Equity Research Report 12 September 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 07th SEPT 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

Nifty

11589.10

-91.40

-78.25%

Nifty 100

11879.90

-123.20

-102.64%

Nifty 200

6171.30

-69.25

-110.97%

Nifty 500

9875.20

-116.80

-116.89%

Nifty VIX

13.89

1.29

1023.81%

Nifty Bank

27481.45

-580.30

-206.79%

Nifty Auto

11036.65

27.40

24.89%

Nifty Finance

11502.10

-216.95

-185.13%

Nifty FMCG

31354.30

-1557.25

-473.16%

Nifty IT

16104.75

293.35

185.53%

Nifty Media

2715.70

-124.40

-438.01%

Nifty Metal

3699.75

56.30

154.52%

Nifty Pharma

10661.25

270.30

260.13%

Nifty PSU Banks

3135.95

-179.55

Nifty PVT Bank

15618.30 268.15

Nifty Realty 2

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

USDINR

71.8575

71.1875

0.94%

GBPINR

93.4700

92.5525

0.99%

EURINR

83.5800

83.0550

0.63%

JPYINR

64.8575

64.2800

0.90%

EURUSD

1.1553

1.1601

-0.41%

GBPUSD

1.2924

1.2963

-0.30%

Dollar Index

95.33

95.05

0.29%

CURRENCY PAIR

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1193.60

1206.90

-1.10%

Gold MCX

30509

30157

1.17%

Crude Oil NYMEX

67.75

69.80

-2.94%

Crude Oil MCX

4883

4959

-1.53%

-541.55%

Brent Oil NYMEX

76.83

77.42

-0.76%

-314.90

-197.64%

Copper MCX

422.60

423.80

-0.28%

-7.70

-279.14%

Natural Gas NYMEX

2.776

2.916

-4.80%

11/09/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

WIPRO

323.30

7.55%

334.00

BAJAJAUTO

2926.00

6.25%

3468.35

DRREDDY

2625.00

5.34%

2659.80

TATAMOTORS

277.05

3.78%

468.22

LUPIN

960.90

3.16%

1090.00

SCRIP

WEEKLY LOSERS

SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

HINDUNILVR

1632.40

-8.09%

1169.00

SBIN

291.10

-6.19%

232.35

ZEEL

470.50

-5.89%

436.05

YESBANK

323.65

-5.64%

285.00

ONGC

171.70

-4.53%

151.80 11/09/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

Monday, September 10, 2018 14:00

GBP

GDP (MoM)

0.20%

0.10%

14:00

GBP

Manufacturing Production (MoM) (Jul)

0.20%

0.40%

Tuesday, September 11, 2018 14:00

GBP

Average Earnings Index +Bonus (Jul)

2.40%

14:00

GBP

Claimant Count Change (Aug)

10.0K

10.2K

19:30

USD

JOLTs Job Openings (Jul)

6.646M

6.662M

0.20%

0.00%

-0.750M

-4.302M

Wednesday, September 12, 2018 18:00

USD

PPI (MoM) (Aug)

20:00

USD

Crude Oil Inventories Thursday, September 13, 2018

All Day

INR

India - Ganesh Chaturthi

Holiday

16:30

GBP

BoE Interest Rate Decision (Sep)

0.75%

18:00

USD

Core CPI (MoM) (Aug)

0.20%

6.20%

6.00%

Friday, September 14, 2018

7:30

CNY

Industrial Production (YoY) (Aug)

15:30

GBP

BoE Gov Carney Speaks

18:00

USD

Core Retail Sales (MoM) (Aug)

0.50%

0.60%

18:00

USD

Retail Sales (MoM) (Aug)

0.40%

0.50%

11/09/2018

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

ADANIPORTS

456.30

430.80

405.30

391.05

379.77

365.50

354.25

328.75

303.25

ASIANPAINT

1605.80

1516.25

1426.70

1371.85

1337.15

1282.30

1247.60

1158.05

1068.50

AXISBANK

732.70

701.95

671.20

658.10

640.42

627.30

609.65

578.90

548.15

BAJAJ-AUTO

3533.20

3307.00

3080.80

3003.40

2854.60

2777.20

2628.40

2402.20

2176.00

BAJAJFINSV

8356.00

7788.60

7221.20

6906.60

6653.80

6339.20

6086.40

5519.00

4951.60

BAJFINANCE

3649.85

3363.00

3076.15

2910.60

2789.28

2623.70

2502.40

2215.55

1928.70

BHARTIARTL

457.45

432.40

407.35

398.35

382.28

373.25

357.20

332.15

307.10

BPCL

418.65

397.85

377.05

367.00

356.23

346.15

335.40

314.60

293.80

CIPLA

754.05

721.75

689.45

677.10

657.15

644.80

624.85

592.55

560.25

COALINDIA

338.55

320.05

301.55

294.10

283.03

275.55

264.50

246.00

227.50

DRREDDY

3302.70

3053.40

2804.10

2714.55

2554.77

2465.20

2305.45

2056.15

1806.85

EICHERMOT

33426.95

31792.40

30157.85

29431.60

28523.30

27797.05

26888.75

25254.20

23619.65

GAIL

460.20

430.65

401.10

388.95

371.53

359.35

341.95

312.40

282.85

GRASIM

1242.70

1174.20

1105.70

1065.85

1037.17

997.30

968.65

900.15

831.65

HCLTECH

1271.50

1201.20

1130.90

1101.70

1060.60

1031.40

990.30

920.00

849.70

HDFC

2102.85

2045.90

1988.95

1955.95

1931.98

1898.95

1875.00

1818.05

1761.10 Continued .......

11/09/2018

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

HDFCBANK

2195.25

2149.10

2102.95

2081.00

2056.78

2034.80

2010.60

1964.45

1918.30

HEROMOTOCO

3952.10

3723.70

3495.30

3417.15

3266.87

3188.70

3038.45

2810.05

2581.65

HINDALCO

285.20

270.25

255.30

249.40

240.33

234.40

225.35

210.40

195.45

HINDPETRO

285.75

274.30

262.85

258.15

251.38

246.65

239.90

228.45

217.00

HINDUNILVR

2254.65

2060.70

1866.75

1749.60

1672.78

1555.60

1478.80

1284.85

1090.90

IBULHSGFIN

1535.10

1430.90

1326.70

1267.85

1222.47

1163.60

1118.25

1014.05

909.85

ICICIBANK

407.25

382.90

358.55

345.95

334.18

321.55

309.80

285.45

261.10

INDUSINDBK

2145.00

2054.20

1963.40

1920.20

1872.60

1829.40

1781.80

1691.00

1600.20

INFRATEL

365.90

336.70

307.50

291.00

278.30

261.80

249.10

219.90

190.70

INFY

759.20

748.05

736.90

735.45

725.72

724.25

714.55

703.40

692.25

IOC

172.15

165.85

159.55

156.45

153.22

150.10

146.90

140.60

134.30

ITC

360.25

344.65

329.05

319.85

313.42

304.20

297.80

282.20

266.60

KOTAKBANK

1454.50

1388.10

1321.70

1282.95

1255.27

1216.50

1188.85

1122.45

1056.05

1458.90

1423.70

1388.50

1367.75

1353.27

1332.50

1318.05

1282.85

1247.65

LUPIN

1142.10

1074.60

1007.10

984.00

939.60

916.50

872.10

804.60

737.10

M&M

1179.45

1105.85

1032.25

1002.90

958.63

929.25

885.00

811.40

737.80 Continued ....... 11/09/2018

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

10730.30

10109.55

9488.80

9101.85

8868.05

8481.10

8247.30

7626.55

7005.80

NTPC

190.55

183.50

176.45

173.15

169.38

166.05

162.30

155.25

148.20

ONGC

206.50

195.85

185.20

178.45

174.52

167.75

163.85

153.20

142.55

POWERGRID

228.30

217.70

207.10

201.30

196.47

190.65

185.85

175.25

164.65

RELIANCE

1474.20

1401.35

1328.50

1302.80

1255.63

1229.90

1182.75

1109.90

1037.05

SBIN

360.70

339.50

318.30

304.70

297.07

283.45

275.85

254.65

233.45

SUNPHARMA

779.30

740.00

700.70

682.75

661.37

643.40

622.05

582.75

543.45

TATAMOTORS

344.30

319.80

295.30

286.20

270.78

261.65

246.25

221.75

197.25

TATASTEEL

728.80

688.00

647.20

631.60

606.40

590.80

565.60

524.80

484.00

TCS

2231.90

2181.60

2131.30

2105.05

2080.98

2054.70

2030.65

1980.35

1930.05

TECHM

907.05

858.30

809.55

790.30

760.77

741.50

712.00

663.25

614.50

TITAN

1113.20

1036.45

959.70

914.25

882.95

837.50

806.20

729.45

652.70

ULTRACEMCO

5454.40

5066.75

4679.10

4476.85

4291.42

4089.15

3903.75

3516.10

3128.45

UPL

822.00

783.60

745.20

730.10

706.80

691.70

668.40

630.00

591.60

VEDL

268.25

255.25

242.25

237.75

229.22

224.70

216.20

203.20

190.20

WIPRO

403.30

374.55

345.80

334.55

317.02

305.75

288.25

259.50

230.75

YESBANK

416.45

388.25

360.05

341.85

331.82

313.60

303.60

275.40

247.20

ZEEL

697.40

622.45

547.50

509.00

472.52

434.00

397.55

322.60

247.65

11/09/2018

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

PRICE CHANGE (In %)

CHANGE IN OI (In %)

PRICE CHANGE (In %)

MUTHOOTFIN

72.14%

13.71%

GLENMARK

-12.20%

2.44%

GODFRYPHLP

26.15%

7.36%

BAJAJ-AUTO

-11.97%

6.00%

LUPIN

16.15%

2.61%

BALRAMCHIN

-10.23%

1.89%

GRANULES

15.77%

4.68%

TORNTPOWER

14.94%

1.92%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

BALKRISIND

118.45%

-13.78%

BEL

69.86%

GODREJCP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

COLPAL

-16.68%

-2.48%

-19.27%

BATAINDIA

-14.88%

-2.52%

35.69%

-7.66%

RELINFRA

-12.14%

-1.25%

SRTRANSFIN

35.00%

-9.56%

NESTLEIND

31.90%

-9.78%

SCRIP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

SCRIP

Analysis : As per the analysis of above

chart. Major Resistance Level: 11800 Major Support Levels: 11500

11/09/2018

Nifty Analysis NIFTY WEEKLY PIVOTS Fundamental Outlook

PARTICULAR

LEVEL

12629.15

12291.10

11953.05

11793.00

11615.00

11454.95

Technical Outlook

11276.95

The Nifty futures started the last week on negative note on Monday and traded with negative movement through-

10938.90

10600.85

Indian Equity market is Mostly, in a strong up trend but a correction cannot be ruled out at this point. As we seen first half of the week was fully dominated by bearish and the latter part tries to make up for the damage. Courtesy to relentless appreciation in US Dollar against the Indian Rupee. Till last week, our markets could handle up to the 71 mark; but the moment this level crossed, it called for some kind of panic in the traders’ fraternity. But, fortunately, the end was good for the week after USDINR cooling off a bit and hence, Nifty managed to recoup some losses to close tad below the 11600 mark. Still clouds are looming largely on our Indian markets as US Dollar is looking further strong in coming days.

out the week and give closing with 78 points loss on weekly basis. Index is forming H&S price pattern on daily chart and if it give closing below 11500 levels then further down side movement can be seen in it

Continued ….... 9

11/09/2018

Nifty Analysis WEEKLY STRATEGY

On up side major resistance is placed at 11650 while support is placed at 11470 and violation of this support levels could trigger more selling in index. On option front maximum call options are open on 11800 levels while put options are open on 11400 levels.

PARTICULAR ACTION

DETAILS SELL

ENTRY PRICE

11470

TARGET

11360

STOP LOSS

11570

TECHNICAL INDICATOR ANALYSIS

For this week, traders can adopt sell on higher level strategy in it and below the level of 11470. It can test the level of Rs. 11360 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 11570. 10

INDICATOR

CURRENT TREND

20 Days EMA

NEGATIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

NEGATIVE

STOCHASTIC

POSITIVE Continued ….... 11/09/2018

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

The Nifty Bank index started the last week on negative note and traded with bearish movement throughout the week, which led index to give closing on negative note on weekly basis. Going ahead, index has formed double top price pattern on higher levels and if index manages to give closing below the levels of 28300 then it can show

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL BELOW 27270

further down side movement and can test levels of 27000. Bank Nifty has crucial resistance of 27670 . TARGET

27070

STOP LOSS

27420

WEEKLY PIVOTS PARTICULAR

LEVEL

30711.35

29718.70

28726.05

28159.50

27733.40

27166.85

For this week, traders can adopt sell on higher level strategy in it and below the level of 27270. It can test the

26740.75

level of Rs. 27070 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 27420.

25748.10

24755.45

11/09/2018

RITES Cash( Call of the Week ) Technical Outlook Last week, RITES started the week with down side correction but after it gave up side movement. It made a

WEEKLY STRATEGY PARTICULAR

DETAILS

high of 288.50 during the week and closed at 261 with the overall loss of 10.30% on weekly basis. Technically it’s recovering from it's correction face and forming bullish harami pattern and for this week, we can expect

ACTION ENTRY PRICE

further long unwinding in it.

BUY ABOVE 271.00

TARGET

284.00

STOP LOSS

262.00

WEEKLY PIVOTS PARTICULAR

LEVEL

395.35

351.85

308.35

284.70

264.85

241.20

221.35

For this week, traders can adopt buy on lower levels strategy in it and above the level of 271 it can test the

177.85

level of 284 during the week. Trades can make buy position in it by maintaining a Stop Loss of 262

134.35

11/09/2018

RALLIS Cash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week, RALLIS started the week with down side movement but in the later part of the week, it's recovered

PARTICULAR

from lower levels and given the up side movement for the remaining week. It made a high of 209.40 during the

ACTION

week and closed at 201.50 with the overall loss of 3.50% on weekly basis. Technically it’s given trendline breakout with consolidation from the lower levels and for this week, we can expect upside movement in it.

ENTRY PRICE

DETAILS BUY ABOVE 207.00

TARGET

219.00

STOP LOSS

198.00

WEEKLY PIVOTS PARTICULAR

LEVEL

226.55

218.20

209.85

201.95

201.5

193.60

193.15

For this week, traders can adopt buy on trendline breakout strategy in it and above the level of 207 it can test

184.80

the level of 219 during the week. Trades can make buy position in it by maintaining a Stop Loss of 198

176.45

11/09/2018

YES BANK FUTURES( Call of the Week ) Technical Outlook Last week, YESBANK Sept Futures started the week on negative note and after that it witnessed bearish move-

WEEKLY STRATEGY PARTICULAR

DETAILS

ment for the entire week. It made a low of 323 during the week and closed at 323.45 with the overall loss of 6.34% on weekly basis. Technically YESBANK Futures in the bearish trend but for this week, we can expect short covering from the lower levels as open interest and volume giving the sign of recovery.

ACTION ENTRY PRICE

BUY ABOVE 331.00

TARGET

351.00

STOP LOSS

324.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 331 it can test the level of 351 during the week. Trades can make buy position in it by maintaining a Stop Loss of 324.00

PARTICULAR

LEVEL

413.15

386.35

359.55

342.50

332.75

315.70

305.95

279.15

252.35 11/09/2018

JUBL FOOD FUTURES ( Call of the Week ) Technical Outlook Last week, JUBLFOOD Sept Futures started the week on negative note and after that it witnessed bearish move-

WEEKLY STRATEGY PARTICULAR

DETAILS

ment for the entire week. It made a low of 1398.15 during the week and closed at 1415.35 with the overall loss of 9.11% on weekly basis. Technically JUBLFOOD Futures in the bullish trend but it witnessing profit booking from higher levels and for this week, we can expect downside movement in it.

ACTION ENTRY PRICE

SELL BELOW 1406.00

TARGET

1378.00

STOP LOSS

1426.00

WEEKLY PIVOTS PARTICULAR

LEVEL

1953.40

1788.55

1623.70

1519.55

1458.85

1354.70

For this week, traders can adopt sell on higher level strategy in it and below the level of 1406 it can test the

1294.00

level of 1378 during the week. Trades can make sell position in it by maintaining a Stop Loss of 1426

1129.15

964.30

11/09/2018

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। |

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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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