Commodity research report 16 january 2018 ways2capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Market Wrap-Up MCX Market Wrap-up Contract

Previous Close

Open

High

Low

Aluminium

31-Jan-18

139.20

139.35

141.45

136.6

141

1.29%

-0.15%

0.87%

Copper

28-Feb-18

452.50

452.75

461.4

452

453.05

0.12%

-8.44%

-20.53%

Crude Oil

19-Jan-18

3887.00

3900

4123

3892

4065

4.58%

9.78%

17.89%

Gold

5-Feb-18

29217.00

29193

29580

29121

29547

1.13%

10.19%

42.17%

Lead

31-Jan-18

161.90

162.4

165.9

160.4

161.6

-0.19%

9.66%

1.28%

Natural Gas

25-Jan-18

177.10

178.8

205.3

177.4

204

15.19%

-47.73%

39.12%

Nickel

31-Jan-18

794.30

790.4

837.9

782.6

803.7

1.18%

8.37%

6.24%

Silver

5-Mar-18

39253.00

39245

39300

38666

39063

-0.48%

6.72%

0.74%

Zinc

31-Jan-18

213.80

213.4

217.85

212.6

217.6

1.78%

29.31%

11.28%

Commodity

Change in Change in OI Change in VolPrice (in %) (in %) ume (in %)

NCDEX Market Wrap-up Contract

Previous Close

Open

High

Low

Change in Price (in %)

Change in OI (in %)

Change in Volume (in %)

Castor Seed

20-Feb-18

4347

4332

4339

4045

4120

-5.22%

-7.62%

-28.74%

Chana

20-Mar-18

3828

3795

3879

3774

3817

-0.29%

-0.31%

32.21%

Dhaniya

20-Apr-18

6041

6050

6320

6009

6087

0.76%

-28.37%

-66.08%

Cottonseed Oil Cake

20-Feb-18

1796

1786

1816.5

1753

1790

-0.33%

-2.55%

100.92%

Guargum5

20-Feb-18

9540

9549

9831

9382

9465

-0.79%

-79.92%

49.24%

Guarseed10

20-Feb-18

4333

4318

4470

4311

4354

0.48%

-3.59%

-82.95%

Jeera

20-Mar-18

17330

17235

17580

16755

16860

-2.71%

-3.89%

-68.20%

Kapas

30-Apr-18

985.5

1029

963.5

1022

3.70%

-20.18%

35.42%

RMseed

20-Apr-18

4143

4160

4162

4025

4066

-1.86%

-24.99%

46.82%

Ref Soya Oil

20-Feb-18

742.35

741.9

747

738.05

740.05

-0.31%

4.67%

-9.67%

Soyabean

20-Feb-18

3217

3231

3304

3225

3233

0.50%

-2.15%

73.47%

Turmeric

20-Apr-18

7540

7528

7778

7382

7620

1.06%

-1.92%

0.00%

Mentha Oil

31-Jan-18

1671.8

1673.9

1677.7

1592.5

1657.4

-0.86%

0.00%

-3.93%

Commodity

Currency Market Wrap-up Currency Pair

Contract

Previous Close

Open

High

Low

Change in Price (in %)

29-Jan-18

63.5175

63.4475

63.9775

63.3800

63.725

0.33%

29-Jan-18

86.0700

86.1600

86.9000

86.0500

86.835

0.89%

29-Jan-18

76.8325

77.5750

78.0900

77.4450

77.98

1.49%

29-Jan-18

56.1650

56.1425

57.4250

56.0725

57.4025

2.20%

29-Jan-18 Continued…….

16/01/2018

Market Wrap-Up International Market Wrap-up Exchange

Previous Close

Open

High

Low

Change in Price (in %)

LME

2202.5

2201

2229.75

2149.5

2221

0.84%

Copper

COMEX

3.232

3.205

3.227

3.193

3.2

-0.99%

Crude Oil

NYMEX

61.56

61.61

64.77

61.34

64.3

4.45%

Gold

COMEX

1320.2

1321.8

1340

1308.9

1334.9

1.11%

Lead

LME

2553.25

2551.5

2607.25

2516.75

2540

-0.52%

NYMEX

2.787

2.812

3.224

2.784

3.2

14.82%

Nickel

LME

12547.5

12542.5

13192.5

12350

12662.5

0.92%

Silver

COMEX

17.26

17.28

17.3

16.89

17.24

-0.12%

Zinc

LME

3358.28

3352.5

3407.5

3318

3390.5

0.96%

Commodity Aluminium

Natural Gas

MCX Gainers & Losers 20%

15.19%

% Change in price

15% 10% 4.58%

1.78%

1.29%

1.18%

1.13%

0.12%

-0.19%

-0.48%

-5% Commodity

NCDEX Gainers & Losers

% Change in price

4% 2% 0%

3.70% 1.06%

0.76%

0.50%

0.48%

-0.33% -0.29% -0.31%

-0.79% -0.86%

-2% -1.86%

-4%

-2.71%

-6% Commodity

-5.22%

16/01/2018

Inventory Updates LME Inventory Update Commodity

Closing (As on 12th Jan 18) in Tonnes

Closing (As on 05th Jan 18) in Tonnes

% Change

Copper

201650

200150

0.75%

Nickel

368292

365934

0.64%

Lead

142575

142075

0.35%

Zinc

180175

180575

-0.22%

Aluminium

1088325

1101325

-1.18%

LME Inventory vs Price Movement 1.78%

2% 2%

Change in %

1% 1%

1.29%

1.18%

0.75%

0.64% 0.35% 0.12%

0% -0.19%

-1%

-0.22% -1% -1.18%

-2%

% Change LME Inventory

% Change in Price

SPDR Gold Holding Holding in Tonnes

850 845 840 835

848.11 842.81

844.29 837.5

837.5

830 825

834.86 828.96

820 815

Continued…….

16/01/2018

Crude Oil Inventory vs Price Analysis

-1

3921

-2 -4 -5.6 3637

3656

-7

-4.9 -4.6

Change in Inventory (in Billion)

Inventory Change

Price

Natural Gas Inventory vs Price Analysis 185.2

-112

200

250

220

-182

195.4

200 150

-206

130

100 -359

50 0

Inventory Change

3400

-7.4

-69

3700

3500

-8

210

3800

3600

-6.5

4000 3900

3716

-5.1

-6

50 0 -50 -100 -150 -200 -250 -300 -350 -400

4036

3820

-3 -5

4100

Closing Price

Chane in Inventory (in Million)

Inventory Updates

Price

16/01/2018

Market Next Week Upcoming Economic Events Calender Time

Curreny

Event

Forecast

Monday, January 15, 2018 All Day

USD

HolidayUnited States - Martin Luther King, Jr. Day

Tuesday, January 16, 2018 4:30

GBP

CPI (MoM) (Dec)

0.40%

0.30%

4:30

GBP

CPI (YoY) (Dec)

3.00%

3.10%

4:30

GBP

PPI Input (MoM) (Dec)

0.40%

1.80%

8:30

USD

NY Empire State Manufacturing Index (Jan)

18.5

0.30%

0.20%

Wednesday, January 17, 2018 9:15

USD

Industrial Production (MoM) (Dec)

14:00

USD

Beige Book

16:00

USD

TIC Net Long-Term Transactions (Nov)

16:30

USD

FOMC Member Mester Speaks

19:01

GBP

RICS House Price Balance (Dec)

21:00

CNY

Fixed Asset Investment (YoY) (Dec)

7.10%

7.20%

21:00

CNY

GDP (QoQ) (Q4)

1.60%

1.70%

21:00

CNY

GDP (YoY) (Q4)

6.70%

6.80%

21:00

CNY

Industrial Production (YoY) (Dec)

6.00%

6.10%

23.2B

Thursday, January 18, 2018 8:30

USD

Building Permits (MoM) (Dec)

8:30

USD

Building Permits (Dec)

8:30

USD

Housing Starts (MoM) (Dec)

-1.00% 1.305M

1.303M 3.30%

Friday, January 19, 2018 4:30

GBP

Core Retail Sales (YoY) (Dec)

2.90%

1.50%

4:30

GBP

Core Retail Sales (MoM) (Dec)

-0.80%

1.20%

4:30

GBP

Retail Sales (MoM) (Dec)

-0.60%

1.10%

4:30

GBP

Retail Sales (YoY) (Dec)

3.10%

1.60%

10:00

USD

Michigan Consumer Expectations (Jan)

90.6

84.3

10:00

USD

Michigan Consumer Sentiment (Jan)

95.9

Currency Weekly Pivots Currency Pair

Contract

USDINR

29-Jan-18

64.9000

64.3000

64.0000

63.7000

63.4000

63.1000

62.5000

GBPINR

29-Jan-18

88.3000

87.4500

87.1500

86.6000

86.3000

85.7500

84.9000

EURINR

29-Jan-18

79.1500

78.5000

78.2500

77.8500

77.6000

77.2000

76.5500

JPYINR

29-Jan-18

59.6500

58.3000

57.8500

56.9500

56.5000

55.6000

54.2500 Continued…….

16/01/2018

Market Next Week MCX Weekly Pivots Commodity

Contract

Aluminium

31-Jan-18

149.40

144.55

142.80

139.70

137.95

134.85

130.00

Copper

28-Feb-18

474.3

464.9

459

455.5

449.6

446.10

436.70

Crude Oil

19-Jan-18

4488.65

4257.65

4161.3

4026.65

3930.3

3795.65

3564.65

Gold

5-Feb-18

30334

29875

29711

29416

29252

28957

28498

Lead

31-Jan-18

173.65

168.15

164.9

162.65

159.4

157.15

151.65

Natural Gas

25-Jan-18

251.35

223.45

213.7

195.55

185.8

167.65

139.75

Nickel

31-Jan-18

918.65

863.35

833.5

808.05

778.2

752.75

697.45

Silver

5-Mar-18

40278

39644

39353

39010

38719

38376

37742

Zinc

31-Jan-18

226.5

221.25

219.4

216

214.15

210.75

205.50

NCDEX Weekly Pivots Commodity

Contract

Castor Seed

20-Feb-18

4756

4462

4291

4168

3997

3874

3580

Chana

20-Mar-18

4033

3928

3873

3823

3768

3718

3613

Dhaniya

20-Apr-18

6761

6450

6268

6139

5957

5828

5517

Cottonseed Oil Cake

20-Feb-18

1914

1850

1820

1787

1757

1723

1660

Guargum5

20-Feb-18

10457

10008

9737

9559

9288

9110

8661

Guarseed10

20-Feb-18

4696

4537

4446

4378

4287

4219

4060

Jeera

20-Mar-18

18715

17890

17375

17065

16550

16240

15415

Kapas

30-Apr-18

1136

1070

1046

1005

981

939

874

RMseed

20-Apr-18

4358

4221

4144

4084

4007

3947

3810

Ref Soya Oil

20-Feb-18

760

751

745

742

736

733

724

Soyabean

20-Feb-18

3412

3333

3283

3254

3204

3175

3096

Turmeric

20-Apr-18

8385

7989

7805

7593

7409

7197

6801

Mentha Oil

31-Jan-18

1813

1728

1693

1643

1607

1557

1472

16/01/2018

MCX Fundamentals BULLION Gold futures rose to the highest since November 9 2016 in American trade as the dollar index dipped to September 8 lows following a basket of data from China the world's largest metals consumer and the US the world's largest economy.Earlier US data showed US retail sales rose 0.4% m/m in December slowing down sharply from 0.9% in November revised from 0.8% while analysts expected a 0.5% increase.Core sales rose 0.4% besting expectations of 0.3% while still sharply down from November's 1.3% increase, revised from 1%.US consumer prices rose 0.1% in December in line with expectations slowing down from 0.4% in November.

BASE METALS Base metas prices are starting to work higher after generally drifting since the start of the year but overhead tails on daily candlesticks in recent days does suggest there is overhead selling around to.Nickel and tin have been the two metals that have held up the best this week with nickel setting a fresh two and half year high at $ 13,200 per tone. Perhaps continued focus on cobalt scarcity and a pressing need to use more nickel some long term stratgic investment buying .we remain quietly bullish for the base metals complex and see the longer term outlook as being positive and traders may well continue to front run that .we expect dips to remain well supported as seems to have been the case in recent days.

ENERGY Oil futures tilted lower in American trade, still hovering near three-year highs, even as the dollar index declined to the lowest since September 8, following a basket of data from China, the world's largest energy importer, and the US, the world's largest energy consumer. On Wednesday, the Energy Information Administration released its report on US crude stocks, showing a decline of 4.9 million barrels in the week ending January 5, passing expectations of a 3.9M drop, and adding to the 7.4M drop in the previous reading, with total stocks now reaching 419.5 million barrels. Gasoline stocks rose 4.1 million barrels, while distillate stocks, including heating fuel, rose 4.3 million barrels, remaining within the medium range on average in this time of year. Otherwise, UAE energy minister Suhail Al Mazroui said in earlier remarks that global demand growth was surprising last year, while expecting full compliance with the deal to cut output by 1.8 million bpd in cooperation between OPEC and Russia.

16/01/2018

NCDEX Fundamentals SPICES The Turmeric is in long medium short medium term bull phase .Currently Turmeric is in strong down trend with good momentum but volume is unsatisfactory The open interest is not increasing with trend . Noting point is selling at lower levels seems decreasing. The oscillator is showing sell signal For short term Turmeric is in sell position.NCDEX Mar Jeera fall more than 2.5% last week on expectation that jeera production may be higher in coming season on reports of higher acreage of cumin in the current season.

OIL & OILSEEDS Soy bean futures fell nearly one percent in American trade to September 13 lows, as the dollar index dipped for the first time in four sessions, following earlier data from China, the world's largest soy bean importer, and the US, the world's largest producer and exporter. As of 08:58 GMT, soy bean futures due on March 15 shed 0.91% to $9.5500 from the opening of $9.6375, while the dollar index slipped 0.22% to 92.32 from the opening of 92.53.Mustard Apr futures closed lower last week tracking weak physical demand. Market is still expecting for some demand side fundamentals as downside looks limited.

GUAR COMPLEX Guar futures are expected to trade mixed to higher this week as rally in crude oil prices is likely to boost up export demand of gum which may help prices to recover during todayâ&#x20AC;&#x2122;s session. Oil drillers in US are expected to increase their drilling activities due to expanding profit margin supported by surging crude oil prices which may push up the export demand of gum from India as gum is used as major component during hydraulic fracturing technique used in oil drilling activities.

OTHERS Overall trend of the Chana is bearish for medium-long term .Currently Chana is in strong down trend and the trend is supported with good volume The open interest is not increasing with trend.The oscillator is showing sell signal For short term Chana is in sell position. Currently Chana is in position Chana has crossed the high but the trend was not strong and sellers was at high so for short term better buy above 4270.4 with stop at 3810.0 The oscillator is showing SELL signal.The Cotton seed oil cake akola is in perfect up trend .Currently Cotton seed oil cake akola is in strong up trend and the trend is supported with good volume The open interest is not increasing with trend .The Cotton seed oil cake akola is now trading in overbought level. 9

16/01/2018

Calls of the Week (MCX) SILVER Silver futures rose nearly one percent in American trade away from late-2017 lows for the second session, as the dollar index plumbed the lowest since September 8, following earlier data from China, the world's largest metals consumer, and the US. Investors are still interested in Silver. Currently Silver is trading sideways on higher level. Recently market has been broken its trading channel on upside and sustaining above it. Also RSI sustaining in overbought zone. Trades can follow the buy on dips strategy.

WEEKLY STRATEGY Particular

Details

ACTION

Buy

ENTRY PRICE

Above 39900

TARGET

40400

STOP LOSS

37300

NATURALGAS Natural gas futures fell below $3 on Thursday away from December 4 highs after earlier data from the US the world's largest energy consumer including the EIA report that showed a lower-than-expected inventory draw down last week. In domestic market 180 level reacting as a strong support level and getting bounce back from lower level and recently we seen that market settled above the important level of 200, if market sustain above this level we can expect further upside rally for the next couple of weeks. The oscillator is showing buy signal. Support for the Natural gas is 190. Immediate resistance for Natural gas is 210.

WEEKLY STRATEGY

Particular

Details

ACTION

Buy

ENTRY PRICE

Above 203

TARGET

209.90

STOP LOSS

199.50 16/01/2018

Calls of the Week (NCDEX) DHANIYA NCDEX Dhaniya Apr future continued to trade in the range of 6300-6000 from the last couple of trading week. Price made the low of 5935 during the week and the high of 6320 and settled at above 6000. On its daily chart market is resist by the 50 days Moving Average also, forming H&S formation on higher level indicating the bearish trend for short term basis. We can see pressure on prices from higher level. And we are expecting market can be traded with negative sentiment.

WEEKLY STRATEGY Particular

Details

ACTION

Sell

ENTRY PRICE

Below 5930

TARGET

5810

STOP LOSS

5981

SOYABEAN NCDEX Feb Soy bean fell on Friday as market participants continue its fresh selling by Market participants. However currently soy bean is trading at 6 month high as supplies have been diminishing slowly in the physical market. Moreover reports on inventories lower compared to last year. According to SOPA soy bean inventories with farmers traders and plant owner sat the end of December were at 6.5 mt, down from 8.2 mt a year ago.Soy bean futures are expected to trade sideways to down due to selling pressure. However, reports of improved demand from the oil mills and higher incentives for oil meal export improved estimates for meal exports and slow arrivals of soy bean in physical market will support soy bean prices.

WEEKLY STRATEGY

Particular

Details

ACTION

Sell

ENTRY PRICE

Below 3240

TARGET

3160

STOP LOSS

3290 16/01/2018

Calls of the Week (FOREX) GBPINR Last week, GBPINR started the week on positive note and continued the same for the entire week. It made a high of 86.9000 during the week and closed at 86.8350 with the overall gain of 0.89% on weekly basis. It’s still sustaining above the major resistance level of 86.8000 with positive RSI. Technically for this week, we can expect further upside movement in it above the level of 87.3725 till the levels of 87.8725/ 88.0000. Trades can make buy position in it by maintaining a Stop Loss of 86.9925

WEEKLY STRATEGY Particular

Details

ACTION

Buy

ENTRY PRICE

Above 87.3725

TARGET

87.8775

STOP LOSS

86.9925

JPYINR Last week, JPYINR started the week on positive note and continued the same for the entire week. It made a high of 57.4250 during the week and closed at 57.4025 with the overall gain of 2.20% on weekly basis. It’s still sustaining near to trend line & 200days Moving average breakout. Technically for this week, we can expect further upside movement in it and above the level of 57.4550, it can test the level of 57.9725 by the end of the week. Trades can make buy position in it by maintaining a Stop Loss of 57.0725

WEEKLY STRATEGY

Particular

Details

ACTION

Buy

ENTRY PRICE

Above 57.4550

TARGET

57.9725

STOP LOSS

57.0725 16/01/2018

Disclaimer LEGAL DISCLAIMER (कानूनी अस्वीकरण) : 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. यह दस्तावेज़ Ways2Capital (हाई ब्रो मार्केट अनस ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड र्का एर्क भाग) द्वारा तैयार कर्कया गया है | यहां पर दी गई जानर्कारी, ववश्लेषण और अनम ु ान Ways2Capital इक्ववटी / र्कमोडडटी अनस ु ंधान र्के मूलयांर्कन पर आधाररत हैं और ववश्वसनीय स्रोतों से प्राप्त र्की गई है | यह दस्तावेज़ र्केवल इक्छित प्राप्तर्कताा र्के उपयोग र्के ललए ही है |

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. यह दस्तावेज़, सवोत्तम रूप से, Ways2Capital इक्ववटी / र्कमोडडटीज अनस ु ंधान र्का प्रनतननधधत्व र्करता है और सामान्य जानर्कारी र्के ललए ही है | Ways2Capital इक्ववटी / र्कमोडडटीज अनस ु ंधान, इसर्के ननदे शर्कों, अधधर्कारी या र्कमाचारी कर्कसी भी तरह से संबधं धत सामग्री र्के ललए क्जम्मेदार नहीं है।| Ways2Capital इक्ववटी / र्कमोडडटीज अनस ु ंधान कर्कसी भी और सभी उत्तरदानयत्वों र्को स्पष्ट रूप से अस्वीर्कार र्करता है जो इस संबध ं में सूचना, त्रटु टयों या चर्क ू से पैदा हो सर्कता है| इस दस्तावेज र्को कर्कसी भी प्रनतभूनत या वस्तु र्को खरीदने र्के ललए बेचने या एर्क आग्रह र्के ललए प्रस्ताव र्के रूप में नहीं माना जा सर्कता है|

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. उपरोवत सभी सूचना, स्तर और सुझाव, Ways2Capital र्के ववशेषज्ञ र्के पैनल द्वारा कर्कए गए तर्कनीर्की और मौललर्क अनस ु ंधान र्के आधार पर दी गई हैं, लेकर्कन हम टदए गए सुझावों र्की त्रटु टयों र्के ललए र्कोई दानयत्व स्वीर्कार नहीं र्करते हैं | वेबसाइट र्के माध्यम से सकफिंग र्करने वाले लोगों र्को अपनी पसंद र्के उत्पाद सेवाओं र्को चन ु ने र्का अधधर्कार है|

Any investment in Equity/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. इक्ववटी / र्कमोडडटी बाजार में र्कोई भी ननवेश जोखखम र्के अधीन होता है, र्कंपनी इन सुझावों पर कर्कए गए कर्कसी भी नर्क ु सान र्के ललए उत्तरदायी नहीं होगी | यह स्तर भववष्य र्के र्कीमतों र्की गनत र्का संर्केत नहीं दे ते है| वेबसाइट र्के माध्यम से कर्कसी भी ब्राउक्ज़ंग र्का अर्ा है अस्वीर्करण र्की स्वीर्कृनत।

DISCLOSURE (प्रकटीकरण): 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. हाई ब्रो मार्केट अनस ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड या उसर्के सहयोगी र्कंपननयां अनस ु ंधान ररपोटा में शालमल र्कंपननयों र्के सार् र्कारोबार नहीं र्करती हैं और न ही कर्कसी भी तरह र्के उत्पादों / प्रनतभूनतयों र्के जारीर्कताा र्के सार् जड ु ी हैं, जो यह सुननक्श्चत र्करता है कर्क टहतों र्के ललए र्कोई वास्तववर्क या संभाववत संघषा नहीं है | ननयामर्क ननर्काय र्के अनप ु ालन र्को सुननक्श्चत र्करने र्के ललए हमने यह तय कर्कया है कर्क र्कंपनी और उसर्के र्कोई भी प्रनतननधध बाज़ार में ट्रे ड नहीं र्करें गे।

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 by regulatory body. ग्राहर्कों र्को यह सलाह दी जाती है कर्क वे ररपोटा में दी गई जानर्कारी र्को र्केवल राय र्के रूप में दे खें और ननवेश र्के ललए स्वयं फैसला र्करें | ग्राहर्कों र्को वेबसाइट पर प्रर्कालशत सेवाओं र्के ननयमों और शतों र्को पढ़ने और समझने र्की भी सलाह दी जाती है | र्कंपनी र्के ननगमन र्के बाद ननयामर्क ननर्काय द्वारार्कंपनी र्के खखलाफ र्कोई मर्क ु दमा (याधचर्का) दायर नहीं कर्कया गया है।

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DISCLOSURE APPENDIX: (प्रकटीकरण पररशिष्ट ): 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. ररपोटा ववश्लेषर्कों द्वारा तैयार र्की गयी है जो द्वारा हाई ब्रो मार्केट अनस ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड द्वारा ननयव ु त हैं | इस ररपोटा में व्यवत सभी

ववचार र्कंपनी र्के बारे में व्यक्वतगत ववचारों र्को दशााता है और र्कंपननयों और उनर्की प्रनतभनू तयां और क्षनतपनू ता (मआ ु वजे) र्का र्कोई टहस्सा, या इस शोध ररपोटा में ननटहत ववशेष सझ ु ावों या ववचारों से प्रत्यक्ष या अप्रत्यक्ष रूप से संबधं धत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST: हितों के संघर्ष के मामले में प्रकटीकरण : (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; (अ)

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(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, (ब)

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(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; (स)

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DISCLOSURE IN TERMS OF COMPENSATION: क्षततपूततष के संदर्ष में प्रकटीकरण: 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. हाई ब्रो मार्केट अनस ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड र्की पॉललसी अपने ववश्लेषर्कों, पेशेवरों र्को ववश्लेषर्क र्के क्षेत्र में कर्कसी भी र्कंपनी र्की प्रनतभनू तयों र्के स्वामी से ववश्लेषर्कों र्को ररपोटा र्करने से रोर्कती है।

ववश्लेषर्क क्षनतपनू ता : ववश्लेषर्क हाई ब्रो मार्केट अनस ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड र्के वेतन आधाररत स्र्ायी र्कमाचारी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE: सावषजतनक प्रकटन के मामले में प्रकटीकरण : (a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months; (अ) हाई ब्रो मार्केट अनस ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड या उसर्के सहयोगीयों ने वपिले 12 महीनों में ववषय र्कंपनी से र्कोई मुआवजा प्राप्त नहीं कर्कया है | (b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report. (ब) अ

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(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company; ( )

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(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.

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