Equity research report 19 june 2018 ways2capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED

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Market Wrap–Up MAJOR INDICES INDEX

CLOSING AS ON 15th Jun 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10817.70

50.05

0.46%

USDINR

68.0925

67.7300

0.54%

Nifty 100

11136.3

38.05

0.34%

GBPINR

90.4725

90.7650

-0.32%

Nifty 200

5802.30

16.70

0.29%

EURINR

78.9725

79.6100

-0.80%

Nifty 500

9343.7

27.45

0.29%

JPYINR

61.5750

62.0650

-0.79%

Nifty VIX

12.07

-0.63

-4.94%

EURUSD

1.1618

1.1776

-1.34%

Nifty Bank

26417.4

-33.95

-0.13%

GBPUSD

1.3277

1.3385

-0.81%

Nifty Auto

11173.05

-53.05

-0.47%

Dollar Index

94.79

93.55

1.33%

Nifty Finance

10976.4

-26.95

-0.24%

Nifty FMCG

28774.55

61.05

0.21%

Nifty IT

14121.5

351.70

2.55%

Nifty Media

3178.70

-15.65

-0.49%

Nifty Metal

3541.95

-116.60

-3.19%

Nifty Pharma

9316.25

712.30

Nifty PSU Banks

3032.75

Nifty PVT Bank Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1282.10

1298.10

-1.23%

Gold MCX

30909

31215

-0.98%

Crude Oil NYMEX

64.32

65.74

-2.16%

8.28%

Crude Oil MCX

4435

4445

-0.22%

13.40

0.44%

Brent Oil ICE

73.08

76.46

-4.42%

14970.15

-228.80

-1.50%

Copper MCX

473.90

491.25

-3.53%

287.8

-4.45

-1.52%

Natural Gas NYMEX

3.032

2.890

4.91%

19/06/2018

Market at a Glance WEEKLY GAINERS SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

DRREDDY

2351.10

13.97%

2788.00

LUPIN

910.40

12.28%

1194.00

CIPLA

612.00

9.63%

663.00

SUNPHARMA

571.05

8.11%

608.55

TCS

1841.45

5.33%

1849.00

WEEKLY LOSERS

SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

TATASTEEL

565.95

-5.60%

476.20

IOC

168.10

-4.76%

151.10

ONGC

165.45

-4.64%

155.30

COALINDIA

279.05

-3.74%

234.00

NTPC

156.05

-3.40%

154.80 19/06/2018

Economic Calendar ECONOMIC EVENTS CALENDER

TIME

CURRENY

All Day 5:20 5:20

CNY JPY JPY

18:00

USD

18:00 19:00 19:30 19:30 20:00

USD USD USD USD USD

Tentative 16:30 18:00 18:00

USD GBP USD USD

5:00 5:00 19:15 19:15 Tentative

JPY JPY USD USD USD

EVENT Monday, June 18, 2018 China - Dragon Boat Festival Exports (YoY) (May) Trade Balance (May) Tuesday, June 19, 2018 Building Permits (May) Wednesday, June 20, 2018 Current Account (Q1) Fed Chair Powell Speaks Existing Home Sales (MoM) (May) Existing Home Sales (May) Crude Oil Inventories Thursday, June 21, 2018 OPEC Meeting BoE Interest Rate Decision (Jun) Initial Jobless Claims Philadelphia Fed Manufacturing Index (Jun) Friday, June 22, 2018 National Core CPI (YoY) (May) National CPI (MoM) Manufacturing PMI (Jun) Services PMI (Jun) OPEC Meeting Copyright Â© 2018 Ways2Capital. All rights reserved

FORECAST

PREVIOUS Holiday

7.50% -235B

7.80% 625B

1.350M

1.364M

-129.0B 1.50% 5.52M -

-128.2B -2.50% 5.46M -4.143M

0.50% 221K 28.8

0.50% 218K 34.4

0.70% 56.5 56.5 -

0.70% -0.40% 56.4 56.8 19/06/2018

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

ADANIPORTS

444.45

422.25

400.05

385.85

377.82

363.60

355.60

333.40

311.20

ASIANPAINT

1356.10

1331.45

1306.80

1296.15

1282.12

1271.45

1257.45

1232.80

1208.15

AXISBANK

640.15

604.45

568.75

550.00

533.03

514.25

497.30

461.60

425.90

BAJAJ-AUTO

3129.00

3048.00

2967.00

2919.00

2886.00

2838.00

2805.00

2724.00

2643.00

BAJAJFINSV

6574.80

6385.15

6195.50

6081.30

6005.82

5891.60

5816.15

5626.50

5436.85

BAJFINANCE

2539.50

2444.95

2350.40

2314.70

2255.85

2220.15

2161.30

2066.75

1972.20

BHARTIARTL

450.15

426.95

403.75

390.85

380.52

367.60

357.30

334.10

310.90

BPCL

450.50

438.35

426.20

418.80

414.03

406.60

401.85

389.70

377.55

CIPLA

755.85

702.30

648.75

629.40

595.20

575.85

541.65

488.10

434.55

COALINDIA

318.75

306.45

294.15

286.20

281.85

273.90

269.55

257.25

244.95

DRREDDY

3146.65

2857.85

2569.05

2463.50

2280.23

2174.65

1991.40

1702.60

1413.80

EICHERMOT

32063.50

31234.55

30405.60

30003.30

29576.65

29174.35

28747.70

27918.75

27089.80

GAIL

377.35

364.30

351.25

343.15

338.20

330.10

325.15

312.10

299.05

GRASIM

1142.30

1106.80

1071.30

1053.10

1035.78

1017.55

1000.25

964.75

929.25

HCLTECH

1064.95

1022.60

980.25

964.10

937.87

921.70

895.50

853.15

810.80

HDFC

1958.60

1919.75

1880.90

1857.45

1842.02

1818.55

1803.15

1764.30

1725.45 Continued .......

19/06/2018

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

HDFCBANK

2132.20

2099.70

2067.20

2047.10

2034.70

2014.60

2002.20

1969.70

1937.20

HEROMOTOCO

3996.55

3885.65

3774.75

3726.40

3663.83

3615.45

3552.90

3442.00

3331.10

HINDALCO

282.80

268.85

254.90

246.30

240.92

232.30

226.95

213.00

199.05

HINDPETRO

358.20

342.00

325.80

315.85

309.57

299.60

293.35

277.15

260.95

HINDUNILVR

1783.90

1728.90

1673.90

1647.75

1618.87

1592.70

1563.85

1508.85

1453.85

IBULHSGFIN

1377.30

1317.50

1257.70

1221.70

1197.90

1161.90

1138.10

1078.30

1018.50

ICICIBANK

323.70

310.80

297.90

289.95

284.97

277.00

272.05

259.15

246.25

INDUSINDBK

2163.00

2092.60

2022.20

1995.60

1951.80

1925.20

1881.40

1811.00

1740.60

INFRATEL

327.60

317.00

306.40

299.95

295.77

289.30

285.15

274.55

263.95

INFY

1443.70

1386.30

1328.90

1308.85

1271.47

1251.40

1214.05

1156.65

1099.25

IOC

196.00

187.40

178.80

173.15

170.17

164.50

161.55

152.95

144.35

ITC

300.50

289.50

278.50

271.35

267.47

260.30

256.45

245.45

234.45

KOTAKBANK

1426.95

1395.10

1363.25

1350.15

1331.38

1318.25

1299.50

1267.65

1235.80

1476.50

1431.30

1386.10

1358.50

1340.87

1313.25

1295.65

1250.45

1205.25

LUPIN

1222.05

1108.55

995.05

952.10

881.53

838.55

768.00

654.50

541.00

M&M

983.20

959.65

936.10

922.25

912.53

898.65

888.95

865.40

841.85 Continued .......

19/06/2018

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

MARUTI

9568.85

9374.90

9180.95

9073.00

8986.98

8879.00

8793.00

8599.05

8405.10

NTPC

181.85

173.85

165.85

161.10

157.82

153.05

149.80

141.80

133.80

ONGC

201.75

190.70

179.65

172.65

168.60

161.60

157.55

146.50

135.45

POWERGRID

214.65

208.70

202.75

200.15

196.77

194.15

190.80

184.85

178.90

RELIANCE

1135.05

1091.85

1048.65

1030.55

1005.42

987.30

962.20

919.00

875.80

SBIN

327.45

311.80

296.15

287.00

280.50

271.35

264.85

249.20

233.55

SUNPHARMA

686.60

644.10

601.60

586.80

559.07

544.25

516.55

474.05

431.55

TATAMOTORS

344.95

331.85

318.75

310.75

305.63

297.60

292.50

279.40

266.30

TATASTEEL

654.85

627.10

599.35

582.15

571.57

554.35

543.80

516.05

488.30

TCS

2095.70

2001.60

1907.50

1873.75

1813.37

1779.60

1719.25

1625.15

1531.05

TECHM

792.00

763.35

734.70

722.10

706.05

693.45

677.40

648.75

620.10

TITAN

995.00

966.70

938.40

921.70

910.10

893.40

881.80

853.50

825.20

ULTRACEMCO

4221.25

4058.10

3894.95

3791.70

3731.77

3628.50

3568.60

3405.45

3242.30

UPL

770.95

746.05

721.15

710.65

696.23

685.70

671.30

646.40

621.50

VEDL

279.05

265.80

252.55

244.60

239.30

231.35

226.05

212.80

199.55

WIPRO

283.25

277.90

272.55

269.70

267.17

264.30

261.80

256.45

251.10

YESBANK

361.85

352.15

342.45

336.85

332.75

327.15

323.05

313.35

303.65

ZEEL

615.10

596.30

577.50

566.15

558.67

547.30

539.85

521.05

502.25

19/06/2018

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 %)

TORNTPHARM

50.00%

4.91%

HINDZINC

-33.94%

2.34%

STAR

30.50%

9.38%

BALRAMCHIN

-18.58%

8.02%

RBLBANK

25.57%

5.29%

CIPLA

-11.07%

9.74%

OFSS

23.05%

4.92%

CIPLA

-11.07%

9.74%

INFIBEAM

19.30%

2.23%

SUNPHARMA

-10.13%

8.11%

SCRIP

LONG UNWINDING

SHORT BUILD-UP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

-12.28%

-3.19%

-2.02%

27.14%

-6.14%

24.16%

-2.93%

CHANGE IN OI (In %)

PRICE CHANGE (In %)

ICICIPRULI

135.02%

-4.56%

JETAIRWAYS

MRPL

119.82%

-6.74%

ICICIBANK

27.36%

CGPOWER EXIDEIND

SCRIP

Analysis : As per the analysis of above chart. Major Resistance Level: 11000 Major Support Levels: 10700

19/06/2018

Nifty Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook Last week, benchmark index witnessed overall sideways movement. There was only one sector i.e. the ‘Pharmaceutical’ which performs throughout the week & has given some positive move and the move was justifying

PARTICULAR

LEVEL

11221.90

11083.90

10945.90

10880.30

10807.90

10742.30

10669.90

10531.90

10393.90

as Pharma index getting bottomed out since last three weeks. As far as benchmark is concerned, nifty is gradually moving towards the 10900 mark but failed to surpass this hurdle last week. The latter half traded with some weakness but market is clearly lacking direction as well as the momentum. On the downside, important support zone of 10700 – 10650 and on the higher side, 10900 - 10920 would be seen as immediate resistance zone. Market also remain subdue in the anticipation of most awaited meet between US and South Korea. On Macroeconomic front; important data like CPI, WPI Inflation, Trade balance 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 closed positive consecutive for the last 4 weeks but the price behavior throughout these 4 weeks remained sluggish. On Weekly basis, Nifty close in positive with gains of about 0.5 percent. It managed to close around its crucial levels of 10800; however, the price remained extremely narrower with a weekly range of 138 points indicating time may be ripe for a breakout in either direction.

Continued …....

. 9

19/06/2018

Nifty Analysis Chart pattern continues to remain bullish as long as it trades above 10,800 levels thereby leaving a room for upside swing which is around 10980. To turn completely bullish, we insist for a breakout above 10,850. The major

WEEKLY STRATEGY PARTICULAR

DETAILS

resistance is placed around 10850 and 10980 while support is placed at 10700 and 10550 on down side. On options front, maximum call options are open at 11000 while put options at the level of 10700.

Action Entry Price

BUY ABOVE 10840

Target

10980

Stop Loss

10740

TECHNICAL INDICATOR ANALYSIS

For this week, traders can adopt buy on lower level strategy in it and above the level of 10840, it can test the level of Rs. 10980 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10740. . 10

INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE Continued …....

19/06/2018

Bank Nifty Analysis Bank Nifty Jun Futures started the last week on positive note but could not continue its positive run throughout the week as it observed selling pressure from higher levels and gave closing on negative note on weekly basis. It has given breakout of its major downward trend line which was earlier acting as support for the index. For this week, if it manages to trade below the levels of 26300 then further downside can be seen in it. Major resistance is placed at 26750 & 27000 levels while support is placed at 26300 & 26000 levels.

WEEKLY STRATEGY PARTICULAR Action

DETAILS SELL

Entry Price

BELOW 26300

Target

26000

Stop Loss

26500

WEEKLY PIVOTS

For this week, traders can adopt sell on higher level strategy in it and below the level of 26300, it can test the level of Rs. 26000 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 26500.

PARTICULAR

LEVEL

28798.55

27987.00

27175.45

26806.75

26363.90

25995.20

25552.35

24740.80

23929.25 19/06/2018

POWERGRID CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

POWERGRID is in currently bearish trend but for the short term, we can expect profit booking in it from the lower levels. Last week stock started on negative note but from lower levels good buying was seen in the stock on other trading session of the week. On daily chart stock is trading near its important resistance levels of 200.

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY Above 199.00

On intraday chart stock has showed good positive movement and if it manages to sustain above 199.00, then further buying can be seen in it.

TARGET

209.00

STOP LOSS

193.00

WEEKLY PIVOTS PARTICULAR

LEVEL

214.70

208.75

202.80

200.30

196.85

194.35

190.90

For this week, traders can adopt buy on lower level strategy in it and above the level of 199.00, it can test the

184.95

level of Rs. 209 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 193.00.

179.00

19/06/2018

TVSMOTOR CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

TVSMOTOR is in overall bullish trend and for short term, stock is in some correction phase. Last week stock

PARTICULAR

started on negative note and traded with sideways movement throughout the week. Stock has also given

ACTION

breakout of its major resistance levels of 593 on daily chart. If it manages to trade above the levels of 595, then

ENTRY PRICE

further upside can be seen in it. Stock has showed a good positive move on intraday chart also.

DETAILS BUY Above 599.00

TARGET

617.00

STOP LOSS

587.00

WEEKLY PIVOTS PARTICULAR

LEVEL

652.45

628.90

605.35

594.15

581.80

570.60

558.25

For this week, traders can adopt buy on lower level strategy in it and above the level of 599.00, it can test the

534.70

level of Rs. 617.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 587.00

511.15

19/06/2018

SYNDICATE BANK FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week SYNDICATEBANK opened on negative note and made low of 49.30 during the week. It closed at 49.55 with the overall loss of 2.84% on weekly basis. Technically SYNDICATEBANK Jun futures broke major support level of 50.00 on the downside & also it’s forming Hammer Candlestick pattern on weekly chart. For this

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL Below 48.00

week, we can expect further downside movement in it. TARGET

46.10

STOP LOSS

49.00

WEEKLY PIVOTS

For this week, traders can adopt sell on higher level strategy in it and below the level of 48.00, it can test the level of Rs. 46.10 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 49.00. 14

PARTICULAR

LEVEL

63.95

59.60

55.25

52.25

50.9

47.90

46.55

42.20

37.85 19/06/2018

DABUR FUTURES ( Call of the Week ) Technical Outlook Last week DABUR Jun Futures opened in positive note and traded during the entire week. It made high of 391.60 during the week and closed at 385.00 with the overall gain of 0.50% on weekly basis. Technically Dabur

WEEKLY STRATEGY PERTICULAR ACTION

DETAILS BUY

Jun Futures broke the major resistance level of 388.00 and sustaining above this it. For this week, we can exENTRY PRICE

pect further upside movement in it.

Above 388.50

TARGET

394.50

STOP LOSS

385.50

WEEKLY PIVOTS PARTICULAR

LEVEL

405.55

399.15

392.75

387.50

386.35

381.10

For this week, traders can adopt buy on lower level strategy in it and above the level of 388.50, it can test the

379.95

level of Rs. 394.50 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.

373.55

385.50

367.15

19/06/2018

Disclaimer LEGAL DISCLAIMER (कानन ू ी अस्वीकयण)

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. मह दस्तावेज़ Ways2Capital (हाई ब्रो भाकेट अनुसध ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनुभान Ways2Capital इक्ववटी / कभोडडटी अनुसध ं ान के भूलमांकन ऩय आधारयत हैं औय ववश्वसनीम स्रोतों से प्राप्त की गई है | मह दस्तावेज़ केवर इक्छित प्राप्तकताा के उऩमोग के लरए 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. मह दस्तावेज़, सवोत्तभ रूऩ से, Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान का प्रनतननधधत्व कयता है औय साभान्म जानकायी के लरए ही है | Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान, इसके ननदे शकों, अधधकायी मा कभाचायी ककसी बी तयह से संफंधधत साभग्री के लरए क्जम्भेदाय नहीं है।| Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान ककसी बी औय सबी उत्तयदानमत्वों को स्ऩष्ट रूऩ से अस्वीकाय कयता है जो इस संफंध भें सूचना, त्रुटटमों मा चूक से ऩैदा हो सकता है| इस दस्तावेज को ककसी बी प्रनतबूनत मा वस्तु को खयीदने के लरए फेचने मा एक आग्रह के लरए प्रस्ताव के रूऩ भें नहीं भाना 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. उऩयोवत सबी सूचना, स्तय औय सुझाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनुसध ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सुझावों की त्रुटटमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चुनने का अधधकाय 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. इक्ववटी / कभोडडटी फाजाय भें कोई बी ननवेश जोखखभ के अधीन होता है, कंऩनी इन सुझावों ऩय ककए गए ककसी बी नुकसान के लरए उत्तयदामी नहीं होगी | मह स्तय बववष्म के कीभतों की गनत का संकेत नहीं दे ते है | वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीकृनत।

DISCLOSURE (प्रकटीकयण)

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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनुसंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के जायीकताा के साथ जुडी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनुऩारन को सुननक्श्चत कयने के लरए हभने मह तम ककमा है कक कंऩनी औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रे ड नहीं कयें गे।

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 मह सराह दी जाती है कक वे रयऩोटा भें दी गई जानकायी को केवर याम के रूऩ भें दे खें औय ननवेश के लरए स्वमं पैसरा कयें | ग्राहकों को वेफसाइट ऩय प्रकालशत सेवाओं के ननमभों औय शतों को ऩढ़ने औय सभझने की बी सराह दी जाती है | कंऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकंऩनी के खखराप कोई भुकदभा (माधचका) दामय नहीं ककमा गमा है।

DISCLOSURE APPENDIX (प्रकटीकयण ऩरयलशष्ट ) : 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. रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी है जो द्वाया हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड द्वाया ननमुवत हैं | इस रयऩोटा भें व्मवत सबी ववचाय कंऩनी के फाये भें व्मक्वतगत ववचायों को दशााता है औय कंऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩूनता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफधं धत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST (टहतों के संघषा के भाभरे भें प्रकटीकयण ): (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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार

(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,

(फ)

हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कंऩनी की प्रनतबूनतमों भें एक प्रनतशत मा उससे अधधक के वास्तववक / पामदे भंद स्वालभत्व नहीं हैं |

रयश्तेदाय की ववषम कंऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत की प्रकृनत है|

(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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोधगमों को अनुसंधान रयऩोटा के प्रकाशन के सभम मा सावाजननक रूऩ से उऩक्स्थत होने के सभम कोई अन्म बौनतक संघषा नहीं है |

DISCLOSURE IN TERMS OF COMPENSATION ( ऺनतऩूनता के संदबा भें प्रकटीकयण): 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भें ककसी बी कंऩनी की प्रनतबूनतमों के स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है। ववश्रेषक ऺनतऩूनता : ववश्रेषक हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड के वेतन आधारयत स्थामी कभाचायी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE (सावाजननक प्रकटन के भाभरे भें प्रकटीकयण ) : (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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने

(b)

The subject company is not now or never a client during twelve months preceding the date of distribution of the research report.

वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा है |

(ब)

अनुसध ं ान रयऩोटा के ववतयण की नतधथ से ऩूवा फायह भहीनों के दौयान ववषम कंऩनी अफ मा कबी बी ग्राहक नहीं यही 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 भाकेट अनुसध ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने

ववषम कंऩनी के अधधकायी, ननदे शक मा कभाचायी के रूऩ भें कबी बी काभ

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