Equity Research Report 16 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 12th SEPT 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10472.30

124.25

1.20%

USDINR

73.7000

74.0125

-0.42%

Nifty 100

10668.80

145.00

1.38%

GBPINR

97.4475

96.5775

0.90%

Nifty 200

5513.30

95.40

1.76%

EURINR

85.2525

85.2750

-0.03%

Nifty 500

8775.15

172.55

2.01%

JPYINR

65.7300

65.0675

1.02%

India VIX

18.79

-1.36

-6.74%

EURUSD

1.1564

1.1558

0.05%

Nifty Bank

25276.95

658.60

2.68%

GBPUSD

1.3191

1.3098

0.71%

Nifty Auto

8992.15

23.05

0.26%

Dollar Index

94.91

95.31

-0.42%

Nifty Finance

10515.75

339.80

3.34%

Nifty FMCG

28161.10

455.30

1.64%

Nifty IT

14722.10

-583.10

-3.81%

Nifty Media

2581.50

233.20

9.93%

Nifty Metal

3407.15

67.70

2.03%

Nifty Pharma

9698.65

192.85

2.03%

Nifty PSU Banks

2693.30

-10.20

Nifty PVT Bank

14412.55 209.45

Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1218.10

1206.70

0.94%

Gold MCX

31846

31643

0.64%

Crude Oil NYMEX

71.34

74.29

-3.97%

Crude Oil MCX

5243

5546

-5.46%

-0.38%

Brent Oil NYMEX

80.43

84.03

-4.28%

676.75

4.92%

Copper MCX

459.55

456.55

0.66%

7.35

3.64%

Natural Gas NYMEX

3.161

3.143

0.57%

15/10/2018

Market at a Glance WEEKLY GAINERS SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

HINDPETRO

213.00

19.33%

483.75

2285.00

15.77%

2995.10

ZEEL

468.50

13.00%

619.35

BPCL

295.35

11.10%

550.00

YESBANK

245.25

11.07%

404.00

BAJAJ FINANCE

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

TATA MOTORES

183.90

-13.56%

170.65

HCL TECH

995.45

-7.31%

825.10

TCS

1935.20

-6.97%

1248.45

M AND M

742.70

-4.10%

660.50

INFOSYS

689.25

-3.53%

457.63

SCRIP

15/10/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

Monday, October 15, 2018 18:00

USD

Core Retail Sales (MoM) (Sep)

0.40%

0.30%

18:00

USD

Retail Sales (MoM) (Sep)

0.70%

0.10%

2.60%

4.5K

8.7K

6.900M

6.939M

2.60%

2.70%

Tuesday, October 16, 2018 14:00

GBP

Average Earnings Index +Bonus (Aug)

14:00

GBP

Claimant Count Change (Sep)

19:30

USD

JOLTs Job Openings (Aug) Wednesday, October 17, 2018

14:00

GBP

CPI (YoY) (Sep)

18:00

USD

Building Permits (Sep)

1.280M

1.249M

20:00

USD

Crude Oil Inventories

2.620M

5.987M

23:30

USD

FOMC Meeting Minutes

Thursday, October 18, 2018 All Day

INR

India - Dasara

Holiday

14:00

GBP

Retail Sales (MoM) (Sep)

18:00

USD

Philadelphia Fed Manufacturing Index (Oct)

-0.30%

0.30%

22.9

Friday, October 19, 2018

7:30

CNY

GDP (YoY) (Q3)

6.60%

6.70%

7:30

CNY

Industrial Production (YoY) (Sep)

6.00%

6.10%

19:30

USD

Existing Home Sales (Sep)

5.31M

5.34M

21:00

GBP

BoE Gov Carney Speaks

15/10/2018

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

ADANIPORTS

433.15

394.35

355.55

339.40

316.75

300.60

277.95

239.15

200.35

ASIANPAINT

1490.80

1405.75

1320.70

1290.35

1235.62

1205.25

1150.55

1065.50

980.45

AXISBANK

745.95

689.80

633.65

608.85

577.47

552.65

521.30

465.15

409.00

BAJAJ-AUTO

3033.75

2886.05

2738.35

2680.05

2590.63

2532.30

2442.90

2295.20

2147.50

BAJAJFINSV

8023.60

7240.00

6456.40

6115.20

5672.80

5331.60

4889.20

4105.60

3322.00

BAJFINANCE

3396.15

2988.35

2580.55

2433.30

2172.73

2025.45

1764.90

1357.10

949.30

BHARTIARTL

356.35

334.80

313.25

301.15

291.70

279.60

270.15

248.60

227.05

BPCL

401.10

360.60

320.10

304.00

279.58

263.45

239.05

198.55

CIPLA

744.65

706.25

667.85

646.30

629.45

607.90

591.05

552.65

514.25

COALINDIA

326.00

308.60

291.20

285.10

273.80

267.70

256.40

239.00

221.60

DRREDDY

2984.70

2800.70

2616.70

2533.35

2432.67

2349.30

2248.65

2064.65

1880.65

EICHERMOT

33461.00

29913.05

26365.10

24983.20

22817.12

21435.20

19269.15

15721.20

12173.25

GAIL

450.45

416.45

382.45

369.90

348.43

335.85

314.40

280.40

246.40

GRASIM

1117.70

1043.80

969.90

931.95

895.97

858.00

822.05

748.15

674.25

HCLTECH

1343.95

1233.90

1123.85

1053.05

1013.77

942.95

903.70

793.65

683.60

HDFC

2081.15

1959.70

1838.25

1787.05

1716.80

1665.60

1595.35

1473.90

1352.45....... Continued

15/10/2018

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

HDFCBANK

2202.40

2122.90

2043.40

2010.20

1963.90

1930.70

1884.40

1804.90

1725.40

HEROMOTOCO

3714.25

3430.65

3147.05

3016.85

2863.45

2733.25

2579.85

2296.25

2012.65

HINDALCO

303.55

277.35

251.15

239.20

224.93

212.95

198.70

172.50

146.30

HINDPETRO

372.50

315.65

258.80

238.70

201.92

181.80

145.05

88.20

HINDUNILVR

1841.10

1740.80

1640.50

1603.15

1540.17

1502.80

1439.85

1339.55

1239.25

IBULHSGFIN

1310.60

1182.40

1054.20

991.30

925.97

863.05

797.75

669.55

541.35

ICICIBANK

390.75

365.10

339.45

329.00

313.78

303.30

288.10

262.45

236.80

INDUSINDBK

1890.00

1804.55

1719.10

1685.90

1633.65

1600.45

1548.20

1462.75

1377.30

INFRATEL

336.35

312.35

288.35

276.70

264.33

252.65

240.30

216.30

192.30

INFY

891.05

823.85

756.65

717.40

689.45

650.20

622.25

555.05

487.80

IOC

186.80

167.65

148.50

141.05

129.32

121.85

110.15

91.00

ITC

319.95

304.20

288.45

281.75

272.68

265.95

256.90

241.15

225.40

KOTAKBANK

456.20

428.30

400.40

390.15

372.48

362.20

344.55

316.65

288.75

1514.80

1385.80

1256.80

1211.45

1127.78

1082.40

998.75

869.75

740.75

LUPIN

1422.10

1359.30

1296.50

1264.25

1233.67

1201.40

1170.85

1108.05

1045.25

M&M

957.70

890.25

822.80

795.65

755.32

728.15

687.85

620.40

552.95 Continued .......

15/10/2018

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

MARUTI

9091.70

8426.70

7761.70

7532.35

7096.67

6867.30

6431.65

5766.65

5101.65

NTPC

185.35

178.15

170.95

168.05

163.75

160.85

156.55

149.35

142.15

ONGC

198.65

183.75

168.85

163.15

153.92

148.20

139.00

124.10

109.20

POWERGRID

208.65

201.40

194.15

191.30

186.88

184.00

179.60

172.35

165.10

RELIANCE

1403.70

1300.25

1196.80

1161.15

1093.35

1057.70

989.90

886.45

783.00

SBIN

333.80

311.70

289.60

276.65

267.50

254.55

245.40

223.30

201.20

SUNPHARMA

708.60

671.75

634.90

613.45

598.05

576.60

561.20

524.35

487.50

TATAMOTORS

335.50

287.30

239.10

211.50

190.90

163.30

142.70

94.50

46.30

TATASTEEL

701.50

657.70

613.90

596.20

570.10

552.40

526.30

482.50

438.70

TCS

2639.35

2420.15

2200.95

2060.50

1981.73

1841.25

1762.50

1543.30

1324.10

TECHM

822.25

780.50

738.75

716.30

696.97

674.50

655.20

613.45

571.70

TITAN

1051.95

963.30

874.65

839.70

785.98

751.00

697.30

608.65

520.00

ULTRACEMCO

4465.15

4230.40

3995.65

3890.60

3760.88

3655.80

3526.10

3291.35

3056.60

UPL

774.30

721.45

668.60

649.30

615.72

596.40

562.85

510.00

457.15

VEDL

303.70

273.70

243.70

229.10

213.67

199.05

183.65

153.65

123.65

WIPRO

370.50

351.95

333.40

324.85

314.85

306.30

296.30

277.75

259.20

YESBANK

425.35

363.80

302.25

273.95

240.67

212.35

179.10

117.55

56.00

ZEEL

660.20

590.80

521.40

493.35

451.97

423.90

382.55

313.15

243.75

15/10/2018

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

PRICE CHANGE (In %)

CHANGE IN OI (In %)

PRICE CHANGE (In %)

AMARAJABAT

30.39%

2.35%

ENGINERSIN

-26.80%

12.77%

BPCL

29.43%

9.16%

HINDPETRO

-25.23%

32.81%

CHENNPETRO

23.06%

1.47%

ACC

-22.74%

1.93%

OIL

21.28%

9.05%

L&TFH

-20.07%

11.44%

TVSMOTOR

20.95%

5.93%

BALKRISIND

-17.47%

4.79%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

RAMCOCEM

29.82%

-5.83%

VEDL

-13.82%

-7.29%

GRASIM

21.73%

-2.92%

HEXAWARE

21.51%

-5.09%

TCS

20.47%

-9.04%

NIITTECH

37.92%

-9.75%

SCRIP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

Analysis : As per the analysis of above chart. Major Resistance Level: 11000 Major Support Levels: 10000 15/10/2018

Nifty Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook

Last week Nifty traded in positive trend and got a bounce back from oversold zone. PE range for nifty for last week was 24.95 -

PARTICULAR

LEVEL

11443.85

11090.45

10737.05

10611.80

10383.65

10258.40

10030.25

9676.85

9323.45

26.62 and last week we saw recovery in Nifty after continuous falls from the higher level. Nifty already given recovery of 2.60% from the bottom levels and global market remain looking in mix sentiments as some indices were negative while some were positive. Last week Pharma index moved in positive movement and took part in nifty positive trend. On the other hand due to some correction in crude oil and USD, top oil marketing companies also took part in nifty positive trend given some correction from deep and showed smart recovery in stock like BPCL. IOC BPCL, HPCL etc. On Macroeconomic front; important data like Cumulative Industrial Production, Industrial Production, Manufacturing Output etc released last week but none of them able to create major impact on the direction of the index. For this week, there is no major data is scheduled for release.

Technical Outlook The Nifty futures started the last week on positive note on Monday and traded with positive note for three sessions. On Thursday's trading session Index opened on a huge gap down note but soon recovered from lower levels. last session showed good follow up buying in the index , due to which it manages to give closing with 124 points or 1.20% gain on weekly basis

Continued â&#x20AC;Ś.... 9

15/10/2018

Nifty Analysis Last week index has successfully defended its major support levels of 10000 and manages to give closing near 10500 levels

WEEKLY STRATEGY

which is now acting as major resistance levels for it. If index manages to trade above the levels of 10500 levels than further upside rally can be expected in it. while down side support is placed at 10150 levels. On option front, maximum Put open interest is at 10,000 strike while maximum Call is at 11,000 strikes.

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 10510

TARGET

10660

STOP LOSS

10410

TECHNICAL INDICATOR ANALYSIS INDICATOR

For this week, traders can adopt buy on lower level strategy in it and above the level of 10,510. It can test the level of Rs. 10,660 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,410.

CURRENT TREND

20 Days EMA

NEGATIVE

50 Days EMA

NEGATIVE

200 Days EMA

NEGATIVE

RSI

NEGATIVE

MACD

NEGATIVE

STOCHASTIC

NEGATIVE Continued …....

15/10/2018

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

The Nifty Bank index started the last week on positive note and traded with positive sentiments throughout the week. Index showed some consolidation near its major resistance levels of 25500. Bank nifty index gave closing on positive note on

PARTICULAR ACTION

DETAILS BUY

weekly basis with gain of 658 points. Going ahead, index is consolidating near its major resistance levels of 25500 on daily charts and if it manages to crosses this resistance levels than further up side movement can be seen in it .Support is placed at 25000 on down side.

ENTRY PRICE

ABOVE 25515

TARGET

25815

STOP LOSS

25315

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 25515. It can test the level of Rs. 25715 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 25315. 11

PARTICULAR

LEVEL

28651.90

27347.30

26042.70

25203.80

24738.10

23899.20

23433.50

22128.90

20824.30 15/10/2018

ESCORT Cash( Call of the Week ) Technical Outlook 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 but showed good buying from lower levels throughout the week. On daily chart it is consolidating on lower levels and forming double bottom. If it manages to trade above 605 levels than further upside move can be seen in it. In intraday it showed a good positive move.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 605

TARGET

629.00

STOP LOSS

593.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 605 it can test the level of Rs. 629 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 593

PARTICULAR

LEVEL

796.95

726.20

655.45

628.40

584.70

557.65

513.95

443.20

372.45 15/10/2018

AJANTA PHARMA Cash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is bearish for long term . For short-medium term stock is in some recovery phase. Last week, it started on negative note but showed good buying from lower levels throughout the week. On daily chart it has gave breakout of its major trend line up side. On intraday chart it showed good positive move. If it manages to trade above the levels of 1045 than further upside move can be seen in it

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 1045

TARGET

1085.00

STOP LOSS

1023.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 1045 it can test the level of Rs. 1085 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1023.

PARTICULAR

LEVEL

1313.75

1216.10

1118.45

1071.50

1020.8

973.85

923.15

825.50

727.85 15/10/2018

IBULHSGFN FUTURES( Call of the Week ) Technical Outlook Last Week IBULHSGFIN Oct Futures started the week with positive note and a high of 992.10 during the week. It closed at 930.70 with the overall gain of 1.85% on weekly basis. Technically its recovering from the lower levels and RSI is also crossing upside from the oversold zone. For this week, we can expect positive movement in it.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 951

TARGET

1050.00

STOP LOSS

931.00

WEEKLY PIVOTS PARTICULAR

LEVEL

1327.10

1193.80

1060.50

995.60

927.20

862.30

793.90

For this week, traders can adopt buying from lower level strategy in it and above the level of 950 it can test the level of

660.60

1050 during the week. Trades can make buy position in it by maintaining a Stop Loss of 931.

527.30

15/10/2018

ASIAN PAINTS FUTURES ( Call of the Week ) Technical Outlook Last week, ASIANPAINT Futures started the week on positive note and after that it given correction from the higher levels. It made a high of 1263.85 during the week and closed 1258.85 with the overall loss of 3.40 % on weekly basis. Technically it formed Dragonfly Doji Pattern on its daily charts with positive technical indicators which is a good sign of reversal and for this week, we can expect upside movement in it.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 1251

TARGET

1291.00

STOP LOSS

1239.00

WEEKLY PIVOTS PARTICULAR

LEVEL

1484.60

1401.20

1317.80

1288.35

1234.40

1204.95

1151.00

For this week, traders can adopt buying from lower level strategy in it and above the level of 1251 it can test the level of

1067.60

1291 during the week. Trades can make buy position in it by maintaining a Stop Loss of 1239.

984.20

15/10/2018

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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