Equity Research Report 31 July 2018 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 Nifty

11278.35

268.15

Nifty 100

11542.35

Nifty 200

WEEKLY % CHANGE

CURRENCY PAIR

CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

2.44%

USDINR

68.9300

69.1725

-0.35%

326.55

2.91%

GBPINR

90.4075

90.3350

0.08%

5986.85

176.75

3.04%

EURINR

80.3435

80.7725

-0.53%

Nifty 500

9579.05

292.95

3.15%

JPYINR

61.3275

0.00%

Nifty VIX

12.31

-1.23

-9.05%

EURUSD

1.1681

1.1720

-0.33%

Nifty Bank

27634.4

761.20

2.83%

GBPUSD

1.3132

1.3104

0.21%

Nifty Auto

10874.80

122.10

1.14%

Dollar Index

94.47

94.25

0.23%

11691

420.45

3.73%

Nifty FMCG

30749.35

1468.35

5.01%

Nifty IT

14517.9

-183.50

-1.25%

Nifty Media

2827.80

14.05

0.50%

Nifty Metal

3297.7

205.50

6.65%

Nifty Pharma

9039.00

143.75

1.62%

Nifty PSU Banks

3093.7

291.35

Nifty PVT Bank

15548.25 267.85

Nifty Finance

Nifty Realty 2

CURRENCY MARKET UPDATE

CLOSING AS ON 27th JUL 18

WEEKLY CHANGES

COMMODITY MARKET UPDATE CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY % CHANGE

1222.20

1231.90

-0.79%

Gold MCX

27767

29920

-7.20%

Crude Oil NYMEX

69.02

68.13

1.31%

Crude Oil MCX

4717

4707

0.21%

10.40%

Brent Oil NYMEX

74.36

72.99

1.88%

352.35

2.32%

Copper MCX

425.90

420.35

1.32%

10.75

4.18%

Natural Gas NYMEX

2.785

2.763

0.80%

COMMODITY Gold COMEX

30/07/2018

Market at a Glance WEEKLY GAINERS SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK HIGH

UPL LTD

635.65

15.52%

902

ITC LTD

302.20

10.51%

307

ICICI BANK

293.30

10.26%

365.65

INDIABULLS HOUSING

1317.65

10.13%

1439.4

SBIN

286.60

9.83%

351.5

WEEKLY LOSERS

SCRIP

CLOSING PRICE

WEEKLY % CHANGE

52 WEEK LOW

BAJAJ AUTO

2678.05

-5.74%

2604

HERO MOTOCORP

3193.80

-5.32%

3037.1

YES BANK

369.90

-4.33%

285.1

HCL TECH

963.70

-3.26%

825.1

WIPRO

274.50

-3.02%

253.5 30/07/2018

Economic Calendar ECONOMIC EVENTS CALENDER TIME

CURRENY

19:30

USD

6:30 19:30

CNY USD

7:15 14:00 14:30 17:45 19:30 20:00 20:00 23:30 23:30

CNY GBP INR USD USD USD USD USD USD

14:00 16:30 16:30 17:00

GBP GBP GBP GBP

EVENT Monday, July 30, 2018 Pending Home Sales (MoM) (Jun) Tuesday, July 31, 2018 Manufacturing PMI (Jul) CB Consumer Confidence (Jul) Wednesday, August 1, 2018 Caixin Manufacturing PMI (Jul) Manufacturing PMI (Jul) Interest Rate Decision ADP Nonfarm Employment Change (Jul) ISM Manufacturing PMI (Jul) Crude Oil Inventories Crude Oil Inventories FOMC Statement Fed Interest Rate Decision Thursday, August 2, 2018 Construction PMI (Jul) BoE Inflation Report BoE Interest Rate Decision (Aug) BoE Gov Carney Speaks

FORECAST

0.10%

-0.50%

51.3 126

51.5 126.4

50.8 54.2 6.50% 185K 59.5 2.00%

51 54.4 6.25% 177K 60.2 -6.147M -6.147M 2.00%

52.9 0.75%

53.1 0.50%

54.7 190K 3.90% 58.7

55.1 213K 4.00% 59.1

Friday, August 3, 2018 14:00 18:00 18:00 19:30 4

GBP USD USD USD

30/07/2018

Weekly Pivots NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIPT NAME

ADANIPORTS

486.50

454.05

421.60

408.30

389.15

375.85

356.70

324.25

291.80

ASIANPAINT

1722.50

1628.50

1534.50

1484.40

1440.48

1390.35

1346.45

1252.45

1158.45

AXISBANK

630.05

601.45

572.85

562.10

544.25

533.50

515.65

487.05

458.45

BAJAJ-AUTO

3420.35

3183.75

2947.15

2816.10

2710.53

2579.45

2473.90

2237.30

2000.70

BAJAJFINSV

8292.35

7823.35

7354.35

7139.70

6885.35

6670.70

6416.35

5947.35

5478.35

BAJFINANCE

3150.20

3008.00

2865.80

2792.40

2723.60

2650.20

2581.40

2439.20

2297.00

BHARTIARTL

451.10

420.70

390.30

376.30

359.88

345.85

329.45

299.05

268.65

BPCL

443.10

426.65

410.20

403.40

393.72

386.90

377.25

360.80

344.35

CIPLA

715.55

687.10

658.65

646.90

630.17

618.40

601.70

573.25

544.80

COALINDIA

286.55

278.80

271.05

266.95

263.30

259.20

255.55

247.80

240.05

DRREDDY

2577.50

2419.00

2260.50

2171.50

2102.00

2013.00

1943.50

1785.00

1626.50

EICHERMOT

34841.00

32646.00

30451.00

29707.00

28256.00

27512.00

26061.00

23866.00

21671.00

GAIL

444.50

420.10

395.70

387.20

371.28

362.75

346.85

322.45

298.05

GRASIM

1333.70

1219.70

1105.70

1067.35

991.67

953.30

877.65

763.65

649.65

HCLTECH

1170.85

1104.95

1039.05

1001.25

973.13

935.30

907.20

841.30

775.40

HDFC

2289.40

2199.00

2108.60

2076.80

2018.17

1986.35

1927.75

1837.35

1746.95 Continued ....... 30/07/2018

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

HDFCBANK

2406.05

2332.15

2258.25

2230.65

2184.35

2156.75

2110.45

2036.55

1962.65

HEROMOTOCO

4267.00

3913.95

3560.90

3381.95

3207.85

3028.90

2854.80

2501.75

2148.70

HINDALCO

294.40

265.95

237.50

225.75

209.05

197.30

180.60

152.15

123.70

HINDPETRO

319.40

307.05

294.70

289.50

282.33

277.10

269.95

257.60

245.25

HINDUNILVR

1883.65

1812.20

1740.75

1700.35

1669.30

1628.90

1597.85

1526.40

1454.95

IBULHSGFIN

1789.40

1619.50

1449.60

1384.30

1279.70

1214.40

1109.80

939.90

770.00

ICICIBANK

373.65

343.85

314.05

303.15

284.25

273.35

254.45

224.65

194.85

INDUSINDBK

2215.00

2129.20

2043.40

2012.20

1957.60

1926.40

1871.80

1786.00

1700.20

INFRATEL

327.90

314.05

300.20

294.65

286.33

280.75

272.45

258.60

244.75

INFY

1539.75

1482.20

1424.65

1397.95

1367.08

1340.35

1309.50

1251.95

1194.40

IOC

188.85

180.25

171.65

168.50

163.05

159.90

154.45

145.85

137.25

ITC

385.30

355.30

325.30

313.45

295.30

283.45

265.30

235.30

205.30

KOTAKBANK

1490.30

1433.30

1376.30

1344.60

1319.30

1287.60

1262.30

1205.30

1148.30

1560.60

1475.90

1391.20

1350.75

1306.47

1266.00

1221.75

1137.05

1052.35

LUPIN

919.10

883.10

847.10

832.15

811.07

796.10

775.05

739.05

703.05

M&M

979.10

956.90

934.70

922.20

912.48

899.95

890.25

868.05

845.85 Continued .......

30/07/2018

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

11429.35

10790.35

10151.35

9734.70

9512.33

9095.65

8873.30

8234.30

7595.30

NTPC

184.00

174.25

164.50

159.60

154.72

149.80

144.95

135.20

125.45

ONGC

187.70

178.50

169.30

165.40

160.08

156.15

150.85

141.65

132.45

POWERGRID

211.85

201.25

190.65

185.90

180.05

175.30

169.45

158.85

148.25

RELIANCE

1222.80

1189.60

1156.40

1142.20

1123.20

1109.00

1090.00

1056.80

1023.60

SBIN

390.60

354.20

317.80

302.20

281.38

265.75

244.95

208.55

172.15

SUNPHARMA

609.90

592.90

575.90

566.25

558.87

549.20

541.85

524.85

507.85

TATAMOTORS

318.85

300.25

281.65

275.00

263.03

256.35

244.40

225.80

207.20

TATASTEEL

699.45

644.20

588.95

569.05

533.67

513.75

478.40

423.15

367.90

TCS

2190.45

2115.75

2041.05

1992.40

1966.35

1917.70

1891.65

1816.95

1742.25

TECHM

785.40

736.85

688.30

667.05

639.72

618.45

591.15

542.60

494.05

TITAN

1022.80

973.50

924.20

904.60

874.90

855.30

825.60

776.30

727.00

ULTRACEMCO

5130.90

4779.95

4429.00

4277.00

4078.02

3926.00

3727.05

3376.10

3025.15

UPL

924.40

822.85

721.30

678.40

619.75

576.85

518.20

416.65

315.10

VEDL

277.30

256.25

235.20

227.60

214.15

206.55

193.10

172.05

151.00

WIPRO

330.75

311.60

292.45

283.25

273.28

264.05

254.10

234.95

215.80

YESBANK

476.15

442.00

407.85

388.85

373.68

354.65

339.50

305.35

271.20

ZEEL

605.50

576.50

547.50

532.20

518.50

503.20

489.50

460.50

431.50

MARUTI

30/07/2018

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 %)

ADANIENT

26.31%

20.43%

ICICIPRULI

-46.62%

15.46%

EQUITAS

24.90%

3.13%

HINDZINC

-33.92%

2.96%

KAJARIACER

21.54%

3.52%

DALMIABHA

-33.41%

13.22%

MUTHOOTFIN

19.30%

5.35%

BALRAMCHIN

-32.86%

11.17%

PAGEIND

13.71%

2.41%

BATAINDIA

-32.28%

8.58%

SCRIP

SHORT BUILD-UP

LONG UNWINDING

CHANGE IN OI (In %)

PRICE CHANGE (In %)

CHOLAFIN

44.39%

-4.20%

TVSMOTOR

31.33%

HEROMOTOCO

CHANGE IN OI (In %)

PRICE CHANGE (In %)

MINDTREE

-17.83%

-3.91%

-6.50%

WIPRO

-14.60%

-3.19%

14.03%

-5.11%

TCS

-14.17%

-2.20%

JUBLFOOD

-13.34%

-4.58%

HEXAWARE

-12.50%

-7.55%

SCRIP

Analysis : As per the analysis of above

chart. Major Resistance Level: 11500 Major Support Levels: 11000

30/07/2018

Nifty Analysis Fundamental Outlook

NIFTY WEEKLY PIVOTS

In the week ended July 27 Indian market climbed to record high. Equity benchmarks ended July series de-

PARTICULAR

LEVEL

rivative expiry on a cheerful note as the Nifty closed at 11306.70 after making new record highs of

12122.15

11817.90

11513.65

11410.20

11209.40

11105.95

10905.15

10600.90

10296.65

11312.85. Equity markets discounted, news of likely negotiations in trade war helps sentiment. All the Global indices also out performed in the last week as most of the indices rallied more then 1.5% on weekly basis. Good earnings figures from most of the leading stocks of index also supported it to make its life time highs. ACC and Ambuja results provided respite to cement stocks , Metal stocks bounce back on easing trade tensions and better JSW Steel results. RBI likely to maintain status quo on rates, would monitor monsoon, fiscal discipline and oil prices before taking firm call on rates Technical Outlook Last Week was a splendid for our markets as Nifty finally manages to hit record highs after undergoing some consolidation for nearly 12 weeks. Nifty maintained its positive posture Throughout the week, and on Friday’s session Index started with a bang at new highs. Nifty after opening higher, it remained on upward path throughout the session, forming robust bullish candle on the daily candlestick chart as well as weekly char to eventually conclude the week with whopping gains of 2.44%. Bulls signed off the week in style on a strong note in uncharted territories

Continued ….... 9

30/07/2018

Nifty Analysis This upswing shall get expanded further towards 11,480-11,541 levels where indices shall encounter resistance

WEEKLY STRATEGY

on long term charts. On down side 11,210-11,185 will act as a immediate support while 11100 will be assumed as a major support for the Index. On option front, maximum Put open interest was seen at 11,000 strike while

PARTICULAR

maximum Call OI was at 11,500.

ACTION ENTRY PRICE

DETAILS BUY ABOVE 11315

TARGET

11465

STOP LOSS

11199

TECHNICAL INDICATOR ANALYSIS

For this week, traders can adopt buy on lower level strategy in it and above the level of 11315. It can test the level of Rs. 11465 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 11199.

INDICATOR

CURRENT TREND

20 Days EMA

POSITIVE

50 Days EMA

POSITIVE

200 Days EMA

POSITIVE

RSI

POSITIVE

MACD

POSITIVE

STOCHASTIC

POSITIVE Continued …....

30/07/2018

Bank Nifty Analysis The Nifty Bank index opened on positive note on Monday but seen some consolidation for next couple of trading sessions. It rallied higher on Thursday to end the July series derivative expiry session on a strong note up more than 1%. In Friday's session Bank Nifty finally surpassed its life time high of 27,652 and made a new life time high of 27,661 levels. It formed a strong Bullish Candle on daily as well as weekly basis. Going ahead, now index is in uncharted territories and if it manages to

WEEKLY STRATEGY PARTICULAR ACTION

DETAILS BUY

sustain above the levels of 27500 then it can extend its up move further till 27900-28000 levels while down side 27400-

ENTRY PRICE

ABOVE 27665

27200 will act as a immediate support for the index.

TARGET

27965

STOP LOSS

27465

WEEKLY PIVOTS PARTICULAR

LEVEL

27416.80

27396.25

27375.70

27070.85

27355.15

27050.30

For this week, traders can adopt buy on lower level strategy in it and above the level of 27665. It can test the

27334.60

level of Rs. 27965 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 27465.

27314.05

27293.50

30/07/2018

UPL ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is bullish for long term . For short-medium term stock is in bearish phase. Last week

PARTICULAR

stock started on positive note and traded with sideways movement throughout the week. Stock is taking re-

ACTION

covery from lower levels on daily chart . It can show good positive move in coming weeks if it manages to trade

ENTRY PRICE

above 645 levels. On intraday chart it has showed a good buying from lower levels.

DETAILS BUY ABOVE 647.30

TARGET

667.30

STOP LOSS

635.30

WEEKLY PIVOTS PARTICULAR

LEVEL

924.40

822.85

721.30

678.40

619.75

576.85

518.20

For this week, traders can adopt buy on lower level strategy in it and above the level of 647.30 it can test the

416.65

level of Rs. 667.30 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 635.30

315.10

30/07/2018

GODREJIND( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

Overall trend of the Stock is bullish for long term . For short-medium term stock is in some consolidation

PARTICULAR

DETAILS

phase . Last week stock started on positive note and traded with positive movement throughout the week . On

ACTION

daily chart it has gave breakout of its major resistance level of 635 and trading above this levels. It has also

ENTRY PRICE

gave breakout of its down word trend line. In intraday it showed a good positive move.

TARGET

669.00

STOP LOSS

637.00

BUY ABOVE 649

WEEKLY PIVOTS PARTICULAR

LEVEL

854.95

779.10

703.25

670.40

627.4

594.55

551.55

For this week, traders can adopt buy on lower level strategy in it and above the level of 649 it can test the

475.70

level of Rs. 669 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 637

399.85

30/07/2018

RELIANCE FUTUTRES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

RELIANCE August Futures is in overall bullish trend & from last 1 week, sustaining above the major psychological level of 1100. Last week; it started the movement on the negative note but till the end of the week, all its earlier losses were erased and it closed at 1136.20 with the overall gain of 0.5% on weekly basis. Technical it

PARTICULAR ACTION ENTRY PRICE

DETAILS SELL ABOVE 1150

witnessed almost 16.00% upside movement in last 3 weeks and we can expect further upside movement in it due to positive RSI and 200 Days SMA support.

TARGET

1180.00

STOP LOSS

1141.00

WEEKLY PIVOTS

For this week, traders can adopt buy on lower level strategy in it and above the level of 1150.00 it can test the level of Rs. 1180 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1141.00 14

PARTICULAR

LEVEL

1246.45

1207.15

1167.85

1152.05

1128.55

1112.75

1089.25

1049.95

1010.65 30/07/2018

IDEA FUTURES ( Call of the Week ) Technical Outlook

WEEKLY STRATEGY

LasT week, IDEA August Futures started the week on positive note and continued the same for the

PARTICULAR

entire week. It made a high of 61.30 during the week and closed at 56.70 with the overall gain of ACTION 10.74% on weekly basis. Technically its recovering from the lower levels with the positive RSI and for

DETAILS BUY

ENTRY PRICE

ABOVE 59.35

this week, we can expect upside movement in it. TARGET

62.35

STOP LOSS

58.20

WEEKLY PIVOTS PARTICULAR

LEVEL

89.25

78.20

67.15

61.95

56.1

50.90

For this week, traders can adopt buy on lower level strategy in it and above the level of 59.35 it can test the

45.05

level of Rs. 62.35 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 58.20

34.00

22.95

30/07/2018

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। |

Ways2Capital इकिटी / कमोनडटीज अनुसंधान ककसी भी और सभी उत्तरदानयत्वों को स्पष्ट रूप से अस्वीकार करता है जो इस संबंध में सूचना, त्रुरटयों या चूक से पैदा हो सकता है| इस दस्तावेज को ककसी भी प्रनतभूनत या वस्तु को खरीदने के नलए बेचने या एक आग्रह के नलए प्रस्ताव के रूप में नहीं माना 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. 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.

30/07/2018

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

30/07/2018