Technical Analysis
22 questions. Each answer is explained.
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Learn these topics
More units in NISM Series XV
- Introduction to Research Analyst Profession2
- Introduction to Securities Market3
- Terminology in Equity and Debt Markets3
- Fundamentals of Research7
- Economic Analysis7
- Industry Analysis12
- Company Analysis – Business and Governance9
- Company Analysis – Financial Analysis16
- Corporate Actions7
- Valuation Principles13
- Fundamental analysis of commodities9
- Fundamentals of Risk and Return10
- Qualities of a Good Research Report7
- Legal and Regulatory Environment15
- Case Study - Valuation8
Exam format
| Questions | 100 · 1 mark each |
|---|---|
| Duration | 120 min · 2 hours |
| Pass mark | 60% · 60 of 100 marks |
| Negative marking | 25% · 0.25 marks off per wrong answer |
| Certificate validity | 3 years · from the date of the examination |
| Marks for this unit | Not published by NISM |
NISM Series XV Research Analyst
Exam rules read on NISM's site on 3 October 2026. Exam pattern revised on 20 January 2026. Check the current rules on NISM's site (opens in a new tab)
What these answers assume, and when it was last checked
Each question uses the rules listed below. We last checked them on 5 September 2026. A Budget or SEBI circular can change a rate, lot size or expiry day. If a rule changes before your exam, treat the linked questions as out of date and check NISM's current workbook.
- NSE uses Tuesday expiry and BSE uses Thursday expiry. This applies from 1 September 2025.
- The January 2026 index lot sizes are NIFTY 65, BANKNIFTY 30, FINNIFTY 60, MIDCPNIFTY 120 and NIFTYNXT50 25.
- The October 2024 SEBI framework sets a minimum index contract value of Rs 15–20 lakh. Each exchange may list one weekly benchmark index.
- Option buyers pay the premium upfront from 1 February 2025. A short index option has an extra 2% Extreme Loss Margin on expiry day from 20 November 2024.
- Equity short-term capital gains are taxed at 20%. Long-term gains are taxed at 12.5% above Rs 1.25 lakh. Both rates apply from 23 July 2024.
- F&O income is non-speculative business income in ITR-3. NSE equity derivatives trade from 9:15 a.m. to 3:40 p.m.
- The final ten-minute session began on 3 August 2026. It aligns with the cash market Closing Auction Session.
- Most Securities Transaction Tax questions test the base and who pays. On an option sale, it is the premium and the seller pays. On a futures sale, it is the traded value and the seller pays.
- On exercise, Securities Transaction Tax uses intrinsic value: settlement price minus strike price. The buyer pays it.
- Two questions test the current rate. From 1 April 2026, option sales carry 0.15% on the premium and futures sales carry 0.05% on traded price. The earlier rates were 0.10% and 0.02% from 1 October 2024.
- This section uses the T+1 rolling settlement cycle. Obligations are fixed on T+1. A short delivery goes to buy-in auction on T+1 and settles on T+2.
- The trade-for-trade surveillance segment uses direct close-out. Funds pay in by 10:30 a.m. and pay out on or after 1:30 p.m. on settlement day.
- Securities pay in to the settlement pool by 10:30 a.m. They pay out directly to the client’s demat account by 3:30 p.m.
- The 3:30 p.m. deadline replaced 1:30 p.m. under SEBI’s 10 October 2024 circular. Direct client credit was required by SEBI’s 5 June 2024 circular.
- The optional T+0 cycle trades until 1:30 p.m. Obligations are fixed by 2:30 p.m. on the trade day. An early pay-in shortage is closed out directly.
- Cash-market Value at Risk margin is six times exponentially weighted moving-average volatility. It has a 9% floor for Group I, a 21.5% floor for Group II, and a fixed 50% or 75% level for Group III.
- Extreme Loss Margin is 3.5% for a share and 2% for a broad-market-index exchange traded fund. Mark-to-market margin is collected before the next day’s trading. The trade-for-trade segment has 100% upfront margin.
- Close-out uses the higher of the highest price from trade day to auction day and 20% above the auction day’s official close.
- A funds shortage costs 0.07% a day. The trading facility is withdrawn at a shortage of Rs 5 lakh or more.
- SCORES allows 21 calendar days, then two 15-day review levels. Online Dispute Resolution moves from conciliation to arbitration after the market participant and SCORES steps.
- At NSE, the Investor Protection Fund limit is Rs 35 lakh per investor for each defaulting or expelled member. This applies to claims arising after 13 August 2024.
- A Basic Services Demat Account has no annual maintenance charge up to Rs 4 lakh of holdings. It costs up to Rs 100 above that, until the Rs 10 lakh eligibility ceiling. These slabs apply from 1 September 2024.
- The rupee pairs are USD-INR, EUR-INR, GBP-INR and JPY-INR. The cross-currency pairs are EUR-USD, GBP-USD and USD-JPY.
- Each contract covers 1,000 units of the foreign currency, except JPY-INR. JPY-INR covers 100,000 yen and is quoted in rupees per 100 yen.
- The tick is 0.25 paise, or Rs 0.0025. It equals Rs 2.50 a contract.
- Rupee pairs trade from 9:00 a.m. to 5:00 p.m. A monthly contract stops trading at 12:30 p.m. two working days before the expiry month’s last business day.
- Final settlement is in cash at the FBIL reference rate on expiry day. FBIL, Financial Benchmarks India, has published this rate in place of the Reserve Bank since 2018. Premium-style European options are quoted in rupees. The buyer pays the premium in cash on T+1.
- Daily settlement is on T+1 and final settlement is on T+2.
- NSE Clearing circular 026/2020 sets SPAN margin plus Extreme Loss Margin. The futures margin is 0.50% for USD-INR, 0.15% for EUR-INR, 0.25% for GBP-INR and 0.35% for JPY-INR. A short option has 0.75%. These figures apply from 1 June 2020.
- A USD-INR client may hold 6% of total open interest or USD 20 million, whichever is higher. A trading member may hold 15% or USD 100 million.
- A resident user has one USD 100 million equivalent limit across all rupee pairs and exchanges. No document is needed below that limit, but a valid underlying contracted exposure must still exist. This clarification applies from 3 May 2024.
- The currency segment has no Securities Transaction Tax.
The exam figures (questions, time, pass mark, negative marking and certificate validity) come from NISM's own pages, read on 3 October 2026. Timed practice uses the same figures. Study with the official workbook as well.
The written-out answers on this page are hidden while your timed set runs.
All 22 questions on Technical Analysis, with answers
Q1A 14-period RSI rises to 74 after a strong advance. Under the conventional interpretation of RSI, this reading is best described as:
Option A. Overbought — Correct answer
Option B. Oversold
Why it is wrong: Oversold is conventionally associated with low RSI readings, commonly below 30.
Option C. A guaranteed sell signal
Why it is wrong: An overbought reading is not a guaranteed sell signal.
Option D. Evidence that the trend must reverse on the next session
Why it is wrong: Strong trends can remain overbought for extended periods.
Answer: A. An RSI reading above 70 is conventionally described as overbought. That is a condition or momentum indication, not a guarantee of an immediate reversal. Remember: Indicators describe conditions and probabilities. They do not create certainty.
Hint, shown before you answer in practice mode: Common mistake: Equating 'overbought' with 'must fall immediately'.
XV-011easyconceptual
Q2After a prolonged uptrend, price forms a left shoulder, a higher head and a lower right shoulder, followed by a decisive break below the neckline. This is conventionally classified as a:
Option A. Bullish continuation pattern
Why it is wrong: The classic pattern is not a bullish continuation formation.
Option B. Bullish accumulation pattern
Why it is wrong: The formation does not conventionally signal bullish accumulation.
Option C. Neutral gap pattern
Why it is wrong: The described structure is not a gap pattern.
Option D. Bearish reversal pattern — Correct answer
Answer: D. A completed head-and-shoulders top, particularly after an uptrend and a neckline break, is conventionally treated as a bearish reversal pattern. Remember: Pattern context matters: a head-and-shoulders top is interpreted as a reversal after an uptrend.
Hint, shown before you answer in practice mode: Common mistake: Calling the pattern complete before the neckline is broken.
XV-012mediumconceptual
Q3A chartist says a 'golden cross' has occurred. Which event is most consistent with that statement?
Option A. A shorter-term moving average crosses above a longer-term moving average — Correct answer
Option B. A shorter-term moving average crosses below a longer-term moving average
Why it is wrong: This is commonly called a death cross.
Option C. Price falls below both moving averages after a gap down
Why it is wrong: That price action is not the definition of a golden cross.
Option D. Trading volume crosses above its 20-day average
Why it is wrong: Volume is not the defining component.
Answer: A. A golden cross conventionally refers to a shorter-term moving average crossing above a longer-term moving average, often interpreted as a bullish trend signal. Remember: Know what is crossing what: short-term average above long-term average.
Hint, shown before you answer in practice mode: Common mistake: Confusing a golden cross with a death cross.
XV-013mediumconceptual
Q4A share closes above a resistance zone that has capped price several times. Which additional observation would conventionally make the breakout more credible?
Option A. A fall in the number of trading sessions in the month
Why it is wrong: Calendar session count does not confirm a breakout.
Option B. A sharp expansion in trading volume — Correct answer
Option C. A lower face value following a stock split
Why it is wrong: Face value changes from a split are unrelated to breakout confirmation.
Option D. An unchanged dividend payout ratio
Why it is wrong: Dividend payout is a fundamental variable, not breakout confirmation.
Answer: B. Technical analysts commonly regard a breakout supported by stronger-than-usual volume as more credible because participation has expanded with the price move. Remember: Price breakouts are often assessed together with participation indicators such as volume.
Hint, shown before you answer in practice mode: Common mistake: Treating any intraday move above resistance as a confirmed breakout.
XV-014mediumconceptual
Q5A stock repeatedly failed near ₹520, then later broke above ₹520 decisively and held above it. On a subsequent pullback, a technical analyst would most commonly watch ₹520 as:
Option A. A new accounting book value
Why it is wrong: Book value is an accounting concept.
Option B. A guaranteed floor that cannot be broken
Why it is wrong: Technical levels are zones and can fail.
Option C. A possible support zone — Correct answer
Option D. A measure of systematic risk
Why it is wrong: Systematic risk is measured by concepts such as beta, not a price level.
Answer: C. A resistance level that is decisively broken may later act as a support zone. This is a common technical-analysis principle, but it is not guaranteed. Remember: Broken resistance can become support, but technical levels are not certainties.
Hint, shown before you answer in practice mode: Common mistake: Treating support or resistance as an inviolable exact price.
XV-015mediumconceptual
Q6Price records a higher swing high, but a momentum oscillator records a lower corresponding high. This combination is conventionally called:
Option A. Bullish divergence
Why it is wrong: Bullish divergence generally involves price making a lower low while the indicator makes a higher low.
Option B. Positive breadth thrust
Why it is wrong: Breadth thrust refers to market participation, not this price-indicator relationship.
Option C. Bearish divergence — Correct answer
Option D. Volatility contraction
Why it is wrong: The question describes divergence, not volatility contraction.
Answer: C. A bearish divergence occurs when price makes a higher high while a momentum indicator fails to confirm and makes a lower high. It can warn of weakening momentum. Remember: Divergence compares the direction of price swings with the direction of an indicator.
Hint, shown before you answer in practice mode: Common mistake: Assuming divergence by itself guarantees an immediate reversal.
XV-016hardconceptual
Q7Under the traditional confirmation principle of Dow Theory, evidence of a primary uptrend is stronger when:
Option A. Corresponding broad market averages confirm each other by making consistent new highs — Correct answer
Option B. One broad market average reaches a new high while the confirming average trends lower
Why it is wrong: Non-confirmation weakens the signal.
Option C. Only trading volume rises while price averages remain range-bound
Why it is wrong: Volume may support analysis but does not replace confirmation between averages.
Option D. A single stock makes a 52-week high
Why it is wrong: Dow Theory concerns broad market trends, not a single stock's high.
Answer: A. Traditional Dow Theory places importance on confirmation between the major market averages. A primary trend signal is stronger when the relevant averages confirm one another rather than diverge. Remember: Dow Theory emphasises confirmation of broad market trends rather than isolated price moves.
Hint, shown before you answer in practice mode: Common mistake: Treating movement in a single security as confirmation of a primary market trend.
XV-017mediumconceptual
Q8For a standard daily candlestick, which four price points are represented?
Option A. Revenue, EBITDA, PAT and EPS
Why it is wrong: These are fundamental financial metrics.
Option B. Bid, ask, dividend and book value
Why it is wrong: These are not the standard four inputs of a candlestick.
Option C. Open, high, low and close — Correct answer
Option D. Coupon, maturity, yield and duration
Why it is wrong: These are debt-market terms.
Answer: C. A candlestick summarises the open, high, low and close for the chosen time period. The body reflects the relationship between open and close, while the shadows/wicks show the high and low. Remember: Candlesticks are visual representations of OHLC price data for a defined period.
Hint, shown before you answer in practice mode: Common mistake: Assuming a candlestick directly includes volume or fundamental data.
XV-097easyconceptual
Q9A price series forms successive higher swing highs and higher swing lows over several weeks. A technical analyst would most commonly classify this as:
Option A. A downtrend
Why it is wrong: A downtrend usually shows lower highs and lower lows.
Option B. A completed double top by definition
Why it is wrong: A double top requires a different price structure.
Option C. No trend under any circumstances
Why it is wrong: The described sequence is itself a standard trend structure.
Option D. An uptrend — Correct answer
Answer: D. An uptrend is commonly characterised by a sequence of higher highs and higher lows. Trend analysis is contextual, and a later break of that structure can signal weakening or reversal. Remember: Trend direction is read from the sequence of swing highs and lows, not from one isolated price move.
Hint, shown before you answer in practice mode: Common mistake: Calling a trend from a single up day rather than a sequence of price structure.
XV-098mediumconceptual
Q10Price forms a series of lower highs and higher lows so that two trendlines converge. Before a breakout occurs, this formation is most commonly described as a:
Option A. Symmetrical triangle consolidation — Correct answer
Option B. Head-and-shoulders top
Why it is wrong: A head-and-shoulders pattern has a different three-peak structure.
Option C. Gap exhaustion by definition
Why it is wrong: The question describes converging price swings, not a gap.
Option D. Golden cross
Why it is wrong: A golden cross is a moving-average crossover.
Answer: A. A symmetrical triangle is a consolidation pattern in which highs decline and lows rise, creating converging trendlines. The eventual breakout direction should be observed rather than assumed solely from the pattern name. Remember: Consolidation patterns describe price compression. Breakout direction still requires confirmation.
Hint, shown before you answer in practice mode: Common mistake: Assuming a symmetrical triangle always breaks in one predetermined direction.
XV-099mediumconceptual
Q11Why is a moving average generally described as a lagging trend indicator?
Option A. Because it predicts every trend reversal before the price moves
Why it is wrong: Moving averages do not predict every reversal in advance.
Option B. Because it uses past prices, so it reacts only after prices move — Correct answer
Option C. Because it is calculated using only expected future prices
Why it is wrong: Future prices are not inputs to the calculation.
Option D. Because it measures company debt rather than market prices
Why it is wrong: Moving averages are price-based technical indicators, not leverage ratios.
Answer: B. A moving average smooths historical price data. Because its calculation uses past observations, it responds with some delay to a new price move. Shorter averages usually react faster than longer averages, but also tend to be more sensitive to noise. Remember: Trend-following indicators trade responsiveness for smoothing. Shorter lookbacks react faster but are noisier.
Hint, shown before you answer in practice mode: Common mistake: Calling a lagging indicator useless because it does not predict turning points in advance.
XV-100mediumconceptual
Q12A standard daily line chart of a security most commonly connects which price from each trading session?
Option A. Closing price — Correct answer
Option B. Opening price only
Why it is wrong: Opening price is not the conventional single point used in the standard line chart.
Option C. Intraday high only
Why it is wrong: Intraday highs are not normally the sole plotted series.
Option D. Intraday low only
Why it is wrong: Intraday lows are not normally the sole plotted series.
Answer: A. A simple line chart commonly plots and connects closing prices over time, giving a clean view of the broad price trend. Remember: Different chart types preserve different amounts of price information.
Hint, shown before you answer in practice mode: Common mistake: Confusing the four-price information of a candlestick with the single-series nature of a basic line chart.
XV-140easyconceptual
Q13In a well-defined uptrend, a technician draws a rising trendline through successive higher swing lows and then draws a roughly parallel line through swing highs. The two lines together form a:
Option A. Descending triangle
Why it is wrong: A descending triangle has a different consolidation structure.
Option B. Head-and-shoulders top
Why it is wrong: A head-and-shoulders top is a reversal pattern.
Option C. Rising price channel — Correct answer
Option D. Point-and-figure box
Why it is wrong: Point-and-figure is a charting method, not this two-line structure.
Answer: C. A rising channel is formed by an upward-sloping support trendline and a roughly parallel resistance line containing much of the price movement. Remember: Channels extend the trendline idea by adding a parallel boundary on the other side of price.
Hint, shown before you answer in practice mode: Common mistake: Drawing arbitrary parallel lines without anchoring them to meaningful swing points.
XV-141mediumconceptual
Q14After a prolonged advance, price tests approximately the same resistance area twice, fails on the second attempt, and then breaks below the intervening trough. This is conventionally interpreted as a:
Option A. Bullish flag continuation pattern
Why it is wrong: A flag is generally a short continuation pattern.
Option B. Double-top bearish reversal pattern — Correct answer
Option C. Rising channel of higher highs and lows
Why it is wrong: The structure is not a channel.
Option D. Bullish gap continuation pattern
Why it is wrong: No gap continuation is described.
Answer: B. A double top is a potential bearish reversal formation. The break below the trough between the two peaks is commonly treated as confirmation. Remember: Reversal patterns are generally more meaningful after an established prior trend and with confirmation.
Hint, shown before you answer in practice mode: Common mistake: Calling any two nearby highs a completed double top before the intervening support breaks.
XV-142mediumconceptual
Q15Price repeatedly meets resistance near ₹500 while successive pullbacks form higher lows. Which pattern best describes this consolidation before a confirmed breakout?
Option A. Descending triangle
Why it is wrong: A descending triangle typically has falling highs and relatively flat support.
Option B. Double bottom
Why it is wrong: A double bottom is a reversal structure with two major lows.
Option C. Symmetrical triangle
Why it is wrong: A symmetrical triangle usually has both falling highs and rising lows.
Option D. Ascending triangle — Correct answer
Answer: D. An ascending triangle typically combines relatively flat resistance with a sequence of rising lows. It often carries a bullish bias, but confirmation requires a breakout. Remember: Identify consolidation patterns by the geometry of highs and lows, then wait for confirmation.
Hint, shown before you answer in practice mode: Common mistake: Treating the pattern's directional bias as a guaranteed breakout.
XV-143mediumconceptual
Q16A stock rises sharply, then pauses in a short, narrow consolidation that slopes mildly against the prior advance before breaking upward. This is most consistent with a:
Option A. Bullish flag continuation pattern — Correct answer
Option B. Double-top reversal
Why it is wrong: A double top requires two significant peaks and a support break.
Option C. Head-and-shoulders top
Why it is wrong: A head-and-shoulders top has a three-peak reversal structure.
Option D. Long-term downtrend channel
Why it is wrong: The scenario begins with a strong advance and short consolidation.
Answer: A. A bullish flag typically follows a strong upward move, consolidates briefly in a small counter-trend structure, and then resumes higher if the breakout confirms. Remember: Continuation patterns occur within an existing trend and should be interpreted in that context.
Hint, shown before you answer in practice mode: Common mistake: Confusing a brief consolidation with a major reversal.
XV-144mediumconceptual
Q17A daily candlestick has an opening price and closing price that are almost identical, although the session traded both above and below those levels. This candle is most commonly called a:
Option A. Marubozu
Why it is wrong: A marubozu typically has a large real body with little or no shadow.
Option B. Gap candle
Why it is wrong: A gap describes the relationship between price ranges of separate sessions.
Option C. Doji — Correct answer
Option D. Point-and-figure reversal
Why it is wrong: This is not a candlestick term.
Answer: C. A doji forms when the opening and closing prices are equal or very close, often interpreted as a sign of balance or indecision depending on context. Remember: Candlestick meaning depends on both the candle shape and its location within the broader trend.
Hint, shown before you answer in practice mode: Common mistake: Treating a doji by itself as an automatic reversal signal.
XV-145easyconceptual
Q18Under the conventional interpretation of MACD, which event is generally viewed as a bullish momentum signal?
Option A. The MACD line crosses below its signal line
Why it is wrong: A downward crossover is conventionally bearish.
Option B. The MACD line crosses above its signal line — Correct answer
Option C. Price closes below all prior support
Why it is wrong: A support breakdown is a price event, not the definition of a bullish MACD signal.
Option D. The stock's face value increases
Why it is wrong: Face value is unrelated to MACD.
Answer: B. A conventional bullish MACD signal occurs when the MACD line crosses above its signal line, though confirmation and broader context remain important. Remember: Technical indicators generate signals that should be interpreted with trend and market context.
Hint, shown before you answer in practice mode: Common mistake: Treating an indicator crossover as a certainty rather than a signal.
XV-146mediumconceptual
Q19If price volatility rises substantially while the moving-average basis is otherwise unchanged, Bollinger Bands will generally:
Option A. Collapse to the same line as the moving average itself
Why it is wrong: Higher volatility tends to increase, not eliminate, band width.
Option B. Stay the same width, because they ignore volatility
Why it is wrong: Volatility is central to the construction.
Option C. Move only downward, staying below the moving average
Why it is wrong: Both upper and lower boundaries adjust around the average.
Option D. Widen, because band width is based on volatility — Correct answer
Answer: D. Bollinger Bands are typically set at a chosen number of standard deviations around a moving average. As measured volatility rises, the distance between the upper and lower bands generally widens. Remember: Bollinger Band width is a volatility-sensitive measure, not a fixed percentage range.
Hint, shown before you answer in practice mode: Common mistake: Assuming that touching a band automatically means price must reverse.
XV-147mediumconceptual
Q20A stochastic oscillator reading falls below 20. Under the conventional interpretation, this is most commonly described as:
Option A. Oversold — Correct answer
Option B. Guaranteed bullish reversal
Why it is wrong: Oversold does not guarantee a reversal.
Option C. Overbought
Why it is wrong: Overbought is conventionally associated with high readings, often above 80.
Option D. Proof of improving fundamentals
Why it is wrong: The oscillator is based on price behaviour, not business fundamentals.
Answer: A. A stochastic reading below 20 is conventionally considered oversold. As with RSI, an oversold condition can persist and does not guarantee an immediate reversal. Remember: Oscillator thresholds describe momentum conditions, not certain future price direction.
Hint, shown before you answer in practice mode: Common mistake: Converting 'oversold' into an automatic buy signal.
XV-148mediumconceptual
Q21Which statement is most consistent with the traditional Dow Theory hierarchy of trends?
Option A. Minor trends are always more important than the primary trend itself
Why it is wrong: Primary trends are the major trends in the hierarchy.
Option B. A secondary reaction permanently replaces the primary trend each time
Why it is wrong: A secondary reaction does not automatically reverse the primary trend.
Option C. Secondary moves are shorter reactions against the primary trend — Correct answer
Option D. Dow Theory recognises only one time horizon for every kind of trend
Why it is wrong: Dow Theory explicitly recognises multiple trend degrees.
Answer: C. Traditional Dow Theory distinguishes primary trends from secondary reactions and shorter minor movements. Secondary movements can run against the primary trend without necessarily ending it. Remember: Separate the major trend from shorter counter-trend movements.
Hint, shown before you answer in practice mode: Common mistake: Assuming every correction means the primary trend has ended.
XV-149mediumconceptual
Q22A stock advances through a prior resistance area. Which volume pattern would conventionally provide stronger confirmation of the move?
Option A. Sharply contracting volume on every advance
Why it is wrong: Very weak participation may make a breakout less convincing.
Option B. Expanding volume as price breaks and holds above resistance — Correct answer
Option C. No trading activity at all
Why it is wrong: A traded security cannot confirm a breakout with no trading activity.
Option D. Volume data are never relevant to technical analysis
Why it is wrong: Volume is a commonly used technical input.
Answer: B. Technical analysts commonly view expanding volume on a breakout as evidence of broader participation and therefore stronger confirmation than a low-volume move. Remember: Price movement is often interpreted together with participation measures such as volume.
Hint, shown before you answer in practice mode: Common mistake: Assessing a breakout from price alone without considering whether market participation supports it.
XV-150mediumconceptual
Technical Analysis: common questions
How many practice questions are there on Technical Analysis?
22 questions, all written out on this page with the correct answer and why each other option is wrong. This unit is one of the 16 practice topics for NISM Series XV, which has 150 questions in total.
Are these real NISM Series XV questions on Technical Analysis?
No. LearnNifty wrote every question from NISM's public syllabus. NISM does not publish its question bank, so nobody can offer you the real paper. Use these questions to check that an idea has gone in. Use the official NISM workbook to see what is examined.
Does negative marking apply to NISM Series XV?
Yes. NISM takes off 25% of a question's marks for a wrong answer. On a 1-mark question that is 0.25 marks off. A blank question earns nothing and loses nothing, so a wrong guess costs marks on this paper. Timed practice here uses the same rule.
Are these practice questions kept up to date?
Each question is written against the rules printed on this page, last checked on 5 September 2026. A Budget or a SEBI circular can change a rate, a lot size or an expiry day. If one of those rules changes before your exam, treat the questions that use it as out of date. Then check NISM's current workbook.
Case Study - Valuation
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