✍ MCX DAILY LEVELS DAILY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
ALUMINIUM
30-NOV-2016
120
118
117
116
115
114
113
112
111
COPPER
30-NOV-2016
348
343
338
336
333
331
328
323
318
CRUDE OIL
18-NOV-2016
3201
3118
3035
2988
2952
2905
2869
2786
2703
GOLD
05-DEC-2016
31274
31022
30770
30663
30518
30411
30266
30014
29762
LEAD
30-NOV-2016
143
143
141
139
137
135
133
131
129
NATURAL GAS
25-NOV-2015
201
196
191
188
186
183
181
176
171
NICKEL
30-NOV-2016
720
713
706
702
69699
695
692
685
678
SILVER
05-DEC-2016
45233
44603
43973
43685
43343
43055
42713
42083
41453
ZINC
30-NOV-2016
172
169
166
165
163
162
160
157
154
R4
R3
R2
R1
PP
S1
S2
S3
S4
✍ MCX WEEKLY LEVELS WEEKLY
EXPIRY
ALUMINIUM
30-NOV-2016
142
133
126
119
112
110
105
98
91
COPPER
30-NOV-2016
372
365
350
335
329
320
314
305
290
CRUDE OIL
15-NOV-2016
4301
3888
3475
3208
3062
2795
2649
2236
1823
GOLD
05-DEC-2016
32696
31926
31156
30857
30386
30087
29616
28846
28076
LEAD
30-NOV-2016
150
146
142
141
138
137
134
130
126
NATURALGA S
25-NOV-2015
280
251
222
204
193
175
164
135
106
NICKEL
30-NOV-2016
743
728
713
705
698
690
683
668
653
SILVER
05-DEC-2016
48903
47039
45175
44287
43311
42423
41447
39583
37719
ZINC
30-NOV-2016
180
174
168
166
162
160
156
150
144
Monday, 07 November 2016
WEEKLY MCX CALL BUY CRUDEOIL NOV ABOVE 3000 TGT 4000 SL 2994 ✍ FOREX DAILY LEVELS DAILY
EXPIRY
R4
R3
R2
USDINR
26-OCT2016
67.30
67.20
67.10
EURINR
26-OCT2016
74.60
74.50
GBPINR
26-OCT2016
83.90
JPYINR
26-OCT2016
64.70
DATE
R1
PP
S1
S2
S3
S4
67
66.90
66.80
66.7 0
66.60
66.5 0
74.40
74.3 0
74.20
74.10
74
73.90
73.8 0
83.80
83.70
83.6 0
83.50
83.40
83.3 0
83.20
83.1 0
64.60
64.50
64.4 0
64.30
64.20
64.1 0
64
63.9 0
✍ FOREX WEEKLY LEVELS DAILY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
USDINR
26-OCT2016
67.70
67.5 0
67.30
67.1 0
66.90
66.70
66.5 0
66.30
66.10
EURINR
26-OCT2016
75
74.8 0
74.60
74.4 0
74.20
74
73.8 0
73.60
73.40
GBPINR
26-OCT2016
84.30
84.1 0
83.90
83.7 0
83.50
83.30
83.1 0
82.90
82.70
JPYINR
26-OCT2016
65.10
64.9 0
64.70
64.5 0
64.30
64.10
63.9 0
63.70
63.50
WEEKLY FOREX CALL BUY GBPINR NOV ABOVE 83.60 TGT 84.60 SL 82.80 PREVIOUS WEEK CALL BUY GBPINR NOV ABOVE 82.80 TGT 83.50 SL 82.20 - NOT EXECUTED BUY JPYINR NOV ABOVE 64.70 TGT 65.20 SL 64.30 - NOT EXECUTED
✍ NCDEX DAILY LEVELS DAILY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
SYOREFIDR
20-DEC-2016
687
682
677
675
672
670
667
662
657
SYBEANIDR
20-DEC-2016
327 8
3232
318 6
3159
3140
3113
3094
3048
3002
RMSEED
20-DEC-2016
499 7
4867
473 7
4689
4607
4559
4477
4347
4217
JEERAUNJHA
20-DEC-2016
190 47
1864 7
182 47
18093
1784 7
1769 3
1744 7
1704 7
1664 7
GUARSEED10
20-DEC-2016
351 4
3466
341 8
3391
3370
3343
3322
3274
3226
TMC
20-DEC-2016
752 1
7421
732 1
7281
7221
7181
7121
7021
6921
DATE
✍ NCDEX WEEKLY LEVELS WEEKLY
EXPIRY
R4
R3
R2
R1
PP
S1
S2
S3
S4
SYOREFIDR
20-DEC-2016
725
706
687
680
668
661
649
630
611
SYBEANIDR
20-DEC-2016
3445
334 5
3245
318 3
3145
3083
3045
2945
2845
RMSEED
20-DEC-2016
5165
497 2
4779
471 0
4586
4517
4393
4200
4007
JEERAUNJHA
20-DEC-2016
1992 7
191 97
1846 7
182 03
1773 7
1747 3
17007
1627 7
1554 7
GUARSEED10
20-DEC-2016
3684
357 8
3472
341 7
3366
3311
3260
3154
3048
TMC
20-DEC-2016
7670
751 4
7358
730 0
7202
7144
7046
6890
6734
DATE
WEEKLY NCDEX CALL BUY GUARSEED DEC ABOVE 3370 TGT 3470 SL 3280
MCX - WEEKLY NEWS LETTERS � BULLION Gold edged higher on Thursday in response to a lower dollar and also uncertainty about the outcome of a tight U.S. presidential race. Democrat Hillary Clinton maintained her narrow lead over Republican rival Donald Trump just days ahead of the Nov. 8 election, according to two polls released on Thursday. helped the dollar to recover from multi-week lows, although it remained 0.1 percent lower against a basket of six main currencies. "Risk-off sentiment has helped gold above $1,300 yesterday ... and as long as uncertainty around the outcome of U.S. elections continues, we can see support," Saxo Bank head of research Ole Hansen said. Spot gold XAU= , lower initially, rose 0.2 percent to $1,298.91 an ounce at 1537 GMT. It touched a onemonth high of $1,307.76 in the previous session, before retreating as Federal Reserve signalled it could raise interest rates next month. The Fed kept rates unchanged on Wednesday, but said the economy had gathered steam and job gains remained solid. Policymakers also expressed more optimism that inflation was moving toward their 2 percent target. gold futures GCcv1 fell 1.4 percent to $1,289.30. "The fact that the Fed made some hawkish comments opening up to a rate increase in December could be seen as a negative for gold," Mitsubishi Corp analyst Jonathan Butler said. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets, while also boosting the dollar, in which the metal is priced. "But the narrowing of the polls between Clinton and Trump is more important in terms of gold's positioning this week. We could see more gains before Tuesday, as the dollar retreats and safe havens such us the Japanese yen or the Swiss franc increase." The market will now focus on nonfarm payrolls data, which will be released on Friday. FRX/ are expected to have added 175,000 jobs in October, according to the median estimate of 106 economists polled by Reuters. "Even bad data won't change the idea of a rate hike as the Fed has shown that there is a high probability for a rate hike in December," Jiang Shu of Shandong Gold Group said. Among other precious metals, silver XAG= fell 1.1 percent to $18.23, retreating from a high of about $18.73 on Wednesday, its best level since Oct. 4. Platinum XPT= was up 0.6 percent at $991.40 and palladium XPD= dropped 0.8 percent to $623.25.
� ENERGY Oil prices edged up in early trading on Friday, stabilising after five straight days of falls triggered by a surge in U.S. crude inventories and doubts over the ability of oil producers to coordinate an output cuts. International Brent crude oil futures LCOc1 were trading at $46.50 per barrel at 0036 GMT, up 15 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate futures were at $44.83, up 17 cents, or 0.4 percent. Despite the slight increases, traders said market sentiment was bearish. Brent futures fell for the past five straight trading sessions and is
down about 13.5 percent since its most recent peak in mid-October. Analysts said markets were also weighed down by traders pulling out money from crude futures ahead of the upcoming U.S. presidential elections, which are seen as a risk to global markets. "I suspect the main drivers are that risk is being taken off the table ahead of next week's election and the continuance of long liquidation," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore. Beyond concerns ahead of the U.S. elections, traders said oil market fundamentals were also weak, with U.S. crude stocks surging, demand growth low, and doubts that the Organization of the Petroleum Exporting Countries and non-OPEC producer Russia can agree on a meaningful output cut later this month."Crude oil continued to sell off with new data raising concerns of an expanding surplus... Investors also continued to fret about OPEC failing to reach an agreement on production cuts," ANZ bank said on Friday. U.S. crude oil stockpiles soared more than 14 million barrels last week, the largest weekly build since the U.S. Energy Department started keeping records in 1982, highlighting that a global fuel supply overhang is far from over. oil production remains near records and inventories are high, British bank Barclays said demand growth was timid. "Q3 16 demand growth rate is less than one-third that of the same quarter last year," Barclays bank said in a note to clients, estimating last quarter's growth below 1 million barrels per day (bpd). It said consumption increases for the last quarter of the year would not be much higher, before averaging 1.3 million bpd in 2017.
Oil prices settled down more than 1 percent on Thursday as investors reeled from a record weekly surge in U.S. crude inventories, and remained skeptical about whether OPEC can actually implement its planned output cap.U.S. crude CLc1 fell 68 cents, or 1.5 percent, to settle at $44.66 per barrel. At one point, oil had fallen more than $1 a barrel and hit a session low of $44.37. Brent crude LCOc1 was down 51 cents, or 1.1 percent, at $46.35 a barrel. It hit a session low of 45.99.Traders said energy monitoring service Genscape reported a weekly build of 1.2 million barrels at the U.S. delivery base in Cushing, Oklahoma. That kept a lid on oil prices a day after crude fell to a five-week low, when U.S. data on Wednesday showed stockpiles of oil surged a record 14 million barrels last week. Thursday, prices were also pressured as U.S. equities fell, with the S&P 500 stock index headed for its longest losing streak since the 2008 financial crisis. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Nov. 30 in Vienna to agree on a production cap to reduce a global glut and combat low prices.Market watchers have grown skeptical that a concrete deal can be reached or enforced. OPEC has not made clear how much each member should cut, and several have been resistant. A Reuters survey this week based on shipping data and industry sources indicated that OPEC output probably set a record high in October. got this rally a few weeks ago, recent weeks on the expectation that we'll see some cohesive cut coming through from OPEC, but that's been slowly unwound," said Matt Smith, director of commodity research at energy data provider
ClipperData. News of an attack on a Nigerian pipeline, which sources say cut output by at least 200,000 barrels, lent some support to crude prices. Nigeria, Africa's largest crude producer, has been hamstrung in months by rebel activity. prices have been falling for four days and have not recovered to levels reached in October after the preliminary agreement by OPEC to cap production, reached at a meeting in Algiers. "If there were broadly three drivers propelling oil prices from about $45 per barrel ahead of Algiers to $53 - OPEC expectations, inventories and a more or less benign macro environment - they suddenly seem spent," Credit Suisse analysts said in a note. � BASE METAL Copper futures traded a shade lower at Rs 328.20 per kg as speculators trimmed positions, tracking a weak trend overseas and muted spot demand. At the Multi Commodity Exchange, copper for delivery in current month declined by 15 paise or 0.05 per cent to Rs 328.20 per kg in business turnover of 854 lots. Similarly, the metal for delivery in February contracts shed 15 paise or 0.04 per cent to Rs 333.65 per kg in 4 lots. Analysts attributed the fall in copper futures to weak trend in global markets where copper weakened and fall in demand at the domestic spot markets here. Meanwhile, Copper for delivery in three month fell 0.4 per cent at the London Metal Exchange. Nickel prices went up 0.96 per cent to Rs 703 per kg in futures trade as speculators raised their bets, driven by rising demand at the domestic spot markets amid a firming trend in base metals at the London Metal Exchange. In futures trading at the Multi Commodity Exchange, nickel for delivery in November spurted Rs 6.70, or 0.96 per cent, to Rs 703 per kg, in a business turnover of 898 lots. The metal for delivery in December was trading higher by Rs 6.70, or 0.95 per cent, to Rs 708.50 per kg in 11 lots. Analysts said the rise in nickel prices at futures trade was mostly attributed to strong demand from alloy makers at the domestic spot markets coupled with a strength in base metals at the London Metal Exchange (LME) after China's economy stabilised in the third quarter, to bolster the outlook for commodities demand. Nickel prices went up by 0.56 per cent to Rs 694.80 per kg in futures trade as speculators raised their bets, driven by a firming trend at the domestic spot markets on pick-up in demand. In futures trading at the Multi Commodity Exchange, nickel for delivery in current month spurted Rs 3.90, or 0.56 per cent, to Rs 694.80 per kg, in a business turnover of 985 lots. The metal for delivery in December was trading higher by Rs 3.40, or 0.49 per cent, to Rs 700 per kg in 22 lots. Analysts said a firming trend at the domestic spot markets following increased demand from alloy-makers mainly pushed up nickel prices at futures trade here.
Aluminium prices edged lower by 0.39 per cent to Rs 115.50 in futures trade as speculators booked profits at prevailing levels. At the Multi Commodity Exchange, aluminium for delivery
in November eased by 45 paise, or 0.39 per cent to Rs 115.50 per kg in a business turnover of 704 lots. Similarly, the metal for delivery in December shed 25 paise, or 0.21 per cent to Rs 116.05 per kg in 6 lots. Market analysts said besides profit-booking by participants, fall in demand from consuming industries in the spot market, mainly influenced aluminium prices at futures trade. At the Multi Commodity Exchange, zinc for delivery in December was trading higher by Rs 1.05, or 0.64 per cent, to Rs 165.50 per kg, in a business turnover of 59 lots. The metal for delivery in November rose Re one, or 0.61 per cent, to trade at Rs 164.90 per kg in 1,009 lots. Globally, zinc for delivery in three months rose 2.6 per cent to settle at USD 2,458 per tonne at the London Metal Exchange yesterday, after touching USD 2,479.50, the highest since August 2011. Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market and metal climbing to over five-year highs at the LME with investors betting that a rebound in demand from China will underpin prices. NCDEX - WEEKLY MARKET REVIEW Heavy rain forecast for AP, Odisha coasts as depression lingers in Vicinity The depression in the west-central Bay of Bengal lay 240 km south-east of Visakhapatnam and 520 km southsouthwest of Paradip on Friday evening. It was 880 km south-southwest of Khepupara in Bangladesh, where it is headed for landfall as a deep depression, a stepdown from a tropical cyclone forecast earlier. The intensification may happen after it recurves away to the North-East from the Andhra Pradesh coast, skirting both the Odisha and Bengal coasts, according to the Met Department. The proximity to the East Coast should bring light to moderate, at times heavy, rain to the coastal areas of these three States until Sunday, the Met said. The US Joint Typhoon Warning Centre , too, has officially cancelled its outlook for any further strengthening of the depression. It is noted that the system is encountering increasing wind shear as it prepares to recurve to the North-East. Wind shear refers to the sudden change in wind speed and direction with height. Rabi sowing 8.3% lower on drop in acreage of pulses, coarse cereals Sowing of key rabi crops (winter crops), such as wheat, mustard and gram, has begun in major producing States. According to the Agriculture Ministry, sowing has taken place so far on about 81.55 lakh ha, which is about 8.3 per cent lower than the corresponding period last year. Rabi planting generally starts in early October and goes on till late January. The decline in acreage so far is largely because of a drop in the area under pulses and coarse cereals. However, sowing is expected to accelerate as the season advances. The acreage under wheat — the main rabi cereal — as on November 4 stood at 4.28 lakh hectares, higher than the 2.76 lakh hectares sown during the same period last year. Planting of rice stood at 9.51 lakh ha (6.25 lakh ha). The acreage under oilseeds was highest at 29.79 lakh ha (19.91 lakh ha). Mustard is the main oilseed crop grown during the rabi season, while chana or gram is the main pulses crop. Sowing of pulses was down at 24.16
lakh ha (30.07 lakh ha). Coarse cereal acreage declined to 13.84 lakh ha (29.92 lakh ha). A near normal South-West monsoon this year after two consecutive droughts has led to improved soil moisture levels and comfortable water storage levels across major parts of the country, which should aid the rabi planting. Delayed crushing in western States pulls down Oct sugar production Sugar production in the country in October 2016 -- the first month of the ongoing sugar season -dropped sharply by 44 per cent to 1.04 lakh tonnes compared to the same month last year as Maharashtra and Gujarat delayed production. v“In all, 28 mills have started crushing as on October 31 2016, as against 65 in 2015-16 sugar season same time,” according to industry body Indian Sugar Mills Association. During 2016-17, Maharashtra mills delayed their crushing operations to get the cane matured further to get better sugar recovery from standing cane, according to an official release. “These mills are now expected to start crushing from November 5, 2016. Similarly, Gujarat mills are expected to start this week,” the release added. With the carryover stock of 77 lakh tonnes as on October 1 2016 and estimated sugar production of 234 lakh tonnes, total sugar available in the country during 2016-17 sugar season would be around 311 lakh tonnes against the estimated consumption of 255 lakh tonnes, according to ISMA estimates. ✍ Sugar Sugar Futures closed down last week due to subdued physical demand and expectation of sufficient supplies in the country. However, the price recovered on Friday on reports of lower sugar production in October compared to last year. The most-active December sugar contract closed 0.44% higher on Friday to settle at 3,441 per quintal. Sugar production in the country in October 2016 -- the first month of the ongoing sugar season -- dropped sharply by 44 per cent to 1.04 lakh tonnes compared to the same month last year as Maharashtra and Gujarat delayed production As per ISMA’s first media release, during 2016-17 SS, Maharashtra mills delayed their starting so as to get the cane matured further to get better sugar recovery from standing cane. These mills are now expected to start crushing from 5th November, 2016. Similarly, Gujarat mills are expected to start this week. The carryover stock as on 1st October is pegged at 77 lt and production is estimated at 234 lt in 2016-17 SS. Thus, total sugar available in the country during 2016-17 SS would be around 311 lt, against the estimated consumption of 255 lt. Moreover, government is looking to enhance domestic supplies by reduce import duty if the prices domestic market increase. Central government is exploring the option of lowering the 40% import duty on the sweetener in its raw form. Due to droughts, sugar production in Maharashtra is likely to drop nearly 40 percent to 5 million tonnes in the 2016/17 season started on Oct. 1 compared with a year earlier. ✍ Soybean Soybean futures closed lower last week due to higher arrivals of soybean in the physical markets. The prices have dropped below the MSP in States of MP and Gujarat. The most-active Nov’16
delivery contract closed 1.45% down last week to settle at Rs. 3,069 per quintal. The harvesting of soybean in full swing and supplies are strong in the physical market. As per SEA recent survey soybean production in 2016- 17 forecasted at 10.9 mt, up 58% from the last year. CBOT soybean rose for the second straight session on Friday as investors turned their attention to export data after a price slide fuelled by big harvest supplies. The USDA’s weekly export sales report support prices, led by brisk Chinese buying of U.S. soybeans. As per USDA, net sales of 2.5 mt for 2016/2017--a marketing-year high--were up 28% from the previous week and 34% from the prior 4-week average. U.S. soy harvest was 87% complete as on 30 Oct, ahead of the five-year average of 85 percent but in line with an average of trade expectations. Soybean traders are also watching crop prospects in South America and expectations for a big Brazilian harvest are being reinforced by rapid planting followed by beneficial rainfall. ✍ Mustard Seed Mustard seed futures gain last week due to increase in demand from the industrial consumer for crushing as winter sets in. However,reports of good progress of sowing in Rajasthan capped further rise. The Nov’16 contract ended 2.74% higher last week to settle at Rs.4,650/quintal. As per agriculture ministry data, all-India acreage of mustard in the ongoing rabi season was nearly 2.73 mln ha as on Nov 04 up 80% from a year ago. The country's production of rapeseed is expected to increase by 12.5% to 6.3 mt from a year earlier. The rabi sowing in the largest mustard producing state, Rajasthan has started. According to government data, Rajasthan has sown 13.7 lakh hectares as on 24th Oct 2016, up by 191.5% higher compared to last year acreage.As per the latest USDA monthly report, global rapeseed production for 2016/17 is forecast at 67.6 mt, up from 66.9 mt last month and down 3 % from 2015/16. Larger crops are expected from Canada, Australia, and the United States offset a slight decrease for Russia. ✍ Refined Soy Oil Refined soy oil futures closed lower last week due to pressure on domestic soybean and International edible oil prices. The most active,Ref Soy oil Nov’16 expiry contract closed 0.19% down to settle at Rs. 667.9 per quintal last week. Though the tariff value of crude soyoil were raised by $8 per tn to $853 which was the third increase in two month by the government the domestic prices were traded lower on steady demand and good stocks. Since January 2016, the base import prices for crude soy oil increase by more than 20% from $720 per tonnes. As per SEA data, India September crude soyoil import 469,564 tonnes, an increase of 46 % compared to 321,062 tonnes year ago while, India Nov-Sep crude soyoil import 3.96 mt vs 2.58 mt – an increase of 53% y/y for the current oil year. Earlier, India has cut import taxes on both crude palm oil and refined edible oils by 5% points to 7.5 and15 % respectively. ✍ Jeera Jeera futures gain for third consecutive day on Friday to close higher last week due to pickup in physical demand and lower level buying by the market participants. NCDEX Nov’16 Jeera
closed 1.75% higher last week to close at Rs 17,715 per quintal..The price trend on the chart looks positive on reports of dwindling physical supplies and slow start to the new season sowing in Gujaratand Rajasthan. Moreover, pickup in physical demand and expecting dwindling supplies in the physical market pushed the prices higher. According Department of commerce data, the exports of Jeera in the first five months (Apr-Aug) of 2016-17 is at 60,907 tonnes, higher by 62% compared to last year same time. The exports of jeera during August 2016 increase 65% m/m to 9,003 tonnes while there is also increase exports y/y by 65.7%. ✍ Turmeric Turmeric futures closed higher during the last week and continue its positive trend due to good demand from the local buyers as well as expectation of demand upcountry buyers as supplies may dwindle during next month. Turmeric Nov’16 delivery contract on NCDEX closed 1.12% higher last week to settle at Rs 7,414 per quintal. Currently the supplies are for medium and poor quality during the restof the season till new crop arrived which may keep the prices sideways to higher. It is expected that the demand from the industrial buyers will support the prices just before new season harvesting. On the export front, country exported about 51,147 tonnes of turmeric during April-August period up by 32% compared last year, as per department of commerce data. Expectations of increasing production in coming harvesting season and lowering export demand in recent months are putting pressure on turmeric prices at higher levels. Turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared last year. ✍ Kapas Cotton complex prices closed lower last week due to higher arrivals in the physical market coupled with lower off take from the buyers as prices were at higher levels. Last week, NCDEX Kapas for Apr’17 closed 0.28% lower while MCX Oct’16 cotton closed 1.50% down%. The arrivals have begun in Gujarat, Madhya Pradesh and are expected to pick in Haryana where the ginners have called off their strike. Industry expects the cotton output to surpass 35-36 million bales this season. Despite less area under cotton, good monsoon expected to rescue the 2016-17 production. industry are estimating 355 lakh bales 170 kg each for the season 2016-17 (Oct-Sep), as against the government’s first estimate of 321.2 lakh bales. As per CAB, India's cotton output is seen at 351 lakh bales (1 bale = 170 kg), up 4% from 338 lakh bales a year ago due to good monsoon and minimum pest infestation. Cotton area is down by 11.6% at 105.6 lh against 116 lh last year.For the current season, cotton arrivals in the country are pegged at 21 lakh bales as on 2 nd November, 2016. In October, Punjab, Haryana and Rajasthan together account for at 5.82 lakh bales while Gujarat and Maharashtra added 7.3 lakh bales. Madhya Pradesh too seen about 1.82 lakh bales arrivals. In South India, about 3.36 lakh bales arrivals have been recorded. According to USDA, production in India is forecast at 26.5 million bales 5.77 mt, up marginally from 2015/16. A rebound in India’s yield is expected to offset a 10-percent reduction in cotton area this season.
LEGAL DISCLAIMER This Document has been prepared by Ways2Capital (A Division of High Brow Market Research Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for general information only. Ways2Capital Equity/Commodities Research, its directors, officers or employees shall not in any way to be responsible for the contents stated herein. Ways2Capital Equity/Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities or commodities. All information, levels & recommendations provided above are given on the basis of technical & fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability for errors of opinion. People surfing through the website have right to opt the product services of their own choices. Any investment in commodity market bears risk, company will not be liable for any loss done on these recommendations. These levels do not necessarily indicate future price moment. Company holds the right to alter the information without any further notice. Any browsing through website means acceptance of disclaimer. DISCLOSURE High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business
with companies covered in research report nor is associated in any manner with any issuer of products/ securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance with the regulatory body, we have resolved that the company and all its representatives will not make any trades in the market. Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. Clients are also advised to read & understand terms & conditions of services published on website. No litigations have been filed against the company since the incorporation of the company. Disclosure Appendix: The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. Disclosure in terms of Conflict of Interest: (a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the subject company and the nature of such financial interest; (b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial ownership of one percent or more in the securities of the subject company, (c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the time of publication of the research report or at the time of public appearance; Disclosure in terms of Compensation: High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt. Ltd. Disclosure in terms of Public Appearance: (a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months; (b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report. (c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company; (d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.