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-May-18 166.40 168.00 169.60 146.40 149.10 -10.40% -51.35% -32.27%
Copper 29-Jun-18 464.15 467.35 417.10 452.30 454.00 -2.19% 9.45% 69.45%
Crude Oil 21-May-18 4531 4543 4617 4468 4547 0.35% 4.88% -15.42%
Gold 05-Jun-18 31432 31370 31430 31126 31211 -0.70% -7.76% -16.02%
Lead 31-May-18 155.85 156.25 157.50 153.50 157.00 0.74% -6.80% 4.96%
Natural Gas 25-May-18 184.30 183.90 191.00 183.00 186.00 0.92% -22.67% 155.53%
Nickel 31-May-18 984.10 984.10 987.10 922.20 925.90 -5.91% -12.43% -38.02%
Silver 04-May-18 40479 40287 40345 38975 39004 -3.64% 5.39% 30.01%
Zinc 31-May-18 215.35 216.30 217.30 206.45 209.75 -2.60% -2.47% 15.73%
NCDEX Market Wrap-Up
Previous % Change % Change in % Change in
Commodity Contract Open High Low Close
Close in Price Open Interest Volume

Castor Seed 18-May-18 4142 4149 4149 4000 4010 -3.19% 11.10% 59.85%

Chana 18-May-18 3673 3683 3688 3490 3510 -4.44% 7.87% 68.43%

Dhaniya 18-May-18 5101 5100 5118 4768 4795 -6.00% 6.82% 46.86%

COCUDAKL 18-May-18 1344.50 1334.00 1336.50 1182.00 1185.00 -11.86% 6.57% 73.85%

Guargum5 18-May-18 9140 9166 9180 8723 8723 -4.56% -0.32% 111.73%

Guarseed10 18-May-18 4197.50 4202.00 4225.00 3960.00 3960.00 -5.66% 5.48% 56.16%

Jeera 18-May-18 16060 16050 16080 15555 15670 -2.43% 3.83% 80.81%

Kapas 30-Apr-18 891.00 875.00 891.50 854.00 861.50 -3.31% -62.67% -69.04%

RMseed 18-May-18 3925 3937 3945 3731 3925 0.00% 9.63% 102.02%

Ref Soya Oil 18-May-18 776.65 774.80 776.50 761.10 762.50 -1.82% 8.47% 9.63%

Soyabean 18-May-18 3760 3765 3765 3591 3622 -3.67% -3.00% 161.90%

Turmeric 18-May-18 6882 6948 7106 6710 6926 0.64% 3.81% 113.38%

Mentha Oil 31-May-18 1220.10 1240.30 1289.00 1231.00 1272.40 4.29% -10.26% -5.42%

Currency Market Wrap-Up

Previous Change in
Currency Pair Contract Open High Low Close
Close Price (in%)
USDINR 29-May-18 66.3575 66.4675 67.1850 66.4200 66.8950 0.81%

GBPINR 29-May-18 93.4350 93.3800 93.8400 92.1900 92.2475 -1.27%

JPYINR 29-May-18 61.7450 61.7000 61.8550 61.2300 61.2750 -0.76%

EURINR 29-May-18 81.7975 81.7150 82.1125 80.9750 81.0150 -0.96%

Continued…….
2 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018
Market Wrap-Up

International Market Wrap-up

Previous
Commodity Exchange Open High Low Close % Change in Price
Close
Aluminium LME 2473.25 2481.25 2534.25 2186.50 2228.25 -9.91%

Copper COMEX 3.131 3.137 3.167 3.029 3.051 -2.56%

Crude Oil NYMEX 68.38 68.21 69.36 67.11 68.02 -0.53%

Gold COMEX 1338.30 1337.60 1337.60 1316.30 1324.40 -1.04%

Lead LME 2336.00 2350.50 2359.25 2276.00 2347.00 0.47%

Natural Gas NYMEX 2.739 2.768 2.843 2.740 2.771 1.17%

Nickel LME 14850.00 14857.50 14875.00 13807.50 13865.00 -6.63%

Silver COMEX 17.147 17.115 17.135 16.385 16.470 -3.95%

Zinc LME 3241.25 3233.25 3270.50 3084.25 3132.50 -3.36%

3 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018

Inventory Updates

LME Inventory
Closing In Tonnes Closing In Tonnes
Commodity % Change in Price
(As on 27th April 2018) (As on 20th April 2018)

Copper 342250 355150 -3.63%

Nickel 309594 314328 -1.51%

Lead 129800 129500 0.23%

Zinc 228150 186825 22.12%

Aluminium 1362750 1404350 -2.96%

Continued…….
4 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018
Inventory Updates

5 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018

Market Next Week
Economic Events Calendar
Time Curreny Event Forecast Previous
Monday, April 30, 2018
All Day CNY Holiday China - Labour Day - -
6:30 CNY Manufacturing PMI (Apr) 51.3 51.5
6:30 CNY Non-Manufacturing PMI (Apr) - 54.6
18:00 USD Core PCE Price Index (YoY) (Mar) 1.90% 1.60%
19:15 USD Chicago PMI (Apr) 57.90 57.40
19:30 USD Pending Home Sales (MoM) (Mar) 0.90% 3.10%
Tuesday, May 1, 2018
All Day CNY China - Labour Day - -
14:00 GBP Manufacturing PMI (Apr) 54.80 55.10
19:30 USD ISM Manufacturing PMI (Apr) 58.4 59.3
Wednesday, May 2, 2018
7:15 CNY Caixin Manufacturing PMI (Apr) 50.8 51
17:45 USD ADP Nonfarm Employment Change (Apr) 203K 241K
20:00 USD Crude Oil Inventories - 2.170M
23:30 USD FOMC Statement - -
23:30 USD Fed Interest Rate Decision 1.75% 1.75%
Thursday, May 3, 2018
14:00 GBP Services PMI (Apr) 53.5 51.7
18:00 USD Initial Jobless Claims 225K 209K
18:00 USD Nonfarm Productivity (QoQ) (Q1) 0.90% 2.70%
18:00 USD Trade Balance (Mar) -50.00B -57.60B
19:15 USD Services PMI (Apr) - 54.4
19:30 USD Durable Goods Orders (MoM) - 2.60%
19:30 USD ISM Non-Manufacturing Employment (Apr) - 56.6
19:30 USD ISM Non-Manufacturing PMI (Apr) 58.2 58.8
Friday, May 4, 2018
18:00 USD Average Hourly Earnings (MoM) (Apr) 0.20% 0.30%
18:00 USD Nonfarm Payrolls (Apr) 195K 103K
18:00 USD Private Nonfarm Payrolls (Apr) 195K 102K
18:00 USD Unemployment Rate (Apr) 4.00% 4.10%
Friday, May 4, 2018
18:00 USD Average Hourly Earnings (MoM) (Apr) 0.20% 0.30%
18:00 USD Nonfarm Payrolls (Apr) 195K 103K
18:00 USD Private Nonfarm Payrolls (Apr) 195K 102K
18:00 USD Unemployment Rate (Apr) 4.00% 4.10%
Currency Weekly Pivots
Currency Pair Contract R3 R2 R1 PP S1 S2 S3

USDINR 29-May-18 68.4000 67.6000 67.3000 66.8500 66.5000 66.1000 65.3000

GBPINR 29-May-18 96.0500 94.4000 93.3000 92.7500 91.6500 91.1000 89.4500

JPYINR 29-May-18 62.7000 62.1000 61.6500 61.4500 61.0500 60.8500 60.2000

EURINR 29-May-18 83.6500 82.5000 81.7500 81.3500 80.6000 80.2000 79.1000

Continued…….
6 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018
Market Next Week

MCX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Aluminium 31-May-18 201.00 178.00 164.00 155.00 141.00 132.00 109.00

Copper 29-Jun-18 371 406 430 441 465 476.00 512.00

Crude Oil 21-May-18 4842 4693 4620 4544 4471 4395 4246

Gold 05-Jun-18 31864 31560 31385 31256 31081 30952 30648

Lead 31-May-18 164.00 160.00 159.00 156.00 155.00 152.00 148.00

Natural Gas 25-May-18 203.00 195.00 190.00 187.00 182.00 179.00 171.00

Nickel 31-May-18 1075 1010 968 945 903 880 815

Silver 04-May-18 42181 40811 39908 39441 38538 38071 36701

Zinc 31-May-18 233.00 222.00 216.00 211.00 205.00 200.00 189.00

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Castor Seed 18-May-18 4351 4202 4106 4053 3957 3904 3755

Chana 18-May-18 3959 3761 3635 3563 3437 3365 3167

Dhaniya 18-May-18 5594 5244 5019 4894 4669 4544 4194

COCUDAKL 18-May-18 1544 1389 1287 1235 1133 1080 926

Guargum5 18-May-18 9789 9332 9028 8875 8571 8418 7961

Guarseed10 18-May-18 4578 4313 4137 4048 3872 3783 3518

Jeera 18-May-18 16818 16293 15982 15768 15457 15243 14718

Kapas 30-Apr-18 944 907 884 869 847 832 794

RMseed 18-May-18 4295 4081 4003 3867 3789 3653 3439

Ref Soya Oil 18-May-18 798 782 772 767 757 751 736

Soyabean 18-May-18 4007 3833 3728 3659 3554 3485 3311

Turmeric 18-May-18 7706 7310 7118 6914 6722 6518 6122

Mentha Oil 31-May-18 1380 1322 1297 1264 1239 1206 1148

7 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018

MCX Fundamentals

BULLION
Last week, spot gold prices rose 1.4 percent to trade at $1316 per ounce while MCX
gold prices declined 1 percent although rupee depreciation of around 0.9 percent
cushioned sharp downfall. Spot silver prices declined around 4 percent to close at
$16.5 per ounce in line with fall in gold and base metals prices while stronger dollar
index also exerted downside pressure on silver. Stronger US dollar and lofty bond
yields have dampened the interest in bullion for traders and investors across the
globe. Growing supply of US government debt and inflationary pressures from ris-
ing oil prices have pushed the yields on the 10 year bond yields above 3 percent for
the first time in four years.

BASE METALS
LME Copper prices plunged 2.6 percent while MCX prices fell 2.3 percent last week
as dollar surged to three and half month highs buoyed by rising bond yields above
3% for the first time since 2014. The rise in yields was a result of expectations that
the Fed would raise interest rates more aggressively to combat inflation. Further
downside was limited as failed negotiations at Escondida mine in Chile and Gras-
berg in Indonesia, world's biggest Copper mines, supported the red metal. Alumin-
ium led the losses in base metals, down by a whopping 10 percent last week, after
the US extended deadline given to American customers of Rusal to comply with
the sanctions, from June to October 2018. Nickel was the second worst performer
since the fears of sanction extension to Norilsk Nickel eased.

ENERGY

WTI oil prices declined by around 0.8 percent last week while MCX oil prices rose
marginally by 0.2 percent in the same time frame. Risk of renewed U.S. sanctions
on Iran, plunging Venezuelan output, and robust global demand shook off the ef-
fects of a strong dollar on oil prices.

8 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018

NCDEX Fundamentals

SPICES

Turmeric futures prices registered sharp gains during its trade in last week.
Prices traded higher on expectations of good demand in the coming days. Fur-
ther, report of strong export demand is a positive factor for turmeric futures
prices.
Dhaniya futures traded higher to stage recent recovery from their continuous
recent fall on profit booking. However, recovery was limited tracking weaker
demand side at the spot markets. Arrivals at the spot market are higher due
to peak harvesting season with limited buying demand

OIL & OILSEEDS

NCDEX Refined soy oil dropped 0.5% last week tracking firmness in Indian
currency. Moreover, limited buying at physical market also weighed on
prices last week RM Seed futures traded down on limited buying at physical
market. Most active May contract of RM seed traded at NCDEX closed the
day at Rs.3831/quintal, lower by 0.05% against the previous close. Soybean
futures extended its gains following firmness in CBOT soybean futures.
CBOT soybean futures gained substantially after President Donald Trump's
confirmation in last week that he would send a high-ranking team to China
to start negotiations on trade dispute with China.

GUAR COMPLEX

Prospects of a normal monsoon for the third consecutive year kept pressure
on the market sentiments for Guar as prices failed to hold above the 9000
mark. Firmness in crude oil prices and a firm Dollar vs Rupee kept supporting
market sentiments. But good monsoon reports amidst higher stocks limited
the uptrend. Strength in crude oil will keep export demand of guar gum quite
stable. Consumption of drilling chemicals is increasing with rising

OTHERS
The near term fundamentals for RM seed are most likely to restrict the up-
side movement in coming sessions. As per the charts, the May contract is
now expected to find tough in sustaining above 3835- 3850. RM seed could
not sustain at higher levels and settled even below 3800 support. On daily
basis the May contract was down roughly 2%. The good Monsoon reports
and ongoing arrival season are keeping sentiments bearish for RM seed also
since it would imply better sowing prospects during its planting season of Oct
-Nov.
9 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018
Calls of the Week (MCX)

COPPER

Copper prices retreated after early gains while losing 2.19 percent last week. On weekly chart, a bearish candle has
formed after an unsuccessful attempt at breaking upside resistance of Rs.470 mark in the June series. However,
counter witnessed selling pressure after reaching 12-week peak but trading above key support at Rs.452 mark that can
assist prices to recover. However, a break below the same can exert pressure on prices that can lead to next support
level of Rs.440 mark.

WEEKLY STRATEGY

PERTICULAR DETAILS

Action Sell

Entry Level Below 452.30

Target 440.30

SL 459.30

CRUDE OIL
After a strong rally for two consecutive weeks, counter paused for the week to take a breath. On weekly charts, prices
traded with marginal gains of 0.35% at Rs.4547/bbl and formed a doji candlestick pattern. Pattern suggests that the
bulls in current rally of uptrend are now losing steam and fresh sellers are ready to step in. RSI on daily charts is trading
close to overbought zone of 73 which indicates selling pressure in the counter, which may push it to next support of
Rs.4330/bbl. As of now short term trend on four hourly and hourly charts remains bearish.

WEEKLY STRATEGY

PERTICULAR DETAILS

Action Sell

Entry Level Belolw 4468

Target 4330.00

SL 4537.00

10 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018

Calls of the Week (NCDEX)
SOYREF

Last week SYOREF May Futures started the week on negative note and made a low of 761.10 and closed at 762.50 with
overall marginal loss of 1.82% on weekly basis. And continuously making lower highs and lower lows indicating bearish
trend in upcoming session.Technically for this week, we can expect further downside movement in it due to support
level breakout & formation of bearish candlestick patterns on the higher levels. For this week, if it breaks the level of
759, then it can test the level of 745 during the week. One can make sell position in it by maintaining a SL 767.30

WEEKLY STRATEGY

PERTICULAR DETAILS

Action Sell

Entry Level Below 759.00

Target 745.00

SL 767.30

CASTORSEED

NCDEX Castor Seed Apr future continued to trade in the range of 4270-4170 for the fourth consecutive trading week.
Price made the low of 4160 during the week and the high of 4260 and settled at 4242. Market closed flat during the
week with higher volume and open interest indicating building of long positions. We can expect market can break its
resistance level of 4270 on this week.

WEEKLY STRATEGY

PERTICULAR DETAILS

Action Sell

Entry Level Below 3998.00

Target 3903.00

SL 4071.00

11 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018

Calls of the Week (FOREX)
GBPINR

Last week GBPINR May Futures started the week on negative note and made a low of 92.9125. However it witnessed
positive movement on Wednesday but overall closed in negative at 92.2475 with the loss of 1.24% on weekly basis.
Technically for this week, we can expect further downside movement in due to formation of bearish candlestick pat-
terns on the higher levels coupled with the oversold RSI. For this week, if it breaks the level of 92.1900, then it can test
the level of 91.6025 during the week. One can make sell position in it by maintaining a SL 92.6025

WEEKLY STRATEGY

PERTICULAR DETAILS

Action Sell

Entry Level Below 92.1900

Target 91.6025

SL 92.6025

EURINR

Last week EURINR May Futures started the week on negative note and made a low of 81.3900. However it witnessed
positive movement on Wednesday but overall closed in negative at 81.0150 with the loss of 0.96% on weekly basis.
Technically for this week, we can expect further downside movement in due to trend line resistance on higher levels &
formation of bearish candlestick patterns on the higher levels. For this week, if it breaks the level of 80.9300, then it
can test the level of 80.3325 during the week. One can make sell position in it by maintaining a SL 81.3325

WEEKLY STRATEGY

PERTICULAR DETAILS

Action Sell

Entry Level Below 80.9300

Target 80.3325

SL 81.3325

12 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018

Disclaimer
LEGAL DISCLAIMER ( कानूनी अस्वीकरण) :
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.
यह दस्तावेज़ Ways2Capital (हाई ब्रो माके ट अनुसध
ं ान ननवेश सलाहकार प्राइवेट नलनमटेड का एक भाग) द्वारा तैयार ककया गया है | यहां पर दी गई जानकारी, नवश्लेषण और अनुमान Ways2Capital इकिटी / कमोनडटी अनुसध
ं ान के मूलयांकन पर आधाररत हैं और
नवश्वसनीय स्रोतों से प्राप्त की गई है | यह दस्तावेज़ के वल इनछित प्राप्तकताा के उपयोग के नलए ही है |
This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for general information only. Ways2Capital Equity/Commodities Research, its directors, officers
or employees shall not in any way to be responsible for the contents stated herein. Ways2Capital Equity/Commodities Research expressly disclaims any and all liabilities that may arise from informa-
tion, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities or commodities.
यह दस्तावेज़, सवोत्तम रूप से, Ways2Capital इकिटी / कमोनडटीज अनुसंधान का प्रनतनननधत्व करता है और सामान्य जानकारी के नलए ही है | Ways2Capital इकिटी / कमोनडटीज अनुसंधान, इसके ननदेशकों, अनधकारी या कमाचारी ककसी भी
तरह से संबंनधत सामग्री के नलए नजम्मेदार नहीं है।| Ways2Capital इकिटी / कमोनडटीज अनुसंधान ककसी भी और सभी उत्तरदानयत्वों को स्पष्ट रूप से अस्वीकार करता है जो इस संबंध में सूचना, त्रुरटयों या चूक से पैदा हो सकता है| इस दस्तावेज
को ककसी भी प्रनतभूनत या वस्तु को खरीदने के नलए बेचने या एक आग्रह के नलए प्रस्ताव के रूप में नहीं माना जा सकता है|
All information, levels & recommendations provided above are given on the basis of technical & fundamental research done by the panel of expert of Ways2Capital but we do not ac-
cept any liability for errors of opinion. People surfing through the website have right to opt the product services of their own choices.
उपरोक्त सभी सूचना, स्तर और सुझाव, Ways2Capital के नवशेषज्ञ के पैनल द्वारा ककए गए तकनीकी और मौनलक अनुसध
ं ान के आधार पर दी गई हैं, लेककन हम कदए गए सुझावों की त्रुरटयों के नलए कोई दानयत्व स्वीकार नहीं करते हैं | वेबसाइट के माध्यम से
सर्फिंग करने वाले लोगों को अपनी पसंद के उत्पाद सेवाओं को चुनने का अनधकार है|
Any investment in Equity/commodity market bears risk, company will not be liable for any loss done on these recommendations. These levels do not necessarily indicate future price
moment. Company holds the right to alter the information without any further notice. Any browsing through website means acceptance of disclaimer.
इकिटी / कमोनडटी बाजार में कोई भी ननवेश जोनखम के अधीन होता है, कं पनी इन सुझावों पर ककए गए ककसी भी नुकसान के नलए उत्तरदायी नहीं होगी | यह स्तर भनवष्य के कीमतों की गनत का संकेत नहीं देते है| वेबसाइट के माध्यम से ककसी भी
ब्राउजज़ग का अथा है अस्वीकरण की स्वीकृ नत।

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.
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 क्षनतपूर्तत (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 नलनमटेड या उसके सहयोगीयों ने नवषय कं पनी के अनधकारी, ननदेशक या कमाचारी के रूप में कभी भी काम

13 Copyright © 2018 Ways2Capital. All rights reserved 01/05/2018