Stock analysis kaise karein, fundamental + technical dono — complete Hindi guide Indian stocks ke liye.
Published by The Retail Trader · AUG 07, 2026 · Features
Stock analysis kaise karein, fundamental + technical dono — complete Hindi guide Indian stocks ke liye.
Stock analysis ka matlab hai ek company ke financial health, valuation, aur price movement ko study karna — taaki decide kar sako ki stock kharidna chahiye ya nahi.
Simple definition: > Stock analysis = Company ki jaanch. Jaise doctor checkup karta hai — waise stock ki financials, valuation, aur chart check karo.
1. Fundamental Analysis (FA):
• Kya karta hai: Company ki financial health analyze karta hai
• Data: Revenue, profit, debt, margins, ratios
• Timeframe: Long-term (years)
• Best for: Stock selection (kaunsi company achhi hai)
2. Technical Analysis (TA):
• Kya karta hai: Price charts aur indicators analyze karta hai
• Data: Price, volume, patterns, indicators
• Timeframe: Short-term (days-weeks)
• Best for: Entry/exit timing (kab kharidna hai)
Best approach: Dono use karo. Fundamental se stock select karo, technical se entry/exit decide karo.
Step 1: Business Samjho:
• Company kya karti hai? (Business model)
• Revenue kahan se aata hai? (Revenue streams)
• Competitors kaun hain? (Competition)
• Industry kaisi hai? (Sector health)
• Management kaun hai? (Promoter quality)
Revenue (Top Line):
• Revenue growth: 5-year CAGR > 15%?
• Consistency: Har saal grow ho raha hai?
• Sources: Domestic vs export, product vs service
Profit (Bottom Line):
• Net profit growth: 5-year CAGR > 15%?
• Margins: Operating margin > 15%?
• Trend: Margins improving ya declining?
Balance Sheet:
• Debt-to-Equity: < 1 (low debt)?
• Cash flow: Operating cash flow positive?
• Interest coverage: > 3x (can easily pay interest)?
Key Ratios:
• P/E — Good Value: < 20, What It Tells: Valuation
• P/B — Good Value: < 3, What It Tells: Asset value
• ROE — Good Value: > 15%, What It Tells: Profitability
• ROCE — Good Value: > 15%, What It Tells: Capital efficiency
• Debt/Equity — Good Value: < 1, What It Tells: Leverage
• Dividend Yield — Good Value: > 1%, What It Tells: Income
• EPS Growth — Good Value: > 15%, What It Tells: Earnings growth
Step 3: Valuation Check:
• P/E ratio vs industry average
• PEG ratio = P/E / Growth rate (< 1 = undervalued)
• P/B ratio vs book value
• DCF (Discounted Cash Flow) — advanced
Step 4: Technical Analysis:
• Trend: Above 200 DMA? Uptrend?
• Momentum: RSI 30-50 (pullback) ya 50-70 (strong)?
• Entry: Support level pe? Bullish pattern?
• Volume: Breakout with volume?
Step 5: Risk Assessment:
• Promoter holding: > 50%?
• Pledged shares: < 10%?
• Corporate governance: Clean record?
• Litigation: Any major lawsuits?
Ye baatein dhyaan mein rakho:
• FUNDAMENTAL CHECKLIST:
• □ Revenue growth > 15% (5Y CAGR)
• □ Profit growth > 15% (5Y CAGR)
• □ Operating margin > 15%
• □ Debt/Equity < 1
• □ ROE > 15%
• □ ROCE > 15%
• □ P/E < Industry average
• □ PEG < 1 (ideally)
• □ Promoter holding > 50%
• □ Pledged shares < 10%
• □ Positive cash flow
• □ Consistent dividend (bonus)
• TECHNICAL CHECKLIST:
• □ Above 200 DMA (uptrend)
• □ RSI 30-50 (pullback entry)
• □ Support level nearby
• □ Bullish candlestick pattern
• □ Volume confirmation
• □ MACD positive
• □ Sector outperforming
• QUALITATIVE CHECKLIST:
• □ Business model understand karte ho
• □ Competitive advantage (moat) hai
• □ Management trustworthy hai
• □ Industry growing hai
• □ Products/services demand mein hain
• □ Corporate governance clean hai
Ye saat baatein dhyaan mein rakho:
• Screener.in — Purpose: Fundamental screening, Cost: Free + ₹4,999/yr
• Trendlyne — Purpose: Comprehensive analysis, Cost: Free + ₹500/mo
• TradingView — Purpose: Technical charts, Cost: Free + ₹1,499/mo
• TRT SUPERCHART — Purpose: Charting + indicators, Cost: Free
• Moneycontrol — Purpose: News, data, analysis, Cost: Free
• Tijori Finance — Purpose: Fundamental deep-dive, Cost: Free
• Zerodha Console — Purpose: Portfolio analysis, Cost: Free
Debt/Equity > 2 → Company zyada borrowed money use kar rahi hai. Interest payments profit kha jaayenge.
3 consecutive years revenue gira → Business shrinking. Turnaround story rare hai.
Promoter continuously selling shares → Management ko company pe confidence nahi hai.
Promoter ne shares pledge kiye hain → Margin call risk. Agar stock gira, forced selling hogi.
Auditor change, related party transactions, SEBI notices → Stay away.
₹1-10 ke stocks → Mostly manipulated. Operators pump and dump karte hain.
Fundamental:
• Revenue: ₹8,00,000+ crore (growing)
• Net Profit: ₹70,000+ crore
• P/E: ~25 (slightly expensive)
• ROE: ~10% (below average)
• Debt/Equity: ~0.4 (manageable)
• Promoter: Mukesh Ambani (50%+)
Technical:
• Price: ~₹2,500
• 200 DMA: Above ✅
• RSI: ~50 (neutral)
• Support: ₹2,300
• Resistance: ₹2,700
Verdict:
• Fundamental: Good company but expensive (high P/E)
• Technical: Neutral — wait for pullback to ₹2,300-2,400
• Action: Accumulate on dips. Hold if already invested.
Ye baatein dhyaan mein rakho:
• 📌 STOCK ANALYSIS QUICK REFERENCE
• 2 TYPES:
• 📊 Fundamental — Financial health (long-term)
• 📊 Technical — Price charts (short-term)
• FUNDAMENTAL:
• 📊 Revenue growth > 15%
• 📊 Profit growth > 15%
• 📊 ROE > 15%, ROCE > 15%
• 📊 Debt/Equity < 1
• 📊 P/E < Industry average
• 📊 Promoter holding > 50%
• TECHNICAL:
• 📊 Above 200 DMA (uptrend)
• 📊 RSI 30-50 (pullback entry)
• 📊 Support level nearby
• 📊 Volume confirmation
• 📊 Bullish pattern
• TOOLS:
• 📊 Screener.in — Fundamentals
• 📊 TRT SUPERCHART — Charts
• 📊 Moneycontrol — News & data
• RED FLAGS:
• ❌ High debt (D/E > 2)
• ❌ Declining revenue (3 years)
• ❌ Promoter selling
• ❌ Pledged shares > 20%
• ❌ Corporate governance issues
• ❌ Penny stocks
• PROCESS:
• 1️⃣ Business samjho
• 2️⃣ Financials analyze karo
• 3️⃣ Valuation check karo
• 4️⃣ Technical entry dhundho
• 5️⃣ Risk assessment karo
Ye paanch baatein dhyaan mein rakho:
• PE Ratio Kya Hai?
• EPS Kya Hai?
• RSI Indicator Kya Hai?
• Candlestick Patterns Guide
• Nifty 50 Companies List 2026
The Retail Trader — educational market analysis. Not investment advice.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.