Equity Research Report 23 April 2018 Ways2Capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED

PHONE: 0731-6554125 | MAIL: SUPPORT@WAYS2CAPITAL.COM | ADD : 515-516, SHAGUN ARCADE,VIJAY NAGAR, INDORE, MP, 452001

Market Wrap–Up MAJOR INDICES INDEX

CLOSING AS ON 20th April 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10564.05

83.45

0.80%

USDINR

66.0850

65.2900

1.22%

Nifty 100

10966.85

87.50

0.80%

GBPINR

92.7725

93.1525

-0.41%

Nifty 200

5765.95

48.65

0.85%

EURINR

81.3275

80.4625

1.08%

Nifty 500

9347.65

87.50

0.86%

JPYINR

61.3950

60.6600

1.21%

Nifty VIX

12.94

-1.20

-8.49%

EURUSD

1.2282

1.2333

-0.41%

Nifty Bank

24943.85

-256.75

-1.02%

GBPUSD

1.4022

1.4264

-1.70%

Nifty Auto

11440.10

-25.20

-0.22%

Dollar Index

90.08

89.50

0.65%

Nifty Finance

10501.4

-68.55

-0.65%

Nifty FMCG

28110.95

1128.05

4.18%

Nifty IT

13910.35

649.90

4.90%

Nifty Media

3377.50

27.70

0.83%

Nifty Metal

3891.45

166.00

4.46%

Nifty Pharma

8819.80

89.20

1.02%

Nifty PSU Banks

2799.1

-142.10

Nifty PVT Bank

14163.40 310.2

Nifty Realty 2

COMMODITY MARKET UPDATE CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

1338.30

1347.90

-0.71%

Gold MCX

31432

31118

1.01%

Crude Oil NYMEX

68.38

67.39

1.47%

Crude Oil MCX

4531

4408

2.79%

-4.83%

Brent Oil NYMEX

74.06

72.58

2.04%

-160.15

-1.11%

Copper MCX

458.75

442.75

3.61%

9.30

3.09%

Natural Gas NYMEX

2.739

2.735

0.15%

COMMODITY Gold COMEX

23/04/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

HINDALCO

262.10

10..22%

283.95

TCS

2402.45

7.90%

3422.35

HCLTECH

1062.35

7.17%

1074.20

BHARTIARTL

402.00

6.38%

565.00

CIPLA

589.05

6.04%

663.00

SCRIP

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

HINDPETRO

299.05

-10.40%

297.10

BPCL

371.40

-8.39%

370.00

AXISBANK

505.70

-6.79%

447.80

TATAMOTORS

336.00

-5.90%

324.30

SBIN

241.20

-3.89%

232.50

SCRIP

23/04/2018

Economic Calendar ECONOMIC EVENTS CALENDER

TIME

CURRENY

19:15 19:15 19:30 19:30

USD USD USD USD

18:30 19:30 19:30 19:30

USD USD USD USD

2:00 20:00 20:00

USD USD USD

18:00 18:00 18:00 18:00

USD USD USD USD

14:00 14:00 18:00 18:00

GBP GBP USD USD

EVENT Manufacturing PMI (Apr) Services PMI (Apr) Existing Home Sales (MoM) (Mar) Existing Home Sales (Mar) Tuesday, April 24, 2018 S&P/CS HPI Composite (YoY) (Feb) CB Consumer Confidence (Apr) New Home Sales (MoM) (Mar) New Home Sales (Mar) Wednesday, April 25, 2018 API Weekly Crude Oil Stock Crude Oil Inventories Cushing Crude Oil Inventories Thursday, April 26, 2018 Cap Goods Ship Non Defense Ex Air (MoM) Core Durable Goods Orders (MoM) (Mar) Durable Goods Orders (MoM) (Mar) Goods Trade Balance (Mar) Friday, April 27, 2018 GDP (YoY) (Q1) GDP (QoQ) (Q1) Employment Cost Index (QoQ) (Q1) GDP (QoQ) (Q1) Copyright Â© 2018 Ways2Capital. All rights reserved

FORECAST

55 54 0.20% 5.55M

55.6 54 3.00% 5.54M

6.20% 125 1.90% 629K

6.40% 127.7 -0.60% 618K

-1.429M -

-1.047M -1.071M -1.115M

0.40% 1.00% -

1.40% 1.00% 3.00% -75.88B

1.40% 0.30% 0.70% 2.30%

1.40% 0.40% 0.60% 2.90% 23/04/2018

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

ADANIPORTS

429.80

414.80

399.80

390.65

384.78

375.60

369.75

354.75

339.75

ASIANPAINT

1301.85

1255.60

1209.35

1183.95

1163.08

1137.65

1116.80

1070.55

1024.30

AXISBANK

644.15

602.20

560.25

533.60

518.28

491.60

476.30

434.35

392.40

BAJAJ-AUTO

3145.75

3042.85

2939.95

2898.00

2837.03

2795.05

2734.10

2631.20

2528.30

BAJAJFINSV

5915.95

5724.05

5532.15

5415.50

5340.25

5223.60

5148.35

4956.45

4764.55

BAJFINANCE

2226.30

2116.55

2006.80

1943.90

1897.02

1834.10

1787.25

1677.50

1567.75

BHARTIARTL

481.85

452.30

422.75

412.25

393.20

382.70

363.65

334.10

304.55

BPCL

512.10

469.55

427.00

399.00

384.42

356.40

341.85

299.30

256.75

CIPLA

711.90

667.95

624.00

607.00

580.02

563.00

536.05

492.10

448.15

COALINDIA

329.10

315.85

302.60

297.00

289.33

283.70

276.05

262.80

249.55

DRREDDY

2325.85

2254.90

2183.95

2151.00

2112.98

2080.00

2042.00

1971.05

1900.10

EICHERMOT

33707.35

32819.15

31930.95

31505.45

31042.72

30617.20

30154.50

29266.30

28378.10

GAIL

397.40

375.70

354.00

343.50

332.27

321.75

310.55

288.85

267.15

GRASIM

1265.95

1207.90

1149.85

1126.65

1091.78

1068.55

1033.70

975.65

917.60

HCLTECH

1330.10

1232.00

1133.90

1095.45

1035.77

997.30

937.65

839.55

741.45

HDFC

2053.00

1987.20

1921.40

1878.95

1855.57

1813.10

1789.75

1723.95

1658.15 Continued .......

23/04/2018

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

HDFCBANK

2070.30

2029.15

1988.00

1973.85

1946.85

1932.70

1905.70

1864.55

1823.40

HEROMOTOCO

4155.75

4020.75

3885.75

3811.50

3750.73

3676.45

3615.70

3480.70

3345.70

HINDALCO

352.25

320.00

287.75

275.40

255.47

243.10

223.20

190.95

158.70

HINDPETRO

428.90

389.50

350.10

324.30

310.70

284.90

271.30

231.90

192.50

HINDUNILVR

1651.65

1584.35

1517.05

1494.60

1449.72

1427.25

1382.40

1315.10

1247.80

IBULHSGFIN

1516.70

1464.40

1412.10

1385.55

1359.80

1333.25

1307.50

1255.20

1202.90

ICICIBANK

331.30

316.10

300.90

291.70

285.70

276.50

270.50

255.30

240.10

INDUSINDBK

2063.25

1986.00

1908.75

1861.90

1831.50

1784.65

1754.25

1677.00

1599.75

INFRATEL

384.80

367.80

350.80

341.20

333.78

324.15

316.75

299.75

282.75

INFY

1433.55

1341.85

1250.15

1214.90

1158.45

1123.20

1066.75

975.05

883.35

IOC

194.50

183.50

172.50

166.25

161.50

155.25

150.50

139.50

128.50

ITC

331.95

311.95

291.95

283.85

271.92

263.80

251.90

231.90

211.90

KOTAKBANK

1257.70

1225.20

1192.70

1175.40

1160.18

1142.85

1127.65

1095.15

1062.65

1493.50

1451.55

1409.60

1389.15

1367.65

1347.20

1325.70

1283.75

1241.80

LUPIN

921.40

879.15

836.90

818.45

794.62

776.15

752.35

710.10

667.85

M&M

906.85

871.25

835.65

816.90

800.05

781.30

764.45

728.85

693.25 Continued .......

23/04/2018

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

MARUTI

9794.05

9562.00

9329.95

NTPC

206.15

195.75

ONGC

203.50

POWERGRID

9182.85

9097.90

8950.80

8865.85

8633.80

8401.75

185.35

180.30

174.93

169.85

164.50

154.10

143.70

196.55

189.60

185.95

182.62

178.95

175.65

168.70

161.75

243.05

230.25

217.45

212.50

204.63

199.65

191.80

179.00

166.20

RELIANCE

1014.15

987.15

960.15

945.10

933.13

918.05

906.10

879.10

852.10

SBIN

283.65

270.65

257.65

249.75

244.62

236.70

231.60

218.60

205.60

SUNPHARMA

569.50

549.60

529.70

517.60

509.78

497.65

489.85

469.95

450.05

TATAMOTORS

401.40

381.10

360.80

348.45

340.47

328.10

320.15

299.85

279.55

TATASTEEL

723.65

684.30

644.95

626.00

605.57

586.60

566.20

526.85

487.50

TCS

4250.50

3938.90

3627.30

3520.65

3315.70

3209.05

3004.10

2692.50

2380.90

TECHM

840.85

789.05

737.25

716.70

685.43

664.85

633.60

581.80

530.00

TITAN

1126.90

1074.25

1021.60

990.80

968.92

938.10

916.25

863.60

810.95

ULTRACEMCO

4935.30

4636.95

4338.60

4215.35

4040.25

3917.00

3741.90

3443.55

3145.20

UPL

862.70

828.80

794.90

780.95

760.97

747.00

727.05

693.15

659.25

VEDL

383.60

356.75

329.90

319.45

303.05

292.60

276.20

249.35

222.50

WIPRO

343.80

327.10

310.40

304.10

293.70

287.40

277.00

260.30

243.60

YESBANK

351.90

338.45

325.00

317.00

311.52

303.50

298.05

284.60

271.15

ZEEL

662.15

637.10

612.05

600.35

586.98

575.25

561.90

536.85

511.80

23/04/2018

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 %)

DCBBANK

52.37%

8.54%

NIITTECH

-22.97%

8.03%

VGUARD

44.78%

5.47%

GODREJIND

-10.11%

4.65%

OFSS

31.78%

7.05%

NATIONALUM

31.71%

11.92%

MINDTREE

24.49%

13.25%

SCRIP

LONG UNWINDING

SHORT BUILD-UP CHANGE IN OI (In %)

PRICE CHANGE (In %)

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

CICIPRULI

32.05%

-5.45%

RCOM

-15.05%

-8.04%

BPCL

30.92%

-8.39%

ENGINERSIN

23.80%

-4.56%

TITAN

23.43%

-2.89%

ORIENTBANK

21.43%

-6.80%

SCRIP

Analysis : As per the analysis of above chart. Major Resistance Level: 10700 Major Support Levels:- 10500.

23/04/2018

Nifty Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook Last week started on positive note and witnessed 4th straight weekly gain. FII DII activity remains contrast to each

PARTICULAR

LEVEL

11035.85

10869.85

10703.85

10644.70

10537.85

10478.70

10371.85

10205.85

10039.85

other during the entire week as we have seen buying from DII in whole week while FII remain bearish in their approach. Nifty P/E ratio was in the range of 26.13 to 26.23 for the past week. On Macroeconomic front; data like FX Reserves, WPI Inflation, WPI Manufacturing etc released last week but none of them created major impact on the market. For this week, important economic data like Bank Loan Growth, Deposit Growth coupled with the FII & DII activity and geopolitical scenario around the world will further direction to the market.

Technical Outlook Amid strong global cues and above expected earnings by index heavyweights Equity benchmarks extended gains for a fourth successive week. IT, FMCG, metals (+4% each) led the sector chart. We expect the index to take some correction after four-week rally and consolidate in a broad range of 10630-10400. In Nifty options front, we saw buildup in 10600 and 10700 call options along with decent unwinding in 10400 and 10500 strikes.

Continued â&#x20AC;Ś.... 9

23/04/2018

Nifty Analysis On the flip side, 10500 and 10600 put options added good amount of OI, suggesting immediate strong support around 10500-10550 levels. Maximum open interest concentration for April series is placed at 10700 call and

WEEKLY STRATEGY PERTICULAR

DETAILS

10500 put options. For this week, we can expect sideways to negative movement in it. Action

SELL

Entry Price

Below 10550

Target

10410/ 10300

Stop Loss

10625

TECHNICAL INDICATOR ANALYSIS INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

For this week, traders can adopt sell on higher level strategy in it and below the level of 10550, it can test the RSI

POSITIVE

level of Rs. 10410 & 10300 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. MACD

POSITIVE

10625.

NEGATIVE

STOCHASTIC

Continued ….... 10

23/04/2018

Bank Nifty Analysis BANK NIFTY Apr Futures started the last week on positive note and traded with positive sentiments. But Bulls could not make control on index after first trading session as index remain under pressure in other trading ses-

WEEKLY STRATEGY PERTICULAR

sion due to major sell off in PSU banks which lead index to close on negative note. Index is trading near its major Action support levels of 24800 and any break below these levels could trigger further sell off in it.

DETAILS SELL

Entry Price

Below 24850

Target

24620/ 24500

Stop Loss

25011

WEEKLY PIVOTS

For this week, traders can adopt sell on higher level strategy in it and below the level of 24850, it can test the level of Rs. 24620/ 24500 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 25011 11

PARTICULAR

LEVEL

26863.55

26277.60

25691.65

25348.85

25105.70

24762.90

24519.75

23933.80

23347.85 23/04/2018

PVR Cash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

PVR is in bullish trend from last one month and from last couple of days, stock was in some consolidation phase. Last week stock started on positive note and traded with bullish movement but could not continue its bullish run throughout the week. Now it has crossed the resistance levels and trading firmly above 1350 levels and on daily chart and candle pattern shows good strength in buying.

PERTICULAR ACTION

DETAILS BUY

ENTRY PRICE

Above 1365.00

TARGET

1419.00

STOP LOSS

1333.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 1365 it can test the level of Rs. 1419 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1333. 12

PARTICULAR

LEVEL

1448.45

1406.45

1364.45

1340.90

1322.45

1298.90

1280.45

1238.45

1196.45 23/04/2018

ZEEL Cash ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

ZEEL is in overall bullish trend on the chart. It started the last week on positive note and showed good positive

PERTICULAR

rally on upside. On daily chart it showed a good consolidation on higher levels and also formed inverse H&S

ACTION

price pattern. Stock is trading above its 21, 50 & 100 days EMA and MACD Histogram is firmly placed at 1.18

ENTRY PRICE

which is further giving buy signals.

DETAILS BUY Above 602.00

TARGET

625.00

STOP LOSS

590.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 602 it can test the level of Rs. 625 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 590. 13

PARTICULAR

LEVEL

661.85

636.80

611.75

599.75

586.70

574.70

561.65

536.60

511.55 23/04/2018

INDUSIND BANK Futures ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week INDUSIND BANK started the week on negative note due to profit booking from higher levels but still

PERTICULAR

DETAILS

sustained above the major psychological level of 1800. It closed at 1815.80 with the overall loss of 2.11% on

ACTION

BUY

weekly basis. Technically it’s sustaining above the 1800 level with the positive RSI, near to its life time high &

ENTRY PRICE

we can further expect good upside rally in it.

TARGET

1920.00

STOP LOSS

1850.00

Above 1877.00

WEEKLY PIVOTS PARTICULAR

LEVEL

2063.05

1984.55

1906.05

1860.90

1827.55

1782.40

For this week, if it breaks the level 1877 then it can test the level of 1920 during the week. One can make buy

1749.05

position in it by maintaining a SL 1850.

1670.55

1592.05

23/04/2018

ADANIPORTS Futures ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week ADANIPORTS started the week on positive note and continued the same for the entire week. It made

PERTICULAR

DETAILS

a high of 393.65 during the week and closed at 382.55. Technically on chart, it’s sustaining above the trend line

ACTION

BUY

breakout with the good consolidation & positive RSI and for this week we can expect good upside movement

ENTRY PRICE

in it.

TARGET

395.50

STOP LOSS

386.50

Above 389.50

WEEKLY PIVOTS

For this week, if it breaks the level 389.50 then it can test the level of 395.50 during the week. One can make buy position in it by maintaining a SL 386.50 15

PARTICULAR

LEVEL

425.80

412.35

398.90

390.70

385.45

377.25

372.00

358.55

345.10 23/04/2018

Disclaimer LEGAL DISCLAIMER (कानूनी 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 अनस ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनभ ं ान के भल ु ध ु ान Ways2Capital इक्ववटी / कभोडडटी अनस ु ध ू मांकन 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, त्रटु टमों 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 सच ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सझ ू ना, स्तय औय सझ ु ाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनस ु ध ु ावों की त्रटु टमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चन ु ने 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.

23/04/2018

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 अनुसध ं ान 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 संफंधधत 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 ( ऺनतऩनू ता 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, ऩेशव े यों 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)

अनुसंधान 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 अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने

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

23/04/2018