Importance of Technical and Fundamental Analysis and Other Strategic Factors in the Indian Stock Market

摘要: ABSTRACTThis paper presents findings of an online questionnaire survey on the perceived importance chartist/technical and fundamental analysis diferent strategic factors in stock price forecasting by brokers Bombay Stock Exchange, India. rely more technical vis-a-vis at shorter horizons longer horizons. Regarding use chartist / seven horizons, four distinct styles among could be identified through cluster analysis. Also our results suggest that Company Specific Factors was rated most important Other least long term brokers.Keywords: brokers; analysis; factors.INTRODUCTIONAs all financial markets, primary question market is how participants traders forecast future prices. How we prices now influences major economic social policy decisions affect not only investors but also society large.The two general techniques for predicting used professionals are "chartist" or "technical" intrinsic value Technical, chartist, markets involves providing forecasts asset buy/sell advice basis visual observation examination past history movements (Edwards et al., 1967), perhaps with aid certain quantitative such as momentum indicators moving averages (Murphy, 1986), without considering any factors. Fundamental Analysis a method evaluating attempting to measure its value. analysts study everything from overall economy industry conditions, condition management companies. In other words, about using real data evaluate stock's The uses revenues, earnings, growth, return equity, profit margins determine company's underlying potential growth.Despite increasing professional interest non- factors, there little empirical evidence prevalence usage Indian market. Goodman (1980) examines performance analysts, does provide which attaches their advice. Mitra (2009) , Kakani (2006) Pampana (2005) analyses profitability different trading rules but, has directly compared tools given market.This first concerned rate Given India 2nd largest exchange terms capitalisation emerging developing countries fact brokers' views factor driving movements, this may enhance understanding forecasting.This tries extend previous works done foreign London (Taylor 1992) work Hong Kong (Lui 1998) European (Oberlechner, 2001) Menkhoff (Menkhoff, 2010) new geographic location This determines perception …