Equity Research Report 03 October 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 SEPT 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10930.45

-212.65

-1.91%

USDINR

72.7625

72.1750

0.81%

Nifty 100

11126.40

-261.15

-2.29%

GBPINR

95.0175

95.2700

-0.27%

Nifty 200

5735.05

-164.65

-2.79%

EURINR

84.4525

84.9425

-0.58%

Nifty 500

9116.00

-309.55

-3.28%

JPYINR

64.3000

63.9925

0.48%

India VIX

17.00

1.46

9.40%

EURUSD

1.1608

1.1745

-1.17%

Nifty Bank

25119.85

-477.05

-1.86%

GBPUSD

1.3031

1.3076

-0.34%

Nifty Auto

9590.25

-817.15

-7.85%

Dollar Index

94.80

93.80

1.07%

Nifty Finance

10577.10

-281.35

-2.59%

Nifty FMCG

29757.70

-649.20

-2.14%

Nifty IT

15838.05

4.55

0.03%

Nifty Media

2447.50

-133.30

-5.17%

Nifty Metal

3485.35

-187.90

-5.12%

Nifty Pharma

9972.45

-279.90

-2.73%

Nifty PSU Banks

2700.45

-133.70

Nifty PVT Bank

14151.05 219.60

Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1196.20

0.00%

Gold MCX

30481

30582

-0.33%

Crude Oil NYMEX

73.53

70.78

3.89%

Crude Oil MCX

5335

5146

3.67%

-4.72%

Brent Oil NYMEX

82.88

78.80

5.18%

-362.60

-2.49%

Copper MCX

452.35

458.15

-1.27%

-29.10

-11.70%

Natural Gas NYMEX

3.002

2.977

0.84%

01/10/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

TCS

2184.50

3.84%

2214.15

RELIANCE

1258.20

3.40%

1328.75

INFOSYS

727.85

3.05%

748.45

AXIS BANK

612.35

2.16%

676.90

HDCF BANK

2005.65

1.87%

2219.05

SCRIP

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

INDIABULLS HOUSING

853.70

-19.61%

752.00

YES BANK

183.45

-19.20%

166.15

24165.25

-13.41%

23490.00

223.45

-10.69%

219.65

860.70

-10.08%

612.50

SCRIP

EICHER MOTORS TATAMOTORS M&M 3

01/10/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY All Day

14:00 19:30

GBP USD All Day All Day

14:00 21:30

GBP USD All Day

14:00 17:45 19:30 20:00

GBP USD USD USD

Monday, October 1, 2018 China - National Day Manufacturing PMI (Sep) ISM Manufacturing PMI (Sep) Tuesday, October 2, 2018 China - National Day India - Mahatma Gandhi Jayanthi Construction PMI (Sep) Fed Chair Powell Speaks Wednesday, October 3, 2018 China - National Day Services PMI (Sep) ADP Nonfarm Employment Change (Sep) ISM Non-Manufacturing PMI (Sep) Crude Oil Inventories

14:30 18:00

INR USD

Thursday, October 4, 2018 China - National Day Interest Rate Decision Friday, October 5, 2018 China - National Day Interest Rate Decision Nonfarm Payrolls (Sep)

18:00

USD

Unemployment Rate (Sep)

All Day 14:30

INR All Day

EVENT

FORECAST

PREVIOUS Holiday

52.5 60.3

52.8 61.3 Holiday Holiday

52.5

52.9 Holiday

54 185K 58.1 -1.279M

54.3 163K 58.5 1.852M Holiday

6.75%

6.50% Holiday

6.75% 185K

6.50% 201K

3.80%

3.90% 01/10/2018

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

ADANIPORTS

464.85

423.15

381.45

355.20

339.75

313.50

298.05

256.35

214.65

ASIANPAINT

1468.85

1408.20

1347.55

1317.80

1286.88

1257.10

1226.20

1165.55

1104.90

AXISBANK

719.05

682.55

646.05

631.25

609.53

594.70

573.00

536.50

500.00

BAJAJ-AUTO

3287.35

3097.35

2907.35

2798.70

2717.33

2608.65

2527.30

2337.30

2147.30

BAJAJFINSV

7339.35

6917.35

6495.35

6261.70

6073.33

5839.65

5651.30

5229.30

4807.30

BAJFINANCE

3155.70

2850.25

2544.80

2361.70

2239.33

2056.20

1933.85

1628.40

1322.95

BHARTIARTL

462.60

424.85

387.10

363.55

349.35

325.80

311.60

273.85

236.10

BPCL

456.25

427.90

399.55

387.25

371.17

358.85

342.80

314.45

286.10

CIPLA

764.55

728.35

692.15

671.10

655.93

634.85

619.70

583.50

547.30

COALINDIA

337.15

315.60

294.05

280.60

272.48

259.00

250.90

229.35

207.80

DRREDDY

3098.55

2918.90

2739.25

2634.65

2559.58

2454.95

2379.90

2200.25

2020.60

EICHERMOT

39018.65

34442.70

29866.75

27057.90

25290.78

22481.90

20714.80

16138.85

11562.90

GAIL

467.40

437.90

408.40

394.20

378.87

364.65

349.35

319.85

290.35

GRASIM

1217.65

1154.55

1091.45

1053.25

1028.32

990.10

965.20

902.10

839.00

HCLTECH

1230.70

1186.20

1141.70

1113.85

1097.18

1069.30

1052.65

1008.15

963.65

HDFC

2196.70

2053.25

1909.80

1829.90

1766.35

1686.45

1622.90

1479.45

1336.00 Continued .......

01/10/2018

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

HDFCBANK

2281.00

2180.55

2080.10

2044.30

1979.65

1943.85

1879.20

1778.75

1678.30

HEROMOTOCO

3906.85

3601.70

3296.55

3104.90

2991.37

2799.70

2686.20

2381.05

2075.90

HINDALCO

306.80

283.00

259.20

243.80

235.40

220.00

211.60

187.80

164.00

HINDPETRO

327.65

302.30

276.95

264.20

251.58

238.80

226.20

200.85

175.50

HINDUNILVR

1861.00

1776.10

1691.20

1648.45

1606.27

1563.50

1521.35

1436.45

1351.55

IBULHSGFIN

1964.50

1617.85

1271.20

1063.10

924.55

716.45

577.90

231.25

ICICIBANK

357.90

341.15

324.40

315.20

307.62

298.40

290.85

274.10

257.35

INDUSINDBK

2080.35

1955.05

1829.75

1759.90

1704.45

1634.60

1579.15

1453.85

1328.55

INFRATEL

349.00

321.90

294.80

278.50

267.67

251.35

240.55

213.45

186.35

INFY

813.25

783.75

754.25

743.00

724.73

713.45

695.20

665.70

636.20

IOC

182.70

173.50

164.30

159.15

155.07

149.90

145.85

136.65

127.45

ITC

348.80

331.95

315.10

307.00

298.23

290.10

281.35

264.50

247.65

JSWSTEEL

508.80

469.00

429.20

404.60

389.40

364.80

349.60

309.80

270.00

KOTAKBANK

1361.95

1291.00

1220.05

1178.00

1149.07

1107.00

1078.10

1007.15

936.20

1554.05

1465.40

1376.75

1326.05

1288.08

1237.35

1199.40

1110.75

1022.10

M&M

1243.40

1124.75

1006.10

935.30

887.42

816.60

768.75

650.10

531.45 Continued .......

01/10/2018

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

MARUTI

9959.45

9162.20

8364.95

7842.75

7567.68

7045.45

6770.40

5973.15

5175.90

NTPC

189.60

182.40

175.20

171.60

167.98

164.35

160.75

153.55

146.35

ONGC

217.95

204.90

191.85

185.25

178.80

172.20

165.75

152.70

139.65

POWERGRID

231.00

218.00

205.00

196.65

192.00

183.65

179.00

166.00

153.00

RELIANCE

1470.45

1393.75

1317.05

1285.70

1240.35

1209.00

1163.65

1086.95

1010.25

SBIN

306.40

293.20

280.00

272.75

266.77

259.50

253.55

240.35

227.15

SUNPHARMA

731.10

697.30

663.50

643.40

629.68

609.55

595.85

562.05

528.25

TATAMOTORS

326.00

294.50

263.00

243.50

231.50

212.00

200.00

168.50

137.00

TATASTEEL

747.45

696.20

644.95

612.40

593.68

561.10

542.40

491.15

439.90

TCS

2506.60

2392.85

2279.10

2232.55

2165.35

2118.80

2051.60

1937.85

1824.10

TECHM

891.35

843.65

795.95

771.50

748.23

723.75

700.50

652.80

605.10

TITAN

1017.95

947.65

877.35

840.75

807.03

770.40

736.70

666.40

596.10

ULTRACEMCO

4930.55

4643.65

4356.75

4212.90

4069.83

3925.95

3782.90

3496.00

3209.10

UPL

865.05

800.00

734.95

699.80

669.87

634.70

604.80

539.75

474.70

VEDL

295.60

275.50

255.40

243.90

235.28

223.75

215.15

195.05

174.95

WIPRO

393.25

370.65

348.05

335.50

325.43

312.85

302.80

280.20

257.60

YESBANK

417.55

343.70

269.85

227.00

195.98

153.10

122.10

48.25

ZEEL

521.00

494.55

468.10

454.10

441.65

427.65

415.20

388.75

362.30

01/10/2018

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

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

INFY

-42.46%

3.06%

HDFCBANK

-35.06%

1.46%

TCS

-16.67%

3.63%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

NIITTECH

28.59%

-9.71%

CUMMINSIND

28.02%

CANFINHOME

CHANGE IN OI (In %)

PRICE CHANGE (In %)

INFIBEAM

-59.66%

-67.71%

-2.20%

JUSTDIAL

-46.88%

-8.02%

18.26%

-18.44%

DHFL

-42.49%

-21.70%

IBULHSGFIN

14.65%

-18.76%

ORIENTBANK

-34.03%

-9.59%

DABUR

14.21%

-6.80%

INFRATEL

-31.65%

-6.25%

SCRIP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

SCRIP

Analysis : As per the analysis of above chart. Major Resistance Level: 11200 follwed by 11500 Major Support Levels: 10800

01/10/2018

Nifty Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook

PARTICULAR

LEVEL

11891.65

11599.15

11306.65

11135.80

11014.15

10843.30

10721.65

10429.15

10136.65

This week, our Indian Equity market repeats its last week sentiments as major selling was seen across all the indices. Nifty falls for the straight 4th week, corrects 8% from the record peak. On global front world market remained mixed in sentiments as some were negative while some remained positive on weekly basis. As last week it was NBFCs who showed good amount of pressure on index , this time private bank and IT major Yes bank , Infi beam were respectively main culprit to made huge sentimental pressure on index as both stocks fall 18% , 70 % respectively. In near futures Fears of liquidity crisis loom large on the financial space taking the cues from RBI's latest order on Bandhan Bank regarding RBI’s licensing norm. On sectorial front Energy and IT were the positive while major selling was seen in Realty , Telecom and Auto. crude oil again hits its 52 week high on Friday's trading session which will again going to affect our Indian Equity market in coming sessions. USD/INR is consolidating near its all time high and if its gain some more strength in coming days than it could further impact the sentiments of traders and investors.

Technical Outlook The Nifty futures started the last week on negative note on Monday and traded with negative note but managed to recovered some losses in second trading session. Last three session was again dominated by the bears as index after gap opening immediately slipped into red and showed sharp fall in all three session.

Continued ….... 9

01/10/2018

Nifty Analysis On weekly basis index gave closing with 212 points or 1.91% loss. On Last trading session index has breached its crucial sup-

WEEKLY STRATEGY

port placed at 10,900 levels but could not give closing below this levels and if it manages to trade below this levels than further selling can be seen in it. Major resistance is placed at 11150 levels while down side support is placed at 10890 levels. On option front, maximum Put open interest is at 10,800 strike while maximum Call is at 11,200 and 11,500 strikes.

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL BELOW 10890

TARGET

10770

STOP LOSS

11001

TECHNICAL INDICATOR ANALYSIS

For this week, traders can adopt sell on higher level strategy in it and below the level of 10,890. It can test the level of Rs. 10,770 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 11,001.

INDICATOR

CURRENT TREND

20 Days EMA

NEGATIVE

50 Days EMA

NEGATIVE

200 Days EMA

POSITIVE

RSI

NEGATIVE

MACD

NEGATIVE

STOCHASTIC

NEGATIVE Continued …....

01/10/2018

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

The Nifty Bank index started the last week on negative note and traded with bearish movement. After closing on bearish note on Monday, Index showed some consolidation near its major support levels of 25000, for next four trading session and

PARTICULAR ACTION

DETAILS SELL

gave closing on negative note on weekly basis with loss of 477 points. Going ahead, index has breached its major support levels of 25550 on daily charts and trading below this support levels. if index manages to trade below the levels of 25000 in

ENTRY PRICE

BELOW 25000

coming session than further down side move can be expected in it. Resistance is placed at 25550 on upside while support is

TARGET

25200

placed at 24700 on down side

STOP LOSS

24700

WEEKLY PIVOTS PARTICULAR

LEVEL

26713.10

26232.70

25752.30

25493.65

25271.90

25013.25

For this week, traders can adopt sell on higher level strategy in it and below the level of 25000. It can test the

24791.50

level of Rs. 24700 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 25200.

24311.10

23830.70

01/10/2018

NILTECH Cash( Call of the Week ) Technical Outlook Overall trend of the Stock is bearish for long term . For short-medium term stock is in some correction phase. Last week, it started on negative note and traded with negative movement throughout the week. But from lower level Pull back was

WEEKLY STRATEGY PARTICULAR

seen in it Monday's trading session. On daily chart it formed bullish engulfing candlestick pattern now we can expect up-

ACTION

side movement in it if it manages to trade above the levels of 1165.

ENTRY PRICE

DETAILS BUY ABOVE 1165

TARGET

1200.00

STOP LOSS

1142.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 1165 it can test the level of Rs. 1200 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1142.

PARTICULAR

LEVEL

1697.35

1511.25

1325.15

1211.10

1139.05

1025.00

952.95

766.85

580.75 01/10/2018

DHFL Cash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is bearish for long term . For short-medium term stock consolidation phase . Last week stock started on negative note and traded with negative movement throughout the week. On intraday chart it has gave breakout of its resistance levels with good consolidation. If it manages to trade above 307 levels than further upside move can be seen in it. In intraday it showed a good positive move.

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 307

TARGET

327.00

STOP LOSS

299.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 307 it can test the level of Rs. 327 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 299

PARTICULAR

LEVEL

843.75

671.25

498.75

386.85

326.25

214.35

153.75

01/10/2018

CANFIHOMES FUTURES( Call of the Week ) Technical Outlook Overall trend of the Stock is bearish for long term . For short-medium term stock is in some recovery phase. Last week stock started on negative note and traded with negative movement till Friday's trading session where it showed good

WEEKLY STRATEGY PARTICULAR

recovery from lower levels . On daily chart stock has formed doji candlestick pattern which is sign of reversal. On intraday

ACTION

chart it showed good positive move with consolidation breakout. It can show further updside move.

ENTRY PRICE

DETAILS BUY ABOVE 257

TARGET

267.00

STOP LOSS

252.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 257 it can test the level of Rs. 267 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 252.

PARTICULAR

LEVEL

480.10

404.95

329.80

284.30

254.65

209.15

179.50

104.35

29.20 01/10/2018

TECHM FUTURES ( Call of the Week ) Technical Outlook Overall trend of the Stock is bullish for long term . For short-medium term stock consolidation phase . Last week stock started on positive note and traded with sideways movement throughout the week. On daily chart it has formed triangle price pattern on higher levels with good consolidation. If it manages to trade above 767.70 levels than good up side move can be seen in it. In intraday it showed a good positive move

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 767.70

TARGET

780.00

STOP LOSS

762.70

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 767.70 it can test the level of Rs. 780 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 762.50

PARTICULAR

LEVEL

876.60

834.55

792.50

770.45

750.45

728.40

708.40

666.35

624.30 01/10/2018

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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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