New Delhi: With plans to double presence to 20,000 outlets this year, Reliance Money on Tuesday joined hands with Canada’s Recognia, a leading provider of technical charts for stocks, that would allow its customers to know if previous patterns indicate a future rise or fall in share prices.
“Technical analysis, till date, is a privilege available to institutions and HNIs and the Indian retail investors have been deprived of these tools so far,” Reliance Money CEO Sudip Bandyopadhyay told reporters here.
The addition of Recognia’s sophisticated automated technical analysis as an add-on feature on the platform will provide automated simplified analysis that will inform the customer about shift in trends of different stocks in the markets at one rupee per day, he said.
The value-added feature would provide additional revenue stream for the company and it expects about 10% to 20% of its two million customers to use this facility.
Talking about the expansion plan, Bandyopadhyay said by the end of March 2009, the company would add another 10,000 outlets, taking the total number of outlets to 20,000.
By doubling the outlets, the company would expand its reach to 5,161 tehsils of the country, he added.
Elaborating on the tool, he said Recoqnia’s technical analysis will allow Reliance Money users to identify customers about shift in price movements and emerging trends that will help them look up bullish and bearish notifications for any company, thereby providing them an insight into the possible direction for the scrip price.
The research is updated throughout every trading day - providing independent and objective notification of shifts in trends and changes in supply and demand that are, otherwise, not easily visible, Bandyopadhyay said.
When certain movements of the stock prices occur, Recognia distributes notices that help recipients identify profitable trades and make timely transactions, he added.
The technical services are available for a free introductory 7-day trail period to the existing users. Thereafter, this service is available to users at a nominal subscription of Rs99 for 3 months and for one year subscription, the fee would be Rs299.