Equity research report 26 march 2018 ways2capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED

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Market Wrap–Up MAJOR INDICES

CURRENCY MARKET UPDATE

INDEX

CLOSING AS ON 23rd Mar 18

WEEKLY % CHANGE

Nifty 50

9988.05

-106.20

-1.05%

Nifty 100

10356.80

-87.25

Nifty 200

5428.65

Nifty 500 Nifty VIX

CURRENT CLOSING

PREVIOUS CLOSING

USDINR

64.91

65.02

-0.17%

-0.84%

GBPINR

91.70

90.76

1.04%

-50.75

-0.93%

EURINR

80.19

80.17

0.02%

8796.35

-97.85

-1.10%

JPYINR

61.88

61.54

0.55%

15.97

0.15

0.96%

EURUSD

1.2344

1.2289

0.45%

Nifty Bank

23760.20

-484.90

-2.00%

GBPUSD

1.4141

1.3850

2.10%

Nifty Auto

10619.00

-168.00

-1.56%

Dollar Index

89.03

90.21

-1.31%

Nifty Finance

9993.60

-119.20

-1.18%

Nifty FMCG

25975.80

40.00

0.15%

Nifty IT

12433.15

11.85

0.10%

Nifty Media

3235.45

-33.75

-1.03%

Nifty Metal

3447.00

-119.80

-3.36%

Nifty Pharma

8326.80

-186.10

-2.19%

Nifty PSU Banks

2745.20

-109.60

Nifty PVT Bank

13418.35 294.90

Nifty Realty 2

Weekly Change

CURRENCY PAIR

WEEKLY % CHANGE

COMMODITY MARKET UPDATE COMMODITY Gold COMEX

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

1349.90

1312.30

2.87%

Gold MCX

30907

30224

2.26%

Crude Oil NYMEX

65.88

62.34

5.68%

Crude Oil MCX

4266

4065

4.94%

-3.84%

Brent Oil NYMEX

70.45

66.21

6.40%

-467.70

-3.36%

Copper MCX

433.48

448.55

-3.36%

-10.65

-3.49%

Natural Gas NYMEX

2.591

2.688

-3.61%

26/03/2018

Market at a Glance WEEKLY GAINERS WEEKLY % CHANGE

52 WEEK HIGH

342.85

4.75%

481.90

1704.65

4.09%

1989.00

HCL TECH

960.75

3.61%

1041.50

INDUSIND BANK

1765.50

2.59%

1818.00

ZEE

575.00

1.75%

619.35

SCRIP BHARTI INFRATEL BAJAJ FINANCE

CLOSING PRICE

WEEKLY LOSERS SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

VEDANTA

271.00

-11.87%

217.95

325.00

-7.75%

323.50

166.80

-6.19%

165.20

GAIL (INDIA)

415.05

-6.14%

347.00

BPCL

404.20

-5.89%

400.17

HINDUSTAN PETROLEUM INDIAN OIL CORP.

26/03/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

131.20

130.80

Tuesday, March 27, 2018 19:30

USD

CB Consumer Confidence (Mar) Wednesday, March 28, 2018

18:00

USD

GDP (QoQ) (Q4)

2.70%

2.50%

19:30

USD

Pending Home Sales (MoM) (Feb)

2.10%

-4.70%

20:00

USD

Crude Oil Inventories

1.200M

-2.622M

Thursday, March 29, 2018 All Day

INR

India - Mahavir Jayanti

HOLIDAY

14:00

GBP

GDP (YoY) (Q4)

1.40%

14:00

GBP

GDP (QoQ) (Q4)

0.04%

0.40%

Friday, March 30, 2018 All Day

EUR

United Kingdom - Good Friday

HOLIDAY

All Day

USD

United States - Good Friday

HOLIDAY

All Day

INR

India - Good Friday

HOLIDAY Saturday, March 31, 2018

6:30 4

CNY

50.70

50.30 26/03/2018

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

ADANIPORTS

433.30

410.00

386.70

376.30

363.37

352.95

340.05

316.75

293.45

AMBUJACEM

270.35

256.60

242.85

235.15

229.07

221.35

215.30

201.55

187.80

ASIANPAINT

1205.15

1173.30

1141.45

1127.05

1109.60

1095.20

1077.75

1045.90

1014.05

AUROPHARMA

661.80

627.25

592.70

572.20

558.13

537.60

523.55

489.00

454.45

AXISBANK

618.85

582.35

545.85

522.70

509.33

486.15

472.80

436.30

399.80

BAJAJ-AUTO

3345.10

3169.25

2993.40

2890.10

2817.53

2714.20

2641.65

2465.80

2289.95

BAJFINANCE

1987.90

1883.10

1778.30

1731.80

1673.50

1627.00

1568.70

1463.90

1359.10

BHARTIARTL

495.70

466.80

437.90

425.30

409.00

396.40

380.10

351.20

322.30

20780.95

19677.85

18574.75

17968.30

17471.63

16865.15

16368.50

15265.40

14162.30

BPCL

541.15

501.40

461.65

437.55

421.90

397.80

382.15

342.40

302.65

CIPLA

676.60

632.05

587.50

562.95

542.92

518.35

498.35

453.80

409.25

COALINDIA

315.00

300.50

286.00

278.00

271.48

263.45

256.95

242.45

227.95

DRREDDY

2463.10

2343.45

2223.80

2148.05

2104.12

2028.35

1984.45

1864.80

1745.15

EICHERMOT

31459.25

30271.30

29083.35

28489.75

27895.38

27301.75

26707.40

25519.45

24331.50

GAIL

494.30

475.90

457.50

448.55

439.07

430.10

420.65

402.25

383.85

HCLTECH

1121.70

1061.65

1001.60

979.50

941.52

919.40

881.45

821.40

761.35

BOSCHLTD

Continued ....... 5

26/03/2018

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

HDFC

2009.00

1938.95

1868.90

1829.25

1798.85

1759.20

1728.80

1658.75

1588.70

HDFCBANK

1986.55

1941.80

1897.05

1869.30

1852.27

1824.50

1807.50

1762.75

1718.00

HEROMOTOCO

3995.15

3810.20

3625.25

3519.50

3440.27

3334.50

3255.30

3070.35

2885.40

HINDALCO

263.75

246.45

229.15

217.10

211.85

199.80

194.55

177.25

159.95

HINDPETRO

454.50

418.65

382.80

360.90

346.95

325.05

311.10

275.25

239.40

HINDUNILVR

1420.75

1381.45

1342.15

1321.90

1302.85

1282.60

1263.55

1224.25

1184.95

IBULHSGFIN

1407.10

1340.50

1273.90

1237.15

1207.27

1170.50

1140.65

1074.05

1007.45

ICICIBANK

362.40

335.95

309.50

292.55

283.03

266.05

256.55

230.10

203.65

INDUSINDBK

1920.60

1859.80

1799.00

1774.25

1738.17

1713.40

1677.35

1616.55

1555.75

INFRATEL

413.40

387.65

361.90

352.20

336.12

326.40

310.35

284.60

258.85

INFY

1277.95

1239.80

1201.65

1184.65

1163.48

1146.45

1125.30

1087.15

1049.00

IOC

231.95

212.25

192.55

180.70

172.85

161.00

153.15

133.45

113.75

ITC

280.00

272.55

265.10

260.55

257.65

253.10

250.20

242.75

235.30

KOTAKBANK

1155.90

1118.70

1081.50

1060.15

1044.27

1022.90

1007.05

969.85

932.65

1463.30

1403.40

1343.50

1305.70

1283.60

1245.80

1223.70

1163.80

1103.90

LUPIN

894.30

845.75

797.20

765.85

748.65

717.30

700.10

651.55

603.00 Continued .......

26/03/2018

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

M&M

820.60

791.05

761.50

742.70

731.95

713.15

702.40

672.85

643.30

MARUTI

9906.85

9503.95

9101.05

8854.15

8698.12

8451.20

8295.20

7892.30

7489.40

NTPC

192.95

184.80

176.65

173.35

168.50

165.15

160.30

152.15

144.00

ONGC

201.90

193.80

185.70

181.55

177.57

173.40

169.45

161.35

153.25

POWERGRID

209.10

204.00

198.90

196.60

193.78

191.45

188.65

183.55

178.45

RELIANCE

972.35

947.45

922.55

908.25

897.63

883.30

872.70

847.80

822.90

SBIN

306.35

284.40

262.45

248.65

240.48

226.65

218.50

196.55

174.60

SUNPHARMA

436.75

409.50

382.25

216.25

355.00

188.95

327.70

300.45

273.20

TATAMOTORS

372.20

359.55

346.90

338.90

334.23

326.20

321.55

308.90

296.25

TATASTEEL

719.20

670.80

622.40

594.45

573.97

546.00

525.55

477.15

428.75

TCS

3092.25

3006.00

2919.75

2868.95

2833.50

2782.70

2747.25

2661.00

2574.75

TECHM

724.20

689.90

655.60

639.50

621.28

605.15

586.95

552.65

518.35

ULTRACEMCO

4674.65

4422.25

4169.85

4021.80

3917.45

3769.40

3665.05

3412.65

3160.25

UPL

812.45

777.80

743.15

723.95

708.47

689.25

673.80

639.15

604.50

VEDL

405.90

366.60

327.30

301.65

287.97

262.30

248.65

209.35

170.05

WIPRO

328.45

315.00

301.55

293.10

288.07

279.60

274.60

261.15

247.70

YESBANK

390.55

359.05

327.55

307.10

296.05

275.60

264.55

233.05

201.55

ZEEL

652.10

623.70

595.30

582.35

566.87

553.90

538.45

510.05

481.65

26/03/2018

Open Interest & price Analysis LONG BUILD-UP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

CHANGE IN OI (In %)

PRICE CHANGE (In %)

SRF

30.66%

1.96%

JUBLFOOD

-10.28%

7.22%

INDUSINDBK

12.85%

1.00%

INFRATEL

-6.37%

2.04%

NTPC

8.06%

2.39%

BAJAJFINSV

-4.44%

1.78%

OIL

7.67%

1.75%

GODREJCP

-4.13%

3.06%

TITAN

7.03%

1.91%

SCRIP

LONG UNWINDING

SHORT BUILD-UP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

IDBI

-20.83%

-9.26%

-1.08%

FORTIS

-19.23%

-8.22%

19.14%

-3.68%

JINDALSTEL

-18.12%

-5.70%

ANDHRABANK

18.08%

-5.77%

CANFINHOME

-16.90%

-6.78%

PCJEWELLER

17.13%

-11.32%

AMARAJABAT

-15.15%

-1.98%

CHANGE IN OI (In %)

PRICE CHANGE (In %)

UBL

29.26%

-6.52%

GAIL

19.71%

AMBUJACEM

SCRIP

Analysis : As per the analysis of above chart. Major Resistance Level: 10500. Major Support Levels:- 10000.

26/03/2018

Nifty Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook

PARTICULAR

LEVEL

10994.45

10688.50

bearish bets in index futures. Nifty P/E ratio was in the range of 24.38 to 24.76 for the past week.

10382.55

Technical Outlook

10193.20

Last week the benchmark index Nifty finally corrected below 10000 marks after some consolidation and traded near

10076.60

9887.25

9770.65

9464.70

9158.75

The week starts with mounting concern on ‘Trade War’ between the US and the China started showing concern over rest of the world. This was clearly a threat for traders’ community across the world, resulting into massive sell off in the equity market. Equity benchmarks ended at five month’s low at 9998, down 197 points or 2% due to the global equity sell-off. FIIs Index futures ‘Long Short Ratio’ also plunged from 47% to 37%, they continued adding

to more than 5 month low. We also witnessed some fresh short position formation in index futures segment on lower levels. On options front, 10000-10200 call options were active and they also added good amount of positions. On the flip side, we saw huge amount of open interest addition in 9900 put along with some build-up in 9700 and 9800 strikes.

Continued ….... 9

26/03/2018

Nifty Analysis Now, maximum concentration of open interest is placed at 10500 call and 10000 put options. Market may attract

WEEKLY STRATEGY

further selling if it breaks its next important support of 9950 otherwise it can give March expiry above 10000 PERTICULAR

marks.

ACTION

DETAILS SELL

ENTRY PRICE

Below 9960

TARGET

9820/9620

STOP LOSS

10051

TECHNICAL INDICATOR ANALYSIS INDICATOR

CURRENT TREND

20 Days EMA

NEGATIVE

50 Days EMA

NEGATIVE

200 Days EMA

POSITIVE

For this week, traders can adopt sell on higher level strategy in it and below the level of 9960 it can test the level

RSI

NEGATIVE

of Rs. 9820 & 9620 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 10051.

MACD

NEGATIVE

STOCHASTIC

NEGATIVE Continued …....

26/03/2018

Bank Nifty Analysis Last week, Bank Nifty Mar Futures made a low of 23631.20 and traded near to its 6 month low. It broke the major psychological level of 24000 during the week and closed at 23710.15 with the overall loss of 3.65% on weekly

WEEKLY STRATEGY PERTICULAR

DETAILS

basis. Technically it’s sustaining below the 200days EMA with the negative RSI & Stochastic and trading below the trend line breakout. For this week, we can expect further downside movement in it.

ACTION

SELL

ENTRY PRICE

Below 23630

TARGET

23410/23205

STOP LOSS

23810

WEEKLY PIVOTS PARTICULAR

LEVEL

27120.20

26081.40

25042.60

24376.40

24003.80

For this week, traders can adopt sell on higher levels strategy in it and below the level of Rs. 23630, it can test

23337.60

the level of Rs.23410/ 23205 during the week. Trades can make sell position in it by maintaining a Stop Loss of

22965.00

Rs.23630

21926.20

20887.40

26/03/2018

LICHNGFIN Cash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the share is bearish for medium-long term .Currently stock is in strong uptrend with good momentum and the trend is supported with good volume. Stock started the week with negativity on Monday but

PERTICULAR ACTION

DETAILS Buy

as the week past stock stared gaining the strength and closed on positive note with formation of strong buy pattern on daily chart. Candle Pattern shows some strength in buying as it has formed inverse H&S price pattern on daily.

ENTRY PRICE

Above 534.30

TARGET

549.00

STOP LOSS

524.95

WEEKLY PIVOTS PARTICULAR

LEVEL

586.70

563.55

540.40

530.15

517.25

507.00

494.10

For this week, traders can adopt buy on lower level strategy in it and above the level of 535 it can test the level

470.95

of Rs. 549 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 524.95.

447.80

26/03/2018

INFRATEL Cash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

INFRATEL started the week on negative note on Monday and traded with sideways movement throughout the week and give closing on flat note. On daily showed a good consolidation on lower levels. Stock is trading above its 21 days moving averages .On intraday chart stock is forming Inverse H&S price pattern and if it gave breakout of this pattern than further upside move can be expected in the stock.

PERTICULAR ACTION

DETAILS Buy

ENTRY PRICE

Above 346.00

TARGET

356.40

STOP LOSS

339.95

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 346 it can test the level of Rs. 356.40 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 339.95

PARTICULAR

LEVEL

413.35

387.60

361.85

352.15

336.1

326.40

310.35

284.60

258.85 26/03/2018

NIITTECH Futures ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week NIITECH open in positive note but moves in negative trend in entire week and gives closing at 896.20. according to technical analysis NIITECH break important support level of 900 and it able to give closing below the important support level of 900 we can expect further downside trend in it . For next week taders can sell niittech below 864 with the tgt of 848 and sl of 873.

PERTICULAR ACTION

DETAILS SELL

ENTRY PRICE

Below 864.00

TARGET

848.00

STOP LOSS

873.00

WEEKLY PIVOTS

For next week traders can sell NIITECH below 864 with the tgt of 848 and sl of 873.

PARTICULAR

LEVEL

1194.75

1098.75

1002.75

949.50

906.75

853.50

810.75

714.75

618.75 26/03/2018

TITAN Futures ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week titan futures open at positive note and moves in positive trend entire week. According to technical analysis it break important resistance level of 900 and sustain above this level and give closing above major resistance level of 900 we can expect further upside movement in it

PERTICULAR ACTION ENTRY PRICE

DETAILS BUY Above 916

TARGET

926.00

STOP LOSS

910.00

WEEKLY PIVOTS PARTICULAR

For next week traders can made long position in titan above the level of 916 with the tgt of 926 and sl of 910

LEVEL

1007.05

966.80

926.55

911.95

886.30

871.70

846.05

805.80

765.55 26/03/2018

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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. मह दस्तावेज़ Ways2Capital (हाई ब्रो भाकेट अनस ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनभ ं ान के भल ु ध ु ान Ways2Capital इक्ववटी / कभोडडटी अनस ु ध ू मांकन ऩय आधारयत हैं औय ववश्वसनीम स्रोतों से प्राप्त की गई है | मह दस्तावेज़ केवर इक्छित प्राप्तकताा के उऩमोग के लरए 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. मह दस्तावेज़, सवोत्तभ रूऩ से, Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान का प्रनतननधधत्व कयता है औय साभान्म जानकायी के लरए ही है | Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान, इसके ननदे शकों, अधधकायी मा कभाचायी ककसी बी तयह से संफंधधत साभग्री के लरए क्जम्भेदाय नहीं है ।| Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान ककसी बी औय सबी उत्तयदानमत्वों को स्ऩष्ट रूऩ से अस्वीकाय कयता है जो इस संफंध भें सूचना, त्रटु टमों मा चूक से ऩैदा हो सकता है | इस दस्तावेज को ककसी बी प्रनतबूनत मा वस्तु को खयीदने के लरए फेचने मा एक आग्रह के लरए प्रस्ताव के रूऩ भें नहीं भाना 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. उऩयोवत सबी सच ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सझ ू ना, स्तय औय सझ ु ाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनस ु ध ु ा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 नुकसान 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 अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनुसंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के जायीकताा के साथ जुडी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनुऩारन 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.

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Disclaimer 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 भुकदभा (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 अनुसध ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड द्वाया ननमुवत हैं | इस रयऩोटा भें व्मवत सबी ववचाय कंऩनी के फाये भें व्मक्वतगत ववचायों को दशााता है औय कंऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩनू ता (भआ ु वजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सझ ु ावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफंधधत 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार

(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,

(फ)

हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कंऩनी की प्रनतबूनतमों भें एक प्रनतशत मा उससे अधधक के वास्तववक / पामदे भंद स्वालभत्व नहीं हैं |

रयश्तेदाय की ववषम कंऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत की प्रकृनत है |

(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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोधगमों को अनुसंधान रयऩोटा के प्रकाशन के सभम मा सावाजननक रूऩ से उऩक्स्थत होने के सभम कोई अन्म बौनतक संघषा नहीं है |

DISCLOSURE IN TERMS OF COMPENSATION ( ऺनतऩनू ता 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 अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशव े यों को ववश्रेषक के ऺेत्र भें ककसी बी कंऩनी की प्रनतबूनतमों के स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है । ववश्रेषक ऺनतऩूनता : ववश्रेषक हाई ब्रो भाकेट अनुसंधान 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 अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने

(b)

The subject company is not now or never a client during twelve months preceding the date of distribution of the research report.

वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा है |

(ब)

अनस ु ंधान रयऩोटा के ववतयण की नतधथ से ऩव ू ा फायह भहीनों के दौयान ववषम कंऩनी अफ मा कबी बी ग्राहक नहीं यही 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने

ववषम कंऩनी के अधधकायी, ननदे शक मा कभाचायी के रूऩ भें कबी बी काभ

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