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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - NIFTY - Last Trading session of previous week Nifty 50 fell by 0.52%, the index opened
at 9226 made high of 9246 and closed at 9151 after making low of 9145. As Government released Industrial
production data for the month of Feb at - 1.20% where expectation was 1.3% and January IIP Numbers were at
2.70%. Consumer price index for the Month of March released at 3.81% where Expectation was at 3.98% and
February Consumer Price Index was at 3.65%. Nifty closed in negative territory for the third consecutive day at
9139 after making a low of 9120. The Index opened at 9145 on Monday trading session and made a high of
9160. As of Now Market may also look into Indian Meteorological Department first official Forecast about
Trajectory of Monsoon this Year. Any forecast of deficient Rainfall because of looming Threat for EI-Nino
may also Spoil the Bull Party in the Coming days. Indian Meteorological Department released its Long Period
Average first stage data in which the department has predicted normal monsoon in Southwest. The World Bank
& IMF predicted tepid GDP Growth for India in FY-18 as 7.2% on the back of Demonetization / Full
Remonetization concerns, Stressed Banking Non-Performing Assets , PSBS recapitalization issues, tepid loan
growth, issues of stressed corporates, and lack of vital policy / Reforms implementations in a time bound
manner These all are the trigger for the Market in near term.

The benchmark Index Nifty 50 on Wednesday traded in narrow range of 45 points, the Index opened at 9112
and made a high of 9120 and closed at 9104 after making a low of 9075. on the back of Donald Trump has
signed an executive order on stricter enforcement & review of H1B visa - this visa has been used by the
technology industry to bring "highly skilled" foreign workers into the US, thus giving them a price advantage.
Most of the sessions was very range bound in the absence of any major fresh Domestic or Global triggers in
this week. Some Regulatory Concern on Chinese stock Market, mixed set of Quarterly Earnings & Political
Uncertainty over french and British election would be main trigger for the Market in upcoming week trading
sessions. The Nifty to trade in bullish trend 9220 would be the important level for Index break above can
witness the 9300-9360 levels. on the Fillip side Sustaining below 9180 may drag the Index towards 9008-8916
in Near Term.

BANK NIFTY : - Bank Nifty last week made new record high of 21787 and closed at 21687, the index made
a low of 21396 and traded in a narrow Range of 167 points from high of 21743 and low of 21577. Bank Nifty
closed at 21647. From last two weeks the Bank Nifty has rallied almost 700-890 points and made a high of
21947 on Tuesday trading session. The Public Sector Banks were in demand on the hopes of an earnings
recovery and Reports of more Public Sector Banks consolidations after State Bank of India merger, though its
still at very Preliminary Discussion Stage. Market is expecting an effective Resolution of Stressed Assets &
Consolidation of Public Sector Banks in the coming days and along with that, hopes of a good Q4FY17 report
card may be the prime reasons for such strength in Bank Nifty, although looking quite stretched valuation.
Indian market sentiment was further boosted after some reports of an imminent Net Performing Assets policy
announcement by the Government PSBS rallied quite smartly on the buzz. But, later RBI Dy Gov confirmed
that it may take some more time for a definitive new NPA policy; meanwhile RBI will do more oversight or
implementation of various existing NPA resolution mechanism. Bank Nifty to trade in 21330-21780 range. The
Significance Support is 21260-20880 and Resistance is 21704-21988 for Bank Nifty.

Monday, 24 April 2017


TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2
9401 9215 9122 9029 8843

WEEKLY R2 R1 PP S1 S2
9556 9272 9130 8988 8704

MONTHLY R2 R1 PP S1 S2
9744 9348 9150 8952 8556

BANK NIFTY

DAILY R2 R1 PP S1 S2
22148 21704 21482 21260 20816

WEEKLY R2 R1 PP S1 S2
23267 22155 21599 21043 19931

MONTHLY R2 R1 PP S1 S2
23269 22157 21601 21045 19933

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 9131 8988 8797 8587

BANK NIFTY 21416 20903 20252 19465

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 9269 8992 8371


BANK NIFTY 21937 20474 18051
PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above given daily Chart of Nifty has Applied Bollinger Band and
Parabolic SAR both are the leading indicators. One Long Unwinding is seen in Nifty at higher
levels on Friday. In daily chart you can see that Nifty broke the Middle Ban which is around its
crucial Support level of 9150, good support now is near 9120. This can be start of down trend on
intraday chart chart. There are 2 important supports for Nifty near 9100 and 8960 apart from the
current level at 9120.
PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band as
well as Parabolic SAR.On the Above Given Intraday Chart of Bank Nifty which shows that the
Index is trading near its crucial Support level of 21500 if it is able to Sustain current Support level
we may witness some upward movement in the upcoming week. The Bank Nifty Daily Chart is
Showing sideways movement in the Index, While the Index has to Sustain above 21500 level for
further up movement toward 21670-21780, On the Fillip side Sustaining below 21500 level will
drag the index 21440-21320 in near Term.
NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1520 1507 1497 1484 1474
ADANI PORTS EQ 339 333 328 322 317
AMBUJACEM EQ 242 241 239 238 236
ASIAN PAINT EQ 1082 1075 1065 1058 1048
AXISBANK EQ 503 495 489 481 475
BAJAJ-AUTO EQ 2856 2840 2827 2811 2798
BANKBARODA EQ 182 179 176 173 170
BPCL EQ 732 723 719 710 706
BHEL EQ 179 176 174 171 169
BHARTIARTL EQ 349 345 343 339 337
BOSCH LTD EQ 22825 22600 22466 22241 22107
BHARTI INFRATEL EQ 361 356 350 345 339
CIPLA EQ 579 571 567 559 555
COALINDIA EQ 283 280 279 276 275
CAIRN INDIA LTD EQ 290 288 286 284 282
DRREDDY EQ 2645 2627 2617 2599 2589
GAIL EQ 414 406 402 394 390
GRASIM EQ 1161 1144 1134 1117 1107
HCLTECH EQ 828 820 814 806 800
HDFC EQ 1543 1523 1507 1487 1471
HDFCBANK EQ 1527 1512 1482 1467 1437
HEROMOTOCO EQ 3230 3217 3204 3191 3178
HINDALCO EQ 193 190 187 184 181
HINDUNILVR EQ 929 918 913 902 897
ICICIBANK EQ 276 272 270 266 264
ITC EQ 286 280 276 270 266
INDUSIND BANK EQ 1450 1443 1436 1429 1422
INFY EQ 939 931 926 918 913
IDEA CELLULAR EQ 88 87 85 84 82
KOTAKBANK EQ 907 897 887 877 867
LT EQ 1708 1694 1687 1673 1666
M&M EQ 1289 1282 1268 1261 1247
MRF EQ 64180 63851 63430 62680 61180
MARUTI SUZUKI EQ 6355 6313 6248 6206 6141
ONGC EQ 183 182 180 179 177
NTPC EQ 170 168 166 164 162
RCOM EQ 36 35 35 34 34
RELCAPITAL EQ 622 615 609 602 596
RELIANCE EQ 1444 1425 1401 1382 1358
RELINFRA EQ 590 582 577 569 564
RPOWER EQ 50 49 48 47 46
SBIN EQ 291 286 283 280 278
SSLT( VEDL) EQ 238 235 232 229 226
SUNPHARMA EQ 667 653 644 630 621
TATA MOTORSDVR EQ 275 272 271 268 267
TCS EQ 2350 2331 2316 2297 2282
TATAMOTORS EQ 453 446 442 435 431
TATAPOWER EQ 87 86 84 83 81
TATASTEEL EQ 464 457 453 446 442
UNIONBANK EQ 160 159 156 155 152
YES BANK LIMITED EQ 1581 1562 1543 1524 1505
ZEEL EQ 541 534 530 523 519
TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CMP % CHANGE SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
CLOSE

1 GRASIM INDUS 1050 1129 + 7.53 % 1 SUN PHARMA 692 639 - 7.67 %

2 GAIL LIMITED 379 399 + 5.21 % 2 ICICIBANK LTD 282 269 - 4.83 % -
4
3 HDFC BANK 1440 1496 + 3.91 % 3 COALIN LIMITED 291 277 - 4.83 %

4 INDIABULLS 956 989 + 3.46 % 4 YESBANK LTD 1616 1544 - 4.47 % -


4
5 POWER GRID CORP 200 205 + 2.80 % 5 AXIS BANK LTD 507 486 - 4.20 %

6 RELIANCE 1364 1402 + 2.76 % 6 AURO PHARMA 658 633 - 3.78 % -


3
7 HINDALCO 183 188 + 2.65 % 7 BOSC LIMITED 23272 22406 - 3.72 %

8 HDFC 1474 1507 + 2.21 % 8 SBIN 291 282 - 3.21 % -


3
9 MARUTI SUZUKI 6077 6185 + 1.77 % 9 TATA MOTORS 453 440 - 2.81 %

10 ADANI PORTS 320 326 + 1.73 % 10 TATA STEEL 463 450 - 2.74 % -
2
11 NTPC LIMITED 164 167 + 1.55 % 11 ONGC 184 180 - 2.46 %

12 ZEEL 521 528 + 1.35 % 12 AMBUJA CEMENT 245 239 - 2.37 % -


2
13 BHARTI AIRTEL 340 342 + 0.75 % 13 CIPLA LIMITED 577 564 - 2.22 %

14 IOC 422 425 + 0.56 % 14 BPCL 731 715 - 2.09 % -


2
15 L&T LIMITED 1678 1687 + 0.53 %
15 HUL 923 906 - 1.89 %
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

Paris replacing Mauritius as tax haven, Citi alerts Finance Ministry - Citi, once perceived as
a master in regulatory arbitrage, has drawn the Governments attention to Paris emerging as a new
tax haven with Mauritius losing its charm. In a recent meeting with officials of the finance
ministry, Citi pointed out how some global banks and funds are taking advantage of Indias treaty
with France to escape tax, sources in the financial market told. In the past few months, a few
leading Foreign Portfolio Investors have set up shop in Paris to attract offshore investors and
issue participatory notes derivatives sold to foreign investors keen to trade in Indian stocks. Till
March 31, Mauritius was the preferred location to carry out such business. But this changed with
the revision in the tax treaty between India and Mauritius: there will be capital gains tax on Indian
securities bought by any Mauritius entity on or after April 1.

Modi government's GST reform an 'act of courage': IMF chief - Describing the ongoing
Goods and Services Tax reform as an "act of courage", IMF chief Christine Lagarde today said
she expects "some positive outcome" as a result of the decision. The GST reform is really an act
of courage," Lagarde told reporters during the annual Spring meeting of the International
Monetary Fund and the World Bank. It really means reforming in-depth in each of the Indian
States in order to substitute the State taxes with overall federal tax, the re-allocation of it and the
digital platform that supports it, she said. So, I am personally impressed by the work that is being
done in that regard and expect some positive outcome.

CPI Inflation Seen at 4.8% in FY18, fears exaggerated: Report - Retail Inflation is expected
at 4.8 per cent for the current fiscal and fears in this regard are exaggerated as the country will
continue to witness benign prices, says a report. According to Report Ecowrap, The Reserve
Bank's inflation forecast of 4-4.5 per cent will be "materially undershot" as CPI inflation is
unlikely to breach the 4 per cent mark till July this year. According to official data, inflation at the
wholesale level eased to 5.7 per cent in March on declining fuel prices and appreciating rupee.
"The decline was accentuated by decline in fuel and power inflation and manufactured products.
It may be Noted that fuel prices were significantly cut on March 31, while the rupee has been on
an appreciating trend since February 2017. These two factors have pushed down fuel and
manufactured product prices," it said.

Economy to grow 7.2% in FY18; GST to have positive impact: World Bank - Having seen a
"modest setback" due to demonetisation last fiscal, the Indian economy will claw back to 7.2 per
cent growth this financial year and rise further to 7.5 per cent in 2018-19, says a World Bank
report. In its report on South Asian Economy, the World Bank said that "significant risks" to
economic growth could emanate from fallout of demonetisation on small and informal economy,
stress in the financial sector and uncertainty in global environment. Also, a rapid increase in oil
and other commodity prices could have a negative implication for the economy, it added. The
country's economic growth is expected to see an uptick at 7.2 per cent this fiscal and further
accelerate to 7.5 per cent in 2018-19, the report said.

India's fastest-growing economy tag faces no risk from China anytime soon, confirms IMF -
India will not have to surrender its fastest growing major economy tag to China in the near future
and will record slightly higher growth rate than its bigger neighbour for last year despite a
slowdown due to demonetisation, International Monetary Fund says. World Economic Outlook,
the fund's flagship publication, has revised upwards India's growth forecast for FY17 to 6.8 per
cent, just ahead of China's 6.7 per cent for 2016 calendar. IMF has retained its India growth
forecast for FY18 at 7.2 per cent and FY19 at 7.7 per cent, well ahead of its forecast for China.

India back on fiscal consolidation due to less fuel subsidies and targeted social schemes:
IMF - Notwithstanding the impact of demonetisation, India returned to fiscal consolidation in
the fiscal year 2016-17 largely due to the near-elimination of fuel subsidies and enhanced
targeting of social benefits, the IMF said today. India returned to fiscal consolidation in fiscal year
2016/17, supported by the near-elimination of fuel subsidies and enhanced targeting of social
benefits, notwithstanding the deceleration in growth related to the country's recent currency
exchange initiative," the IMF said in its report on Fiscal Monitor released on the sidelines of the
annual Spring Meeting of the International Monetary Fund and the World Bank. The IMF said, in
India, the headline deficit is projected to decline modestly in fiscal year 2017/18, with continued
delay in reaching the medium-term deficit target.

TOP ECONOMY NEWS

The last fiscal witnessed a modest setback due to demonetisation, but the Indian economy in this
financial year will claw back to 7.2% and in 2018-19 will rise even more to 7.5%, according to
the World Bank report.

The Finance Ministry has decided to push the Public Sector Banks to raise the funds through the
route of capital markets, As per the Indradhanush plan. There are at least six Public-Sector Banks
on the radar of Finance Ministry for their recapitalization through tapping of capital Markets. The
Public-Sector Banks have been the major drivers to execute various schemes of the government
so that reaches out to maximum population.
All the businesses including small scale Enterprises and Big Multi-National Companies are
buckling up to welcome the Unified Tax Regime, Goods and Services Tax in the country. The
companies are preparing themselves to adhere to the new tax regime. The Goods and Service Tax
Consultancy Services are high on demand. The GST rollout is likely to be from 1 July, 2017.

International Monetary Fund has kept its forecast for Indias economic growth in 2017-18 at
7.2% Slightly higher than 7.1% officially projected. Although the growth rate was as same as
being projected by IMF in Jan, it was lowered to 40 basis points from 7.6% forecast in the month
of October, mainly due to the demonetisation drive initiated by the government.

Everyones eyes were set on the first monsoon forecast by the India Meteorological Department.
However, the India Meteorological Department sees an increased probability of El Nino from
August 2017. The Meteorological Department is going to issue monthly forecast in the month of
June 2017. The IMD believes that the rain distribution would be even throughout the country.
India is likely to witness good monsoon in 2017 approximately at the rate of 96% with modal
error of plus or minus 5%. There is nearly 38% probability of mere normal rainfall in India in
2017.

Foreign Direct Investment made by Indian companies in their overseas business projects has
Reportedly jumped over two-fold to $ 2.99 billion last month. Investments made by these
companies in March this year were much higher than February, at $ 867.53 million as mentioned
in a national news portal.

India has jumped one spot to 8th rank in the 2017 A.T. Kearney Foreign Direct Investment
Confidence Index. Governance and regulatory issues made up 7 of the top-10 factors that
investors consider when deciding on an investment destination according to the report. Last year
factors such as domestic market size and cost of labour were the top issues for investors.

The Reserve Bank of India's revision in the prompt corrective action framework for the banks is
a positive and a welcome step, given the operating and financial profile of some of the banks,
said the credit rating agency ICRA in a release on Wednesday.

Participatory notes, which are mainly used for investments in domestic capital markets, at the end
of March, despite SEBI putting tough norms to curb inflow of illegal funds, have notably surged
to 4-month high of Rs 1.78 lakh crore.
The Reserve Bank of India released minutes of the Monetary Policy Committee meeting held
during April 5, 2017 to April 6, 2017 on Thursday. The MPC debate indicated the threat of
inflation is back in action. It also signals interest rate hike is likely to come in near future.

This is the genesis of an era when major economies of the world are acting defensive. They are
fencing their economies with stricter rules to arrest the erosion of jobs from their domestic
market.

The International Monetary Fund which works for the Global Monetary Co-operation has alerted
the Indian corporates that their balance sheets would be hit harder if the protectionism in the
world rises.

The investments by private equity and venture capital firms have seen a dip in the first quarter of
this year, both in terms of value and volumes at $ 3.04 billion through 238 deals respectively,
from $ 4.19 billion in 432 deals, as mentioned in a national news portal.

India is planning a significant shift toward a litigation-free environment under the GST regime,
creating a liberal mechanism that would allow all taxpayers to ascertain liabilities beforehand.
The draft rules for advance ruling mechanism will allow all categories of taxpayers to approach
the authority, unlike the existing system that restricts the facility to proposed transactions before
the start of a business.
.
TOP CORPORATE NEWS -

A consortium of Construction and Engineering service provider company, RPP Infra Projects
Limited and Siemens Limited has received the order from Power Grid Company of Bangladesh.

Jain Irrigation Systems Limited on Wednesday announced that the company via its wholly
owned subsidiary in the United States of America has agreed to acquire 80% stakes in 2 US
entities. The two entities of the Unites States, which are the largest micro-irrigation dealers,
Irrigation Design and Construction Inc. IDC and Agri-Valley Irrigation Inc., have entered into an
agreement to merge ownership of their business into a newly formed distribution company.

SPML Infra Limited, infrastructure development compnays share sizzled 3.6% on Wednesdays
trading session as the company said that it has substantially completed a crucial irrigation project
in Gujarat.
Pharma major Jubilant Life Sciences Limited said that it has raised Rs. 100 crore through
issuing commercial papers. Commercial paper is an unsecured money market instrument issued
in the form of a promissory note.

Satin Creditcare Network Limited has incorporated a wholly owned subsidiary, Satin Housing
Finance Limited on April 17, 2017. The company has been formed to carry on the business of
housing finance.

The subsidiary will file application with National Housing Board for registration/license to carry
the business of housing finance.

Reliance Industries Limited announced that it has successfully completed its ethane project
including commissioning of its ethane Receipt & handling facilities and ethane cracking at its
Dahej Manufacturing facility in Gujarat in a record time of less than 3 years, as mentioned in a
BSE filing.

Pharma major Glenmark Pharmaceutical Limited has received tentative approval from the
United States Food & Drug Administration to sell Pradaxa Drug used to prevent blood clots.

India's fifth largest private sector Bank, Yes Bank Limited, has posted rise in bad loans in the
quarter ended March 2017, over the previous quarter. The banks net profit increased 30.2% to
Rs. 914.10 crore on 29.4% rise in total income to Rs. 5606.38 crore in Q4 March 2017 over Q4
March 2016.

The Real Estate major Godrej Properties Limited, to pare a significant portion of its debt, is
Planning to sell some of its office assets to raise the Fund around Rs. 100 crore. The Company
has been Among the countrys developers in Terms of Sales and Delivery even during the
prolonged slowdown.

ITC Limited One of the FMCG giant, is planning to take aggressive steps to surpass its peers,
Nestle and Britannia and become the incumbent player in the FMCG industry.

IndusInd Bank Limited Reported its standalone Q4FY17 results. Bank reported the miss versus
street estimates. Net profit for the quarter came 16.1% down versus street estimates of Rs.896
crore. However, Net Interest Income for the quarter rose 4.6% vs estimates of Rs.1594 crore.

Alembic Pharmaceuticals Limited drug major received tentative approval from USFDA for
Vilazodone Hydrochloride tablets.
The National Company Law Tribunal approved the merger for India Cement Limited with its
two subsidiaries Trinetra Cement & Trishul Concrete are the two subsidiaries which are to be
merged.

Suzlon Energy Limited, the renewable energy solutions provider, has received its fifth
successive order from ReNew Power Ventures Pvt. Ltd., for its 100.80 MW wind power project.

DHFL Limited completely shunned the report of selling around 80% stake in its Aadhar Housing
Finance Limited reported in a leading business daily.

A state-owned Non-Banking Financial company, Rural Electrification Corp, plans to lend


nearly Rs. 10,000 crore to clean-energy projects and equipment manufacturers, this fiscal. The
aim is to triple its clean-energy lending and expand its footprints into renewable energy.

Jain Irrigation Systems Limited has been awarded the Poorigali Integrated Micro Irrigation
Project by Cauvery Neeravari Nigam Ltd., Government of Karnataka through national
competitive bidding. The irrigation project is based on the concept-Resource to Root globally
pioneered and promoted by Jain Irrigation which will deliver More Crop Per Drop to the
farmers.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The government is working on a road map for the overhaul of state-run lenders that involves the
next round of consolidation, public offers in the next few months by banks to raise fresh capital,
and changes in the hiring policy, including increased lateral entry. This could see Punjab
National Bank and Bank of Baroda taking over smaller lenders, said a senior finance ministry
official.

State Bank of India said steep decline in credit growth, which hit a Multi-decadal low in 2016-
17 despite the economy clipping at around 7 per cent, suggests decoupling of credit growth and
GDP.

While the Asset Quality Review Guideline of Reserve Bank of India that was implemented from
September 2015 lead to higher recognition of bad Assets and lower profitability in the fiscal year
2015-2016 for most banks, the latest RBI circular may reveal more bad news for the industry.
Profitability of banks, particularly large ones will be under pressure in the quarter ended March
2017 due to higher provisions as Reserve Bank of India stepped up efforts in identifying and
dealing with suspect corporate loans, analysts said. Large banks like Axis Bank, ICICI Bank and
State Bank of India, which were just recovering from the RBIs asset quality review a year ago,
will likely set aside a higher amount than previously anticipated as some loans would have to be
classified as non-performing.

The last Monetary Policy Committee debate indicates that the six member group is moving more
towards an interest rate increase in the next few quarters, though not in the near future, as threat
of inflation shooting past target due to house rent allowance payment to government, the minutes
show.

The Reserve Bank of Indias recent move to tighten prompt corrective action framework is
positive for the banking sector given the operating and financial profile of banks, said a rating
company Icra said in a report.

Reserve Bank of India updated `prompt corrective action' rules can potentially impact more than
half of the NPA-laden state-run banks, a Report said
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