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Market Watch

Bajaj Auto Ltd.

Overview
News
Financials
Technicals
Peers
Shareholdings
MF
F&O
Corporate Actions
About

Bajaj Auto Ltd.

3,919.70-12.15 (-0.31%)

Live
As On: 10:09 AM IST
As On: 10:09 AM IST

Sector: Auto
Industry: Auto - 2 & 3 Wheel...

OPEN TRADING A/C

Open3,936.00
High3,972.20
Low3,913.10
Prev Close3,931.85
Volume1,32,081
VWAP(₹)3,935.58

Insights

Rank 58 - ET 5002020 ranking

Q3 – Exports and premium segment shine
In Q3, healthy exports and better sales in premium segment saved the day for margins.
Healthy sales and product mix
The company is well-hedged from any slowdown in one particular segment, because of its sales in two-wheelers in the domestic rural and urban areas, sales of three-wheelers and exports.
Forward integration
In all, 54 per cent of the domestic two-wheeler sales and 51 per cent of domestic three-wheeler sales of the company are financed by the group company, Bajaj finance. It cushions Bajaj Auto from any liquidity squeeze in financial system, like the one witnessed in late 2018.
Zero Debt Burden
Company has no debt since last 5 years. (Source: Consolidated Financials)

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Key Metrics

PE Ratio(x)24.39
EPS - TTM(₹)161.03
MCap(₹ Cr.)1,14,064
MCap Rank2
PB Ratio(x)5.23
Div Yield(%)3.06
Face Value(₹)10.00
52W High(₹)4,361.40
52W Low(₹)1,788.65
MCap/Sales1.96
Beta(1 Month)1.19
BV/Share(₹)748.60

Returns

1 Day-0.11%
1 Month-5.79%
3 Months28.72%
1 Year33.25%
3 Years31.51%
5 Years69.14%

Bajaj Auto News & Analysis

View all News & Announcements

Bajaj Auto Recommendations

No Recent Recos Available

View Past Recommendations

Financials

Management View (MD&A)
- Pre- covid blue of automotive sector
  Even before the onset of COVID-19 in India, two things had become obvious. The first was that throughout FY2020, the country’s economic growth was slowing down. And the second was that the automotive sector was facing declining demand across the board.
- Reasons for slow down
  It was not just the relative lack of demand. The motorcycle industry was subjected to several regulations which significantly increased the cost of ownership. Notable among these were: (i) compulsory five-year third party insurance which was introduced in October 2018, (ii) more rigorous braking norms from April 2019, and (iii) the implementation of the more stringent emission norms under BS-VI from April 2020.
- Export growth and regions of concern
  A strong presence in the ASEAN region, aided by market share improvement in the Philippines. Stable volumes in Latin America, where a drop in our volumes in Argentina owing to economic turmoil was compensated by growth in Mexico and Central America. It needs to be stated, however, that our export business in South Asia faced head winds — with regulatory issues in Bangladesh, and with Sri Lanka having another year of declining appetite.
- EV push through chetak
  It was time to resurrect a historical legend into a modern avatar. For decades, Bajaj Auto was synonymous with its Chetak. We decided to re-introduce the Chetak as a best-in-class electric scooter with an iconic design — creating a thing of beauty that transcends time. At the heart of the new Chetak is a IP67 rated high-tech Lithium Ion battery with NCA cells.
- Banking on
  Despite the blip in FY2020, we believe that in the longer run the ‘sports’ and ‘super-sports’ segments will grow. Urban India’s under-40 generation that has the wallet size will want to own bikes that have power, speed, manoeuvrability and best-in-class looks. With our upper-end Pulsars, KTMs, Dominars, Husqvarnas and the soon to be launched Triumphs, we expect to continue having a solid presence in these segments.
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Income (P&L)

	Dec 2020	Sep 2020	Jun 2020	Mar 2020	Dec 2019
Total Income	9,279.06	7,441.66	3,417.12	7,243.31	8,005.88
Total Income Growth (%)	24.69	117.78	-52.82	-9.53	-1.17
Total Expenses	7,246.24	5,954.46	2,734.61	5,626.54	6,334.23
Total Expenses Growth (%)	21.69	117.74	-51.40	-11.17	-2.40
EBIT	2,032.82	1,487.20	682.51	1,616.77	1,671.65
EBIT Growth (%)	36.69	117.90	-57.79	-3.28	3.77
Profit after Tax (PAT)	1,716.26	1,193.97	395.51	1,353.99	1,322.44
PAT Growth (%)	43.74	201.88	-70.79	2.39	-13.19
EBIT Margin (%)	21.91	19.98	19.97	22.32	20.88
Net Profit Margin (%)	18.50	16.04	11.57	18.69	16.52
Basic EPS (₹)	59.30	41.30	13.70	46.80	45.70

	Dec 2020	Sep 2020	Jun 2020	Mar 2020	Dec 2019
Total Income	9,279.06	7,441.66	3,417.12	7,348.50	8,005.88
Total Income Growth (%)	24.69	117.78	-53.50	-8.21	-1.17
Total Expenses	7,245.26	5,953.95	2,734.50	5,626.36	6,334.13
Total Expenses Growth (%)	21.69	117.73	-51.40	-11.17	-2.41
EBIT	2,033.80	1,487.71	682.62	1,722.14	1,671.75
EBIT Growth (%)	36.71	117.94	-60.36	3.01	3.83
Profit after Tax (PAT)	1,556.28	1,138.20	528.04	1,310.29	1,261.60
PAT Growth (%)	36.73	115.55	-59.70	3.86	-10.04
EBIT Margin (%)	21.92	19.99	19.98	23.44	20.88
Net Profit Margin (%)	16.77	15.29	15.45	17.83	15.76
Basic EPS (₹)	53.80	39.30	18.30	45.30	43.60

	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Revenue	31,443.22	31,702.12	26,377.19	22,988.91	23,571.10
Total Revenue Growth (%)	-0.82	20.19	14.74	-2.47	6.18
Total Expenses	25,072.60	25,438.29	20,699.39	17,655.98	18,113.65
Total Expenses Growth (%)	-1.44	22.89	17.24	-2.53	1.91
Profit after Tax (PAT)	5,211.91	4,927.61	4,218.95	4,079.49	4,061.24
PAT Growth (%)	5.77	16.80	3.42	0.45	34.23
Operating Profit Margin (%)	21.30	20.64	22.51	24.50	24.16
Net Profit Margin (%)	17.42	16.23	16.72	18.74	17.98
Basic EPS (₹)	180.20	170.30	145.80	141.00	140.30

	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Revenue	31,652.21	31,899.27	26,512.17	22,988.65	23,660.11
Total Revenue Growth (%)	-0.77	20.32	15.33	-2.84	6.60
Total Expenses	25,072.01	25,538.11	20,697.60	17,653.02	18,112.79
Total Expenses Growth (%)	-1.83	23.39	17.25	-2.54	1.93
Profit after Tax (PAT)	5,099.98	4,675.18	4,068.10	3,827.56	3,929.67
PAT Growth (%)	9.09	14.92	6.28	-2.60	39.66
Operating Profit Margin (%)	22.00	21.04	23.11	24.51	24.56
Net Profit Margin (%)	17.04	15.45	16.16	17.58	17.39
Basic EPS (₹)	176.30	161.60	140.60	132.30	135.80

All figures in Rs Cr, unless mentioned otherwise

Insights

Topline Contraction
Sales de-grew by 0.82%. Company witnessed revenue contraction for the first time in last 3 years. (Source: Consolidated Financials)
Employee & Interest Expense
Company has spent less than 1% of its operating revenues towards interest expenses and 4.65% towards employee cost in the year ending Mar 31, 2020. (Source: Consolidated Financials)

Balance Sheet

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Assets	26,510.02	28,834.41	25,141.00	21,637.62	17,240.37
Total Assets Growth (%)	-8.06	14.69	16.19	25.51	7.98
Total Liabilities	4,847.93	5,600.59	4,715.74	3,781.02	3,220.02
Total Liabilities Growth (%)	-13.44	18.76	24.72	17.42	-33.88
Total Equity	21,662.09	23,233.82	20,425.26	17,856.60	14,020.35
Total Equity Growth (%)	-6.76	13.75	14.38	27.36	26.36
Current Ratio (x)	1.56	1.45	2.25	2.95	1.70
Total Debt to Equity (x)	0.00	0.00	0.00	0.00	0.00
Contingent Liabilities	-	-	-	-	1,980.12

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Assets	24,773.30	27,380.39	23,819.49	20,814.89	16,486.50
Total Assets Growth (%)	-9.52	14.95	14.43	26.25	5.94
Total Liabilities	4,847.81	5,600.49	4,715.63	3,780.76	3,219.95
Total Liabilities Growth (%)	-13.44	18.76	24.73	17.42	-33.88
Total Equity	19,925.49	21,779.90	19,103.86	17,034.13	13,266.55
Total Equity Growth (%)	-8.51	14.01	12.15	28.40	24.08
Current Ratio (x)	1.55	1.45	2.25	2.92	1.70
Total Debt to Equity (x)	0.00	0.00	0.01	0.01	0.00
Contingent Liabilities	1,803.85	1,853.88	2,248.64	2,019.79	1,980.12

All figures in Rs Cr, unless mentioned otherwise

Insights

Zero Debt Burden
Company has no debt since last 5 years. (Source: Consolidated Financials)

Cash Flows

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Net Cash flow from Operating Activities	3,850.44	2,486.86	4,327.84	3,267.36	3,689.85
Net Cash used in Investing Activities	1,556.09	-338.44	-2,053.09	-3,683.16	-113.07
Net Cash flow from Financing Activities	-6,246.51	-2,074.05	-1,885.26	-190.09	-3,384.08
Net Cash Flow	-630.24	140.04	488.10	-532.41	238.25
Closing Cash & Cash Equivalent	285.40	915.64	775.60	287.50	819.91
Closing Cash & Cash Equivalent Growth (%)	-68.83	18.06	169.77	-64.94	40.96
Total Debt/ CFO (x)	0.00	0.00	0.00	0.00	0.00

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Net Cash flow from Operating Activities	3,861.76	2,489.53	-	-	3,656.81
Net Cash used in Investing Activities	1,754.54	-244.08	-	-	-18.83
Net Cash flow from Financing Activities	-6,246.51	-2,074.05	-	-	-3,384.08
Net Cash Flow	-628.05	144.44	-	-	242.48
Closing Cash & Cash Equivalent	277.33	905.38	760.94	279.82	817.55
Closing Cash & Cash Equivalent Growth (%)	-69.37	18.98	171.94	-65.77	42.17
Total Debt/ CFO (x)	0.00	0.00	-	-	0.00

All figures in Rs Cr, unless mentioned otherwise

Insights

Cash from Operations vs PAT
Operating cash flow of Rs 3850.44 cr is 0.74 times compared to the reported net profit of Rs 5211.91 cr. (Source: Consolidated Financials)

Ratios

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Return on Equity (%)	24.06	21.20	20.65	22.84	28.96
Return on Capital Employed (%)	28.63	26.16	27.00	28.95	37.75
Return on Assets (%)	19.66	17.08	16.78	18.85	23.55
Interest Coverage Ratio (x)	2,017.02	1,399.18	4,335.20	3,810.24	5,198.57
Asset Turnover Ratio (x)	112.85	105.28	100.30	100.59	131.00
Price to Earnings (x)	11.25	17.12	18.87	19.92	17.15
Price to Book (x)	2.70	3.63	3.89	4.55	4.97
EV/EBITDA (x)	8.80	12.77	13.14	14.35	11.93
EBITDA Margin (%)	22.12	21.52	23.76	25.91	25.52

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Return on Equity (%)	25.59	21.46	21.29	22.46	29.62
Return on Capital Employed (%)	32.08	28.28	29.50	30.32	40.48
Return on Assets (%)	20.58	17.07	17.07	18.38	23.83
Interest Coverage Ratio (x)	2,083.34	1,420.90	4,439.60	3,812.16	5,284.16
Asset Turnover Ratio (x)	120.76	110.48	105.64	104.57	137.00
Price to Earnings (x)	11.49	18.05	19.57	21.23	17.73
Price to Book (x)	2.94	3.87	4.16	4.77	5.25
EV/EBITDA (x)	8.53	12.58	12.87	14.36	11.74
EBITDA Margin (%)	22.82	21.92	24.36	25.93	25.92

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Technicals

Buy/Sell Signals
No Data Available
Price Analysis
48%
Positive Movement
since 1st Jan 2005
on basis
52%
Negative Movement
since 1st Jan 2005
on basis
Exclude
Global Meltdown1st Jan 2008 to 10th Nov 2008
Covid Crisis1st Feb 2020 to 31st Mar 2020
Pivot Levels
R1 3969.45 Pivot
3912.40
S1 3874.80
R2 4007.05 S2 3817.75
R3 4101.70 S3 3723.10
Average True Range
5 Days 14 Days 28 Days
102.99 107.84 103.19

5 Days	14 Days	28 Days
102.99	107.84	103.19

Peers

Ratio Performance

NAME	P/E (x)	P/B (x)	ROE %	ROCE %	ROA %	Rev CAGR [3Yr]	OPM	NPM	Basic EPS	Current Ratio	Total Debt/ Equity (x)	Total Debt/ CFO (x)
Bajaj Auto	24.39	5.25	24.06	28.63	19.66	10.89	21.30	16.34	180.20	1.56	0.00	0.00
Eicher Motors	61.57	6.94	18.30	22.46	14.67	10.02	25.58	19.61	669.52	3.15	0.01	0.09
Hero MotoCorp	25.82	4.69	25.25	25.62	18.49	0.96	13.48	12.39	182.15	2.02	0.01	0.04
TVS Motor	80.13	7.97	19.03	19.14	3.23	14.24	9.38	3.47	13.15	0.97	2.74	24.11
Atul Auto	428.94	1.31	17.41	21.76	14.08	9.47	10.85	8.35	24.42	1.97	0.00	0.00
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Annual Ratios (%)

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Stock Performance

CHART
TABLE

Choose from Peers
Choose from Stocks

NAME	1D	1W	1M	3M	1Y	3Y	5Y
Bajaj Auto	-0.26	-5.86	-4.11	26.68	31.57	31.31	67.77
Eicher Motors	-0.05	-5.97	-14.74	-5.90	41.20	-5.16	32.73
Hero MotoCorp	-0.79	-4.73	1.17	11.07	56.33	-2.29	30.26
TVS Motor	0.68	-2.38	15.72	28.10	37.71	-9.56	123.29
Atul Auto	0.57	0.27	0.25	8.15	-24.00	-55.87	-59.75
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Insights

Stock Returns vs Nifty 100
Stock gave a 3 year return of 31.66% as compared to Nifty 100 which gave a return of 36.33%. (as of last trading session)
Stock Returns vs Nifty Auto
Stock generated 31.66% return as compared to Nifty Auto which gave investors -5.74% return over 3 year time period. (as of last trading session)

Found Peer Comparison useful?

Shareholding Patterns

Total Shareholdings
Category No. of Shares Percentage % Change QoQ
Promoters 15,53,89,904 53.70 % 0.01
Pledge 0 0.00 % -0.01
FII 3,78,00,198 13.06 % -0.50
DII 2,64,03,037 9.13 % -1.27
MF 89,35,847 3.09 % 0.13
Others 6,97,73,881 24.11 % 1.76
QoQ Change
Category 31 Dec 2020 30 Sep 2020 30 Jun 2020 31 Mar 2020
Promoters 53.70 53.69 53.69 53.66
Pledge 0.00 0.01 0.00 0.00
FII 13.06 13.56 13.71 13.94
DII 9.13 10.40 9.11 8.77
Mutual Funds 3.09 2.96 3.20 3.05
Others 24.11 22.35 23.49 23.63

Category	No. of Shares	Percentage	% Change QoQ
Promoters	15,53,89,904	53.70 %	0.01
Pledge	0	0.00 %	-0.01
FII	3,78,00,198	13.06 %	-0.50
DII	2,64,03,037	9.13 %	-1.27
MF	89,35,847	3.09 %	0.13
Others	6,97,73,881	24.11 %	1.76

Category	31 Dec 2020	30 Sep 2020	30 Jun 2020	31 Mar 2020
Promoters	53.70	53.69	53.69	53.66
Pledge	0.00	0.01	0.00	0.00
FII	13.06	13.56	13.71	13.94
DII	9.13	10.40	9.11	8.77
Mutual Funds	3.09	2.96	3.20	3.05
Others	24.11	22.35	23.49	23.63

Mutual Funds Ownership

MF Ownership as on 31 January 2021

SBI ETF Nifty 50-D
Equity: Large Cap
- 784.58
  Amount Invested (in Cr.)
- 0.89%
  % of AUM
- 1.40
  % Change (MoM basis)
SBI ETF Sensex
Equity: Large Cap
- 404.22
  Amount Invested (in Cr.)
- 1.03%
  % of AUM
- 3.37
  % Change (MoM basis)
SBI Bluechip Direct-G
Equity: Large Cap
3
- 358.83
  Amount Invested (in Cr.)
- 1.44%
  % of AUM
- 0.00
  % Change (MoM basis)

More Schemes

Futures & Options

Options
- Type
- Expiry Month
- Strike Price
Date Price
27-09-2020Current
0.00-1,198.50 (-100.00%)
0.00
Open
0.00
High
0.00
Low
1,198.50
Close
0
Contracts Traded
0.00
Turnover (₹ Lakhs)
Futures
- Expiry Month
Date Price
27-09-2020Current
3,896.10-26.35 (-0.67%)
3,920.75
Open
3,951.95
High
3,880.10
Low
3,922.45
Prev Close
1,185
Contracts Traded
11,602.90
Turnover (₹ Lakhs)

Date	Price
27-09-2020Current	0.00-1,198.50 (-100.00%)
0.00 Open	0.00 High	0.00 Low
1,198.50 Close	0 Contracts Traded	0.00 Turnover (₹ Lakhs)

Date	Price
27-09-2020Current	3,896.10-26.35 (-0.67%)
3,920.75 Open	3,951.95 High	3,880.10 Low
3,922.45 Prev Close	1,185 Contracts Traded	11,602.90 Turnover (₹ Lakhs)

Corporate Actions

Recent
Board Meeting
Quarterly Results
Dec 18, 2020
Board Meeting
Quarterly Results
Sep 23, 2020
Board Meeting
Quarterly Results
Jun 22, 2020

Board Meetings

Announced on	Meeting on
Dec 18, 2020	Jan 21, 2021
Quarterly Results
Sep 23, 2020	Oct 22, 2020
Quarterly Results
Jun 22, 2020	Jul 22, 2020
Quarterly Results
May 05, 2020	May 20, 2020
Audited Results
Feb 13, 2020	Feb 21, 2020
Interim Dividend

Dividends
Announced on Ex-Date Dividend%
Feb 24, 2020 Mar 03, 2020 1200%
May 17, 2019 Jul 11, 2019 600%
May 18, 2018 Jul 05, 2018 600%
May 18, 2017 Jul 06, 2017 550%
May 25, 2016 Jul 14, 2016 50%
Bonus
Announced on Ex-Date
Jul 22, 2010 Sep 08, 2010
Bonus Ratio: 1 share(s) for every 1 shares held
Splits
No Data Available
Rights
No Data Available

Announced on	Ex-Date	Dividend%
Feb 24, 2020	Mar 03, 2020	1200%
May 17, 2019	Jul 11, 2019	600%
May 18, 2018	Jul 05, 2018	600%
May 18, 2017	Jul 06, 2017	550%
May 25, 2016	Jul 14, 2016	50%

Announced on	Ex-Date
Jul 22, 2010	Sep 08, 2010
Bonus Ratio: 1 share(s) for every 1 shares held

AGM/EGM Meetings

Announced on	Meeting on
May 20, 2020	Jul 22, 2020
-
Feb 13, 2020	Mar 16, 2020
-
May 17, 2019	Jul 26, 2019
Book closure from Jul 13, 2019 to Jul 26, 2019
May 18, 2018	Jul 20, 2018
Book closure from Jul 7, 2018 to Jul 20, 2018
Jun 13, 2017	Jul 20, 2017
Book closure from Jul 8, 2017 to Jul 20, 2017

About

Bajaj Auto Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 113,952.73 Crore) operating in Auto sector.

Bajaj Auto Ltd. key Products/Revenue Segments include Automobile - 2 & 3 Wheelers, Export Incentives, Other Operating Revenue, Scrap for the year ending 31-Mar-2020.

For the quarter ended 31-12-2020, the company has reported a Consolidated Total Income of Rs 9,279.06 Crore, up 24.69 % from last quarter Total Income of Rs 7,441.66 Crore and up 15.90 % from last year same quarter Total Income of Rs 8,005.88 Crore. Company has reported net profit after tax of Rs 1,555.30 Crore in latest quarter.

The company’s top management includes Mr.Rahul Bajaj, Mrs.Lila Poonawalla, Mr.Anami Roy, Dr.Omkar Goswami, Dr.Naushad Forbes, Mr.D J Balaji Rao, Mr.Abhinav Bindra, Mr.Shekhar Bajaj, Dr.Gita Piramal, Mr.Niraj Bajaj, Mr.Sanjiv Bajaj, Mr.Rakesh Sharma, Mr.Pradeep Shrivastava, Mr.Rajiv Bajaj, Mr.Madhur Bajaj, Mr.Pradip Shah. Company has SRBC & Co LLP as its auditors. As on 31-12-2020, the company has a total of 28.94 Crore shares outstanding.

About Bajaj Auto

Bajaj Auto Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 113,952.73 Crore) operating in Auto sector. Show More

Industry

Auto - 2 & 3 Wheelers

Key Indices Listed On

Nifty 50, S&P BSE Sensex, Nifty 100, Nifty 200, Nifty 500

Address

Mumbai-Pune Road,Akurdi,Mumbai, Maharashtra - 411035

Contact

investors@bajajauto.co.in

http://www.bajajauto.com

Executive Leadership

Abhinav Bindra

Director

Abraham Joseph

Chief Technology Officer

Anami Roy

Director

D J Balaji Rao

Director

Auditors

SRBC & Co LLP

Bajaj Auto Share Price Update

Bajaj Auto Ltd. share price moved down by -0.31% from its previous close of Rs 3,931.85. Bajaj Auto Ltd. stock last traded price is 3,919.70

Share Price	Value
Today/Current/Last	3,919.703,917.85
Previous Day	3,931.853,929.45

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Technicals

Buy/Sell Signals
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Price Analysis
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Average True Range
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Pivot Levels
Pivot points are indicative support and resistance levels which are calculated on basis of previous day’s high, low and closing prices. Pivot level for Monday’s trade would be based on Friday’s prices and Monday’s, high, low and close price would go into calculation of pivot levels for Tuesday’s trading session.
There are two underlying assumptions in pivot points. First, the specific price level indicated by R1, R2 and R3 may act as a barrier or resistance in an uptrend. So, if a stock moves up above these pivots levels, the uptrend gets confirmed. Second these specific price levels may see an increased activity, hence may be used as levels to book profit by traders with a long positions. For traders with short position, these points are often helpful in determining what should be the stop loss for a trade.
Similarly, in case of support levels as indicated by S1, S2 and S3, they may act as price level where a stock might get a breather when it is slipping southward. In case these supports levels are broken it is a confirmation of a down trend. The stock may also see increased activity close to pivot levels. They may be used by trader may use them to put stop loss for a long trade. If a trader has short position, the pivot level may help in determine a level, where profit may be booked.
Like any other technical indicator, pivots levels cannot and should not be used as single factor while taking a trading decision. They should be combined with other technical indicators. It could be short term moving averages, stochastic, moving average convergence divergence (MACD) or overbought level as indicated by relative strength index (RSI). For example, if a breakdown of support level (S1, S2 or S3) is accompanied with stock price also moving below its short term moving average or stochastic on daily charts giving a sell signal, it would add to weightage to the decision of taking a short trade.

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R1	3969.45	Pivot 3912.40	S1	3874.80
R2	4007.05		S2	3817.75
R3	4101.70		S3	3723.10