Equity research report 04 june 2018 ways2capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED

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Market Wrap–Up MAJOR INDICES INDEX

CLOSING AS ON 1st Jun 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10696.20

91.05

0.86%

USDINR

67.2575

67.7650

-0.75%

Nifty 100

11013.85

79.85

0.73%

GBPINR

89.7150

90.4025

-0.76%

Nifty 200

5739.65

30.80

0.54%

EURINR

78.8400

79.3225

-0.61%

Nifty 500

9255.1

39.55

0.43%

JPYINR

61.6825

61.9375

-0.41%

Nifty VIX

13.57

0.93

7.32%

EURUSD

1.1671

1.1698

-0.23%

Nifty Bank

26692.8

419.25

1.60%

GBPUSD

1.3344

1.3340

0.03%

Nifty Auto

11076.55

193.55

1.78%

Dollar Index

94.16

94.19

-0.03%

Nifty Finance

11058.05

172.25

1.58%

Nifty FMCG

28611.40

15.60

0.05%

Nifty IT

13558.55

-203.80

-1.48%

Nifty Media

3165.25

-62.85

-1.95%

Nifty Metal

3568.4

1.00

0.03%

Nifty Pharma

8213.20

-84.05

Nifty PSU Banks

2938.35

Nifty PVT Bank Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1300.19

1288.26

0.93%

Gold MCX

30909

31189

-0.90%

Crude Oil NYMEX

65.72

67.88

-3.18%

-1.01%

Crude Oil MCX

4428

4597

-3.68%

-11.65

-0.39%

Brent Oil NYMEX

76.61

76.44

0.22%

15198.95

162.25

1.08%

Copper MCX

458.85

461.80

-0.64%

291.25

-4.25

-1.44%

Natural Gas NYMEX

2.982

2.939

1.46%

04/06/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

BPCL

409.75

7.48%

550.00

GAIL

343.45

7.46%

388.50

COALINDIA

294.35

6.63%

316.55

IOC

173.40

5.99%

231.30

HINDPETRO

311.60

5.59%

493.00

SCRIP

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

INFRATEL

299.30

-5.16%

294.20

TCS

1732.25

-3.48%

1162.50

BAJAJ FINSERV

5850.25

-3.48%

3956.00

HINDALCO

238.35

-2.97%

185.20

POWER GRID

205.90

-2.85%

189.00

SCRIP

04/06/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

14:00 19:30 19:30 19:30

GBP USD USD USD

14:00 19:15 19:15 19:30 19:30

GBP USD USD USD USD

14:30 18:00 18:00 18:00 18:00 20:00

INR USD USD USD USD USD

6:41 6:41 6:41 14:00 14:00 19:30

CNY CNY CNY GBP GBP USD

EVENT Monday, June 4, 2018 Construction PMI (May) Cap Goods Ship Non Defense Ex Air (MoM) Durable Goods Orders (MoM) Factory Orders (MoM) (Apr) Tuesday, June 5, 2018 Services PMI (May) Markit Composite PMI (May) Services PMI (May) ISM Non-Manufacturing PMI (May) JOLTs Job Openings (Apr) Wednesday, June 6, 2018 Interest Rate Decision Exports Imports Nonfarm Productivity (QoQ) (Q1) Trade Balance (Apr) Crude Oil Inventories Friday, June 8, 2018 Exports (YoY) (May) Imports (YoY) (May) Trade Balance (USD) (May) Industrial Production (MoM) (Apr) Manufacturing Production (MoM) (Apr) ISM Manufacturing PMI (May) Copyright Â© 2018 Ways2Capital. All rights reserved

FORECAST

52 -0.50%

52.5 0.80% -1.70% 1.60%

53 57.5 6.101M

52.8 55.7 55.7 56.8 6.550M

6.00% 0.60% -49.10B

6.00% 208.53B 257.48B 0.70% -49.00B

6.30% 16.00% 24.70B -0.20% 58

12.70% 21.50% 28.38B 0.10% -0.10% 57.3 04/06/2018

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

ADANIPORTS

469.95

441.60

413.25

400.55

384.90

372.20

356.55

328.20

299.85

ASIANPAINT

1447.90

1399.35

1350.80

1321.15

1302.25

1272.60

1253.70

1205.15

1156.60

AXISBANK

599.55

580.00

560.45

549.50

540.87

529.90

521.30

501.75

482.20

BAJAJ-AUTO

3378.75

3201.45

3024.15

2959.60

2846.83

2782.25

2669.50

2492.20

2314.90

BAJAJFINSV

6968.00

6626.10

6284.20

6069.60

5942.30

5727.70

5600.40

5258.50

4916.60

BAJFINANCE

2359.35

2270.60

2181.85

2129.95

2093.08

2041.15

2004.30

1915.55

1826.80

BHARTIARTL

425.55

410.45

395.35

389.70

380.23

374.55

365.10

350.00

334.90

BPCL

460.00

441.45

422.90

415.75

404.33

397.15

385.75

367.20

348.65

CIPLA

617.15

588.40

559.65

542.25

530.88

513.45

502.10

473.35

444.60

COALINDIA

372.45

345.50

318.55

306.70

291.58

279.70

264.60

237.65

210.70

DRREDDY

2226.45

2137.85

2049.25

1995.35

1960.63

1906.70

1872.00

1783.40

1694.80

EICHERMOT

36776.70

34597.70

32418.70

31159.35

30239.67

28980.30

28060.65

25881.65

23702.65

GAIL

431.05

400.50

369.95

356.30

339.38

325.70

308.80

278.25

247.70

GRASIM

1264.55

1192.00

1119.45

1072.75

1046.88

1000.15

974.30

901.75

829.20

HCLTECH

1005.15

972.25

939.35

921.90

906.43

888.95

873.50

840.60

807.70

HDFC

2054.55

1977.95

1901.35

1869.05

1824.72

1792.40

1748.10

1671.50

1594.90 Continued .......

04/06/2018

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

HDFCBANK

2553.00

2399.00

2245.00

2176.00

2090.98

2021.95

1936.95

1782.95

1628.95

HEROMOTOCO

3921.60

3813.00

3704.40

3663.20

3595.80

3554.60

3487.20

3378.60

3270.00

HINDALCO

289.05

272.40

255.75

247.10

239.07

230.40

222.40

205.75

189.10

HINDPETRO

370.20

350.40

330.60

321.50

310.77

301.65

290.95

271.15

251.35

HINDUNILVR

1790.60

1723.20

1655.80

1619.80

1588.40

1552.40

1521.00

1453.60

1386.20

IBULHSGFIN

1540.00

1434.40

1328.80

1280.05

1223.17

1174.40

1117.55

1011.95

906.35

ICICIBANK

359.15

336.15

313.15

301.00

290.13

277.95

267.10

244.10

221.10

INDUSINDBK

2332.00

2195.20

2058.40

1984.95

1921.57

1848.10

1784.75

1647.95

1511.15

INFRATEL

377.85

353.25

328.65

314.75

304.03

290.10

279.40

254.80

230.20

INFY

1346.65

1306.00

1265.35

1243.80

1224.68

1203.10

1184.00

1143.35

1102.70

IOC

197.20

189.00

180.80

176.40

172.60

168.20

164.40

156.20

148.00

ITC

298.30

289.65

281.00

275.55

272.32

266.85

263.65

255.00

246.35

KOTAKBANK

1718.55

1588.85

1459.15

1388.60

1329.45

1258.90

1199.75

1070.05

940.35

1622.20

1541.35

1460.50

1415.20

1379.65

1334.35

1298.80

1217.95

1137.10

LUPIN

924.50

873.10

821.70

793.10

770.28

741.65

718.85

667.45

616.05

M&M

1158.75

1070.30

981.85

941.75

893.40

853.30

804.95

716.50

628.05 Continued .......

04/06/2018

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

MARUTI

9718.30

9385.80

9053.30

8925.65

8720.77

8593.10

8388.25

8055.75

7723.25

NTPC

186.25

179.50

172.75

168.25

165.97

161.45

159.20

152.45

145.70

ONGC

203.85

194.10

184.35

178.60

174.58

168.80

164.80

155.05

145.30

POWERGRID

243.00

230.65

218.30

211.50

205.92

199.10

193.55

181.20

168.85

RELIANCE

1011.10

981.95

952.80

940.70

923.65

911.55

894.50

865.35

836.20

SBIN

311.80

296.95

282.10

274.55

267.25

259.70

252.40

237.55

222.70

SUNPHARMA

600.80

563.75

526.70

506.35

489.62

469.25

452.55

415.50

378.45

TATAMOTORS

344.90

326.50

308.10

297.80

289.70

279.40

271.30

252.90

234.50

TATASTEEL

663.55

631.85

600.15

580.60

568.45

548.90

536.75

505.05

473.30

TCS

1992.60

1912.80

1833.00

1786.30

1753.14

1706.45

1673.30

1593.50

1513.65

TECHM

873.10

813.95

754.80

728.90

695.62

669.70

636.45

577.30

518.15

TITAN

1045.30

999.85

954.40

927.70

908.92

882.20

863.45

818.00

772.55

ULTRACEMCO

4050.00

3935.00

3820.00

3750.00

3705.00

3635.00

3590.00

3475.00

3360.00

UPL

881.55

825.85

770.15

734.60

714.43

678.85

658.70

603.00

547.30

VEDL

309.60

289.10

268.60

258.30

248.10

237.80

227.60

207.10

186.60

WIPRO

281.60

274.85

268.10

264.65

261.32

257.85

254.55

247.80

241.05

YESBANK

391.85

375.10

358.35

350.50

341.57

333.70

324.80

308.05

291.30

ZEEL

640.25

614.20

588.15

572.00

562.08

545.90

536.00

509.95

483.90

04/06/2018

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 %)

TORNTPHARM

24.66%

9.80%

JUSTDIAL

-41.00%

13.33%

BAJAJ-AUTO

15.92%

4.79%

BPCL

-39.08%

5.92%

COALINDIA

9.64%

6.11%

TORNTPOWER

-35.09%

14.11%

RELINFRA

-34.09%

2.06%

GODREJIND

-32.63%

5.17%

SCRIP

LONG UNWINDING

SHORT BUILD-UP CHANGE IN OI (In %)

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

POWERGRID

50.66%

-4.47%

OFSS

-49.49%

-3.58%

CGPOWER

22.24%

-20.28%

TATACOMM

-31.35%

-5.76%

VGUARD

19.39%

-9.94%

RAMCOCEM

-28.38%

-2.49%

AMBUJACEM

18.19%

-4.18%

NATIONALUM

-27.33%

-4.68%

APOLLOHOSP

17.68%

-6.98%

CONCOR

-26.54%

-3.09%

SCRIP

Analysis : As per the analysis of above chart. Major Resistance Level: 10800 Major Support Levels: 10600

04/06/2018

. Nifty

Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook

PARTICULAR

LEVEL

11181.10

10970.85

10760.60

10682.90

10550.35

10472.65

Technical Outlook

10340.10

Nifty future started the last week on positive note and traded with high volatility during the week. It closed the last

10129.85

9919.60

Indian equity markets went through a highly volatile week amid multiple global as well as domestic events. Futures & options expiry was also the reason for such a huge volatile week. Sentiment got a fillip after India's GDP grew 7.7% in Q4, the fastest in nearly two years, signaling a quick turnaround. HDFC Bank, Kotak Bank & HDFC lead revival post last week’s flat closure, Nifty up 1%. Indian economy extends recovery during 4Q, GDP at 7.7% (yoy). All eyes on monsoon progress, IMD predicted normal rains. For the week, Nifty and gained by 0.8%. On the Economic front USD/INR closed on negative note as Indian Rupee once again showed some positivity for consecutive second week. Nifty P/E ratio was in the range of 27.23 to 27.01 for the past week. On Macroeconomic front; for this week, important economic data like Cash Reserve Ratio, Interest Rate Decision, and Reverse REPO Rate will provide further direction to the market

day of the week with a small bearish candle formation whereas the weekly price action resulted in a Spinning Top kind of indecisive formation.

Continued …....

. 9

04/06/2018

Nifty Analysis WEEKLY STRATEGY On the options front, maximum Put OI is placed at 10,600 followed by 10,200 strikes while maximum Call OI is

PARTICULAR

DETAILS

placed at 11,000 followed by 10,700 and 10,800 strikes. Now, it has to continue to hold above 10,650 zones to extend its gains towards 10,780 then 10,888 zones while on the downside supports is seen at 10,620 levels.

Action Entry Price

BUY Above 10751

Target

10890

Stop Loss

10649

TECHNICAL INDICATOR ANALYSIS

For this week, traders can adopt buy on lower level strategy in it and above the level of 10751, it can test the level of Rs. 10890 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10649. . 10

INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE Continued …....

04/06/2018

Bank Nifty Analysis Last week Bank Nifty Futures started the week on positive note and continued its bullish run as index rallied more than 300 points on opening day on the week. On Thursday, due to FnO expiry, index showed a good positive move and crossed its major resistance levels of 27000 but could not give closing above these levels. On weekly basis index gave closing on positive note with 426.90 points gain. Major resistance is placed at 27058 &

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY BELOW 26300

27300 levels while support is placed at 226500 & 26200 levels. TARGET

26600

STOP LOSS

26095

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 26930, it can test the level of Rs. 27230 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26730. . 11

PARTICULAR

LEVEL

28183.95

27480.55

26777.15

26525.35

26073.75

25821.95

25370.35

24666.95

23963.55 04/06/2018

IGL CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

IGL is in overall bullish trend & currently stock is in some correction phase. Last week stock started on positive

PARTICULAR

note and traded with positive bias throughout the week. On daily chart, stock is trading near to its major resis-

ACTION

tance levels of 270 and has also formed Inverse H&S price pattern. For this week, if it manages to trade above

ENTRY PRICE

the levels of 270, then further upside movement can be seen in it.

DETAILS BUY Above 271.10

TARGET

281.00

STOP LOSS

264.10

WEEKLY PIVOTS PARTICULAR

LEVEL

300.45

288.50

276.55

271.15

264.60

259.20

252.65

For this week, traders can adopt buy on lower level strategy in it and above the level of 270.10 it can test the

240.70

level of Rs. 281 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 264.10

228.75

04/06/2018

GLENMARK CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

GLENMARK is in overall bearish trend & for short term, we can expect short covering in it from the lower lev-

PARTICULAR

els. Last week stock started on negative note but from lower level we saw good buying in from lower levels. On

ACTION

daily chart stock has formed Cup & handle price pattern with the positive indicators and if it manages to sus-

ENTRY PRICE

tain above the level of 548.00, then upside movement can be seen in it.

DETAILS BUY Above 548.50

TARGET

568.40

STOP LOSS

536.40

WEEKLY PIVOTS PARTICULAR

LEVEL

645.10

606.25

567.40

551.60

528.55

512.75

489.70

For this week, traders can adopt buy on lower level strategy in it and above the level of 548.50 it can test the

450.85

level of Rs. 568.40 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 536.40

412.00

04/06/2018

RELIANCE FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week RELIANCE Jun Futures started the week in negative note and made low of 906.85 but till the end of

PARTICULAR

the week, all of its earlier losses were erased and it closed at 930.40 with the overall gain of 0.85% on weekly

ACTION

basis. Technically RELIANCE Jun Futures broke the important resistance level of 930.00 and sustaining above

ENTRY PRICE

the same and for this week, we can expect further upside movement in it .

DETAILS SELL Below 940.00

TARGET

955.00

STOP LOSS

932.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 940.00 it can test the level of Rs. 955.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.932.00

PARTICULAR

LEVEL

1012.15

983.05

953.95

942.15

924.85

913.05

895.75

866.65

837.55 04/06/2018

BPCL FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week BPCL Jun Futures started the week on positive note and made high of 410.10 during the week. It re-

PERTICULAR

mained positive for the entire week and closed at 403.60 with the overall gain of 5.65% on weekly basis. Tech-

ACTION

nically BPCL is sustaining near to the trend line breakout coupled with the RSI going to enter into the positive

ENTRY PRICE

zone and for this week, if it sustain above the level of 400, then we can expect further upside movement in it.

DETAILS BUY Above 411.00

TARGET

419.00

STOP LOSS

406.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 411.00 it can test the level of Rs. 419.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.406.00

PARTICULAR

LEVEL

456.00

437.45

418.90

411.25

400.35

392.70

381.80

363.25

344.70

04/06/2018

Disclaimer LEGAL DISCLAIMER (कानन ू ी अस्वीकयण)

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 अनुसध ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनुभान Ways2Capital इक्ववटी / कभोडडटी अनुसध ं ान के भूलमांकन 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, त्रुटटमों 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 सूचना, स्तय औय सुझाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनुसध ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सुझावों की त्रुटटमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चुनने 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 अनुसंधान 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 ऺनतऩूनता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफधं धत 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 ( ऺनतऩूनता 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, ऩेशेवयों 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)

अनुसध ं ान रयऩोटा के ववतयण की नतधथ से ऩूवा 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 अनुसध ं ान 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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