Equity Research Report 05 March 2019 Ways2Capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED

PHONE: 0731-6626191 | MAIL: SUPPORT@WAYS2CAPITAL.COM | ADD : 515-516, SHAGUN ARCADE,VIJAY NAGAR, INDORE, MP, 452001

Market Wrap–Up MAJOR INDICES

CURRENCY MARKET UPDATE

INDEX

CLOSING AS ON 01ST MARCH 19

Nifty

10863.50

71.85

Nifty Bank

27043.90

Nifty IT

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

0.67%

USDINR

71.1275

71.4025

-0.39%

176.35

0.66%

GBPINR

94.2975

93.1050

1.28%

15848.30

163.60

1.04%

EURINR

81.0800

81.1700

-0.11%

Nifty Pharma

8972.65

200.05

2.28%

JPYINR

63.7150

64.5025

-1.22%

Nifty Finance

11308.15

-11.60

-0.10%

EURUSD

1.1377

1.1343

0.30%

Nifty VIX

16.28

0.82

5.34%

GBPUSD

1.3210

1.3054

1.20%

Nifty 500

9037.50

117.75

1.32%

Dollar Index

96.38

96.36

0.02%

Nifty 100

11040.55

103.20

0.94%

Nifty FMCG

29464.90

223.70

0.77%

Nifty Energy

14857.85

80.80

0.55%

Nifty Realty

230.35

-2.80

-1.20%

Nifty PSU Banks

2832.00

54.60

1.97%

Nifty Auto

8413.65

134.70

1.63%

Nifty Metal

2922.70

80.50

Nifty 200

5688.65

Nifty Media

2544.60

WEEKLY CHANGES

COMMODITY MARKET UPDATE CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

1294.45

1332.80

-2.88%

Gold MCX

32640

33517

-2.62%

Crude Oil NYMEX

55.77

57.26

-2.60%

Crude Oil MCX

3973

4085

-2.74%

2.83%

Brent Oil NYMEX

64.89

67.12

-3.32%

63.20

1.12%

Copper MCX

462.65

465.35

-0.58%

149.75

6.25%

Natural Gas NYMEX

2.849

2.717

4.86%

COMMODITY Gold COMEX

05/03/2019

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

ZEE

486.55

8.46%

609.75

IOC

147.70

8.44%

206.25

232.40

7.97%

314.00

3890.00

7.43%

4490.00

237.40

6.96%

404.00

SCRIP

COAL INDIA ULTRATECH YES BANK

WEEKLY LOSERS SCRIP BHARTI INFRATEL ADANIPORTS EICHER MOTORES BHARTI AIRTEL HUL 3

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

293.50

-6.83%

241.80

333.45

-5.83%

293.95

19938.25

-2.93%

18780.00

307.05

-1.90%

277.00

1734.95

-1.86%

1281.60 05/03/2019

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

Monday, March 4, 2019 All Day

INR

India - Mahasivarathri Day

4:30

GBP

Construction PMI (Feb)

Holiday 50.3

50.6

Tuesday, March 5, 2019 4:30

GBP

Services PMI (Feb)

49.9

50.1

10:00

USD

ISM Non-Manufacturing PMI (Feb)

57.2

56.7

10:00

USD

New Home Sales (Dec)

590K

657K

190K

213K

2.842M

-8.647M

Wednesday, March 6, 2019 8:15

USD

ADP Nonfarm Employment Change (Feb)

10:30

USD

Crude Oil Inventories Friday, March 8, 2019

8:30

USD

Building Permits (Jan)

1.285M

8:30

USD

Nonfarm Payrolls (Feb)

180K

304K

8:30

USD

Unemployment Rate (Feb)

3.90%

4.00%

05/03/2019

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

ADANIPORTS

400.90

377.10

353.30

343.25

329.50

319.45

305.70

281.90

258.10

ASIANPAINT

1557.35

1505.10

1452.85

1422.60

1400.60

1370.35

1348.35

1296.10

1243.85

AXISBANK

812.00

777.25

742.50

722.45

707.75

687.70

673.00

638.25

603.50

BAJAJ-AUTO

3265.85

3134.85

3003.85

2933.70

2872.83

2802.65

2741.80

2610.80

2479.80

BAJAJFINSV

7466.90

7106.90

6746.90

6593.75

6386.87

6233.70

6026.85

5666.85

5306.85

BAJFINANCE

2942.45

2845.80

2749.15

2704.95

2652.47

2608.25

2555.80

2459.15

2362.50

BHARTIARTL

386.80

361.95

337.10

322.40

312.23

297.50

287.35

262.50

237.65

BPCL

395.85

377.55

359.25

352.65

340.95

334.35

322.65

304.35

286.05

CIPLA

610.05

589.80

569.55

560.55

549.30

540.30

529.05

508.80

488.55

COALINDIA

287.05

266.75

246.45

239.55

226.12

219.20

205.80

185.50

165.20

DRREDDY

2985.05

2870.15

2755.25

2700.65

2640.33

2585.70

2525.40

2410.50

2295.60

EICHERMOT

23646.05

22491.10

21336.15

20642.40

20181.20

19487.45

19026.25

17871.30

16716.35

GAIL

421.25

393.60

365.95

354.90

338.27

327.20

310.60

282.95

255.30

GRASIM

920.25

873.35

826.45

809.10

779.55

762.20

732.65

685.75

638.85

HCLTECH

1236.05

1178.10

1120.15

1086.40

1062.18

1028.40

1004.20

946.25

888.30

HDFC

2092.85

2014.95

1937.05

1898.25

1859.12

1820.30

1781.20

1703.30

1625.40 Continued .......

05/03/2019

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

HDFCBANK

2265.75

2209.00

2152.25

2117.80

2095.50

2061.05

2038.75

1982.00

1925.25

HEROMOTOCO

3064.55

2935.55

2806.55

2741.10

2677.53

2612.05

2548.50

2419.50

2290.50

HINDALCO

224.60

214.65

204.70

200.45

194.73

190.45

184.75

174.80

164.85

HINDPETRO

269.30

255.90

242.50

237.60

229.10

224.20

215.70

202.30

188.90

HINDUNILVR

1924.30

1866.00

1807.70

1771.20

1749.38

1712.85

1691.05

1632.75

1574.45

IBULHSGFIN

824.20

772.85

721.50

696.70

670.15

645.35

618.80

567.45

516.10

ICICIBANK

394.15

380.00

365.85

360.05

351.67

345.85

337.50

323.35

309.20

INDUSINDBK

1681.20

1619.90

1558.60

1536.35

1497.27

1475.00

1435.95

1374.65

1313.35

INFRATEL

366.45

344.15

321.85

307.55

299.52

285.20

277.20

254.90

232.60

INFY

821.20

795.50

769.80

755.85

744.07

730.10

718.35

692.65

666.95

IOC

187.05

172.65

158.25

153.15

143.85

138.75

129.45

115.05

100.65

ITC

294.75

288.75

282.75

280.50

276.73

274.45

270.70

264.70

258.70

JSWSTEEL

334.45

317.75

301.05

291.60

284.33

274.85

267.60

250.90

234.20

KOTAKBANK

1347.65

1307.95

1268.25

1247.10

1228.55

1207.40

1188.85

1149.15

1109.45

1468.05

1409.10

1350.15

1329.35

1291.17

1270.35

1232.20

1173.25

1114.30

M&M

722.40

698.65

674.90

662.30

651.15

638.55

627.40

603.65

579.90 Continued ....... 05/03/2019

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

MARUTI

7669.05

7422.05

7175.05

7055.10

6928.05

6808.10

6681.05

6434.05

6187.05

NTPC

163.50

156.00

148.50

145.75

141.00

138.25

133.50

126.00

118.50

ONGC

170.60

162.95

155.30

152.20

147.65

144.55

140.00

132.35

124.70

POWERGRID

200.90

194.65

188.40

185.80

182.15

179.55

175.90

169.65

163.40

RELIANCE

1342.35

1303.45

1264.55

1245.30

1225.65

1206.40

1186.75

1147.85

1108.95

SBIN

304.35

293.00

281.65

277.30

270.27

265.90

258.90

247.55

236.20

SUNPHARMA

527.05

498.25

469.45

458.40

440.62

429.55

411.80

383.00

354.20

TATAMOTORS

220.45

206.85

193.25

186.80

179.63

173.15

166.00

152.40

138.80

TATASTEEL

565.70

545.10

524.50

516.05

503.87

495.40

483.25

462.65

442.05

TCS

2433.65

2289.20

2144.75

2070.10

2000.28

1925.60

1855.80

1711.35

1566.90

TECHM

883.70

865.90

848.10

839.95

830.27

822.10

812.45

794.65

776.85

TITAN

1185.00

1132.05

1079.10

1050.25

1026.13

997.25

973.15

920.20

867.25

ULTRACEMCO

4697.45

4399.45

4101.45

3989.90

3803.45

3691.90

3505.45

3207.45

2909.45

UPL

1021.60

967.70

913.80

891.80

859.88

837.85

805.95

752.05

698.15

VEDL

203.95

192.85

181.75

177.60

170.65

166.50

159.55

148.45

137.35

WIPRO

447.10

423.65

400.20

387.95

376.72

364.45

353.25

329.80

306.35

YESBANK

287.30

268.90

250.50

244.05

232.07

225.60

213.65

195.25

176.85

ZEEL

623.95

573.00

522.05

504.20

471.10

453.25

420.15

369.20

318.25

05/03/2019

Open Interest & Price Analysis LONG BUILD-UP CHANGE IN OI (In %)

PRICE CHANGE (In %)

CHANGE IN OI (In %)

PRICE CHANGE (In %)

RPOWER

37.60%

6.87%

NATIONALUM

-52.95%

10.36%

ACC

20.34%

6.72%

ENGINERSIN

-51.53%

3.69%

ORIENTBANK

11.41%

10.33%

NTPC

-47.31%

2.86%

COALINDIA

-40.61%

7.55%

GAIL

-40.10%

4.70%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

RELINFRA

60.01%

-5.86%

WIPRO

-23.58%

-2.35%

ADANIPORTS

23.43%

-5.72%

INFRATEL

-22.97%

-6.47%

DHFL

-22.05%

-6.92%

IDEA

-19.43%

-4.01%

SCRIP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

Analysis : As per the analysis of above chart. Major Resistance Level: 11000 Major Support Levels: 10700 Followed by 10000

05/03/2019

Nifty Analysis Fundamental Outlook

NIFTY WEEKLY PIVOTS

The Indian Equity market remained volatile in February weighed down by Indo-Pak tensions, US-China trade war concerns, rise

PARTICULAR

LEVEL

11475.35

11264.95

11054.55

10959.00

10844.15

10748.60

10633.75

10423.35

10212.95

in crude oil prices, concerns regarding lenders selling pledged shares, weak GDP data as well as mixed earnings from India Inc. The index was below its crucial psychological levels of 11000. The index fell down 0.36 percent in February. But in last week of February Indian markets managed to recoup losses and closed the week on a positive note as Nifty50 closed above 10850 levels. A series of domestic as well as global triggers kept equity markets across the globe on the edge. To start with we saw an escalation in geopolitical concerns kept investors busy for the most part of the week, but bulls managed to push the index back above 10850 . The Nifty50 ended at 10,863, up 71 points. On weekly basis, Nifty closed with gains of 0.67 percent. India VIX fell down sharply by 9.86 percent at 16.47 levels which is a positive sign for the bulls. However, VIX has to cool down below 16-15 zones to get the smooth ride in the market. The rupee weakened by 20 paise to close at 70.92 against the US dollar Friday amid strengthening of the American currency and rising crude oil prices. Slower GDP, higher crude oil prices, and faltering trade talks between the US and China weighed on the domestic currency

Technical Outlook The Nifty which started on a positive note on Monday showed a volatile week due to by Indo-Pak tensions . On Friday, the first day of March series, on ease of geopolitical tensions between India & Pakistan. Global rally on likely US-China trade deal also lifted sentiment.

Continued â&#x20AC;Ś.... 9

05/03/2019

Nifty Analysis The index managed to hold above 10,900 levels amid consolidation and formed small bullish candle on the daily as well as

WEEKLY STRATEGY

weekly charts. The consolidation is likely to continue in coming sessions before the sharp move is expected adding 10,950 is the crucial levels for bulls, closing above which the index may move around 11,060 levels. On the downside, for the time being, 10,725 shall be considered as critical short term support. On option front, maximum Put open interest (OI) is at

PARTICULAR ACTION

DETAILS BUY

10,600 followed by 10,700 strike while maximum Call OI is at 11,000 followed by 11,500 strike ENTRY PRICE

ABOVE 10945

TARGET

11045

STOP LOSS

10855

TECHNICAL INDICATOR ANALYSIS INDICATOR

For this week, traders can adopt buy on lower level strategy in it and above the level of 10,945. It can test the level of Rs. 11,045 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,855.

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE …....

05/03/2019

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

The Nifty Bank index started the last week on positive note on Monday but it remained volatile throughout the week . On last trading session Bank Nifty opened positive to extend it gains towards 27,240 levels and managed to close above its cru-

PARTICULAR ACTION

DETAILS BUY

cial level of 27,100 mark. The index closed 254 points higher at 27,189.80 and formed a bullish candle on daily scale while small bodied candle on weekly scale. Now the index has to hold above 27,000 to witness an up move towards 27,450 then 27,650 levels while on the downside support exists at 26,725 levels.

ENTRY PRICE

ABOVE 27250

TARGET

27650

STOP LOSS

26950

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 27,250. It can test the level of Rs. 27,650 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26,950.

PARTICULAR

LEVEL

28419.70

27942.00

27464.30

27253.80

26986.60

26776.10

26508.90

26031.20

25553.50 05/03/2019

L & T ( Call of the Week ) Technical Outlook Overall trend of the Stock sideways for long term . For short term stock is in bullish phase. Last week stock started on negative note and showed good consolidation near its major resistance levels throughout the week. On daily chart stock has gave breakout of its major trend line upside. If it manages to trade above 133.50 levels than further upside move can be seen in it. In intraday it showed a good positive move.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 133.50

TARGET

137.50

STOP LOSS

130.90

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 133.50 it can test the level of Rs. 137.50 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 130.90.

PARTICULAR

LEVEL

147.25

140.20

133.15

130.55

126.10

123.50

119.05

112.00

104.95 05/03/2019

GICHSGFIN CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is bearish for long term . For short term stock is recovery phase. Last week, it started on negative and showed negative movement throughout the week . On daily chart stock has formed Inverse H&S price pattern on

PARTICULAR ACTION

DETAILS BUY

lower levels. In intraday stock has showed god buying. If it manages to sustain above the levels of 250 than further upside ENTRY PRICE

move can be seen in it.

ABOVE 250

TARGET

258.00

STOP LOSS

242.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 250 it can test the level of Rs. 258 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.242.

PARTICULAR

LEVEL

290.00

273.60

257.20

249.60

240.8

233.20

224.40

208.00

191.60 05/03/2019

CEAT LTD FUTURES( Call of the Week ) Technical Outlook Last week, CEATLTD MAR Futures started the week on positive note and at the end of the week it closed at higher level. It made a low of 1027.50 during the week and closed at 1058.20 with the overall gain of almost 4% on weekly basis. Technically it formed rounding bottom pattern at lower level and made a spinning top pattern on weekly chart which is one of

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

the most reliable pattern.

DETAILS BUY ABOVE 1130

TARGET

1145.00

STOP LOSS

1120.00

WEEKLY PIVOTS PARTICULAR

LEVEL

1260.15

1201.55

1142.95

1121.90

1084.35

1063.30

1025.75

For this week, Traders can adopt the strategy on the basis of technical pattern and above the level of 1130 it can test the

967.15

level of 1145 during the week. Traders can make buy position in it by maintaining a stop loss of 1120

908.55

05/03/2019

TVS MOTOR FUTURES ( Call of the Week ) Technical Outlook Last week, TVSMOTOR MAR Futures started the week on negetive note but on the last day of the week it recovered sharply. It made a low of 445.45 during the week and closed at 469.55 with the overall lose of almost 0.10% on weekly basis.Technically it given trendline breakout and also it made a sppining top pattern at lower level on weekly chart.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 484

TARGET

494.00

STOP LOSS

477.00

WEEKLY PIVOTS

For this week, Traders can adopt buying on the basis of trend line breakout strategy in it and above the level of 484 it can test the level of 494 during the week.Traders can make buy position in it by maintaining a stop loss of 477.

PARTICULAR

LEVEL

556.95

525.90

494.85

482.15

463.80

451.10

432.75

401.70

370.65 05/03/2019

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। |

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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. 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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