(2 in Hyderabad, INDIA; 1 in Cambridge, UK).

Product Development Integrated Product development Capabilities that includes API development,

Formulations development and analytical development skills. One Integrated Product development facility in Hyderabad, INDIA.

Global Generics

6 Formulation plants in INDIA (1 USFDA inspected) 1 USFDA inspected plant in USA.

New Chemical Entities

Conducts research in the areas of metabolic disorders, cardiovascular indicationsand Cancer.

Biologics

Biologics development center GMP production

E coli and mammalian cell platforms.

ACTIVE PHARMA INGREDIANTS

Dr. Reddy's offers an unparalleled portfolio to our customers, who include innovators and generic formulators worldwide. With a strong product portfolio of more than 140 products, including niches like oncology and hormones, and our “first in, last out” approach, it is little wonder we are today the third ranked API player globally. Our goal is always to enable our customers to be the first to launch a generic product and to provide value added services to help them remain competitive and profitable for the entire life cycle of the product. We have built the capabilities to consistently deliver on this promise in scale and across the largest product range.

A highly skilled global team focuses on timely delivery of products, product development, technology leadership, cost competitiveness, the highest levels of customer service, and full compliance with regulatory and quality requirements.

Our expertise in organic synthesis and process development complemented by a controlled supply chain enables us to provide our customers with high quality Bulk Actives at competitive prices. We are aggressively building our product portfolio to cater to generic players in the emerging markets and generic and patent challenge formulators in regulated markets.

Our operations capabilities are among our core strengths, with six USFDA approved plants in India, one in Mexico and our latest addition, a USFDA inspected plant in Mirfield, UK, having a total capacity of 3300KL.

Our API business is supported by our technologically advanced Product Development infrastructure, which identifies new products and is engaged every step of the way, from the conceptual stage to delivery of drugs to the market place. The Product Delivery Teams, the Centres of Excellence and IP teams help create value through Intellectual Property and proactive patenting; early development work on certain promising molecules; breakthrough product delivery; and by delivering cost leadership in API.

PRODUCT DEVEOLPMENT

Regulatory:

Dr. Reddy's is committed to the manufacture of premium quality products in compliance with all regulatory requirements and customer expectations. We operate in accordance with cGMP requirements and the USFDA and ICH guidelines & regulations. All our manufacturing facilities are successfully inspected for several products by the USFDA and various other Agencies.

They are aided by a Best-in-Class Regulatory Affairs Team and we support our customers with DMFs for their dosage form approvals / ANDA filings. We have filed several DMFs in US, Canada (PMFs), Europe, Turkey, Korea, CIS and many more in other parts of the world. Some of our products have also recieved the Certificate of Suitability (COS) from European Pharmacopoeia

Its Customer support on Technical and Regulatory queries with constant focus on responsiveness, reliability, customization, and confidentiality set us apart from others. Continuous adaptation to the latest developments in global regulatory procedures and active partnership with Pharmacopoeial bodies give us cutting edge in this area.

Intellectual Property:

Competent and well equipped Intellectual Property Management Cell of Dr. Reddy’s facilitates the creation of intellectual wealth by navigating the Research and Development work and honoring others intellectual property. A team of well qualified IP experts comprising specialists from diverse fields of science are involved in evaluating techno-legal and techno-commercial aspects of the products, strategic product development, competitive IP generation and patenting, leveraging the intellectual property across the globe. This is a continuous process aimed at providing generic medicines at affordable prices to the mankind. IPM cell in Dr Reddy's also facilitates P-IV challenges leading to early generic launch of the products in the US market.

MANUFACTURING

Dr. Reddy's bulk manufacturing operations are spread across six units in Andhra Pradesh, India, a state-of-the-art facility in Mexico and a manufacturing site based in Mirfield, UK. These facilities have been built and are operated in accordance with the latest regulatory guidelines on cGMP. Our facilities have been inspected by the USFDA and numerous other international regulatory agencies for all major products.

GLOBAL GENERICS

Branded Generics

Our Branded Generics portfolio offers over 200 products in the major therapeutic areas of gastro-intestinal, cardiovascular, pain management, oncology, anti-infectives, paediatrics and dermatology. Brands like Omez, Ciprolet, Nise, Enam, Ketorol, Exifine and Cetrine enjoy leadership positions in several key markets, including India, Romania, Venezuela, Russia & the CIS countries.

Our 2,000 plus representatives, armed with technology enabled devices and supported by a well integrated back-end service deliver value to our customers on every call. Deep customer relationships, quality medicines and consistently delivered promise make us a trusted brand across the world.

Unbranded Generics

In the unbranded generics space, we have capitalized on every opportunity to bring our high-quality products to more people around the world. A synchronized supply chain that leverages our strong product development capabilities, state-of-the-art manufacturing and vertical integration with our own APIs has created a creditable track record of successful “Day 1” launches, with significant market shares in all our key markets. Our transparent and strong relationships with pharmacy chains, insurance funds and other distributor networks help us deliver upon our promise to customers and patients globally.

Our generics offerings deliver quality at cost-effective prices in the highly regulated markets of the United States, UK and Germany. In the US, we rank among the top 12 generic companies, with 34 product families being marketed and a large pipeline pending approval. In the UK, we have more than 30 products in the market. Our acquisition of betapharm, Germany's 5th largest generics company, further consolidated our presence in the European Union (EU), with 145 products in the market.

DIFFERENTIATED FORMULATIONS

We are engaged in the discovery, development, and commercialization of novel small molecule agents to address significant clinical unmet needs. We are also developing novel formulations of approved products whose safety and efficacy profiles are well characterized. Although distinct, both efforts seek to improve the care of patients suffering from serious diseases and impaired quality of life. Our therapeutic areas of focus are bacterial infections, metabolic disorders, and pain/inflammation.

Focus Therapeutic Areas

Bacterial infections:

The incidence of hospital acquired infections is growing as drug-resistant bacteria are becoming more difficult to treat. There are significant challenges in adequately treating infections caused by multi-drug resistant pathogens such as staphylococcus aureas, pseudomonas aeruginosa, and

acinetobacter baumannii. The resultant infections are often serious and life-threatening. We are working to identify new approaches to treating these infections with products that have improved efficacy and tolerability profiles.

Metabolic Disorders:

Cardiovascular Disease is one of the leading causes of death globally. Many patients suffering from CVD are also afflicted with insulin resistance, type 2 diabetes, dyslipidemia, and obesity. While there are several treatment options for a few of these conditions, a need persists for effective and safe therapies that address insulin resistance, obesity, low HDL cholesterol and atherosclerosis. We have several programs targeting one or more of these disease conditions.

Pain/Inflammation:

The prevalence of chronic and acute pain is growing steadily as our population ages and diagnosis rates improve. Although there are a number of medications to treat chronic and acute pain, new treatments that are both safe and tolerable remain essential. We are developing products with improved efficacy and side effect profiles in several areas of acute and chronic pain.

(Amount in 100) Date Open High Low Close

30 days moving average Oscillators (gain/loss)

No. of Runs

8/1/2008 13.79 13.86 13.47 13.75 -0.22 18/4/2008 13.62 13.84 13.41 13.53 0.298/5/2008 13.85 13.95 13.6 13.82 0.188/6/2008 13.87 14.02 13.77 14 0.328/7/2008 14.19 14.65 14.19 14.32 0.448/8/2008 14.61 15.03 14.48 14.76 0.03 2

8/11/2008 15 15.06 14.51 14.79 -0.358/12/2008 14.51 14.54 14.23 14.44 -0.288/13/2008 14.54 14.54 14.06 14.16 -0.17 38/14/2008 14.09 14.13 13.8 13.99 0.08 48/15/2008 14.16 14.16 13.81 14.07 -0.238/18/2008 13.92 13.99 13.7 13.84 -0.078/19/2008 13.66 13.79 13.6 13.77 -0.13 58/20/2008 13.77 13.86 13.5 13.64 0.098/21/2008 13.67 13.74 13.5 13.73 0.17 68/22/2008 13.6 14.03 13.55 13.9 -0.348/25/2008 13.74 13.74 13.35 13.56 -0.01 78/26/2008 13.4 13.98 13.37 13.55 0.09 88/27/2008 13.61 13.92 13.55 13.64 -0.2 98/28/2008 13.39 13.59 13.34 13.44 0.228/29/2008 13.44 13.79 13.43 13.66 0.02

9/2/2008 13.77 13.82 13.58 13.68 0 109/3/2008 13.51 13.79 13.4 13.68 -0.489/4/2008 13.7 13.7 13.1 13.2 -0.1 119/5/2008 13 13.15 12.9 13.1 0.12 129/8/2008 13.31 13.5 13.07 13.22 -0.579/9/2008 13.06 13.3 12.55 12.65 -0.22 13

9/10/2008 12.7 13.17 12.35 12.43 0.13 149/11/2008 12.29 12.64 12.18 12.56 -0.029/12/2008 12.5 12.79 12.5 12.54 13.64733333 -0.088 -0.389/15/2008 12.4 12.7 12.05 12.16 13.59433333 -0.1012565 -0.279/16/2008 11.72 11.97 11.5 11.89 13.53966667 -0.1396527 -0.52 159/17/2008 11.68 11.68 11.19 11.37 13.458 -0.1878571 0.299/18/2008 10.53 11.8 10.53 11.66 13.38 -0.1857542 0.029/19/2008 12 12 10.57 11.68 13.292 -0.2086721 0.039/22/2008 11.62 11.78 11.41 11.71 13.19033333 -0.2082488 0.26 16

9/23/2008 11.66 12.15 11.55 11.97 13.09633333 -0.1710526 -0.25 179/24/2008 11.95 11.99 11.57 11.72 13.00566667 -0.1723164 0.13 189/25/2008 11.68 11.99 11.59 11.85 12.92866667 -0.1529664 -0.369/26/2008 11.51 11.63 11.21 11.49 12.84533333 -0.1833689 -0.67 199/29/2008 11.22 11.27 10.76 10.82 12.737 -0.2182081 0.339/30/2008 11.25 11.25 10.99 11.15 12.64733333 -0.1902687 0.09 2010/1/2008 11.3 11.42 10.88 11.24 12.563 -0.1759531 -0.2310/2/2008 11.22 11.33 10.86 11.01 12.47533333 -0.1981063 -0.2110/3/2008 11.3 11.55 10.8 10.8 12.37766667 -0.2230216 -0.9610/6/2008 9.87 10.5 9.48 9.84 12.24233333 -0.2743363 -0.4810/7/2008 9.6 9.97 9.32 9.36 12.10233333 -0.3092251 -0.110/8/2008 8.97 9.72 8.85 9.26 11.95933333 -0.3211144 -0.4710/9/2008 9.25 9.41 8.32 8.79 11.79766667 -0.3459821 -0.29 21

10/10/2008 7.97 8.56 7.7 8.5 11.633 -0.3777452 0.6110/13/2008 8.5 9.11 8.5 9.11 11.48133333 -0.3340643 0.39 2210/14/2008 8.56 9.78 8.56 9.5 11.342 -0.3055556 -1.28 2310/15/2008 8.71 9.13 8.2 8.22 11.16 -0.3772727 1.01 2410/16/2008 8.55 9.28 8.53 9.23 11.02766667 -0.2954198 -0.45 2510/17/2008 8.88 9.04 8.75 8.78 10.88366667 -0.3358548 0.9610/20/2008 9.25 9.74 9.19 9.74 10.76766667 -0.2300395 0.07 2610/21/2008 10.09 10.3 9.66 9.81 10.673 -0.2107804 -0.910/22/2008 9.2 9.34 8.82 8.91 10.55566667 -0.2906051 -0.0210/23/2008 8.66 9.18 8.57 8.89 10.43333333 -0.2910686 -0.5710/24/2008 8.2 8.55 8.05 8.32 10.29266667 -0.3157895 -0.38 2710/27/2008 8.1 8.34 7.85 7.94 10.152 -0.3322119 0.72 2810/28/2008 8.2 8.71 7.9 8.66 10.04433333 -0.2383465 -0.32 2910/29/2008 8.5 8.69 8.12 8.34 9.943333333 -0.2847341 0.41 3010/30/2008 8.72 8.79 8.54 8.75 9.846333333 -0.2508562 -0.29 3110/31/2008 8.64 8.74 8.41 8.46 9.739 -0.2775406 0.08

11/3/2008 8.38 8.73 8.23 8.54 9.633333333 -0.2865497 0.21 3211/4/2008 8.84 8.84 8.55 8.75 9.526 -0.253413 -0.3611/5/2008 8.93 8.93 8.37 8.39 9.415 -0.2919831 -0.09 3311/6/2008 8.16 8.74 8.16 8.3 9.296666667 -0.2776327 0.311/7/2008 8.35 8.64 8.29 8.6 9.200333333 -0.2051756 0.04 34

11/10/2008 8.6 8.85 8.57 8.64 9.127666667 -0.2251121 -0.111/11/2008 8.79 8.8 8.54 8.54 9.040666667 -0.2402135 -0.42 3511/12/2008 8.39 8.42 8.06 8.12 8.936666667 -0.2624886 0.24 3611/13/2008 8.2 8.4 8.03 8.36 8.848333333 -0.2259259 -0.2611/14/2008 7.78 8.47 7.77 8.1 8.758333333 -0.1768293 -0.05 3711/17/2008 8.03 8.25 7.92 8.05 8.698666667 -0.1399573 0.32 3811/18/2008 7.92 8.45 7.92 8.37 8.665666667 -0.0961123 -0.5611/19/2008 8.3 8.54 7.75 7.81 8.617333333 -0.1114903 -0.28 3911/20/2008 7.75 8 7.45 7.53 8.575333333 -0.1141176 0.79

11/21/2008 7.85 8.33 7.71 8.32 8.569333333 -0.0867179 0.0711/24/2008 8.42 8.54 8.08 8.39 8.545333333 -0.1168421 0.111/25/2008 8.6 8.6 8.27 8.49 8.511666667 0.03284672 0.41 4011/26/2008 8.39 9.18 8.39 8.9 8.534333333 -0.035753 -0.0311/28/2008 8.76 8.89 8.54 8.87 8.522333333 0.01025057 -0.17 41

12/1/2008 8.88 8.98 8.64 8.7 8.519666667 -0.1067762 0.45 4212/2/2008 9.19 9.27 9 9.15 8.5 -0.0672783 -0.06 4312/3/2008 9.13 9.57 9 9.09 8.476 0.02020202 0.2512/4/2008 9.22 9.54 9.01 9.34 8.490333333 0.05061867 0.3112/5/2008 9.2 9.85 9.2 9.65 8.515666667 0.15985577 0.0412/8/2008 9.54 9.99 9.54 9.69 8.561333333 0.22040302 0.23 4412/9/2008 9.65 10.07 9.57 9.92 8.627333333 0.14549654 -0.07

12/10/2008 9.82 10.07 9.76 9.85 8.667 0.18105516 -0.45 4512/11/2008 9.58 9.75 9.33 9.4 8.702333333 0.07428571 0.18 4612/12/2008 8.88 9.71 8.88 9.58 8.73 0.13238771 -0.2 4712/15/2008 8.96 9.54 8.96 9.38 8.760666667 0.09836066 0.38 4812/16/2008 9.64 10.16 9.42 9.76 8.801333333 0.11542857 -0.22 4912/17/2008 9.68 9.89 9.45 9.54 8.827666667 0.13706794 0.112/18/2008 9.77 10.1 9.47 9.64 8.869333333 0.16144578 0.64 5012/19/2008 9.8 10.31 9.8 10.28 8.935333333 0.19534884 -0.6 5112/22/2008 9.97 10.13 9.53 9.68 8.971333333 0.12037037 0.08 5212/23/2008 9.88 9.95 9.65 9.76 9.008666667 0.14285714 -0.0812/24/2008 9.87 9.87 9.52 9.68 9.046666667 0.19211823 -0.12 5312/26/2008 9.71 9.71 9.38 9.56 9.094666667 0.14354067 0.0612/29/2008 9.5 9.7 9.35 9.62 9.136666667 0.18765432 0.19 5412/30/2008 9.53 9.87 9.52 9.81 9.193666667 0.21863354 -0.01 5512/31/2008 9.46 9.87 9.46 9.8 9.252 0.17084827 0.41 56

1/2/2009 9.7 10.21 9.61 10.21 9.313333333 0.30729834 -0.38 571/5/2009 10.03 10.29 9.78 9.83 9.380666667 0.30544489 0.42 581/6/2009 9.92 10.34 9.92 10.25 9.471333333 0.23197115 -0.74 591/7/2009 9.84 9.84 9.4 9.51 9.511 0.13349225 0.071/8/2009 9.5 9.76 9.28 9.58 9.550666667 0.12838634 0.051/9/2009 9.21 9.91 9.21 9.63 9.588666667 0.08202247 0.08 60

1/12/2009 9.74 9.79 9.56 9.71 9.615666667 0.09470124 -0.11 611/13/2009 9.62 9.84 9.45 9.6 9.64 0.10344828 0.34 621/14/2009 9.68 9.96 9.56 9.94 9.681333333 0.0863388 -0.19 631/15/2009 9.47 9.76 9.13 9.75 9.701333333 0.07260726 0.02 641/16/2009 9.61 9.77 9.49 9.77 9.724 0.04603854 -0.59 651/20/2009 10 10 9.11 9.18 9.718666667 -0.0487047 0.07 661/21/2009 9.48 9.56 9 9.25 9.705333333 -0.0454076 -0.69 671/22/2009 8.89 9.06 8.41 8.56 9.667666667 -0.1370968 0.26 681/23/2009 9 9.37 8.38 8.82 9.631 -0.1045685 -0.15 691/26/2009 8.98 8.98 8.6 8.67 9.591666667 -0.0776596 0.27

1/27/2009 8.77 8.98 8.77 8.94 9.576333333 -0.0668058 0.18 701/28/2009 8.97 9.13 8.84 9.12 9.561 -0.0277186 -0.2 711/29/2009 9 9 8.83 8.92 9.545666667 -0.0860656 0.13 721/30/2009 8.96 9.11 8.82 9.05 9.522 -0.0513627 -0.05

2/2/2009 8.95 9.08 8.83 9 9.504 -0.06639 -0.17 732/3/2009 8.7 8.94 8.7 8.83 9.477 -0.1410506 0.192/4/2009 8.9 9.24 8.89 9.02 9.435 -0.0681818 0.252/5/2009 9.2 9.4 9.19 9.27 9.421333333 -0.0502049 0.272/6/2009 9.19 9.54 9.19 9.54 9.414 -0.0144628 0.03 742/9/2009 9.54 9.64 9.3 9.57 9.410333333 0.00104603 -0.36

2/10/2009 9.57 9.57 9.12 9.21 9.398666667 -0.0426195 -0.1 752/11/2009 9.33 9.33 9.04 9.11 9.381666667 -0.0713558 0.2 762/12/2009 9.09 9.31 8.88 9.31 9.365 -0.05 -0.362/13/2009 9.12 9.12 8.91 8.95 9.336666667 -0.1234084 -0.34 772/17/2009 8.58 8.75 8.58 8.61 9.283333333 -0.1241099 0.24 782/18/2009 8.58 8.93 8.58 8.85 9.250666667 -0.1365854 -0.192/19/2009 8.69 8.76 8.6 8.66 9.197666667 -0.0893796 -0.18 792/20/2009 8.6 8.84 8.43 8.48 9.163333333 -0.1148225 0.1 802/23/2009 8.6 8.78 8.49 8.58 9.13 -0.1090343 -0.032/24/2009 8.65 8.65 8.18 8.55 9.094 -0.1194645 -0.09

8.56 8.61 8.41 8.46 9.052333333 -0.11875 -0.242/26/2009 8.39 8.41 8.12 8.22 9.006333333 -0.1730382 -0.22/27/2009 8.11 8.33 7.97 8.02 8.942333333 -0.1774359 -0.25

3/2/2009 8.16 8.16 7.76 7.77 8.876333333 -0.2047083 -0.08 813/3/2009 7.8 7.89 7.63 7.69 8.807 -0.1623094 0.22 823/4/2009 8.01 8.01 7.6 7.91 8.764666667 -0.1448649 -0.31 833/5/2009 7.65 7.9 7.5 7.6 8.709666667 -0.1121495 0.14 843/6/2009 7.66 8.01 7.54 7.74 8.682333333 -0.122449 -0.33 853/9/2009 7.64 7.8 7.27 7.41 8.635333333 -0.1453287 0.33

3/10/2009 7.47 7.76 7.47 7.74 8.604333333 -0.1342282 0.063/11/2009 7.73 7.93 7.65 7.8 8.566333333 -0.1447368 0.243/12/2009 7.99 8.1 7.81 8.04 8.530333333 -0.0986547 0.483/13/2009 8.29 8.55 8.1 8.52 8.517 -0.0585635 0.173/16/2009 8.66 8.8 8.65 8.69 8.505 -0.0344444 0.33/17/2009 8.35 9 8.27 8.99 8.504666667 0.01812005 0.05 863/18/2009 8.9 9.09 8.76 9.04 8.511666667 0.00221729 -0.573/19/2009 8.65 9.26 8.39 8.47 8.493333333 -0.0862999 -0.42 873/20/2009 8.24 8.28 7.83 8.05 8.452666667 -0.1561845 0.54 883/23/2009 8.25 8.66 8.25 8.59 8.421 -0.1024033 -0.26 893/24/2009 8.42 8.48 8.33 8.33 8.379666667 -0.0955483 0.323/25/2009 8.39 8.68 8.32 8.65 8.361 -0.050494 0.31 903/26/2009 8.9 8.96 8.63 8.96 8.356 -0.037594 -0.043/27/2009 9.2 9.33 8.84 8.92 8.343 -0.003352 -0.31 91

3/30/2009 8.9 8.9 8.4 8.61 8.331666667 0 0.84 923/31/2009 9.16 9.84 9.11 9.45 8.359666667 0.06779661 -0.09 93

4/1/2009 9.67 9.67 9.17 9.36 8.376666667 0.08083141 0.824/2/2009 9.68 10.2 9.68 10.18 8.427333333 0.2004717 0.05 944/3/2009 10.25 10.28 9.86 10.23 8.485666667 0.19230769 -0.254/6/2009 10.19 10.42 9.87 9.98 8.532333333 0.16725146 -0.06 954/7/2009 9.77 9.99 9.77 9.92 8.578 0.17257683 0.444/8/2009 10.11 10.46 10.11 10.36 8.641333333 0.26034063 0.32 964/9/2009 10.5 10.79 10.35 10.68 8.723333333 0.33167082 -0.01

4/13/2009 10.87 10.87 10.58 10.67 8.811666667 0.37323037 -0.25 974/14/2009 10.66 10.66 10.27 10.42 8.9 0.3550065 0.62 984/15/2009 10.73 11.04 10.6 11.04 9.011666667 0.39570164 -0.37 994/16/2009 10.84 10.84 10.53 10.67 9.103666667 0.40394737 0.17 1004/17/2009 10.83 10.95 10.74 10.84 9.211666667 0.4005168 -0.29 1014/20/2009 10.73 10.83 10.49 10.55 9.305333333 0.42375169 0.064/21/2009 10.5 10.61 10.42 10.61 9.412 0.37080103 0.244/22/2009 10.69 11 10.64 10.85 9.515666667 0.39102564 0.1 1024/23/2009 11 11.01 10.82 10.95 9.620666667 0.3619403 -0.13 1034/24/2009 10.27 10.82 10.27 10.82 9.713333333 0.26995305 0.26 1044/27/2009 10.77 11.2 10.77 11.08 9.798666667 0.27502877 -0.18 1054/28/2009 10.33 11.03 10.33 10.9 9.872333333 0.21245829 0.044/29/2009 10.87 11.08 10.86 10.94 9.937333333 0.21017699 0.014/30/2009 10.92 11.09 10.87 10.95 10.001 0.29279811 0.05

5/1/2009 11.09 11.09 10.53 11 10.08533333 0.36645963 0.23 1065/4/2009 11.24 11.32 10.94 11.23 10.19133333 0.30733411 -0.23 1075/5/2009 11.13 11.25 10.96 11 10.27166667 0.32052821 05/6/2009 11.14 11.29 10.99 11 10.36066667 0.2716763 0.355/7/2009 11.34 11.5 11.14 11.35 10.45066667 0.26674107 0.2 1085/8/2009 11.43 11.55 11.11 11.55 10.537 0.29484305 -0.2 109

5/11/2009 11.43 11.48 11.33 11.35 10.618 0.31823461 0.33 1105/12/2009 11.71 11.82 11.61 11.68 10.72033333 0.23597884 -0.35 1115/13/2009 11.57 11.58 11.3 11.33 10.783 0.21047009 0.32 1125/14/2009 11.44 11.72 11.4 11.65 10.85933333 0.14440079 -0.08 1135/15/2009 11.48 11.6 11.39 11.57 10.90566667 0.13098729 1.22 1145/18/2009 12.47 13.4 12.4 12.79 10.991 0.28156313 -0.39 1155/19/2009 12.74 13.25 12.17 12.4 11.07166667 0.25 0.495/20/2009 12.97 13.35 12.79 12.89 11.17066667 0.24420849 0.165/21/2009 12.99 13.06 12.61 13.05 11.26033333 0.22191011 0.385/22/2009 13.51 13.85 13.24 13.43 11.352 0.25866917 0.3 1165/26/2009 13.49 13.78 13.26 13.73 11.454 0.31765835 -0.15 1175/27/2009 13.8 13.89 13.43 13.58 11.55933333 0.23007246 0.17 1185/28/2009 13.65 13.87 13.5 13.75 11.64966667 0.28865979 -0.31 1195/29/2009 13.6 13.71 13.39 13.44 11.742 0.2398524 0.13 120

6/1/2009 13.33 13.59 13.13 13.57 11.833 0.28625592 -0.436/2/2009 13.36 13.36 13.04 13.14 11.91933333 0.23845429 -0.01 1216/3/2009 13.14 13.22 13.08 13.13 12.00333333 0.21013825 0.546/4/2009 13.41 13.72 13.41 13.67 12.09733333 0.24840183 0.536/5/2009 14.23 14.42 14.06 14.2 12.20566667 0.31238447 0.056/8/2009 14.18 14.34 13.88 14.25 12.32 0.28610108 0.576/9/2009 14.58 14.84 14.51 14.82 12.44466667 0.35963303 0.51 122

6/10/2009 15.32 15.67 15.26 15.33 12.59233333 0.40127971 -0.046/11/2009 15.4 15.75 15.21 15.29 12.73733333 0.39634703 -0.53 1236/12/2009 14.91 14.93 14.54 14.76 12.86433333 0.34181818 0.13 1246/15/2009 14.67 15.17 14.32 14.89 12.994 0.32591273 -0.39 1256/16/2009 15 15 14.03 14.5 13.103 0.31818182 0.526/17/2009 14.64 15.21 14.6 15.02 13.237 0.36545455 0.196/18/2009 15.15 15.35 14.87 15.21 13.37733333 0.34008811 0.09 1266/19/2009 14.99 15.49 14.99 15.3 13.509 0.32467532 -0.06 1276/22/2009 15.12 15.4 15 15.24 13.632 0.34273128 0.346/23/2009 15.41 15.67 15.3 15.58 13.773 0.33390411 0.186/24/2009 15.27 16.18 15.27 15.76 13.909 0.39099735 0.66/25/2009 15.65 16.74 15.55 16.36 14.07666667 0.40429185 0.026/26/2009 16.45 16.5 15.46 16.38 14.23433333 0.41573034 0.386/29/2009 16.44 16.95 16.33 16.76 14.40733333 0.31039875 0.196/30/2009 16.74 16.98 16.47 16.95 14.546 0.36693548 0.18 128

7/1/2009 17 17.28 16.5 17.13 14.70366667 0.32893716 -0.27/2/2009 17.01 17.02 16.5 16.93 14.83833333 0.29731801 -0.48 1297/6/2009 16.53 16.58 15.92 16.45 14.95166667 0.22486969 0.087/7/2009 16.53 16.85 16.44 16.53 15.055 0.20393299 0.27/8/2009 16.55 17.05 16 16.73 15.155 0.23195876 0.11 1307/9/2009 16.8 17.04 16.51 16.84 15.26366667 0.22472727 -0.84

7/10/2009 16.62 16.68 15.9 16 15.33866667 0.19047619 -0.33 1317/13/2009 16.07 16.07 15.12 15.67 15.413 0.15475313 0.33 1327/14/2009 15.51 16.07 15.51 16 15.494 0.21765601 -0.077/15/2009 15.75 16 15.71 15.93 15.587 0.21325209 -0.11 1337/16/2009 15.61 15.95 15.4 15.82 15.67666667 0.15727871 0.117/17/2009 15.83 16 15.8 15.93 15.752 0.12183099 0.38 1347/20/2009 16.16 16.39 15.88 16.31 15.82233333 0.1445614 -0.087/21/2009 16.53 16.7 15.76 16.23 15.88833333 0.0951417 -0.54 1357/22/2009 15.58 15.8 15.38 15.69 15.91733333 0.02348337 0.617/23/2009 16.14 16.4 15.86 16.3 15.94966667 0.06605625 0.37/24/2009 16.74 16.74 16.35 16.6 15.99333333 0.12466125 0.17 1367/27/2009 16.6 16.84 16.55 16.77 16.06033333 0.12625923 -0.11 1377/28/2009 16.46 16.72 16.38 16.66 16.11933333 0.14896552 0.047/29/2009 16.66 16.79 16.53 16.7 16.19266667 0.11185087 0.15 1387/30/2009 16.99 17.17 16.78 16.85 16.25366667 0.1078238 -0.1 139

7/31/2009 16.98 17.17 16.71 16.75 16.305 0.09477124 0.388/3/2009 16.62 17.18 16.47 17.13 16.366 0.12401575 0.11 1408/4/2009 17 17.29 17 17.24 16.43266667 0.10654685 -0.28/5/2009 17.23 17.27 16.86 17.04 16.48133333 0.08121827 -0.64 1418/6/2009 16.86 16.96 16.35 16.4 16.50266667 0.00244499 0.39 1428/7/2009 16.52 16.97 16.46 16.79 16.517 0.02503053 -0.63 143

8/10/2009 16.46 16.48 16.1 16.16 16.50966667 -0.0357995 0.28/11/2009 16.54 16.58 16.3 16.36 16.49633333 -0.0348083 0.23 1448/12/2009 16.5 16.64 16.42 16.59 16.48433333 -0.0315236 -0.018/13/2009 16.86 16.89 16.36 16.58 16.466 -0.0206734 -0.128/14/2009 16.59 16.59 16.33 16.46 16.45033333 0.0006079 -0.83 1458/17/2009 16.34 16.34 15.39 15.63 16.423 -0.0544465 0.568/18/2009 15.97 16.27 15.95 16.19 16.41166667 -0.0322773 0.078/19/2009 15.89 16.32 15.71 16.26 16.396 -0.0344418 0.048/20/2009 16.25 16.3 16.1 16.3 16.378 0.01875 0.25 1468/21/2009 16.36 17.14 16.3 16.55 16.39633333 0.05615826 -0.028/24/2009 16.2 16.58 16.2 16.53 16.425 0.033125 -0.11 1478/25/2009 16.44 16.55 16.07 16.42 16.439 0.03075957 0.31 1488/26/2009 16.87 17.12 16.69 16.73 16.46566667 0.05752212 -0.25 1498/27/2009 16.64 16.64 16.26 16.48 16.48766667 0.03452605 0.01 1508/28/2009 16.7 16.78 16.35 16.49 16.50633333 0.01103617 -0.378/31/2009 16.4 16.4 15.82 16.12 16.5 -0.0067776 -0.43 151

9/1/2009 15.94 16.12 15.69 15.69 16.482 0 0.05 1529/2/2009 15.69 15.85 15.6 15.74 16.48366667 -0.0343558 -0.04 1539/3/2009 15.44 15.71 15.44 15.7 16.46366667 -0.0542169 0.239/4/2009 15.7 15.98 15.63 15.93 16.44133333 -0.0500894 0.369/8/2009 16.07 16.44 16.07 16.29 16.42533333 -0.0222089 09/9/2009 16.21 16.4 16.11 16.29 16.413 -0.0245509 0.35 154

9/10/2009 16.69 16.85 16.47 16.64 16.411 -0.0124629 -0.16 1559/11/2009 16.68 16.68 16.4 16.48 16.39866667 -0.0161194 0.229/14/2009 16.7 16.76 16.59 16.7 16.397 -0.0251022 0.239/15/2009 16.72 16.99 16.72 16.93 16.39033333 -0.0179814 0.449/16/2009 16.97 17.4 16.97 17.37 16.39466667 0.0193662 0.19/17/2009 17.37 17.5 17.21 17.47 16.409 0.0652439 0.63 1569/18/2009 18 18.1 17.8 18.1 16.46566667 0.07802263 -0.06 1579/21/2009 18.29 18.29 17.82 18.04 16.50733333 0.11633663 0.039/22/2009 18.1 18.24 18 18.07 16.571 0.10452323 0.439/23/2009 17.73 18.63 17.73 18.5 16.64233333 0.1151296 0.999/24/2009 18.8 19.56 18.59 19.49 16.739 0.17551267 1.01 1589/25/2009 20.52 20.71 20.26 20.5 16.86966667 0.2454435 -0.39/28/2009 20.63 20.67 20.2 20.2 16.99433333 0.29238644 -0.95 1599/29/2009 20.76 20.88 19.22 19.25 17.115 0.18900556 0.25 1609/30/2009 20.33 20.5 19.5 19.5 17.22533333 0.19926199 -0.27

10/1/2009 19.75 19.79 19.05 19.23 17.32433333 0.1797546 -0.33 16110/2/2009 18.72 19.1 18.55 18.9 17.411 0.14199396 0.5210/5/2009 19.42 19.45 19.13 19.42 17.50666667 0.17483364 0.5310/6/2009 19.96 20.01 19.62 19.95 17.62066667 0.21498173 0.0710/7/2009 20.2 20.2 19.86 20.02 17.74066667 0.19665272 1.01 16210/8/2009 20.65 21.06 20.56 21.03 17.884 0.27609223 -0.47 16310/9/2009 20.68 20.68 20.46 20.56 18.02 0.24681625 0.24

10/12/2009 20.68 20.85 20.57 20.8 18.16366667 0.29032258 0.0310/13/2009 20.83 21.09 20.76 20.83 18.32066667 0.3275972 0.63 16410/14/2009 21.1 21.6 21.1 21.46 18.513 0.36340534 -0.6310/15/2009 20.94 21.03 20.77 20.83 18.68266667 0.32675159 -0.3710/16/2009 20.37 20.5 19.97 20.46 18.84133333 0.28436911 -0.1110/19/2009 20.41 20.62 20.25 20.35 18.98866667 0.24923266 -0.2910/20/2009 20.35 20.37 19.93 20.06 19.11433333 0.23143033 -0.56 16510/21/2009 19.78 19.78 19.45 19.5 19.22133333 0.171875 0.210/22/2009 19.5 19.75 19.31 19.7 19.32333333 0.19538835 0.7310/23/2009 20.56 20.99 20.3 20.43 19.455 0.22335329 0.5 16610/26/2009 21.14 21.25 20.78 20.93 19.596 0.23626698 -0.1710/27/2009 21 21.32 20.69 20.76 19.72366667 0.19516408 -0.34 16710/28/2009 20.89 21.02 20.41 20.42 19.82533333 0.1688609 0.7610/29/2009 21.2 21.38 20.98 21.18 19.949 0.17016575 0.5510/30/2009 21.41 22 21.21 21.73 20.07 0.20454545 1.2 168

11/2/2009 21.75 23.56 21.46 22.93 20.233 0.26895407 -0.44 16911/3/2009 22.2 22.77 22 22.49 20.38033333 0.21567568 0.211/4/2009 22.61 23.21 22.6 22.69 20.52 0.16418676 0.2311/5/2009 22.96 23.07 22.61 22.92 20.63433333 0.11804878 0.0811/6/2009 22.62 23.06 22.62 23 20.71766667 0.13861386 0.811/9/2009 23.41 24 23.41 23.8 20.83766667 0.23636364 0.2

11/10/2009 23.78 24.45 23.49 24 20.996 0.23076923 0.61 17011/11/2009 24.59 24.76 23.99 24.61 21.16633333 0.27977119 -0.9 17111/12/2009 24.01 24.14 23.31 23.71 21.31566667 0.25449735 0.5111/13/2009 23.8 24.32 23.8 24.22 21.493 0.24716787 0.28 17211/16/2009 24.33 24.63 23.88 24.5 21.66233333 0.22807018 -0.211/17/2009 24.29 24.36 24.05 24.3 21.80733333 0.21378621 -0.3311/18/2009 24.1 24.1 23.62 23.97 21.939 0.13980029 -0.52 17311/19/2009 23.61 23.61 22.96 23.45 22.01966667 0.1405642 0.5711/20/2009 23.79 24.1 23.71 24.02 22.135 0.15480769 0.1 17411/23/2009 24.06 24.24 23.92 24.12 22.24566667 0.15794527 -0.0811/24/2009 23.98 24.37 23.98 24.04 22.35266667 0.12022367 -0.1111/25/2009 24.07 24.19 23.84 23.93 22.435 0.14882381 -0.12 17511/27/2009 23.68 24.16 23.31 23.81 22.53433333 0.16373412 0.4411/30/2009 24.21 24.25 23.77 24.25 22.66066667 0.19164619 0.73 176

12/1/2009 24.9 25.14 24.75 24.98 22.815 0.24526421 -0.46 177

12/2/2009 24.5 24.58 24.27 24.52 22.96366667 0.2574359 0.05 17812/3/2009 24.5 25 24.44 24.57 23.13266667 0.24720812 -0.6812/4/2009 24.5 24.52 23.7 23.89 23.27233333 0.16935879 -0.4112/7/2009 23.55 23.77 23.44 23.48 23.374 0.12183469 -0.09 17912/8/2009 23.3 23.39 23.1 23.39 23.456 0.12668593 0.1512/9/2009 23.25 23.59 23.13 23.54 23.54866667 0.15279138 0.44 180

12/10/2009 24.09 24.16 23.7 23.98 23.66733333 0.13220019 -0.16 18112/11/2009 23.99 23.99 23.72 23.82 23.75533333 0.0961804 0.1712/14/2009 23.83 24.08 23.69 23.99 23.83066667 0.04622765 0.4112/15/2009 24.04 24.52 24.04 24.4 23.87966667 0.08492663 0.5212/16/2009 24.68 24.92 24.46 24.92 23.96066667 0.09828118 0.212/17/2009 24.99 25.19 24.75 25.12 24.04166667 0.09598604 0.8212/18/2009 25.82 26 25.55 25.94 24.14233333 0.12782609 0.19 18212/21/2009 26.47 26.54 26.12 26.13 24.24666667 0.09789916 -0.0412/22/2009 26.1 26.19 25.75 26.09 24.323 0.08708333 -0.5712/23/2009 26.26 26.28 25.41 25.52 24.37366667 0.03697684 -0.1712/24/2009 25.78 25.78 25.23 25.35 24.39833333 0.06916913 -0.112/28/2009 25.79 25.79 25.14 25.25 24.44966667 0.04252684 -0.88 18312/29/2009 24.8 24.8 24.25 24.37 24.45466667 -0.0053061 0.05 18412/30/2009 24.37 24.46 24.12 24.42 24.452 0.00493827 -0.21 18512/31/2009 24.49 24.8 24.21 24.21 24.449 0.01001252 0.67

1/4/2010 24.85 25.1 24.59 24.88 24.47933333 0.06098081 0.431/5/2010 25.53 25.58 25.23 25.31 24.54133333 0.05370525 0.86 1861/6/2010 26.01 26.26 25.91 26.17 24.613 0.08499171 -0.021/7/2010 25.94 26.23 25.76 26.15 24.68066667 0.08777038 -0.17 1871/8/2010 26.14 26.26 25.8 25.98 24.74533333 0.08566653 0.54 188

1/11/2010 26.18 26.53 26.18 26.52 24.83166667 0.11381772 -0.27 1891/12/2010 26.84 26.84 26.07 26.25 24.913 0.08247423 0.96 1901/13/2010 26.64 27.29 26.64 27.21 25.01166667 0.08927142 -0.091/14/2010 26.94 27.33 26.94 27.12 25.083 0.10603589 -0.141/15/2010 27.03 27.09 26.58 26.98 25.165 0.0980871 -0.811/19/2010 26.09 26.17 25.63 26.17 25.21833333 0.09543742 -1.691/20/2010 25.67 25.99 23.75 24.48 25.238 0.04258944 -0.371/21/2010 24.17 24.42 23.58 24.11 25.259 0.03078239 -0.22 1911/22/2010 24 24.43 23.75 23.89 25.27566667 0.01486831 0.15 1921/25/2010 24.1 24.25 23.91 24.04 25.29233333 0.00250209 -0.44 1931/26/2010 23.99 24 23.27 23.6 25.27966667 -0.0092359 0.14 1941/27/2010 23.57 23.88 23.57 23.74 25.277 -0.010421 -0.22 1951/28/2010 24.56 24.63 23.46 23.52 25.26133333 -0.0360656 0.191/29/2010 24 24 23.65 23.71 25.23833333 -0.0485554 0.26

2/1/2010 24.04 24.5 23.72 23.97 25.20666667 -0.0457803 1.06 1962/2/2010 24.76 25.1 24.73 25.03 25.20366667 -0.035081 -0.232/3/2010 25.04 25.12 24.6 24.8 25.16566667 -0.0508993 -0.68 197

2/4/2010 24.62 24.75 24.02 24.12 25.09866667 -0.0755079 0.06 1982/5/2010 24.63 24.63 23.51 24.18 25.035 -0.0525078 -0.84 1992/8/2010 24.03 24.03 23.24 23.34 24.96233333 -0.0792899 0.32 2002/9/2010 23.73 23.73 23.13 23.66 24.906 -0.0629703 -0.28 201

2/10/2010 23.53 23.59 23.13 23.38 24.84366667 -0.0406237 0.222/11/2010 23.23 23.78 23.16 23.6 24.818 -0.033579 02/12/2010 23.32 23.65 23.28 23.6 24.79066667 -0.0251962 0.652/16/2010 24.09 24.28 23.95 24.25 24.792 -0.0253215 0.042/17/2010 24.38 24.62 24.07 24.29 24.77233333 -0.0403003 0.15 2022/18/2010 24.1 24.47 24.1 24.44 24.74333333 -0.0661062 -0.072/19/2010 24.35 24.45 24.25 24.37 24.68333333 -0.0680688 -0.47 2032/22/2010 24.69 24.69 23.82 23.9 24.60833333 -0.0800616 0.332/23/2010 25.22 25.22 24.17 24.23 24.55 -0.0863499 0.32 2042/24/2010 24.47 24.67 24.33 24.55 24.48433333 -0.0647619 -0.05 2052/25/2010 24.42 24.6 24.15 24.5 24.426 -0.0995957 0.112/26/2010 24.69 24.91 24.55 24.61 24.33933333 -0.0925516 0.63

3/1/2010 25.08 25.35 24.85 25.24 24.27666667 -0.0644922 0.213/2/2010 24.88 25.54 24.4 25.45 24.22566667 -0.0275124 0.08 2063/3/2010 25.59 25.81 25.28 25.53 24.20433333 0.04289216 -0.22 2073/4/2010 25.83 25.83 25.21 25.31 24.232 0.04977188 0.353/5/2010 25.49 25.73 25.34 25.66 24.28366667 0.07408958 0.213/8/2010 25.7 25.96 25.47 25.87 24.34966667 0.07612313 03/9/2010 25.89 25.98 25.72 25.87 24.41066667 0.09618644 0.14 208

3/10/2010 25.91 26.01 25.55 26.01 24.491 0.09561921 -0.06 2093/11/2010 25.73 25.95 25.53 25.95 24.56466667 0.10331633 0.283/12/2010 26.04 26.34 26.02 26.23 24.655 0.10628427 0.533/15/2010 26.73 26.82 26.35 26.76 24.75666667 0.11639549 0.13/16/2010 27.11 27.11 26.68 26.86 24.853 0.07311227 0.683/17/2010 27.16 27.83 26.94 27.54 24.93666667 0.11048387 0.023/18/2010 27.57 27.63 27.23 27.56 25.02866667 0.14262023 0.573/19/2010 27.69 28.44 27.5 28.13 25.16233333 0.16335815 0.173/22/2010 28.38 28.76 27.9 28.3 25.29966667 0.21251071 0.6 2103/23/2010 28.84 29.1 28.4 28.9 25.485 0.22147084 -0.153/24/2010 28.6 28.99 28.41 28.75 25.65466667 0.22968349 -0.283/25/2010 29.23 29.23 28.45 28.47 25.82433333 0.20635593 -0.16 2113/26/2010 28.75 28.75 28.14 28.31 25.98133333 0.19957627 0.24 2123/29/2010 28.65 28.65 28.3 28.55 26.14633333 0.17731959 -0.37 2133/30/2010 28.41 28.44 28.03 28.18 26.27733333 0.16014821 0.053/31/2010 28.4 28.46 28.23 28.23 26.40866667 0.15507365 0.35

4/1/2010 28.33 28.71 28.31 28.58 26.54666667 0.17275339 0.79 2144/5/2010 28.79 29.37 28.79 29.37 26.71333333 0.22887029 -0.294/6/2010 29.02 29.26 28.78 29.08 26.886 0.20016508 -0.24/7/2010 29 29.08 28.75 28.88 27.041 0.17637475 -0.17

4/8/2010 28.75 28.81 28.5 28.71 27.17966667 0.17183673 -0.644/9/2010 28.41 28.48 28.06 28.07 27.29866667 0.14059325 -0.71

4/12/2010 27.48 27.48 26.75 27.36 27.39033333 0.08399366 -0.21 2154/13/2010 27.1 27.19 26.81 27.15 27.454 0.06679764 0.26 2164/14/2010 27.19 27.43 27.04 27.41 27.51933333 0.07363886 -0.14/15/2010 27.59 27.91 27.3 27.31 27.57866667 0.07902015 -0.71 2174/16/2010 26.88 27.06 26.17 26.6 27.62166667 0.03663289 0.15 2184/19/2010 26.31 26.78 26.31 26.75 27.658 0.03401624 -0.134/20/2010 26.48 26.66 26.21 26.62 27.683 0.02899111 -0.25 2194/21/2010 26.5 26.56 26.26 26.37 27.69966667 0.01384083 0.354/22/2010 26.81 26.85 26.46 26.72 27.72333333 0.02967245 0.54/23/2010 27.42 27.42 26.79 27.22 27.76566667 0.03774304 0.74 2204/26/2010 27.56 28.1 27.56 27.96 27.82333333 0.04484305 -0.8 2214/27/2010 28.14 28.2 27.09 27.16 27.83666667 0.01116902 0.664/28/2010 27.74 27.85 27.51 27.82 27.86866667 0.01016703 0.52 2224/29/2010 27.99 28.63 27.74 28.34 27.89533333 0.02830189 -0.25 2234/30/2010 28.42 28.7 28.03 28.09 27.913 -0.001422 0.09 224

5/3/2010 28.2 28.28 27.78 28.18 27.91466667 -0.0042403 -0.315/4/2010 27.97 27.97 27.56 27.87 27.90033333 -0.0356401 -0.185/5/2010 26.81 27.94 26.81 27.69 27.86 -0.0368696 -1.765/6/2010 27.3 27.41 24.17 25.93 27.766 -0.0892167 -0.63 2255/7/2010 25.39 25.91 24.77 25.3 27.66033333 -0.1063229 1.37

5/10/2010 27.02 27.3 26.42 26.67 27.60566667 -0.0658494 0.335/11/2010 26.03 27.28 26.03 27 27.554 -0.0418737 1.38 2265/12/2010 27.36 28.58 27.36 28.38 27.56066667 0.0053135 -0.5 2275/13/2010 28.31 28.38 27.85 27.88 27.549 -0.0244927 0.25/14/2010 28 28.35 27.8 28.08 27.53233333 -0.0439224 0.185/17/2010 28.27 28.61 27.63 28.26 27.49533333 -0.0281981 0.02 2285/18/2010 28.44 28.98 28.18 28.28 27.46866667 -0.0207756 -0.325/19/2010 28.04 28.18 27.52 27.96 27.438 -0.0261233 -1.03 2295/20/2010 27.82 27.88 26.76 26.93 27.37866667 -0.0406128 0.47 2305/21/2010 26.56 27.7 26.56 27.4 27.35633333 0.00146199 -0.285/24/2010 26.68 27.5 26.68 27.12 27.34833333 -0.001105 -0.25 2315/25/2010 26.06 26.87 25.75 26.87 27.339 -0.0197008 0.65/26/2010 27.48 27.72 27.33 27.47 27.341 0.00585866 1.135/27/2010 28.11 28.62 28.11 28.6 27.384 0.07518797 0.15/28/2010 28.79 29.21 28.4 28.7 27.454 0.0728972 0.73

6/1/2010 29.03 29.94 28.95 29.43 27.54333333 0.10555973 0.96/2/2010 29.77 30.35 29.65 30.33 27.667 0.15017065 0.32 2326/3/2010 30.39 30.79 30.04 30.65 27.80966667 0.14708084 -1.18 2336/4/2010 29.67 30.19 29.31 29.47 27.90133333 0.08265981 0.336/7/2010 29.59 30.27 29.59 29.8 27.98733333 0.0658083 1.266/8/2010 29.97 31.08 29.97 31.06 28.09066667 0.14359352 1.54 234

6/9/2010 31.4 33.14 31.4 32.6 28.272 0.17181884 -0.496/10/2010 32.56 32.75 31.71 32.11 28.415 0.13302752 -0.746/11/2010 31.66 31.68 31.17 31.37 28.516 0.11676753 -0.91 2356/14/2010 31.31 31.31 30.25 30.46 28.595 0.08090845 0.56 2366/15/2010 30.67 31.11 30.67 31.02 28.68966667 0.11302476 -0.18 2376/16/2010 30.76 31.04 30.31 30.84 28.78866667 0.11375948 0.01 2386/17/2010 30.99 30.99 30.41 30.85 28.894 0.18974161 -0.16 2396/18/2010 31.21 31.21 30.61 30.69 29.05266667 0.21304348 0.65 2406/21/2010 31.52 31.7 31.22 31.34 29.254 0.17510311 -0.71 2416/22/2010 30.91 31.09 30.61 30.63 29.386 0.13444444 0.96/23/2010 31.1 31.95 31.1 31.53 29.537 0.11099366 0.176/24/2010 31.4 32 31.15 31.7 29.64766667 0.13701578 0.44 2426/25/2010 31.86 32.42 31.67 32.14 29.78966667 0.14458689 -0.286/28/2010 32.28 32.28 31.71 31.86 29.91566667 0.12738854 -0.966/29/2010 31.26 31.44 30.8 30.9 30.00366667 0.09264498 -0.056/30/2010 30.51 31.2 30.5 30.85 30.08933333 0.10336195 -0.44 243

7/1/2010 30.77 30.86 29.59 30.41 30.171 0.12922391 0.637/2/2010 30.65 31.25 30.5 31.04 30.308 0.13284672 0.067/6/2010 31.32 31.95 31.05 31.1 30.43133333 0.14675516 0.317/7/2010 31.25 31.5 31.03 31.41 30.57433333 0.16896167 0.33 2447/8/2010 31.5 31.81 31.37 31.74 30.73666667 0.1554423 -0.44 2457/9/2010 31.72 31.74 31.28 31.3 30.86433333 0.09440559 0.14

7/12/2010 31.34 31.59 31.04 31.44 30.959 0.09547038 0.13 2467/13/2010 31.36 31.83 30.94 31.57 31.05466667 0.07271492 -0.23 2477/14/2010 31.43 31.57 31.17 31.34 31.11833333 0.03330036 0.29 2487/15/2010 31.49 31.73 31.32 31.63 31.16166667 0.0319739 -0.437/16/2010 31.57 31.88 31.07 31.2 31.18 0.05870377 -0.247/19/2010 31.23 31.49 30.53 30.96 31.22966667 0.03892617 -0.357/20/2010 30.45 30.66 30.02 30.61 31.25666667 -0.0144881 -1.217/21/2010 30.27 30.29 29.01 29.4 31.20133333 -0.0981595 -1.3 2497/22/2010 29.2 29.67 27.64 28.1 31.05133333 -0.1248832 0.63 2507/23/2010 28.53 28.95 28.21 28.73 30.93866667 -0.0841568 -0.85 2517/26/2010 28.47 28.61 27.55 27.88 30.82233333 -0.0847012 0.187/27/2010 28.12 28.44 27.93 28.06 30.74233333 -0.0954223 0.267/28/2010 28.13 28.5 28.02 28.32 30.65233333 -0.0817121 0.417/29/2010 29.19 29.45 28.56 28.73 30.582 -0.0687196 0.187/30/2010 28.75 29.02 28.51 28.91 30.51733333 -0.0579993 0.47

8/2/2010 28.92 29.44 28.92 29.38 30.47366667 -0.0625399 0.168/3/2010 29.5 29.74 29.42 29.54 30.41366667 -0.035586 0.23 2528/4/2010 29.77 29.9 29.57 29.77 30.385 -0.0558199 -0.438/5/2010 29.25 29.37 29.01 29.34 30.312 -0.0744479 -0.21 2538/6/2010 29.2 29.27 28.69 29.13 30.22633333 -0.0936528 0.13 2548/9/2010 29.45 29.45 28.71 29.26 30.13033333 -0.081607 -0.29 255

8/10/2010 28.97 29.1 28.52 28.97 30.034 -0.0624595

Total GainTotal Loss

92.96 -77.74

Total no. of Gain and losses 281 228

Sigma G 0.3308185

Sigma L-

0.340965

RS 0.9702418RSI 49.244808

MOVING AVERAGE: This is an indicator frequently used in technical analysis showing the average value of a security's price over a set period. Moving averages are generally used to measure momentum and define areas of possible support and resistance.

In this, I have calculate three moving average on the bases of 30 days.

Moving average charts is a tool used by technical analysts to track the price movements of a security. It plots average daily settlement prices over a defined period of time like 10 days, 20 days, and 30 days.

INTERPRETATION: As per moving average chart the trend of Dr. Reddy’s labs in BSE.10 days and less than 10 days moving average is helpful for short term investment .For long term investors 30 days moving average and more than 30 days moving average is helpful for investment in stock market.

Here Dr. Reddy’s Labs market performance was good and its moving average trend is in increasing form. Moving averages can be used to quickly identify whether a security is moving in an uptrend or a downtrend depending on the direction of the moving average. As charts when a moving average is heading upward and the price is above it, the security is in an uptrend. Conversely, a downward sloping moving average with the price below can be used to signal a downtrend.

RELATION BETWEEN MOVING AVERAGE AND MARKET PRICE:

INTERPRETATION: As shown in the above chart, the market price is below the moving average line. The moving average shows that it is going below the closing price and hence it can be said that it is not a good prospective for the company and it should try to move along with the market trend.

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

INTERPRETATION: 0.42375169This was the highest value that was found in the oscillator and hence it can be said that it was overbought and so they should sell the share at that point of time and the date referred to is on the 20th of April, 2009.

-0.3777452 this was the lowest amount which was found in the oscillator and hence it can be said that the oscillator indicated that this was the time when the share was oversold and hence the investor should buy the shares at that point of time which was on the 10th of October,2008.

CANDLE STICK: Candlestick is formed with the help of opening, high, low and closing price of the day. If the opening price is above the closing price then a filled candlestick is drawn. Normally, black colour is used for filling the candle. If the closing price is above the opening price, then a hollow candlestick (normally displayed in white with black border) is drawn. The

filled or the hollow portion of the candle is known as body or real body which can belong, normal or short with proportionate to the line above or below it. The lines (long or short) above and below the body or real body represent the high or low price range and these lines are known as shadows, tails or wicks. For the particular day, the highest price is declared by the top of the upper shadow and the lowest price is marked by the bottom of the lower tail.

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

V-FORMATION:

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

V-Formation

HEAD AND SHOULDER: A head and shoulders pattern is also a trend reversal formation. It is formed by a peak (shoulder), followed by a higher peak (head), and then another lower peak (shoulder). A "neckline" is drawn by connecting the lowest points of the two troughs. The slope of this line can either be up or down. Typically, when the slope is down, it produces a more reliable signal.

INTERPRETATION:-

When we show the head and shoulder chart we find an uneven trend of stock movement, because there is number of head and shoulders drawn over a period of time, and if we talk about movement of stock of last two years there is a increasing trend with a slight trend downwards followed by the stock, as we learn earlier that a upward stock movement is not so reliable, so the current scenario does not show a positive frame for investment. Hence the uncertainity does not give a good base for investment and so it is a situation where investor should sell its investment and not go for the purchase of the same stock.

RESISTANCE & SUPPORT LEVEL.

Support and resistance is a concept in technical analysis that the movement of the price of a security will tend to stop and reverse at certain predetermined price levels.

A support level is a price level where the price tends to find support as it is going down. This means the price is more likely to "bounce" off this level rather than break through it. However,

Shoulder

HeadShoulder

once the price has passed this level, by an amount exceeding some noise, it is likely to continue dropping until it finds another support level.

A resistance level is the opposite of a support level. It is where the price tends to find resistance as it is going up. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, by an amount exceeding some noise, it is likely that it will continue rising until it finds another resistance level.

INTERPRETATION: If we talk about support and resistance level of Dr. Reddy’s Labs of last two years we find that the support is 13 and the resistance level being 19. As, we see the stock of the company crosses the support level and cross the resistance level is also surpassed. And from that movement the stock is continuously moving on and on. So, there was a good investment prospect. But when stock cross the resistance level it shows the investment in the particular stock is made is shows some sort of risky investment so it is good stock for long term investor and not for short term investor and it is a highly risky stock for new investors and suggestion is not to invest in this particular stock in the mean time.

Conclusion:-

The study is concerned with the relevant features of technical analysis and about its indicators. Technical analysis is widely accepted worldwide and a very useful tools for the analysis of share price behavior. The share market is more challenging, fulfilling and rewarding to resourceful investors willing to learn the art of cyclical timing to study of technical analysis.

The technical approach to invest is essentially a reflection of the idea that price moves in trends which are determined by the challenging attitudes of investors towards a variety of economic, monetary, political and psychological forces. By studying the nature of previous market turning points it is possible to develop some characteristics that can help to identify major markets top and bottoms. The recognition of top and bottoms is in nutshell of technical analysis process. Entering the market at the beginning of the up-trend and getting out of it at the first stroke of the formation in the reversal is the basis of this analysis.

Bibliography:-

Websites:

www.forextrading.about.com www.investopedia.com www.about.com www.sify.com/finance www.bse.com www.capitaline.com

Books Referred

Technical Analysis of the Financial Markets By John J. Murphy Investment analysis and portfolio management By Prasanna Chandra.