Equity Research Report 31 December 2018 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 INDEX

CLOSING AS ON 28th DEC 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10859.90

54.45

0.50%

USDINR

70.1600

70.1550

0.01%

Nifty Bank

27125.25

299.25

1.12%

GBPINR

89.1350

88.9350

0.22%

Nifty IT

14385.80

-465.60

-3.14%

EURINR

80.6750

80.1925

0.60%

Nifty Pharma

8814.20

87.80

1.01%

JPYINR

63.7175

63.1725

0.86%

Nifty Finance

11586.25

258.65

2.28%

EURUSD

1.1480

1.1422

0.51%

Nifty VIX

15.27

0.11

0.73%

GBPUSD

1.2687

1.2667

0.16%

Nifty 500

9152.55

61.25

0.67%

Dollar Index

95.92

96.48

-0.58%

Nifty 100

11101.65

61.35

0.56%

Nifty FMCG

30544.00

172.50

0.57%

Nifty Energy

14369.80

297.75

2.12%

Nifty Realty

233.20

-4.00

-1.69%

Nifty PSU Banks

3079.90

100.25

3.36%

Nifty Auto

9223.80

-47.70

-0.51%

Nifty Metal

3112.20

-0.15

Nifty 200

5748.30

Nifty Media

2556.15

COMMODITY MARKET UPDATE COMMODITY Gold COMEX

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

1283.30

1258.95

1.93%

Gold MCX

31766

31815

-0.15%

Crude Oil NYMEX

45.12

45.41

-0.64%

Crude Oil MCX

3185

3236

-1.58%

0.00%

Brent Oil NYMEX

53.03

53.50

-0.88%

35.70

0.62%

Copper MCX

417.30

417.35

-0.01%

-6.40

-0.25%

Natural Gas NYMEX

3.304

3.692

-10.51%

31/12/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

ADANIPORTS

386.30

7.54%

451.55

ZEEL

473.20

5.79%

619.35

IBULHSGFIN

848.75

3.92%

1439.40

WIPRO

331.05

3.63%

344.00

GAIL

357.55

3.49%

398.80

SCRIP

WEEKLY LOSERS SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

HEROMOTOCO

3130.20

-5.72%

2648.70

COALINDIA

242.35

-3.71%

228.50

JSWSTEEL

297.80

-3.45%

261.70

BPCL

362.35

-3.31%

239.00

BAJAJAUTO

2723.30

-3.14%

2425.00 31/12/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

Monday, December 31, 2018 All Day

USD

United Kingdom - New Year's Eve - Early close at 12:30

6:30

CNY

Manufacturing PMI (Dec)

Holiday 49.9

Tuesday, January 1, 2019 All Day

USD

United States - New Year's Day

Holiday

All Day

GBP

United Kingdom - New Year's Day

Holiday

All Day

CNY

China - New Year

Holiday

Wednesday, January 2, 2019 7:15

CNY

Caixin Manufacturing PMI (Dec)

50.1

50.2

15:00

GBP

Manufacturing PMI (Dec)

52.5

53.1

Thursday, January 3, 2019 15:00

GBP

Construction PMI (Dec)

52.9

53.4

18:45

USD

ADP Nonfarm Employment Change (Dec)

180K

179K

20:30

USD

ISM Manufacturing PMI (Dec)

59.3

Tentative

USD

New Home Sales (Nov)

50.7

50.4

Friday, January 4, 2019

15:00

GBP

Services PMI (Dec)

19:00

USD

Nonfarm Payrolls (Dec)

180K

155K

19:00

USD

Unemployment Rate (Dec)

3.70%

20:45

USD

Fed Chair Powell Speaks

21:30

USD

Crude Oil Inventories

31/12/2018

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

ADANIPORTS

478.25

445.00

411.75

399.50

378.48

366.20

345.20

311.95

278.70

ASIANPAINT

1491.80

1450.25

1408.70

1386.85

1367.12

1345.25

1325.55

1284.00

1242.45

AXISBANK

692.75

668.20

643.65

634.75

619.08

610.15

594.50

569.95

545.40

BAJAJ-AUTO

3229.00

3066.30

2903.60

2811.80

2740.90

2649.10

2578.20

2415.50

2252.80

BAJAJFINSV

7607.35

7207.35

6807.35

6664.70

6407.33

6264.65

6007.30

5607.30

5207.30

BAJFINANCE

3016.50

2876.40

2736.30

2688.65

2596.17

2548.50

2456.05

2315.95

2175.85

BHARTIARTL

377.45

356.35

335.25

325.70

314.13

304.55

293.00

271.90

250.80

BPCL

429.00

407.40

385.80

373.50

364.20

351.90

342.60

321.00

299.40

CIPLA

572.40

554.35

536.30

529.15

518.22

511.05

500.15

482.10

464.05

COALINDIA

288.10

273.85

259.60

250.95

245.35

236.70

231.10

216.85

202.60

DRREDDY

2823.80

2754.00

2684.20

2653.55

2614.37

2583.70

2544.55

2474.75

2404.95

EICHERMOT

25756.70

24881.70

24006.70

23563.35

23131.67

22688.30

22256.65

21381.65

20506.65

GAIL

423.90

400.25

376.60

366.05

352.95

342.40

329.30

305.65

282.00

GRASIM

916.95

883.40

849.85

837.50

816.28

803.90

782.70

749.15

715.60

HCLTECH

1048.35

1016.35

984.35

973.70

952.33

941.65

920.30

888.30

856.30

HDFC

2270.85

2164.05

2057.25

2017.70

1950.45

1910.90

1843.65

1736.85

1630.05 Continued .......

31/12/2018

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

HDFCBANK

2318.00

2248.80

2179.60

2151.80

2110.40

2082.60

2041.20

1972.00

1902.80

HEROMOTOCO

3749.15

3558.90

3368.65

3246.05

3178.40

3055.80

2988.15

2797.90

2607.65

HINDALCO

260.35

247.20

234.05

228.85

220.87

215.65

207.70

194.55

181.40

HINDPETRO

297.80

282.35

266.90

261.35

251.45

245.90

236.00

220.55

205.10

HINDUNILVR

2079.70

1986.05

1892.40

1856.20

1798.72

1762.50

1705.05

1611.40

1517.75

IBULHSGFIN

1035.85

967.85

899.85

873.70

831.83

805.65

763.80

695.80

627.80

ICICIBANK

401.15

386.50

371.85

366.20

357.17

351.50

342.50

327.85

313.20

INDUSINDBK

1809.70

1729.50

1649.30

1617.90

1569.10

1537.70

1488.90

1408.70

1328.50

INFRATEL

308.75

293.60

278.45

270.55

263.27

255.35

248.10

232.95

217.80

INFY

730.80

704.65

678.50

667.30

652.32

641.10

626.15

600.00

573.85

IOC

166.40

156.50

146.60

142.40

136.70

132.50

126.80

116.90

107.00

ITC

307.90

298.70

289.50

285.75

280.27

276.50

271.05

261.85

252.65

KOTAKBANK

359.40

339.00

318.60

308.30

298.20

287.90

277.80

257.40

237.00

1380.75

1332.60

1284.45

1262.05

1236.27

1213.85

1188.10

1139.95

1091.80

LUPIN

1615.20

1551.50

1487.80

1463.90

1424.10

1400.20

1360.40

1296.70

1233.00

M&M

899.30

864.30

829.30

816.55

794.27

781.50

759.25

724.25

689.25 Continued .......

31/12/2018

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

MARUTI

8330.20

8063.35

7796.50

7657.25

7529.62

7390.35

7262.75

6995.90

6729.05

NTPC

170.75

163.35

155.95

152.90

148.53

145.45

141.10

133.70

126.30

ONGC

166.55

160.80

155.05

152.85

149.28

147.05

143.50

137.75

132.00

POWERGRID

220.15

212.00

203.85

200.05

195.70

191.90

187.55

179.40

171.25

RELIANCE

1317.65

1248.05

1178.45

1152.05

1108.85

1082.45

1039.25

969.65

900.05

SBIN

324.45

314.00

303.55

299.00

293.07

288.50

282.60

272.15

261.70

SUNPHARMA

495.00

471.00

447.00

436.00

423.00

412.00

399.00

375.00

351.00

TATAMOTORS

203.05

192.80

182.55

177.00

172.28

166.70

162.00

151.75

141.50

TATASTEEL

561.40

545.10

528.80

520.60

512.48

504.25

496.15

479.85

463.55

TCS

2117.35

2045.90

1974.45

1935.75

1902.98

1864.25

1831.50

1760.05

1688.60

TECHM

803.00

770.60

738.20

725.60

705.80

693.20

673.40

641.00

608.60

TITAN

1078.70

1021.15

963.60

943.90

906.03

886.30

848.45

790.90

733.35

ULTRACEMCO

4455.90

4290.95

4126.00

4065.00

3961.02

3900.00

3796.05

3631.10

3466.15

UPL

900.00

850.00

800.00

779.00

750.00

729.00

700.00

650.00

600.00

VEDL

226.00

216.80

207.60

203.75

198.40

194.55

189.20

180.00

170.80

WIPRO

367.80

354.25

340.70

334.90

327.12

321.30

313.55

300.00

286.45

YESBANK

214.25

203.00

191.75

186.70

180.47

175.40

169.20

157.95

146.70

ZEEL

603.70

556.30

508.90

491.70

461.50

444.30

414.10

366.70

319.30

31/12/2018

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

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

AJANTPHARM

14.32%

5.09%

SRF

19.08%

-7.03%

PCJEWELLER

10.24%

7.23%

JUBLFOOD

15.87%

-4.96%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

GAIL

-47.23%

3.61%

CONCOR

-45.19%

IBULHSGFIN

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

BPCL

-45.17%

-2.40%

2.13%

VOLTAS

-40.46%

-2.27%

-36.36%

4.29%

ONGC

-20.40%

-2.22%

MUTHOOTFIN

-35.68%

4.13%

NTPC

-17.33%

-2.11%

RBLBANK

-32.43%

2.58%

KPIT

-15.59%

-2.30%

SCRIP

Analysis : As per the analysis of above chart. Major Resistance Level: 11000 Major Support Levels: 10500 followed 10000

31/12/2018

Nifty Analysis Fundamental Outlook

NIFTY WEEKLY PIVOTS

After a weak start for a truncated week, the Indian indices recovered from the lows and ended with a percent gain. The Nifty

PARTICULAR

LEVEL

12025.50

11615.90

11206.30

11057.00

10796.70

10647.40

10387.10

9977.50

9567.90

was up 0.98 percent, or 105.9 points, to close at 10,859.9. Positive lead from Wall Street and rally in banking & financial stocks lifted investor sentiment. Ending the week with a Hammer candle implies further strength in the index in coming sessions. The Nifty PSU Bank index has outperformed other sectoral indices with a gain of 3.65 percent during the week. Reliance Industries (RIL) gained the most in terms of market value, followed by ITC, Adani Ports and HDFC. On a weekly basis, the rupee appreciated 1.70 percent (Rs 1.21) against the dollar as it ended at 69.94 on December 29 against December 21, closing of 71.15 against the dollar. Indian macroeconomic outlook majorly depends on how crude prices move. Last Week once again crude started falling resulting Indian equity market too gradually started inching up. Going forward, crude prices are expected to remain sideways. Crude oil gave the weekly closing at 3183 , 53 points down from last week's closing of 3236.

Technical Outlook

The Nifty Futures started off January series on a strong note with the index closing above 10,900 levels amid thin trade, extending gains for third consecutive session on Friday. The index formed bullish candle on the daily charts and 'Hammer' kind of pattern on the weekly scale. It closed a percent higher during the week. After the sharp run in last three sessions

Continued â&#x20AC;Ś.... 9

31/12/2018

Nifty Analysis the market is expected to consolidate in coming session, but if its up move continues then the it could move towards its

WEEKLY STRATEGY

psychological 11,000 levels. Now till the index holds above 10,850-10,800 levels it can extend it move towards crucial hurdle of 11,006 levels while on the downside support exists at 10,850 levels. On the option front, maximum Call open interest (OI) was at 11,200 followed by 11,000 strike while maximum Put OI was at 10,500 followed by 10,000 strikes.

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 10950

TARGET

11090

STOP LOSS

10849

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. 11,090 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,849.

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE …....

31/12/2018

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

The Nifty Bank index started the last week on negative note on Monday but it recovered all its previous day's in loss in next trading session and showed strong positivity throughout the week. It formed an Inside Bar on daily scale and Hammer can-

PARTICULAR ACTION

DETAILS BUY

dle on weekly scale which suggests buying is visible at lower levels. The index closed at 27,290, higher by 347.80 points from previous week's close. Now till it holds above 27,000 levels it can extend its move towards 27,550 then 27,700 levels while on the downside major support is placed at 26,860.

ENTRY PRICE

ABOVE 27430

TARGET

27830

STOP LOSS

27170

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 27,430. It can test the level of Rs. 27,830 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 27,170.

PARTICULAR

LEVEL

28123.40

27824.45

27525.50

27402.05

27226.55

27103.10

26927.60

26628.65

26329.70 31/12/2018

GSFC CASH( Call of the Week ) Technical Outlook Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week stock started on negative note and showed good buying from lower levels throughout the week. On daily chart stock has gave breakout

WEEKLY STRATEGY PARTICULAR

of its major trend line. If it manages to trade above 116 levels than further upside move can be seen in it. In intraday it

ACTION

showed a good positive move.

ENTRY PRICE

DETAILS BUY Above 116.00

TARGET

119.80

STOP LOSS

113.70

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 116 it can test the level of Rs. 119.80 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 113.70.

PARTICULAR

LEVEL

130.10

123.70

117.30

115.00

110.90

108.60

104.50

98.10

91.70 31/12/2018

KAJARIACER CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week, it started on negative and consolidated near its major resistance levels throughout the week. On daily chart stock has gave breakout

PARTICULAR ACTION

DETAILS BUY

of its major resistance levels of 495. In intraday stock has showed god buying. If it manages to sustain above the levels of 498 than further upside move can be seen in it.

ENTRY PRICE

ABOVE 498.00

TARGET

514.00

STOP LOSS

489.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 498 it can test the level of Rs. 514 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.489.

PARTICULAR

LEVEL

553.35

530.20

507.05

496.05

483.9

472.90

460.75

437.60

414.45 31/12/2018

HEROMOTOCOP FUTURES( Call of the Week ) Technical Outlook Last week, HEROMOTOCO Jan Futures started the week on negative note and continued the same for the entire week. It made a low of 3120.40 during the week and closed at 3141.25 with the overall loss of 5.50% on weekly basis. Technically it’s in the downtrend and on weekly chart, it made reversal spinning top pattern. It had also given breakout of 38.20% Fibonacci Retracement which is indicating bearish movement in it for the short term.

WEEKLY STRATEGY PARTICULAR ACTION

DETAILS SELL

ENTRY PRICE

ABOVE 3120.00

TARGET

3071.00

STOP LOSS

3155.25

WEEKLY PIVOTS

For this week, traders can adopt selling on the basis of trend line breakout strategy in it and below the level of 3120 it can

PARTICULAR

LEVEL

3689.75

3522.75

3355.75

3248.50

3188.75

3081.50

3021.75

2854.75

2687.75

test the level of 3071 during the week. Trades can make sell position in it by maintaining a Stop Loss of 3155.25 14

31/12/2018

COLPAL FUTURES ( Call of the Week ) Technical Outlook Last week, COLPAL Jan Futures started the week on negative note but after that, it consolidated on for the remaining part of the week. It made a low of 1294.80 during the week and closed at 1324.40 with the marginal loss of 0.50% on weekly basis. Technically it’s consolidating near to 52 week High and for this week, we can expect upside breakout in it.

WEEKLY STRATEGY PARTICULAR ACTION

DETAILS BUY

ENTRY PRICE

ABOVE 1342.00

TARGET

1359.00

STOP LOSS

1332.80

WEEKLY PIVOTS

For this week, traders can adopt buying from 52 week high breakout strategy in it and above the level of 1342 it can test the level of 1359 during the week. Trades can make buy position in it by maintaining a Stop Loss of 1332.80.

PARTICULAR

LEVEL

1426.15

1389.45

1352.75

1338.55

1316.05

1301.85

1279.35

1242.65

1205.95 31/12/2018

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.

31/12/2018

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

31/12/2018