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 Market Wrap–Up

MAJOR INDICES CURRENCY MARKET UPDATE

CLOSING AS ON WEEKLY CURRENT PREVIOUS WEEKLY
INDEX WEEKLY CHANGES CURRENCY PAIR
19th SEPT 18 % CHANGE CLOSING CLOSING % CHANGE
Nifty 10303.55 -168.75 -1.61% USDINR 73.3900 73.7000 -0.42%
Nifty 100 10504.05 -164.75 -1.54% GBPINR 95.6900 97.4475 -1.80%
Nifty 200 5426.55 -86.75 -1.57% EURINR 84.2325 85.2525 -1.20%
Nifty 500 8640.65 -134.50 -1.53% JPYINR 65.3250 65.7300 -0.62%
India VIX 19.79 1.00 5.32% EURUSD 1.1549 1.1564 -0.13%
Nifty Bank 25085.80 -191.15 -0.76% GBPUSD 1.3134 1.3191 -0.43%
Nifty Auto 8690.25 -301.90 -3.36% Dollar Index 95.38 94.91 0.50%
Nifty Finance 10284.25 -231.50 -2.20% COMMODITY MARKET UPDATE
Nifty FMCG 28845.25 684.15 2.43% CURRENT PREVIOUS WEEKLY
COMMODITY
CLOSING CLOSING % CHANGE
Nifty IT 14476.85 -245.25 -1.67%
Gold COMEX 1230.00 1218.10 0.98%
Nifty Media 2497.40 -84.10 -3.26%
Gold MCX 31902 31846 0.18%
Nifty Metal 3365.00 -42.15 -1.24%
Crude Oil NYMEX 69.37 71.34 -2.76%
Nifty Pharma 9650.30 -48.35 -0.50% Crude Oil MCX 5087 5243 -2.98%
Nifty PSU Banks 2685.95 -7.35 -0.27% Brent Oil NYMEX 80.00 80.43 -0.53%
Nifty PVT Bank 14209.55 -203.00 -1.41% Copper MCX 453.00 459.55 -1.43%
Nifty Realty 204.30 -5.15 -2.46% Natural Gas NYMEX 3.229 3.161 2.15%

2 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 Market at a Glance

WEEKLY GAINERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE HIGH

ITC LTD 288.45 5.01% 322.70

DRREDDY
2555.00 4.27% 2687.45
LABS
SUN
608.40 3.01% 678.80
PHARMA
UPL LTD 642.95 2.53% 848.70
KOTAK
1198.50 2.49% 1424.00
BANK
WEEKLY LOSERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE LOW
INDIABULLS
654.25 -29.73% 640.15
HOUSING
YESBANK 217.70 -11.76% 166.15
EICHER MO-
21670.60 -9.53% 20301.10
TORES
MARUTI 6760.35 -7.18% 6650.00
BAJAJ FI-
2140.75 -6.50% 1514.40
NANCE
3 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018
 Economic Calendar
ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS

Tuesday, October 23, 2018

15:30 GBP CBI Industrial Trends Orders (Oct) 1 -1
Wednesday, October 24, 2018
19:15 USD Services PMI (Oct) 54 53.5
19:30 USD New Home Sales (Sep) 625K 629K
19:30 USD New Home Sales (MoM) (Sep) -1.40% 3.50%
20:00 USD Crude Oil Inventories - 6.490M
20:00 USD Cushing Crude Oil Inventories - 1.776M
Thursday, October 25, 2018
18:00 USD Cap Goods Ship Non Defense Ex Air (MoM) - -0.20%
18:00 USD Core Durable Goods Orders (MoM) (Sep) 0.30% 0.10%
19:30 USD Pending Home Sales (MoM) (Sep) -0.10% -1.80%
Friday, October 26, 2018
18:00 USD GDP (QoQ) (Q3) 3.30% 4.20%

18:00 USD GDP Price Index (QoQ) (Q3) 2.30% 3.30%

19:30 USD Michigan Consumer Expectations (Oct) 89.1 89.1

19:30 USD Michigan Consumer Sentiment (Oct) 99 99

4 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

ADANIPORTS 422.65 388.70 354.75 336.25 320.80 302.30 286.85 252.90 218.95
ASIANPAINT 1448.15 1381.60 1315.05 1276.55 1248.48 1209.95 1181.90 1115.35 1048.80
AXISBANK 704.75 660.50 616.25 589.40 571.97 545.10 527.70 483.45 439.20
BAJAJ-AUTO 3060.20 2890.55 2720.90 2622.45 2551.22 2452.75 2381.55 2211.90 2042.25
BAJAJFINSV 7222.20 6647.25 6072.30 5754.65 5497.35 5179.70 4922.40 4347.45 3772.50
BAJFINANCE 3144.95 2829.65 2514.35 2344.15 2199.03 2028.80 1883.70 1568.40 1253.10
BHARTIARTL 332.70 318.40 304.10 295.50 289.77 281.15 275.45 261.15 246.85
BPCL 372.70 344.70 316.70 299.85 288.67 271.80 260.65 232.65 -
CIPLA 735.20 701.60 668.00 650.75 634.40 617.15 600.80 567.20 533.60
COALINDIA 310.85 299.75 288.65 282.35 277.53 271.20 266.40 255.30 244.20
DRREDDY 2996.30 2840.70 2685.10 2615.55 2529.47 2459.90 2373.85 2218.25 2062.65
EICHERMOT 30750.35 27967.35 25184.35 23451.65 22401.35 20668.65 19618.35 16835.35 14052.35
GAIL 418.10 395.35 372.60 358.20 349.85 335.45 327.10 304.35 281.60
GRASIM 1034.50 985.60 936.70 908.85 887.77 859.90 838.85 789.95 741.05
HCLTECH 1230.20 1147.50 1064.80 1010.90 982.10 928.20 899.40 816.70 734.00
HDFC 2067.15 1943.85 1820.55 1742.80 1697.23 1619.45 1573.90 1450.60 1327.30

Continued .......

5 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

HDFCBANK 2162.70 2102.50 2042.30 2006.15 1982.07 1945.90 1921.85 1861.65 1801.45
HEROMOTOCO 3755.80 3435.90 3116.00 2917.10 2796.08 2597.15 2476.15 2156.25 1836.35
HINDALCO 262.15 250.85 239.55 233.95 228.23 222.60 216.90 205.60 194.30
HINDPETRO 256.00 241.65 227.30 221.45 212.95 207.10 198.60 184.25 -
HINDUNILVR 1836.10 1743.15 1650.20 1614.50 1557.23 1521.50 1464.25 1371.30 1278.35
IBULHSGFIN 1771.55 1433.80 1096.05 877.55 758.30 539.80 420.55 82.80 #NUM!
ICICIBANK 373.70 355.10 336.50 326.25 317.88 307.60 299.25 280.65 262.05
INDUSINDBK 1991.85 1865.90 1739.95 1658.00 1613.98 1532.00 1488.00 1362.05 1236.10
INFRATEL 324.50 305.20 285.90 275.00 266.60 255.70 247.30 228.00 208.70
INFY 825.85 782.05 738.25 710.90 694.43 667.05 650.60 606.80 563.00
IOC 155.20 147.85 140.50 136.65 133.12 129.25 125.75 118.40 -
ITC 333.20 317.55 301.90 296.45 286.22 280.75 270.55 254.90 239.25
KOTAKBANK 459.60 429.00 398.40 380.95 367.77 350.30 337.15 306.55 275.95
LT 1332.70 1284.20 1235.70 1216.85 1187.17 1168.30 1138.65 1090.15 1041.65
LUPIN 1367.35 1315.35 1263.35 1236.70 1211.33 1184.65 1159.30 1107.30 1055.30
M&M 931.20 872.55 813.90 778.40 755.23 719.70 696.55 637.90 579.25
Continued .......
6 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018
 Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
MARUTI 8812.00 8187.50 7563.00 7161.50 6938.50 6537.00 6314.00 5689.50 5065.00
NTPC 179.20 173.80 168.40 165.65 162.97 160.20 157.55 152.15 146.75
ONGC 193.55 182.90 172.25 166.50 161.57 155.80 150.90 140.25 129.60
POWERGRID 207.65 201.30 194.95 192.10 188.58 185.70 182.20 175.85 169.50
RELIANCE 1443.95 1334.85 1225.75 1163.05 1116.63 1053.90 1007.50 898.40 789.30
SBIN 315.45 298.55 281.65 271.40 264.75 254.50 247.85 230.95 214.05
SUNPHARMA 678.55 653.20 627.85 618.35 602.48 592.95 577.10 551.75 526.40
TATAMOTORS 220.25 206.45 192.65 183.70 178.83 169.85 165.00 151.20 137.40
TATASTEEL 679.10 640.10 601.10 579.15 562.07 540.10 523.05 484.05 445.05
TCS 2283.20 2164.25 2045.30 1982.65 1926.35 1863.70 1807.40 1688.45 1569.50
TECHM 863.60 810.05 756.50 724.40 702.92 670.80 649.35 595.80 542.25
TITAN 920.20 879.40 838.60 813.10 797.80 772.30 757.00 716.20 675.40
ULTRACEMCO 4539.35 4244.35 3949.35 3783.70 3654.33 3488.65 3359.30 3064.30 2769.30
UPL 776.35 732.10 687.85 666.45 643.58 622.15 599.30 555.05 510.80
VEDL 261.25 244.10 226.95 219.85 209.78 202.65 192.60 175.45 158.30
WIPRO 367.40 352.45 337.50 330.95 322.55 316.00 307.60 292.65 277.70
YESBANK 354.65 312.80 270.95 245.15 229.07 203.25 187.20 145.35 103.50
ZEEL 541.20 514.45 487.70 470.85 460.95 444.10 434.20 407.45 380.70
7 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018
 Open Interest & Price Analysis

LONG BUILD-UP SHORT COVERING NIFTY OPTIONS OPEN INTEREST ANALYSIS

CHANGE IN PRICE CHANGE CHANGE IN PRICE CHANGE

SCRIP SCRIP
OI (In %) (In %) OI (In %) (In %)

BERGEPAINT 36.97% 1.73% CESC -17.32% 5.23%

INFRATEL 29.52% 2.55% MOTHERSUMI -14.17% 10.24%

HINDZINC 28.58% 4.70% IGL -13.96% 5.79%

RPOWER 26.18% 3.98% ESCORTS -12.91% 5.31%

MCX 19.39% 6.04% - - -

SHORT BUILD-UP LONG UNWINDING

CHANGE IN PRICE CHANGE CHANGE IN PRICE CHANGE
SCRIP SCRIP
OI (In %) (In %) OI (In %) (In %)

DHFL 47.42% -26.97% EQUITAS -15.15% -1.02%

RBLBANK 43.39% -3.69% - - -

REPCOHOME 43.35% -16.24% - - -

Analysis : As per the analysis of above chart.
IBULHSGFIN 40.62% -29.25% - - -
Major Resistance Level: 10600 followed by
11000
ACC 40.42% -2.63% - - -
Major Support Levels: 10000
8 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018
 Nifty Analysis

Fundamental Outlook
NIFTY WEEKLY PIVOTS
Last week, our Indian Equity market showed a roller costar ride as our benchmark indices Nifty showed some strength in first PARTICULAR LEVEL
couple of trading session which made the hopes of some relief in the market but in last two trading sessions all the hopes gone
vanished as index lost more than 350 points in last two sessions. The truncated week ended on negative note with Nifty closed R4 11780.90

a tad above the important support level of 10300. The market remained volatile as it started the week on the positive note but
R3 11327.30
failed to keep the upward momentum on the back of weak global cues. While on domestic front mixed earnings, WPI Inflation,
NBFCs and housing finance companies woes have put pressure on the indices. Good numbers by some of the index heavy-
R2 10873.70
weights also could not make any impact on the market. On the economy front, September CPI inflation was flat at 3.77 percent
against 3.69 percent, MoM, while WPI inflation rose to 5.13 percent in September from 4.53 percent in August. August IIP was R1 10593.85
at 4.3 percent versus 6.5 percent in July. On Friday, rupee has appreciated against the US dollar as it ended higher by 28 paise
at 73.32 against Wednesday's close of 73.60. Rupee. Foreign investors were net sellers last week, while domestic institutions PP 10420.10

remained buyers. Crude oil price was the major relief factor last week as it tanked more than 4 % , giving some hope to Indian
S1 10140.25
equity market in near future.

Technical Outlook S2 9966.50

The Nifty futures started the last week on positive note on Monday and traded with positive sentiments for first couple of ses- S3 9512.90
sions. But on Wednesday's trading session Index opened on a huge gap up note but could not sustain on higher levels as soon
it showed a sharp selling from higher levels. last session was also dominated by bears as index touched intraday low of S4 9059.30

10246.35 but manages to close above 10300 levels . On weekly basis index give closing with 168.75 points loss or 1.68% loss.
Continued …....

9 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 Nifty Analysis
Last week index again successfully defended its major support levels of 10155.55 which is swing low for the index. On
weekly charts this sell off resulted in 'Bearish Engulfing' formation as current week's candle body completely covered the WEEKLY STRATEGY
candle body of last week which appears to have negated the bullish connotations of preceding week's Hammer formation. If PARTICULAR DETAILS
indices breach 10246.35 in next week itself then it can retest the recent corrective swing lows of 10155.55 levels. while up-
ACTION SELL
side resistance is placed at 10425 levels. On option front, maximum Put open interest (OI) was at 10000 followed by 10200
strike while maximum Call OI was at 11000 followed by 10600 strikes. ENTRY PRICE BELOW 10240

TARGET 10110

STOP LOSS 10350

TECHNICAL INDICATOR
ANALYSIS
CURRENT
INDICATOR
TREND
20 Days EMA NEGATIVE

50 Days EMA NEGATIVE

200 Days EMA NEGATIVE

RSI NEGATIVE

MACD NEGATIVE
For this week, traders can adopt sell on higher level strategy in it and below the level of 10240. It can test the level of Rs.
STOCHASTIC NEGATIVE
10110 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 10350.
Continued …....

10 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 Bank Nifty Analysis
Technical Outlook WEEKLY STRATEGY
The Nifty Bank index started the last week on flat note on Monday and traded with high volatility throughout the week. On PARTICULAR DETAILS
Tuesday Index showed some positive movement throughout the day but on Wednesday it showed sharp selling from higher
ACTION SELL
levels as it tanked more than 600 points in a single day. Last trading session was again sideways for the index and it given
ENTRY PRICE 25000
closing with 191 points loss or 0.76% loss on weekly basis. Bank nifty managed to give closing above its important support
levels of 25000 after breaching this levels on Friday. Going ahead, If index manages to breach 25000 levels than further TARGET 24700

STOP LOSS 25201

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 28377.75

R3 27344.95

R2 26312.15

R1 25698.60

PP 25279.35

S1 24665.80

S2 24246.55
For this week, traders can adopt sell on higher level strategy in it and below the level of 25000. It can test the level of Rs. S3 23213.75
24700 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 25201.
S4 22180.95

11 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 SUNPHARMA Cash( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Overall trend of the Stock is sideways for long term . For short-medium term stock is in bullish phase. Last week, it started
PARTICULAR DETAILS
on positive note and traded with sideways movement throughout the week. On daily chart it has gave breakout of its ma-
ACTION BUY
jor trend line up side. On intraday chart it is consolidating on higher levels. If it manages to trade above the levels of 617
than further upside move can be seen in it ENTRY PRICE ABOVE 617

TARGET 637.00

STOP LOSS 605.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 678.90
R3 653.55

R2 628.20

R1 619.05

PP 602.85

S1 593.70

S2 577.50
For this week, traders can adopt buy on lower level strategy in it and above the level of 617 it can test the level of Rs. 637
S3 552.15
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 605.
S4 526.80

12 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 GLENMARK Cash ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Overall trend of the Stock is sideways for long term . For short-medium term stock is in consolidation phase . Last week PARTICULAR DETAILS
stock started on positive note but could not maintain its positive run and it traded with negative sentiment throughout
ACTION BUY
the week. On daily chart it is consolidating on lower levels and forming double bottom. If it manages to trade above 621
ENTRY PRICE ABOVE 621
levels than further upside move can be seen in it. In intraday it showed a good positive move.
TARGET 644.00

STOP LOSS 609.00

WEEKLY PIVOTS
PARTICULAR LEVEL
R4 693.35

R3 663.45

R2 633.55

R1 616.30

PP 603.65

S1 586.40

S2 573.75
For this week, traders can adopt buy on lower level strategy in it and above the level of 621 it can test the level of Rs. 644 S3 543.85
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 609
S4 513.95

13 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 MARUTI FUTURES( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week MARUTI Oct Futures started the week on positive note and made a high of 7323.95 during the week but till end
PARTICULAR DETAILS
of the week, all of its earlier gains were erased and it closed at 6771.35 with the overall loss of 7.12 per cent on weekly
ACTION BUY
basis. Technically MARUTI Oct Futures sustaining near to the major support levels and for this week, we can expect short
covering in it from the lower levels. ENTRY PRICE ABOVE 6910

TARGET 7210.00

STOP LOSS 6810.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 8757.85

R3 8153.60

R2 7549.35

R1 7160.20

PP 6945.10

S1 6555.95

S2 6340.85

For this week, traders can adopt buy on lower higher level strategy in it and above the level of 6190, it can test the level of S3 5736.60
Rs. 7210 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 6810 S4 5132.35

14 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 BAJAJ FINANCE FUTURES ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week BAJFINANCE Oct Futures started the week on positive note and made a high of 2369 during the week but till end
PARTICULAR DETAILS
of the week, all of its earlier gains were erased and it closed at 2143.35 with the overall loss of 6.50 per cent on weekly
ACTION BUY
basis. Technically BAJFINANCE Oct Futures sustaining near to the major support levels and for this week, we can expect
short covering in it from the lower levels. ENTRY PRICE ABOVE 2220

TARGET 2320.00

STOP LOSS 2195.00

WEEKLY PIVOTS
PARTICULAR LEVEL
R4 3131.10

R3 2817.10

R2 2503.10

R1 2323.20

PP 2189.10

S1 2009.20

S2 1875.10

For this week, traders can adopt buy on lower higher level strategy in it and above the level of 2220, it can test the level of S3 1561.10

Rs. 2320 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 2195 S4 1247.10

15 Copyright © 2018 Ways2Capital. All rights reserved 23/10/2018

 Disclaimer

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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।

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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.

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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 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.
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

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