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-Jan-19 133.80 134.15 134.25 128.00 128.50 -3.96% 78.05% 17.57%

Copper 28-Feb-19 417.35 418.45 424.70 411.80 417.30 -0.01% 27.74% -0.90%

Crude Oil 18-Jan-19 3,236 3,245 3,274 2,993 3,185 -1.58% 0.07% -3.59%

Gold 05-Feb-19 31193 31300 31768 31270 31598 1.30% 8.25% 7.87%

Lead 31-Jan-19 138.9 139.20 145.00 138.45 143.3 3.17% 68.30% -21.10%

Natural Gas 28-Jan-19 265.40 265.00 268.20 231.40 232.50 -12.40% -47.07% 8.97%

Nickel 31-Jan-19 765.50 771.90 772.60 745.40 751.00 -1.89% 23.56% 22.95%

Silver 05-Mar-19 37256 37325 38880 37305 38706 3.89% 13.81% -8.95%

Zinc 31-Jan-19 176.20 177.20 178.40 171.65 171.95 -2.41% 11.06% 15.02%

NCDEX Market Wrap-Up

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

Castor Seed 18-Jan-19 5142.00 5148.00 5172.00 4908.00 5128.00 -0.27% 10.08% 2.24%

Chana 18-Jan-19 4529.00 4505.00 4505.00 4243.00 4351.00 -3.93% -52.99% 0.20%

Dhaniya 18-Jan-19 6340.00 6341.00 6366.00 6069.00 6168.00 -2.71% 10.64% 2.65%

COCUDAKL 18-Jan-19 1867.00 1872.00 1893.00 1807.00 1860.50 -0.35% -21.62% 15.45%

Guargum5 18-Jan-19 8594.00 8585.00 8620.00 8137.00 8323.00 -3.15% 109.65% 0.31%

Guarseed10 18-Jan-19 4308.00 4318.00 4325.00 4130.00 4249.50 -1.36% 91.71% 6.79%

Jeera 18-Jan-19 17740.00 17680.00 17680.00 17070.00 17255.00 -2.73% -19.93% -2.99%

RMseed 18-Jan-19 3983.00 3965.00 3969.00 3873.00 3923.00 -1.51% -34.31% 3.71%

Ref Soya Oil 18-Jan-19 726.05 728.50 728.50 715.55 723.75 -0.32% 119.70% 18.77%

Soyabean 18-Jan-19 3343.00 3332.00 3374.00 3312.00 3362.00 0.57% 111.68% 1.73%

Turmeric 18-Jan-19 6604.00 6598.00 6870.00 6492.00 6676.00 1.09% 90.90% -2.93%

Mentha Oil 31-Dec-18 1458.20 1451.00 1560.00 1414.50 1513.90 3.82% 17.55% -9.04%
Currency Market Wrap-Up
Previous Change in
Currency Pair Contract Open High Low Close
Close Price (in%)
USDINR 29-Jan-19 70.3875 70.3535 70.6000 70.0025 70.1600 -0.32%

GBPINR 29-Jan-19 89.3225 89.4400 89.6800 88.8550 89.1350 -0.21%

JPYINR 29-Jan-19 63.4425 63.3850 64.0225 63.3000 63.7175 0.43%

EURINR 29-Jan-19 82.0000 80.4450 80.7800 80.0000 80.6750 -1.62%

Continued…….
2 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018
Market Wrap-Up

International Market Wrap-up

Previous
Commodity Exchange Open High Low Close % Change in Price
Close
Aluminium LME 1908.25 1911.00 1912.75 1832.00 1846.25 -3.25%
Copper COMEX 2.668 2.667 2.728 2.642 2.682 0.52%

Crude Oil NYMEX 45.41 45.45 47.00 42.36 45.33 -0.18%

Gold COMEX 1258.95 1260.70 1284.70 1260.00 1283.00 1.91%

Lead LME 1962.50 1967.25 2059.00 1958.25 2044.75 4.19%

Natural Gas NYMEX 3.816 3.758 3.846 3.278 3.303 -13.44%

Nickel LME 10872.50 10882.50 10985.00 10632.50 10735.00 -1.26%

Silver COMEX 14.690 14.735 15.460 14.715 15.436 5.08%

Zinc LME 2497.750 2500.50 2531.25 2435.50 2442.250 -2.22%

3 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

Inventory Updates

LME Inventory
Closing (As on 28th Dec 18) Closing (As on 21st Dec 18)
Commodity % Change in Price
In tones in tones

Aluminium 126655 125412 0.99%

Copper 130325 128225 1.64%

Lead 107475 107625 -0.14%

Nickel 209070 209148 -0.04%

Zinc 130425 132325 -1.44%

Continued…….
4 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018
Inventory Updates

5 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

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

Monday, December 31, 2018

All Day Holiday United Kingdom - New Year's Eve - Early close at 12:30
6:30 CNY Manufacturing PMI (Dec) 50 50
6:30 CNY Non-Manufacturing PMI (Dec) 53.2 53.4
Tuesday, January 1, 2019
All Day Holiday United States - New Year's Day
All Day Holiday United Kingdom - New Year's Day
All Day Holiday China - New Year
Wednesday, January 2, 2019
7:15 CNY Caixin Manufacturing PMI (Dec) 50.3 50.2
15:00 GBP Manufacturing PMI (Dec) 52.6 53.1
20:15 USD Manufacturing PMI (Dec) 53.9 53.9
Thursday, January 3, 2019
18:45 USD ADP Nonfarm Employment Change (Dec) 178K 179K
20:30 USD ISM Manufacturing Employment (Dec) 58.4
20:30 USD ISM Manufacturing PMI (Dec) 57.9 59.3
Tentative USD New Home Sales (Nov) 1K 1K
Tentative USD New Home Sales (MoM) (Nov) 2.90% -8.90%
Friday, January 4, 2019
12:30 GBP Nationwide HPI (YoY) (Dec) 1.50% 1.90%
12:30 GBP Nationwide HPI (MoM) (Dec) 0.10% 0.30%
15:00 GBP Services PMI (Dec) 50.8 50.4
19:00 USD Average Hourly Earnings (YoY) (YoY) (Dec) 3.00% 3.10%
19:00 USD Average Hourly Earnings (MoM) (Dec) 0.30% 0.20%
19:00 USD Participation Rate (Dec) 62.90%
19:00 USD Private Nonfarm Payrolls (Dec) 175K 161K
19:00 USD Unemployment Rate (Dec) 3.70% 3.70%
20:15 USD Services PMI (Dec) 53.4 53.4
20:45 USD FOMC Member Bostic Speaks
21:30 USD Crude Oil Inventories -0.046M
Currency Weekly Pivots
Currency Pair Contract R3 R2 R1 PP S1 S2 S3
USDINR 29-Jan-19 70.2500 70.8500 70.5000 70.2500 69.9000 69.6500 69.0500
GBPINR 29-Jan-19 89.3000 90.0500 89.5500 89.2000 88.7000 88.4000 87.5500
JPYINR 29-Jan-19 63.4500 64.4000 64.1000 63.7000 63.4000 63.0000 62.2500
EURINR 29-Jan-19 80.6500 81.3000 81.0000 80.5000 80.2000 79.7000 78.9500
Continued…….
6 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018
Market Next Week

MCX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Aluminium 31-Jan-19 142.75 136.50 132.50 130.25 126.25 124.00 117.75

Copper 28-Feb-19 443.75 430.85 424.10 417.95 411.20 405.05 392.15

Crude Oil 18-Jan-19 3713 3432 3308 3151 3027 2870 2589

Gold 05-Feb-19 32541 32043 31821 31545 31323 31047 30549

Lead 31-Jan-19 155.35 148.80 146.05 142.25 139.50 135.70 129.15

Natural Gas 28-Jan-19 317.65 280.85 256.70 244.05 219.90 207.25 170.45

Nickel 31-Jan-19 810.75 783.55 767.30 756.35 740.10 729.15 701.95

Silver 05-Mar-19 41447 39872 39289 38297 37714 36722 35147

Zinc 31-Jan-19 187.50 180.75 176.35 174.00 169.60 167.25 160.50

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Castor Seed 18-Jan-19 5597 5333 5231 5069 4967 4805 4541

Chana 18-Jan-19 4890 4628 4490 4366 4228 4104 3842

Dhaniya 18-Jan-19 6795 6498 6333 6201 6036 5904 5607

COCUDAKL 18-Jan-19 2025.50 1939.50 1900.00 1853.50 1814.00 1767.50 1681.50

Guargum5 18-Jan-19 9326 8843 8583 8360 8100 7877 7394

Guarseed10 18-Jan-19 4624.85 4429.85 4339.70 4234.85 4144.70 4039.85 3844.85

Jeera 18-Jan-19 18555 17945 17600 17335 16990 16725 16115

RMseed 18-Jan-19 4114 4018 3970 3922 3874 3826 3730

Ref Soya Oil 18-Jan-19 748.50 735.55 729.65 722.60 716.70 709.65 696.70

Soyabean 18-Jan-19 3473 3411 3387 3349 3325 3287 3225

Turmeric 16-Apr-19 7435 7057 6867 6679 6489 6301 5923

Mentha Oil 31-Jan-19 1787.2 1641.7 1577.8 1496.2 1432.3 1350.7 1205.2

7 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

MCX Fundamentals

BULLION

On Wednesday spot gold prices declined 0.13 percent to close at $1266.9 per
ounce amid concerns about global economic growth and a partial U.S. government
shut down although a rebound in investor risk appetite in the previous session lim-
ited gains. The Dow Jones Industrial Average surged more than 1,000 points for the
first time on Wednesday leading a broad Wall Street rebound after a report that
holiday sales were the strongest in years helped mollify concerns about the health
of the economy.

BASE METALS

Copper prices fell for the fourth consecutive week as concerns that weakening eco-
nomic growth will curtail demand overshadowed a supply shortfall. LME copper
dropped 2.65% and MCX copper slumped more than 5.5% last week. Zinc prices
ended the week down 1.57%at LME while at MCX prices closed with losses of
3.30%. Global zinc market is expected to wipe out its deficit in 2019.

ENERGY

U.S. West Texas Intermediate crude oil futures are trading higher late Friday. The
market is trading inside yesterday range which suggests investor indecision and
impending volatility. Today U.S. Energy Information Administration inventories
report for the week ending December 21 showed a 46,000 barrel draw down. The
Energy Information Administration reported a draw down of 48 billion cubic feet
in US natural gas stocks in the week ending December 21 compared to a 141 bil-
lion drop in the previous reading while slightly below estimates of 50 billion.

8 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

NCDEX Fundamentals

SPICES
Moderate recovery was noted for Jeer on short covering after the recent dips.
Prices are now turning cheaper hence fresh buying interest may emerge soon.
Falling stocks rising demand and expected fall in sowing from lower rains
amidst delayed sowing reports in Gujarat/Rajasthan are supporting factors.
Turmeric found strong support at these lower levels as strong recovery was
noted. Lower rains in growing areas amidst apprehensions of falling yields
could support prices for Turmeric in future. Arrivals remains lower at these low
levels as traders were not willing to sell at these lower levels.

OILSEEDS
Slight firm trend was noted for Mentha after the recent fall in prices. Lack of
buying interest among overseas buyers had been keeping sentiments weak.
We expect light demand to persist during the entire week.Aggressive short
covering against recovering oilseed markets and closure of global markets
helped soya oil in staging a recovery. In case US soya oil turns positive then
bearish trend will discontinue. Positive sentiment in palm oil shall continue
supporting soya oil prices.

GUAR COMPLEX
Guar found strong support near the 8000 mark even as lack of export demand
amidst weak tone in crude oil prevented strong recovery in prices.Falling crude
oil prices amidst firm Rupee also restricted the northward movements. But re-
ports of lower arrivals of new crop amidst prospects of fall in sowing area will
be bullish factors.

OTHERS

Downside is expected to remain capped this considering that the daily supply
of the crop is decreasing gradually while current spot prices are quite
cheaper. Soy bean ended the day significantly higher yesterday.
As major oilseeds mainly soy bean posted smart gain, RM seed started mov-
ing after morning weakness. Positive tone in palm oil also helped futures
market to recover. It should be noted that palm oil influences RM seed oil
which ultimately impacts the direction of RM seed prices.

9 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

Calls of the Week (MCX)
ALUMINIUM
Aluminium continuously trading with negative sentiment and trading below its major support level of 130. Last week
Aluminium made a low of 128 and closed at 128.50 with overall marginal loss of 3.96% on weekly basis. On its daily
chart Aluminium broken its support level of 130 and sustaining below it with negative RSI indicating negative trend in
it for short term to mid term basis. For this week if it is break the level of 128 on lower side then it can test the level of
125.30. On can make sell position in it with SL of 129.05.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 128

Target 125.30

SL 129.05

LEAD

Last week Lead started a week on negative note but found enough support near the level of 137 and bounced back
from lower level. On its daily chart market formed Doji indicating trend reversal signal in it. Last week Lead made a low
of 128 and closed at 128.50 with overall marginal loss of 3.96% on weekly basis. On its daily chart Lead broken its resis-
tance trend line and sustaining above it indicating positive trend in it. For this week if it is break the level of 145 on up-
per side then it can test the level of 148. On can make buy position in it with SL of 143.95.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 145

Target 148

SL 143.95

10 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

Calls of the Week (NCDEX)
CASTOR
Last week Castor started a week on negative note but found enough support near the level of 4900 and bounce back
from lower level with good volume. Last week Castor made a low of 4908 and closed at 5128 with overall marginal loss
of 0.27% on weekly basis. On its four hourly chart Castor recently broken its resistance trend line and sustaining above
it indicating positive trend for short term to mid term basis. For this week if it is break the level of 5230 on upper side
then it can test the level of 5380. On can make buy position in it with SL of 5175.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 5230

Target 5380

SL 5175

COCUDAKL
Last week COCUDAKL started a week on negative note but found enough support near the level of 1800 and bounce
back from lower level with good volume. Last week COCUDAKL made a low of 1807 and closed at 1860.50 with overall
marginal loss of 0.35% on weekly basis. On its daily chart COCUDAKL forming bullish candlestick pattern indicating
positive trend for short term to mid term basis. For this week if it is break the level of 1910 on upper side then it can
test the level of 2030. On can make buy position in it with SL of 1855.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 1910

Target 2030

SL 1855

11 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

Calls of the Week (FOREX)
USDINR
Last week, USDINR Jan Futures started the week on positive note but till the end of the week, all of its earlier gains
were erased and it closed at 70.1600 with the overall gain of almost 0.32 per cent on weekly basis. Technically it con-
solidating near to the major support level breakout with the negative RSI and for this week, we can expect downside
movement in it. For this week, traders can adopt selling from the major support level breakout strategy in it and below
the level of 69.9000 it can test the level of 69.4125 during the week. Trades can make sell position in it by maintaining
a Stop Loss of 70.3125.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 69.9000

Target 69.4125

SL 70.3125

GBPINR
Last week, GBPINR Jan Futures started the week on negative note and after that it witnessed choppy movement for
the remaining part of the week. It made a low of 88.8550 during the week and closed at 89.1350 with the overall loss
of 0.21 per cent on weekly basis. Technically it consolidating near to the major support level breakout with the nega-
tive RSI and for this week, we can expect downside movement in it. For this week, traders can adopt selling from the
major support level breakout strategy in it and below the level of 88.7500 it can test the level of 88.2525 during the
week. Trades can make sell position in it by maintaining a Stop Loss of 89.1125.
WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 88.7500

Target 88.2525

SL 89.1125

12 Copyright © 2018 Ways2Capital. All rights reserved 31/12/2018

Disclaimer
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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

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