HISTORY OF SHARE KHAN

SHAREKHAN LIMITED (SSKI Pvt.Ltd.) was promoted by Mr. Shripal S. Morakhiya and Mr. Shreyas S. Morakhiya in 1922 the name of company was changed from SSKI Investor Services Private Limited to Sharekhan Private Limited on 26th October 2005. The company became a public limited company on 26th October, 2005. Accordingly the companys name changed to share khan limited. Share khan is currently amongst Indias largest broking house. It is member of stock exchange, Mumbai. It is depository participant of the national securities. Depository limited (NSDL) and central depository services (India) limited. Its business includes stock broking, depository services, portfolio management and derivatives. Companys mission and vision:

MISSION
To reposition share khan as a technologically superior web enabled brokerage firm with massive offline presence. To highlight its will and ability to be a long term player on account of its pedigree. To project share khan as an authority in the retail stock trading business.

VISION
The vision of the share khan ltd. Is To empower the investors to make better investment decision through quality advice & superior service.

Sharekhan has always believed in collaborating with like-minded Corporate into forming strategic associations for mutual benefit relationships" says Jaideep Arora, Director - Sharekhan Limited. Sharekhan is also about focus. Sharekhan does not claim expertise in too many things.

Sharekhan's expertise lies in stocks and that's what he talks about with authority. So when he says that investing in stocks should not be confused with trading in stocks or a portfolio-based strategy is better than betting on a single horse, it is something that is spoken with years of focused learning and experience in the stock markets. And these beliefs are reflected in everything Sharekhan does for us! Share khan has ability to transfer funds from most banks like ICICI Direct, HDFC etc., so investor not really needs to open an account with a particular bank as it can establish link with most modern banks. The companys core competency lies in the retail distribution with large network of branches and sub brokers/ authorized person. Its strength lays in its investment research capabilities.

PROMOTERS AND DIRECTORS

The shareholder of SSKI investor services Pvt. Ltd. Are Mr. Shripal Morakhiya, Mr.Shreyas Morakhiya foreign private, equity fund holder and key employees of the company. The key promoter of the company is Mr.Shripal Morakhiya who as on March 31,2005 along with his family owns 55.47% of paid up capital of the company.

DIRECTORS NAME 1. Mr. Shripal S. Morakhiya 2. Mr. Shreyas S. Morakhiya 3. Mr. Tarun p. Shah 4. Mr. Shankar vailaya 5. Mr. Jaydeep Arora 6. Mr. Shankar narayan

Area and Branches of sharekhan

Sharekhan, Indias leading stock broker is the retail arm of SSKI, an organization with over eight decades of stock market experience. With more than150 share shops in 80 cities, and Indias premium portal, www.sharekhan.com. We reach out to customer like no one else. Sharekhans branches are in Indias most of cities like Bangalore, Chennai, jodhpur, Kolkata, Delhi, pune. Rajkot, vadodara, Surat and Navsari etc.

Services of Sharekhan
Share khan is one of India's leading financial services companies. Share khan provides a complete life-cycle of investment solution in Equities, Derivatives, Commodities, IPO, Mutual Funds, Depository Services, Portfolio Management Services and Insurance. Sharekhan also offer personalized wealth management services for High Net worth individuals. With a physical presence in over 300 cities of India through more than 800 "Share Shops", and an online presence through Sharekhan.com, India's premier online destination, Sharekhan reach out to more than 800,000 trading customers. There are main four type services provided by sharekhan. A. PMS B. Mutual fund C. Commodities D. Equity

A. PMS[Portfolio management services]

A Portfolio is bundle or group of securities. Creation of portfolio helps to reduce risk without sacrificing return. Portfolio management is a process encompassing many activities aimed at optimizing the investments of ones fund. In this service, sharekhan offers handling portfolio to the clients. The minimum amount which is required to open an account is Rs. 5,00,000/after opening the account all transaction of the client are done by sharekhan.

B. Mutual fund Mutual fund is pool of money that is invested according to common investment objective by an Asset management company (AMC).There are 3 broad categories of fund in Indian market Money market, debt, equity. There are two ways of making money from mutual fund through Dividend. Capital appreciation.

C. Commodity
A tangible item that may be bought or sold. Something produced for commerce, is called Commodity. Commodities are the things of value of uniform quality. Which are produced in large quantity by many producer. A commodity means any product manufactured or grown. There are different commodities like gold, silver, copper, crude oil, sugar, wheat etc. one of the characteristics of a commodity good is that its price is determined as a function of its market as a whole. The 3 major national commodity exchanges are: 1) National Commodity and Derivatives Exchange Limited(NCDCX) 2) Multi Commodity Exchange of India Ltd (MCX) 3) National Multi Commodity Exchange of India Ltd NCDCX: located in Mumbai, is a public limited company. This is an online multi-commodity exchange. Transaction of commodities like sugar, wheat, jeera etc. are done through NCDEX market.

MCX: MCX is an independent multi commodity exchange, with permanent recognition from Indian Government. Transactions of commodities like gold, silver, crude oil etc. are done through MCX market. NMCEIL - National Multi Commodity Exchange of India Limited is the 1st de-mutualized, Electronic Multi-Commodity Exchange of India.

D. Equity
Equity means equity or ordinary shares, which represents the ownership position in a company. In this the trading of shares is done . there are two main types of stock exchange in which trading of equity is done, i.e NSE and BSE. Equity consists of 3 parts. 1) Off-line 2) On-line 3) F & O

Off-line Trading: The off line trading is done in both NSEand BSE. Off-line trading it is the setting where both the parties buyer and seller are known to each other like internal trading. In process of off-line trading, directly DP (Depository participant) made entry. i.e. debited to investor a/c and credited to buyers a/c as per the information giver by seller. On-line Trading: On-line trading is done only in one exchange NSE. In online seller does not know who is going to be buyer. Seller simply informs to the sub broker to sell some amount of shares. Than sub broker sells it in ti the market. In on-line trading. DP (Depository participant) made one entry in investors a/c and credited to buyers a/c. after being informed by sub broker there are 2 types of a/c in on-line trading.

Speed trade account: Speed trade is web trading product ideal for active traders and jobbers who transact frequently during a days trading session to capitalize on intraday price movement. Speed trede gives active traders and jobbers are edge with real time access to the market.

Classic account: sharekhan classic account allows to client to trade through their website and is suitable for the retail investor who is risk adverse and hence prefers to invest in stocks or who does not trade too frequently.

Future & Option: future option is a part of derivatives and derivatives are underlying in equity. Future and Option. future is an agreement between two parties to buy and sell an asset at a certain time in the future at a certain price. While option gives the buyer an option to buy or sell an underlying asset at a predetermined price on or before specified data in future.

Other services provided by sharekhan as follow:

Free access to investment advice from sharekhans research team. Daily research report and market review Pre-market report Daily trading call based on technical analysis Personalized advice Live market information.

Literature Review
The role of information in pricing of stock is an issue heavily discussed in areas of finance, economic, and accounting. Few theories were forwarded including that of fama (1991) in the efficient market theory. Generally it is known that prices react to the arrival of new information. trading volume is viewed as the critical price of information which indicates the movement of prices. Volatility is one of the best phenomenon without which stock markets will loose its charm. It is the tendency of fluctuation of market indices over a period of time; more is the fluctuation, higher is the volatility. The ups and downs of stock prices is what that adds spice to the market behavior. This see-sawing effect has its own implications, both good and bad. Good, because prudent investors taking advantage buy on dips and sell on highs for profit booking. On the flip side, greater volatility lowers investors confidence in the market prompting them to transfer their investment in less risky options due to unexpected market behavior. A statistical measure of the dispersion of returns for a given security or market index. Volatility can either be measured by using the standard deviation or variance between returns from that same security or market index. Commonly, the higher the volatility, the riskier the security.

Investopedia explains Volatility

In other words, volatility refers to the amount of uncertainty or risk about the size of changes in a security's value. A higher volatility means that a security's value can potentially be spread out over a larger range of values.

This means that the price of the security can change dramatically over a short time period in either direction. A lower volatility means that a security's value does not fluctuate dramatically, but changes in value at a steady peace over the period of time. One measure of the relative volatility of a particular stock to the market is its beta. A beta approximates the overall volatility of a security's returns against the returns of a index return. Having observed the past major events of volatility, one can realize the root cause as unanticipated information breaking out in the market. When this news stabilizes, volatility vanishes because the uncertainty related dies out. There have been number of empirical studies in developed markets that provide evidence on the relationship between trading volume and stock returns. Crouch (1970) studied the relationship between daily trading volume and daily absolute changes of market index and individual stocks and found positive correlation between them. Rogalski (1978) used monthly stock data and Epps (1975, 1977) used transactions data and found a positive contemporaneous correlation between trading volume and absolute returns.

Traditional literature on the contemporaneous relation between volume and price showed that there exist a positive relation between volume and absolute price change price volatility in both equity and future market. Developed the dispersion of beliefs/expectation as the additional volatility and additional expected volume associated with noisy information as well as developing other trading behavior relationships in the future markets.

-Hars and Airv (1993) and Shalen (1993)

Volume- volatility relationship has long attracted the attention of many financial economists, which makes contribution not only to a well established steam of empirical financial studies but also turn out to be relevant in a broader historical economic perspective. Reviewed previous studies on the volatility and trading volume and positive correlation between volatility and volume. -Karpoof (1987)

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RESEARCH METHODOLOGY

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What is research?
Research is systematic process of collecting analyzing information in order to increase our understanding of the phenomena about which we are concerned or interested. Research is systematic effort to gain new knowledge Research is a scientific and systematic search for potential information on a specific topic. It is an art of scientific investigation.

Objectives of study
Each activity in human life is based on certain objective. the principal objective of preparing this project report on Volatility in Indian share market at sharekhan ltd. The other objectives are as follows: To know significant correlation between share price and Trading volume. To know the fluctuation in share price and use various techniques and statistical tools for the measurement of risk. To know the fluctuation in high-low, open-close price and measure the volatility. To measure high-low price volatility use new method of chainkins volatility.

Types of research design

There are main three types research design, which are as follows: 1) Exploratory Research Design 2) Descriptive Research Design 3) Causal Research Design

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From above three types of research design select the descriptive research design for my project work. Descriptive research design is rigid design. Researcher does not change the focus of the study. In very rare cases, it can be change. Here are the researcher is the experienced person.

Data collection
There are main two sources of collecting information which are as follows: 1) Primary Data Collection 2) Secondary Data Collection

Primary Data:
This type of data does not exist anywhere. Researcher collects this data at very first time and also use first time. This type of data collected through survey, observation, personal interview etc. these data are used when the report is to be made for the exploratory research.

Secondary Data:
Secondary data are those data which are already been found by someone and are already been used for another purpose. This type of data already exists in somewhere researcher can directly use this data. it is easy to collect secondary data compared to primary data. Here, the project is based on volatility in Indian share market of sharekhan ltd. In this research project use the data from the internet & books. The data from book were sufficient enough to conduct a project work. And some part of data was personally collected from the discussion with the member of sharekhan so project work can be easily done.

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Time duration for the project: 1st June to 31st July 2010 8 Weeks

Limitation of the study 1) A student is always studying and thus with her limited available
knowledge and capacity. 2) A precise of anything take time and thus here the time period was of two months only which is not sufficient to complete project work. 3) The report is based on certain available data only.

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DATA ANALYSIS AND INTERPRETATION

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DATA INTERPRETATION
The study is based on the daily stock returns as well as trading volumes obtained from the national stock exchange. The series of stock returns computed from daily stock prices of the nifty index for the period of 5 years from April 2005 to March 2010 and take top 10 Company which has high capitalization to measure volatility.

MEASUREMENT OF VOLATILITY
In simple words volatility means risk volatility is measured by standard deviation, beta, skewness etc. volatility is associated with risk and return. Return (finance) the financial term for profit or loss derived from an investment. Return (economics) the benefit distributed to the owner of the factor of production. A person making an investment expects to get some return from the investment in the future. but as the future is uncertain, so is the future expected return. It is the uncertainty associated with the returns from an investment that introduces risk in to an investment.

Volatility and standard deviation

For the more technically-minded, Standard Deviation is the basic statistical measure of the dispersion of a population of data observations around a mean. In trading language its an indication of price volatility; it measures how far the closing price is from the average closing price over a set period. The

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greater the difference between the closing prices and the average price, the higher the standard deviation will be. The closer the closing prices are to the average price, the lower the standard deviation .the relative rate at which the price of security moves up and down. Volatility is found by calculating the annualized standard deviation or daily changes in the price. Volatility = standard deviation of closing price [for n periods] / average closing price [for n periods]

The variance and standard deviation measure the extent of variability of possible returns from the expected return. Several other measure such as a range ,semi-variance and mean absolute deviation have been used to indicate measure risk but standard deviation has been the most popularly accepted measure .the standard deviation or variance however provides a measurement of total risk associated with security. Total risk comprises of two components namely systematic risk and unsystematic risk.

Coefficient of variation: A statistical measure of the dispersion of data points in a data series around the mean. It is calculated as follows.

The coefficient of variation essentially is a relative comparison of standard deviation to its mean. In the investing world, the coefficient of variation allows you to determine how much volatility (risk) you are assuming in comparison to the amount of return you can expect from your investment. In simple language, the lower the ratio of standard deviation to mean return, the better your risk-return trade-off. Sometimes financial

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investor use the coefficient of variation as measurement of risk. Coefficient of variation tell us about the risk of stock that standard deviation does not tell. Variance: The variance of a random variable is a measure of its statistical dispersion, indicating how far from the expected value The variance is the average of squared deviation about the arithmetic mean for a set of numbers It describes how far values lie from the mean. In particular, the variance is one of the moments of a distribution.

In research 10 companys 5 year data and calculate standard deviation, variance, Coefficient of variation, cumulative return, and average return as below.

Reliance Industries - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.00164 2006-07 0.00242 2007-08 0.00233 2008-09 -0.0008 2009-10 -0.0002 Cumulative return 0.41071 0.60400 0.58593 -0.36338 -0.06127 Standard Variance deviation 0.02818 0.02294 0.02566 0.03857 0.04210 0.00049 0.00048 0.00065 0.00148 0.00177 Coefficient of variation 13.5058 9.04614 10.9961 -43.8415 -167.666

Average return get from company is 0.1% and cumulative return is 41.07%. Risk and return is associated with each other and associated

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total risk is 2.21%. Variance indicates that 0.049% value is dispersed from mean value in year 2005-06. Average return get from company is -0.08% and cumulative return is -36.33% means in this security getting loss not get profit and total risk is also high 3.8%.variance indicates that 0.14% value is dispersed from the mean value in year 2008-09. Average return get from the company is -0.02% and cumulative return is -6.12%. Cumulative return (loss) is less than year 2008-09 but associated risk is 4.2% which is highest in comparison of all year.0.17% value is dispersed from mean in year 2009-10. In first 3 year higher the risk higher the return. Coefficient of variation can be useful In comparing standard deviation to its mean. Standard deviation is 13.50%of the mean in 2005-06, -43.84% in 2008-09 and -167.67% in 2008-09 .it is indicates that more risky year is 2008-09. Reliance industrys share price is more fluctuate in year 2008-09 and 2009-10 indicates higher volatility in this two year compare to all year.

ONGC LTD. - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.00172 2006-07 -0.0011 2007-08 0.00081 2008-09 -0.0004 2009-10 0.00168 Cumulative return 0.43167 -0.27418 0.20468 -0.36338 0.410846 Standard Variance deviation 0.01639 0.02972 0.02781 0.03052 0.02401 0.00026 0.00088 0.00077 0.00093 0.00057 Coefficient of variation 9.98256 -26.9967 34.1103 -64.517 14.2603

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Average return get from the company is 0.17% and cumulative return is 43.16% associated total risk is 1.6%.variance indicates that 0.02% value is dispersed from mean value in year 2005-06.

As per the coefficient variance indicate that high risk in year 2007-08 and get 20.46% return and 2.78% risk in this year. so in this year high risk and volatility.

As per the standard deviation and variance more fluctuation in share price in year 2006-07 and 2008-10 and highest standard deviation in this two year compare to all year.

Coefficient variation is high in year 2006-07 and also total risk is 2.9%.. as per the standard deviation and variance 2008-09 year has a 3% risk and 0.09% value dispersed from mean. But as per coefficient of variation indicates 2006-07 has -26.99% risk which is highest risk compare to all.

As per standard deviation and variance in 2008-09 year high risk but coefficient indicates that in year 2006-07 high risk means in year 2006-07 and 2008-09 has high volatility.

NTPC LTD. - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.0018 2006-07 0.0006 2007-08 0.0015 2008-09 -0.0082 2009-10 0.00074 Cumulative return 0.45695 0.16620 0.38898 -0.36338 0.18094 Standard Variance deviation 0.01578 0.02057 0.03095 0.02787 0.01803 0.00024 0.00042 0.00095 0.00077 0.00032 Coefficient of variation 8.633476 30.8252 19.97492 -31.67599 24.31448

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Average return get from the company is 0.18% and cumulative return is 45.65% associated total risk is 1.6%.variance indicates that 0.024% value is dispersed from mean value in year 2005-06.

In year 2005-06 getting high return and low risk as per the standard deviation and coefficient variation. It indicates that in this year has low volatility compared to all year. in year 2006-07 getting low return and high risk. As per the risk and return year 2006-07 has high volatility.

As per the standard deviation and variance more fluctuation in share price in year 2007-08 and 2008-09 and highest standard deviation in this two year compare to all year.

Coefficient variation is high in year 2008-09 and also total risk is 2.7%. as per the standard deviation and variance 2007-08 year has a 3.09% risk and 0.09% value dispersed from mean. But as per coefficient of variation indicates 2008-09 has -31.67% risk which is highest compare to all.

As per standard deviation and variance in 2007-08 year high risk but coefficient indicates that in year 2008-09 high risk means in year 2007-08 and 2008-09 has a high volatility.

INFOSYSTCH- Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.00128 Cumulative return 0.321794 Standard Variance deviation 0.01648 0.037944 0.023112 0.029098 0.022099 0.000271 0.001439 0.000534 0.000846 0.000488 Coefficient of variation 12.81016 -66.5046 -21.39555 -26.69626 7.010617 2006-07 -0.00057 -0.142067 2007-08 -0.00108 -0.271137 2008-09 -0.00109 -0.363388 2009-10 0.00315 0.7411566

Average return and cumulative return get from the company is negative in year of 2006-07, 2007-08, 2008-09 means in this 3 year

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getting loss from the company. Associated total risk is 3.7%, 2.3% and 2.9% in respective year. As per the standard deviation high risk in year 2006-07 and variance indicates that 0.14% value is dispersed from mean which is high variation compare to all year. Coefficient variation indicate that in year 2007-08 has high risk as per the standard deviation 2006-07 year is risky year but as per the coefficient of variation 2007-08 year is more risky. As per standard deviation and variance in 2006-07 year high risk but coefficient indicates that in year 2007-08 high risk means in year 2006-07 and 2007-08 has a high volatility. As per the risk and return 2005-06 year has high volatility.

TATA consultancy - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.001268 2006-07 -0.00070 2007-08 -0.00141 2008-09 -0.00103 2009-10 0.002645 Cumulative Standard return 0.317112 -0.176581 -0.359226 -0.25116 0.645464 deviation 0.017682 0.022070 0.036023 0.000312 0.000487 0.001297 Variance Coefficient of variation 13.94020 -55.10894 -15.42130 -34.85297 15.63719 0.0390811 0.001527

0.0413658 0.001711

In this script as per the standard deviation in year 2009-10 has high risk 4.13%. And also in this year high getting high average return 0.26% and high cumulative return 64.54%. In year 2009-10 Higher the risk higher the return. Variance indicates that 0.17% value dispersed from mean which is highest compare to all year.

As per the coefficient variation high risk in year 2007-08 and also in year 2009-10 but 2007-08 year is more risky year compare to all year.

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As per the risk and return in year 2009-10 has high volatility. And as per the standard deviation and coefficient variation 2007-08 an 200809 year has high volatility.

STATE Bank of India - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.00160 2006-07 0.00036 2007-08 0.00227 2008-09 -0.0009 2009-10 0.00311 Cumulative return 0.400898 0.0897795 0.5718788 -0.242656 0.760963 Standard Variance deviation 0.016096 0.022563 0.027643 0.036641 0.028151 0.000259 0.000509 0.000764 0.001342 0.000792 Coefficient of variation 10.03752 62.5778 12.1330 -36.6934 9.02654

As per the standard deviation high risk 3.66% in year 2008-09 and coefficient variation also indicates high risk -36.69% in this year. So in this year has high volatility.

In this security gets return in all year except 2008-09.In year 2009-10 getting high cumulative return 76% and risk 2.81% indicates higher the risk higher the return. As per the coefficient of variation and return 2006-07 year is more risky because in this year high risk and getting low return.

In this script year 2008-09 and 2006-07 has a high volatility.

BHEL - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.00430 2006-07 0.00034 2007-08 0.00083 Cumulative return 1.076128 0.085303 0.201058 Standard deviation 0.019232 0.024965 0.042821 0.000369 0.000623 0.001833 Variance Coefficient of variation 4.467921 72.87506 51.31123

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2008-09 -0.00064 -0.157702 2009-10 0.00215 0.526130

0.035599 0.023785

0.001267 0.000565

-54.8552 11.03080

In this script in year 2005-06 has low risk 1.9% as per the standard deviation and coefficient variation also indicates low risk 4.46% and get high average return 0.43% and cumulative return 1.07% which highest compare to all year. It is indicating that 2005-06 best year and low volatility.

In this security gets return in all year except 2008-09. As per the risk and return in year 2009-10 has high return and high risk but as per the coefficient of variation in year 2006-07 has high risk and getting low return compare to all year indicates high volatility.

In this script year 2006-07 and 2008-09 has a high volatility.

ITC LTD. - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 -0.0008 2007-08 0.00152 2008-09 -0.0001 2009-10 0.00169 Cumulative return -0.205876 0.381850 -0.04321 0.412510 Standard deviation 0.061157 0.022296 0.023841 0.023393 0.022255 0.003740 0.000497 0.000568 0.000547 0.000495 Variance Coefficient of variation -74.2654 -28.6636 15.6718 -131.533 13.1640 2006-07 -0.00077 -0.193685

In this script high volatility in year 2005-06. In this year total risk is 6.11% which is highest compare to all company , all year and variance indicates that 0.37% value dispersed from the mean and also not get profit return is negative in this year.

As per the risk and return in year 2009-10 has high return and low risk compare to all year and coefficient variation also indicate that low risk so in this year has low volatility.

In year 2005-06 and 2006-07 has high volatility

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BHARTI AIRTEL - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.00275 2006-07 0.00272 2007-08 0.00064 2008-09 -0.0006 2009-10 -0.0016 Cumulative return 0.689716 0.678515 0.161144 -0.148661 -0.396569 Standard Variance deviation 0.018806 0.022412 0.025714 0.032617 0.044244 0.000353 0.000502 0.000661 0.001063 0.001957 Coefficient of variation 6.81690 8.22492 40.0535 -53.3160 -27.2227

In this script as per the standard deviation and coefficient of variation high risk is 4.4% and -27.22% in year 2009-10. In year 2009-10 return is also negative and variance indicate that 0.19% value dispersed from mean. This all things indicate high volatility in year 2009-10 compare to all year.

As per the standard deviation and volatility.

coefficient of variation in year

2007-08 indicates high risk and low return so year 2007-08 has high In year 2005-06 has 1.8% total risk and coefficient variation is 6.81% which is lowest compare to all year and indicate low volatility in year 2005-06. In year 2009-10 has high volatility.

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ICICI BANK - Year 01-04-2005 to 31-03-2010

Year Average return 2005-06 0.00169 2006-07 0.00177 2007-08 0.00233 2008-09 -0.0021 2009-10 0.00486 Cumulative return 0.424202 0.442664 0.010946 -0.528333 1.186629 Standard Variance deviation 0.020451 0.024085 0.030199 0.050262 0.033568 0.000418 0.000580 0.000912 0.002526 0.001126 Coefficient of variation 12.05302 13.54820 12.93698 -23.11770 6.9025278

In Year 2009-10 average return is 0.48% and cumulative return is 1.18% which is highest compare to all company. And also associated total risk is 3.3%. as per the coefficient of variation is 6.90% which is lowest compare to all year. in this year high return low risk and low volatility.

In year 2008-09 standard deviation and coefficient of variation indicates high risk and low return compare to all year. in year 200809 has a high volatility.

in year 2006-07 cumulative return is high and as per the coefficient of variation involved high risk and high volatility in this year.

Volatility and Beta

As far as an investor is concerned, the unsystematic risk is no very important as it can be reduced or eliminated through diversification. it is an irrelevant risk. The risk that is relevant in decision making is the systematic risk because it is undivesifiable. Hence the investor seeks to measure the systematic risk of security. Systematic risk is the variability in security returns caused by changes in the economy or the market. All securities are affected by such changes to some extent, but some securities exhibit greater variability in response to market changes. Such securities are said to have

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higher systematic risk. A higher variability would indicate higher systematic risk and vice versa. The systematic risk of security is measured by a statistical measure called beta the input data required for the calculation for beta are the historical data of returns of the individual security as well as the returns of a representative stock market index. For the calculation of beta, the return of individual security is taken as dependent variable, and the return of the market index is taken as the independent variable. Beta is a score that measures a market stock volatility or risk against the rest of the market. It is calculating using regression analysis. The beta of an asset, , is a measure of the variability of that asset relative to the variability of the market as a whole .Beta is an index of the systematic risk of an asset. Risk also implies return. Stocks with a high beta should have a higher return than the market. If you are accepting more risk you should accept more reward as beta measures the volatility of a securities return relative to the market the larger the beta , the more volatile security. A beta of 1.0 indicates a security of average risk a stock with beta greater than 1.0 has Above average risk. Its returns would be more volatile than the market returns. A stock with less than 1.0 would have below average risk. A security can have betas that are positive, negative or zero. It is a historical measure of systematic risk of systematic risk. In using this beta for investment decision making, the investor is assuming that the relationship between the security variability and market variability will continue to remain the same in future also. Investor can find the best use of beta ratio in short term decision making, where price volatility is important. Beta shows sensitivity of script to that of index. If positive than moves with market. And if beta is negative it has inverse relationship. 10 Companys calculated beta is as below.

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COMPANY NAME

YEAR-1 2005-06

YEAR-2 2006-07 0.9962 0.8436 0.7096 0.9305 1.0272 0.8863 1.0857 0.9402 0.9392 0.9275

YEAR-3

YEAR-4

YEAR-5

2007-08 2008-09 2009-10 1.1302 1.0986 1.1893 0.6167 0.6844 0.9908 1.0530 0.6715 0.7790 1.1016 1.2544 0.8547 0.7908 0.6988 0.9020 1.1047 1.0169 0.5269 0.9560 1.6388 1.2316 0.8288 0.6113 0.6816 0.8005 1.1573 0.9296 0.6062 0.9164 1.4088

Reliance Ind. ONGC ltd NTPC ltd INFOSYSTCH TATA consultancy State Bank(SBIN) BHEL ITC Ltd. BHARTI AIRTEL ICICI Bank

1.0980 1.0436 0.6079 1.0506 1.0642 0.9958 1.0040 1.1449 0.9808 1.0805

In reliance industries 1% change in to market index brings to 1.09% change in share price of reliance industries in year 2005-06. 0.99% change in 2006-07.1.25% change in 2008-09. Compare to all beta value high risk is in year 2008-09.

In ONGC LTD 1% change in to market index brings to 1.04% change in share price of ONGC LTD. risk is in year 2007-08. in year 2005-06. 0.84% changes in 2006-07, 0.85% changes in 2008-09. Compare to all beta value high

In NTPC LTD 1% change in to market index brings to 0.60% change in share price of NTPC LTD. in year 2005-06. 0.70% changes in 200607, 0.79% changes in 2008-09. Compare to all beta value high risk is in year 2007-08.

In INFOSYSTCH LTD 1% change in to market index brings to 1.05% change in share price of INFOSYSTCH in year 2005-06. 0.93%

28

changes in 2006-07, 0.69% changes in 2008-09. Compare to all beta value high risk is in year 2005-06. In ICICI BANK 1% change in to market index brings to 1.08% change in share price of ICICIBANK in year 2005-06. 0.93% changes in 200607, 1.63% changes in 2008-09. Compare to all beta value high risk is in year 2008-09. As per the comparison year wise high value of beta in year 2005-06 compare to all year beta value is near to 1.00 or more than 1.00 except one company NTPC LTD. It indicates that all script has a high beta and high risk in year 2005-06 so this year is a risky year among all year and high volatility in this year.

As per the comparison company wise Reliance industries has a high value of beta to compare all this company. In reliance industries beta value is more than 1.00 in all year except one year 2006-07. In year 2006-07 beta value is 0.99 which is almost near to 1.00. reliance industries security is a risky security compare to all security and it indicates high volatility in this script. Next risky script is BHEL (BHARAT heavy electronic limited). BHEL has a high value of beta compare to all and beta value is more than 1.00 or near to 1.00 in all 5 year. As per company wise reliance industries and BHEL has a high risk and high volatility.

BHARTI AIRTEL and ITC LTD. have beta value is less than 1.00 except one year in both script. It indicates that this script has low risk compare to all script and low volatility.

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Correlation
The correlation is one of the most useful statistics. A correlation is single number that describes degree of relationship between two variables. Correlation is a statistical technique that can show weather that how strongly pairs of variables are related. For example height and weight are related taller people tend to be heavier than shorter people. The relationship isnt perfect. People of the same height vary in weight and you can think of two people. You know where the shorter one is heavier than the other taller one. Correlation can tell you just how much of the variation in peoples weight is elated to their heights. Compute the correlation value, the formula for correlation are:
( ]

We use the symbol r to stand for the correlation. The main result of correlation is called the correlation coefficient (or r). it ranges from -1.0 to +1.0 the closer the r is to +1.0 or closer the -1.0 the more closely two variable are related. Means the correlation is negative. We have a negative relationship. If its positive the relationship is positive. if r is close to 0(zero) means there is no relationship between two variables. If r is positive it means as that one variable get larger the other gets larger. If r is negative it means that as one gets larger the other gets smaller often called an Inverse correlation.

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In research 10 companys 5 year data and calculate correlation between trading volume and share price is as below. Company name YEAR-1 2005-06 Reliance Ind. ONGC ltd NTPC ltd INFOSYSTCH TATA consultancy State bank(SBIN) BHEL ITC Ltd. BHARTI AIRTEL ICICI Bank 0.0923 0.0567 0.2321 0.0998 0.0620 0.0707 0.3638 0.0402 0.2842 0.3748 YEAR-2 2006-07 0.0110 -0.1250 0.0498 0.0249 -0.0328 0.0382 -0.0780 -0.0414 0.1356 0.0664 YEAR-3 YEAR-4 YEAR-5

2007-08 2008-09 2009-10 -0.0909 -0.0737 0.1843 -0.0767 -0.0463 0.1841 0.0455 0.2487 -0.1103 0.0468 -0.0327 0.0300 0.0718 0.0987 0.0507 0.0211 0.1289 -0.0552 -0.0738 0.0398 -0.0906 0.1525 -0.0094 -0.3954 -0.1499 0.2477 0.1941 -0.2248 -0.1251 0.1233

In reliance industries year 2005-06, 2006-07 no correlation between trading volume and share price because correlation value is close to 0. In last 3 year inverse correlation between two variables. If share price gets larger than trading volume gets smaller and share price gets smaller than trading volume gets larger.

In ONGC ltd year.2005-06 and 2008-09 no correlation between trading volume and share price .and inverse relationship rest of the year.

Considering all year and all company there are no correlation between trading volume and share price and also many year inverse correlations between two variables.

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This all things indicate that there are not any relationship between trading volume and share price. Share price does not affect trading volume. If share price increased or decreased does not change trading volume and change in trading volume does not affect share price.

High-Low and Open-Close price volatility

Share price does not remain constant. It changes daily. In stock market daily price up-down and price increased or decreased at certain level. More fluctuation in share price indicates high volatility.

High price: This is the highest price paid/received in at least of the

transaction on that day.

Low price: This is the lowest price paid/received in at least on the

transaction of the day.

Open price: At this price the first transaction has been taken place on
that day.

Close price: At this price the last transaction has been taken place on
that day. Open close price return is known as night gain. Difference between todays open price and yesterday close price is open-close price return. Open-close price difference is because of companys news. But in open-close price not high volatility compare to high-low price.

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Year 2005-06
Company Name High-low price return Reliance Ind. ONGC ltd NTPC ltd INFOSYSTCH TATA con. State bank(SBIN) BHEL ITC Ltd. BHARTI AIRTEL ICICI Bank 6.72330 7.92587 6.82345 6.44097 6.87743 6.84160 8.82096 7.35143 8.80216 9.20979 0.02169 0.02269 0.01704 0.01159 0.01969 0.01644 0.01946 0.01616 0.02174 0.02250 High-low Price step Open-close Open-close Price return 0.20056 0.52167 0.55632 0.22710 0.59926 0.53199 0.43805 -0.21595 0.59955 0.27826 0.02589 0.01156 0.01002 0.00821 0.00738 0.01318 0.01048 0.05961 0.00957 0.014003 Price step

Price increase and decrease daily and more fluctuation in share price increase volatility. As per the company wise comparison in ICICI bank more fluctuation in high-low price associated risk is 2.2% and also gets high return but as consider risk and return not high volatility. In ONGC ltd also risk is 2.2% and gets less return compare to ICICI indicates high volatility in this script.

As per the high-low price standard deviation ICICI Bank, ONGC ltd. and reliance industries share price more fluctuate and high volatility. As per the open-close price standard deviation ITC ltd. has risk 5.9% and reliance industries has risk 2.5% indicates high volatility in this security.

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Year 2006-07
Company Name High-low price return Reliance Ind. ONGC ltd NTPC ltd INFOSYSTCH TATA con. State bank(SBIN) BHEL ITC Ltd. BHARTI AIRTEL ICICI Bank 7.91232 9.70583 9.12604 7.34020 8.58088 9.93999 9.75760 9.30032 11.0636 10.4219 High-low stdev 0.02193 0.02387 0.03501 0.01751 0.02081 0.02873 0.03222 0.02756 0.03340 0.03109 Open-close Open-close Price stdev 0.01107 0.02500 0.01390 0.03277 0.03446 0.01669 0.01158 0.00941 0.01488 0.01849 return 0.45474 0.09044 0.40112 0.41422 0.31197 0.45555 0.90261 0.66391 0.89617 0.76257

Price step Price

Comparison of all company BHARTI AIRTEL has risk 3.3% in high-low price. If know this companys high low price in advance than money 11 times at the end of the year. get

As per the open close price BHEL has low risk 1.1% and get high return 90.26% indicates low volatility in this security. In this company If know the open-close price in advance than get money almost double at the end of the year.

As per the high-low price standard deviation NTPC ltd has high volatility and as per the open-close price standard deviation TATA consultancy has high volatility.

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Year 2007-08
Company Name High-low price return Reliance Ind. ONGC ltd NTPC ltd INFOSYSTCH TATA con. State Bank(SBIN) BHEL ITC Ltd. BHARTI AIRTEL ICICI Bank 9.59766 11.4599 11.5680 9.16214 9.64992 11.3105 10.9186 10.3538 11.0571 12.0781 High-low Price stdev 0.02891 0.03125 0.03313 0.02317 0.02882 0.02885 0.02486 0.02570 0.03136 0.03159 Open-close Open-close Price return 0.59745 0.43667 0.80379 0.34656 1.20012 0.93247 0.51516 0.55304 0.41839 0.82213 Price stdev 0.01492 0.01568 0.01661 0.01756 0.01467 0.01985 0.03367 0.01445 0.01620 0.02177

As per the high-low price Comparison of all company NTPC ltd has high risk 3.3% and return is 11.45%. it indicates more volatility in this script. Consider risk and return in ICICI bank high risk high return compare to all company.

TCS and SBIN have same risk 2.8% but if as return is concerned from SBIN get more return. It indicates that in TCS high volatility compare to SBIN.

As per the open-close price standard deviation BHEL has high risk and high volatility. Most safety script as per open-close price is TCS because only 1.4% risk which is lowest compare to all and get highest return 12% indicates low volatility and high volatility in ICICI bank.

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Year 2008-09
Company Name High-low price return Reliance Ind. ONGC ltd NTPC ltd INFOSYSTCH TATA con. State bank(SBIN) BHEL ITC Ltd. BHARTI AIRTEL ICICI Bank 13.1321 13.2624 11.1621 11.5156 15.0244 13.8471 13.2735 10.5630 13.7456 18.0964 High-low Price stdev 0.03232 0.03017 0.02574 0.02514 0.03943 0.02944 0.02604 0.02499 0.03360 0.03874 Open-close Open-close Price return 0.56742 0.30669 0.10028 0.06292 0.37883 0.08346 0.32995 0.04683 1.05109 0.57199 Price stdev 0.02191 0.02125 0.01581 0.01432 0.02483 0.01816 0.01549 0.01154 0.02570 0.03213

As per the high-low price Comparison of all company ITC has high risk 3.9% and return is 15.02%. It indicates more volatility in this script. Consider risk and return in ICICI bank high risk high return compare to all company.

In many companies have same return 13% but if considering risk high risk in BHARTI AIRTEL and indicates high volatility. As per the open-close price standard deviation ICICI has high risk 3.2% and high volatility. From BHARTI AIRTEL gets highest return and also high risk 2.6% it indicates higher the risk higher the return less volatility compare to ICICI Bank.

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Year 2009-10
Company Name High-low price return Reliance Ind. ONGC ltd NTPC ltd INFOSYSTCH TATA con. State bank(SBIN) BHEL ITC Ltd. BHARTI AIRTEL ICICI Bank 8.61806 9.30674 7.35875 7.71085 9.65965 8.94201 8.06803 8.45615 10.9892 11.0539 High-low Price stdev 0.02061 0.02723 0.02103 0.01981 0.02154 0.02386 0.02088 0.01969 0.02766 0.02900 Open-close Open-close Price return 0.25571 0.21739 0.82088 0.01597 0.11055 0.91798 0.68785 0.60288 0.20838 0.69999 Price stdev 0.03440 0.01506 0.00831 0.01065 0.03746 0.01383 0.01517 0.00901 0.03593 0.01974

As per the high-low price Comparison of all company ICICI has high risk 2.9% and return is 11.05%. It indicates high volatility in this script. comparison between BHARTI AIRTEL and ONGC ltd. have same risk but high volatility in ONGC ltd. because in this get less return.

many companies have same return but as per the risk is considered high volatility in SBIN. As per the open-close price standard deviation TCS has high risk and high volatility. In SBIN low risk 1.9 % and gets high return means it is best script for investment for year 2009-10.

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CHAINKINS VOLATILITY
Developed by Marc Chaikin, the Chaikin Volatility indicator quantifies volatility as the widening of the range between high and low prices by comparing the spread between the instrument's high and low prices over nperiods. Chaikin's Volatility indicator is created by first calculating an exponential moving average of the difference between the High and Low price for each period over n-periods (typically 10 periods) and then by calculating the percentage change in the exponential moving average over nperiods (also typically 10 periods). The chinkins volatility function determiners the volatility of financial data series using the percent change in a moving average of the high verses low price over a given time.

Parameter
High price of the security for each given day. Low price of security for each given day. Moving average period the number of bars of data to include in the moving average, including current value. A moving average period of 10 is recommended.

Indicator value

Chaikins Volatility indicator is calculated by taking an exponential moving average of the difference between the high and low prices over the given period of time (MA Period). A percent change (or rate-of-change) is then taken for the moving average over the given period (ROC Period). The percent rate-of-change value is traditionally multiplied by 100 for easier graphing.

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Chaikin quantifies volatility as widening of the range between the high and the low price of security.

To interpret this volatility. One method assumes that market tops are generally accompanied by increased volatility (as investors get nervous and indecisive) and that the latter stages of a market bottom are generally accompanied by decreased volatility (as investors get bored). Another method (Mr. Chaikins) assumes that an increase in the Volatility indicator over a relatively short time period indicates that a bottom is near (e.g., a panic sell-off) and that a decrease in volatility over a longer time period indicates an approaching top (e.g., a mature bull market).

Usage
Chaikins Volatility indicator measures the volatility of a security. High values indicate that prices are changing a large amount during the day. Low values indicate that prices are staying relatively constant. Note that both trending and level prices can have high or low volatility.

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RELIANCE INDUSTIES

130

110

90

70 year-1 2005-06 % change 50 year-2 2006-07 % change year-3 2007-08 % change year-4 2008-09 % change year-5 2009-10 % change

30

10 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243

-10

-30

-50

As per the graph shown in reliance industries 2005-06 and 2009-10 more fluctuation in high-low price in this two company has high volatility. As per the chainkinsS volatility it more focus on recent datas exponential moving average and calculate % change in high-low price.

40

ONGC Ltd.
120

100

80

60

year-1 2005-06 % change year-2 2006-07 % change

40

year-3 2007-08 % change year-4 2008-09 % change

20

year-5 2009-10 % change

0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40

As per the graph shown 2005-06 and 2009-10 has high volatility in this company 2005-06 and 2009-10 high price is near 120 and low price is near to -40 and many times in 2005-06 prices are more fluctuate and less fluctuation on 2006-07 indicates low volatility in 2006-07.

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NTPC Ltd.
80

60

40 year-1 2005-06 % change year-2 2006-07 % change 20 year-3 2007-08 % change year-4 2008-09 % change year-5 2009-10 % change 0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40

As per the graph shown in this company more fluctuation in high-low price in 2005-06, 2006-07 and 2009-10. In all this year prices are more fluctuate and it indicates high volatility. In many years volatility % change also in minus 38.39 in 2005-06 and 34.37 in 2009-10.

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INFOSYTCH
100

80

60

40

year-1 2005-06 % change year-2 2006-07 % change year-3 2007-08 % change

20

year-4 2008-09 % change year-5 2009-10 % change

-20

-40

As per the graph shown more fluctuation in 2007-08. In this year high price is near to 100 and many times low price is -20 or above -20 indicates high volatility in this year. and also in 2005-06 and 2007-08 has more fluctuation in share price indicate high volatility.

1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243

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TATA CONSULTANCY
100

80

60

year-1 2005-06 % change 40 year-2 2006-07 % change year-3 2007-08 % change 20 year-4 2008-09 % change year-5 2009-10 % change

0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40

SAs per the graph shown more fluctuation in high low price in 200506 indicates high volatility. In this company in all year have more fluctuation in high-price indicate high volatility compare to all company.

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STATE BANK OF INDIA

160

140

120

100

80

year-1 2005-06 % change year-2 2006-07 % change

60

year-3 2007-08 % change year-4 2008-09 % change

40

year-5 2009-10 % change

20

0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40

As per the graph shown in 2005-06 and 2006-07 has more fluctuation in share price indicate high volatility in this two year compare to all year. In 2007-08 also more fluctuation but less volatility compare to first two year.

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BHARAT HEAVY ELETRONICS LIMITED

100

80

60

year-1 2005-06 % change 40 year-2 2006-07 % change year-3 2007-08 % change 20 year-4 2008-09 % change year-5 2009-10 % change

0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40

In year 2005-06 has more fluctuation in high-low price and high volatility In this year. and compare to all year low volatility in year 2009-10. Market bottom and tops are very high in this year.

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ITC LTD.
100

80

60

40

year-1 2005-06 % change year-2 2006-07 % change

20

year-3 2007-08 % change year-4 2008-09 % change year-5 2009-10 % change

0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40 -60

As per the graph shown more fluctuation in high-low price in 2006-07

and 2007-08. Indicates high volatility in this two year compare to all years. And low volatility in year 2008-09.

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BHARTI AIRTEL
140

120

100

80

60

year-1 2005-06 % change year-2 2006-07 % change

40

year-3 2007-08 % change year-4 2008-09 % change

20

year-5 2009-10 % change

0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40 -60

As per the graph shown year 2005-06 and 2006-07 has high volatility. More fluctuation high-low price also gives high return but also associated risk is high. And compare to all year 2007-08 has low volatility.

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ICICI BANK
140

120

100

80

60

year-1 2005-06 % change year-2 2006-07 % change

40

year-3 2007-08 % change year-4 2008-09 % change

20

year-5 2009-10 % change

0 1 12 23 34 45 56 67 78 89 100 111 122 133 144 155 166 177 188 199 210 221 232 243 -20 -40 -60

In ICICI Bank in year 2006-07 has high volatility and also compare to all year in this script high fluctuation in all year. in this company more fluctuation in high ;low share price and indicate high volatility.

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FINDINGS

50

As per the all 10 companys data analysis In ITC Ltd. 6.1% risk and in ICICI bank 5% risk which is highest compare to all company. And high volatility in this two company.

In NTPC Ltd. 1.5% risk and in ONGC Ltd. 1.6% risk indicates low volatility in this two security. As per the year wise comparison in year 2008-09 has high risk also get negative return in this year in all company. Systematic risk is measured by Beta value. Beta indicates that Reliance industries and ICICI bank have high beta value compare to all script which is near to 1.00 or more than 1.00 in all year so high volatility in this two security.

As per the correlation between trading volume and share price there are not any relationship between this two variable. And also in many years there are inverse relationships between this two variable.

High-low price more fluctuation in year 2008-09 and also gets highest return from all security in this year. If investor know the high-low price of particular security in advance than get highest return from high-low price fluctuation.

Open close price more fluctuation in TATA Consultancy and ICICI bank indicates high open-close price volatility in this two year. As per the chainkins volatility percentage change is high in ICICI bank, reliance industries and also high fluctuation in year 2006-07 and in year 2008-09 and year 2007-08 has low volatility.

51

CONCLUSION

52

53

 The movement of share price and trading volume are influenced by in the flow of new information into the market. Volatility simply means risk. And there are various statistical tools used for the measurement of volatility. Risk is measured by the standard deviation and coefficient of variation. Higher the value of standard deviation indicate higher the risk and volatility. Lower the value of standard deviation lowers the risk and volatility. standard deviation or variance however provides a measurement of total risk associated with security. In ITC Ltd. Associated risk is 6.1% and in ICICI Bank associated risk is 5% which is highest compare to all company and indicate high volatility in this two company compare to all company. And in ONGC Ltd. and NTPC Ltd. associated risk is less than 3% indicate low volatility compare to all company. Systematic risk is measured by beta value and most of the year beta value is near to 1.00 indicate high risk in the security. In Reliance industries and ICICI Bank has beta value is more than 1.00 and it is highest compare to all company. In this two company high volatility. As per the correlation there are not any relationship between share price and trading volume because in many year correlation value is near to 0 and many year inverse relationship between this two variable. Also measure high-low volatility. In ICICI Bank has high volatility in high-low price. Chinkins volatility indicate high-low price volatility. High low price is very important for the intraday transaction. May be close to close price difference is very low but high-low price difference may be high. Chaikins volatility is important tool for measurement of high-low price volatility.

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RECOMMANDATION Here recommend to the investors , they believe in higher the risk higher the return they should invest in reliance industries. In this company high volatility but also get high return. In ICICI bank and ITC ltd. have high volatility comparison to all company so recommend to the investors not invested money in this company. For the safety investment and who do not want to take high risk they can invest their money in low volatile security like ONGC Ltd. and NTPC Ltd. Also high volatility in ICICI bank as per the high-low price volatility. Investor those who want to take high risk they invested they invested in this company.

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BIBILOGRAPHY
BOOKS
S.Kevin (2008) security analysis an portfolio management, edition, PHI publication, pp(18-29), (54-73). Ken Black (2008)Business statistics,4/th edition, WILEY publication Ltd, pp(58-61). 3/ rd

WEBSITE
http://www.tradingsolutions.com/functions/ChaikinsVolatility.html http://money.rediff.com/companies/market-capitalisation http://www.investopedia.com/terms/c/coefficientofvariation.asp http://stocks.about.com/od/evaluatingstocks/a/beta120904.htm http://www.sharekhan.com/Services/ http://www.investopedia.com/terms/v/volatility.asp

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