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 Market Wrap–Up

MAJOR INDICES CURRENCY MARKET UPDATE

CLOSING WEEKLY CURRENT PREVIOUS WEEKLY
INDEX WEEKLY CHANGES CURRENCY PAIR
AS ON 14th DEC 18 % CHANGE CLOSING CLOSING % CHANGE
Nifty 10805.45 111.75 1.05% USDINR 72.0600 70.9025 1.63%
Nifty Bank 26826.00 231.70 0.87% GBPINR 90.7400 90.5650 0.19%
Nifty IT 14851.40 188.50 1.29% EURINR 81.5475 80.7825 0.95%
Nifty Pharma 8726.40 43.80 0.50% JPYINR 63.5750 63.0025 0.91%
Nifty Finance 11327.60 11.15 0.10% EURUSD 1.1290 1.1410 -1.05%
Nifty VIX 15.16 -3.43 -18.46% GBPUSD 1.2556 1.2785 -1.79%
Nifty 500 9091.30 150.65 1.69% Dollar Index 97.45 96.47 1.02%
Nifty 100 11040.30 146.20 1.34% COMMODITY MARKET UPDATE
Nifty FMCG 30371.50 697.85 2.35% CURRENT PREVIOUS WEEKLY
COMMODITY
CLOSING CLOSING % CHANGE
Nifty Energy 14072.05 58.40 0.42%
Gold COMEX 1242.30 1252.60 -0.82%
Nifty Realty 237.20 6.75 2.93% Gold MCX 31437 31595 -0.50%
Nifty PSU Banks 2979.65 154.95 5.49% Crude Oil NYMEX 51.23 52.61 -2.62%
Nifty Auto 9271.50 401.70 4.53% Crude Oil MCX 3690 3849 -4.13%
Nifty Metal 3112.35 41.15 1.34% Brent Oil NYMEX 60.30 59.19 1.88%
Nifty 200 5712.60 87.35 1.55% Copper MCX 441.70 438.45 0.74%
Nifty Media 2562.55 65.00 2.60% Natural Gas NYMEX 3.788 4.488 -15.60%

2 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Market at a Glance

WEEKLY GAINERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE HIGH

IBULHSGFIN 792.80 10.27% 1439.40

IOC 141.45 9.19% 213.80

YESBANK 180.35 8.58% 404.00

HEROMO-
3313.50 8.14% 3862.00
TOCO
EICHERMOT 23630.00 5.96% 32209.50

WEEKLY LOSERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE LOW

DRREDDY 2591.60 -3.43% 1888.00

JSWSTEEL 293.45 -2.88% 237.90

HDFC 1904.15 -2.46% 1646.00

KOTAKBANK 1255.25 -2.11% 992.50

RELIANCE 1111.75 -1.90% 861.70

3 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Economic Calendar
ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Tuesday, December 18, 2018
19:00 USD Building Permits (Nov) 1.260M 1.265M
Wednesday, December 19, 2018
15:00 GBP CPI (YoY) (Nov) 2.30% 2.40%
20:30 USD Existing Home Sales (Nov) 5.20M 5.22M
21:00 USD Crude Oil Inventories -2.990M -1.208M
Thursday, December 20, 2018
0:30 USD FOMC Economic Projections - -
0:30 USD FOMC Statement - -
0:30 USD Fed Interest Rate Decision 2.50% 2.25%
1:00 USD FOMC Press Conference - -
15:00 GBP Retail Sales (MoM) (Nov) 0.30% -0.50%
17:30 GBP BoE Interest Rate Decision (Dec) - 0.75%
19:00 USD Philadelphia Fed Manufacturing Index (Dec) 15 12.9
Friday, December 21, 2018
15:00 GBP GDP (QoQ) (Q3) 0.60% 0.60%
15:00 GBP GDP (YoY) (Q3) 1.50% 1.50%
Tentative USD Fed Chair Powell Testifies - -
19:00 USD Core Durable Goods Orders (MoM) (Nov) 0.30% 0.20%
19:00 USD GDP (QoQ) (Q3) 3.50% 3.50%

4 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

ADANIPORTS 387.70 379.80 371.90 370.40 364.00 362.50 356.10 348.20 340.30
ASIANPAINT 1434.40 1390.45 1346.50 1342.75 1302.52 1298.75 1258.55 1214.60 1170.65
AXISBANK 651.00 634.80 618.60 619.45 602.37 603.20 586.15 569.95 553.75
BAJAJ-AUTO 2961.90 2894.75 2827.60 2818.05 2760.42 2750.85 2693.25 2626.10 2558.95
BAJAJFINSV 6379.05 6203.05 6027.05 6090.10 5851.03 5914.05 5675.00 5499.00 5323.00
BAJFINANCE 2621.85 2560.30 2498.75 2492.05 2437.20 2430.50 2375.65 2314.10 2252.55
BHARTIARTL 336.25 325.45 314.65 316.85 303.83 306.00 293.00 282.20 271.40
BPCL 377.45 362.15 346.85 345.90 331.55 330.60 316.25 300.95 285.65
CIPLA 548.60 536.85 525.10 523.60 513.33 511.80 501.55 489.80 478.05
COALINDIA 271.45 260.70 249.95 250.00 239.17 239.20 228.40 217.65 206.90
DRREDDY 2891.50 2807.60 2723.70 2656.45 2639.77 2572.50 2555.85 2471.95 2388.05
EICHERMOT 24926.00 24191.20 23456.40 23578.20 22721.60 22843.40 21986.80 21252.00 20517.20
GAIL 368.60 358.75 348.90 350.10 339.05 340.25 329.20 319.35 309.50
GRASIM 861.00 842.80 824.60 834.75 806.37 816.50 788.15 769.95 751.75
HCLTECH 1056.80 1023.20 989.60 974.85 955.97 941.20 922.35 888.75 855.15
HDFC 2032.90 1994.25 1955.60 1932.60 1916.92 1893.90 1878.25 1839.60 1800.95
Continued .......

5 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

HDFCBANK 2309.15 2243.10 2177.05 2146.05 2110.98 2079.95 2044.90 1978.85 1912.80
HEROMOTOCO 3328.70 3236.50 3144.30 3105.15 3052.10 3012.95 2959.90 2867.70 2775.50
HINDALCO 294.55 270.95 247.35 233.20 223.73 209.55 200.10 176.50 152.90
HINDPETRO 256.15 246.25 236.35 230.80 226.43 220.85 216.50 206.60 196.70
HINDUNILVR 2129.60 2022.85 1916.10 1870.65 1809.33 1763.85 1702.55 1595.80 1489.05
IBULHSGFIN 1078.90 968.40 857.90 787.30 747.38 676.75 636.85 526.35 415.85
ICICIBANK 398.50 382.75 367.00 359.15 351.25 343.40 335.50 319.75 304.00
INDUSINDBK 1980.25 1849.45 1718.65 1644.65 1587.85 1513.85 1457.05 1326.25 1195.45
INFRATEL 279.90 271.50 263.10 257.85 254.70 249.45 246.30 237.90 229.50
INFY 749.05 725.35 701.65 691.35 677.93 667.60 654.20 630.50 606.80
IOC 160.80 151.30 141.80 135.90 132.30 126.40 122.80 113.30 103.80
ITC 332.45 314.45 296.45 285.35 278.42 267.30 260.40 242.40 224.40
KOTAKBANK 399.30 368.50 337.70 319.60 306.88 288.75 276.05 245.25 214.45
LT 1791.65 1616.85 1442.05 1363.30 1267.22 1188.45 1092.40 917.60 742.80
LUPIN 1607.70 1539.80 1471.90 1435.95 1404.00 1368.05 1336.10 1268.20 1200.30
M&M 1025.35 931.05 836.75 778.40 742.43 684.05 648.10 553.80 459.50
Continued .......
6 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
 Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
MARUTI 8088.70 7863.70 7638.70 7657.35 7413.67 7432.30 7188.65 6963.65 6738.65
NTPC 152.90 148.35 143.80 143.80 139.25 139.25 134.70 130.15 125.60
ONGC 159.20 153.10 147.00 146.65 140.88 140.50 134.75 128.65 122.55
POWERGRID 198.65 192.90 187.15 186.15 181.38 180.35 175.60 169.85 164.10
RELIANCE 1196.10 1164.90 1133.70 1121.85 1102.47 1090.60 1071.25 1040.05 1008.85
SBIN 297.20 290.95 284.70 286.70 278.42 280.40 272.15 265.90 259.65
SUNPHARMA 445.55 433.35 421.15 420.80 408.92 408.55 396.70 384.50 372.30
TATAMOTORS 173.35 169.35 165.35 166.20 161.33 162.15 157.30 153.30 149.30
TATASTEEL 544.20 531.70 519.20 516.35 506.67 503.80 494.15 481.65 469.15
TCS 2139.70 2088.70 2037.70 2013.35 1986.67 1962.30 1935.65 1884.65 1833.65
TECHM 773.55 748.60 723.65 717.35 698.68 692.35 673.70 648.75 623.80
TITAN 968.20 950.20 932.20 930.40 914.20 912.40 896.20 878.20 860.20
ULTRACEMCO 4235.05 4116.75 3998.45 3998.50 3880.13 3880.15 3761.80 3643.50 3525.20
UPL 810.45 791.90 773.35 769.65 754.78 751.05 736.20 717.65 699.10
VEDL 212.30 206.85 201.40 201.65 195.92 196.15 190.45 185.00 179.55
WIPRO 366.40 355.00 343.60 339.30 332.20 327.90 320.80 309.40 298.00
YESBANK 198.25 188.75 179.25 179.50 169.73 169.95 160.20 150.70 141.20
ZEEL 505.35 495.05 484.75 485.15 474.45 474.85 464.15 453.85 443.55

7 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 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 %)

COLPAL 37.79% 6.22% COALINDIA -21.03% 4.11%

TVSMOTOR 36.72% 5.15% HEXAWARE -18.18% 4.32%

M&MFIN 20.39% 8.52% AMARAJABAT -18.08% 4.26%

KSCL 19.29% 9.98% NTPC -16.13% 3.94%

SRF 17.02% 3.41% L&TFH -15.25% 6.09%

SHORT BUILD-UP LONG UNWINDING

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

RELINFRA 45.67% -4.96% - - -

JETAIRWAYS 35.43% -5.74% - - -

DRREDDY 15.12% -3.52% - - -

AUROPHARMA 13.23% -3.38% - - - Analysis : As per the analysis of above chart.

Major Resistance Level: 11000
- - - - - - Major Support Levels: 10500 followed 10000

8 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Nifty Analysis

Fundamental Outlook
NIFTY WEEKLY PIVOTS
Last week our Indian Equity market opened on a gap down not on Monday backed by most of the exit polls results indicating
possible defeat of BJP in key states. It remained in pressure till 1st session of the Tuesday where after state assembly results PARTICULAR LEVEL
came out in favor of congress. Which lifted the sentiments of the market and it recovered from lower levels and it remained
R4 11860.50
bullish for next couple of trading sessions. Benchmark indices closed range bound session on a flat note Friday despite weak-
ness in global peers due to growth concerns in world's largest economy China. Overall it was a consolidation day after the rally
R3 11498.20
seen in previous three consecutive sessions. After seeing last week's price action it seems like market was buoyant by come-
back of Congress in MP , CG and Rajasthan. Market has also discounted elections results and RBI governor news (resignation of R2 11135.90
Mr. Urjit Patel). Further market could continue to get supported by stable oil prices and rupee with rate cut hope. On the global
front, growth concerns in Chinese economy dragged Asian and European markets to a negative terrain. China's Shanghai Com- R1 10935.50

posite, Hong Kong's Hang Seng, Japan's Nikkei and South Korea's Kospi closed lower by 1-2 percent after Chinese economic
PP 10773.60
data missed expectations which raised worries about headwinds facing the economy.

S1 10573.20

Technical Outlook S2 10411.30

S3 10049.00
Last week nifty index started on negative note on Monday but good recovery was seen in remaining trading sessions of the
week as index hits weekly high of 10,882.20 in Thursday's trading session and after some sideways movement on Friday's ses-
S4 9686.70
sion it closed at 10,820.30 with marginal gain of 0.80% on weekly basis.
Continued …....

9 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Nifty Analysis
The index has formed a bullish candle which closely resembles a ‘Hanging Man’ or an Inside Bar kind of pattern on weekly
charts. For bulls to regain control, Nifty has to close above 10,883-10,974 levels. On the upsides momentum shall pick up WEEKLY STRATEGY
only on a close above 10,883 levels. However, a breach of 200-DMA placed around 10,771 could fuel the selling pressure PARTICULAR DETAILS
with an initial downside target of 10,588. On the options front, maximum Put OI is placed at 10000 followed by 10200
ACTION BUY
strikes while maximum Call OI is seen at 11000 followed by 10900 strike.
ENTRY PRICE ABOVE 10883

TARGET 10999

STOP LOSS 10771

TECHNICAL INDICATOR
ANALYSIS
CURRENT
INDICATOR
TREND
20 Days EMA POSITIVE

50 Days EMA POSITIVE

200 Days EMA POSITIVE

RSI POSITIVE

MACD POSITIVE
For this week, traders can adopt buy on lower level strategy in it and above the level of 10,883. It can test the level of Rs.
STOCHASTIC POSITIVE
10,999 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,771.
…....

10 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Bank Nifty Analysis
Technical Outlook WEEKLY STRATEGY
The Nifty Bank index started the last week on negative note on Monday but in remaining trading sessions it not only erased PARTICULAR DETAILS
previous day's losses but witnessed good buying from lower levels throughout the week and closed at 26,862.25 with over-
ACTION BUY
all gain of 202 points or 0.75% on weekly basis. However bank Nifty could not sustain above its important resistance levels
ENTRY PRICE ABOVE 27050
of 27,065.50. The index has formed a doji on daily scale while some short of Hanging man candlestick pattern on weekly
chart . For Index to remain bullish it has to hold above 27,065.50 levels otherwise a breach below 26,770 could initiate the TARGET 27650

selling pressure . Support is placed 26,770 and upside resistance is placed at 27,065.50 and 26,600. STOP LOSS 26750

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 29147.40

R3 28316.00

R2 27484.60

R1 27072.30

PP 26653.20

S1 26240.90

S2 25821.80
For this week, traders can adopt buy on lower level strategy in it and above the level of 27,066. It can test the level of Rs.
S3 24990.40
27,466 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26,770.
S4 24159.00

11 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 ZEEL Cash ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Overall trend of the Stock is bullish for long term . For short term stock is in correction phase. Last week, it started on
PARTICULAR DETAILS
negative not but it showed a good buying from lower levels throughout the week. On daily chart stock has gave breakout
ACTION BUY
of its major trend line and resistance levels of 490. If it manages to sustain above the levels of 496 than further upside
move can be seen in it. ENTRY PRICE ABOVE 496.00

TARGET 516.00

STOP LOSS 485.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 580.90
R3 548.25

R2 515.60

R1 502.55

PP 482.95

S1 469.90

S2 450.30
For this week, traders can adopt buy on lower level strategy in it and above the level of 496 it can test the level of Rs. 516
S3 417.65
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 486.
S4 385.00

12 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 WIPRO CASH ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Overall trend of the Stock is bullish for long term . For short term stock is in consolidation phase. Last week stock started PARTICULAR DETAILS
on negative not and consolidated near its major resistance levels throughout the week. On daily stock has formed ascend-
ACTION BUY
ing triangle price pattern on higher levels . If it manages to trade above 344 levels than further upside move can be seen
ENTRY PRICE ABOVE 344.00
in it. In intraday it showed a good positive move.
TARGET 358.00

STOP LOSS 336.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 391.40
R3 372.25

R2 353.10

R1 343.10

PP 333.95

S1 323.95

S2 314.80
For this week, traders can adopt buy on lower level strategy in it and above the level of 344 it can test the level of Rs. 358 S3 295.65
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 336.
S4 276.50

13 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 SIEMENS FUTURES( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week, SIEMENS Dec Futures started the week on positive note and after that, it consolidated at higher level. It closed
PARTICULAR DETAILS
at 969.60 with the overall gain of 1.65% on weekly basis. Technically it had given pull back from 52 week low by making
ACTION BUY
spinning top reversal pattern on monthly chart and also closed above the trend line. For this week, we can expect upside
movement in it. ENTRY PRICE ABOVE 980.00

TARGET 999.00

STOP LOSS 970.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 1168.40

R3 1096.45

R2 1024.50

R1 997.05

PP 952.55

S1 925.10

S2 880.60

For this week, traders can adopt buying from trend line breakout strategy in it and above the level of 980 it can test the S3 808.65
level of 999 during the week. Trades can make buy position in it by maintaining a Stop Loss of 970. S4 736.70

14 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 ICICIBANK FUTURES ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week, ICICIBANK Dec Futures started the week with downside movement but till the end of the week, it witnessed
PARTICULAR DETAILS
upside movement and closed at 352.30 with the overall loss of 0.15% on weekly basis. Technically it had given pull back
ACTION BUY
from 50% retracement level buy making of Hammer Candlestick Pattern and for this week, we can expect upside move-
ment in it. ENTRY PRICE ABOVE 360.50

TARGET 365.50

STOP LOSS 357.80

WEEKLY PIVOTS
PARTICULAR LEVEL
R4 400.70

R3 383.20

R2 365.70

R1 359.00

PP 348.20

S1 341.50

S2 330.70
For this week, traders can adopt buying on the basis of Fibonacci Retracement Reversal strategy in it and above the level
S3 313.20
of 360.50 it can test the level of 365.50 during the week. Trades can make buy position in it by maintaining a Stop Loss of
S4 295.70
357.80.

15 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018

 Disclaimer

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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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