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 Market Wrap–Up

MAJOR INDICES CURRENCY MARKET UPDATE

CLOSING WEEKLY CURRENT PREVIOUS WEEKLY
INDEX WEEKLY CHANGES CURRENCY PAIR
AS ON 28rd Mar 18 % CHANGE CLOSING CLOSING % CHANGE
Nifty 50 10113.70 -41.55 -0.41% USDINR 65.3600 65.2975 0.10%
Nifty 100 10478.4 -33.35 -0.32% GBPINR 92.5250 92.2525 0.30%
Nifty 200 5499.35 -16.75 -0.30% EURINR 81.1075 80.6675 0.55%
Nifty 500 8912.1 -37 -0.41% JPYINR 61.7550 62.2300 -0.76%
Nifty VIX 15.76 0.65 4.30% EURUSD 1.2360 1.2356 0.03%
Nifty Bank 24263.35 7.75 0.03% GBPUSD 1.4106 1.4164 -0.41%
Nifty Auto 10821.35 -12.25 -0.11% Dollar Index 89.81 89.03 0.88%

Nifty Finance 10207.6 8.05 0.08% COMMODITY MARKET UPDATE

Nifty FMCG 26127.40 34.40 0.13% CURRENT PREVIOUS WEEKLY
COMMODITY
CLOSING CLOSING % CHANGE
Nifty IT 12511.55 -97.3 -0.77%
Gold COMEX 1322.80 1349.90 -2.01%
Nifty Media 3286.50 28.15 0.86%
Gold MCX 30408 30907 -1.61%
Nifty Metal 3512.55 -26.55 -0.75%
Crude Oil NYMEX 64.94 65.88 -1.43%
Nifty Pharma 8358.05 -167.40 -1.96% Crude Oil MCX 4234 4266 -0.75%
Nifty PSU Banks 2878.5 16.15 0.56% Brent Oil NYMEX 70.27 70.45 -0.26%
Nifty PVT Bank 13687.90 269.55 2.00% Copper MCX 436.80 433.40 0.78%
Nifty Realty 314.8 -0.9 -0.29% Natural Gas NYMEX 2.733 2.591 5.48%

2 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Market at a Glance

WEEKLY GAINERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE HIGH

COAL INDIA 283.50 4.54% 316.55

INDUSLND
1795.60 3.70% 1818.00
BANK
BAJAJ FI-
1762.00 3.50% 1989.00
NANCE
BOSCH 18136.65 3.22% 25245.20

HCL TECH 967.15 3.07% 1041.50

WEEKLY LOSERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE LOW

WIPRO 281.45 -4.77% 242.38

BHARTI
398.90 -4.71% 333.25
AIRTEL
LUPIN 736.40 -4.09% 727.05

ICICI BANK 278.40 -3.87% 241.09

BAJAJ AUTO 2748.90 -3.67% 2695.00

3 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Economic Calendar
ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Monday, April 2, 2018
All Day USD United Kingdom- Easter Monday Holiday
7:15 CNY Caixin Manufacturing PMI (Mar) - 51.60
19:30 USD ISM Manufacturing PMI (Mar) 60.00 60.80
Tuesday, April 3, 2018
14:00 GBP Manufacturing PMI (Mar) - 55.20
Wednesday, April 4, 2018
14:00 GBP Construction PMI (Mar) 50.50 51.40
17:45 USD ADP Nonfarm Employment Change (Mar) 205K 235K

19:30 USD ISM Non-Manufacturing PMI (Mar) 59.00 59.50

Thursday, April 5, 2018
All Day CNY China- Tomb Sweeping Day Holiday
14:30 INR Interest Rate Decision - 6.00%
15:00 GBP Services PMI (Mar) 53.30 54.50
Friday, April 6, 2018
All Day CNY China- Tomb Sweeping Day Holiday
18:00 USD Nonfarm Payrolls (Mar) 203K 313K
18:00 USD Unemployment Rate (Mar) 4.00% 4.10%
18:00 USD Building Permits (MoM)(Feb) - 5.90%
18:00 USD Housing Starts (MoM)(Feb) - 9.70%
18:45 USD Industrial Production (MoM)(Feb) 0.20% -0.10%
19:30 USD JOLTs Job Openings (Jan) 5.900M 5.811M
4 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

ADANIPORTS 413.90 395.55 377.20 366.60 358.82 348.20 340.45 322.10 303.75
AMBUJACEM 262.80 252.85 242.90 238.95 232.95 229.00 223.00 213.05 203.10
ASIANPAINT 1230.45 1193.45 1156.45 1137.85 1119.42 1100.80 1082.40 1045.40 1008.40
AUROPHARMA 612.10 594.10 576.10 569.20 558.10 551.20 540.10 522.10 504.10
AXISBANK 591.50 564.15 536.80 523.70 509.43 496.30 482.05 454.70 427.35
BAJAJ-AUTO 3180.30 3047.60 2914.90 2832.35 2782.18 2699.60 2649.45 2516.75 2384.05
BAJFINANCE 2088.30 1976.30 1864.30 1818.55 1752.27 1706.50 1640.25 1528.25 1416.25
BHARTIARTL 488.25 460.65 433.05 415.45 405.42 387.80 377.80 350.20 322.60
BOSCHLTD 21915.30 20597.05 19278.80 18739.40 17960.55 17421.15 16642.30 15324.05 14005.80
BPCL 502.55 475.05 447.55 437.60 420.05 410.10 392.55 365.05 337.55
CIPLA 590.85 574.80 558.75 552.40 542.67 536.30 526.60 510.55 494.50
COALINDIA 331.50 313.80 296.10 288.75 278.38 271.00 260.65 242.95 225.25
DRREDDY 2287.10 2218.40 2149.70 2111.65 2080.97 2042.90 2012.25 1943.55 1874.85
EICHERMOT 31366.20 30323.00 29279.80 28864.90 28236.57 27821.65 27193.35 26150.15 25106.95
GAIL 388.60 367.20 345.85 338.35 324.44 316.90 303.05 281.70 260.30
HCLTECH 1074.10 1037.50 1000.90 983.60 964.30 947.00 927.70 891.10 854.50

Continued .......

5 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

HDFC 1991.70 1931.95 1872.20 1846.60 1812.42 1786.80 1752.65 1692.90 1633.15
HDFCBANK 2074.00 2007.50 1941.00 1915.50 1874.50 1849.00 1808.00 1741.50 1675.00
HEROMOTOCO 4133.35 3919.85 3706.35 3620.20 3492.83 3406.65 3279.30 3065.80 2852.30
HINDALCO 262.50 245.80 229.10 222.20 212.40 205.50 195.70 179.00 162.30
HINDPETRO 414.30 389.00 363.70 353.25 338.37 327.90 313.05 287.75 262.45
HINDUNILVR 1450.50 1408.50 1366.50 1350.95 1324.47 1308.90 1282.45 1240.45 1198.45
IBULHSGFIN 1441.50 1372.30 1303.10 1270.80 1233.88 1201.55 1164.65 1095.45 1026.25
ICICIBANK 314.80 303.45 292.10 285.50 280.72 274.10 269.35 258.00 246.65
INDUSINDBK 1961.50 1902.70 1843.90 1821.95 1785.07 1763.10 1726.25 1667.45 1608.65
INFRATEL 384.65 369.00 353.35 344.30 337.67 328.60 322.00 306.35 290.70
INFY 1266.35 1225.70 1185.05 1162.55 1144.38 1121.85 1103.70 1063.05 1022.40
IOC 215.90 201.70 187.50 182.25 173.28 168.00 159.05 144.85 130.65
ITC 280.00 272.00 264.00 259.50 256.00 251.50 248.00 240.00 232.00
KOTAKBANK 1133.85 1104.70 1075.55 1063.95 1046.40 1034.80 1017.25 988.10 958.95
LT 1472.00 1415.00 1358.00 1333.95 1300.97 1276.90 1243.95 1186.95 1129.95
LUPIN 825.55 796.95 768.35 752.40 739.73 723.75 711.10 682.50 653.90

Continued .......

6 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
M&M 813.55 788.60 763.65 750.35 738.68 725.35 713.70 688.75 663.80
MARUTI 10284.70 9805.70 9326.70 9090.35 8847.67 8611.30 8368.65 7889.65 7410.65
NTPC 184.50 179.45 174.40 172.20 169.32 167.10 164.25 159.20 154.15
ONGC 193.60 188.50 183.40 180.60 178.30 175.50 173.20 168.10 163.00
POWERGRID 206.00 201.95 197.90 195.35 193.82 191.25 189.75 185.70 181.65
RELIANCE 983.05 952.30 921.55 901.60 890.78 870.80 860.00 829.25 798.50
SBIN 312.45 290.50 268.55 258.90 246.57 236.90 224.60 202.65 180.70
SUNPHARMA 561.20 540.95 520.70 508.90 500.45 488.65 480.20 459.95 439.70
TATAMOTORS 363.65 352.15 340.65 334.00 329.13 322.45 317.60 306.10 294.60
TATASTEEL 691.45 653.25 615.05 592.85 576.82 554.60 538.60 500.40 462.20
TCS 3115.65 3022.20 2928.75 2889.05 2835.30 2795.60 2741.85 2648.40 2554.95
TECHM 704.65 680.30 655.95 646.55 631.58 622.15 607.20 582.85 558.50
ULTRACEMCO 4415.30 4251.45 4087.60 4021.30 3923.75 3857.45 3759.90 3596.05 3432.20
UPL 866.55 819.40 772.25 750.55 725.08 703.35 677.90 630.75 583.60
VEDL 342.70 321.55 300.40 289.75 279.23 268.55 258.05 236.90 215.75
WIPRO 320.20 306.95 293.70 288.55 280.45 275.30 267.20 253.95 240.70
YESBANK 370.20 346.95 323.70 314.90 300.43 291.60 277.15 253.90 230.65
ZEEL 670.25 640.55 610.85 595.00 581.13 565.25 551.40 521.70 492.00

7 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 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 %)

BOSCHLTD 44.31% 4.34% APOLLOHOSP -22.12% 5.52%

CHOLAFIN 39.11% 4.57% ENGINERSIN -17.24% 4.97%

APOLLOTYRE 32.50% 8.03% ANDHRABANK -13.71% 4.00%

AMBUJACEM 29.88% 2.42% JUSTDIAL -11.88% 2.01%

REPCOHOME 27.10% 2.44% ORIENTBANK -11.46% 2.18%

SHORT BUILD-UP LONG UNWINDING

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

CUMMINSIND 213.90% -4.55% FORTIS -35.54% -14.01%

Analysis : As per the analysis of
RAMCOCEM 71.15% -1.80% RCOM -3.84% -4.61% above chart.
Major Resistance Level: 10500.
GRASIM 64.31% -2.95% - - - Major Support Levels:- 10000.
OIL 59.48% -7.53% - - -

CANFINHOME 36.50% -4.30% - - -

8 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Nifty Analysis

NIFTY WEEKLY PIVOTS

Fundamental Outlook
PARTICULAR LEVEL

Last week started on positive note as index roared more than 100 points on the back of relief rally. However, mar-
R4 10836.65
kets remained under pressure on Wednesday, which was mainly on the back of a sharp overnight sell off seen in US
markets. FII DII activity remains contrast to each other as we have seen buying from DII in whole week while FII re- R3 10603.90

main bearish in their approach. Nifty P/E ratio was in the range of 25.68 to 25.95 for the past week.
R2 10371.15
On Macroeconomic front; data like Federal Fiscal Deficit, Foreign Debt (USD), Bank Loan Growth, Deposit Growth
etc released last week but none of them created major impact on the market. For this week, important economic R1 10261.55
data like Current Account (USD), Cash Reserve Ratio,
Interest Rate Decision coupled with the FII & DII activity will provide further direction to the market. PP 10138.40

Technical Outlook S1 10028.80

The concluding week of the financial year was bit of volatile as we saw massive recovery on Monday followed by a S2 9905.65

gap up opening to retest the 10200 mark. However, markets remained under pressure on Wednesday, due to fu-
S3 9672.90
ture & options expiry. Eventually, Nifty concluded the financial year above the 10100 mark.

S4 9440.15

Continued …....

9 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Nifty Analysis

For the coming week, 10230-10350 would be seen as a strong resistance zone; whereas, on the lower side, WEEKLY STRATEGY
10049 followed by 9951 would act as a crucial support zone. As long as Nifty remains within this range of 10230 -
PERTICULAR DETAILS
9951, we expect the consolidation to continue but at current juncture any selling pressure below 10110 may
bring index towards 9960-9810 levels. ACTION SELL

ENTRY PRICE Below 10110

TARGET 9960/9810

STOP LOSS 10210

TECHNICAL INDICATOR
ANALYSIS
CURRENT
INDICATOR
TREND
20 Days EMA NEGATIVE

50 Days EMA NEGATIVE

200 Days EMA POSITIVE

For this week, traders can adopt sell on higher level strategy in it and below the level of 10110 it can test the RSI NEGATIVE
level of Rs. 9960 & 9810 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. MACD NEGATIVE
10210.
STOCHASTIC NEGATIVE

Continued …....

10 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Bank Nifty Analysis
Nifty Bank Futures started the last week on positive note as most the PSU bank showed short covering on Mon- WEEKLY STRATEGY
day but for next couple of days it remained range bound. Bank Nifty managed to close the week on positive but
PERTICULAR DETAILS
turning its move from 24700-24900 from where the long term moving averages are lying.
ACTION SELL

ENTRY PRICE Below 24300

TARGET 24000/23700

STOP LOSS 24500

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 27578.10

R3 26387.05

R2 25196.00

R1 24267.65

PP 24004.95

S1 23076.60

S2 22813.90
For this week, traders can adopt sell on higher level strategy in it and below the level of 24300 it can test the
level of Rs. 24000 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 24500. S3 21622.85

S4 20431.80

11 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 MINDTREE Cash ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Overall trend of the Stock is bullish for medium-long term .Currently stock is in some correction phase. For the PERTICULAR DETAILS
last couple of weeks stock was trading in a range. Now Stock has gave breakout of this range on upside with ACTION BUY
good volumes on daily chart. Candle Pattern shows good strength in buying and it has also crossed its major
ENTRY PRICE Above 808.00
resistance levels of 800. Stock is trading above its important moving averages on daily chart.
TARGET 832.00

STOP LOSS 794.00

WEEKLY PIVOTS
PARTICULAR LEVEL
R4 832.00

R3 813.00

R2 794.00

R1 783.00

PP 775.00

S1 764.00

S2 756.00
For this week, traders can adopt buy on lower level strategy in it and above the level of 808 it can test the level S3 737.00
of Rs. 832 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 792.
S4 718.00

12 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 BAJAELEC Cash ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
BAJAJELEC started the last week on positive note on Monday and showed a good positive rally which led stock PERTICULAR DETAILS
to close on positive note. On daily chart it showed a good consolidation on lower levels. Stock is trading above ACTION BUY
its 21 & 50 days moving averages .On intraday chart stock is forming Inverse H&S price pattern and if it gave
breakout of this pattern than further upside move can be expected in the stock. ENTRY PRICE Above 582.00

TARGET 598.00

STOP LOSS 570.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 706.55

R3 657.60

R2 608.65

R1 586.35

PP 559.70

S1 537.40

S2 510.75
For this week, traders can adopt buy on lower level strategy in it and above the level of 582 it can test the level S3 461.80
of Rs. 598 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 570.
S4 412.85

13 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 VOLTAS Futures ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week voltas futures open in positive note and made high of 626 it moves in positive trend in entire week. PERTICULAR DETAILS

According to technical analysis voltas futures break importatnt resistance level of 625 and give closing above ACTION BUY
this resistance level we can expect further upside movement in it above this level.
ENTRY PRICE Above 636.00

TARGET 649.00

STOP LOSS 629.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 680.65

R3 660.55

R2 640.45

R1 632.20

PP 620.35

S1 612.10

S2 600.25
For next week trader can made long position in voltas futures above the level of 636 with the tgt of 649 and sl
of 629. S3 580.15

S4 560.05

14 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 HDFCBANK Futures ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week HDFC BANK open in negative note after that it moves in positive note in entire week and made high PERTICULAR DETAILS

of 1898.90. according to technical analysis hdfc bank give closing near the resistance level of 1900 we can ex- ACTION BUY
pect upside movement in hdfcbank above the level of 1900. on the other hand on weekly chart bullish engulf-
ENTRY PRICE Above 1916.00
ing pattern also indicate that upside movement in it
TARGET 1955.00

STOP LOSS 1906.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 2075.60

R3 2009.55

R2 1943.50

R1 1916.95

PP 1877.45

S1 1850.90

S2 1811.40
For next week traders can made long positions in hdfc bank above the level of 1916 with the tgt of 1955 and sl
S3 1745.35
of 1906.
S4 1679.30

15 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018

 Disclaimer
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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 assess-
ment 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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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.

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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 अनुसध
ं ान 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 |
(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,
(फ) 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 |
(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 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, ऩेशव
े यों 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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