Equity Research Report 21 january 2019 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 18th JAN 19

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10906.95

30.20

0.28%

USDINR

71.2350

70.6000

0.90%

Nifty 100

11109.50

17.25

0.16%

GBPINR

92.2775

90.3950

2.08%

Nifty 200

5741.35

8.45

0.15%

EURINR

81.2975

81.4625

-0.20%

Nifty 500

9140.10

30.95

0.34%

JPYINR

65.2700

65.1400

0.20%

India VIX

16.62

-2.54

-13.26%

EURUSD

1.1410

1.1412

-0.02%

Nifty Bank

27456.70

593.75

2.21%

GBPUSD

1.2900

1.2661

1.89%

Nifty Auto

8844.80

-425.40

-4.59%

Dollar Index

95.99

95.26

0.77%

Nifty Finance

11678.25

239.45

2.09%

Nifty FMCG

30540.35

414.10

1.37%

Nifty IT

14892.95

254.90

1.74%

Nifty Media

2389.60

-160.25

-6.28%

Nifty Metal

2957.10

-206.65

Nifty Pharma

8689.60

Nifty PSU Banks Nifty PVT Bank Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

Gold COMEX

1282.60

1289.50

-0.54%

Gold MCX

32091

31448

2.04%

-6.53%

Crude Oil NYMEX

53.80

51.59

4.28%

-586.10

-6.32%

Crude Oil MCX

3817

3632

5.09%

3083.95

168.75

5.79%

Brent Oil NYMEX

62.65

62.73

-0.13%

15505.80

351.35

2.32%

Copper MCX

429.35

415.90

3.23%

238.30

6.30

2.72%

Natural Gas NYMEX

3.482

3.099

12.36%

WEEKLY % CHANGE

21/01/2019

Market at a Glance WEEKLY GAINERS SCRIP Reliance Inds. YES Bank Ltd.

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

198.25

7.70%

404.00

1182.95

7.75%

1328.75

Infosys

731.00

6.92%

754.95

Adani Ports & Speci

399.55

5.98%

451.55

Wipro Ltd

346.20

5.52%

348.45

WEEKLY LOSERS

SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

Sun Pharma

390.75

-11.83%

375.40

Bharti Airtel

310.95

-6.92%

277.00

GAIL (India)

323.15

-4.70%

296.00

L&T

1318.25

-3.79%

1183.40

SBI

295.20

-2.73%

232.00 21/01/2019

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

Monday, January 21, 2019 All Day

USD

United States - Martin Luther King, Jr. Day

Holiday

7:30

CNY

GDP (YoY) (Q4)

6.40%

6.50%

Tentative

CNY

Industrial Production (YoY) (Dec)

5.30%

5.40%

Tuesday, January 22, 2019 15:00

GBP

Average Earnings Index +Bonus (Nov)

3.30%

15:00

GBP

Claimant Count Change (Dec)

20.0K

21.9K

20:30

USD

Existing Home Sales (Dec)

5.24M

5.32M

Thursday, January 24, 2019 19:00

USD

Initial Jobless Claims

218K

213K

20:15

USD

Manufacturing PMI (Jan)

53.5

53.8

21:30

USD

Crude Oil Inventories

-2.683M

Friday, January 25, 2019

19:00

USD

Core Durable Goods Orders (MoM) (Dec)

0.20%

0.40%

Tentative

USD

New Home Sales

569K

544K

21/01/2019

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

ADANIPORTS

473.20

445.65

418.10

408.70

390.55

381.15

363.00

335.45

307.90

ASIANPAINT

1493.65

1462.20

1430.75

1415.60

1399.30

1384.15

1367.85

1336.40

1304.95

AXISBANK

748.10

720.65

693.20

678.90

665.72

651.40

638.25

610.80

583.35

BAJAJ-AUTO

2927.05

2856.30

2785.55

2753.15

2714.80

2682.40

2644.05

2573.30

2502.55

BAJAJFINSV

7253.30

6948.30

6643.30

6446.60

6338.30

6141.60

6033.30

5728.30

5423.30

BAJFINANCE

2933.25

2804.40

2675.55

2609.25

2546.68

2480.35

2417.80

2288.95

2160.10

BHARTIARTL

443.10

402.15

361.20

336.20

320.23

295.20

279.25

238.30

197.35

BPCL

426.30

400.15

374.00

364.10

347.82

337.90

321.65

295.50

269.35

CIPLA

541.40

531.05

520.70

515.05

510.32

504.65

499.95

489.60

479.25

COALINDIA

244.55

240.00

235.45

232.75

230.88

228.15

226.30

221.75

217.20

DRREDDY

2816.80

2742.45

2668.10

2632.45

2593.72

2558.05

2519.35

2445.00

2370.65

EICHERMOT

23000.10

22102.35

21204.60

20663.70

20306.83

19765.90

19409.05

18511.30

17613.55

GAIL

380.40

362.60

344.80

333.50

326.98

315.65

309.15

291.35

273.55

GRASIM

939.30

900.55

861.80

843.40

823.03

804.60

784.25

745.50

706.75

HCLTECH

1076.60

1035.85

995.10

980.70

954.35

939.95

913.60

872.85

832.10

HDFC

2178.70

2115.70

2052.70

2029.80

1989.68

1966.75

1926.65

1863.65

1800.65 Continued .......

21/01/2019

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

HDFCBANK

2244.25

2203.70

2163.15

2146.70

2122.57

2106.10

2082.00

2041.45

2000.90

HEROMOTOCO

3139.80

3058.95

2978.10

2938.45

2897.23

2857.55

2816.35

2735.50

2654.65

HINDALCO

228.90

221.80

214.70

211.75

207.57

204.60

200.45

193.35

186.25

HINDPETRO

280.90

267.10

253.30

246.40

239.50

232.60

225.70

211.90

198.10

HINDUNILVR

1957.90

1890.40

1822.90

1783.50

1755.40

1716.00

1687.90

1620.40

1552.90

IBULHSGFIN

1020.75

953.50

886.25

851.80

819.00

784.55

751.75

684.50

617.25

ICICIBANK

402.25

392.85

383.45

377.75

374.03

368.30

364.60

355.20

345.80

INDUSINDBK

1703.00

1638.00

1573.00

1544.95

1507.97

1479.90

1442.95

1377.95

1312.95

INFRATEL

309.10

299.05

289.00

283.55

278.93

273.45

268.85

258.80

248.75

INFY

851.15

808.10

765.05

748.00

721.97

704.90

678.90

635.85

592.80

IOC

158.95

151.25

143.55

140.70

135.85

133.00

128.15

120.45

112.75

ITC

315.15

307.75

300.35

295.90

292.95

288.50

285.55

278.15

270.75

KOTAKBANK

1362.10

1317.10

1272.10

1256.15

1227.07

1211.10

1182.05

1137.05

1092.05

1495.30

1441.10

1386.90

1352.40

1332.70

1298.20

1278.50

1224.30

1170.10

LUPIN

994.80

948.30

901.80

882.05

855.27

835.50

808.75

762.25

715.75

M&M

806.85

781.15

755.45

745.20

729.75

719.50

704.05

678.35

652.65 Continued .......

21/01/2019

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

MARUTI

8000.65

7787.65

7574.65

7466.30

7361.65

7253.30

7148.65

6935.65

6722.65

NTPC

159.10

154.60

150.10

147.20

145.60

142.70

141.10

136.60

132.10

ONGC

161.25

156.05

150.85

148.80

145.65

143.60

140.45

135.25

130.05

POWERGRID

220.15

211.55

202.95

198.30

194.33

189.65

185.70

177.10

168.50

RELIANCE

1464.05

1360.55

1257.05

1220.70

1153.55

1117.20

1050.05

946.55

843.05

SBIN

335.85

323.45

311.05

303.00

298.62

290.55

286.20

273.80

261.40

SUNPHARMA

667.75

580.55

493.35

442.05

406.12

354.80

318.90

231.70

144.50

TATAMOTORS

248.90

228.05

207.20

195.25

186.35

174.40

165.50

144.65

123.80

TATASTEEL

511.75

498.65

485.55

478.10

472.45

465.00

459.35

446.25

433.15

TCS

2159.55

2063.35

1967.15

1933.90

1870.95

1837.70

1774.75

1678.55

1582.35

TECHM

812.00

774.70

737.40

723.30

700.08

685.95

662.75

625.45

588.15

TITAN

1025.35

1003.65

981.95

971.45

960.22

949.70

938.50

916.80

895.10

ULTRACEMCO

4354.65

4177.85

4001.05

3910.50

3824.22

3733.65

3647.40

3470.60

3293.80

UPL

861.75

830.35

798.95

782.50

767.55

751.10

736.15

704.75

673.35

VEDL

228.40

218.15

207.90

203.30

197.65

193.05

187.40

177.15

166.90

WIPRO

443.45

407.30

371.15

358.65

335.00

322.50

298.85

262.70

226.55

YESBANK

278.60

251.35

224.10

211.35

196.82

184.05

169.55

142.30

115.05

ZEEL

574.75

533.20

491.65

466.00

450.08

424.40

408.50

366.95

325.40

21/01/2019

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

PRICE CHANGE (In %)

CHANGE IN OI (In %)

PRICE CHANGE (In %)

DCBBANK

27.43%

3.85%

IGL

-21.06%

3.30%

MINDTREE

24.95%

6.50%

KPIT

-19.93%

2.23%

APOLLOHOSP

23.64%

5.02%

BHEL

-13.83%

3.05%

NIITTECH

19.60%

4.96%

PIDILITIND

-13.47%

3.43%

WIPRO

17.95%

5.35%

TORNTPOWER

-10.38%

2.53%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

FEDERALBNK

28.44%

-5.99%

MCX

-10.60%

-2.02%

SUNTV

23.79%

-10.80%

TV18BRDCST

22.24%

-10.62%

SUNPHARMA

22.17%

-11.97%

ENGINERSIN

17.92%

-5.14%

SCRIP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

PRICE CHANGE (In %)

Analysis : As per the analysis of above chart. Major Resistance Level: 11000 Major Support Levels: 10500 followed 10000

21/01/2019

Nifty Analysis Fundamental Outlook

NIFTY WEEKLY PIVOTS

After a somber note opening , Indian Equity market managed to push the index back above crucial resistance levels in last

PARTICULAR

LEVEL

11600.80

11357.40

11114.00

11020.60

10870.60

10777.20

10627.20

10383.80

10140.40

week. The Nifty which opened at 10,807 rose to a weekly high of 10,930. The Nifty hit weekly low of 10692.35 before closing the week at 10,906. On weekly basis, Nifty rose by about 1 percent. The rupee on Friday weakened by 16 paise to close at 71.19 against the US dollar amid rise in demand for the greenback from exporters and unabated increase in global crude oil prices. This is the second successive week of loss for the Indian currency. During the week the domestic unit registered a loss of 27 paise. In the previous week, the local unit had slumped by 81 paise. Brent crude, the global benchmark, was trading at USD 61.90 per barrel, higher by 1.18 per cent.On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed.

Technical Outlook

The Nifty which started on a negative note on Monday managed to push the index back above its crucial resistance levels in the week gone by, which was largely positive for the bulls. The Nifty reclaimed its crucial resistance level of 10,900 and closed the week with gains of 1.04 percent. The index formed a ‘Small Bearish’ candle on intraday basis on daily charts as the closing level was lower than the opening level while on the weekly charts, the index formed a bullish candle for the second consecutive week in a row.

Continued ….... 9

21/01/2019

Nifty Analysis The index is currently forming a consolidation pattern and is likely to witness a range breakout soon. The current trading

WEEKLY STRATEGY

range has been 10,950-10,550 levels. It has formed a higher base which is structurally positive. The Nifty has formed multiple bullish reversal candlestick at the support zone which has kept the bulls interested. A decisive move above 10,950 would be a bullish sign and will take the index higher towards 11,150-11,300 levels. On the options front, maximum Put OI is

PARTICULAR ACTION

DETAILS BUY

placed at 10700 followed by 10500 strikes while maximum Call OI is at 11000 followed by 10900 strikes. ENTRY PRICE

ABOVE 10965

TARGET

11140

STOP LOSS

10849

TECHNICAL INDICATOR ANALYSIS INDICATOR

For this week, traders can adopt buy on lower level strategy in it and above the level of 10,965. It can test the level of Rs. 11,140 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,849.

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE …....

21/01/2019

Bank Nifty Analysis Technical Outlook

WEEKLY STRATEGY

The Nifty Bank index started the last week on negative note on Monday but it recovered all its previous day's in loss in next trading session and showed some consolidation near its major resistance levels throughout the week. Bank Nifty witnessed

PARTICULAR ACTION

DETAILS BUY

some profit booking as it has declined from its recent highs and likely to see some consolidation in the near term. It has formed an Inside Bar candle on daily scale and Doji candle on weekly scale which suggests some indecisiveness in the index.

ENTRY PRICE

ABOVE 27630

Price patterns indicate strong support levels around the 27,300-27,050 levels on the downside which likely to provide a

TARGET

27930

support in case of a decline. Now till it holds above 27,500 levels it can extend its move towards 27,750 then 27,950 levels.

STOP LOSS

27430

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 27,630. It can test the level of Rs. 27,930 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 27,430.

PARTICULAR

LEVEL

28633.45

28258.40

27883.35

27715.65

27508.30

27340.60

27133.25

26758.20

26383.15 21/01/2019

LUPIN CASH( Call of the Week ) Technical Outlook Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week, it started on negative and showed good buying from lower levels throughout the week. On daily chart stock has gave breakout of its major trend line upside. In intraday stock has showed god buying. If it manages to sustain above the levels of 880 than

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

further upside move can be seen in it.

DETAILS BUY ABOVE 880.00

TARGET

904.00

STOP LOSS

864.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 880 it can test the level of Rs. 904 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.864.

PARTICULAR

LEVEL

994.75

948.25

901.75

882.00

855.25

835.50

808.75

762.25

715.75 21/01/2019

DRREDDY CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week stock started on negative note and showed good consolidation near its major resistance levels throughout the week. On daily chart stock

PARTICULAR ACTION

DETAILS BUY

has gave breakout of its major resistance levels. If it manages to trade above 2645 levels than further upside move can be seen in it. In intraday it showed a good positive move.

ENTRY PRICE

ABOVE 2645.00

TARGET

2725.00

STOP LOSS

2598.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 2645 it can test the level of Rs. 2725 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 2598.

PARTICULAR

LEVEL

2816.75

2742.40

2668.05

2632.40

2593.7

2558.05

2519.35

2445.00

2370.65 21/01/2019

GODREJCP FUTURES( Call of the Week ) Technical Outlook Overall trend of the Stock is sideways for long term . For short term stock is in bullish phase. Last week, it started on negative and showed good consolidation throughout the week. On daily chart stock has gave breakout of its major resistance levels of 790. In Intraday chart it has formed flag price pattern and If it manages to sustain above the levels of 805

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

than further upside move can be seen in it.

DETAILS BUY ABOVE 805.00

TARGET

825.00

STOP LOSS

795.00

WEEKLY PIVOTS PARTICULAR

LEVEL

858.40

835.10

811.80

801.00

788.50

777.70

765.20

For this week, traders can adopt buy on lower level strategy in it and above the level of 805 it can test the level of Rs. 825

741.90

during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 795.

718.60

21/01/2019

NIITECH FUTURES ( Call of the Week ) Technical Outlook Overall trend of the Stock is bullish for long and short term. Last week, it started on positive and showed good buying throughout the week and closed the last week at 1225.75 with overall gain of 4.96%. On daily chart stock has gave breakout of its major resistance levels of 1240 and trading above this levels. If it manages to sustain above the levels of 1260

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

than further upside move can be seen in it.

DETAILS BUY ABOVE 1274.00

TARGET

1294.00

STOP LOSS

1262.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 1274 it can test the level of Rs. 1294 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1262.

PARTICULAR

LEVEL

1459.75

1375.00

1290.25

1258.00

1205.50

1173.25

1120.75

1036.00

951.25 21/01/2019

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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