Commodity research report 09 october 2017 ways2capital

✍ MCX DAILY LEVELS DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-OCT-2017

144.00

143.00

142.00

141.00

140.00

139.00

138.00

137.00

136.00

COPPER

30- NOV-2017

456.50

452.50

448.50

442.50

439.80

435.50

431.50

427.50

422.50

3400

3350

3320

3299

3262

3212

3175

3120

3080

CRUDE OIL

18-OCT-2017

GOLD

05-DEC--2017

29785

29735

29685

29635

29494

29444

29394

29332

29250

LEAD

31-OCT-2017

170.30

169.30

168.30

167.30

166.30

165.30

164.30

163.30

162.30

NATURAL GAS

26-OCT-2017

198.00

196.00

194.00

192.00

189.30

188.00

186.00

184.00

182.00

NICKEL

31-OCT-2017

721

714

707

699.90

693.40

687.00

680.00

673.00

665.00

SILVER

05-DEC--2017

40150

40000

39850

39700

39378

39301

39200

39000

38800

ZINC

31-OCT-2017

218.80

217.80

216.80

215.80

214.80

213.80

212.80

211.80

210.80

✍ MCX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

ALUMINIUM

31-OCT-2017

148.00

146.00

144.00

142.00

140.00

138.00

136.00

134.00

132.00

COPPER

30- NOV-2017

466.50

463.50

456.50

448.50

439.80

431.50

422.50

417.50

412.50

3550

3470

3400

3320

3262

3175

3080

3010

2950

CRUDE OIL

18-OCT-2017

GOLD

05-DEC--2017

29985

29885

29785

29685

29494

29394

29250

29150

29050

LEAD

31-OCT-2017

174.30

172.30

170.30

168.30

166.30

164.30

162.30

160.30

158.30

NATURAL GAS

26-OCT-2017

206.00

202.00

198.00

194.00

189.30

186.00

182.00

178.00

174.00

NICKEL

31-OCT-2017

765.00

745.00

721

707

693.40

680.00

665.00

645.00

625.00

SILVER

05-DEC--2017

40999

40500

40150

39850

39378

39200

38800

38200

37800

ZINC

31-OCT-2017

222.20

220.80

218.80

216.80

214.80

212.80

210.80

208.80

206.80

Monday 09 October 2017

✍ FOREX DAILY LEVELS DAILY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

27-OCT-17

66.51

66.25

66.00

65.75

65.45

65.22

65.01

64.75

64.51

EURINR

27-OCT-17

77.50

77.30

77.10

76.99

76.83

76.73

76.53

76.33

76.13

GBPINR

27-OCT-17

86.78

86.48

86.08

85.99

85.78

85.50

85.20

84.90

84.70

JPYINR

27-OCT-17

58.70

58.61

58.51

58.40

58.25

58.19

58.11

58.01

57.91

✍ FOREX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

USDINR

27-OCT-17

67.51

67.01

66.51

66.00

65.45

65.01

64.51

64.01

63.51

EURINR

27-OCT-17

78.20

77.90

77.50

77.10

76.83

76.53

76.13

75.83

75.60

GBPINR

27-OCT-17

87.78

87.28

86.78

86.08

85.78

85.20

84.70

84.10

83.70

JPYINR

27-OCT-17

59.11

58.91

58.71

58.51

58.31

58.11

57.91

57.71

57.51

MCX - WEEKLY NEWS LETTERS � BULLION Bullion counter may trade on positive path as weaker greenback and safe haven demand can give support to the prices. Meanwhile movement of local currency rupee will give further direction to the prices. Gold can move in range of 29300-29700 while silver can move in range of 39000-40000 in near term. Gold prices rose early on Monday, pulling further away from a two-month low, as fresh concerns over North Korea's nuclear ambitions stoked safehaven demand for the precious metal and weighed on the dollar.

The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week, due to a renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test. North Korea's leader Kim Jong Un said his nuclear weapons were a "powerful deterrent" that guaranteed its sovereignty, state media reported on Sunday, hours after US President Donald Trump said "only one thing will work" in dealing with the isolated country. Hedge funds and money managers reduced their net long positions in COMEX gold and silver contracts for the third straight week, in the week to Oct. 3, US Commodity Futures Trading Commission (CFTC) data showed on Friday.Gold bounced up from a two-month low on Friday, on concerns stoked by a Russian report that North Korea is preparing to test a long-range missile and on support from the U.S. dollar's shift into negative territory.

Earlier, bullion fell to a two-month low at $1,260.16 an ounce on an upbeat reading of the U.S. unemployment rate and wage growth last month that supported expectations for a further U.S. interest rate hike in December. This pushed the dollar and Treasury yields higher. Gold prices have fallen 0.5 percent this week and are facing their fourth straight week of decline, the metal's longest run of weekly losses this year. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Shares, have fallen 13.6 tonnes so far this week, their first weekly outflow in nine weeks and the largest since late July. Demand for physical gold in India improved slightly this week because of a correction in local prices, but restrictions on the industry and increased smuggling took the sheen off the bullion market.SPDR Gold Trust GLD, the world's largest gold-backed exchangetraded fund, said its holdings stood at 856.08 tonnes, remain unchanged from previous business day. Holdings of the largest silverbacked exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10129.51 tonnes, remain unchanged from previous business day.Indian authorities withdrew on Friday an amendment that made jewellers subject to anti-money laundering legislation and caused a drop in gold sales. The Prevention of Money Laundering Act obliges banks and other financial institutions to report all cash transactions above 50,000 rupees ($765) to the government, including customers' personal identification numbers or tax codes.

� BASE METAL Base metals complex may witness some profit booking at higher levels. China markets have opened today after week long national day holidays. Copper may trade in range of 433-442. Aluminum can move in the range of 138-142 in MCX. Nickel can move in range of 685-710. Lead can hover in the range of 163-169. Zinc may move in range of 213- 218. Meanwhile, metals found support as the dollar edged back from more than two-month highs as immediate concerns about North Korea's long-range missile capabilities receded. Business activity in China's services sector grew at its slowest pace in 21 months in September as the pace of new business cooled, a private survey showed. The survey was in sharp contrast to an official gauge of the non-manufacturing sector that showed the services sector expanded at the fastest clip since 2014 in September, blurring the picture on how a key part of the economy is performing. Hedge funds and money managers reduced their net long positions in COMEX copper futures and options for the fourth straight week, in the week to Oct. 3, U.S. Commodity Futures Trading Commission data showed on Friday. Copper registered its largest weekly gain since late August, underpinned by expectations of strong demand from top consumer China, though a strengthening dollar capped price rises. The metal used in power and construction has risen more than 20 percent this year and was on track for a 2.9 percent weekly gain. The U.S. currency was set for a fourth consecutive week of gains, helped by expectations of a U.S. interest rate rise in December. A stronger dollar makes industrial metals more expensive for holders of other currencies, potentially dampening demand. Zinc prices have risen more than 26 percent this year as a Chinese crackdown on polluting industry curbed output, with inventories in LME warehouses dropping to their lowest since 2009. U.S. employment fell in September because of the impact of Hurricanes Harvey and Irma, but the unemployment rate and wage growth suggested an improving labour market.Indonesian President Joko Widodo called for faster progress to wrap up a deal with FreeportMcMoRan Inc on rights to the giant Grasberg copper mine, which the U.S. firm owns, officials said on Friday. The chief executive of the world's biggest publicly traded copper company which under a framework deal agreed in August to divest 51 percent of the mine held talks with officials in Jakarta earlier in the day. The U.S. Commerce Department said on Thursday it would defer issuing its preliminary determination in an anti-dumping duty probe into imports of aluminum foil from China. The department said in a statement the delay would allow it "to fully analyze information pertaining to China's status as a non-market economy (NME) country.

✍ ENERGY Crude oil may open on flat note as it can trade in range of 3200-3280. Crude oil prices gained in Asia on Monday with investors focused on fairly busy week of data points on supply and demand. Crude oil prices gained in Asia on Monday with investors focused on fairly busy week of data points on supply and demand. In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to further weigh what the impact of recent storm activity was on supply and demand. The market is also waiting on President Donald Trump’s decision on Thursday on whether or not to certify Iran’s compliance with the international nuclear deal. The Persian nation is an OPEC member and key Middle Eastern oil producer. Last week, oil prices plunged on Friday, snapping a multi-week bull run amid renewed oversupply concerns, with investor attention shifting to a potential disruption to crude production and refining capacity in the Gulf of Mexico as Tropical Storm Nate bore down on the region. Natural gas may move in range of 185-192. Oil futures fell more than 2 percent on Friday, ending Brent crude's longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling. Russia clarified remarks made by President Vladimir Putin about the oil market earlier this week, saying he did not propose extending a global oil output cut deal but said he recognised it was a possibility. The prospect of extended oil production cuts by the Organization of the Petroleum Exporting Countries and other producers led by Russia had supported prices in recent sessions. Saudi Arabia's energy minister said on Thursday he was "flexible" about prolonging the production-curbing pact until the end of 2018. However, concerns linger about growing U.S. crude exports, due to a hefty WTI discount to Brent prices, which makes U.S. oil more competitive. U.S. crude exports' rise to a record of nearly 2 million barrels per day last week and the growth in U.S. production to 9.56 million bpd has fanned some concerns about oversupply. The Baker Hughes' report on the U.S. oil drilling rigs, an early indicator of future output, showed the rig count fall in for the fourth week out of the last five. OPEC and other oil producers may need to take "some extraordinary measures" next year to rebalance the oil market, the OPEC secretary-general said on Sunday. State-run oil giant Saudi Aramco is in talks with several Indian refiners and hopes to land a joint venture deal by next year, the company's chief executive told Reuters on Sunday.  Some oil ports, producers and refiners in Louisiana, Mississippi and Alabama that shut facilities ahead of Hurricane Nate were planning reopenings as the storm moved inland on Sunday, away from most energy infrastructure on the U.S. Gulf Coast.Indian oil-to-telecoms conglomerate Reliance Industries Ltd has agreed to sell a shale oil and gas block in the United States for $126 million, a third of the price it paid seven years ago, amid a downturn in global oil prices.

MCX TECHNICAL VIEW � GOLD In the last week, Gold prices opened flat and prices corrected for most of the week till low of 29312. Prices recovered strongly in the last session and closed flat on weekly basis. Prices have broken down from its short term rising trend line support in the previous week and corrected sharply after that.Prices have made a bearish shooting star candlestick pattern on the monthly chart, which is suggesting further correction towards next strong support placed around 61.8% Fibonacci retracement of its recent rally from low of 27603 till high of 30474, which is placed around 28700 level. On the higher side immediate resistances are placed around 29703 and 30208 levels.

� CRUDE OIL In the last week, Crude Oil prices opened lower with gap and prices corrected for most of the week till low of 3223. Previously prices have rallied after taking strong support around 50% Fibonacci retracement of its rally from low of 1805 till high of 3780, which is placed around 2792 level. Prices have made a potential inverse head and shoulder chart pattern, which is a bullish pattern. Neckline of the pattern is placed around 3680 level. Prices are expected to rise further from these levels towards immediate resistance placed around its neckline near 3682 level. On the lower side immediate supports are placed around 3232 and 3011 levels.

âœ? COPPER Copper prices opened slightly lower with gap in the last week and prices consolidated for first half of the week in the range of 426-432 levels. Later prices rose strongly for the remaining week till high of 442.20.  Prices have resumed its bullish trend in the last three weeks after taking strong support around its previous multiple highs placed near 415 level. Prices are expected to continue this rally towards immediate resistance placed around its recent high of 451.35 level, which is also around 78.6% Fibonacci extension of its previous rally from low of 291.50 till high of 414.80 level. On the lower side immediate supports are placed around 432 and 419 levels.

✍ NCDEX DAILY LEVELS DAILY

EXPIRY DATE

R4

SYOREFIDR

20-NOV 2017

SYBEANIDR

20-NOV 2017

3017

RMSEED

20-NOV 2017

JEERAUNJHA

R3

R2

R1

PP

S1

S2

S3

S4

663.00

661.00

659.00

657.00

655.00

653.00

651.00

2995

2970

2945

2917

2890

2865

2840

2810

3830

3800

3770

3740

3715

3690

3660

3630

3600

20-NOV 2017

19550

19450

19350

19150

19055

18900

18800

18700

18600

GUARSEED10

20-NOV 2017

3790

3750

3720

3695

3671

3650

3620

3590

3560

TMC

20-NOV 2017

7598

7548

7498

7448

7398

7348

7298

7248

7198

667.00 665.00

✍ NCDEX WEEKLY LEVELS WEEKLY

EXPIRY DATE

R4

R3

R2

R1

PP

S1

S2

S3

S4

SYOREFIDR

20-NOV 2017

673.00

670.00

667.00

663.00

659.00

655.00

651.00

648.00

645.00

SYBEANIDR

20-NOV 2017

3117

3070

3017

2970

2917

2865

2810

2765

2710

RMSEED

20-NOV 2017

3930

3870

3830

3770

3715

3660

3600

3540

3470

JEERAUNJHA

20-NOV 2017

19950

19750

19550

19350

19055

18800

18600

18400

18200

GUARSEED10

20-NOV 2017

3890

3820

3790

3720

3671

3620

3560

3530

3480

TMC

20-NOV 2017

7798

7698

7598

7498

7398

7298

7198

7098

6998

NCDEX - WEEKLY MARKET REVIEW � SPICE COMPLEX NCDEX Jeera for Nov delivery closed lower last week on subdued demand from the physical players due to weak physical demand as exports are usually lower during the months of September, October and November. As per government data, Jeera exports during first four month of FY 2017/18 (Apr-Jun) is 49,205 tonnes, down 11% compared to last year exports volume for the same period. Moreover, there are assumptions that the area under jeera may increase by more than 30% in coming rabi season due to higher prices. The arrivals have been lower during September at 6,529 tonnes compared to 7,103 tonnes in August. India's jeera exports in Jun surged 29.6% on year to 13,503 tn. Turmeric futures for Nov delivery closed lower last week but still trend looks sideways to lower due to beneficial rains in the southern peninsula. The export of turmeric is down by 16.4% to 41,517 tonnes for the first 4 month of FY 2017/18 compared to last years’ exports. For 2017/18, turmeric sowing in Telangana, as on 27th Sep, down 1.5% to 44,956 hectares as compared to last year acreage of 45,633 hectares. The production estimate of turmeric for 2016/17 is pegged at 11.32 lakh tonnes by government in 3rd advance estimate higher from 9.43 lakh tonnes in 2015/16. Dhaniya futures failed to sustain at higher levels tracking weak fundamentals and profit booking. Jeera and Turmeric futures traded with negative bias on lack of buying interest from traders. Cardamom futures faced selling pressure due to profit booking. Prices of Turmeric are likely to resume its upswing and Cross Rs. 8000/qtl levels in coming sessions at NCDEX (Nov) futures on expectation of lower output due to unsupportive weather conditions in major growing areas.

Prices of Jeera are likely to get support at lower levels and test resistance of Rs.20050/qtl at NCDEX (Nov) due to low availability of stock in physical market and quality concerns. Upside in Dhaniya futures can be use to initiate fresh shorts as fundamentals of the commodity are bearish. India exported 3,06,990 tonnes of Spices worth Rs 4,589.14 crore during the first quarter of the 2017-18 financial year, up 35% as compared to 2,27,938 tonnes in the corresponding period last year, the Spices Board of India said. Below normal monsoon rainfall in major growing regions, lower carryover stocks and better export demand likely to support Cardamom prices in near term.

✍ OILSEED COMPLEX NCDEX Soybean Nov futures recorded second successive fall last week on expectation of increase in arrivals from new season crop. Moreover, extend in the limits on stocks of oilseeds and edible oils with traders and mills till September 30, 2018 also bearish for the oilseeds. As the prices of soybean move below the MSP in key physical markets, central government has given approval for procurement of 100,000 tn soybean from farmers in Maharashtra and 150,000 tn of the oilseed from Rajasthan at minimum support price. U.S. soybean futures ended higher on Friday, to a one-week high in the final minutes of trade on technical buying and worries about dry weather hampering planting in Brazil.

Concerns about rains slowing down the U.S. harvest, which was already behind the typical pace, added strength to soybeans. Friday’s Commitment of Traders report showed soybean futures and options spec traders trimming their net long position by just 562 contracts to 27,758 contracts as of Tuesday. Analysts are expecting next Thursday’s WASDE to show a national yield of 49.9 bps, even with the USDA’s previous number. SAFRAS and Mercado increased their 2017/18 Brazilian soybean production estimate 1.5 mt to 114. mt. Mustard Nov futures see some fresh buying on Thursday by the market participants.

However, reports of higher stock levels in the country and good physical demand from the oil mills is keeping the price steady. As per data compiled by Mustard Oil Producers Association of India, Oil mills across the country crushed 425,000 tn of mustard seed in September, down around 6% from previous month.There are improved mustard meal exports in first 5 month of FY 2017/18. Country exported 216,258 tonnes mustard meal during this period which is 122% higher on year. Country's top mustard producing state, Rajasthan, has set a target of 37.7 lakh tonnes production in 2017-18 (Jul-Jun), 4.3% lower from the output a year ago.MCX CPO closed lower last week but traded mostly sideways due to higher supplies in the domestic market. The prices have been supported at higher levels due to increase in tariff value for the first half of October. The government increased the base import price of all palm oils, with the steepest hike of $30 per tn for refined, bleached and deodorised palm oil. The base import prices of refined, bleached and deodorised palmolein, and crude palmolein were raised by $28 per tn each. The stock of CPO as on 1st Sept., 2017 at various ports is estimated at 3.4 lakh tonnes compared to 2.7 lakh tonnes in previous month.

According to SEA release, during NovemberAugust period, crude palm oil import increased to 50.82 lt from 46.70 lt during the same period of the previous oil year. Malaysian palm oil traded higher on Friday ahead of the release of official data for September, charting a fourth straight day of gains and finishing the week stronger after two consecutive weeks of decline. Traders are expecting September output rising to 1.84 million tonnes, the strongest in nearly two years, while exports are forecast to gain 7.8 percent to 1.60 million tonnes. Malaysia's palm oil shipments during Sept were about 10 % up and expectations are that production will top demand in the same month so that ending stocks may grow.

Refined Soy Oil Nov futures closed lower last week taking clues from the International Soyoil which falls close to 0.8% last week. Soy oil the prices in physical market were supported by good retail demand as festival season in the country is nearing. Moreover, weak rupees and increase in import tax also supported prices. Government kept the base import price of crude soyoil was kept unchanged at $851/tonnes for the first half of October. The government revises the base import prices every fortnight, based on global prices and changes in foreign exchange rate. Prices were last revised on Sep 15.

Soybean at NCDEX (Nov) traded down tracking sufficient availability of stock in spot market vs demand. Higher arrivals are pressurizing the prices at current levels. Downside in Soybean likely to remain limited on support of weaker Rupee and Festive demand. CPO at MCX (Oct) witnessed profit booking at higher levels. RMSEED at NCDEX (Nov) is likely to test next resistance of Rs.3870/qtl.

Overall outlook of the Oil and Oil Seeds complex looks bullish ahead of Festive season. NCDEX (Nov) Castor extended losses in consecutive sessions on lack of buying support. Castor sowing in Gujarat grew by 3.72% to 583,700 hectare while cultivation of paddy spurted by 2.87% to 805,400 hectare till Sep 25 compared to same period a year ago, data showed. MCX (Oct) Mentha Oil faced profit booking at higher levels; fall in prices likely to cushion by robust export demand.

� OTHER COMPLEX Sugar Futures closed higher last week on festival demand but the gain was restricted on expectation that the production in the country will jump 24% in 2017/18 to around 25 mt. This year the sugarcane crushing is going to delay due to maintenance work has caused over two weeks of extension in new season crushing. Raw sugar futures on ICE fell close to 2% on Friday, weighed down largely by technically-driven selling.The prior session's failure to breach the 50-day moving average attracted technical selling, with traders pointing to sell stops around 14 cents.MCX Cotton futures closed higher last week as the demand for new season cotton keeping the prices higher. As per CAI, cotton market is beginning to show signs of pressure as there is going to be a lot of cotton the world over. In spite of reports of losses due to recent hurricanes in the US cotton belt, the size of the US crop is expected to be larger. Indian acreage for the current season (October 2017-September 2018) is expected to jump by about 12% compared to last year. According to the first advance estimates for 2017-18 released by the government, India's 2017-18 (Jul-Jun) cotton output is pegged at 322.7 lakh bales (1 bale = 170 kg), down 2.5% from 330.9 lakh bales in 2016-17. ICE cotton futures edged up on Friday, supported by worries about the potential impact of Tropical Storm Nate on the natural fiber crop but gains were limited as the system was not expected to cause damage in major producing regions Texas and Georgia. Tropical Storm Nate is going to move towards New Orleans and Birmingham, Alabama, up to Nashville, Tennessee. There is cotton in that path, but not a massive amount of the crop. Spec traders in cotton futures and options were shown to lower their CFTC net long position by 5,934 contracts to 51,232 contracts in Cotton futures and options trading.NCDEX (Dec) Cocudakl traded with sideways sentiments due to profit booking. Kapas and Cotton prices at futures traded sideways due to short covering.

Downside in Kapas likely to remain limited from current levels on support of lower levels buying. Strong support for KAPAS NCDEX (Apr) seen at Rs. 853/20 K.g level. Chana futures resumed its southward journey on fresh selling pressure supported by sufficient availability of stocks in spot markets. Downside likely to remain limited on support of festive demand. Guar futures traded down due to profit booking.

Strong support for Guar NCDEX (Nov) is seen at Rs.3580/qtl levels. Overall sentiments likely to remain firm on improved export demand and Weak Rupee against US Dollar. Buy on dips is advised to the traders.

NCDEX TECHNICAL VIEW � JEERA Jeera prices have been correcting gradually since last few weeks after making a high of 20385 and made a potential double top chart pattern. Previously prices have rallied strongly for multiple times after taking strong support at its medium term rising trend line. Currently prices are trading in a corrective move and are expected to fall further from these levels towards next strong support placed around its rising trend line near 18200 levels. On the higher side immediate resistances are placed around 19400 and 19900 levels.

� REFSOYA Soy Oil prices have corrected sharply in the last two weeks from its recent high of 682.85. Prices have broken down from strong support of short term rising trend line and closed below the same in the previous week.Prices are expected to fall further from these levels towards next strong supports placed around 23.6% & 38.2% Fibonacci extension of its fall from high of 744.05 till low of 609.45, which are placed around 651.10 and 631.40 levels respectively. On the higher side immediate resistances are placed around 664 and 681 levels.

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.