TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : The Equity benchmark open in a Positive note on Monday. The 50
Shares Nifty up by 48 points or 0.57 percent at 8376 or Above its Crucial Level of 8350.
The one of the key drivers of the rally in Domestic Market has been the Spread and
Quantity of Monsoon Rainfall Across the Country. Now there is more optimistic view on
GST bill is bringing the more positive sentiments. It was a week for Sharp rebound for the
Domestic Market which pushed the benchmark Indices higher by up to 3 per cent, as
Investors Judge the Brexit Impact as Over - hyped in the Indian Context. The
announcement of 7th pay Commission Award is also positive trigger for the Market.The
consolidation is likely to continue. Now we expect the Forthcoming earning season will
decide the future direction of the market. The crucial levels for Nifty is 8380-8420 is up
side and 8250-8200 is down side.

BANK NIFTY : - Bank Nifty has Opened in a positive note on Monday up by 106 points
or 0.58 per cent at 18091. The Fitch rating agency said Indian banks will need about $ 90
billion of capital to meet the new Basel III capital norms to be Implemented by the
financial year ending march 19. and More than 80 per cent of which will be needed by
Public Sector Lenders according to report. Notwithstanding rising bad loan problems in
the system, sale of stressed assets to asset reconstruction companies in 2015-16 was only a
trickle of the NPA amount at 2 per cent of the total of nearly Rs. 5.8 trillion, which is
down a whopping 20 per cent from previous year, Kotak Institutional equities said in a
report. The Bank Nifty Seems Medium term bullish to the level of 18600. The crucial
levels for Bank Nifty is 18250-18480 up side and 17790-17560 is down side.

Monday, 11 July 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY
DAILY

WEEKLY

R2

R1

PP

S1

S2

8507

8383

8321

8259

8135

R2

R1

PP

S1

S2

8447

8337

8227

8007

R1

PP

S1

S2

8446

8336

8226

8006

R2

R1

PP

S1

S2

18490

18156

17990

17824

17492

R2

R1

PP

S1

S2

18250

18015

17780

17310

R2

R1

PP

S1

S2

18721

18251

18016

17781

17311

8667

MONTHLY

R2
8666

BANK NIFTY
DAILY

WEEKLY

18720

MONTHLY

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

200 DAYS

NIFTY

8239

8088

7811

7815

BANK NIFTY

17807

17353

16395

16547

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

8040

7935

7001

BANK NIFTY

17200

16870

13700

PATTERN FORMATION ( NIFTY )

Detail of Chart On the Above given daily Chart of Nifty has Applied the Bollinger Band along with
Parabolic Sar the Nifty chart suggesting that the Bullish Movement may continue for the
upcoming week if the Nifty is Able to break the upper level of Bollinger Band we could
witness the Nifty level around 8500. In the Nifty Chart Parabolic Sar is also suggesting
that if the Nifty is ble to sustain the level of 8300-8350 may lead toward the 8450-8500 in
near term both the indicators is giving the Bullish Signal for the Nifty if the cues from
global and Domestic market Support the Nifty can touch the level of 8500 in near term.
The Crucial levels for Nifty is 8250-8300 down Side and 8350-8380 is up side.

PATTERN FORMATION ( BANK NIFTY )

Details of ChartOn the Above given daily chart of Bank Nifty has Applied the Bollinger band Which
gives the Early indication of Bull or bear Market through break the Above or below band
of indicators. Some traders buy when it break the Upper Band And some From Middle
Band from below Side depend on the trader and investors. On the Above given Chart the
Bank Nifty is Trading near its Upper band Above break will give the sentiment of Bull
Market and the the chart also Formed the Strong Resistance at Upper Band of Bollinger
Band which is clearly bull movement the Crucial Levels for Bank Nifty is 18000-18200
is down side and 18380-18430 is up side.

NSE EQUITY DAILY LEVELS

COMPANY NAME

R2

R1

PP

S1

S2

ACC
ALBK

EQ
EQ

1619
82

1609
79

1601
77

1591
74

1583
72

AMBUJACEM
ASIAN PAINT
AXISBANK
BAJAJ-AUTO
BANKBARODA
BANKINDIA
BHEL
BHARTIARTL
CIPLA
COALINDIA
DLF
DRREDDY
GAIL
GRASIM
HCLTECH
HDFC
HDFCBANK
HEROMOTOCO
HINDALCO
HINDUNILVR
ICICIBANK
ITC
INDUSIND BANK
INFY
JINDALSTEL
KOTAKBANK
LT
M&M
MRF
MARUTI
ONGC
ORIENTBANK
RCOM
RELCAPITAL
RELIANCE
RELINFRA
RPOWER
SBIN
SSLT( VEDL)
SUNPHARMA
TATAMOTORS
TATAPOWER
TATASTEEL
UNIONBANK

EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ

263
1029
552
2649
162
114
144
366
527
316
163
3609
388
4604
730
1315
1191
3207
130
933
247
250
1144
1173
72
752
1571
1473
35694
4204
227
125
54
412
994
577
54
222
148
790
471
75
323
136

261
1019
549
2627
158
111
141
360
524
313
158
3585
381
4574
726
1301
1182
3188
128
926
244
248
1135
1165
71
746
1553
1463
35447
4183
225
122
52
408
986
569
53
220
145
783
469
74
320
132

259
1004
544
2614
156
108
138
357
518
312
155
3540
378
4549
720
1286
1177
3150
127
920
242
245
1120
1159
69
742
1537
1455
35224
4155
224
119
51
404
982
564
52
218
143
779
465
73
316
130

257
994
541
2592
152
105
135
351
515
309
151
3516
371
4519
716
1272
1168
3131
125
913
239
243
1111
1151
68
736
1519
1445
34977
4134
222
116
49
400
974
556
51
216
140
772
463
72
313
126

255
979
536
2579
150
102
132
348
509
308
148
3471
368
4494
710
1257
1163
3093
124
907
237
240
1096
1145
66
732
1503
1437
34754
4106
221
113
48
396
970
551
50
214
138
768
459
71
309
124

TOP 15 ACHIEVERS

SR.NO

1
2
3
4

SCRIPT NAME

LUPIN LIMITED

+4.43 %

AURO PHARMA

746

778

+4.38 %

HUL

DR. REDDYS

AMBUJA CEMENT
SUN PHARMA

11
12
13
14
15

+5.56 %

137

BHARAT PETRO
9
10

1639

% CHANGE

132

CIPLA
7
8

1552

CMP

BHEL

HDFC
5
6

PREV
CLOSE

//

TATA MOTORS
HINDALCO INDUS
ADANI PORTS

1242
897
508
3484
1091
252
763
457
124
207

1286
920
520
3561
1114
258
777
466
126
207

+3.59 %
+2.57 %
+2.30 %
+2.21 %
+2.08 %
+2.04 %
+1.85 %
+1.83 %
+1.68 %
+1.35 %

ASIAN PAINTS

1002

1010

+0.82 %

ICICI BANK

240

241.60

+0.67 %

SR.NO

1
B11+B11+B11+B112+B11
H334H334H334H334H33
E27. E27. E27. E273. E27
L 4L 4L 4L 4L
H11+3H11+3H11+3H114+3H11
D223D223D223D223D22
F48.%F48.%F48.%F485.%F48
C265C265C265C265C26
C55+9C55+9C55+9C556+9C55
I 022I 022I 022I 022I 02
P80.%P80.%P80.%P807.%P80
L 3L 3L 3L 3L
B
A11+0B
A11+0B
A11+0B
A118+0B
A11
H012H012H012H012H01
A91.%A91.%A91.%A919.%A91
R140R140R140R140R14
SA77+8SA77+8SA77+8SA77
+8SA77
10
U
T671U
T671U
T671U
T671U
T67
N37.%N37.%N37.%N37
.%N37
11
P 8P 8P 8P 8P
H
+5H
P
P
P
P
P
E11+5H
E11+5H
E11+5H
E11
E11
12
IH
T221IH
T221IH
T221IH
T221IH
T22
N
.%N
A
A
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A
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R46.%N
R46.%N
R46.%N
R46
R46
13
D
R
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O 6D
O 6D
O 6D
O 6D
O
A
11+8A
+8A
M
M11+8A
M11+8A
M11
M11
14
SLA000SLA000SLA000SLA000SLA00
IC01.%IC01.%IC01.%IC01.%IC01
A
08A
O208A
O208A
O208A
O215
O20
N 2N 2N 2N 2N
I I I I I
P
N %P
N %P
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D A
D A
D A
D A
D
IU IU IU IU IU
N
S N
S N
S N
S N
S
T T T T T
S +S +S +S +S +

TOP 15 LOOSERS

SCRIPT NAME

PREV CLOSE

CMP

GAIL INDIA LTD.

395

375

IDEA CELLULAR

106

102

BHARTI AIRTEL

368

355

TATA STEEL

328

318

TCS

2500

2426

ITC LIMITED

252

245

BAJAJ AUTO LTD.

2671

2604

GRASIM INDUS.

4643

4540

NTPC

156

153

TECH MAHINDRA

511

502

TATA POWER CO.

74.35

73.20

BHARTI INFRATE

350

344

HCL TECH

731

721

KOTAK BANK

753

743

ACC

1617

1597

% CHANGE

-5.02 %
-3.82 %
-3.61 %
-2.97 %
-2.97 %
-2.58 %
-2.50 %
-2.21 %
-1.88 %
-1.65 %
-1.55 %
-1.54 %
-1.35 %

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS)

+13.67 AMBUJA CEMENT
AM 204
232
%
BUJ 18128
20371
1. B +12.37 2.
B 123.
124.
125.
12B12B B
Cash Pack
%
1O
1O
1O
A
O
OSCH
8
0
8
0
8
0
801 801
+11.68
ACC 1240
1385
ACC
2
2
2
2 2
CEM
S % NSE LTD.
13. S13. S
13. S13TGT
NSE CASH : BUY WELSPUNIND
CASH ABOVE
112
. 13. 118 SL 108.65.
ENT
C
273C273C273C273 273
H
817H817H817H817 817
NSE CASH : BUY NATCOPHARM NSE CASH ABOVE 600 TGT 630 SL 565.
%
L
L %L %L % %
T T380 SL 349.
NSE CASH : BUY M&MFINTNSE CASH ABOVE 360TTGT
D
DDD
.
. . .

6.

B
O
S
C
H
L
T
D
.

-1.32 %
-1.22 %

I 11- I 11- I 11- I 11- I 11

D003D003D003D003D00
E62. E62. E62. E62. E62
A 8A 8A 8A 8A
T33-2T33-2T33-2T33-2T33
A
C212A
C212A
C212A
C212A
C21
TE88.%TE88.%TE88.%TE88.%TE88
A
L 9A
L 9A
L 9A
L 9A
L
IL22-7IL22-7IL22-7IL22-7IL22
TSU542TSU542TSU542TSU542TSU54
C
TL25.%C
TL25.%C
TL25.%C
TL25.%C
TL25
EA 5EA 5EA 5EA 5EA
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LER44-8G
LER44-8G
LER44-8G
LER44-8G
LER44
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IL652R
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IL65
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M
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M44.%A
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M44
SI 302SI 302SI 302SI 302SI 30
TIT55-1TIT55-1TIT55-1TIT55-1TIT55
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E101EM
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E10
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D12.%C
D12.%C
D12.%C
D12.%C
D12
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I
B
N33-5B
N33-5B
N33-5B
N33-5B
N33
H
M
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M
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M
D541H
D541H
D541H
D541H
D54
A
U04.%A
U04.%A
U04.%A
U04.%A
U04
R
H
H
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S 5R
S 5R
S 5R
S 5R
S
K
TI. 77-4K
TI. 77-4K
TI. 77-4K
TI. 77-4K
TI. 77
O
IN541O
IN541O
IN541O
IN541O
IN54
TID33.%TID33.%TID33.%TID33.%TID33
A
N
N
N
N
N
R 3A
R 3A
R 3A
R 3A
R
K
FA 2K
FA 2K
FA 2K
FA 2K
FA
R R R R R
B
A %B
A %B
A %B
A %B
A
A
T A
T A
T A
T A
T
N
E N
E N
E N
E N
E
K K K K K

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK
FIPB clears FDI proposals worth Rs 643 crore - Foreign Investment Promotion Board
has cleared four FDI proposals entailing overseas investment of about Rs 643 crore. The
inter-ministerial panel, headed by Economic Affairs Secretary Shaktikanta Das, has
approved Rs 420 crore FDI proposal of Advanced Enzyme Technologies which intends to
sell its stake to foreign investors by making fresh issuance of shares. FIPB has also given
its approval to Corona Remedies Private's investment worth Rs 118 crore. The company
had sought approval for foreign investment of 19.51 per cent by Mauritius-based Cydista,
a Finance Ministry statement said. The board also cleared proposals of Macmillan
Publishers International and Ordain Health Care Global, entailing investment flow of Rs
28.20 crore and Rs 77.05 crore, respectively.

NPA mess a key challenge: Arun Jaitley - Strategy to improve overall performance of
state-run banks, reviving stalled projects and increasing private sector investment are
major challenges before the government, finance minister Arun Jaitley told financial
regulators on Tuesday. He also said that due to better spread of monsoon, the government
is expecting higher production of pulses this year compared to previous years, which in
turn will substantially ease prices in the market. The Financial Stability and Development
Council also discussed the current macroeconomic situation, likely impact of Brexit, the
external scenario, problem of stressed assets and the issue of redemption of foreign
currency deposits. "As far as the redemption of these deposits is concerned,there was an
overwhelming view that the situation is under control and there is no problem at all," said
sources.

Domestic shocks to shake up 7.5% GDP growth in short term: Moody's - Over the
next two years, India's growth will face challenge from lacklustre global demand, high
corporate leverage and impaired credit supply, Moody's Investors Service said, but
argued for a better medium term outlook. The American ratings agency, which has
forecast 7.5% real GDP growth for the next two years, said it sees a downside risk to the
forecast because of potential negative external or domestic shocks. "Continued high
corporate leverage, low nominal domestic growth and lack of corporate pricing power,
will hold back investment activity for at least several quarters," said Marie Diron, senior
vice-president at Moody's. Poor asset quality and weak capitalization will restrict the
lending capacity of public sector banks, she said.

Britain may woo Indian cos with tax breaks, lesser regulation: RBI - With Britain
deciding to leave the European Union, one can expect the country attracting Indian firms
to invest there with bigger incentives in terms of tax breaks and lesser regulation, an RBI
official has said. Inaugurating a seminar on 'Importance of Financial Documents in
Foreign Trade' here, U Chiranjeevi General Manager In-charge, Reserve Bank of India,
Kochi, said the implications of Brexit are significant for China and India as they are
significant exporters to the EU and and Britain. "In all probability, they will have to
revisit bilateral investment protection agreements with the UK separately. The UK
accounts for 15 per cent of India's total merchandised trade, but its share has been
declining." "Thus, one can expect Britain to try extra hard to woo Indian companies to
invest there by providing much bigger incentives in terms of tax breaks, lesser regulation
and other financial incentives," he said.

Better monsoon to push rural demand, help fiscal health: ICRA - With monsoon
spreading across the country, domestic rating agency ICRA said better rains will help
push rural demand and may also benefit fiscal health of states and the Centre if demand
for work under the MGNREGA scheme eases. The higher kharif or summer crop acreage
will also help cool down inflation. "The expected rise in farm sector income is likely to
reinvigorate rural demand in the second half of this fiscal, complementing the boost to
consumption related to the revised pay and pensions for central government employees,"
ICRAS Senior Economist Aditi Nayar said.

India slips to 91st place on readiness for digitised economy - : India has slipped two
places to 91st position on a global list of countries in terms of their readiness for
transition to a digitised economy and society, while Singapore remains on top. Among
the major emerging markets, India is ranked the lowest with Russia retaining the top
place at 41st rank, followed by China at 59th , South Africa up 10 places at 65th and
Brazil moving up to 72nd position. The annual Networked Readiness Index released
today by Geneva-based World Economic Forum is once again topped by Singapore while
Finland has also retained its second place. Others in the top-ten are Sweden, Norway, the
US, the Netherlands, Switzerland, the UK, Luxembourg and Japan. The index, forming
part of the WEF's Global Information Technology Report, measures countries' success in
creating the conditions necessary for a transition to a digitised economy and society.

 TOP ECONOMY NEWS

Business activity in the services sector grew at its second slowest pace in the last 12
months and the Nikkei India Services Business Activity Index recorded 50.3 in June.

Merger & acquisition deals involving Indian companies increased 82% in the first half of
2016 at USD 27 billion in the first half of 2016, the highest in the first six months in any
year since 2011 led by a four and a half time increase of Indian acquisitions abroad at
USD 4.5 billion.

Power distribution companies, mainly in Jharkhand and Jammu & Kashmir, settled dues
of about Rs. 100 billion to central generation companies in April, bringing down total
outstanding amount by 45% from Rs. 220 billion in March.

India Post, is carving out a separate vertical to manage banking services, a move that will
help it win RBI nod for interoperability of its ATMs with those of PSU banks.

Power generation growth has risen to 9.5% this year so far, as against 5.65% during the
ten-year period from 2004 to 2014.
The Nikkei Markit India Manufacturing Purchasing Managers Index a composite
indicator of manufacturing performance rose to 51.7 in June from 50.7 in May amid a
sharper rise in new orders.

The Oil Marketing Companies have announced a 89 p/l cut in petrol prices along with a
49 p/l cut in diesel prices in order to align the domestic rates of the two automobile fuels
with global price benchmarks.
Indias external debt as at end-March 2016 witnessed a 2.2% increase over its March
2015 level, primarily on account of a rise in outstanding Non-Resident Indian deposits.

State-oil marketing companies hiked jet fuel price by 5.4% to Rs. 49,287 /kl, the fourth
straight price hike in as man.

 TOP CORPORATE NEWS ICICI Bank, the lead banker for Jaiprakash Associates, has invoked the strategic debt
restructuring provision, setting in play the process that could pave the way for the lenders
cumulatively taking over the company.

Hindustan Unilever Limited will focus on three megatrends -- digitisation, the

imperative for sustainability and a changing world economic order -- going forward.

Adani Transmission Limited announced signing of definitive agreement with GMR

Energy Ltd to acquire 74% stake in Maru Transmission Service Company and 49% in
Aravali Transmission Service Company with an option to acquire 100% in future.

Jaiprakash Associates' plan to sell 21.2 mtpa cement capacity to UltraTech Cement for
Rs. 159 billion is on track, claim both the companies.

Mahindra Lifespace Developers is planning to sell a bungalow on south Mumbai's

Nepean Sea Road. The developer is selling the three-story property to the trust for around
Rs1.77bn.

Equitas Holdings has got a licence from the Reserve Bank of India to start a Small
Finance Bank . It is expected to start operations by September or October.

Berger Paints India has completed business transfer agreement with its joint venture
firm BNB Coatings.

State Bank of India confirmed that lenders led by State Bank of India have invoked
Strategic Debt Restructuring in the matter of Jaiprakash Associates.

Bajaj Electricals has forayed into the premium kitchen appliances segment under the
brand name 'Platini by Bajaj'.

Reliance Industries and State joint venture Bank of India have signed the shareholder
agreement to set up the payments bank.

State Bank of India has inked agreements with the World Bank for a USD 625 million
around Rs. 42 billion facility to support grid connected rooftop solar programme in the

country.

Bosch Limited will buy back 8.78 lakh shares, about 24.99% of the paid up capital of the
company, for Rs. 20.20 billion.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Bank of Baroda for the first time is set to offer rating-based lending to retail mortgage
loan seekers, which involves giving loans based on credit scores and not a uniform rate
irrespective of the credit quality. "We have internally switched to scoring-based pricing
based on the CIBIL score," PS Jayakumar, MD, Bank of Baroda, told. "With this, we can
identify the right kind of borrower, our due diligence becomes easier, and the probability
of a default will be minimal, he said.

State Bank of India Capital Markets has invited proposals for independent valuation and
determining the swap ratio for the merger of three State Bank of India associates and
Bharatiya Mahila Bank with SBI. The proposals have been sought from chartered
accountant firms, SBI Caps said in a public notice. The three SBI associates in question
are State Bank of Travancore, State Bank of Mysore and State Bank of Bikaner & Jaipur.

The government has cleared Axis Banks Limited proposal to raise foreign investment
limit to the maximum permissible level under the rules, approved construction of a major
port in Tamil Nadu and allowed a long-term contract with Mozambique for pulses
imports to address domestic shortage.

Payments banks will help bring millions of people into the financial system but there is a
need to make the system fraud free, a top official of Paytm Payments Bank said today.
Paytm Payments Bank CEO Shinjini Kumar also said that they are facing the challenge of
KYC norms as mobile numbers of the customers cannot be their IDs. One of the biggest
problem that we are going to address is that your mobile number can't be your ID because
there is so much churn in the mobile industry that my number may go to you", Kumar
said at an event on payments banks in India organized by Cuts International.

Notwithstanding rising bad loan problems in the system, sale of stressed assets to asset
reconstruction companies in 2015-16 was only a trickle of the NPA mount at 2 per cent of
the total of nearly Rs. 5.8 trillion, which is down a whopping 20 per cent from previous
year, says a report. "The overall loans sold in FY2016 were lower by 20 per cent y-o-y
and around 15 per cent of the overall loans in the banking system," Kotak Institutional

Equities said in a report that is based on the analysis of 33 public and private banks.

Asset quality and profitability are not the only factors where public sector banks are
under-performing their private sector counterparts. The rate of hiring by PSBs, which
traditionally reported a higher headcount, has slowed down significantly over the last five
fiscals. The trend coincides with deteriorating cost-income ratio of public sector lenders.
Their employee base grew at a compounded rate of 2.5% between FY11 and FY16. In
comparison, manpower for a group of leading private sector banks hand expanded by
7.6% during the period. The sample consisted of 12 leading public sector banks and five
largest private sector banks excluding Kotak Mahindra Bank, whose employee number is
not comparable after it acquired ING Vysya Bank in FY15.

The Fitch Rating Agency said Indian Banks will need About $ 90 billion of Capital to
meet the New Basel III Capital norms to be Implemented by the Financial Year ending
march 19. and More than 80 per cent of which will be needed by Public Sector Lenders
report said.

LEGAL DISCLAIMER

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.

This document, at best, represents Ways2Capital Equity/Commodities Research opinion

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DISCLOSURE
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does
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Disclosure Appendix:
The reports are prepared by analysts who are employed by High Brow Market
Research Investment Advisor Pvt. Ltd. All the views expressed in this report 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.

Disclosure in terms of Conflict of Interest:

(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;
(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,
(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;

Disclosure in terms of Compensation:

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.

Disclosure in terms of Public Appearance:

(a) High Brow Market Research Pvt. Ltd. or its associates have not received any
compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months
preceding the date of distribution of the research report.
(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an
officer, director or employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market
making activity for the subject company.