Free and open stock market and financial education

Varsity is an extensive and in-depth collection of stock market and financial lessons created by Karthik Rangappa at Zerodha. It is openly accessible to everyone and is one of the largest financial education resources on the web.

Karthik Rangappa heads educational initiatives at Zerodha and has more than a decade of research experience in financial markets. He travels widely conducting educational programmes.


  • 1. Introduction to Stock Markets

    15 chapters
    Investing ensures financial security, and the Stock market plays a pivotal role in this domain, it is a place where people buy/sell shares of publicly listed companies. In this module, you will learn about the fundamentals of the stock market, how to get started, how it functions and the various intermediaries that appertain it.


  • 2. Technical Analysis

    22 chapters
    Technical Analysis (TA) plays an important role in developing a point of view. Like every other research, TA also has its own attributes. In this module, we will discover all those complex attributes of TA, study various patterns, indicators and theories that will help you as a trader to find upright trading opportunities in the market.


  • 3. Fundamental Analysis

    16 chapters
    Fundamental Analysis (FA) is a holistic approach to study a business. If you are an investor that is looking for long term investments this module will help you understand Equity research, help you in reading the financial statements, annual reports, calculation of Financial Ratio, Analysis and most importantly help you in evaluating the intrinsic value of a stock to find long-term investing opportunities.


  • 4. Futures Trading

    13 chapters
    Futures Trading involves trading in contracts in the derivatives markets. This module covers the various intricacies involved in undergoing a futures trade including margins, leverages, pricing, etc


  • 5. Options Theory for Professional Trading

    24 chapters
    An option is a contract where the price of the options is based on an underlying. Options contracts grant the buyer the right to buy the underlying without a compulsory obligation.


  • 6. Option Strategies

    14 chapters
    The module covers various options strategies that can be built with a multi-dimensional approach based on Market trend involving Option Greeks, Risk-Return, etc.


  • 7. Markets and Taxation

    7 chapters
    As a trader in India, you should be informed of all the taxes that are levied on your investments and account. This module overlays the taxation countenance of Investing/Trading in the Markets. It also outlines the various essential topics like calculation of your turnover, how to prepare a balance sheet and the P&L statement, and further about how you can file your Income Tax Returns.


  • 8. Currency, Commodity, and Government Securities

    19 chapters
    This module covers the Currency,  MCX Commodity contract, and the Government Securities (GSec) traded in the Indian Markets.


  • 9. Risk Management & Trading Psychology

    16 chapters
    The module covers the risk management aspect along with the psychology required for being consistent and profitable while trading


  • 10. Trading Systems

    16 chapters
    Have you considered building your own Trading System? Well, then this module is for you. The major components of building a good trading system are input parameters and interpreting output alongside decision-making. In this module, we will learn about all the components and much more including the techniques and different types of Trading Systems.


  • 11. Personal Finance (Part 1)

    30 chapters
    Personal finance is an essential aspect of your financial life as it helps you achieve your short term and long term financial goals. This module encompasses the various aspects of personal finance such as retirement planning, Mutual funds, ETFs, Bonds, and goal-oriented investments.


  • 12. Innerworth — Mind over markets

    603 chapters
    A series of articles on the psychology of trading, that will guide you mend your thought and prepare you psychologically to become a novice trader.

  • 13. Integrated Financial Modelling

    6 chapters

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Chapter updates

  • 11. Personal Finance (Part 1) on January 13, 2021

    Ch 27 – Smart-beta funds

    27.1 – Overview Before we get started with this chapter, I need to inform you that this chapter (and the chapter on Index funds) is not authored by me (Karthik). These two chapters are authored ..

  • 11. Personal Finance (Part 1) on February 17, 2021

    Ch 29 – Exchange-traded funds (ETF)

    Please note, this is a guest chapter, and I’ve not authored this. This chapter on ETFs is authored by my colleague, Bhuvan. However, I’ll try and answer all the follow on queries that you& ..

  • 11. Personal Finance (Part 1) on June 18, 2020

    Ch 17 – Arbitrage Funds

    17.1 – Arbitrage We were to move ahead and discuss MF attributes and gradually steer our way to identify techniques of building a mutual fund portfolio. While I was all set to do that, I just rememb ..

  • 11. Personal Finance (Part 1) on June 3, 2020

    Ch 16 – Index Funds

    16.1 Overview In chapter 6 & 7, we discussed the basics of a mutual fund and how a fund works. Just to recap, a mutual fund is a pooled investment vehicle that takes your money, invests and manage ..

  • 11. Personal Finance (Part 1) on May 22, 2020

    Ch 15 – Investing in Bonds

    15.1 – Context I understand we concluded the previous chapter by hinting that we would discuss Index funds next. However, I’m taking a bit of a detour to introduce how one can invest in Bonds dire ..

Recent comments

  • kindly guide me. above hdfcbank example valid in current margin rule where SPAN AND EXPOSURE both need to get reported to exchange ...

    27 Sep 2021
  • I buy a prismx share(CNC order) on 24/September(Trade day) but share is going for a lower circuit day by day. Can I put AMO order on 27/September(T+1 day) For 28/September (T+2 day). Is there any kind of penalty? ...

    27 Sep 2021
  • Consider a company ABC is announcing a bonus Announcement date:10/08/2021 Ex bonus date:29/08/2021 Record date:30/08/2021 Bonus ratio:1:10 10/08/2021 CMP OF ABC is 500 02/09/2021 CMP OF ABC IS 520 (THE PRICE DIDN'T CHANGE CONCERNING TO bonus ra ...

    27 Sep 2021
  • 1008 Karthik Rangappa on Call Option Basics

    Thanks for the kind words, Pradeep. Just to let you know, both futures and options monthly contracts expire on the same day i.e. the last Thursday of the month. Hope you continue to like the content. Happy learning :) ...

    27 Sep 2021
  • Remember, you can buy and sell option premium even before the expiry. So the P&L will be just like the way you buy and sell options. ...

    27 Sep 2021

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