Equity Research Report 03 December 2018 Ways2Capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED

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Market Wrap–Up MAJOR INDICES

CURRENCY MARKET UPDATE

CLOSING AS ON 30TH NOV18

WEEKLY CHANGES

WEEKLY % CHANGE

Nifty

10876.75

350.00

3.32%

Nifty 100

11092.25

330.85

3.07%

Nifty 200

5732.90

156.95

Nifty 500

9109.15

India VIX

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

USDINR

69.8525

70.8050

-1.35%

GBPINR

89.2350

91.1575

-2.11%

2.81%

EURINR

79.6475

80.9100

-1.56%

230.15

2.59%

JPYINR

61.7175

62.7200

-1.60%

19.16

0.00

0.00%

EURUSD

1.1390

1.1414

-0.21%

Nifty Bank

26862.95

863.50

3.32%

GBPUSD

1.2781

1.2880

-0.77%

Nifty Auto

9270.20

207.55

2.29%

Dollar Index

97.12

95.85

1.32%

Nifty Finance

11438.80

444.60

4.04%

Nifty FMCG

30126.25

882.15

3.02%

Nifty IT

14638.05

802.35

5.80%

Nifty Media

2549.85

81.95

3.32%

Nifty Metal

3163.75

-51.00

-1.59%

Nifty Pharma

9275.70

-26.60

-0.29%

Nifty PSU Banks

2915.20

-1.65

Nifty PVT Bank

15154.45 232.00

INDEX

Nifty Realty 2

WEEKLY % CHANGE

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

Gold COMEX

1227.80

1223.40

0.36%

Gold MCX

30186

30495

-1.01%

Crude Oil NYMEX

50.70

50.42

0.56%

Crude Oil MCX

3576

3623

-1.30%

-0.06%

Brent Oil NYMEX

59.19

59.22

-0.05%

457.85

3.12%

Copper MCX

426.70

429.85

-0.73%

5.45

2.41%

Natural Gas NYMEX

4.637

4.309

7.61%

WEEKLY % CHANGE

03/12/2018

Market at a Glance WEEKLY GAINERS SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

TCS

1970.60

8.56%

2273.00

Infosys

666.50

7.42%

754.95

IndusInd Bank

1631.55

6.70%

2037.90

Zee

488.55

6.55%

619.35

Bajaj Finance

2528.40

6.31%

2995.10

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

Yes Bank

169.65

-13.24%

147.00

ONGC

140.20

-7.28%

138.00

Sun Pharma

492.30

-6.37%

434.80

Tata Motors

171.95

-5.65%

164.55

Coal India

244.30

-4.85%

239.55

SCRIP

03/12/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

50.1

Monday, December 3, 2018 7:15

CNY

Caixin Manufacturing PMI (Nov)

15:00

GBP

Manufacturing PMI (Nov)

51.8

51.1

20:30

USD

ISM Manufacturing PMI (Nov)

57.5

57.7

52.5

53.2

6.50%

Tuesday, December 4, 2018 14:45

GBP

BoE Gov Carney Speaks

15:00

GBP

Construction PMI (Nov) Wednesday, December 5, 2018

14:30

INR

Interest Rate Decision

15:00

GBP

Services PMI (Nov)

52.5

52.2

18:45

USD

ADP Nonfarm Employment Change (Nov)

195K

227K

20:30

USD

ISM Non-Manufacturing PMI (Nov)

59.1

60.3

20:45

USD

Fed Chair Powell Testifies

21:00

USD

Crude Oil Inventories

0.769M

3.577M

Friday, December 7, 2018

19:00

USD

Nonfarm Payrolls (Nov)

200K

250K

19:00

USD

Unemployment Rate (Nov)

3.70%

03/12/2018

Weekly Pivots NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME

ADANIPORTS

421.50

402.90

384.30

375.40

365.70

356.80

347.10

328.50

309.90

ASIANPAINT

1459.15

1421.00

1382.85

1365.75

1344.67

1327.55

1306.50

1268.35

1230.20

AXISBANK

693.15

670.95

648.75

636.60

626.55

614.40

604.35

582.15

559.95

BAJAJ-AUTO

3290.95

3092.15

2893.35

2818.20

2694.53

2619.35

2495.70

2296.90

2098.10

BAJAJFINSV

7178.35

6762.85

6347.35

6179.20

5931.83

5763.65

5516.30

5100.80

4685.30

BAJFINANCE

3133.25

2915.80

2698.35

2614.85

2480.90

2397.40

2263.45

2046.00

1828.55

BHARTIARTL

406.15

377.95

349.75

332.40

321.53

304.15

293.30

265.10

236.90

BPCL

375.95

359.85

343.75

334.90

327.65

318.80

311.55

295.45

279.35

CIPLA

619.40

590.20

561.00

550.80

531.80

521.60

502.60

473.40

444.20

COALINDIA

306.00

286.55

267.10

256.25

247.63

236.75

228.15

208.70

189.25

DRREDDY

3302.40

3088.90

2875.40

2802.70

2661.87

2589.15

2448.35

2234.85

2021.35

EICHERMOT

28204.55

26668.60

25132.65

24241.35

23596.70

22705.40

22060.75

20524.80

18988.85

GAIL

382.25

369.25

356.25

349.40

343.22

336.35

330.20

317.20

304.20

GRASIM

980.90

939.25

897.60

880.80

855.95

839.15

814.30

772.65

731.00

HCLTECH

1254.90

1172.55

1090.20

1052.65

1007.82

970.25

925.45

843.10

760.75

HDFC

2342.50

2212.75

2083.00

2037.50

1953.25

1907.75

1823.50

1693.75

1564.00 Continued .......

03/12/2018

Weekly Pivots NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT) SCRIP NAME

HDFCBANK

2466.55

2341.05

2215.55

2168.00

2090.02

2042.45

1964.50

1839.00

1713.50

HEROMOTOCO

3601.35

3408.90

3216.45

3135.75

3023.98

2943.25

2831.50

2639.05

2446.60

HINDALCO

264.75

250.60

236.45

231.35

222.28

217.15

208.10

193.95

179.80

HINDPETRO

308.80

285.45

262.10

247.15

238.72

223.75

215.35

192.00

168.65

HINDUNILVR

2110.85

1990.65

1870.45

1822.40

1750.23

1702.15

1630.00

1509.80

1389.60

IBULHSGFIN

813.95

779.10

744.25

728.60

709.37

693.70

674.50

639.65

604.80

ICICIBANK

404.55

388.85

373.15

364.20

357.45

348.50

341.75

326.05

310.35

INDUSINDBK

2043.00

1900.60

1758.20

1699.55

1615.80

1557.15

1473.40

1331.00

1188.60

INFRATEL

302.50

288.20

273.90

264.95

259.58

250.60

245.25

230.95

216.65

INFY

873.40

798.35

723.30

696.65

648.25

621.60

573.20

498.15

423.10

IOC

169.40

158.50

147.60

141.30

136.70

130.40

125.80

114.90

104.00

ITC

313.55

304.25

294.95

290.60

285.63

281.25

276.30

267.00

257.70

KOTAKBANK

384.70

360.70

336.70

325.85

312.67

301.80

288.65

264.65

240.65

1464.90

1379.55

1294.20

1264.60

1208.82

1179.20

1123.45

1038.10

952.75

LUPIN

1517.20

1486.55

1455.90

1442.95

1425.22

1412.25

1394.55

1363.90

1333.25

M&M

948.75

890.85

832.95

811.95

775.02

754.00

717.10

659.20

601.30 Continued .......

03/12/2018

Weekly Pivots NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT) SCRIP NAME

MARUTI

8606.90

8267.20

7927.50

7788.25

7587.77

7448.50

7248.05

6908.35

6568.65

NTPC

169.30

159.90

150.50

144.60

141.07

135.15

131.65

122.25

112.85

ONGC

191.40

175.45

159.50

149.45

143.55

133.50

127.60

111.65

95.70

POWERGRID

212.95

202.75

192.55

186.40

182.33

176.15

172.10

161.90

151.70

RELIANCE

1416.00

1327.40

1238.80

1202.95

1150.17

1114.30

1061.55

972.95

884.35

SBIN

318.75

307.45

296.15

290.10

284.85

278.80

273.55

262.25

250.95

SUNPHARMA

658.80

605.15

551.50

521.15

497.82

467.45

444.15

390.50

336.85

TATAMOTORS

218.30

204.10

189.90

181.05

175.68

166.80

161.45

147.25

133.05

TATASTEEL

622.80

591.30

559.80

544.05

528.27

512.50

496.75

465.25

433.75

TCS

2556.30

2343.80

2131.30

2053.05

1918.77

1840.50

1706.25

1493.75

1281.25

TECHM

812.60

773.70

734.80

720.80

695.90

681.90

657.00

618.10

579.20

TITAN

1042.90

1001.60

960.30

945.40

919.00

904.10

877.70

836.40

795.10

ULTRACEMCO

4426.10

4286.95

4147.80

4075.40

4008.62

3936.20

3869.45

3730.30

3591.15

UPL

873.75

838.35

802.95

781.10

767.53

745.65

732.10

696.70

661.30

VEDL

231.15

219.45

207.75

201.90

196.05

190.20

184.35

172.65

160.95

WIPRO

389.20

365.45

341.70

333.25

317.95

309.50

294.20

270.45

246.70

YESBANK

311.50

264.45

217.40

193.95

170.35

146.90

123.30

76.25

29.15

ZEEL

610.65

566.80

522.95

505.30

479.07

461.40

435.20

391.35

347.50

03/12/2018

Open Interest & Price Analysis LONG BUILD-UP SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

ACC

1.73%

13.85%

ESCORTS

6.27%

STAR

CHANGE IN OI (In %)

PRICE CHANGE (In %)

KSCL

5.90%

-39.63%

13.69%

BERGEPAINT

2.73%

-33.89%

7.93%

11.12%

JETAIRWAYS

4.78%

-29.90%

GODREJIND

4.53%

-29.45%

CASTROLIND

2.36%

-28.29%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

IOC

-2.74%

103.47%

REPCOHOME

-2.91%

OIL

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

PCJEWELLER

-8.95%

-28.95%

95.34%

MGL

-3.64%

-21.31%

-6.65%

85.17%

SREINFRA

-6.20%

-21.26%

ONGC

-7.04%

68.65%

MRPL

-1.07%

-20.89%

NTPC

-4.07%

67.21%

IGL

-0.98%

-19.13%

SCRIP

Analysis : As per the analysis of above chart. Major Resistance Level: 11000 Major Support Levels: 10200 followed 10000 03/12/2018

Nifty Analysis Fundamental Outlook

NIFTY WEEKLY PIVOTS

Last week our Indian Equity market opened on positive note and remained bullish throughout the week. Nifty recorded posi-

PARTICULAR

LEVEL

12153.00

11695.65

11238.30

11069.50

10780.95

10612.15

10323.60

9866.25

9408.90

tive close for a fifth consecutive day on Friday as index posted more than 3 percent gain for the week ended November 30. Positive November expiry, falling crude oil prices, appreciating rupee, ongoing polling in five states, and positive global cues are some of the factors that helped the market to close positive in each session of the week. On a weekly basis, the rupee gained 1.5 percent (Rs 1.08) against the dollar as it ended at 69.59 on November 30 against November 22, closing of 70.67 against the dollar. India's GDP grew 7.1 percent in July-September, down from 8.2 percent in the previous quarter as high fuel prices, a sliding rupee and relatively weaker rural demand seem to have applied the brakes on the economy. The Nifty IT index has outperformed other sectoral indices with a gain of 5.8 percent during the week. TCS gained the most in terms of market value, followed by Reliance Industries, HDFC Bank and Infosys. The next week promises to be full of action as all eyes will be on the two-day G20 summit, while the monthly auto sale numbers and PMI readings will also keep traders on the edge. In addition, the RBI policy meet, which is scheduled on Dec 6.

Technical Outlook Last week nifty index started on positive note on Monday and remained positive throughout the week as it touched 10949 levels 1st time since 3rd Oct 2018. Nifty surged 376 points to give closing on positive note on weekly basis with gain of 3.57%. The index continued to hold 10,800 levels for the second consecutive session and maintained positive trend for fifth straight trading day 9

03/12/2018

Nifty Analysis Nifty has formed Doji kind of pattern on the daily charts and robust bullish candle on the weekly scale. one can remain posi-

WEEKLY STRATEGY

tively biased and look to buy dips as long as Nifty sustains above levels of 10,780–10,747 whereas negative stance should be maintained if Nifty closes below its 200-day moving average (10,755). In case strength continues beyond 10,950 then upside shall get extended up to 11,090 levels. On the option front, maximum Put OI is seen at 10,200, followed by 10,500 strikes.

PARTICULAR ACTION

DETAILS BUY

Maximum Call OI is seen at 11,000 strikes. ENTRY PRICE

ABOVE 10950

TARGET

11050

STOP LOSS

10890

TECHNICAL INDICATOR ANALYSIS INDICATOR

For this week, traders can adopt buy on lower level strategy in it and above the level of 10,950. It can test the level of Rs.

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

NEGATIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE…....

11,050 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,890.

03/12/2018

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

The Nifty Bank index started the last week on positive note on Monday and extended its positive run in most of the trading session in the week . The Bank Nifty ended the November F&O expiry on an optimistic note and well above the previous

PARTICULAR ACTION

DETAILS BUY

hurdle of 26,400 to give index closing at 26,914 on positive note on weekly basis with gain of 3.50%. Participation was seen in both private and PSU banks with HDFC Bank the major contributor to the gain followed by other heavyweights. Bank Nifty

ENTRY PRICE

ABOVE 27050

is facing major resistance levels of 27,035 upside while support is placed at 26,400 levels. If It manages to trade above

TARGET

27650

27,040 levels than it can moves towards 27,300 and 27,600 in coming trading sessions.

STOP LOSS

26750

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 27,050. It can test the level of Rs.

PARTICULAR

LEVEL

29686.35

28677.30

27668.25

27293.35

26659.20

26284.30

25650.15

24641.10

23632.05

27,650 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26,750. 11

03/12/2018

AUROPHARMA ( Call of the Week ) Technical Outlook Overall trend of the Stock is bullish for long term . For short term stock is in consolidation phase. Last week, it started on positive note and traded with sideways movement throughout the week. On daily chart it has formed ascending triangle price pattern and trading above its psychological levels of 800. If it manages to trade above the levels of 818 than further

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

upside move can be seen in it.

DETAILS BUY ABOVE 818

TARGET

848.00

STOP LOSS

799.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 818 it can test the level of Rs. 848 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 799.

PARTICULAR

LEVEL

911.55

874.80

838.05

824.40

801.3

787.65

764.55

727.80

691.05 03/12/2018

TITAN CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is bearish for long term . For short term stock is in consolidation phase. Last week stock started on positive note and showed good buying from lower levels throughout the week. On daily chart it has gave breakout of

PARTICULAR ACTION

DETAILS BUY

its major resistance levels of 934. If it manages to trade above 935 levels than further upside move can be seen in it. In ENTRY PRICE

intraday it showed a good positive move.

ABOVE 935

TARGET

964.00

STOP LOSS

914.00

WEEKLY PIVOTS PARTICULAR

LEVEL

1041.75

1000.45

959.15

943.10

917.85

901.80

876.55

835.25

793.95

For this week, traders can adopt buy on lower level strategy in it and above the level of 935 it can test the level of Rs. 964 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 914.

03/12/2018

TECHM FUTURES( Call of the Week ) Technical Outlook Last week, TECHM DEC Futures started the week on positive note and consolidated for the entire week. It made a high of 711 during the week and closed at 706.60 with the overall gain of 2.75% on weekly basis. Technically it’s had given breakout from weekly resistance with the trend line breakout and for this week, we can expect upside movement in it.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 713

TARGET

723.00

STOP LOSS

703.00

WEEKLY PIVOTS PARTICULAR

LEVEL

808.75

771.05

733.35

720.00

695.65

682.30

657.95

For this week, traders can adopt buying on the basis of Consolidation Breakout strategy in it and above the level of 713 it

620.25

can test the level of 723 during the week. Trades can make buy position in it by maintaining a Stop Loss of 703.

582.55

03/12/2018

KSCL FUTURES ( Call of the Week ) Technical Outlook Last week, KSCL DEC Futures started the week on negative note but till the end of the week, all of its earlier loss were erased and it closed at 520.65 with the overall gain of 5.90% on weekly basis. Technically it’s forming Symmetrical Triangle Pattern on the daily chart and volume is also consolidating. For this week, we can expect upside movement in it.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 532

TARGET

542.00

STOP LOSS

526.00

WEEKLY PIVOTS

For this week, traders can adopt buying on the pattern breakout strategy in it and above the level of 532 it can test the level of 542 during the week. Trades can make buy position in it by maintaining a Stop Loss of 526.

PARTICULAR

LEVEL

652.20

607.05

561.90

541.25

516.75

496.10

471.60

426.45

381.30 03/12/2018

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 माके ट अनुसध ं ान ननवेश सलाहकार प्राइवेट नलनमटेड का एक भाग) द्वारा तैयार ककया गया है | यहां पर दी गई जानकारी, नवश्लेषण और अनुमान Ways2Capital इकिटी / कमोनडटी अनुसध ं ान के मूलयांकन पर आधाररत हैं और नवश्वसनीय स्रोतों से प्राप्त की गई है | यह दस्तावेज़ के वल इनछित प्राप्तकताा के उपयोग के नलए 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 इकिटी / कमोनडटीज अनुसंधान का प्रनतनननधत्व करता है और सामान्य जानकारी के नलए ही है | Ways2Capital इकिटी / कमोनडटीज अनुसंधान, इसके ननदेशकों, अनधकारी या कमाचारी ककसी भी तरह से संबंनधत सामग्री के नलए नजम्मेदार नहीं है। |

Ways2Capital इकिटी / कमोनडटीज अनुसंधान ककसी भी और सभी उत्तरदानयत्वों को स्पष्ट रूप से अस्वीकार करता है जो इस संबंध में सूचना, त्रुरटयों या चूक से पैदा हो सकता है| इस दस्तावेज को ककसी भी प्रनतभूनत या वस्तु को खरीदने के नलए बेचने या एक आग्रह के नलए प्रस्ताव के रूप में नहीं माना जा सकता 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. उपरोक्त सभी सूचना, स्तर और सुझाव, Ways2Capital के नवशेषज्ञ के पैनल द्वारा ककए गए तकनीकी और मौनलक अनुसध ं ान के आधार पर दी गई हैं, लेककन हम कदए गए सुझावों की त्रुरटयों के नलए कोई दानयत्व स्वीकार नहीं करते हैं | वेबसाइट के माध्यम से सर्फिंग करने वाले लोगों को अपनी पसंद के उत्पाद सेवाओं को चुनने का अनधकार 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. इकिटी / कमोनडटी बाजार में कोई भी ननवेश जोनखम के अधीन होता है, कं पनी इन सुझावों पर ककए गए ककसी भी नुकसान के नलए उत्तरदायी नहीं होगी | यह स्तर भनवष्य के कीमतों की गनत का संकेत नहीं देते है| वेबसाइट के माध्यम से ककसी भी ब्राउजज़ग का अथा है अस्वीकरण की स्वीकृ नत।

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 माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी कं पननयां अनुसंधान ररपोटा में शानमल कं पननयों के साथ कारोबार नहीं करती हैं और न ही ककसी भी तरह के उत्पादों / प्रनतभूनतयों के जारीकताा के साथ जुडी हैं, जो यह सुनननित करता है कक नहतों के नलए कोई वास्तनवक या संभानवत संघषा नहीं है | ननयामक ननकाय के अनुपालन को सुनननित करने के नलए हमने यह तय ककया है कक कं पनी और उसके कोई भी प्रनतनननध बाज़ार में ट्रेड नहीं करेंगे।

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.

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Disclaimer ग्राहकों को यह सलाह दी जाती है कक वे ररपोटा में दी गई जानकारी को के वल राय के रूप में देखें और ननवेश के नलए स्वयं िंै सला करें | ग्राहकों को वेबसाइट पर प्रकानशत सेवाओं के ननयमों और शतों को पढ़ने और समझने की भी सलाह दी जाती है | कं पनी के ननगमन के बाद ननयामक ननकाय द्वाराकं पनी के नखलािं कोई मुकदमा (यानचका) दायर नहीं ककया गया है।

DISCLOSURE APPENDIX ( प्रकटीकरण पररनशष्ट ) : 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 नवश्लेषकों द्वारा तैयार की गयी है जो द्वारा हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड द्वारा ननयुक्त हैं | इस ररपोटा में व्यक्त सभी नवचार कं पनी के बारे में व्यनक्तगत नवचारों को दशााता है और कं पननयों और उनकी प्रनतभूनतयां और क्षनतपू र्तत (मुआवजे) का कोई नहस्सा, या इस शोध ररपोटा में नननहत नवशेष सुझावों या नवचारों से प्रत्यक्ष या अप्रत्यक्ष रूप से संबंनधत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST (नहतों के संघषा 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) हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी या उनके ककसी भी तत्काल ररश्तेदार की नवषय कं पनी में कोई नवत्तीय रुनच नहीं है और न ही इस तरह की नवत्तीय नहत की प्रकृ नत है| (a)

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) हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी या उनके ककसी भी तत्काल ररश्तेदार की नवषय कं पनी की प्रनतभूनतयों में एक प्रनतशत या उससे अनधक के वास्तनवक / िंायदेमदं स्वानमत्व नहीं हैं |

(a)

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 माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोनगयों को अनुसंधान ररपोटा के प्रकाशन के समय या सावाजननक रूप से उपनस्थत होने के समय कोई अन्य भौनतक संघषा नहीं है|

DISCLOSURE IN TERMS OF COMPENSATION ( क्षनतपूर्तत के संदभा 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 माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड की पॉनलसी अपने नवश्लेषकों, पेशेवरों को नवश्लेषक के क्षेत्र में ककसी भी कं पनी की प्रनतभूनतयों के स्वामी से नवश्लेषकों को ररपोटा करने से रोकती है। नवश्लेषक क्षनतपूर्तत : नवश्लेषक हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड के वेतन आधाररत स्थायी कमाचारी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE (सावाजननक 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 माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगीयों ने नपिले 12 महीनों में नवषय कं पनी से कोई मुआवजा प्राप्त नहीं ककया 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 ररपोटा के नवतरण की नतनथ से पूवा बारह महीनों के दौरान नवषय कं पनी अब या कभी भी ग्राहक नहीं रही 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 माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटे ड या उसके सहयोगीयों ने नवषय कं पनी के अनधकारी, ननदेशक या कमाचारी के रूप में कभी भी काम

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