Equity research report 30 april 2018 ways2capital

Page 1

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

CURRENCY MARKET UPDATE

CLOSING AS ON 27th April 18

WEEKLY CHANGES

WEEKLY % CHANGE

10692.30

128.25

1.21%

Nifty 100

11095

128.15

Nifty 200

5832.70

Nifty 500 Nifty VIX

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

USDINR

66.8950

66.3575

0.81%

1.17%

GBPINR

92.2475

93.4350

-1.27%

66.75

1.16%

EURINR

81.0150

81.7975

-0.96%

9443.65

96.00

1.03%

JPYINR

61.2750

61.7450

-0.76%

12.02

-0.92

-7.11%

EURUSD

1.2117

1.2293

-1.43%

Nifty Bank

25394.6

450.75

1.81%

GBPUSD

1.3809

1.4045

-1.68%

Nifty Auto

11581.80

141.70

1.24%

Dollar Index

91.31

90.08

1.37%

Nifty Finance

10614.9

113.50

1.08%

Nifty FMCG

28433.50

322.55

1.15%

Nifty IT

13794.9

-115.45

-0.83%

Nifty Media

3356.00

-21.50

-0.64%

Nifty Metal

3763.85

-127.60

-3.28%

Nifty Pharma

8987.40

167.60

1.90%

Nifty PSU Banks

2814.9

15.80

Nifty PVT Bank

14560.05 317.25

INDEX Nifty

Nifty Realty 2

CURRENCY PAIR

COMMODITY MARKET UPDATE COMMODITY

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

Gold COMEX

1324.40

1336.70

-0.92%

Gold MCX

31211

31432

-0.70%

Crude Oil NYMEX

68.02

68.38

-0.53%

Crude Oil MCX

4547

4531

0.35%

0.56%

Brent Oil NYMEX

74.42

74.06

0.49%

396.65

2.80%

Copper MCX

454.00

464.15

-2.19%

7.05

2.27%

Natural Gas NYMEX

2.771

2.739

1.17%

Copyright © 2018 Ways2Capital. All rights reserved

30/04/2018


Market at a Glance WEEKLY GAINERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

YES BANK

348.45

12.97%

383.25

M&M

861.45

7.61%

867.50

RELIANCE

994.75

7.19%

1010.70

AXIS BANK

538.90

6.53%

627.50

ADANI PORTS

401.45

5.30%

451.55

SCRIP

WEEKLY LOSERS CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

HINDALCO

235.20

-10.23%

181.80

WIPRO

275.35

-7.71%

244.33

VEDANTA

294.20

-4.60%

217.95

671.25

-4.22%

357.60

1310.25

-3.27%

995.00

SCRIP

TECH MAHINDRA INDIABULLS HOUSING 3

Copyright © 2018 Ways2Capital. All rights reserved

30/04/2018


Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

EVENT

FORECAST

PREVIOUS

Monday, April 30, 2018

4

All Day 6:30

CNY CNY

China - Labour Day Manufacturing PMI (Apr)

19:30

USD

All Day All Day

Holiday 51.3

51.5

0.60%

3.10%

CNY INR

Pending Home Sales (MoM) (Mar) Tuesday, May 1, 2018 China - Labour Day India - Maharashtra Day

14:00

GBP

Manufacturing PMI (Apr)

55.00

55.10

19:30

USD

58.6

59.3

7:15

CNY

ISM Manufacturing PMI (Apr) Wednesday, May 2, 2018 Caixin Manufacturing PMI (Apr)

50.80

51.00

14:00

GBP

Construction PMI (Apr)

49.4

47

17:45

USD

ADP Nonfarm Employment Change (Apr)

200K

241K

20:00 23:30 23:30

USD USD USD

1.75%

2.170M 1.75%

14:00

GBP

Crude Oil Inventories FOMC Statement Fed Interest Rate Decision Thursday, May 3, 2018 Services PMI (Apr)

52.90

51.70

19:30

USD

ISM Non-Manufacturing PMI (Apr)

58.40

58.80

18:00

USD

Friday, May 4, 2018 Nonfarm Payrolls (Apr)

198K

103K

18:00

USD

Unemployment Rate (Apr)

4.00%

4.10%

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Holiday Holiday

30/04/2018


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

R4

R3

R2

R1

PP

ADANIPORTS

453.00

434.20

415.40

406.05

396.57

ASIANPAINT

1321.55

1272.00

1222.45

1196.25

AXISBANK

690.65

628.80

566.95

BAJAJ-AUTO

3227.80

3117.80

BAJAJFINSV

5976.85

BAJFINANCE

S1

S2

S3

S4

387.20

377.75

358.95

340.15

1172.88

1146.65

1123.30

1073.75

1024.20

528.95

505.08

467.05

443.20

381.35

319.50

3007.80

2945.60

2897.80

2835.60

2787.80

2677.80

2567.80

5779.30

5581.75

5468.40

5384.18

5270.80

5186.60

4989.05

4791.50

2094.60

2032.25

1969.90

1938.45

1907.52

1876.05

1845.15

1782.80

1720.45

BHARTIARTL

502.70

471.90

441.10

424.00

410.30

393.20

379.50

348.70

317.90

BPCL

442.20

423.45

404.70

395.85

385.92

377.05

367.15

348.40

329.65

CIPLA

659.80

639.00

618.20

608.55

597.37

587.70

576.55

555.75

534.95

COALINDIA

323.30

311.85

300.40

295.35

288.92

283.85

277.45

266.00

254.55

DRREDDY

2459.00

2343.10

2227.20

2158.50

2111.30

2042.60

1995.40

1879.50

1763.60

EICHERMOT

36244.80

34615.30

32985.80

32105.40

31356.30

30475.90

29726.80

28097.30

26467.80

GAIL

385.35

366.55

347.75

336.85

328.92

318.00

310.10

291.30

272.50

GRASIM

1218.20

1169.55

1120.90

1095.45

1072.22

1046.75

1023.55

974.90

926.25

HCLTECH

1264.05

1199.30

1134.55

1104.60

1069.80

1039.85

1005.05

940.30

875.55

HDFC

1949.70

1916.70

1883.70

1866.85

1850.67

1833.80

1817.65

1784.65

1751.65 Continued .......

5

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30/04/2018


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

R4

R3

R2

R1

PP

S1

S2

S3

S4

HDFCBANK

2038.90

2002.10

1965.30

1945.70

1928.47

1908.85

1891.65

1854.85

1818.05

HEROMOTOCO

4089.05

3971.15

3853.25

3811.65

3735.33

3693.70

3617.40

3499.50

3381.60

HINDALCO

261.10

252.20

243.30

238.65

234.37

229.70

225.45

216.55

207.65

HINDPETRO

363.90

342.45

321.00

309.00

299.52

287.50

278.05

256.60

235.15

HINDUNILVR

1636.20

1583.30

1530.40

1509.30

1477.48

1456.35

1424.55

1371.65

1318.75

IBULHSGFIN

1438.35

1399.65

1360.95

1339.45

1322.25

1300.75

1283.55

1244.85

1206.15

ICICIBANK

331.00

314.65

298.30

288.50

281.92

272.10

265.55

249.20

232.85

INDUSINDBK

2044.35

1988.35

1932.35

1908.70

1876.33

1852.65

1820.30

1764.30

1708.30

INFRATEL

407.60

379.15

350.70

334.00

322.25

305.55

293.80

265.35

236.90

INFY

1326.50

1275.30

1224.10

1200.60

1172.88

1149.35

1121.65

1070.45

1019.25

IOC

182.50

175.55

168.60

165.05

161.65

158.10

154.70

147.75

140.80

ITC

302.25

294.00

285.75

282.25

277.47

273.95

269.20

260.95

252.70

KOTAKBANK

1350.10

1293.75

1237.40

1211.45

1181.05

1155.10

1124.70

1068.35

1012.00

LT

1511.40

1458.50

1405.60

1375.30

1352.70

1322.40

1299.80

1246.90

1194.00

LUPIN

941.90

896.05

850.20

821.60

804.35

775.75

758.50

712.65

666.80

M&M

988.10

941.45

894.80

874.15

848.12

827.45

801.45

754.80

708.15 Continued .......

6

Copyright © 2018 Ways2Capital. All rights reserved

30/04/2018


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

R4

R3

R2

R1

PP

S1

S2

S3

S4

10216.60

9789.15

9361.70

9153.35

8934.22

8725.85

8506.75

8079.30

7651.85

NTPC

187.65

182.40

177.15

174.40

171.90

169.15

166.65

161.40

156.15

ONGC

197.45

191.70

185.95

183.10

180.20

177.35

174.45

168.70

162.95

POWERGRID

225.45

219.35

213.25

210.40

207.13

204.25

201.00

194.90

188.80

RELIANCE

1201.05

1125.05

1049.05

1011.10

973.05

935.10

897.05

821.05

745.05

SBIN

277.10

263.80

250.50

241.90

237.18

228.55

223.85

210.55

197.25

SUNPHARMA

563.15

547.95

532.75

523.90

517.53

508.65

502.30

487.10

471.90

TATAMOTORS

366.60

354.95

343.30

337.30

331.65

325.65

320.00

308.35

296.70

TATASTEEL

660.80

635.70

610.60

594.25

585.47

569.10

560.35

535.25

510.15

TCS

4128.00

3910.50

3693.00

3608.50

3475.48

3390.95

3257.95

3040.45

2822.95

TECHM

781.85

750.35

718.85

706.20

687.32

674.65

655.80

624.30

592.80

TITAN

1039.00

1015.25

991.50

981.20

967.72

957.40

943.95

920.20

896.45

ULTRACEMCO

4537.85

4389.60

4241.35

4159.45

4093.08

4011.15

3944.80

3796.55

3648.30

UPL

821.85

797.40

772.95

760.50

748.48

736.00

724.00

699.55

675.10

VEDL

329.10

316.90

304.70

297.35

292.47

285.10

280.25

268.05

255.85

WIPRO

348.30

326.65

305.00

292.65

283.32

270.95

261.65

240.00

218.35

YESBANK

512.05

457.05

402.05

380.10

347.05

325.10

292.05

237.05

182.05

ZEEL

673.35

643.95

614.55

597.90

585.12

568.45

555.70

526.30

496.90

MARUTI

7

Copyright © 2018 Ways2Capital. All rights reserved

30/04/2018


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 %)

SRTRANSFIN

25.98%

3.59%

BPCL

-28.07%

4.66%

CADILAHC

20.98%

5.38%

MUTHOOTFIN

-25.26%

3.64%

AXISBANK

15.71%

6.11%

ASHOKLEY

-24.73%

4.52%

EQUITAS

9.56%

3.52%

MFSL

-17.71%

6.12%

NIITTECH

9.46%

14.11%

ICICIPRULI

-16.53%

15.77%

SCRIP

SCRIP

LONG UNWINDING

SHORT BUILD-UP

CHANGE IN OI (In %)

PRICE CHANGE (In %)

CHANGE IN OI (In %)

PRICE CHANGE (In %)

PCJEWELLER

53.29%

-39.75%

NATIONALUM

-20.89%

-5.41%

APOLLOHOSP

21.46%

-5.34%

HCC

-18.68%

-5.54%

PETRONET

20.95%

-5.00%

VGUARD

-16.17%

-4.58%

MARUTI

15.69%

-2.96%

INDIGO

-14.24%

-6.56%

CONCOR

12.51%

-2.79%

RNAVAL

-13.59%

-36.33%

SCRIP

8

SCRIP

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

30/04/2018


Nifty Analysis NIFTY WEEKLY PIVOTS

Fundamental Outlook Last week was very encouraging for Indian benchmark index, as after reaching the strong resistance levels of 10600-

PARTICULAR

LEVEL

R4

11242.35

R3

11052.95

R2

10863.55

R1

10793.70

PP

10674.15

S1

10604.30

S2

10484.75

S3

10295.35

S4

10105.95

10650 there was a lot of uncertainty was seen in investors and trades about the clear direction. But Nifty Index showed a lot of positivity despite some week global cues and underperformance in some of the major international index. FII DII activity remains contrast to each other for whole week. Nifty P/E ratio was in the range of 26.57 to 26.24 for the past week. On the Economic front USD/INR continues its strong hand as Indian Rupee once again closed on negative note with respect to US Dollar. Some of the private sector bank heavyweights showed good numbers in their quarterly results. Crude oil price were remain on higher side. For this week on Macroeconomic front; important economic data like Federal Fiscal Deficit, Infrastructure Output, Nikkei Markit Manufacturing PMI will provide further direction to the market

Technical Outlook Nifty future started the last week on a sideways note but ended the Monday trading session with some volatility ahead of April series future & options expiry. Index did noting in remaining part of the week except Friday’s trading session where it opened on a gap up note and showed some good positive movement throughout the day which led index to close on positive note on weekly basis. 9

Copyright © 2018 Ways2Capital. All rights reserved

Continued ….... 30/04/2018


Nifty Analysis WEEKLY STRATEGY Nifty managed to crosses its major resistance levels of 10650 and tested 10700 levels in past week. Going ahead

PERTICULAR

DETAILS

if index manages to sustain above the levels of 10750 than it is heading towards 10800 & 10900 levels where the major resistance are placed while downside 10500 will act as a major support levels.

Action

Buy

Entry Price

Above 10750

Target

10900/ 11000

Stop Loss

10630

TECHNICAL INDICATOR ANALYSIS INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

For this week, traders can adopt buy on lower level strategy in it and above the level of 10750. It can test the RSI

POSITIVE

level of Rs. 10900 & 11000 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. MACD

POSITIVE

10630.

POSITIVE

STOCHASTIC

Continued ….... 10

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30/04/2018


Bank Nifty Analysis Bank Nifty May Futures continued its correction phase in the 1st half of the last and index observed a fall of more than 350 points from its high. However it managed to recover from its lower level in 2nd half of the week

WEEKLY STRATEGY PERTICULAR

and closed on positive note. Going ahead, index has formed Cup & Handle price pattern on daily chart and if it Action manages to cross its major resistance levels of 25450 than we can expect good upside movement in it.

DETAILS Buy

Entry Price

Above 25450

Target

25700/ 25800

Stop Loss

25290

WEEKLY PIVOTS

For this week, if it breaks the level of 25450, then it can test the level of 25700/ 25800 during the week on the upside. One can make buy position in it by maintaining a SL 25290.

11

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PARTICULAR

LEVEL

R4

26647.65

R3

26204.90

R2

25762.15

R1

25603.70

PP

25319.40

S1

25160.95

S2

24876.65

S3

24433.90

S4

23991.15 30/04/2018


ADVENZYMES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week, ADVENZYMES started the week on positive note and continued the same for the entire week. It made a high of 261.00 during the week and closed at 254.60 with the overall gain of 13.50% on weekly basis.

PERTICULAR

DETAILS

Although it’s in overall bearish trend but for short term, we can expect good upside movement in it because of

Action

BUY

the formation of technical reversal pattern on lower levels. Stock is also trading above its 21, 50 & 100 days

Entry Price

moving averages

Target

272.00

Stop Loss

257.00

Above 262.00

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

353.80

R3

318.20

R2

282.60

R1

268.60

PP

247.00

S1

233.00

S2

211.40

For this week, if it breaks the level of 262.00, then it can test the level of 272.00 during the week. One can

S3

175.80

make buy position in it by maintaining a SL 257.00

S4

140.20

12

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30/04/2018


. IPCALAB

( Call of the Week )

Technical Outlook IPCALAB is in overall bullish trend and from last couple of weeks, consolidating on higher levels. Last week, it started the week on positive note and traded with bullish sentiments throughout the week. Stock is trading

WEEKLY STRATEGY PERTICULAR

DETAILS

near its major resistance levels of 740 with the good consolidation and also trading above its 21, 50 & 100 days

Action

BUY

moving averages. On daily chart, stock is forming triangle pattern and for this week, we can expect upside

Entry Price

movement in it.

Target

784.00

Stop Loss

722.00

Above 742.00

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

875.30

R3

824.30

R2

773.30

R1

754.60

PP

722.30

S1

703.60

S2

671.30

For this week, if it breaks the level of 742.00, then it can test the level of 784.00 during the week. One can

S3

620.30

make buy position in it by maintaining a SL 722.00

S4

569.30

13

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30/04/2018


ICICI BANK FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week, ICICIBANK started the week on negative note but till the end of the week, all of its earlier losses

PERTICULAR

were erased and it closed in positive on weekly basis. Although ICICIBANK is in overall bearish trend but for

Action

short term, we can expect good upside movement in it because of the formation of technical reversal candle

Entry Price

pattern on lower levels coupled with the trend line breakout.

DETAILS BUY Above 290.00

Target

297.00

Stop Loss

286.00

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

334.85

R3

318.35

R2

301.85

R1

295.10

PP

285.35

S1

278.60

For this week, traders can adopt buy on lower level strategy in it and above the level of 290.00 it can test the

S2

268.85

level of Rs.297.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 257.00

S3

252.35

S4

235.85

14

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30/04/2018


MOTHERSUMI FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Last week, MOTHERSUMI started the week on positive note and traded with the positive bias for the entire week. It made a high of 360.45 during the week and closed at 352.00 with the overall gain of 1% on weekly basis. Technically, it’s consolidating on higher levels with the positive RSI and also trading above its 21, 50 & 100 days moving averages. For this week, we can expect positive movement in it.

PERTICULAR Action

DETAILS BUY

Entry Price

Above 358.00

Target

368.00

Stop Loss

353.00

WEEKLY PIVOTS PARTICULAR

LEVEL

R4

381.55

R3

372.70

R2

363.85

R1

359.95

PP

355

S1

351.10

S2

346.15

For this week, traders can adopt buy on lower level strategy in it and above the level of 358.00 it can test the

S3

337.30

level of Rs.368.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 353.00

S4

328.45

15

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30/04/2018


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

30/04/2018


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 re- port herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. 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 दशा​ाता 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

17

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

Copyright © 2018 Ways2Capital. All rights reserved

30/04/2018


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