HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Market Wrap-Up

MCX Market Wrap-Up

% Change in
Previous % Change in % Change
Commodity Contract Open High Low Close Open Inter-
Close Price in Volume
est
Aluminium 31-Dec-18 137.70 137.90 138.40 135.35 137.20 -0.36% 179.56% 12.38%

Copper 28-Aug-19 437.05 436.70 443.00 431.30 433.10 -0.90% 97.41% -17.82%

Crude Oil 18-Dec-18 3,623 3,595 3,726 3,464 3,576 -1.30% 33.74% 1.40%

Gold 05-Feb-19 30726 30687 30889 30180 30244 -1.57% 352.01% 1.01%

Lead 31-Dec-18 138.9 138.55 139.35 134.80 137.25 -1.19% 163.71% 0.88%

Natural Gas 26-Dec-18 314.90 302.40 327.70 286.60 317.40 0.79% 4.36% 0.33%

Nickel 31-Dec-18 770.50 765.00 782.50 757.60 774.80 0.56% 98.14% -5.91%

Silver 05-Mar-19 36897 36947 37304 35883 36025 -2.36% 126.30% -9.06%

Zinc 31-Dec-18 180.10 179.95 180.95 172.25 180.20 0.06% 55.61% -5.60%

NCDEX Market Wrap-Up

Previous % Change % Change in % Change
Commodity Contract Open High Low Close
Close in Price Open Interest in Volume

Castor Seed 20-Dec-18 5642.00 5678.00 5712.00 5284.00 5348.00 -5.21% -3.25% -9.81%

Chana 20-Dec-18 4619.00 4645.00 4780.00 4545.00 4706.00 1.88% -37.87% 4.14%

Dhaniya 20-Dec-18 6239.00 6265.00 6471.00 6083.00 6468.00 3.67% -45.88% 6.34%

COCUDAKL 20-Dec-18 1954.50 1952.00 1965.00 1890.50 1907.00 -2.43% -26.28% -9.79%

Guargum5 20-Dec-18 9136.00 9090.00 9118.00 8495.00 8692.00 -4.86% 27.02% 0.49%

Guarseed10 20-Dec-18 4461.00 4447.00 4461.00 4227.50 4301.00 -3.59% 3.17% -2.95%

Jeera 20-Dec-18 19405.00 19470.00 19565.00 18515.00 18640.00 -3.94% 9.67% -8.91%

RMseed 20-Dec-18 4095.00 4115.00 4115.00 3966.00 3977.00 -2.88% -2.94% -0.17%

Ref Soya Oil 20-Dec-18 733.15 728.10 730.00 713.60 719.95 -1.80% -29.26% 3.05%

Soyabean 20-Dec-18 3423.00 3426.00 3430.00 3329.00 3354.00 -2.02% -16.94% 1.76%

Turmeric 20-Dec-18 6482.00 6500.00 6590.00 6250.00 6502.00 0.31% 63.63% -4.56%

Mentha Oil 31-Dec-18 1658.10 1693.30 1716.50 1630.60 1649.50 -0.52% -21.09% -8.16%
Currency Market Wrap-Up
Previous Change in
Currency Pair Contract Open High Low Close
Close Price (in%)
USDINR 27-Dec-18 71.0375 70.7500 71.2500 69.7800 69.8525 -1.67%

GBPINR 27-Dec-18 91.4125 90.8375 91.5475 89.1200 89.2350 -2.38%

JPYINR 27-Dec-18 63.0900 62.6450 63.0000 61.6500 61.7175 -2.18%

EURINR 27-Dec-18 81.3200 80.3575 81.0175 79.6000 79.6475 -2.06%

Continued…….
2 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018
Market Wrap-Up

International Market Wrap-up

Previous
Commodity Exchange Open High Low Close % Change in Price
Close
Aluminium LME 1942.25 1943.75 1958.75 1916.75 1957.75 0.80%
Copper COMEX 2.752 2.790 2.792 2.787 2.792 1.45%

Crude Oil NYMEX 50.42 50.69 52.52 49.46 50.70 0.56%

Gold COMEX 1223.40 1229.80 1234.60 1217.00 1227.80 0.36%

Lead LME 1962.25 1956.50 1981.50 1897.75 1954.50 -0.39%

Natural Gas NYMEX 4.309 4.121 4.769 4.041 4.637 7.61%

Nickel LME 10872.50 10882.50 11192.50 10722.50 11097.50 2.07%

Silver COMEX 14.260 14.405 14.540 14.115 14.250 -0.07%

Zinc LME 2508.250 2503.25 2547.75 2394.00 2541.250 1.32%

3 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

Inventory Updates

LME Inventory
Closing (As on 30th Nov 18) Closing (As on 23rd Nov 18)
Commodity % Change in Price
In tones in tones

Aluminium 1055275 1070400 -1.41%

Copper 136250 143325 -4.94%

Lead 105600 108775 -2.92%

Nickel 213720 214962 -0.58%

Zinc 119200 123500 -3.48%

Continued…….
4 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018
Inventory Updates

5 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

Market Next Week
Upcoming Economic Events Calender
Time Currency Event Forecast Previous

Monday, December 3, 2018

15:00 GBP Manufacturing PMI (Nov) 51.8 51.1
20:15 USD Manufacturing PMI (Nov) 55.4 55.4
20:30 USD ISM Manufacturing Employment (Nov) 56.8
20:30 USD ISM Manufacturing PMI (Nov) 57.5 57.7
Tuesday, December 4, 2018
5:31 GBP BRC Retail Sales Monitor (YoY) (Nov) 1.30%
15:00 GBP Construction PMI (Nov) 52.5 53.2
Wednesday, December 5, 2018
15:00 GBP Services PMI (Nov) 52.5 52.2
18:45 USD ADP Nonfarm Employment Change (Nov) 195K 227K
19:00 USD Nonfarm Productivity (QoQ) (Q3) 2.30% 2.20%
19:00 USD Unit Labor Costs (QoQ) (Q3) 1.10% 1.20%
20:15 USD Services PMI (Nov) 54.4 54.4
20:30 USD ISM Non-Manufacturing Employment (Nov) 59.7
20:30 USD ISM Non-Manufacturing PMI (Nov) 59.1 60.3
21:00 USD Crude Oil Inventories 0.769M 3.577M
Thursday, December 6, 2018
Tentative USD OPEC Meeting
19:00 USD Exports 212.57B
19:00 USD Imports 266.58B
19:00 USD Trade Balance (Oct) -54.90B -54.00B
20:30 USD Cap Goods Ship Non Defense Ex Air (MoM) 0.30%
20:30 USD Factory Orders (MoM) (Oct) -2.00% 0.70%
Friday, December 7, 2018
14:00 GBP Halifax House Price Index (YoY) (Nov) 1.20% 1.50%
14:00 GBP Halifax House Price Index (MoM) (Nov) 0.40% 0.70%
19:00 USD Average Hourly Earnings (MoM) (Nov) 0.30% 0.20%
19:00 USD Average Hourly Earnings (YoY) (YoY) (Nov) 3.10% 3.10%
19:00 USD Nonfarm Payrolls (Nov) 200K 250K
19:00 USD Participation Rate (Nov) 62.90%
19:00 USD Private Nonfarm Payrolls (Nov) 200K 246K
19:00 USD Unemployment Rate (Nov) 3.70% 3.70%
20:30 USD Michigan Consumer Expectations (Dec) 88.3 88.1
Currency Weekly Pivots
Currency Pair Contract R3 R2 R1 PP S1 S2 S3
USDINR 27-Dec-18 71.9500 72.9000 72.0000 71.4500 70.5500 70.0000 68.5500
GBPINR 27-Dec-18 92.4500 93.8500 92.6000 91.8000 90.5500 89.7500 87.7000
JPYINR 27-Dec-18 63.9000 64.9500 64.0500 63.5000 62.6000 62.0500 60.6500
EURINR 27-Dec-18 82.0500 83.4500 82.4000 81.7500 80.7000 80.0500 78.3500
Continued…….
6 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018
Market Next Week

MCX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Aluminium 31-Dec-18 138.15 140.05 138.65 137.00 135.60 133.95 130.90

Copper 28-Aug-19 434.00 447.50 440.30 435.80 428.60 424.10 412.40

Crude Oil 18-Dec-18 3582 3851 3713 3589 3451 3327 3065

Gold 05-Feb-19 30493 31147 30695 30438 29986 29729 29020

Lead 31-Dec-18 138.70 141.70 139.50 137.15 134.95 132.60 128.05

Natural Gas 26-Dec-18 309.20 351.65 334.50 310.55 293.40 269.45 228.35

Nickel 31-Dec-18 768.20 796.55 785.70 771.65 760.80 746.75 721.85

Silver 05-Mar-19 36568 37825 36925 36404 35504 34983 33562

Zinc 31-Dec-18 182.35 186.50 183.35 177.80 174.65 169.10 160.40

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Castor Seed 20-Dec-18 6304 5876 5612 5448 5184 5020 4592

Chana 20-Dec-18 5147 4912 4809 4677 4574 4442 4207

Dhaniya 20-Dec-18 7117 6729 6598 6341 6210 5953 5565

COCUDAKL 20-Dec-18 2069.85 1995.35 1951.20 1920.85 1876.70 1846.35 1771.85

Guargum5 20-Dec-18 10014 9391 9042 8768 8419 8145 7522

Guarseed10 20-Dec-18 4796.85 4563.35 4432.20 4329.85 4198.70 4096.35 3862.85

Jeera 20-Dec-18 21007 19957 19298 18907 18248 17857 16807

RMseed 20-Dec-18 4317 4168 4073 4019 3924 3870 3721

Ref Soya Oil 20-Dec-18 754.00 737.60 728.80 721.20 712.40 704.80 688.40

Soyabean 20-Dec-18 3573 3472 3413 3371 3312 3270 3169

Turmeric 20-Dec-18 7127 6787 6645 6447 6305 6107 5767

Mentha Oil 31-Dec-18 1837.4 1751.5 1700.5 1665.6 1614.6 1579.7 1493.8

7 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

MCX Fundamentals

BULLION

Gold prices were steady early on Monday as the dollar weakened on U.S. China
trade truce that revived investor demand for riskier assets. Spot gold inched up 0.1
percent to $1,222.97 per ounce at the time of writing. U.S. gold futures were up 0.2
percent at $1,228.1 per ounce. The dollar index which measures the green back
against a basket of six major currencies was down about 0.2 percent. Asian shares
rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade
conflict a relief for the global economic outlook and a tonic for emerging markets.

BASE METALS

London and Shanghai industrial metals jumped on Monday after U.S. and Chinese
leaders agreed to a ceasefire in a trade dispute that has shaken global markets.
China and the United States agreed to halt additional tariffs in a deal that keeps
their trade war from escalating as the two sides try again to bridge their differences
with fresh talks aimed at reaching an agreement within 90 days.

ENERGY

Oil jumped on Monday after Russia and Saudi Arabia agreed to extend into 2019
their deal to manage the oil market known as OPEC although Moscow and Riyadh
have yet to confirm any fresh output cuts. U.S. West Texas Intermediate (WTI)
crude futures were at $53.38 per barrel at the time of writing, up $2.45 per barrel
or 4.8 percent from their last close.The Energy Information Administration re-
leased its report on US natural gas storage showing a deficit of 59 billion cubic
feet in the week ending November 23 compared to a decline of 134 billion in the
previous reading while analysts expected a 76 billion decline.

8 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

NCDEX Fundamentals

SPICES
Jeer traded down last week as reports of improved sowing in recent days from
the recent rains kept pressure on market sentiments. The recent reports of
rains in parts of growing areas in Gujarat and Rajasthan amidst reports of im-
proved sowing with cooler climate likely in coming weeks had kept trend down.
Amidst high volatility Turmeric found some strong support at these lower levels
even as higher stocks amidst lower demand kept pressurizing market senti-
ment. Technically trend does not look very positive as for now.

OILSEEDS
Mentha Oil kept trading weak last week on lack of strong demand as traders
waited for some corrections in prices before initiating demand for the winter
season. Overall sentiments are likely to recover during the winter season.
Trend remained weak for Ref Soy oil as a strong Rupee kept up trend limited.
Fall in International markets too kept some pressure on prices.

GUAR COMPLEX
Good arrivals of new crop, amidst a strong Rupee and falling crude oil rates had
adversely had kept pressure on prices as rates crashed. Traders anticipate the
demand to grow in coming days on the export front. Prospects of lower pro-
duction from less rains received in Rajasthan supported prices. Reports of
lower arrivals of new crop amidst prospects of fall in sowing area are Bullish
factors.

OTHERS

RM seed traded down last week tracking other oil complex weakness as good
sowing reports amidst low demand kept pressure on prices. Reports of
NAFED still having good amount of stocks to sell in the physical market kept
trend weak. Soy bean traded under slight pressure last week even as Interna-
tional markets traded firm. Currently the spot prices are still considered
lower therefore the recent downgrading of India soy bean ending stock esti-
mate by the USDA can offer some support for the derivative market in longer
run.

9 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

Calls of the Week (MCX)
COPPER
Last week Copper made a high of 431.30 and closed at the level of 433.10 with overall marginal loss of 0.90% on
weekly basis. Copper recently broken its downtrend channel and sustaining above it indicating positive movement in it.
On its daily chart RSI is trading in positive territory and printing above the level of 50. For this week if it is break the
level of 466.50 on upper side then it can test the level of 468. One can make buy position in it with SL of 441.50.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 446.50

Target 468

SL 441.50

ALUMINIUM

On its daily chart Aluminium recently broken its resistance trend line and sustaining near the level of 140 and we can
expect short term positive movement in it. Last week Copper made a high of 138.40 and closed at the level of 137.20
with overall marginal loss of 0.36% on weekly basis. On its daily chart Aluminium is taking support of 100 days moving
average and RSI is printing level 50 on charts. For this week if it is break the level of 141 on upper side then it can test
the level of 146. One can make buy position in it with SL of 139.40.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 141

Target 146

SL 139.40

10 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

Calls of the Week (NCDEX)
CASTOR
From last couple of trading weeks Castor is trading with negative sentiment but unable to break the level of 5200 and
we seen that 5200 level reacted as a strong support zone in Castor. Last week Castor made a low of 5284 and closed at
the level of 5348 with overall marginal loss of 3.25% on weekly basis. Technically Castor is trading above its support
level of 5200 and we are expecting bounce back in it from lower level. For this week if it is break the level of 5508 on
upper side then it can test the level of 5648. One can make buy position in it with SL of 5449.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 5508

Target 5658

SL 5449

COCUDAKL

Last week COCUDAKL started a week on negative not but found enough support near the level of 1900 and made bot-
tom formation on its daily chart. Last week COCUDAKL made a low of 1890.50 and closed at the level of 1907 with
overall marginal loss of 2.43% on weekly basis. The primary trend of COCUDAKL is positive and it is sustaining above its
support level of 1900. For this week if it is break the level of 1933 on upper side then it can test the level of 2063. One
can make buy position in it with SL of 1878.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 1933

Target 2063

SL 1878

11 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

Calls of the Week (FOREX)
EURINR
Last week EURINR Dec Futures started the week on negative note and continue the same for whole week, market
closed below the level of 80.0000 and it closed at 79.6475 with the overall loss of 2.06 per cent on weekly basis. Tech-
nically EURINR sustaining below its support trend line also RSI is trading in negative territory indicating negative trend
for this week also.For this week, if it breaks the level of 79.6000 on the lower, then it can test the level of 79.0125 dur-
ing the week. One can make sell position in it by maintaining a SL 80.0125.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 79.6000

Target 79.0125

SL 80.0125

GBPINR
Last week GBPINR Dec Futures started the week on negative note and continue the same for whole week, market
closed below the level of 90.0000 and it closed at 89.2350 with the overall loss of 2.38 per cent on weekly basis. Tech-
nically it consolidating below the major psychological support level of 90.0000 with the negative RSI and for this week,
we can expect further downside movement in it. For this week, if it breaks the level of 89.5000 on the lower, then it
can test the level of 89.0125 during the week. One can make sell position in it by maintaining a SL 89.8525.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 89.5000

Target 89.0125

SL 89.8525

12 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018

Disclaimer
LEGAL DISCLAIMER (कानन
ू ी अस्वीकयण) :
This Document has been prepared by Ways2Capital (A Division of High Brow Market Research Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are
based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended
recipient only.
मह दस्तावेज़ Ways2Capital (हाई ब्रो भाकेट अनुसध
ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनुभान Ways2Capital इक्ववटी / कभोडडटी अनुसध
ं ान
के भूलमांकन ऩय आधारयत हैं औय ववश्वसनीम स्रोतों से प्राप्त की गई है | मह दस्तावेज़ केवर इक्छित प्राप्तकताा के उऩमोग के लरए ही है |
This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for general information only. Ways2Capital Equity/Commodities Research, its directors, officers
or employees shall not in any way to be responsible for the contents stated herein. Ways2Capital Equity/Commodities Research expressly disclaims any and all liabilities that may arise from informa-
tion, 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 संफधं धत 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 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 सूचना, स्तय औय सुझाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनुसध
ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सुझावों की त्रुटटमों के लरए कोई दानमत्व स्वीकाय
नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चुनने का अधधकाय है|
Any investment in Equity/commodity market bears risk, company will not be liable for any loss done on these recommendations. These levels do not necessarily indicate future price
moment. Company holds the right to alter the information without any further notice. Any browsing through website means acceptance of disclaimer.
इक्ववटी / कभोडडटी फाजाय भें कोई बी ननवेश जोखखभ के अधीन होता है, कंऩनी इन सुझावों ऩय ककए गए ककसी बी नुकसान के लरए उत्तयदामी नहीं होगी | मह स्तय बववष्म के कीभतों की गनत का संकेत नहीं दे ते
है| वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीकृनत।

DISCLOSURE (प्रकटीकयण) :
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with companies covered in research report nor is associated in any manner with any
issuer of products/ securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance with the regulatory body, we have resolved that the company
and all its representatives will not make any trades in the market.
हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनुसंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के
जायीकताा के साथ जुडी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनुऩारन को सुननक्श्चत कयने के लरए हभने मह तम ककमा है कक कंऩनी
औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रे ड नहीं कयें गे।
Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. Clients are also advised to read & understand terms &
conditions of services published on website. No litigations have been filed against the company since the incorporation of the company by regulatory body.
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
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 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 रयश्तेदाय की ववषम कंऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत की
प्रकृनत 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,
(ब) 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 |
(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 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 ( ऺनतऩनू ता 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 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.
(ब) अनुसंधान 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 अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने ववषम कंऩनी के अधधकायी, ननदे शक मा कभाचायी के रूऩ भें कबी बी काभ

13 Copyright © 2018 Ways2Capital. All rights reserved 03/12/2018