Commodity research report 29 january 2018 ways2capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD. Tuesday, January 30, 2018

MCX Market Wrap-up

Aluminum

31-Jan-18

Previous Close 141.75

Copper

28-Feb-18

450.45

452.3

457.9

439.4

451.85

0.31%

-11.40%

-15.26%

Crude Oil

16-Feb-18

4042

4063

4229

4033

4190

3.66%

-0.97%

163.50%

Gold

5-Feb-18

29755

29699

30464

29699

30361

2.04%

10.61%

29.08%

Lead

31-Jan-18

165.4

168.75

164

164.25

-0.70%

16.12%

8.26%

Natural Gas

23-Feb-18

189.5

192

201.8

187

200.1

5.59%

-13.68%

530.47%

Nickel

31-Jan-18

807.8

811.4

880.8

801.8

868.2

7.48%

20.49%

45.25%

Silver

5-Mar-18

38969

38883

40180

38402

39960

2.54%

-11.15%

88.10%

Zinc

31-Jan-18

219

223

228.5

223

227.85

4.04%

3.62%

-21.88%

Commodity

Contract

Open

High

Low

141.9

144.05

140.55

141.6

Change in Change in OI Change in Price (in %) (in %) Volume (in %) -0.11% -14.39% -37.40%

NCDEX Market Wrap-up

Castor Seed

20-Feb-18

Previous Close 4051

Chana

20-Mar-18

3677

3664

3810

3654

3721

1.20%

415.98%

-19.65%

Dhaniya Cottonseed Oil Cake

20-Apr-18

5704

5738

6021

5713

5935

4.05%

-8.48%

-43.46%

20-Feb-18

1748.5

1740

1750

1664.5

1672

-4.38%

523.35%

67.94%

Guargum5

20-Feb-18

9219

9295

10085

9272

10035

8.85%

372.53%

60.33%

Guarseed10

20-Feb-18

4276.5

4305

4650

4296.5

4635.5

8.39%

11.39%

62.96%

Jeera

20-Mar-18

16560

16600

16655

16335

16440

-0.72%

0.50%

-25.59%

Kapas

30-Apr-18

1003.5

1018.5

965

974

-2.94%

24.66%

-8.91%

RMseed

20-Apr-18

4036

4044

4145

4038

4123

2.16%

-3.77%

86.45%

Ref Soya Oil

20-Feb-18

734.25

735.8

749.8

735

746.3

1.64%

5.79%

78.02%

Soyabean

20-Feb-18

3365

3380

3678

3380

3673

9.15%

-2.33%

67.19%

Turmeric

20-Apr-18

7330

7322

7452

7230

7354

0.33%

-64.72%

148.33%

Mentha Oil

31-Jan-18

1543.3

1532

1544

1473

1505.2

-2.47%

11.09%

-38.14%

Commodity

Contract

Open

High

Low

4050

4176

4022

4121

Change in Price (in %) 1.73%

Change in Change in OI (in %) Volume (in %) 417.59% -29.85%

Currency Market Wrap-up Contract

Previous Close

Open

High

Low

Change in Price (in %)

USDINR

26-Feb-18

63.8925

64.1050

64.2475

63.6500

63.7525

-0.22%

GBPINR

26-Feb-18

88.8175

89.0500

91.2800

88.9450

91.0025

2.46%

EURINR

26-Feb-18

78.385

78.5750

79.4400

78.4300

79.2525

1.11%

JPYINR

26-Feb-18

57.7175

58.0000

58.6225

57.6500

58.5200

1.39%

Currency Pair

Continued……

International Market Wrap-up Exchange

Previous Close

Open

High

Low

Change in Price (in %)

LME

2220.75

2218.5

2267.75

2707

2256.5

1.61%

Copper

COMEX

3.18

3.188

3.216

3.103

3.183

0.09%

Crude Oil

NYMEX

63.57

63.61

66.66

63.17

66.14

4.04%

Gold

COMEX

1331.1

1334

1365.4

1328

1352.1

1.58%

Lead

LME

2586.75

2586.5

2654

2577.25

2605.5

0.72%

NYMEX

3.184

3.252

3.628

3.143

3.505

10.08%

Nickel

LME

12687.5

13685

13910

12582.5

13632.5

7.45%

Silver

COMEX

17.025

17.06

17.705

16.74

17.385

2.11%

Zinc

LME

3407

3407.5

3484

3381.5

3481.75

2.19%

Commodity Aluminum

Natural Gas

LME Inventory Update Commodity

Closing (As on 26th Jan 18) in Tonnes

Closing (As on 19th Jan 17) in Tonnes

% Change

Copper

299600

205475

45.81%

Nickel

362058

362532

-0.13%

Lead

138050

139650

-1.15%

Zinc

179450

180025

-0.32%

Aluminium

1086575

1090875

-0.39%

Continued…….

Upcoming Economic Events Calender Time

Currency

Event

Forecast

Monday, January 29, 2018 19:00

USD

Core PCE Price Index (YoY) (Dec)

1.50%

19:00

USD

Core PCE Price Index (MoM) (Dec)

0.20%

0.10%

19:00

USD

Personal Spending (MoM) (Dec)

0.50%

0.60%

6.30%

6.40%

123

122.1

51.5

51.6

Tuesday, January 30, 2018 19:30

USD

S&P/CS HPI Composite - 20 n.s.a. (YoY) (Nov)

20:30

USD

CB Consumer Confidence (Jan)

Tuesday, January 30, 2018 6:30

CNY

Manufacturing PMI (Jan)

6:30

CNY

Non-Manufacturing PMI (Jan)

7:30

USD

U.S. President Trump Speaks

18:45

USD

ADP Nonfarm Employment Change (Jan)

191K

250K

19:00

USD

Employment Cost Index (QoQ) (Q4)

0.50%

0.70%

20:30

USD

Pending Home Sales (MoM) (Dec)

0.50%

0.20%

21:00

USD

Crude Oil Inventories

-1.600M

-1.071M

1.50%

Thursday, February 1, 2018 0:30

USD

FOMC Statement

0:30

USD

Fed Interest Rate Decision

7:15

CNY

Caixin Manufacturing PMI (Jan)

51.3

51.5

15:00

GBP

Manufacturing PMI (Jan)

56.5

56.3

19:00

USD

Initial Jobless Claims

236K

233K

19:00

USD

Nonfarm Productivity (QoQ) (Q4)

1.20%

3.00%

20:15

USD

Manufacturing PMI (Jan)

20:30

USD

ISM Manufacturing Employment (Jan)

55.5 57

58.1

52.2

Friday, February 2, 2018 15:00

GBP

Construction PMI (Jan)

19:00

USD

Average Hourly Earnings (MoM) (Jan)

0.30%

19:00

USD

Nonfarm Payrolls (Jan)

184K

148K

19:00

USD

Private Nonfarm Payrolls (Jan)

178K

146K

19:00

USD

Unemployment Rate (Jan)

4.10%

20:30

USD

Factory Orders (MoM) (Dec)

1.40%

1.30%

Currency Weekly Pivots Currency Pair

Contract

USDINR

26-Feb-18

65.1000

64.5000

64.1500

63.9000

63.5500

63.3000

62.7000

GBPINR

26-Feb-18

95.0500

92.7500

91.8500

90.4000

89.5000

88.0500

85.7500

EURINR

26-Feb-18

81.0500

80.0500

79.6500

79.0500

78.6500

78.0500

77.0500

JPYINR

26-Feb-18

60.2000

59.2000

58.8500

58.2500

57.9000

57.3000

56.3000

MCX Weekly Pivots Commodity

Contract

Aluminium

31-Jan-18

149.05

145.55

143.55

142.05

140.05

138.55

135.05

Copper

28-Feb-18

486.7

468.2

460

449.7

441.5

431.20

412.70

Crude Oil

16-Feb-18

4543

4347

4268

4151

4072

3955

3759

Gold

5-Feb-18

31705

30940

30650

30175

29885

29410

28645

Lead

31-Jan-18

175.15

170.4

167.3

165.65

162.55

160.90

156.15

Natural Gas

23-Feb-18

225.9

211.1

205.6

196.3

190.8

181.50

166.70

Nickel

31-Jan-18

1008

929

899

850

820

771

692

Silver

5-Mar-18

43070

41292

40626

39514

38848

37736

35958

Zinc

31-Jan-18

237.45

231.95

229.9

226.45

224.4

220.95

215.45

NCDEX Weekly Pivots Commodity

Contract

Castor Seed

20-Feb-18

4414

4260

4191

4106

4037

3952

3798

Chana

20-Mar-18

4040

3884

3803

3728

3647

3572

3416

Dhaniya

20-Apr-18

6506

6198

6066

5890

5758

5582

5274

Cotton Seed Oilcake

20-Feb-18

1867

1781

1727

1696

1641

1610

1525

Guargum5

20-Feb-18

11423

10610

10323

9797

9510

8984

8171

Guarseed10

20-Feb-18

5234

4881

4758

4527

4405

4174

3820

Jeera

20-Mar-18

17117

16797

16618

16477

16298

16157

15837

Kapas

30-Apr-18

1093

1039

1007

986

953

932

879

RMseed

20-Apr-18

4316

4209

4166

4102

4059

3995

3888

Ref Soya Oil

20-Feb-18

773

759

752

744

738

729

714

Soyabean

20-Feb-18

4173

3875

3774

3577

3476

3279

2981

Turmeric

20-Apr-18

7789

7567

7461

7345

7239

7123

6901

Mentha Oil

31-Jan-18

1649

1578

1542

1507

1471

1436

1365

BULLION Gold futures fell nearly one percent in American trade away from August 5, 2014 highs for the second session even as the dollar index plumbed December 17, 2014 lows following earlier data from the US the world's largest economy. The dollar index plumbed 38-month lows after the US government closed for three days before Congress reached a stopgap agreement to fund the government until February 8, with President Donald Trump singing it into law and also imposing heavy 20% to 50% trade tariffs on solar panels and washing machines. This was considered one step in a larger process of imposing curbs on trade between the US and the world, which was protested by money multinational companies.

BASE METALS Three-month copper prices ($7,096 per tonne) are up the most with a 0.7% gain while nickel zinc and lead prices are up by around 0.3% and aluminium and tin prices are little changed.On the Shanghai Futures Exchange today base metals prices are for the most part stronger with nickel prices leading the way with a gain of 1.8%, followed by tin prices that are up by 1.5%, zinc prices that are up by 0.7% and copper prices that are up by 0.2% at 53,840 Yuan ($8,410) per tonne. Aluminium and lead prices are down by 0.4% and 0.2% respectively. Spot copper prices in Changeling are up by 0.7% at 53,370-53,470 Yuan per tonne and the LME/Shanghai copper arbitrage ratio has firmed to 7.59, up from 7.53 on Friday.

ENERGY Brent futures rose one percent above $66 a barrel while Brent settled above $70 near December 2014 highs as the dollar index plumbed 38-month lows following earlier data from the US the world's largest energy consumer. Earlier, Russian energy minister Alexander Novak said that a surge in crude prices to near $70 won't stop Russia from complying with the global deal to cut output by 1.8 million bpd until the end of 2018 while noting that Russia looks to the demand-supply balance in the first place before studying prices. Natural gas futures fell nearly two percent in American trade as the dollar bounced off December 17, 2014 lows following earlier data from the US the world's largest energy consumer including the EIA report that showed another inventory draw down for the sixth straight week.

SPICES Trend remained weak for Jeer as low demand in mandis amidst prospects of better production and arrivals of the new crop in coming weekskept pressure on prices, even as quality concern reports too have been there.Even as sowing is expected to be higher with shifting of other crop towards Jeer due to the high prevailing rates, a delayed sowing in Gujarat (due to warmer climate) may have some adverse impact on the crop productivity and its arrivals. Exports from China have reportedly been on the rise. Moderate bearish trend persisted for Turmeric as lack of strong demand in mandis amidst new crop arrivals kept pressure on prices. Arrivals of new crop in some areas in TN amidst prospects of rising arrivals from other regions in coming weeks prevented recovery. Traders waited for new crop arrivals before initiating fresh demand.

OIL & OILSEEDS Soy bean kept trading firm on strong demand in mandis amidst firmness in International markets. Outlook for this month shall remain bullish. India's harvest season subdued export demand for soymeal and estimations of sufficient amount of inventory lying with stockists had been capping the upside just few months, back, but as parity in exporting Indian soymeal has reestablished and harvest season nears completion, any sharp fall is ruled out. An overall weak sentiment prevailed for Mentha as low trading activities ahead of the Festive holiday weekend kept pressure on the prices. Short term trend looks slight weak with prices likely to find immediate support at 1500 levels.

GUAR COMPLEX Guargum inched towards the 10,000 psychological mark as traders expect the exports to start rising at these levels with the recent firmness in Crude oil prices.Lowering inventories will be another bullish factor. The new crop arrivals shall drop further thereby offering further support. Increased exports of guar gum during last year have been encouraging due to increasing rig count in the US.

OTHERS RMSeed prices found strong immediate support near the 4000 mark as prices recovered moderately from these rates. Going forward a comfortable supply situation shall limit the upside movement. But lower support levels ad strength in soybean shall prompt buyers to enter at every fall now since 3960-80 is a strong support for the April contract.

ALUMINIUM Last week Aluminium jan futures started the week on sideways to negative note but found enough support at the level of 140.50. It made a high of 144.05 during the week and closed 141.60 with the overall loss of 0.11% loss on weekly basis. Technically for this week, we can expect positive trend for short term to mid-term basis. Traders can make the positive in Feb contract for weekly basis. Above the level of 145 it can test the level of 147 and then 148 during the week. One can make buy position in it by maintaining a SL of 143.70.

WEEKLY STRATEGY Particular

Details

ACTION

BUY

ENTRY PRICE

ABOVE 145

TARGET

147

STOP LOSS

143.70

NATURAL GAS Natural Gas prices broken its important psychological level of 200 on upside but unable to sustain above it and found enough resistance of 202 and settled below the level of 200. Omn its hourly chart market is forming H&S formation and it can give breakout below the level of 194. On the other side if prices sustain above the level of 200 it can test the level of 205 and then 207. Traders can go with the sell position below the level of 194 for the target of 186

WEEKLY STRATEGY Particular

Details

ACTION

SELL

ENTRY PRICE

BELOW 194

TARGET

186

STOP LOSS

200

Calthe Week (NCDE X)

DANIYA From the last couple of weeks Dhaniya trading with positive bias and recently market has broken its important resistance level of 6000 and if market sustain above it we can see the positive trend for short term to mid term basis. The oscillator is showing buy signal for short term basis. The current position is buy. Immediate resistance available at 6020 above this we can expect the target of 6150 with Stop loss of 5965

WEEKLY STRATEGY Particular

ACTION

Details BUY

ENTRY PRICE

ABOVE 6021

TARGET

6149

STOP LOSS

5965

CHANA The secondary trend of the Chana is bullish on chart and recently market is facing support at the level of 3800 and getting bounce back from lower level. From couple of trading days Chana is accumulating volume with positive sentiment. The oscillator is showing buy signal for short term to mid-term basis. Important support level at 3636 and near term resistance 3810 above the resistance level we can expect some positive movement.

WEEKLY STRATEGY Particular

Details

ACTION

Sell

ENTRY PRICE

Below 3255

TARGET

STOP LOSS

3150 3334

Calls of e Week (FOREX)

USDINR Last week USDINR Feb futures started the week on negative note and continued the same for the entire week. It made a low of 63.6500 during the week and closed 63.7525 with the overall loss of 0.53% on weekly basis. Technically for this week, we can further expect bearish movement in it and below the level of 63.5800, it can test the level of 63.0525 during the week. One can make sell position in it by maintaining a SL of 63.9325.

WEEKLY STRATEGY Particular

Details

ACTION

SELL

ENTRY PRICE

ABOVE 63.5800

TARGET

63.0525

STOP LOSS

63.9325

GBPINR Last week GBPINR Feb futures started the week on positive note and continued the same for the entire week. It made a high of 91.2800 during the week and closed 91.0025 with the overall gain of 2.07% gain on weekly basis. Technically for this week, we can further expect profit booking in it from the higher levels and below the level of 90.1700, it can test the level of 89.5725 during the week. One can make sell position in it by maintaining a SL of 90.6125.

WEEKLY STRATEGY Particular

Details

ACTION

SELL

ENTRY PRICE

BELOW 90.1700

TARGET

89.5725

STOP LOSS

90.6125

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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. उऩयोवत सबी सच ू ना, स्तय औय सझ ु ाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनस ु ंधान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सझ ु ावों की त्रटु टमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चन ु ने का अधधकाय 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 / कभोडडटी फाजाय भें कोई बी ननवेश जोखखभ के अधीन होता है, कंऩनी इन सुझावों ऩय ककए गए ककसी बी नक ु सान के लरए उत्तयदामी नहीं होगी | मह स्तय बववष्म के कीभतों की गनत का संकेत नहीं दे ते है| वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीकृनत।

DISCLOSURE (प्रकटीकयण): 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 भाकेट अनस ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनस ु ंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के जायीकताा के साथ जड ु ी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनऩ ु ारन को सुननक्श्चत कयने के लरए हभने मह तम ककमा है कक कंऩनी औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रे ड नहीं कयें 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. ग्राहकों को मह सराह दी जाती है कक वे रयऩोटा भें दी गई जानकायी को केवर याम के रूऩ भें दे खें औय ननवेश के लरए स्वमं पैसरा कयें | ग्राहकों को वेफसाइट ऩय प्रकालशत सेवाओं के ननमभों औय शतों को ऩढ़ने औय सभझने की बी सराह दी जाती है | कंऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकंऩनी के खखराप कोई भक ु दभा (माधचका) दामय नहीं ककमा गमा है।

DISCLOSURE APPENDIX: (प्रकटीकयण ऩरयलशष्ट ): 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. रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी है जो द्वाया हाई ब्रो भाकेट अनस ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड द्वाया ननमव ु त हैं | इस रयऩोटा भें व्मवत सबी

ववचाय कंऩनी के फाये भें व्मक्वतगत ववचायों को दशााता है औय कंऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩनू ता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफधं धत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST: टहतों के संघषा के भाभरे भें प्रकटीकयण : (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) हाई ब्रो भार्केट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कंऩनी भें र्कोई ववत्तीम रुचि नह ं है औय न ह इस तयह र्की ववत्तीम हहत र्की प्रर्कृनत है |

(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, (फ) हाई ब्रो भार्केट अनस ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कंऩनी र्की प्रनतबनू तमों भें एर्क प्रनतशत मा उससे अचधर्क र्के वास्तववर्क / पामदे भंद स्वालभत्व नह ं हैं |

(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) हाई ब्रो भार्केट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोचगमों र्को अनुसंधान रयऩोटट र्के प्रर्काशन र्के सभम मा सावटजननर्क रूऩ से उऩस्स्थत होने र्के सभम र्कोई अन्म बौनतर्क संघषट नह ं है|

DISCLOSURE IN TERMS OF COMPENSATION: ऺनतऩूनता के संदबा भें प्रकटीकयण: 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 भाकेट अनस ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भें ककसी बी कंऩनी की प्रनतबूनतमों के स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है।

ववश्रेषक ऺनतऩनू ता : ववश्रेषक हाई ब्रो भाकेट अनस ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड के वेतन आधारयत स्थामी कभाचायी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE: सावाजननक प्रकटन के भाभरे भें प्रकटीकयण : (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 भाकेट अनस ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा 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) अनुसंधान रयऩोटट र्के ववतयण र्की नतचथ से ऩूवट फायह भह नों र्के दौयान ववषम र्कंऩनी अफ मा र्कबी बी ग्राहर्क नह ं यह है । (c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company; (स) हाई ब्रो भार्केट अनस ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगीमों ने ववषम र्कंऩनी र्के अचधर्काय , ननदे शर्क मा र्कभटिाय र्के रूऩ भें र्कबी बी र्काभ नह ं कर्कमा है

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

(द) हाई ब्रो भार्केट अनस ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड ववषम र्कंऩनी र्के लरए र्कबी बी ववऩणन (भार्केट भेकर्कंग) गनतववचध भें शालभर नह ं यहा है ।