Equity Research Report 09 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

10316.45

-661.10

-6.02%

USDINR

74.0125

72.7625

1.72%

Nifty 100

10510.05

-676.65

-6.05%

GBPINR

96.5775

95.0175

1.64%

Nifty 200

5421.00

-355.20

-6.15%

EURINR

85.2750

84.4525

0.97%

Nifty 500

8624.95

-577.40

-6.27%

JPYINR

65.0675

64.3000

1.19%

India VIX

19.73

2.81

16.61%

EURUSD

1.1558

1.1608

-0.43%

Nifty Bank

24443.45

-598.70

-2.39%

GBPUSD

1.3098

1.3031

0.51%

Nifty Auto

8915.10

-900.30

-9.17%

Dollar Index

95.31

94.80

0.54%

Nifty Finance

10216.90

-308.05

-2.93%

Nifty FMCG

27873.80

-1786.45

-6.02%

Nifty IT

15591.65

-426.35

-2.66%

Nifty Media

2371.40

-121.20

-4.86%

Nifty Metal

3444.65

-225.05

Nifty Pharma

9547.35

Nifty PSU Banks Nifty PVT Bank Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1206.70

1196.20

0.88%

Gold MCX

31154

30481

2.21%

-6.13%

Crude Oil NYMEX

74.29

73.53

1.03%

-545.10

-5.40%

Crude Oil MCX

5546

5335

3.96%

2656.00

-68.05

-2.50%

Brent Oil NYMEX

84.03

82.88

1.39%

14151.05

-775.25

-5.47%

Copper MCX

456.55

452.35

0.93%

208.80

-21.75

-9.43%

Natural Gas NYMEX

3.115

3.002

3.76%

09/10/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

Yes Bank

206.20

1.48%

404.00

Wipro

324.50

1.22%

339.05

SCRIP

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

Hindpetro

165.05

-33.67%

163.45

BPCL

265.35

-28.74%

239.00

IOC

118.05

-22.67%

105.65

Bharti Airtel

296.75

-16.67%

287.50

ONGC

146.95

-16.51%

146.00

SCRIP

09/10/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

51.5

0.20%

0.30%

Monday, October 8, 2018 7:15

CNY

Caixin Services PMI (Sep) Tuesday, October 9, 2018

4:31

GBP

BRC Retail Sales Monitor (YoY) (Sep) Wednesday, October 10, 2018

14:00

GBP

GDP (MoM)

14:00

GBP

Manufacturing Production (MoM) (Aug)

0.10%

-0.20%

18:00

USD

PPI (MoM) (Sep)

0.20%

-0.10%

Thursday, October 11, 2018 18:00

USD

Core CPI (MoM) (Sep)

0.20%

0.10%

20:30

USD

Crude Oil Inventories

7.975M

18:00

USD

Core CPI (YoY) (Sep)

2.30%

2.20%

18:00

USD

CPI (MoM) (Sep)

0.20%

18:00

USD

Initial Jobless Claims

206K

207K

Friday, October 12, 2018

4:31

GBP

RICS House Price Balance (Sep)

17:30

INR

CPI (YoY) (Sep)

4.00%

3.69%

18:00

USD

Export Price Index (MoM) (Sep)

0.20%

-0.10%

18:00

USD

Import Price Index (MoM) (Sep)

0.20%

-0.60%

09/10/2018

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

ADANIPORTS

431.35

391.35

351.35

324.70

311.33

284.65

271.30

231.30

191.30

ASIANPAINT

1580.55

1464.50

1348.45

1272.95

1232.40

1156.90

1116.35

1000.30

884.25

AXISBANK

771.75

708.05

644.35

607.50

580.65

543.80

516.95

453.25

389.55

BAJAJ-AUTO

3353.00

3103.10

2853.20

2686.60

2603.30

2436.70

2353.40

2103.50

1853.60

BAJAJFINSV

7983.40

7166.30

6349.20

5841.30

5532.10

5024.20

4715.00

3897.90

3080.80

BAJFINANCE

3186.20

2819.50

2452.80

2208.90

2086.07

1842.15

1719.35

1352.65

985.95

BHARTIARTL

453.75

405.65

357.55

327.00

309.43

278.85

261.30

213.20

165.10

BPCL

731.95

586.70

441.45

353.85

296.20

208.60

150.95

5.70

CIPLA

743.85

710.90

677.95

659.00

644.98

626.00

612.00

579.05

546.10

COALINDIA

327.50

307.80

288.10

275.50

268.38

255.75

248.65

228.95

209.25

DRREDDY

3024.20

2825.50

2626.80

2505.90

2428.10

2307.20

2229.40

2030.70

1832.00

EICHERMOT

37001.95

32004.10

27006.25

24015.65

22008.38

19017.75

17010.50

12012.65

7014.80

GAIL

611.85

520.35

428.85

379.45

337.35

287.95

245.85

154.35

62.85

GRASIM

1271.95

1166.00

1060.05

991.15

954.10

885.20

848.15

742.20

636.25

HCLTECH

1203.00

1162.30

1121.60

1100.80

1080.90

1060.10

1040.20

999.50

958.80

HDFC

2136.50

2000.80

1865.10

1775.05

1729.40

1639.35

1593.70

1458.00

1322.30 Continued .......

09/10/2018

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

HDFCBANK

2316.95

2204.90

2092.85

2021.45

1980.78

1909.35

1868.70

1756.65

1644.60

HEROMOTOCO

3721.00

3418.00

3115.00

2931.95

2811.97

2628.90

2508.95

2205.95

1902.95

HINDALCO

345.65

310.90

276.15

257.80

241.40

223.05

206.65

171.90

137.15

HINDPETRO

476.50

382.55

288.60

226.30

194.63

132.30

100.65

6.70

HINDUNILVR

1949.75

1825.95

1702.15

1628.10

1578.33

1504.25

1454.50

1330.70

1206.90

IBULHSGFIN

1496.40

1297.50

1098.60

994.35

899.67

795.40

700.75

501.85

302.95

ICICIBANK

388.20

361.15

334.10

319.30

307.05

292.25

280.00

252.95

225.90

INDUSINDBK

1962.75

1844.20

1725.65

1662.85

1607.08

1544.25

1488.50

1369.95

1251.40

INFRATEL

348.50

318.45

288.40

274.45

258.35

244.40

228.30

198.25

168.20

INFY

883.85

831.45

779.05

750.80

726.63

698.35

674.20

621.80

569.40

IOC

288.85

235.00

181.15

149.35

127.28

95.45

73.40

19.55

ITC

368.25

340.40

312.55

294.30

284.70

266.45

256.85

229.00

201.15

KOTAKBANK

451.30

424.20

397.10

379.55

369.97

352.40

342.85

315.75

288.65

1471.70

1335.35

1199.00

1123.05

1062.62

986.65

926.25

789.90

653.55

LUPIN

1475.35

1398.30

1321.25

1272.55

1244.20

1195.50

1167.15

1090.10

1013.05

M&M

1129.10

1017.55

906.00

836.00

794.45

724.45

682.90

571.35

459.75 Continued .......

09/10/2018

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

MARUTI

8222.35

7943.35

7664.35

7564.70

7385.33

7285.65

7106.30

6827.30

6548.30

NTPC

180.80

176.65

172.50

170.55

168.33

166.35

164.15

160.00

155.85

ONGC

197.90

191.45

185.00

182.45

178.55

176.00

172.10

165.65

159.20

POWERGRID

214.60

206.60

198.60

195.30

190.60

187.30

182.60

174.60

166.60

RELIANCE

1393.55

1339.85

1286.15

1260.90

1232.43

1207.15

1178.70

1125.00

1071.30

SBIN

304.45

293.35

282.25

278.20

271.13

267.05

260.00

248.90

237.80

SUNPHARMA

715.35

686.35

657.35

646.70

628.33

617.65

599.30

570.30

541.30

TATAMOTORS

258.10

247.65

237.20

233.45

226.72

222.95

216.25

205.80

195.35

TATASTEEL

660.00

631.70

603.40

592.70

575.10

564.40

546.80

518.50

490.20

TCS

2495.70

2410.10

2324.50

2287.40

2238.87

2201.75

2153.25

2067.65

1982.05

TECHM

821.00

799.20

777.40

769.45

755.57

747.60

733.75

711.95

690.15

TITAN

900.10

867.70

835.30

823.80

802.88

791.35

770.45

738.05

705.65

ULTRACEMCO

4536.40

4340.40

4144.40

4042.80

3948.38

3846.75

3752.35

3556.35

3360.35

UPL

754.10

722.25

690.40

678.95

658.55

647.10

626.70

594.85

563.00

VEDL

257.05

248.40

239.75

236.75

231.10

228.10

222.45

213.80

205.15

WIPRO

357.10

347.65

338.20

334.45

328.72

324.95

319.25

309.80

300.35

YESBANK

291.05

257.85

224.65

212.25

191.42

179.00

158.20

125.00

91.80

ZEEL

492.15

473.35

454.55

448.30

435.73

429.45

416.90

398.10

379.30

09/10/2018

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

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

-23.31%

5.26%

SCRIP NIITTECH

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

KSCL

62.50%

-13.79%

CHENNPETRO

-14.90%

-8.05%

BPCL

59.67%

-29.30%

MGL

-13.90%

-5.05%

HINDPETRO

29.80%

-34.67%

CHOLAFIN

-10.45%

-4.21%

CONCOR

26.26%

-3.63%

M&M

24.52%

-10.75%

SCRIP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

CHANGE IN OI (In %)

SCRIP

PRICE CHANGE (In %)

Analysis : As per the analysis of above chart. Major Resistance Level: 11000 Major Support Levels: 10000 09/10/2018

Nifty Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook

PARTICULAR

LEVEL

12970.40

12172.40

11374.40

10860.80

10576.40

10062.80

Technical Outlook

9778.40

Last week Nifty futures open at 10931 and give closing at 10347.15 made low of 10292 gives almost 600 point in downward

8980.40

8182.40

Last week Nifty index were down almost 6%. nifty falls continuously upto 5 th week and correct almost 13% from the peak,the large part of this decline could be attributed in the indian currency and rising crude oil prices. On the index futures front, Nifty futures lost about 29 percent longs in the September expiry, while in the first week we saw whopping 24 percent additions with only one difference that it was on the short side.Among the stock futures, the biggest damage was recorded in the oil marketing companies with BPCL, HPCL adding 60 percent to 30 percent in the open interest, respectively, with over 30 percent damage to the price.On the options front, Put writers were trying to seek asylum into 11,000 and lower strikes after the down-move in the September series. Now with huge additions in same strike Calls along with additions in the Nifty futures looks like there has been a creation of opposite positions by put writers but via the synthetic route.

trend. Nifty moves downtrend in entire week almost all trading sessions of the week.

Continued â&#x20AC;Ś.... 9

09/10/2018

Nifty Analysis Last week Nifty falls almost 5.40% and break important support level of 10500 and gives closing below this support

WEEKLY STRATEGY

level .below the level of 10500 further selling is seen in the Nifty and breached next support level of 10300 but give clsing above this level at 10347.15 .we can expect further selling in NIfty below the level of 10300.

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL BELOW 10290

TARGET

10140

STOP LOSS

10401

TECHNICAL INDICATOR ANALYSIS

For next week we can made short position in nifty from the level of 10290 for the TGT of 10140 and with th SL of 10401.

INDICATOR

CURRENT TREND

20 Days EMA

NEGATIVE

50 Days EMA

NEGATIVE

200 Days EMA

NEGATIVE

RSI

NEGATIVE

MACD

NEGATIVE

STOCHASTIC

NEGATIVE Continued …....

09/10/2018

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

Last week Bank Nifty futures open at 25085 and give closing at 24519.70 made low of 24272.40 gives almost 900 point in downward trend. Bank Nifty moves downtrend in entire week almost all trading sessions of the week. Last week Bank Nifty falls almost 3.30% and 25000 further selling is seen in the Bank Nifty and breached next support level

ACTION

of 24500 but give clsing above this level at 24519 .we can expect further selling in BankNIfty below the level of24500

ENTRY PRICE

24300

TARGET

24001

STOP LOSS

24501

PARTICULAR

DETAILS SELL

WEEKLY PIVOTS

For next week we can made short position in Bank nifty from the level of 24300 for the TGT of 24001 and with th SL of 24501. 11

PARTICULAR

LEVEL

28651.90

27347.30

26042.70

25203.80

24738.10

23899.20

23433.50

22128.90

20824.30 09/10/2018

PNB Cash( Call of the Week ) Technical Outlook Last week, PNB nse cash started the week on positive note and after that it given Pull back from lower level . It made a high of 66.35 during the week and closed 63.85 with the overall gain of 6.40 % on weekly basis. Technically it consolidated and given pull back as well from the support level and now we can expect upside movement in it.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 66.50

TARGET

70.50

STOP LOSS

62.50

WEEKLY PIVOTS

For this week, traders can adopt buy on deep strategy in it and above the level of 66.50 it can test the level of 70.50 during the week. Trades can make sell position in it by maintaining a Stop Loss of 62.50

PARTICULAR

LEVEL

86.30

78.50

70.70

67.25

62.90

59.45

55.10

09/10/2018

DISH TVCash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week, DISHTV nse cash started the week on positive note and after that it given breakout from support level . It made a high of 59.65 during the week and closed 52.30 with the overall loss of 9.80 % on weekly basis. Technically it made Bullish Hammer Pattern from the lower level and given pull back from the major support level and now we can expect upside moves in it.

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 52.70

TARGET

55.70

STOP LOSS

49.90

WEEKLY PIVOTS

For this week, traders can adopt strategy of buying on the basis of technical pattern and above the level of 52.70 it can test the level of 55.70 during the week. Trades can make sell position in it by maintaining a Stop Loss of 49.9

PARTICULAR

LEVEL

81.45

72.35

63.25

57.75

54.15

48.65

45.05

35.95

26.85 09/10/2018

YES BANK FUTURES( Call of the Week ) Technical Outlook last week Yes bank Futs open at 179.80 and made high of 229.90 and close at 207.20 give positive movement,After a sharp downfall in yesbank,it gives positive movementin short term trend indicate its recovery phase. For next week it can hold its recovery phase and give some positive trend in it

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 226

TARGET

236.00

STOP LOSS

222.00

WEEKLY PIVOTS

For next week trader can make long positions in it above the level of 226 for the TGT of 236 with sl of 222

PARTICULAR

LEVEL

376.35

318.60

260.85

234.05

203.10

176.30

145.35

87.60

29.85 09/10/2018

HINDALCO FUTURES ( Call of the Week ) Technical Outlook last week HINDALCO futs open at 229 and made high of 261.35 and low of 225.60 gives positive movement overall trend of stock is positive for long term,

WEEKLY STRATEGY PARTICULAR ACTION

for short term its can go downside on daily chart of it shows trendline breakout which indicate downward trend in it.

ENTRY PRICE

DETAILS SELL BELOW 225.60

TARGET

221.60

STOP LOSS

227.60

WEEKLY PIVOTS

For next week traders can sell hindalco below the level of 225.60 for the tgt of 221.60 and with sl of 227.60

PARTICULAR

LEVEL

350.05

314.30

278.55

260.00

242.80

224.25

207.05

171.30

135.55 09/10/2018

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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.

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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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