What is Panchang in Vedic Astrology?

Panchang in Hindu Astrology or Indian vedic astrology is a sort of Hindu Almanac. Literally it means "Five Limbs (parts)". The Five Parts are

1) Tithi
2) Nakshatra
3) Rasi
4) Yoga
5) Karan

What exactly is Astrology?

In simple terms astrology is the study of the transitory movements and relative positions of celestial bodies interpreted as having an influence on human affairs and the natural world.