Equity Research Report 17 July 2018 Ways2Capital

Page 1

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED

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Market Wrap–Up MAJOR INDICES INDEX

CLOSING AS ON 13th JULY 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

11018.90

246.25

2.29%

USDINR

68.5975

69.0500

-0.66%

Nifty 100

11258.7

221.50

2.01%

GBPINR

90.1200

91.4525

-1.46%

Nifty 200

5837.55

102.80

1.79%

EURINR

79.8575

80.9900

-1.40%

Nifty 500

9349.05

154.55

1.68%

JPYINR

61.0050

62.4825

-2.36%

Nifty VIX

12.30

-0.14

-1.13%

EURUSD

1.1658

1.1773

-0.98%

Nifty Bank

26935.95

442.10

1.67%

GBPUSD

1.3179

1.3277

-0.74%

Nifty Auto

11003.05

-64.80

-0.59%

Dollar Index

94.44

93.77

0.71%

Nifty Finance

11259.45

235.45

2.14%

Nifty FMCG

29629.55

284.90

0.97%

Nifty IT

14534.9

518.95

3.70%

Nifty Media

2862.95

-134.45

-4.49%

Nifty Metal

3286.6

-35.45

-1.07%

Nifty Pharma

9164.00

-25.90

-0.28%

Nifty PSU Banks

2765.15

-7.10

Nifty PVT Bank

15287.10 266.85

Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1241.80

1254.30

-1.00%

Gold MCX

30560

30560

0.00%

Crude Oil NYMEX

70.56

73.80

-4.39%

Crude Oil MCX

5072

5072

0.00%

-0.26%

Brent Oil NYMEX

74.86

77.11

-2.92%

230.45

1.53%

Copper MCX

431.40

431.40

0.00%

-0.45

-0.17%

Natural Gas NYMEX

2.758

2.854

-3.36%

Copyright © 2018 Ways2Capital. All rights reserved

17/07/2018


Market at a Glance WEEKLY GAINERS SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

RELIANCE

1096.75

12.31%

1107.25

YESBANK

376.40

6.81%

385

WIPRO

280.70

6.73%

334.75

2460.35

5.07%

2475

6339.85

4.68%

6357

BAJAJFINANCE BAJAJFINSERV

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

UPL

563.75

-9.33%

548.8

ZEEL

508.65

-6.48%

477.25

LUPIN

865.20

-5.53%

723.55

GRASIM

935.60

-5.28%

933

HEROMTOCORP

3460.60

-4.84%

3353.75

SCRIP

3

Copyright © 2018 Ways2Capital. All rights reserved

17/07/2018


Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

PREVIOUS

Monday, July 16, 2018 7:30

CNY

GDP (YoY) (Q2)

6.70%

6.80%

7:30

CNY

Industrial Production (YoY) (Jun)

6.50%

6.80%

18:00

USD

Core Retail Sales (MoM) (Jun)

0.40%

0.90%

18:00

USD

Retail Sales (MoM) (Jun)

0.60%

0.80%

Tuesday, July 17, 2018 14:00

GBP

Average Earnings Index +Bonus (May)

-

2.50%

14:00

GBP

Claimant Count Change (Jun)

-

-7.7K

19:30

USD

Fed Chair Powell Speaks

-

-

2.50%

2.40%

1.328M

1.301M

Wednesday, July 18, 2018 14:00

GBP

CPI (YoY) (Jun)

18:00

USD

Building Permits (Jun)

19:30

USD

Fed Chair Powell Speaks

-

-

20:00

USD

Crude Oil Inventories

-

-12.633M

20:00

USD

Crude Oil Inventories

-

-12.633M

-

1.30%

21.5

19.9

Thursday, July 19, 2018

4

14:00

GBP

Retail Sales (MoM) (Jun)

18:00

USD

Philadelphia Fed Manufacturing Index (Jul) Copyright © 2018 Ways2Capital. All rights reserved

17/07/2018


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

R4

R3

R2

R1

PP

S1

S2

S3

S4

ADANI PORTS

409.55

396.85

384.15

377.30

371.45

364.60

358.75

346.05

333.35

ASIANPAINT

1538.65

1479.15

1419.65

1395.05

1360.15

1335.55

1300.65

1241.15

1181.65

AXISBANK

622.95

592.35

561.75

547.15

531.12

516.50

500.50

469.90

439.30

BAJAJ-AUTO

3690.25

3491.90

3293.55

3193.75

3095.17

2995.35

2896.80

2698.45

2500.10

BAJAJFINSV

6892.90

6655.55

6418.20

6309.00

6180.82

6071.60

5943.45

5706.10

5468.75

BAJFINANCE

2653.45

2561.45

2469.45

2417.90

2377.45

2325.90

2285.45

2193.45

2101.45

BHARTIARTL

394.35

384.90

375.45

371.65

365.98

362.15

356.50

347.05

337.60

BPCL

441.75

419.50

397.25

386.25

375.00

364.00

352.75

330.50

308.25

CIPLA

693.05

671.35

649.65

640.85

627.92

619.10

606.20

584.50

562.80

COALINDIA

321.85

305.90

289.95

284.20

273.97

268.20

258.00

242.05

226.10

DRREDDY

2666.15

2553.50

2440.85

2381.35

2328.17

2268.65

2215.50

2102.85

1990.20

EICHERMOT

31329.70

30269.70

29209.70

28749.35

28149.67

27689.30

27089.65

26029.65

24969.65

GAIL

428.25

404.65

381.05

372.50

357.45

348.90

333.85

310.25

286.65

GRASIM

1110.90

1067.90

1024.90

1007.80

981.88

964.75

938.85

895.85

852.85

HCLTECH

1203.45

1129.55

1055.65

1017.60

981.75

943.70

907.85

833.95

760.05

HDFC

2177.85

2098.95

2020.05

1981.30

1941.15

1902.40

1862.25

1783.35

1704.45 Continued .......

5

Copyright © 2018 Ways2Capital. All rights reserved

17/07/2018


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

6

R4

R3

R2

R1

PP

S1

S2

S3

S4

HDFCBANK

2361.00

2288.90

2216.80

2181.60

2144.67

2109.45

2072.55

2000.45

1928.35

HEROMOTOCO

4113.50

3934.60

3755.70

3669.60

3576.80

3490.70

3397.90

3219.00

3040.10

HINDALCO

257.45

247.05

236.65

232.85

226.25

222.45

215.85

205.45

195.05

HINDPETRO

342.40

318.05

293.70

281.00

269.32

256.60

244.95

220.60

196.25

HINDUNILVR

1929.70

1854.30

1778.90

1732.95

1703.47

1657.50

1628.05

1552.65

1477.25

IBULHSGFIN

1243.95

1213.15

1182.35

1163.00

1151.55

1132.20

1120.75

1089.95

1059.15

ICICIBANK

297.65

289.20

280.75

277.10

272.28

268.60

263.80

255.35

246.90

INDUSINDBK

2136.80

2069.90

2003.00

1969.05

1936.07

1902.10

1869.15

1802.25

1735.35

INFRATEL

368.20

348.10

328.00

316.65

307.87

296.50

287.75

267.65

247.55

INFY

1496.70

1433.65

1370.60

1336.00

1307.52

1272.90

1244.45

1181.40

1118.35

IOC

195.25

182.45

169.65

162.45

156.82

149.60

144.00

131.20

118.40

ITC

300.85

292.75

284.65

280.85

276.52

272.70

268.40

260.30

252.20

KOTAKBANK

1482.55

1448.25

1413.95

1393.05

1379.62

1358.70

1345.30

1311.00

1276.70

LT

1408.00

1366.70

1325.40

1305.00

1284.10

1263.70

1242.80

1201.50

1160.20

LUPIN

1049.45

1001.25

953.05

927.95

904.82

879.70

856.60

808.40

760.20

M&M

1016.85

986.85

956.85

943.70

926.85

913.70

896.85

866.85

Copyright © 2018 Ways2Capital. All rights reserved

836.85 Continued ....... 17/07/2018


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

R4

R3

R2

R1

PP

S1

S2

S3

S4

10129.35

9908.70

9688.05

9609.55

9467.38

9388.85

9246.70

9026.05

8805.40

NTPC

166.30

161.85

157.40

155.65

152.95

151.20

148.50

144.05

139.60

ONGC

174.00

168.55

163.10

160.55

157.63

155.05

152.15

146.70

141.25

POWERGRID

194.95

191.20

187.45

185.75

183.67

181.95

179.90

176.15

172.40

RELIANCE

1382.60

1267.10

1151.60

1088.65

1036.07

973.10

920.55

805.05

689.55

SBIN

286.05

278.20

270.35

267.05

262.47

259.15

254.60

246.75

238.90

SUNPHARMA

608.65

594.05

579.45

571.70

564.85

557.10

550.25

535.65

521.05

TATAMOTORS

307.15

295.65

284.15

279.80

272.65

268.30

261.15

249.65

238.15

TATASTEEL

617.85

600.00

582.15

575.40

564.27

557.50

546.40

528.55

510.70

TCS

2296.40

2169.15

2041.90

1958.50

1914.62

1831.20

1787.35

1660.10

1532.85

TECHM

750.95

718.15

685.35

668.05

652.52

635.20

619.70

586.90

554.10

TITAN

933.65

897.65

861.65

847.25

825.62

811.20

789.60

753.60

717.60

ULTRACEMCO

4445.30

4285.80

4126.30

4043.05

3966.77

3883.50

3807.25

3647.75

3488.25

UPL

808.65

745.30

681.95

659.55

618.58

596.15

555.20

491.85

428.50

VEDL

272.70

255.70

238.70

232.40

221.68

215.35

204.65

187.65

170.65

WIPRO

329.50

310.15

290.80

280.70

271.42

261.30

252.05

232.70

213.35

YESBANK

460.50

430.50

400.50

385.95

370.47

355.90

340.45

310.45

280.45

ZEEL

584.65

569.65

554.65

546.55

539.63

531.50

524.60

509.60

494.60

MARUTI

7

Copyright © 2018 Ways2Capital. All rights reserved

17/07/2018


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 %)

ADANIENT

105.50%

19.07%

IDBI

-18.91%

18.80%

ADANIPOWER

34.06%

19.16%

SRTRANSFIN

-18.29%

12.27%

MARICO

22.65%

2.48%

MFSL

-16.03%

6.17%

TATAELXSI

19.53%

4.70%

APOLLOTYRE

-15.30%

2.53%

DCBBANK

17.19%

6.13%

HCLTECH

-12.51%

3.86%

SCRIP

SCRIP

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

PVR

48.63%

-11.78%

ZEEL

31.47%

-5.66%

UPL

28.29%

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

-11.47%

-1.88%

-

-

-

-9.38%

-

-

-

Analysis : As per the analysis of above

-

-

-

-

-

-

chart. Major Resistance Level: 11000 Major Support Levels: 10700

AMBUJACEM

26.97%

-5.16%

STAR

23.85%

-8.21%

8

SCRIP BALKRISIND

Copyright © 2018 Ways2Capital. All rights reserved

17/07/2018


Nifty Analysis Fundamental Outlook

NIFTY WEEKLY PIVOTS

Equity benchmark Nifty ended its 7 weeks consolidation phase as it railed more than 240 points in past week to closed on positive note. The same positivity was also seen in most of the global markets, where most of the Asian

PARTICULAR

LEVEL

R4

11766.65

R3

11498.90

R2

11231.15

R1

11125.55

PP

10963.40

S1

10857.80

S2

10695.65

S3

10427.90

S4

10160.15

markets were remained performer thanks to American and European market which showed good strength on weekly basis. The earning session is already begins and which could further decide the momentum of the index in coming weeks. On the Economic front USD/INR was in some consolidation phase after approaching its 52 week. Negativity in crude oil prices was also the major factor for our Index to show some strength on weekly basis. Nifty P/E ratio was in the range of 26.82 to 27.38 for the past week.

Technical Outlook Bulls dominated the Nifty Index throughout the past week. In the penultimate week, the Nifty had formed an inside bar on the weekly chart, whereas last week it gave breakout of long consolidation phase on the upside, leading to a sharp up move. On the way up, the index has crossed its short and medium term falling trend line. On weekly charts a decent bullish candle with a full-fledged breakout above the 8 week consolidation zone is clearly visible which could lead index to test of life time highs present around 11,171 levels.

Continued ‌.... 9

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17/07/2018


Nifty Analysis WEEKLY STRATEGY

On the higher side, 11,100-11,171 is a crucial hurdle zone to watch out for. If the bulls manage to cross that region then we can look for significantly higher levels. On the options front, maximum Put OI is placed at 10,700 strikes while the maximum Call OI is placed at 11,000 followed by 11,100 strikes.

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 11021

TARGET

11170

STOP LOSS

10921

TECHNICAL INDICATOR ANALYSIS

For this week, traders can adopt buy on lower level strategy in it and above the level of 11021. It can test the level of Rs. 11170 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10921.

INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE Continued …....

10

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17/07/2018


Bank Nifty Analysis During last week, the Nifty Bank index gave a breakout from the recent consolidation phase and rallied higher to surpass the 27000 mark. However, selective stocks from the banking space participated in this up move wherein the recent outperformers from the private sector heavyweights continued with the momentum. Going ahead, the near term resistance is seen around 27165. A breach above this mentioned resistance would lead to a con-

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY ABOVE 27000

tinuation of the uptrend towards its previous all-time high. On the flipside, near-term support for the index is placed in the range of 26810-26770

TARGET

27300

STOP LOSS

26800

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

28548.40

R3

28001.40

R2

27454.40

R1

27208.70

PP

26907.40

S1

26661.70

For this week, traders can adopt buy on lower level strategy in it and above the level of 26600. It can test the

S2

26360.40

level of Rs. 26900 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26400.

S3

25813.40

S4

25266.40

11

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17/07/2018


TCS ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week TCS NSE Cash opened at 1924.00 and made high of 1998.00 during the week. It closed at 1981.10

PARTICULAR

with the overall gain of 3.56% on weekly basis. It’s created new lifetime high of 1998 last week and consolidat-

ACTION

ing near to major psychological resistance level of 2000. Technically it’s looking further upside on the chart

ENTRY PRICE

with the overbought RSI & for this week we can expect further upside movement in it.

DETAILS BUY ABOVE 2000

TARGET

2060.00

STOP LOSS

1960.00

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

2333.65

R3

2205.65

R2

2077.65

R1

2029.30

PP

1949.65

S1

1901.30

S2

1821.65

For this week, traders can adopt buy on lower level strategy in it and above the level of 2000.00 it can test the

S3

1693.65

level of Rs. 2060.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1960

S4

1565.65

12

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17/07/2018


YES BANK ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week YESBANK NSE Cash opened at 356.10 and made a high of 385.00 during the week. It closed at 376 with the overall gain of 6.50% on weekly basis. Technically it broke the major resistance level of 382.90& con-

PARTICULAR ACTION

DETAILS BUY

solidating around those levels with the positive bias. It witnessed almost 18.00% upside movement in last one

ENTRY PRICE

Above 379

month & we can expect further continuation in this really.

TARGET

397.00

STOP LOSS

367.00

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

462.00

R3

432.00

R2

402.00

R1

389.00

PP

372

S1

359.00

S2

342.00

For this week, traders can adopt buy on lower level strategy in it and above the level of 379.00, it can test the

S3

312.00

level of Rs. 397.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 367.00

S4

282.00

13

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17/07/2018


ICICI BANK FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week ICICIBANK NSE Futures opened at 273.55 and made low of 265.55 during the week. It closed 267.35 with the overall loss of 1.00% on weekly basis. Technically ICICIBANK Futures broke the major support level of 266.00 and sustaining near to those levels with the negative RSI. For this week, we can expect further down-

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL BELOW 259.40

side movement in it. TARGET

255.40

STOP LOSS

262.40

WEEKLY PIVOTS PARTICULAR

For this week, traders can adopt sell on higher levels strategy in it and below the level of 259.40, it can test the level of Rs. 255.40 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 262.40 14

Copyright © 2018 Ways2Capital. All rights reserved

LEVEL

R4

300.30

R3

290.05

R2

279.80

R1

273.55

PP

269.55

S1

263.30

S2

259.30

S3

249.05

S4

238.80 17/07/2018


STRNTANSFIN( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last Week SRTRANFINS Jul Futures opened at negative note made low of 1111.00 during the week It closed at

PARTICULAR

1248 with the overall gain of 12.27% on weekly basis. Technical it formed Bulish Harami Pattern on the weekly

ACTION

chart and for this week, we can expect upside movement in it above the level of 1274.00

ENTRY PRICE

DETAILS BUY ABOVE 1274

TARGET

1314.00

STOP LOSS

1260.00

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

1646.65

R3

1499.65

R2

1352.65

R1

1300.30

PP

1205.65

S1

1153.30

For this week, traders can adopt buy on lower level strategy in it and above the level of 1274.00 it can test the

S2

1058.65

level of Rs. 1314 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1260

S3

911.65

S4

764.65

15

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17/07/2018


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 प्राप्तकता​ा 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 जारीकता​ा 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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Copyright © 2018 Ways2Capital. All rights reserved

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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 re- port 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 दशा​ाता 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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Copyright © 2018 Ways2Capital. All rights reserved

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