Equity Research Report 14 August 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 10th Aug 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

11429.50

68.70

0.60%

USDINR

68.9925

68.8575

0.20%

Nifty 100

11707.35

58.50

0.50%

GBPINR

88.1875

89.8000

-1.80%

Nifty 200

6075.70

27.65

0.46%

EURINR

79.2175

79.9900

-0.97%

Nifty 500

9724.45

38.75

0.40%

JPYINR

62.2375

61.7900

0.72%

Nifty VIX

12.85

0.77

6.37%

EURUSD

1.1444

1.1590

-1.26%

Nifty Bank

28124.25

428.75

1.55%

GBPUSD

1.2745

1.3016

-2.08%

Nifty Auto

10839.45

64.15

0.60%

Dollar Index

96.22

94.96

1.33%

Nifty Finance

11768.75

132.75

1.14%

Nifty FMCG

31474.90

49.95

0.16%

Nifty IT

14679.25

30.15

0.21%

Nifty Media

2903.20

35.35

1.23%

Nifty Metal

3434.75

53.90

1.59%

Nifty Pharma

9138.25

-362.50

-3.82%

Nifty PSU Banks

3250.85

11.85

Nifty PVT Bank

15942.60 272.3

Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1211.10

1214.20

-0.26%

Gold MCX

29783

29671

0.38%

Crude Oil NYMEX

67.63

68.49

-1.26%

Crude Oil MCX

4674

4686

-0.26%

0.37%

Brent Oil NYMEX

72.81

73.21

-0.55%

321.35

2.06%

Copper MCX

419.60

419.05

0.13%

1.90

0.70%

Natural Gas NYMEX

2.944

2.853

3.19%

14/08/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

328.60

7.74%

365.70

28997.70

7.42%

33480.00

AXISBANK

615.50

7.09%

627.60

HINDALCO

222.70

5.25%

284.00

BAJFINANCE

2808.45

4.74%

2846.05

SCRIP ICICIBANK EICHERMOT

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

LUPIN

809.45

-8.65%

723.65

GAIL

362.95

-6.50%

266.8

SUNPHARMA

554.00

-5.44%

432.7

ADANIPORTS

379.30

-5.07%

350.45

IBULHSGFIN

1324.90

3.82%

1056.5

SCRIP

14/08/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

Tuesday, August 14, 2018 7:30

CNY

Industrial Production (YoY) (Jul)

6.30%

6.00%

14:00

GBP

Average Earnings Index +Bonus (Jun)

2.50%

14:00

GBP

Claimant Count Change (Jul)

7.8K

Wednesday, August 15, 2018 All Day

INR

India - Independence Day

Holiday

14:00

GBP

CPI (YoY) (Jul)

2.50%

2.40%

18:00

USD

Core Retail Sales (MoM) (Jul)

0.40%

18:00

USD

Retail Sales (MoM) (Jul)

0.20%

0.50%

20:00

USD

Crude Oil Inventories

1.213M

-1.351M

0.20%

-0.50%

1.305M

1.292M

Thursday, August 16, 2018

14:00

GBP

Retail Sales (MoM) (Jul)

18:00

USD

Building Permits (Jul)

18:00

USD

22.3

25.7 14/08/2018

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

ADANIPORTS

496.35

459.15

421.95

400.25

384.72

363.00

ASIANPAINT

1578.30

1525.35

1472.40

1444.20

1419.45

AXISBANK

753.05

703.85

654.65

635.70

BAJAJ-AUTO

2943.00

2847.00

2751.00

BAJAJFINSV

7735.60

7506.55

BAJFINANCE

3314.65

BHARTIARTL

347.50

310.30

273.10

1391.25

1366.50

1313.55

1260.60

605.43

586.45

556.20

507.00

457.80

2690.00

2655.00

2594.00

2559.00

2463.00

2367.00

7277.50

7191.25

7048.42

6962.15

6819.35

6590.30

6361.25

3135.05

2955.45

2885.25

2775.83

2705.60

2596.20

2416.60

2237.00

444.00

420.60

397.20

383.10

373.80

359.70

350.40

327.00

303.60

BPCL

458.60

437.75

416.90

408.95

396.05

388.10

375.20

354.35

333.50

CIPLA

776.70

728.70

680.70

650.90

632.70

602.90

584.70

536.70

488.70

COALINDIA

328.30

312.05

295.80

286.60

279.53

270.30

263.25

247.00

230.75

DRREDDY

2610.40

2490.45

2370.50

2296.00

2250.52

2176.00

2130.55

2010.60

1890.65

EICHERMOT

35121.30

32852.45

30583.60

29718.30

28314.72

27449.40

26045.85

23777.00

21508.15

GAIL

484.90

446.60

408.30

386.30

370.00

348.00

331.70

293.40

255.10

GRASIM

1195.55

1127.60

1059.65

1016.35

991.68

948.35

923.70

855.75

787.80

HCLTECH

1017.20

999.25

981.30

973.65

963.32

955.65

945.35

927.40

909.45

HDFC

2119.90

2072.20

2024.50

2002.25

1976.77

1954.50

1929.05

1881.35

1833.65 Continued .......

14/08/2018

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

HDFCBANK

2291.95

2234.80

2177.65

2146.35

2120.48

2089.15

2063.30

2006.15

1949.00

HEROMOTOCO

3577.40

3484.80

3392.20

3348.10

3299.57

3255.45

3206.95

3114.35

3021.75

HINDALCO

275.70

257.20

238.70

230.10

220.20

211.60

201.70

183.20

164.70

HINDPETRO

344.55

325.05

305.55

295.40

286.03

275.85

266.50

247.00

227.50

HINDUNILVR

1893.55

1843.60

1793.65

1772.35

1743.68

1722.35

1693.70

1643.75

1593.80

IBULHSGFIN

1579.65

1501.65

1423.65

1372.30

1345.65

1294.30

1267.65

1189.65

1111.65

ICICIBANK

443.95

404.90

365.85

346.80

326.80

307.75

287.75

248.70

209.65

INDUSINDBK

2180.10

2116.65

2053.20

2017.20

1989.72

1953.70

1926.25

1862.80

1799.35

INFRATEL

328.50

315.80

303.10

296.65

290.40

283.95

277.70

265.00

252.30

INFY

1498.95

1457.00

1415.05

1398.65

1373.07

1356.65

1331.10

1289.15

1247.20

IOC

186.15

179.55

172.95

169.40

166.35

162.80

159.75

153.15

146.55

ITC

324.90

317.75

310.60

307.10

303.42

299.90

296.25

289.10

281.95

KOTAKBANK

1422.35

1378.45

1334.55

1311.20

1290.63

1267.25

1246.70

1202.80

1158.90

1419.50

1372.70

1325.90

1296.15

1279.07

1249.30

1232.25

1185.45

1138.65

LUPIN

1115.50

1022.60

929.70

869.10

836.77

776.15

743.85

650.95

558.05

M&M

1035.65

1003.50

971.35

957.80

939.17

925.60

907.00

874.85

842.70 Continued .......

14/08/2018

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

10376.65

9987.65

9598.65

9359.30

9209.63

8970.25

8820.60

8431.60

8042.60

NTPC

175.20

169.75

164.30

161.70

158.83

156.20

153.35

147.90

142.45

ONGC

188.55

182.20

175.85

172.45

169.50

166.10

163.15

156.80

150.45

POWERGRID

209.20

203.00

196.80

193.55

190.60

187.35

184.40

178.20

172.00

RELIANCE

1372.75

1316.40

1260.05

1232.05

1203.68

1175.65

1147.30

1090.95

1034.60

SBIN

387.60

361.70

335.80

319.25

309.87

293.30

283.95

258.05

232.15

SUNPHARMA

699.25

654.70

610.15

582.35

565.58

537.75

521.00

476.45

431.90

TATAMOTORS

290.55

278.30

266.05

258.05

253.78

245.75

241.50

229.25

217.00

TATASTEEL

680.75

644.30

607.85

591.55

571.40

555.10

534.95

498.50

462.05

TCS

2099.20

2060.75

2022.30

2007.15

1983.82

1968.65

1945.35

1906.90

1868.45

TECHM

772.90

732.25

691.60

667.80

650.93

627.10

610.25

569.60

528.95

TITAN

1044.65

1002.30

959.95

938.40

917.57

896.00

875.20

832.85

790.50

ULTRACEMCO

4823.55

4627.40

4431.25

4333.15

4235.08

4136.95

4038.90

3842.75

3646.60

UPL

740.90

708.55

676.20

656.10

643.82

623.70

611.45

579.10

546.75

VEDL

261.95

249.95

237.95

230.20

225.93

218.15

213.90

201.90

189.90

WIPRO

295.60

289.65

283.70

281.05

277.72

275.05

271.75

265.80

259.85

YESBANK

434.80

417.25

399.70

390.85

382.15

373.30

364.60

347.05

329.50

ZEEL

604.45

577.55

550.65

533.65

523.75

506.75

496.85

469.95

443.05

MARUTI

14/08/2018

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 %)

BERGEPAINT

35.33%

4.05%

TORNTPHARM

-32.39%

4.64%

STAR

25.35%

4.58%

MARICO

-18.66%

3.31%

VOLTAS

25.34%

6.72%

EXIDEIND

-17.49%

6.60%

KTKBANK

19.04%

1.01%

BATAINDIA

-16.44%

3.79%

SUNTV

18.51%

2.46%

DCBBANK

-15.94%

3.27%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

ARVIND

62.49%

-6.55%

CANBK

-16.12%

-2.96%

CUMMINSIND

60.32%

-7.20%

JETAIRWAYS

-13.24%

-11.97%

INDIANB

42.47%

-5.32%

RAMCOCEM

-12.17%

-2.91%

MRF

34.05%

-5.38%

KPIT

28.25%

-5.88%

Analysis : As per the analysis of above

chart. Major Resistance Level: 11500 Major Support Levels: 11000

14/08/2018

Nifty Analysis Fundamental Outlook

NIFTY WEEKLY PIVOTS

Trading for the week kick-started with an upside gap as the set up on the domestic as well as global front was quite conducive for our markets. During the remaining part, index consolidated by maintaining its positive posture. In

PARTICULAR

LEVEL

11825.55

11697.05

11568.55

11503.90

11440.05

11375.40

11311.55

11183.05

11054.55

fact, there was one attempt made to clock fresh record highs at new milestone; but index came off a bit from the kissing distance of 11500 to conclude the week well above the 11400 mark. Generally, every rally has its own characteristics and we tend to see some different drivers. The only common factor that must participate apart from other sectors is the ‘banking’. This time too banking index proved its significance; but within this basket, the major contributors this time have been different. Some laggards like ICICI, Axis and SBI took the complete burden on their shoulders and before anyone could realize, have managed to clock handsome gains over the past couple of weeks. When banking contributes heavily, it not only acts like an impetus but also provides credence to the move. Hence, we still believe that further legs to this rally are likely to unfold as we move forward. Yes, after seeing a relentless move, we may see some profit taking in between; but eventually these pauses are likely to get bought into.

Technical Outlook Index started the last week on positive note and continued its bullish run till end of the week , where Index seen some correction from higher levels. Friday's session was fully dominated by the bears and index showed some sharp fall from higher levels, Still index managed to gave closing on positive note on weekly basis

Continued ….... 9

14/08/2018

Nifty Analysis WEEKLY STRATEGY

On daily charts if it manages to trade above the levels of 11425 than further upside move can be seen in it. Major resistance are placed at 11450-11500 while down side support is placed at 11317-11234 levels. On option front,

PARTICULAR

maximum Put open interest was seen at 11,000 strike while maximum Call OI was at 11,500.

ACTION ENTRY PRICE

DETAILS BUY ABOVE 11425

TARGET

11550

STOP LOSS

11319

TECHNICAL INDICATOR ANALYSIS INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

For this week, traders can adopt buy on lower level strategy in it and above the level of 11425. It can test the RSI level of Rs. 11550 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 11319.

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE Continued …....

14/08/2018

Bank Nifty Analysis The Nifty Bank index opened on positive note on Monday and traded with positive movement till the last session of the week and made its new life time highs 28377.90. On Friday's trading session it showed a profit booking from higher levels. on weekly basis bank nifty give closing on positive note. Going ahead, if index manages to sustain above the levels of 28000 then it can extend its up move further till 28300-28500 levels . Bank Nifty has crucial resistance of 28,300 levels a break

WEEKLY STRATEGY PARTICULAR ACTION

DETAILS BUY

above which could trigger a fresh breakout, while 27,650 levels remains an important support levels for the Bank Nifty in-

ENTRY PRICE

ABOVE 28000

dex.

TARGET

28190

STOP LOSS

27890

WEEKLY PIVOTS PARTICULAR

LEVEL

29808.70

29247.75

28686.80

28426.65

28125.85

27865.70

For this week, traders can adopt buy on lower level strategy in it and above the level of 28000. It can test the

27564.90

level of Rs. 28190 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 27890.

27003.95

26443.00

14/08/2018

TATAELEXSI( Call of the Week ) Technical Outlook

WEEKLY STRATEGY Overall trend of the Stock is bullish for long term . For short-medium term stock is in correction phase. Last week stock started on negative note and traded with sideways movement throughout the week. Stock is showing good buying from lower levels on daily chart . It can show good positive move in coming weeks if it manages to trade above 1431 levels. On

PARTICULAR ACTION ENTRY PRICE

intraday chart it has showed a good move.

DETAILS BUY ABOVE 1431.00

TARGET

1479.00

STOP LOSS

1403.00

WEEKLY PIVOTS PARTICULAR

LEVEL

1556.70

1504.25

1451.80

1423.65

1399.35

1371.20

1346.90

For this week, traders can adopt buy on lower level strategy in it and above the level of 1431 it can test the

1294.45

level of Rs. 1479 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1403.

1242.00

14/08/2018

DHFL( Call of the Week ) Technical Outlook Overall trend of the Stock is bullish for long term . For short-medium term stock is in some consolidation phase . Last week stock started on negative note and traded with bearish movement throughout the week .

WEEKLY STRATEGY PARTICULAR ACTION

DETAILS BUY

On daily chart it is showing good consolidation on higher levels. if it manages to trade above 624 levels than good up side move can seen in it. in intraday it showed a good positive move.

ENTRY PRICE

ABOVE 624.00

TARGET

642.00

STOP LOSS

612.00

WEEKLY PIVOTS PARTICULAR

LEVEL

700.85

673.45

646.05

628.70

618.65

601.30

591.25

For this week, traders can adopt buy on lower level strategy in it and above the level of 624 it can test the

563.85

level of Rs. 642 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 612

536.45

14/08/2018

TITAN FUTURES( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week, TITAN Aug Futures started the week on negative note and after that it witnessed choppy movement for the remaining part of the week. It made a high of 941.20 during the week and closed at near to the previous week’s closing. Technically TITAN is in bullish trend and consolidating on higher levels with the positive

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL ABOVE 928.00

technical indicators. For this week, we can expect further upside movement in it. TARGET

938.00

STOP LOSS

918.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower levels strategy in it and above the level of 928 it can test the level of Rs. 938 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 918 14

PARTICULAR

LEVEL

1043.25

1002.95

962.65

943.20

922.35

902.90

882.05

841.75

801.45 14/08/2018

NIITTECH FUTURES ( Call of the Week ) Last week, NIITTECH Aug Futures started the week the week on positive note and after that witnessed range bound movement for the entire week. It made a high of 1316.05 during the week and closed at 1280.20 with the overall loss of 0.87% on weekly basis. Technically NIITTECH is in overall bullish trend and it witnessed almost 20% gain in last 3 weeks and currently consolidating near to the

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 1301.00

major psychological level of 1300. TARGET

1341.00

STOP LOSS

1291.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower levels strategy in it and above the level of 1301 it can test the level of Rs. 1341 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1291

PARTICULAR

LEVEL

1457.85

1400.20

1342.55

1311.40

1284.90

1253.75

1227.25

1169.60

1111.95 14/08/2018

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.

14/08/2018

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

14/08/2018