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 high net-worth clients (HNIs) and the Indian retail investors have been deprived of these tools so far," Reliance Money CEO Sudip Bandyopadhyay told reporters in New Delhi.
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 10-20 per cent 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.