SUMMER INTERNSHIP REPORT

ON

Fundamental and Technical Analysis of the

Power Sector: A Comprehensive Overview

By
Krishna Desai
Enrolment No: 24BSP0490

SUMMER INTERNSHIP PROGRAM AT

1
 SUMMER INTERNSHIP REPORT
ON

Fundamental and Technical Analysis of the Power

Sector: A Comprehensive Overview

By
Krishna Desai
Enrolment No: 24BSP0490

A report submitted in partial fulfilment of the requirement of

PGPM Program of IBS Mumbai

Distribution List:
Faculty Guide Company Guide
Prof Kedar Dunakhe, Mr. Manas Thakkar
ICFAI BUSINESS SCHOOL Wealth Manager

2
CERTIFICATE BY COMPANY

3
 AUTHORIZATION LETTER

I hereby authorize the submission of the Summer Internship Project work titled “Fundamental
and Technical Analysis of the Power Sector: A Comprehensive Overview” at Wealth Fincare, by
Krishna Desai (Enrollment No. 24BSP0490), as partial fulfilment of the Post Graduate Program
in Management (PGPM) at ICFAI Business School, Mumbai, under the supervision of Professor
Kedar Dunakhe.

The work was executed under my guidance, and I confirm that no part of this project has been
submitted for any other degree or recognition.

Faculty Guide Company Guide

Prof Kedar Dunakhe, Mr. Manas Thakkar

ICFAI BUSINESS SCHOOL Wealth Manager

4
 ACKNOWLEDGEMENT

The Summer Internship at Wealth Fincare has been a valuable learning experience, offering a
clear understanding of the financial industry and how investments work—especially in the power
sector through fundamental and technical analysis.

Special thanks to Professor Kedar Dunakhe, Faculty at ICFAI Business School, Mumbai, for his
constant support and guidance during this project. His feedback and suggestions helped in
shaping the report in the right direction.

Grateful thanks are also due to Mr. Manas Thakkar, Wealth Manager at Wealth Fincare, for
assigning the project and sharing his knowledge. Despite a busy schedule, his support and
insights were extremely helpful in completing this work.

Appreciation is also extended to family and friends for their encouragement and motivation
throughout the internship journey.

Finally, thanks to ICFAI Business School, Mumbai, for including the Summer Internship
Program in the PGPM course. This practical learning opportunity helped in applying classroom
knowledge to real-life situations and enhanced professional growth.

Date: Krishna Desai

5
 TABLE OF CONTENT

S.No. CONTENTS PAGE NO.

1 CERTIFICATE BY COMPANY 03

2 AUTHORIZATION LETTER 04

3 ACKNOWLEDGEMENT 05

4 EXECUTIVE SUMMARY 08

5 OBJECTIVES 09

6 INDUSTRY ANALYSIS OF POWER SECTOR 10

6.1 Importance of the Power Sector 10

6.2 India Power Capacity - Overview 10

6.3 Key Regulatory Bodies 11

6.4 Top Power Producing States in India 11

6.5 Top 3 Government Initiatives in Power Sector 12

6.6 Porter’s Five Forces Analysis – Power Sector (India) 12

6.7 SWOT Analysis of Power Sector 13

7 ABOUT THE COMPANY 15

7.1 Mission & Vision 15

7.2 Unique Insights 15

7.3 SWOT Analysis of Wealth Fincare 16

7.4 PORTER FIVE FORCES Analysis 17

8 COMPANY ANALYSIS 19

8.1. NTPC Limited 19

8.2. Power Grid Corporation of India Ltd

8.3. Adani Power Ltd
20
8.4 Market Capitalization between the Companies
6
 22

23
9 FUNDAMENTAL ANALYSIS 24 - 27

10 TECHNICAL ANALYSIS 28 - 39

11 BRIEFING OF WORK DONE 40 - 44

12 FINDINGS & CONCLUSION 45

13 LEARNINGS 46

14 LIMITATION OF THE STUDY 47

15 REFERENCES 48

EXECUTIVE SUMMARY

7
Name – Krishna Desai

Enrolment Id – 24BSP0490

Name of the Organization – Wealth Fincare

Title of the Project – Fundamental and Technical Analysis of the Power sector: A Comprehensive
Overview.

Description of SIP

Wealth Fincare is a technology-driven financial services company and a registered channel

partner of Angel One (formerly Angel Broking Pvt. Ltd.). It offers a range of broking, advisory
services, and financial products to clients through the Angel One platform.

Responsibilities

 To analyze selected power sector companies using fundamental and technical analysis.

 To identify investment opportunities based on market trends.

 To understand the process of Demat account opening and assist in client onboarding.

Methodology

 The primary sources will be personal observation method live trading and
interaction with the mentor’s
 The secondary sources will include relevant annual reports, newspaper,
Investopedia.com, Screener etc.

Limitations of the study:

1. The study is limited to a specific time period of 14 weeks.
2. Limited access to data may lead to insufficient analysis.
3. The project is limited to 3 companies analysis only, reliability is not 100%.

8
 5. OBJECTIVES

 To understand the technical and fundamental analysis of companies in the power sector.

 To identify trends and patterns in power generation, distribution, and renewable energy
investments.

 To study the key factors affecting the power sector such as fuel prices, government
policies, demand-supply gaps, and infrastructure changes.

 To analyse the financial performance of major power companies like Power Grid, Adani
Power, and Tata Power.

 To track market movements and news related to the power industry on a weekly basis.

 To learn how to communicate with clients, understand their investment goals, and explain
power sector opportunities.

 To build confidence in handling investment platforms like Angel One, helping clients
place trades and manage portfolios.

 To develop investment strategies based on sector research that can guide different types
of investors.

 To understand how renewable energy and sustainability goals are shaping the future of
the power sector.

9
 6. INDUSTRY ANALYSIS

POWER SECTOR

6.1 Importance of the Power Sector

The power sector is essential to India's infrastructure and economic development. Being the
third-largest electricity producer in the world, India needs a diverse energy mix to meet its
growing demand.

 Provides energy for industries, agriculture, cities, and digital services.

 Contributes around 2.5% to India’s GDP.

 Helps improve rural development and overall quality of life.

 Supports India’s climate goals, including the target of 50% non-fossil fuel capacity by
2030.

6.2 India Power Capacity - Overview

India’s total installed electricity capacity is approx. 475 GW :

Source: https://iced.niti.gov.in/energy/electricity/generation

10
6.3 Key Regulatory Bodies

 Ministry of Power (MoP): Oversees policy formulation and planning.

 Central Electricity Authority (CEA): Advises on technical matters and grid development.

 Central Electricity Regulatory Commission (CERC): Regulates tariffs and promotes

efficiency in electricity markets.

6.4 Top Power Producing States in India

fig.6.4
- Gujarat
- Maharashtra
- Tamil Nadu
- Rajasthan
- Karnataka
- Uttar Pradesh

6.5 Top 3 Government Initiatives in Power Sector

1. ₹9.15 Lakh Crore Power Infrastructure Plan (2024)

11
  Aimed to meet India’s power demand of more than 458 GW by 2032.

 Focuses on strengthening the national grid and improving energy security.

 Includes new transmission schemes to carry 9 GW renewable energy from Rajasthan

and Karnataka.

2. PM Surya Ghar: Muft Bijli Yojana (2024)

 Government provides up to 300 units of free electricity per month to 1 crore homes
via rooftop solar panels.

 Total budget: ₹75,021 crore, with an extra ₹20,000 crore added in Union Budget
2025–26.

3. Nuclear Energy Mission (2025)

 ₹20,000 crore allocated in Budget 2025–26 to develop:

o Small Modular Reactors (SMRs)

o Bharat Small Reactors (BSRs)

 Supports clean energy, lower land use, and industrial decarbonization.

Source: https://www.ibef.org/industry/power-sector-india

12
6.6 Porter’s Five Forces Analysis – Power Sector (India)

1. Threat of New Entrants – Low to Moderate

 Entering the power sector requires high investment and government approvals.

 Regulatory barriers, infrastructure needs, and long payback periods discourage new
players.

 However, renewable energy (like solar) has lower entry barriers, attracting new
companies.

2. Bargaining Power of Suppliers – Low

 In the traditional (thermal) power segment, coal is mostly supplied by government-

owned companies.

 In the renewable sector, equipment suppliers exist in plenty, which lowers their
bargaining power.

3. Bargaining Power of Buyers – High

 Buyers include state DISCOMs (distribution companies), which have strong

negotiating power.

 Tariff rates are often controlled by regulators, limiting how much producers can
charge.
4. Threat of Substitutes – Moderate
 Rooftop solar, wind energy, and battery storage systems are emerging substitutes.
 Though not a complete replacement yet, they are growing in urban and industrial
areas.
5. Industry Rivalry – High
 Many players (public and private) compete in both traditional and renewable
segments.
 Competition is intense in pricing, project execution, and regulatory approvals.

Source: https://www.ukessays.com/essays/economics/power-sector-using-porters-
five-forces-model-economics-essay.php

13
 fig.6.6
6.7 SWOT Analysis of Power Sector

Fig 6.7

14
 7. ABOUT THE COMPANY
WEALTH FINCARE

Wealth Fincare is a dynamic financial services firm that specializes in providing personalized
investment solutions and wealth management services. As a channel partner of Angel One
(formerly Angel Broking), one of India’s leading stockbroking platforms, Wealth Fincare acts
as a bridge between retail investors and the world of smart investing.

The firm is known for its client-centric approach, offering tailored advisory services across
equity, mutual funds, insurance, and sectoral investments. With a strong focus on financial
planning, Wealth Fincare helps clients make informed decisions to meet their short-term
goals and long-term wealth creation needs.

What sets Wealth Fincare apart is its emphasis on research-based investment guidance. The
team regularly tracks market trends, economic indicators, and sector-specific performance to
design strategies that align with each investor’s risk appetite and financial goals.

The organization also invests in nurturing fresh talent through its internship programs. Interns
are exposed to live market analysis, portfolio building, and investment strategy creation. They
also assist in identifying sectoral opportunities—like those in the power sector, FMCG, and
finance—which helps them gain practical exposure in financial analytics and client advisory.

Wealth Fincare’s mission is to democratize wealth management by making investing easy,

transparent, and insightful for everyone from first-time investors to seasoned traders.

7.1 Mission & Vision

To simplify investing for every individual by offering transparent, research-backed, and goal-
oriented financial solutions that help clients secure their future and build generational wealth.
To become a trusted financial partner for millions of Indian investors by promoting financial
literacy, ethical investing, and smart wealth creation using cutting-edge tools and deep
sectoral expertise.

7.2 Unique Insights

Behavioral Finance Integration:

Educates clients on investment psychology—helping them manage risks, avoid panic-selling,
15
and stick to long-term goals.

Interns as Research Catalysts:

Interns are treated as contributors—not just learners—helping in building sectoral reports,
trend analyses, and new client strategies.

Hybrid Advisory Model:

Combines traditional client relationship building with digital investing tools for real-time
market engagement.

7.3 SWOT Analysis of Wealth Fincare

fig.7.3

16
7.4 PORTER FIVE FORCES Analysis
1. Threat of New Entrants – Moderate

 Fintech and online platforms make it easier for new players to enter.

 But, building trust and a loyal client base takes time and credibility.

2. Bargaining Power of Buyers – High

 Customers have many investment options.

 They compare fees, services, and returns before choosing an advisor.

3. Bargaining Power of Suppliers – Low

 Main inputs (market data, tools, research) are available from many providers.

 Wealth Fincare can switch vendors easily if needed.

4. Threat of Substitutes – High

 Direct investment apps (like Zerodha, Groww) and robo-advisors offer DIY
investment options.

 These can replace human advisors for cost-sensitive clients.

5. Industry Rivalry – High

 The wealth management sector is crowded with banks, brokers, fintechs, and
individual advisors.

 Competitive pricing, service quality, and digital offerings are key to standing out.

17
 fig.7.4

Source : https://www.angelone.in/

18
 8. POWER SECTOR
COMPANY ANALYSIS

8.1. NTPC Limited

NTPC (National Thermal Power Corporation) is India’s largest power-generating company. It

plays a key role in meeting the country’s electricity needs and is often called the backbone of
India’s power sector. It is a government-owned company and has a strong presence in coal-
based thermal power, but it is now actively expanding into renewable energy.

 Founded: 1975

 Market Capitalization (Apr 2025): Approx. ₹ 3,34,632 Cr.

 Installed Capacity: Over 76442.78 MW

Strengths of NTPC:

1. Government Support: Being a public sector unit, it enjoys strong backing and policy
support from the Government of India.

2. Large Scale Operations: Operates over 72 GW capacity across the country, making it
a dominant player.

3. Strong Diversification Plan: Actively investing in renewable energy and green

hydrogen to stay future-ready.

Source: https://www.screener.in/company/NTPC/consolidated/

19
Weaknesses of NTPC:

1. High Dependence on Coal: Still relies heavily on coal, which may affect sustainability
goals.

2. Environmental Concerns: Thermal power plants face strict environmental regulations

and pollution issues.

3. Slow Renewable Shift: Though making progress, it's still slower than private green
energy firms in adopting renewables.

8.2. Power Grid Corporation of India Ltd

PowerGrid acts as the primary transmission backbone of India’s electricity network.It carries
about half of the electricity produced in the country from power plants to homes, businesses,
and factories. It is government-owned and runs the National Grid that connects all the states.
It's reliable, tech-savvy, and plays a crucial role in keeping the lights on across India.

 Market Cap: ₹ 2,78,088 Cr.

 Founded: 1989

Strengths

1. Nationwide Network: Covers almost every part of India with massive infrastructure.

20
 2. Government Support: As a PSU, it benefits from strong government backing and
policy support.

3. Stable Revenue Model: Earnings are predictable due to long-term contracts and
regulated returns.

Weaknesses

1. Limited Growth in Core Business: Since the main grid is mostly built, growth in
transmission is slowing.

2. Heavy Dependence on Government Projects: Slower government decision-making

can delay progress.

3. Capital-Intensive: Needs huge investments to expand or upgrade infrastructure.

Key Insights

 Handles ~50% of India’s total electricity transmission

 Manages 1,76,000+ km of transmission lines

 Also runs PowerGrid Telecom, its growing telecom division

Source: https://en.wikipedia.org/wiki/Power_Grid_Corporation_of_India

21
8.3. Adani Power Ltd

Adani Power Limited is India's largest private-sector thermal power producer and a part of
the Adani Group. It operates the country's largest private-sector thermal power plant in
Mundra, Gujarat, with a capacity of 4,620 MW. As of April 2025, the company's market
capitalization is approximately ₹ 2,13,674 Cr. Founded in 1996, Adani Power has rapidly
expanded its operations, demonstrating operational excellence and scalability.

Strengths

1. Large-Scale Operations: Adani Power operates over 13,650 MW of capacity, making

it a significant player in India's power sector.

2. Strategic Asset Location: The company's Mundra plant is strategically located,

facilitating efficient power distribution.

3. Long-Term Power Purchase Agreements (PPAs): Adani Power has multiple long-term
PPAs, ensuring revenue stability.

4. Integration with Adani Group: Being part of the Adani Group provides financial
strength and access to resources, aiding in project execution and expansion.

Weaknesses

1. High Debt Levels: As of March 2023, Adani Power reported a total debt of
approximately ₹1,05,000 crore, leading to a high debt-to-equity ratio.

Source: https://en.wikipedia.org/wiki/Adani_Power

22
 2. Dependence on Coal-Based Power: Approximately 81% of Adani Power's electricity
generation relies on coal, making it susceptible to environmental regulations and fuel
price volatility.

3. Limited Geographic Diversification: The company's operations are primarily

concentrated in a few Indian states, which may limit its market reach.

4. Regulatory Challenges: Operating in multiple states exposes Adani Power to varying

regulatory frameworks, which can impact operations and profitability

8.4 Market Capitalization between the Companies

COMPANY MARKET CAP (Rs in crore)

NTPC Ltd ₹ 3,34,632

Power Grid Corporation of India Ltd ₹ 2,78,088

Adani Power Ltd ₹ 2,13,674

Chart 8.4

23
 9. FUNDAMENTAL ANALYSIS
Fundamental analysis is a way to understand the real worth of a financial asset, such as a
stock or bond. It involves studying a mix of broad economic trends and company-specific
details to decide whether an investment is truly worth its current market price. The aim is to
figure out the "intrinsic value" of the security basically, what it should be worth and then
compare that to the price it’s currently trading for.

If the market price is lower than the intrinsic value, the asset may be undervalued, meaning it
could be a good time to invest. If it’s priced higher than its true value, it might be considered
overvalued and risky to buy.

This analysis covers both big-picture economic factors (like inflation, interest rates, and
overall market trends) and company-level details (such as profits, future growth, financial
health, and how well the business is managed). By combining all of this data, investors get a
clearer idea of how strong and sustainable a business really is.

For example, if someone is analyzing a bond, they would look at things like current interest
rates and whether the issuing company’s credit rating might change. When it comes to stocks,
fundamental analysts look at things like revenue, earnings, profit margins, return on equity,
and how fast the company is expected to grow in the future.

One of the most important parts of fundamental analysis is tracking a company’s growth over
time. Even if a stock looks cheap, it may not be a smart investment if the company is not
growing or is consistently losing money. Stocks that are undervalued and show positive
growth year after year are often considered good investment opportunities — also known as
value picks.

Analysts often use financial data to create different ratios that help them understand how well
a company is doing. These ratios make it easier to compare the company with:

1. Other companies in the same industry

2. The overall market

3. The company’s own past performance

Some commonly used ratios include Net Profit Margin, Return on Equity (ROE), Debt-to-
Equity Ratio, and Return on Assets (ROA). These ratios help investors judge things like how
profitable a company is, how much debt it has, and how effectively it uses its resources.

24
9.1 WHO USES FUNDAMENTAL ANALYSIS

Fundamental analysis is mainly used by investors and professionals who want to make smart,
long-term decisions about where to invest their money. It is especially helpful for those who
want to understand the real strength and future potential of a company before buying its stock
or bond.

Here are the key users of fundamental analysis:

 Long-Term Investors: These are individuals who prefer to invest in a company for
several years. They use fundamental analysis to identify strong businesses that can
grow over time and give steady returns.

 Mutual Fund and Portfolio Managers: These professionals manage large amounts of
money for clients. They rely on detailed fundamental analysis to build strong and
balanced portfolios.

 Equity Research Analysts: These analysts work for banks or investment firms. They
study companies in depth and give recommendations like "buy," "hold," or "sell"
based on their analysis.

 Financial Advisors: Advisors use this method to help clients choose the right
investment options based on their financial goals and risk appetite.

 Institutional Investors: Big players like banks, insurance companies, and pension
funds use fundamental analysis to make safer and more informed investment
decisions.

 Students and Academics: Even in education and research, fundamental analysis is

used to study company performance and financial health.

Ratios:

1. Earnings Per Share (EPS):

The Earnings Per Share (EPS) shows how much profit a company earns for each share held
by investors. It is a key indicator of profitability and is often used to assess the financial

25
health and performance of a company. When a company has a higher Earnings Per Share
(EPS), it means the company is making more profit for each share held by investors. More
profit usually means the company is doing well financially. Because of this, the company
might decide to share some of that profit with its shareholders in the form of dividends.

Company EPS (₹)

NTPC Ltd 18.64

Power Grid Corporation of India 16.64

Adani Power Ltd 29.97

2. P/E Ratio:

The P/E Ratio or Price-to-Earnings Ratio indicates how much investors are willing to pay for
a company’s earnings. This ratio is generally computed to compare different companies of the
same industry or the same company with its past records. A higher P/E usually suggests that
people have strong expectations about the company’s future growth. It helps compare how
the market values one company versus another.

Company P/E Ratio Undervalued Overvalued

NTPC Ltd 15.11 Yes -
Power Grid Corporation of 17.85 - Yes
India
Adani Power Ltd 16.81 - Yes

3. Current Ratio
The Current Ratio tells whether a company can easily pay off its short-term debts using its
short-term assets like cash, bank balance, or money to be received. A healthy current ratio
means the company is financially stable in the short run.

Source: https://www.screener.in/company/ADANIPOWER/consolidated/#documents

26
 Company Current Ratio Rank
NTPC Ltd 0.96 2
Power Grid Corporation of India 0.83 3
Adani Power Ltd 1.60 1

4. Quick Ratio

The Quick Ratio is a more strict version of the current ratio. It checks if the company can pay
off its short-term liabilities without depending on the sale of inventory. This gives a clearer
picture of the company’s immediate financial strength.

Company Quick Ratio Rank

NTPC Ltd 0.78 3
Power Grid Corporation of 0.80 2
India
Adani Power Ltd 1.40 1

5. Net Profit Margin

The Net Profit Margin shows how much profit the company keeps after paying all its
expenses. A higher margin means the company is managing its costs well and is efficient at
turning revenue into actual profit.

Company Net Profit Margin(%) Rank

NTPC Ltd 11.95 3
Power Grid Corporation of 33.77 2
India
Adani Power Ltd 41.40 1

Source: https://marketsmithindia.com/mstool/eval/ntpc/evaluation.jsp#/

27
 10. TECHNICAL ANALYSIS

Technical analysis is a method used to study how a stock’s price moves over time. Instead of
looking at the company’s financial reports, it focuses on price charts, trading patterns, and
market behavior to predict what might happen next.

It is based on the belief that "history repeats itself" — meaning that past price movements
often give clues about future trends.

10.1 What Does Technical Analysis Involve?

 Price Charts: These include line charts, candlestick charts, and bar charts that show
how the stock has moved over time.

 Volume Trends: This shows how many shares are being bought or sold. High volume
means strong interest in the stock.

 Support and Resistance Levels: These are price points where a stock often stops
falling (support) or stops rising (resistance).

 Indicators and Patterns: Tools like Moving Averages, RSI (Relative Strength Index),
VWAP, and MACD help traders decide when to buy or sell.

Who Uses It?

 Technical analysis is mostly used by short-term traders who want to make quick
profits by buying low and selling high based on price movements and trends.

Common Time Frames Used:

 1-minute, 5-minute, 15-minute charts – For fast, intraday trading

 Hourly or Daily charts – For short to medium-term decisions
 Weekly or Monthly charts – To spot long-term trends

Why Are Charts Important?

 To track price movement over time

28
  To spot buying/selling opportunities

 To identify trends, patterns, and reversals

 To compare how different stocks are performing

Types of Charts:

1. Line Chart

o Shows a simple line connecting closing prices over time.

o Best for beginners who want a quick look at how a stock is doing.

2. Bar Chart

 A bar chart shows the opening, closing, high, and low prices of a stock for each time
period.
 Each bar gives a clear picture of how much the price moved during that period.

29
  Traders use it to spot volatility and compare price movement over time.

3 Candlestick Chart

A candlestick chart shows how the price of a stock moved during a specific time period —
including the opening, closing, high, and low prices.

 Each “candlestick” has a body and wicks (or shadows).

o The body shows the open and close prices.

o The wicks show the highest and lowest prices during that period.

 If the candle is green (or white), the price closed higher than it opened (bullish).

 If the candle is red (or black), the price closed lower than it opened (bearish).

 Traders use candlestick patterns to predict market direction, like spotting reversals or
trends.

30
10.2 Types of Market Trends:

Uptrend – When prices keep rising (Higher Highs and Higher Lows).

31
 Downtrend – When prices keep falling (Lower Highs and Lower Lows).

Sideways – When prices move in a range, with no clear upward or downward

direction.

32
10.3 What is Entry rules to Buy and Sell in a Trend?

The perfect moment for entry is the rollback to the first high (look at the picture below). This
structure works as there are some so-called ‘big players.’ To make a huge selling, they need
an enormous number of buy orders to make their trades more profitable. The area between H
and HH represents the zone of increased liquidity. Thus, there are many buyers as they
believe in the further continuation of a trend. The better way to enter is to use a pending
order. First, you should wait for the formation of the lower low (LL). Secondly, you should
place Sell Limit at the level of the first high(H)

Entry Rules to Buy

When the price is falling, many traders expect it to keep going down. Some sell too quickly,
others panic and exit their trades, and many have stop-loss orders placed near the recent lows.
This creates a zone full of sellers, especially between the first low (L) and the lower low
(LL).

Big players use this moment as an opportunity to buy, because there's a lot of liquidity (many
people selling). Instead of rushing in early, a smart move is to wait until the price forms a
Higher High (HH) — which shows that the downtrend might be ending and a new uptrend
may start.

Once the Higher High is formed, place a Buy Limit order at the level of the first low (L).
That way, you enter the trade at a better price, along with the big players, just as the market is
turning upward.

33
10.4 Support and Resistance

Support is a price level where the stock tends to stop falling. It's like a floor that holds the
price from going lower.At this level, many traders start buying the stock, thinking it's a good
deal and this buying pressure helps push the price back up.So, if a stock keeps falling and
then bounces back around the same price each time, that price level is called support.

Resistance is the opposite it's a level where the stock tends to stop rising. It acts like a ceiling
where the price struggles to break through.
This happens because many traders start selling at that level, expecting the price to drop. This
selling pressure makes it hard for the price to go higher.If a stock keeps rising and falls back
every time it reaches a certain price, that level is known as resistance.

When the price breaks above resistance, that resistance can become the new support.
And when the price falls below support, that support may become a new resistance.

34
10.5 HIGHER HIGHS & LOWER LOWS TREND
Higher High (HH):
This happens when the price moves up and reaches a new highest point, higher than any
earlier peaks. It means the market is getting stronger and buyers are in control.

Lower Low (LL):

When the price drops and goes lower than the last dip, it’s called a lower low. It signals a
downtrend, as sellers are pushing prices further down.

35
10.6 Technical Analysis of Power Sector Stocks
NTPC Ltd

1. Yearly

Chart 10.6.1
 In the above yearly graph we can see that NTPC has been in a downtrend for most of the
year with some recent sideways movement.

 The stock is currently trading near key levels, showing uncertainty.

2. Monthly

Chart 10.6.2

36
 NTPC showed a sharp downtrend in early May, followed by a short-term recovery.
 Short-term investments are possible, but only with caution.

Power Grid Corporation of India Ltd.

1. Yearly

Chart 10.6.3
 The stock saw a downtrend from Oct 2024 to Feb 2025, followed by a sharp recovery.

₹It is now facing resistance near ₹300, showing signs of sideways consolidation.

2 Monthly

37
 Chart 10.6.4
 The stock price is moving up and down in a small range, not showing a clear direction.

 It’s staying close to average levels, which means buyers and sellers are almost balanced
right now

Adani Power Limited

1. Yearly

Chart 10.6.5
 The stock saw a steady decline in the second half of 2024.

₹In 2025, it’s been moving sideways, stuck in a range around ₹540–₹560, showing no clear
trend yet.

38
2 Monthly

Chart 10.6.6
 The stock went up recently but is now going down again, showing confusion in the
market.

 It’s not a good time to invest right now better to wait for a clear upward move.

39
 11. BRIEFING OF WORK DONE

11.1 Business Development

During the course of my internship at Wealth Fincare, my responsibilities were divided into
two major categories Business Development and Market Analysis. Each section allowed me
to gain hands-on experience in client handling, financial market tools, and investment
strategy building.

a. Demat Account Opening Process

 Explained the benefits of opening a Demat and trading account to potential investors.

 Assisted clients with KYC formalities and documentation using the Angel One
platform.

 Ensured smooth onboarding by resolving client queries about account features,

mobile app usage, and verification.

40
b. Mutual Fund Promotion

What are Mutual Funds?

A Mutual Fund is a professionally managed investment scheme that pools money from
multiple investors to invest in various financial instruments such as stocks, bonds,
government securities, and other assets.

Think of it like a basket where you put your money along with many others. A fund manager
then uses this collective money to invest across different areas, helping you diversify your
risk and grow your investment even if you don’t have deep knowledge of the stock market.

Key Features:

 Managed by professional fund managers

 Suitable for beginners and long-term investors

 Offers diversification, reducing individual risk

Comes with options like SIP (Systematic Investment Plan) for regular investment.

Market Analysis

Studied selected stocks in the Power Sector using both fundamental and technical analysis.
This helped to understand stock performance, investment potential, and trading opportunities.

Client Interaction

Spoke with clients regularly, which helped improve communication skills and build good
professional relationships.

Lead Generation and Sales Performance

 Found and contacted potential clients through phone calls to grow the customer base.

 Met personal sales goals by successfully opening 41 Demat accounts.

41
  Informed clients about SIPs (Systematic Investment Plans) and explained their
benefits for long-term investing.

Intraday Trading

 Also took part in intraday trading, which means buying and selling stocks on the same
day to earn profit from small price movements.
 The goal is to take advantage of quick ups and downs in stock prices during market
hours. It requires close attention to charts, trends, and quick decision-making.

. Traders closely watch real-time charts and typically use 1-minute to 60-minute timeframes.

 1 and 5-minute charts are used for fast trades (scalping),

 30 and 60-minute charts are used for trades held for a few hours.

Though trades may be quick or last several hours, intraday trading still involves high risk and
quick decision-making.

Example -

Trade Details:

Stock: ADANIPOWER (NSE)

42
Quantity: 1 Share

Entry Price (Sell First): ₹545.85

Exit Price (Buy Later): ₹545.25

Profit/Loss Calculation: ₹+0.60 (Profit)

Explanation: There was a strong rise in the stock, but then it started losing strength and
showing signs of coming down. The trade was made during this falling trend to take a small
profit from the quick price movement.

Team Management & Reporting

Served as the team leader of a 13-member group during the internship. Each day, after
completing intraday trading activities, team members were required to prepare a report of
their trades and submit it by 5:00 PM. Collected all individual reports, compiled them into a
single zipped folder, and ensured timely submission to the manager via email. This
responsibility helped improve leadership, time management, and organizational skills.

Achievements

 Awarded "Intern of the Month" for outstanding performance during the internship.

 Successfully opened 41+ Demat accounts, achieving and exceeding individual sales
targets.

 Identified and engaged potential clients, and actively arranged meetings to discuss SIP
and Insurance plans.

 Demonstrated strong client handling, communication, and lead conversion skills

throughout the internship.

11.2 Investment Plan Assignment: Scenario-Based Planning

In this assignment, we were given a practical case of a 45-year-old man named Ravi with a
monthly salary of ₹2,00,000. He has 15 working years left before retirement at the age of 60.
His main financial goals include:

 Buying a house

43
  Planning his daughter's marriage (in 2–3 years)

 Building an emergency fund

 Saving for retirement

 Optionally, buying a car in the future

Monthly Salary Allocation Plan

Purpose Amount Per Month Reason

Household Expenses Groceries, bills, daily needs

₹60,000

Loans and Investments House loan EMI + savings

₹1,00,000

Emergency and Marriage Saving Backup fund + daughter’s marriage

₹40,000

Investment Strategy:

 Home Loan: A house is bought using a loan, which is paid through EMI every month.

 Daughter’s Marriage: Saving every month through Recurring Deposits and Mutual
Funds to collect money in 2–3 years.

 Emergency Fund: Saving a fixed amount every month in a safe place like FD or liquid
mutual fund for medical or urgent needs.

 Retirement: Investing monthly in a mix of Mutual Funds, PPF, and NPS to build a
good amount by age 60.

 Car (Optional): Planned only after major goals are achieved, showing good financial
priority.

What This Plan Shows:

This assignment helped me understand how to:

 Prioritize financial goals based on time

44
  Use regular savings and simple investment tools

 Balance between present needs and future planning

12. FINDINGS & CONCLUSION

India’s power sector is going through significant changes. While coal-based power remains
the main source of electricity, the country is actively shifting towards renewable energy.

1. Renewable Energy Is Growing Fast

 India is increasing its solar and wind power capacity with government support.

 Solar energy is the fastest-growing and forms the major part of new renewable
installations.

 Over 43% of India’s installed power capacity now comes from non-fossil fuel
sources.

2. Power Stocks Are Moving Sideways

 Even though demand and investments are increasing, stock prices of major power
companies have stayed flat.

 This is mainly due to delays in tariff updates, high coal costs, and cautious investor
behaviour after market events like the Adani stock issue in 2023.

3. Thermal Power Still Leads

 Coal-based thermal power still contributes over 55% of India’s electricity.

 Companies like NTPC and Adani Power still rely heavily on coal plants.

 However, newer thermal plants are more efficient and less polluting.

4. Government Support Is Driving Growth

 Government schemes such as RDSS and Saubhagya have improved power

distribution and village electrification.

 Privatization of power distribution in some areas is helping reduce losses and improve
performance.

45
 Source: https://powermin.gov.in/en/content/power-sector-glance-all-india

13. LEARNINGS

During my three-month internship at Wealth Fincare, I gained valuable practical knowledge

of financial markets and got real exposure to how the industry and corporate environments
work.

One of the key experiences was performing intraday trading after learning how to use basic
analysis tools and technical indicators. This helped me understand how stock prices move and
how to make quick trading decisions in the real market.

I also conducted a sector-specific analysis, particularly in the pharma sector, which helped me
understand market trends, company performance, and how external factors affect stock
prices.

Key Takeaways:

1. Fresh Perspective:
As someone new to the finance industry, I got a deeper understanding of how real-
time markets operate and how financial organizations work day to day.

2. Stronger Communication Skills:

Interacting directly with clients helped me become more confident, professional, and
clear in my communication — an important skill in both finance and customer service
roles.

This internship not only helped me apply what I had learned in theory but also gave me the
confidence and skills to grow as a future finance professional.

46
 14. LIMITATIONS OF THE STUDY

 Lack of Industry Comparison:

The report mainly focuses on the power sector and doesn’t compare it with other
industries or sectors. This limits the ability to understand how power sector
investments stack up against other opportunities.

 Scope of Analysis:
The analysis is based on the top 3 power companies by market capitalization. This
might miss out on smaller, yet potentially promising companies in the power sector
that could be important for investment decisions.

 Data Accuracy:
The financial data and market trends used in the report depend on the sources
available. If the data isn't accurate or updated, it could affect the reliability of the
report’s conclusions.

 External Factors:
The report may not fully cover external factors like changes in the economy,
government regulations, or global market conditions. These factors can have a
significant impact on the power sector and investment decisions.

 Limited Stakeholder Perspective:

The report does not include insights from various stakeholders, such as consumers,
industry experts, or competitors. Including their views would provide a more
complete understanding of the power sector.

47
 15. REFERENCES

https://www.angelone.in/
https://www.moneycontrol.com/
https://www.nseindia.com/
https://www.5paisa.com/
https://www.tradingview.com/
https://www.screener.in/
https://marketsmithindia.com/mstool/eval/ntpc/evaluation.jsp#/
https://iced.niti.gov.in/energy/electricity/generation
https://www.ukessays.com/essays/economics/power-sector-using-porters-five-
forces-model-economics-essay.php

48