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 Market Wrap–Up

MAJOR INDICES CURRENCY MARKET UPDATE

CLOSING WEEKLY CURRENT PREVIOUS WEEKLY
INDEX WEEKLY CHANGES CURRENCY PAIR
AS ON 22ND NOV18 % CHANGE CLOSING CLOSING % CHANGE
Nifty 10526.75 -155.45 -1.48% USDINR 70.8050 71.9900 -1.65%
Nifty 100 10761.40 -146.80 -1.36% GBPINR 91.1575 92.2975 -1.24%
Nifty 200 5575.95 -73.15 -1.31% EURINR 80.9100 81.6150 -0.86%
Nifty 500 8879.00 -114.25 -1.29% JPYINR 62.7200 63.6125 -1.40%
India VIX 19.16 0.81 4.23% EURUSD 1.1414 1.1384 0.26%

Nifty Bank 25999.45 -246.10 -0.95% GBPUSD 1.2880 1.2862 0.14%

Nifty Auto 9062.65 -49.70 -0.55% Dollar Index 95.85 96.31 -0.48%

Nifty Finance 10994.20 -145.85 -1.33% COMMODITY MARKET UPDATE

Nifty FMCG 29244.10 90.75 0.31% CURRENT PREVIOUS WEEKLY
COMMODITY
CLOSING CLOSING % CHANGE
Nifty IT 13835.70 -637.45 -4.61%
Gold COMEX 1223.40 1222.00 0.11%
Nifty Media 2467.90 33.80 1.37% Gold MCX 30495 31007 -1.65%
Nifty Metal 3214.75 -139.85 -4.35% Crude Oil NYMEX 50.42 56.83 -11.28%
Nifty Pharma 9302.30 0.95 0.01% Crude Oil MCX 3623 4074 -11.07%
Nifty PSU Banks 2916.85 -85.45 -2.93% Brent Oil NYMEX 59.22 67.00 -11.61%
Nifty PVT Bank 14696.60 -131.85 -0.90% Copper MCX 429.85 442.90 -2.95%
Nifty Realty 226.55 4.20 1.85% Natural Gas NYMEX 4.309 4.272 0.87%

2 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 Market at a Glance

WEEKLY GAINERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE HIGH
Bharti
327.25 7.72% 547.20
Airtel
Adani
367.00 6.28% 451.55
Ports
Dr. Reddys
2601.95 5.69% 2687.45
Labs
Grasim 844.00 4.51% 1258.40

Zee 457.95 3.50% 619.35

WEEKLY LOSERS
CLOSING WEEKLY 52 WEEK
SCRIP
PRICE % CHANGE LOW
Indiabulls
707.00 -12.09% 640.15
Housing
Tata Steel 539.00 -8.43% 493.50

Hindalco 217.20 -6.94% 192.50

JSW Steel 320.95 -6.74% 237.90

Indian Oil
138.20 -5.95% 105.65
Corp.
3 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018
 Economic Calendar
ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS

Tuesday, November 27, 2018

0:00 GBP BoE Gov Carney Speaks - -
20:30 USD CB Consumer Confidence (Nov) 136.2 137.9
Wednesday, November 28, 2018
19:00 USD GDP (QoQ) (Q3) 3.60% 3.50%
20:30 USD New Home Sales (Oct) 578K 553K
21:00 USD Crude Oil Inventories - 4.851M
22:30 USD FOMC Member Powell Speaks - -
Thursday, November 29, 2018
20:30 USD Pending Home Sales (MoM) (Oct) 0.80% 0.50%
19:00 USD Core PCE Price Index (MoM) (Oct) 0.20% 0.20%
19:00 USD Core PCE Price Index (YoY) (Oct) 2.00% 2.00%
Friday, November 30, 2018
0:30 USD FOMC Meeting Minutes - -
6:30 CNY Manufacturing PMI (Nov) 50.6 50.2
6:30 CNY Non-Manufacturing PMI (Nov) - 53.9
17:30 INR GDP Quarterly (YoY) (Q2) 0.076 0.082

4 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

ADANIPORTS 400.90 389.35 377.80 373.15 366.25 361.60 354.70 343.15 331.60
ASIANPAINT 1384.95 1363.00 1341.05 1329.40 1319.07 1307.40 1297.10 1275.15 1253.20
AXISBANK 670.60 653.30 636.00 625.30 618.70 608.00 601.40 584.10 566.80
BAJAJ-AUTO 2730.80 2687.60 2644.40 2621.60 2601.20 2578.40 2558.00 2514.80 2471.60
BAJAJFINSV 6460.90 6234.65 6008.40 5864.30 5782.13 5638.00 5555.85 5329.60 5103.35
BAJFINANCE 2679.30 2584.50 2489.70 2429.75 2394.87 2334.90 2300.05 2205.25 2110.45
BHARTIARTL 385.10 366.70 348.30 338.35 329.87 319.90 311.45 293.05 274.65
BPCL 353.00 342.55 332.10 325.70 321.62 315.20 311.15 300.70 290.25
CIPLA 558.10 544.85 531.60 524.90 518.32 511.60 505.05 491.80 478.55
COALINDIA 273.95 268.65 263.35 260.00 258.05 254.70 252.75 247.45 242.15
DRREDDY 2733.20 2689.10 2645.00 2626.15 2600.87 2582.00 2556.75 2512.65 2468.55
EICHERMOT 25778.25 25238.30 24698.35 24376.80 24158.38 23836.80 23618.40 23078.45 22538.50
GAIL 367.70 360.30 352.90 348.40 345.48 340.95 338.05 330.65 323.25
GRASIM 925.25 900.00 874.75 858.40 849.48 833.10 824.20 798.95 773.70
HCLTECH 1065.30 1038.70 1012.10 995.60 985.48 968.95 958.85 932.25 905.65
HDFC 1944.50 1921.95 1899.40 1887.05 1876.85 1864.50 1854.30 1831.75 1809.20

Continued .......

5 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

HDFCBANK 2118.35 2083.50 2048.65 2027.45 2013.80 1992.60 1978.95 1944.10 1909.25
HEROMOTOCO 3161.95 3079.40 2996.85 2956.45 2914.28 2873.85 2831.70 2749.15 2666.60
HINDALCO 246.20 237.40 228.60 223.10 219.78 214.25 210.95 202.15 193.35
HINDPETRO 268.80 260.30 251.80 247.05 243.27 238.50 234.75 226.25 217.75
HINDUNILVR 1802.70 1762.00 1721.30 1698.15 1680.57 1657.40 1639.85 1599.15 1558.45
IBULHSGFIN 801.60 771.80 742.00 724.20 712.17 694.35 682.35 652.55 622.75
ICICIBANK 376.30 368.80 361.30 356.60 353.80 349.10 346.30 338.80 331.30
INDUSINDBK 1662.85 1620.90 1578.95 1552.00 1536.98 1510.00 1495.00 1453.05 1411.10
INFRATEL 313.50 294.10 274.70 266.45 255.27 247.00 235.85 216.45 197.05
INFY 656.15 644.75 633.35 627.10 621.92 615.65 610.50 599.10 587.70
IOC 152.45 148.15 143.85 141.05 139.52 136.70 135.20 130.90 126.60
ITC 296.10 291.20 286.30 283.15 281.37 278.20 276.45 271.55 266.65
KOTAKBANK 351.00 341.40 331.80 326.25 322.20 316.65 312.60 303.00 293.40
LT 1216.35 1201.95 1187.55 1178.70 1173.13 1164.25 1158.70 1144.30 1129.90
LUPIN 1478.30 1455.00 1431.70 1420.60 1408.38 1397.25 1385.05 1361.75 1338.45
M&M 843.55 813.70 783.85 764.90 753.98 735.00 724.10 694.25 664.40
Continued .......
6 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018
 Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
MARUTI 7766.85 7648.05 7529.25 7459.65 7410.42 7340.80 7291.60 7172.80 7054.00
NTPC 155.15 152.35 149.55 147.85 146.72 145.00 143.90 141.10 138.30
ONGC 160.65 158.00 155.35 153.70 152.67 151.00 150.00 147.35 144.70
POWERGRID 198.15 192.25 186.35 183.05 180.42 177.10 174.50 168.60 162.70
RELIANCE 1184.30 1159.05 1133.80 1116.95 1108.52 1091.65 1083.25 1058.00 1032.75
SBIN 300.15 294.70 289.25 285.95 283.77 280.45 278.30 272.85 267.40
SUNPHARMA 550.65 542.90 535.15 530.00 527.37 522.20 519.60 511.85 504.10
TATAMOTORS 196.70 192.30 187.90 185.20 183.47 180.75 179.05 174.65 170.25
TATASTEEL 590.00 574.55 559.10 549.10 543.62 533.60 528.15 512.70 497.25
TCS 1937.55 1899.90 1862.25 1839.25 1824.58 1801.55 1786.90 1749.25 1711.60
TECHM 768.15 743.60 719.05 703.55 694.48 678.95 669.90 645.35 620.80
TITAN 984.20 962.60 941.00 927.00 919.40 905.40 897.80 876.20 854.60
ULTRACEMCO 4313.30 4202.30 4091.30 4021.55 3980.27 3910.50 3869.25 3758.25 3647.25
UPL 818.40 805.10 791.80 785.40 778.50 772.10 765.20 751.90 738.60
VEDL 217.90 212.30 206.70 203.20 201.08 197.55 195.45 189.85 184.25
WIPRO 349.15 336.35 323.55 315.50 310.73 302.65 297.90 285.10 272.30
YESBANK 225.65 216.45 207.25 201.45 198.05 192.25 188.85 179.65 170.45
ZEEL 513.35 493.10 472.85 465.05 452.57 444.75 432.30 412.05 391.80

7 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 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 %)

DALMIABHA 86.13% 4.34% CHOLAFIN -15.69% 3.53%

MRF 15.82% 2.79% SRF -13.85% 1.83%

ALBK 14.38% 4.25% EXIDEIND -13.36% 1.70%

PIDILITIND 13.18% 3.51% DABUR -12.06% 1.43%

JPASSOCIAT 12.59% 6.02% - - -

SHORT BUILD-UP LONG UNWINDING

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

IOC 45.02% -3.86% HCC -26.10% -17.56%

SIEMENS 40.72% -6.50% UBL -13.63% -1.61%

ACC 37.54% -3.03% DIVISLAB -12.38% -1.56%

Analysis : As per the analysis of above chart.
Major Resistance Level: 10700 followed by
AMARAJABAT 26.50% -1.90% BANKINDIA -11.60% -2.71%
11000
Major Support Levels: 10000
NTPC 23.63% -5.00% - - -

8 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 Nifty Analysis

Fundamental Outlook
NIFTY WEEKLY PIVOTS
Last week our Indian Equity market opened on a gap up note but Nifty failed to hold on to its important resistance levels of
10700 and saw a sharp correction in the last 3 trading session that dragged the index below 10,550. The Nifty index closed at PARTICULAR LEVEL
the week’s low level of 10,511 down by almost 1.46 %. Broad-based selling was seen in cement, pharma, technology and metal
R4 11307.70
stocks that kept indices under pressure. Selective buying interest was seen in auto and banking sector but in Thursday’s trade,
ahead of Bank Nifty weekly expiry, profit booking was seen in banking share . With the election season kicking off with a poll in R3 11070.25
Chhattisgarh, politics will take center stage for Indian Equity markets for a couple of weeks, investors will be keenly watching
these elections as they can provide a clue to the mood of the country for upcoming general elections. Polls in Chhattisgarh is R2 10832.80
already over. Polling in Madhya Pradesh and Mizoram will be held on November 28, while Rajasthan and Telangana will vote on
December 7. On global Economic front The rupee closed at 70.69 to the dollar, the highest level since August 29, 2018, The R1 10678.75

Indian currency gained 219 paise or 3 percent against the US dollar in seven trading sessions as the US dollar weakened against
PP 10595.35
some currencies overseas. Brent crude futures, the international benchmark for oil prices, fell over a percent to trade around
$62.77 a barrel amid global growth concerns and rising US crude inventories, at the time of writing this article.
S1 10441.30

Technical Outlook S2 10357.90

Last week nifty index started with gap up note on Monday and made a intraday high of 10779.40 first time since 4
S3 10120.45
Oct 2018 and remained positive for day.But it could not hold on higher levels in next three remaining trading session as it
tumbled more than 200 points to give closing in red note on weekly basis with loss of 1.46%.
S4 9883.00

Continued …....

9 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 Nifty Analysis
On the weekly charts, we have seen a ‘Bearish Engulfing’ kind of formation as the candle body completely engulfed the can-
dle body of preceding week thereby making the weakness to get more pronounced. However, in between support can be WEEKLY STRATEGY
expected around 10,460 levels breach of which shall accelerate the selling pressure further . The larger trend is down and PARTICULAR DETAILS
completely in favor of bears there seems to be a critical support on the long-term charts around 10,290 levels where bulls
ACTION SELL
may put up a strong fight. On the option front, maximum Put OI is seen at 10,000, followed by 10,200 strikes. Maximum Call
OI is seen at 11,000, followed by 10,700 strikes. ENTRY PRICE BELOW 10500

TARGET 10410

STOP LOSS 10560

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 10,500. It can test the level of Rs.
STOCHASTIC NEGATIVE
10,410 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 10,560.
Continued …....

10 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 Bank Nifty Analysis
Technical Outlook WEEKLY STRATEGY
The Nifty Bank index started the last week on red note on Monday and showed some volatile sessions throughout the PARTICULAR DETAILS
week .The bank nifty index made a trading range of 25959 to 26409 in the past week. Thursday's session was seen with full
ACTION SELL
of selling from higher levels which accounted to give index closing in red note on weekly basis with 0.59% loss. Bank Nifty
ENTRY PRICE BELOW 25990
Index has gave breakout of double bottom price pattern on daily chart and trading above its important support levels of
25900. But If It manages to close below 25900 than it can moves towards 25700 and 25400 levels down side in next week. TARGET 25490

On the other side resistance is placed at 26410 . STOP LOSS 26340

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 27482.55

R3 27029.45

R2 26576.35

R1 26289.90

PP 26123.25

S1 25836.80

S2 25670.15
For this week, traders can adopt sell on higher level strategy in it and below the level of 25990. It can test the level of Rs.
S3 25217.05
25490 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 26340.
S4 24763.95

11 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 IRB Cash( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Overall trend of the Stock is bearish for long term . For short-medium term stock is in recovery phase . Last week stock
PARTICULAR DETAILS
started on positive note and showed good buying from lower levels throughout the week. On daily chart it has gave
ACTION BUY
breakout of its major trend line. If it manages to trade above 147 levels than further upside move can be seen in it. In
intraday it showed a good positive move. ENTRY PRICE ABOVE 147

TARGET 154.00

STOP LOSS 143.00

WEEKLY PIVOTS
PARTICULAR LEVEL
R4 177.35

R3 165.15

R2 152.95

R1 147.15

PP 140.75

S1 134.95

S2 128.55
For this week, traders can adopt buy on lower level strategy in it and above the level of 147 it can test the level of Rs. 154
S3 116.35
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 143.
S4 104.15

12 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 ASIAN PAINT CASH ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Overall trend of the Stock is bullish for long term . For short term stock is correction phase. Last week, it started on nega- PARTICULAR DETAILS
tive note and traded with sideways movement throughout the week. On daily chart it has formed a flag pattern on higher ACTION BUY
levels and trading above its major resistance levels of 1330. If it manages to trade above the levels of 1355 than further
ENTRY PRICE ABOVE 1355
upside move can be seen in it
TARGET 1395.00

STOP LOSS 1329.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 1433.95
R3 1396.15

R2 1358.35

R1 1336.40

PP 1320.55

S1 1298.60

S2 1282.75
For this week, traders can adopt buy on lower level strategy in it and above the level of 1355 it can test the level of Rs. S3 1244.95
1395 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1329.
S4 1207.15

13 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 MARUTI FUTURES( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week, MARUTI Nov Futures started the week on positive note and after that it witnessed sideways movement for the
PARTICULAR DETAILS
remaining part of the week. It made a high of 7475 during the week and closed above the psychological level of 7400 with
ACTION BUY
the marginal gain of almost 1% on weekly basis. Technical it’s consolidating above the major psychological resistance level
of 7400 with the RSI trading near to 50 and for this week, we can expect upside movement in it. ENTRY PRICE ABOVE 7530

TARGET 7630.00

STOP LOSS 7470.00

WEEKLY PIVOTS
PARTICULAR LEVEL

R4 8423.75

R3 8058.70

R2 7693.65

R1 7547.25

PP 7328.60

S1 7182.20

S2 6963.55

For this week, traders can adopt buying from consolidation breakout strategy in it and above the level of 7530 it can test S3 6598.50
the level of 7630 during the week. Trades can make buy position in it by maintaining a Stop Loss of 7470. S4 6233.45

14 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 CESC FUTURES ( Call of the Week )
Technical Outlook
WEEKLY STRATEGY
Last week, CESC Nov Futures started the week on negative note and after that it witnessed sideways movement for the
PARTICULAR DETAILS
remaining part of the week. It made a low of 679.05 during the week and closed near to previous week’s closing at 686.
ACTION SELL
Technical it’s consolidating in the range of 708 – 670 from last one month and for this week, we can expect major consoli-
dation breakout in it. ENTRY PRICE BELOW 675

TARGET 655.00

STOP LOSS 695.00

WEEKLY PIVOTS
PARTICULAR LEVEL
R4 739.80

R3 722.50

R2 705.20

R1 696.30

PP 687.90

S1 679.00

S2 670.60
For this week, traders can adopt sell from consolidation breakout strategy in it and below the level of 675 it can test the
S3 653.30
level of 645 during the week. Trades can make sell position in it by maintaining a Stop Loss of 695.
S4 636.00

15 Copyright © 2018 Ways2Capital. All rights reserved 26/11/2018

 Disclaimer

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DISCLOSURE ( प्रकटीकरण) :
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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 Disclaimer
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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