Equity research report 25 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 22th Jun 18

CURRENCY MARKET UPDATE

WEEKLY CHANGES

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Nifty

10821.85

4.15

0.04%

USDINR

67.8350

68.0925

-0.38%

Nifty 100

11119.65

-16.65

-0.15%

GBPINR

90.1400

90.4725

-0.37%

Nifty 200

5786.55

-15.75

-0.27%

EURINR

79.0000

78.9725

0.03%

Nifty 500

9296.65

-47.05

-0.50%

JPYINR

61.6100

61.5750

0.06%

Nifty VIX

12.02

-0.05

-0.41%

EURUSD

1.1658

1.1618

0.34%

Nifty Bank

26766.85

349.45

1.32%

GBPUSD

1.3284

1.3277

0.05%

Nifty Auto

11088.50

-84.55

-0.76%

Dollar Index

94.18

94.79

-0.64%

Nifty Finance

11213.85

237.45

2.16%

Nifty FMCG

28630.75

-143.80

-0.50%

Nifty IT

13777.05

-344.45

-2.44%

Nifty Media

3147.65

-31.05

-0.98%

Nifty Metal

3431.55

-110.40

-3.12%

Nifty Pharma

9360.90

44.65

Nifty PSU Banks

2948.3

Nifty PVT Bank Nifty Realty 2

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1267.40

1274.60

-0.56%

Gold MCX

30610

31010

-1.29%

Crude Oil NYMEX

68.58

65.06

5.41%

0.48%

Crude Oil MCX

4672

4441

5.20%

-84.45

-2.78%

Brent Oil ICE

75.55

73.44

2.87%

15206.55

236.40

1.58%

Copper MCX

491.25

454.20

8.16%

282.25

-5.55

-1.93%

Natural Gas NYMEX

2.945

3.022

-2.55%

25/06/2018

Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

ICICIBANK

300.65

6.42%

365.70

HDFC

1906.75

4.07%

1986.05

BPCL

426.35

3.42%

551.55

BAJAJFINSV

6176.50

3.30%

6258.50

HDFCBANK

2083.35

2.65%

2160.00

SCRIP

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

UPL

640.20

-8.63%

632.20

HINDALCO

222.00

-6.49%

185.10

COALINDIA

264.85

-5.09%

233.70

HCLTECH

904.80

-4.59%

824.85

VEDL

228.85

-4.21%

221.60

SCRIP

25/06/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

19:30 19:30

USD USD

14:00 19:30

GBP USD

14:00 18:00 18:00 20:00

GBP USD USD USD

5:20 18:00 18:00

JPY USD USD

5:00 5:20 14:00 14:00 18:00 18:00

JPY JPY GBP GBP USD USD

6:30 6:30

CNY CNY

EVENT Monday, June 11, 2018 New Home Sales (May) New Home Sales (MoM) (May) Tuesday, June 26, 2018 Gross Mortgage Approvals CB Consumer Confidence (Jun) Wednesday, June 27, 2018 BoE Gov Carney Speaks Core Durable Goods Orders (MoM) (May) Durable Goods Orders (MoM) (May) Crude Oil Inventories Thursday, June 28, 2018 Retail Sales (YoY) (May) GDP (QoQ) (Q1) GDP Price Index (QoQ) (Q1) Friday, June 29, 2018 Tokyo Core CPI (YoY) (Jun) Industrial Production (MoM) (May) GDP (YoY) (Q1) GDP (QoQ) (Q1) Core PCE Price Index (YoY) (May) Core PCE Price Index (MoM) (May) Saturday, June 30, 2018 Manufacturing PMI (Jun) Non-Manufacturing PMI (Jun) Copyright Â© 2018 Ways2Capital. All rights reserved

FORECAST

667K 1.50%

662K -1.50%

38.2K 128

38.0K 128

0.40% -0.60% -

0.90% -1.60% -5.914M

0.90% 2.20% 1.90%

1.50% 2.20% 1.90%

0.60% -1.10% 1.20% 0.10% 1.90% 0.20%

0.50% 0.50% 1.20% 0.10% 1.80% 0.20%

51.8 55

51.9 54.9 25/06/2018

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

ADANIPORTS

421.90

403.35

384.80

375.30

366.25

356.75

347.70

329.15

310.60

ASIANPAINT

1414.20

1364.75

1315.30

1291.50

1265.85

1242.05

1216.40

1166.95

1117.50

AXISBANK

583.75

563.30

542.85

534.25

522.40

513.80

501.95

481.50

461.05

BAJAJ-AUTO

3187.10

3075.40

2963.70

2897.95

2851.97

2786.20

2740.25

2628.55

2516.85

BAJAJFINSV

6956.20

6667.20

6378.20

6277.35

6089.17

5988.30

5800.15

5511.15

5222.15

BAJFINANCE

2646.55

2531.60

2416.65

2376.35

2301.70

2261.40

2186.75

2071.80

1956.85

BHARTIARTL

424.40

407.30

390.20

382.40

373.08

365.25

355.95

338.85

321.75

BPCL

492.50

468.40

444.30

435.35

420.18

411.20

396.05

371.95

347.85

CIPLA

693.75

666.25

638.75

627.25

611.25

599.75

583.75

556.25

528.75

COALINDIA

317.00

301.00

285.00

274.95

268.98

258.90

252.95

236.95

220.95

DRREDDY

2813.30

2657.75

2502.20

2419.25

2346.63

2263.65

2191.05

2035.50

1879.95

EICHERMOT

33511.70

32153.65

30795.60

29968.15

29437.53

28610.05

28079.45

26721.40

25363.35

GAIL

377.20

364.65

352.10

346.05

339.52

333.45

326.95

314.40

301.85

GRASIM

1141.75

1098.65

1055.55

1033.00

1012.43

989.85

969.30

926.20

883.10

HCLTECH

1095.20

1036.95

978.70

941.75

920.42

883.45

862.15

803.90

745.65

HDFC

2165.95

2070.25

1974.55

1940.65

1878.82

1844.90

1783.10

1687.40

1591.70 Continued .......

25/06/2018

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

HDFCBANK

2299.55

2219.85

2140.15

2111.75

2060.42

2032.00

1980.70

1901.00

1821.30

HEROMOTOCO

3949.70

3848.90

3748.10

3692.90

3647.28

3592.05

3546.45

3445.65

3344.85

HINDALCO

274.15

257.85

241.55

231.80

225.23

215.45

208.90

192.60

176.30

HINDPETRO

384.25

360.40

336.55

323.85

312.67

299.95

288.80

264.95

241.10

HINDUNILVR

1783.40

1725.40

1667.40

1637.75

1609.37

1579.70

1551.35

1493.35

1435.35

IBULHSGFIN

1343.40

1291.55

1239.70

1219.70

1187.83

1167.80

1135.95

1084.10

1032.25

ICICIBANK

353.50

334.20

314.90

307.80

295.58

288.45

276.25

256.95

237.65

INDUSINDBK

2169.75

2097.50

2025.25

1989.25

1953.00

1917.00

1880.75

1808.50

1736.25

INFRATEL

343.20

323.75

304.30

295.15

284.85

275.70

265.40

245.95

226.50

INFY

1424.15

1368.90

1313.65

1280.75

1258.37

1225.45

1203.10

1147.85

1092.60

IOC

210.95

197.40

183.85

176.95

170.28

163.35

156.70

143.15

129.60

ITC

285.55

278.40

271.25

268.20

264.10

261.05

256.95

249.80

242.65

KOTAKBANK

1446.35

1404.40

1362.45

1341.95

1320.48

1299.95

1278.50

1236.55

1194.60

1468.65

1414.75

1360.85

1330.35

1306.92

1276.40

1253.00

1199.10

1145.20

LUPIN

1019.90

980.55

941.20

922.05

901.85

882.70

862.50

823.15

783.80

M&M

1042.00

995.05

948.10

928.15

901.12

881.15

854.15

807.20

760.25 Continued .......

25/06/2018

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

MARUTI

9633.00

9392.60

9152.20

9013.55

8911.77

8773.10

8671.35

8430.95

8190.55

NTPC

169.90

165.40

160.90

159.10

156.40

154.60

151.90

147.40

142.90

ONGC

189.20

180.05

170.90

165.25

161.73

156.05

152.55

143.40

134.25

POWERGRID

214.80

208.90

203.00

200.35

197.07

194.40

191.15

185.25

179.35

RELIANCE

1141.10

1098.75

1056.40

1034.45

1014.05

992.10

971.70

929.35

887.00

SBIN

314.85

300.85

286.85

279.95

272.85

265.95

258.85

244.85

230.85

SUNPHARMA

671.35

637.20

603.05

590.15

568.90

556.00

534.75

500.60

466.45

TATAMOTORS

339.75

329.05

318.35

313.20

307.63

302.45

296.90

286.20

275.50

TATASTEEL

624.35

602.70

581.05

571.45

559.37

549.75

537.70

516.05

494.40

TCS

2031.00

1962.60

1894.20

1852.00

1825.77

1783.55

1757.35

1688.95

1620.55

TECHM

798.90

764.25

729.60

710.40

694.93

675.70

660.25

625.60

590.95

TITAN

1019.35

973.10

926.85

902.20

880.60

855.95

834.35

788.10

741.85

ULTRACEMCO

4072.35

3927.35

3782.35

3711.70

3637.35

3566.70

3492.35

3347.35

3202.35

UPL

860.55

792.85

725.15

682.70

657.43

614.95

589.70

522.00

454.30

VEDL

271.95

257.55

243.15

235.85

228.72

221.40

214.30

199.90

185.50

WIPRO

302.75

288.75

274.75

266.50

260.75

252.50

246.75

232.75

218.75

YESBANK

363.20

353.30

343.40

339.25

333.47

329.30

323.55

313.65

303.75

ZEEL

631.25

609.00

586.75

576.25

564.50

554.00

542.25

520.00

497.75

25/06/2018

Open Interest & price Analysis LONG BUILD-UP

NIFTY OPTIONS OPEN INTEREST ANALYSIS

SHORT COVERING

SCRIP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

CHANGE IN OI (In %)

PRICE CHANGE (In %)

BPCL

25.84%

3.64%

BATAINDIA

16.80%

6.49%

KSCL

13.88%

2.74%

SRTRANSFIN

12.18%

1.95%

JPASSOCIAT

11.99%

20.42%

SCRIP

LONG UNWINDING

SHORT BUILD-UP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

PVR

-13.01%

-4.22%

ICICIPRULI

-10.53%

-1.94%

-8.38%

-3.78%

CHANGE IN OI (In %)

PRICE CHANGE (In %)

SRF

116.19%

-12.28%

SUNTV

48.07%

-7.94%

NATIONALUM

30.81%

-7.12%

UPL

27.82%

OIL

19.59%

SCRIP

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

25/06/2018

. Nifty

Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook Last week, the benchmark Nifty index traded negative for the most part of the week due to pressure from the

PARTICULAR

LEVEL

11229.20

11084.75

10940.30

10887.15

10795.85

10742.70

10651.40

10506.95

10362.50

global equity market coupled with the weak Indian Rupee against the U.S. dollar, although on the last day of the week, we saw some short covering in it from the lower levels. Rise in the Crude Oil prices further created pressure on the benchmark index as the Crude Oil prices almost witnessed 6% gain on weekly basis. FII & DII activity remained contrast for the most part of the week & was unable to create any impact on the market. Nifty PE ratio remained in the range of 26.63 – 26.38 during the week & we saw a fall in it as compare to the last 2 weeks. On Macroeconomic front; important data like Bank Loan Growth, Deposit Growth etc released last week but none of them able to create major impact on the index move. For this week, there is no major data is scheduled for release.

Technical Outlook Last week NIFTY Jun Futures started the week on negative note and made a low of 10704.55, but till the end of the week, all of its earlier losses were erased and it closed at 10833.95 with the marginal gain of 0.18% on weekly basis. Technically it’s consolidating near to the downward trend line breakout with the positive RSI and if it breaks the line, then we can expect further upside movement in it.

Continued ….... 9

25/06/2018

Nifty Analysis The major resistance is placed around 10850 and 10980 while support is placed at 10700 and 10550 on down side. On options front, maximum calls open interest laying at 11000 as the major resistance level and maximum

WEEKLY STRATEGY PARTICULAR

DETAILS

put open interest laying at 10700 as the major support level. For this week, we can expect sideways to positive Action

movement in it.

BUY

Entry Price

Below 10820

Target

10950/ 11000

Stop Loss

10715

TECHNICAL INDICATOR ANALYSIS

For this week, traders can adopt buy on lower level strategy in it and above the level of 26830, it can test the level of Rs. 27000/ 27100 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26695

INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE Continued …....

25/06/2018

Bank Nifty Analysis Last week BANKNIFTY Jun Futures started the week on negative note and made a low of 26205, but till the end of the week, all of its earlier losses were erased and it closed at 26788.50 with the overall gain of 1.43% on weekly basis. Technically itâ&#x20AC;&#x2122;s consolidating below the major resistance level of 27000 with the positive technical indicators from last 1 month. On options front also, maximum calls open interest laying at 27000 as the major

WEEKLY STRATEGY PARTICULAR Action

DETAILS SELL

Entry Price

BELOW 26830

Target

27000/ 27100

resistance level and maximum put open interest laying at 26000 as the major support level. Stop Loss

26695

WEEKLY PIVOTS

PARTICULAR

LEVEL

28482.85

27857.85

27232.85

27010.70

26607.85

26385.70

25982.85

25357.85

24732.85 25/06/2018

RAMKY CASH ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week RAMKY NSE Cash started the week on negative note and continued the same for the entire week. It made a low of 161.00 during the week and closed at 166.90 with the overall loss of 7.53% on weekly basis. Technically its consolidation near to the breakout of major downward trend line with the positive indicators and for this week, we can expect short covering in it from the lower levels.

PARTICULAR ACTION ENTRY PRICE

DETAILS BUY Above 188.00

TARGET

198.00

STOP LOSS

183.00

WEEKLY PIVOTS PARTICULAR

LEVEL

230.15

210.00

189.85

178.40

169.70

158.25

149.55

For this week, traders can adopt buy on lower level strategy in it and above the level of 188, it can test the level

129.40

of Rs. 198 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 183.

109.25

25/06/2018

GLENMARK CASH ( Call of the Week ) Technical Outlook Last week GLEANMARK NSE Cash started the week on negative note and after that it witnessed choppy movement for the most part of the week. It made a low of 575.50 during the week and closed at 599.85 with the overall gain of 2.23% on weekly basis. Currently it’s recovering from the lower levels & had given recovery of more than 21% in last 5 trading session. Technically it’s trading above the downward trend line breakout coupled with the RSI trading near to 60 and for this week, we can expect further upside movement in it.

WEEKLY STRATEGY PARTICULAR ACTION ENTRY PRICE

DETAILS BUY Above 614.00

TARGET

632.00

STOP LOSS

599.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 614, it can test the level of Rs. 632 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 599. 13

PARTICULAR

LEVEL

689.45

657.70

625.95

612.90

594.20

581.15

562.45

530.70

498.95 25/06/2018

MIND TREE FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week MINDTREE Jun Futures started the week on negative note and after that it witnessed sideways movement for the entire week. It made a low of 975.85 during the week and closed at 986.65 with the overall loss of 1.26% on weekly basis. Technically it’s forming Double Top pattern on the charts and consolidating near to the major upward trend line breakout. For this week, if it sustains below the trend line breakout, then we

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL Below 963.00

TARGET

943.00

STOP LOSS

970.00

can expect further downside movement in it.

WEEKLY PIVOTS PARTICULAR

LEVEL

1099.95

1063.80

1027.65

1007.15

991.5

971.00

955.35

For this week, traders can adopt sell on higher level strategy in it and below the level of 963, it can test the

919.20

level of Rs. 943 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 970.

883.05

25/06/2018

HAVELLS FUTURES ( Call of the Week ) Technical Outlook Last week HAVELLS Jun Futures started the week on negative note and made a low of 530.15 during the week. On the last day of the week, we saw good bounce back in it from the lower levels and it closed at 544.25 with

WEEKLY STRATEGY PERTICULAR ACTION

DETAILS BUY

the marginal loss of 2% on weekly basis. Technically HAVELLS is in consolidation phase from last 1 & ½ months and forming Bullish Engulfing pattern on the daily chart. For this week, we can expect upside movement in it above the level of 548.00.

ENTRY PRICE

Above 548.00

TARGET

558.00

STOP LOSS

541.00

WEEKLY PIVOTS PARTICULAR

LEVEL

645.35

612.20

579.05

561.65

545.90

528.50

For this week, traders can adopt buy on lower level strategy in it and above the level of 548, it can test the

512.75

level of Rs. 558 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 541.

479.60

446.45

25/06/2018

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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