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HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
Market Wrap-Up
Market Wrap-Up
 

MCX Market Wrap-Up

   

Commodity

Contract

 

Previous

Open

High

Low

Close

% Change in Price

% Change in Open Inter- est

%

Change

Close

in Volume

Aluminium

31-Jul-18

148.60

148.55

152.00

146.45

148.55

-0.03%

25.80%

71.18%

Copper

31-Aug-18

 

454.20

456.00

456.60

445.45

446.10

-1.78%

-14.46%

55.65%

Crude Oil

19-Jul-18

4672

4656

5109

4627

5086

8.86%

22.56%

-36.81%

Gold

03-Aug-18

 

30610

30655

30738

30356

30432

-0.58%

17.87%

32.93%

Lead

31-Jul-18

163.90

163.90

168.00

163.00

167.20

2.01%

28.94%

27.96%

Natural Gas

26-Jul-18

 

199.90

199.90

209.00

197.20

200.80

0.45%

-16.09%

-16.13%

Nickel

31-Jul-18

1038.80

1033.10

1036.00

988.50

1022.50

-1.57%

-28.83%

2.43%

Silver

05-Sep-18

 

40432

40420

40541

39687

39921

-1.26%

-9.24%

135.76%

Zinc

31-Jul-18

202.35

200.95

204.90

194.85

200.50

-0.91%

-0.64%

12.51%

 

NCDEX Market Wrap-Up

 

Commodity

Contract

 

Previous

Open

High

Low

Close

% Change

% Change in Open Interest

%

Change

Close

in Price

in Volume

Castor Seed

20-Jul-18

4141

4125

4220

4065

4193

1.26%

15.20%

131.33%

Chana

20-Jul-18

3482

3471

3498

3380

3470

-0.34%

7.44%

57.71%

Dhaniya

20-Jul-18

4588

4581

4713

4432

4681

2.03%

7.41%

191.55%

COCUDAKL

20-Jul-18

1472.50

1473.00

1559.00

1441.00

1538.50

4.48%

-2.28%

83.65%

Guargum5

20-Jul-18

7500

7484

8285

7359

8171

8.95%

-1.70%

278.19%

Guarseed10

20-Jul-18

3618.00

3610.00

3932.00

3552.00

3855.00

6.55%

-40.67%

278.95%

Jeera

20-Jul-18

16915

17115

18615

16865

18500

9.37%

22.12%

84.50%

RMseed

20-Jul-18

3963

3955

4005

3892

3981

0.45%

-2.51%

48.27%

Ref Soya Oil

20-Jul-18

748.30

748.00

755.00

742.25

751.00

0.36%

7.77%

41.83%

Soyabean

20-Jul-18

3431

3424

3575

3386

3566

3.93%

-4.60%

77.01%

Turmeric

20-Jul-18

7330

7354

7464

7232

7362

0.44%

9.03%

141.25%

Mentha Oil

20-Jun-18

1147.90

1157.00

1221.20

1142.00

1219.90

6.27%

5.30%

-11.34%

 

Currency Market Wrap-Up

 

Currency Pair

Contract

 

Previous

Open

High

Low

Close

Change in

 

Close

 

Price (in%)

USDINR

27-Jul-18

 

68.0900

68.2375

69.3350

68.2100

68.7250

0.93%

GBPINR

27-Jul-18

 

90.5625

90.6000

90.4325

91.1200

90.4325

 

-0.14%

JPYINR

27-Jul-18

 

61.9250

62.2875

62.9700

61.7775

62.2225

0.48%

EURINR

27-Jul-18

 

79.4250

79.3900

80.4375

79.3500

80.2175

 

1.00%

 

Continued…….

Market Wrap-Up International Market Wrap-up Previous Commodity Exchange Open High Low Close % Change in
Market Wrap-Up
International Market Wrap-up
Previous
Commodity
Exchange
Open
High
Low
Close
% Change in Price
Close
Aluminium
LME
2179.00
2180.25
2202.75
2130.25
2131.75
-2.17%
Copper
COMEX
3.033
3.018
3.018
2.930
2.951
-2.70%
Crude Oil
NYMEX
68.58
68.75
74.46
67.72
74.15
8.12%
Gold
COMEX
1267.40
1270.60
1271.20
1244.80
1251.30
-1.27%
Lead
LME
2392.50
2393.25
2395.75
2392.75
2394.75
0.09%
Natural Gas
NYMEX
2.945
2.926
3.021
2.897
2.924
-0.71%
Nickel
LME
15370.00
15375.00
15412.50
14517.50
14950.00
-2.73%
Silver
COMEX
16.439
16.310
16.310
15.880
16.104
-2.04%
Zinc
LME
2934.75
2936.75
2940.50
2816.00
2856.75
-2.66%
Inventory Updates LME Inventory Commodity Closing AS (As on 29th June 18 2018) In tones
Inventory Updates
LME Inventory
Commodity
Closing AS (As on 29th June 18
2018) In tones
Closing (As on 22th June
2018) in tones
% Change in Price
Copper
298250
307675
-3.06%
Nickel
272754
275544
-1.01%
Lead
131700
132500
-0.60%
Zinc
249325
247450
0.76%
Aluminium
1112025
1131100
-1.69%
Continued…….
Inventory Updates
Inventory Updates
Market Next Week
Market Next Week
 

Upcoming Economic Events Calender

 

Time

Currency

Event

Forecast

Previous

7:15

CNY

Monday, July 2, 2018 Caixin Manufacturing PMI (Jun)

51.1

51.1

11:00

GBP

 

-

47.70%

11:00

USD

 

-

64.10%

19:15

USD

 

54.6

54.6

19:30

USD

 

56.8

56.3

19:30

USD

 

58.2

58.7

 

Tuesday, July 3, 2018

 

-

14:00

GBP

 

52.6

52.5

19:30

USD

 

-

-0.30%

19:30

USD

 

-

-0.60%

19:30

USD

Factory Orders (MoM) (May) Wednesday, July 4, 2018

0.10%

-0.80%

2:00

USD

 

-

-9.228M

7:15

CNY

 

52.7

52.9

14:00

GBP

 

53.9

54

 

Thursday, July 5, 2018

 

17:45

USD

 

190K

178K

18:00

USD

 

231K

227K

19:15

USD

 

56

56

19:15

USD

 

56.5

56.5

19:30

USD

 

-

54.1

19:30

USD

 

58.3

58.6

20:30

USD

 

-8.239M

-9.891M

20:30

USD

 

-

-2.713M

23:30

USD

 

-

 

Friday, July 6, 2018

 

18:00

USD

 

2.80%

2.70%

18:00

USD

 

0.30%

0.30%

18:00

USD

 

-

211.25B

18:00

USD

 

-

257.44B

18:00

USD

 

200K

223K

18:00

USD

 

-

62.70%

18:00

USD

 

187K

218K

18:00

USD

 

-44.00B

-46.20B

18:00

USD

 

3.80%

3.80%

 

Currency Weekly Pivots

 

Currency Pair

Contract

R3

R2

R1

PP

S1

S2

S3

USDINR

27-Jul-18

71.0500

69.9000

69.3500

68.7567

68.1500

67.6000

66.5000

GBPINR

27-Jul-18

89.3000

90.0000

90.2500

90.6617

90.8500

91.3000

92.0000

JPYINR

27-Jul-18

64.7500

63.5500

62.9000

62.3233

61.6500

61.1000

59.9000

EURINR

27-May-18

82.2000

81.1000

80.7000

80.0017

79.5500

78.9000

77.8000

 

Continued…….

Market Next Week
Market Next Week
 

MCX Weekly Pivots

 

Commodity

Contract

R3

R2

R1

PP

S1

S2

S3

Aluminium

31-Jul-18

160.10

154.55

151.55

149.00

146.00

143.45

137.90

Copper

31-Aug-18

471.70

460.55

453.35

449.40

442.20

438.25

427.10

Crude Oil

19-Jul-18

5905

5423

5254

4941

4772

4459

3977

Gold

03-Aug-18

31631

31211

30955

30791

30535

30371

29951

Lead

31-Jul-18

176.05

171.05

169.10

166.05

164.10

161.05

156.05

Natural Gas

26-Jul-18

225.95

214.15

207.50

202.35

195.70

190.55

178.75

Nickel

31-Jul-18

1110.65

1063.15

1042.80

1015.65

995.30

968.15

920.65

Silver

05-Sep-18

41758

40904

40412

40050

39558

39196

38342

Zinc

31-Jul-18

220.20

210.15

205.35

200.10

195.30

190.05

180.00

 

NCDEX Weekly Pivots

 

Commodity

Contract

R3

R2

R1

PP

S1

S2

S3

Castor Seed

20-Jul-18

4469

4314

4254

4159

4099

4004

3849

Chana

20-Jul-18

3685

3567

3519

3449

3401

3331

3213

Dhaniya

20-Jul-18

5171

4890

4785

4609

4504

4328

4047

COCUDAKL

20-Jul-18

1748.85

1630.85

1584.70

1512.85

1466.70

1394.85

1276.85

Guargum5

20-Jul-18

9790

8864

8518

7938

7592

7012

6086

Guarseed10

20-Jul-18

4540

4160

4007

3780

3627

3400

3020

Jeera

20-Jul-18

21490

19740

19121

17990

17371

16240

14490

RMseed

20-Jul-18

4185

4072

4027

3959

3914

3846

3733

Ref Soya Oil

20-Jul-18

774.90

762.15

756.55

749.40

743.80

736.65

723.90

Soyabean

20-Jul-18

3887

3698

3632

3509

3443

3320

3131

Turmeric

20-Jul-18

7817

7585

7473

7353

7241

7121

6889

Mentha Oil

31-Jul-18

 

1352.40

1273.20

1246.10

1194.00

1166.90

1114.80

1035.60

MCX Fundamentals
MCX Fundamentals

BULLION

MCX Fundamentals BULLION Battling between the bullish and bearish macros, gold prices failed to win hearts

Battling between the bullish and bearish macros, gold prices failed to win hearts of investors offering a negative return of around 5 percent for 2018.A bearish chart pattern - Death Cross has materialised in gold, indicating that the precious metal is likely to extend a recent downtrend that has dragged it to its lowest level in 2018.A Death Cross is a technical pattern which is formed when a 50-period moving aver- age crosses below the 200-period moving average. The pattern which was last seen in commodities in November 2016 and resulted in a decline of more than $50 in metal prices.

BASE METALS

in a decline of more than $50 in metal prices. BASE METALS There is ample liquidity

There is ample liquidity for an active fixed-price spot market and participants in the regional scrap and long steel segments are actively looking at cfr Vietnam prices to assess the latest movements. Its importance has grown to match that of the benchmark Metal Bulletin cfr Taiwan import price assessment, especially with im- port volumes continuing to grow quickly.Therefore, Metal Bulletin intends to pro- vide a regular assessment of cfr Vietnam ferrous scrap prices in the spot market.

ENERGY

cfr Vietnam ferrous scrap prices in the spot market. ENERGY Asian Brent crude oil which was

Asian Brent crude oil which was trading at a premium against WTI on concerns over OPEC supply has now reversed the trend after OPEC decision to hike output. The premium of ICE Brent crude over NYMEX WTI was around $11, the highest in more than 3 years, early this month before falling to $5.The Energy Information Administration released its report on US natural gas inventories, showing a buildup of 66 billion cubic feet in the week ending June 22 adding to the 91B buildup in the previous reading, while analysts expected a 73B increase.

NCDEX Fundamentals
NCDEX Fundamentals

SPICES

NCDEX Fundamentals SPICES Jeera kept trading firm last week on rising export and domestic demand, in

Jeera kept trading firm last week on rising export and domestic demand, in addition to the falling arrivals. Low stocks in International markets and shifting export de- mand towards India aided by a firm Dollar vs Rupee, are also acting as key bullish factors. Markets talks suggest that a significant drop in sowing in regions across Erode due to a drought like situation last year. As per trader estimates, production is expected to fall by 1-3 lakh bags from the normal 15-20 lakh bags seen on an aver- age. This lower production will be to some extent compensated by a higher produc- tion expectation from AP and Maharashtra.

OILSEEDS

Moderate recovery was noted for Mentha oil as rains in growing regions of UP

are apprehended to adversely affect the harvesting processleading to some

more firmness in prices. Daily demand remains strong enough to absorb the sup-

plies. This too could support prices.Soya oil traded slight firm last week. On going

trade restrictions between China and USA had been putting pressure over the

soya oil market of late but with China removing import duty on soymeal from

India it will be seen as a supportive factor for soy oil to some extent

be seen as a supportive factor for soy oil to some extent GUAR COMPLEX Moderate firm

GUAR COMPLEX

a supportive factor for soy oil to some extent GUAR COMPLEX Moderate firm trend was noted

Moderate firm trend was noted for Guar on rising crude oil prices and firm- ness in Dollar vs Rupee, that may aid the export demand. The bearish impact of favourable Monsoon reports amidst lack of strong demand seem to be gradually getting over. As Monsoon nears the growing areas of Rajasthan, there are expectations that further fall from these levels may be limited as they would not be sustainable for trading purpose in the mandis.

OTHERS

RM seed faced immediate strong Resistance at the 4000 mark amid news of rains in areas in Rajasthan. Overall, positive tone in edible oils and soybean continued supporting prices at lower levels. In forthcoming sessions, steady demand for mustard oil, lowering arrivals and drop in the crop acreage shall be influential in keeping the upward trend intact

Sideways trend was noted for Cotton/Kapas last week as monsoon neared grow- ing regions of Gujarat. Adverse trade related issues between US and China kept apprehensions of lower demand for Cotton from US by China. However, firm Indian fundamentals are likely to support prices in coming sessions as demand may shift to India.

prices in coming sessions as demand may shift to India. 9 Copyright © 2018 Ways2Capital. All
Calls of the Week (MCX)
Calls of the Week (MCX)

CRUDEOIL

WTI and MCX oil prices rose more than 8 percent last week citing several supply concerns. Falling production in Vene- zuela and Libya, along with the risk of lower output from Iran as a result of U.S. sanctions, have all increased market worries of a supply shortage. This week we can expect further uptrend rally in Crude oil prices. For this week, if it breaks the level of if it breaks the level of 5110 on the upside then it can test the level of 5250 during the week. One can make buy position in it by maintaining a SL 5040

One can make buy position in it by maintaining a SL 5040 ZINC WEEKLY STRATEGY PERTICULAR

ZINC

WEEKLY STRATEGY

PERTICULAR

DETAILS

Action

Buy

Entry Range

ABOVE 5110

Target

5250

SL

5040

Zinc prices on Friday traded negative and went lower by 0.82% at MCX futures market on Friday. Whereas LME prices closed down by 1.65% on Friday. At LME, stocks decreased by 0.01% and the inventories withdrawals in form of can- celled warrants went down by 0.09% as per the closing of LME trading session on Friday. Market is trading at its impor- tant support level of 200 and we are expecting that market can bounce back from here. For this week, if it breaks the level of if it breaks the level of 199 on the upside then it can test the level of 203.50 and then 205 during the week.

can test the level of 203.50 and then 205 during the week. WEEKLY STRATEGY PERTICULAR DETAILS

WEEKLY STRATEGY

PERTICULAR

DETAILS

Action

BUY

Entry Range

ABOVE 199

Target

203.50

SL

197.90

Calls of the Week (NCDEX)
Calls of the Week (NCDEX)

DHANIYA

During its last trade on Friday, dhaniya futures traded in range bound levels with negative bias. Prices traded higher hitting five week high of Rs.4713/quintal tracking good buying activities at the spot market. Further, as monsoon has arrived in the growing regions, fears of quality damage to stored and dried stocks if heavy rainfall occurs kept the sen- timents higher. Dhaniya futures are expected to trade in positive note for the next week. Lower levels buying from stockiest are likely to support dhaniya futures prices.

from stockiest are likely to support dhaniya futures prices. GUARGUMS WEEKLY STRATEGY PERTICULAR DETAILS

GUARGUMS

WEEKLY STRATEGY

PERTICULAR

DETAILS

Action

BUY

Entry Range

ABOVE 4810

Target

4940

SL

4750

Moderate firm trend was noted for Guar on rising crude oil prices and firmness in Dollar vs Rupee, that may aid the export demand. The bearish impact of favorable Monsoon reports amidst lack of strong demand seem to be gradually getting over. It made high of 8285 during the week and closed at 8171 with marginal gain of 9% on the weekly basis. Technically it consolidating above the resistance level of 8000 with the positive RSI and for this week, we can expect further upside movement in it.

for this week, we can expect further upside movement in it. WEEKLY STRATEGY PERTICULAR DETAILS Action

WEEKLY STRATEGY

PERTICULAR

DETAILS

Action

BUY

Entry Range

ABOVE 8400

Target

8650

SL

8280

Calls of the Week (FOREX)
Calls of the Week (FOREX)

EURINR

Last week EURINR Jul Futures started the week on positive note and continued the same for the entire week. It made a

high of 80.4375 during the week and closed at on 80.2175 with the overall gain of 1.63% on weekly basis. Technically it consolidating above the major support level of 80.0000 with the positive RSI and volume and for this week, we can ex- pect further upside movement in it. On For this week, if it breaks the level of if it breaks the level of 80.3800 on the upside then it can test the level of 80.9800 during the week. One can make buy position in it by maintaining a SL

79.9925

One can make buy position in it by maintaining a SL 79.9925 USDINR WEEKLY STRATEGY PERTICULAR

USDINR

WEEKLY STRATEGY

PERTICULAR

DETAILS

Action

BUY

Entry Range

ABOVE 80.3800

Target

80.9800

SL

79.9925

Last week USDINR Jul Futures started the week on positive note and continued the same till Thursday and made a high of 69.3350. On the last day of the week, we saw profit booking in it from the higher levels and it closed at 68.7250 with the overall gain of 0.93% on weekly basis. Technically it consolidating on the higher levels of the charts with the posi- tive RSI and volume, and for this week, we can expect further upside movement in it.

for this week, we can expect further upside movement in it. WEEKLY STRATEGY PERTICULAR DETAILS Action

WEEKLY STRATEGY

PERTICULAR

DETAILS

Action

Buy

Entry Range

ABOVE69.0000

Target

69.5000

SL

68.6950

Disclaimer
Disclaimer

LEGAL DISCLAIMER (काननू ी 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.

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संफंध भेंसूचना, त्रुटटमों मा चूक सेऩैदा हो सकता है| इस दस्तावेज को ककसी बी प्रनतबूनत मा वस्तुको खयीदनेके लरए फेचनेमा एक आग्रह के लरए प्रस्ताव के रूऩ भेंनहीं 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 ac- cept any liability for errors of opinion. People surfing through the website have right to opt the product services of their own choices.

उऩयोवत सबी सचू ना, स्तय औय सझु ाव, Ways2Capital के ववशषे ऻ के ऩनै र द्वाया ककए गए तकनीकी औय भौलरक अनसु धं ान के आधाय ऩय दी गई ह,ैं रकेकन हभ टदए गए सझु ावों की त्रटुटमों के लरए कोई दानमत्व स्वीकाय

नहीं कयतेहैं| वफेसाइट के भाध्मभ सेसकपिंग कयनेवारेरोगों को अऩनी ऩसदं के उत्ऩाद सवेाओंको चनुनेका अधधकाय ह|

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 देते

है| वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीक नत।

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 लरलभटेड मा उसके सहमोगी कंऩननमां अनुसंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैंऔय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के

जायीकताा के साथ जुडी हैं, जो मह सुननक्श्चत कयता हैकक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है| ननमाभक ननकाम के अनुऩारन को सनुनक्श्चत कयनेके लरए हभनेमह तम ककमा हैकक कंऩनी

औय उसके कोई बी प्रनतननधध फाज़ाय भेंट्रेड नहीं कयेंगे।

Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. C lients 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.

ग्राहकों को मह सराह दी जाती है कक वे रयऩोटा भें दी गई जानकायी को केवर याम के रूऩ भें देखें 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 | कं ऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकं ऩनी 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 direc tly or indirectly related to the specific recommendations or views contained in this research report.

रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी हैजो द्वाया हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड द्वाया ननमुवत हैं| इस रयऩोटा भें व्मवत सबी ववचाय कंऩनी के फाये भेंव्मक्वतगत 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 संघषाके भाभरेभेंप्रकटीकयण ):

(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 लरलभटेड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कं ऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत की

प्रक नत है|

(b) 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,

()

स्वालभत्व नहीं हैं|

(c) 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 लरलभटेड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कंऩनी की प्रनतबनूतमों भें एक प्रनतशत मा उससे अधधक के वास्तववक / पामदेभंद

हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोधगमों को अनुसंधान रयऩोटा के प्रकाशन के सभम मा सावजा ननक रूऩ से उऩक्स्थत होने के सभम कोई अन्म बौनतक संघषा नहीं है|

DISCLOSURE IN TERMS OF COMPENSATION ( ऺनतऩनूता के

संदबा भें प्रकटीकयण):

High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts fro m 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 लरलभटेड की ऩॉलरसी अऩनेववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भेंककसी बी कंऩनी की प्रनतबूनतमों के स्वाभी सेववश्रेषकों को रयऩोटा कयनेसेयोकती है।

ववश्रेषक ऺनतऩूनता: ववश्रेषक हाई ब्रो भाकेट अनसुंधान ननवेश सराहकाय प्राइवेट लरलभटेड के वेतन आधारयत स्थामी कभचा ायी है|

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE (सावाजननक प्रकटन के भाभरेभेंप्रकटीकयण ) :

(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months;

() हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगीमों ने वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा है |

(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report.

()

(c )

(स)

अनुसंधान रयऩोटा के ववतयण की नतधथ से ऩूवा फायह भहीनों के दौयान ववषम कंऩनी अफ मा कबी बी ग्राहक नहीं यही है।

High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company;

हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगीमों ने

ववषम कंऩनी के अधधकायी, ननदेशक मा कभचा ायी के रूऩ भें कबी बी काभ