HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Tuesday, February 20, 2018

 MCX Market Wrap-up
Previous Change in Change in OI Change in
Commodity Contract Open High Low Close
Close Price (in %) (in %) Volume (in %)
Aluminum 28-Feb-18 137.1 137 142.1 135.55 141.6 3.28% -12.34% -1.76%
Copper 28-Feb-18 432.9 435 464.2 435 461.5 6.61% -27.60% -8.53%
Crude Oil 19-Mar-18 3811 3850 3990 3748 3972 4.22% -4.78% 1190.21%
Gold 05-Apr-18 30009 30118 30839 30030 30816 2.69% 7.76% 1.90%
Lead 28-Feb-18 163.6 163.65 169.75 161 168 2.69% -8.15% -28.41%
Natural Gas 23-Feb-18 167.2 168 170 170.4 165.5 -1.02% 9.45% -41.01%
Nickel 28-Feb-18 834 837.6 917.8 833.6 887 6.35% 30.41% 19.86%
Silver 05-Mar-18 37578 37785 38870 37777 38665 2.89% -17.22% -1.64%
Zinc 28-Feb-18 218.15 219.25 231.85 218 230.75 5.78% 27.90% -32.94%

NCDEX Market Wrap-up

Previous Change in Change in Change in
Commodity Contract Open High Low Close
Close Price (in %) OI (in %) Volume (in %)
Castor Seed 20-Mar-18 4177.00 4200.00 4226.00 4080.00 4216.00 0.93% -24.12% 2.57%
Chana 20-Mar-18 3819.00 3849.00 3889.00 3725.00 3855.00 0.93% 1.22% 31.19%
Dhaniya 20-Apr-18 5655.00 5770.00 5840.00 5740.00 5492.00 -2.97% 3.52% -5.72%
Cottonseed Oil
20-Mar-18 1740.50 1740.00 1740.00 1641.00 1659.50 -4.88% -15.38% -57.33%
Cake
Guargum5 20-Mar-18 9946.00 10016.00 10016.00 9393.00 9657.00 -2.99% -2.61% -13.37%
Guarseed10 20-Mar-18 4497.00 4510.00 4524.50 4332.00 4449.00 -1.08% -9.84% -25.84%
Jeera 20-Mar-18 16725.00 16720.00 16750.00 15965.00 16000.00 -4.53% 4.97% -9.88%
Kapas 30-Apr-18 983.50 989.00 989.00 936.50 941.00 -4.52% 1.39% -40.06%
RMseed 20-Apr-18 4123.00 4152.00 4172.00 4053.00 4108.00 -0.37% -8.88% -5.91%
Ref Soya Oil 20-Mar-18 744.15 746.40 749.40 735.60 738.50 -0.77% 9.91% -34.61%
Soyabean 20-Mar-18 3790.00 3859.00 3914.00 3730.00 3813.00 0.60% -5.69% -23.88%
Turmeric 20-Apr-18 7278.00 7278.00 7398.00 7130.00 7258.00 -0.28% -1.18% 73.36%
Mentha Oil 28-Feb-18 1436.50 1427.00 1453.50 1319.90 1356.00 -5.94% 8.25% -20.61%

Currency Market Wrap-up

Change in Price
Currency Pair Contract Previous Close Open High Low Close
(in %)

USDINR 26-Feb-18 64.5275 64.44 64.4475 63.8725 64.2725 -0.40%

GBPINR 26-Feb-18 89.675 89.35 90.595 88.9125 90.4225 0.83%
EURINR 26-Feb-18 79.125 79.1 80.4625 79.02 80.2600 1.43%
JPYINR 26-Feb-18 59.165 59.18 60.6025 59.18 60.5652 2.37%

Continued……

2
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 International Market Wrap-up
Previous Change in Price
Commodity Exchange Open High Low Close
Close (in %)
Aluminum 2123.75 2131 2215.5 2113 2204.5 3.80% 2123.75
Copper 3.025 3.045 3.249 3.045 3.243 7.21% 3.025
Crude Oil 59.2 59.12 61.99 58.2 61.68 4.19% 59.2
Gold 1315.7 1317.1 1364.4 1316.3 1356.2 3.08% 1315.7
Lead 2537.25 2538 2638.5 2498.25 2605.25 2.68% 2537.25
Natural Gas 2.584 2.554 2.642 2.53 2.558 -1.01% 2.584
Nickel 12950 13042.5 14417.5 12967.5 13675 5.60% 12950
Silver 16.31 16.295 16.95 16.28 16.6 1.78% 16.31
Zinc 3370.25 3399.25 3594.75 3373 3568.5 5.88% 3370.25

3
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 LME Inventory Update

th th
Commodity Closing (As on16 Feb 18) in Tonnes Closing (As on 12 Feb 18) in Tonnes % Change

Copper 333525 316100 5.51%

Nickel 339708 343896 -1.22%
Lead 119025 126950 -6.24%
Zinc 154350 162725 -5.15%
Aluminium 1303829 1058175 23.21%

Continued…….

4
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 5
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 Upcoming Economic Events Calendar
Time Currency Event Forecast Previous
Monday, February 19, 2018
Tentative USD OPEC Monthly Report - -
0:30 USD Federal Budget Balance (Jan) 50.2B -23.0B
Tuesday, February 20, 2018
All Day Holiday China - Lunar New Year - -
Wednesday, February 21, 2018
All Day Holiday China - Lunar New Year
15:00 GBP Unemployment Rate (Dec) 4.30% 4.30%
19:45 GBP Inflation Report Hearings - -
19:45 GBP BoE MPC Member Broadbent Speaks - -
20:15 USD Manufacturing PMI (Feb) 55.3 55.5
20:30 USD Existing Home Sales (MoM) (Jan) 0.80% -3.60%
20:30 USD Existing Home Sales (Jan) 5.61M 5.57M
Thursday, February 22, 2018
0:30 USD FOMC Meeting Minutes
3:00 USD API Weekly Crude Oil Stock - 3.947M
6:45 USD FOMC Member Kashkari Speaks - -
10:45 USD FOMC Member Quarles Speaks - -
15:00 GBP Business Investment (QoQ) (Q4) 0.50% 0.50%
15:00 GBP GDP (QoQ) (Q4) 0.50% 0.50%
15:00 GBP GDP (YoY) (Q4) 1.50% 1.50%
19:00 USD Initial Jobless Claims 230K 230K
20:30 USD FOMC Member Dudley Speaks - -
21:30 USD Crude Oil Inventories - 1.841M
22:40 USD FOMC Member Bostic Speaks - -
Friday, February 23, 2018
2:00 USD FOMC Member Kaplan Speaks - -
17:30 GBP MPC Member Ramsden Speaks - -
20:45 USD FOMC Member Dudley Speaks - -

Currency Weekly Pivots

Currency Pair Contract R3 R2 R1 PP S1 S2 S3
USDINR 26-Feb-18 65.3500 64.8000 64.5500 64.2000 63.9500 63.6500 63.0500
GBPINR 26-Feb-18 93.3500 91.7000 91.1000 90.0000 89.4000 88.3000 86.6500
EURINR 26-Feb-18 82.8000 81.3500 80.8000 79.9000 79.3500 78.4500 77.0000
JPYINR 26-Feb-18 62.9500 61.5000 61.0000 60.1000 59.6000 58.7000 57.2500

6
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 MCX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
Aluminium 28-Feb-18 150.50 146.00 143.95 139.75 137.40 133.20 130.85
Copper 28-Feb-18 501.3 482.8 472.1 453.55 442.93 424.37 413.73
Crude Oil 19-Apr-18 4301 4145 4059 3903 3817 3661 3575
Gold 5-Feb-18 31902 31371 31093 30562 30284 29753 29475
Lead 31-Jan-18 180.25 175 171.5 166.25 162.75 157.50 154.00
Natural Gas 23-Feb-18 177.6 174 169.7 166.1 161.9 158.20 154.00
Nickel 31-Jan-18 1010 964 925 879 841 795 756
Silver 5-Mar-18 40191 39530 39098 38437 38005 37344 36912
Zinc 31-Jan-18 249.6 240.7 235.7 226.9 221.9 213.00 208.00

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3
Castor Seed 20-Mar-18 4354 4264 4211 4121 4068 3978 3925
Chana 20-Mar-18 4085 3987 3921 3823 3757 3659 3495
Dhaniya 20-Apr-18 6101 5970 5731 5600 5361 5230 4860
Cotton Seed 20-Mar-18 1794 1763 1725 1694 1656 1625 1587
Oilcake
Guargum5 20-Mar-18 10607 10311 9984 9688 9361 9065 8442
Guarseed10 20-Feb-18 4621 4555 4503 4437 4385 4319 4267
Jeera 20-Mar-18 17232 16913 16382 16063 15532 15213 14682
Kapas 30-Apr-18 1027 1008 975 956 922 903 870
RMseed 20-Apr-18 4288 4230 4169 4111 4050 3992 3931
Ref Soya Oil 20-Feb-18 750 746 741 737 732 727 722
Soyabean 20-Mar-18 4038 3859 3883 3804 3728 3649 3573
Turmeric 20-Apr-18 7662 7530 7394 7262 7126 6994 6858
Mentha Oil 28-Feb-18 1569 1512 1434 1377 1299 1242 1164

7
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 BULLION

Gold futures tilted lower in American trade away from January 25 highs as the dollar
index rebounded from the lowest since December 17, 2014, following earlier data
from the US the world's largest economy. Earlier US data showed housing starts rose
9.6% to 1.326 million in January compared to a 6.9% drop to 1.209 million in
December beating expectations of a 3.5% rise to 1.234 million units. Building permits
rose 7.4% to 1.396 million compared to a 0.2% dip to 1.300 million while analysts
expected a 0.7% dip to 1.290 million.US import prices rose 1.0% in January up from a
0.2% rise in December and beating forecasts of 0.6%.

BASE METALS

Traders may be nervous about thinner market volumes during China’s Lunar New
Year holiday that starts on Thursday and runs until February 21. We still think
underlying sentiment is bullish we should get an update on how bullish it is by seeing
how much follow through buying there is. But it may take until after the Lunar New
Year holidays before bullishness returns.

ENERGY

The economic conditions gauge in the same survey rose to 115.1 from 110.5 in
January while economic outlook rose to 90.2 from 86.3.On Wednesday the Energy
Information Administration released its report on US crude stocks showing a buildup
of 1.8 million barrels in the week ending February 9, down from 1.9 million in the
previous reading and below forecasts of 2.8M, with total stocks now reaching 422.1
million barrels remaining within the medium range on average in this time of year.

The Energy Information Administration released its report on US natural gas stocks,
showing a deficit of 193 billion cubic feet in the week ending February 9, up from 119
billion in the previous reading, while analysts expected a 194B deficit.

8
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 SPICES
Turmeric failed to show strong movement last week as prices found some
immediate support at the 7000 mark. With traders expecting export and
domestic demand to rise in coming week’s further fall may be limited Absence
of sufficient dams is adversely affecting the crop in TN due to 2 unfavorable
monsoons. Total demand is expected at 105 lakh bags approx till Feb next year
as per traders.

Jeer kept trading weak last week as arrivals of new crop kept pressure on
market sentiments. The new crop is expected to be better this time due to
higher sowing last year on high prices.

OIL & OILSEEDS

In coming sessions improving spot demand for soy meal and frequent reports
of lower crop size of India and further drop in Argentine crop production
outlook shall be supporting the oilseed. March soy bean in the currently week
is expected to find strong support region between 3710-20 levels.

Trend remained weak for Mentha as further fall was noted last week. Prices
however do seem to find some support at these lower levels. Expectations of
better sowing due to high rates prevailing last year could keep some more
pressure on prices even as lower De-mat stocks in MCX warehouses may
prevent too much fall.

GUAR COMPLEX

Markets bounced back towards end of last week as slight firmness in Crude oil
rates and slight firmness in Dollar vs Rupee supported market sentiments.
Traders anticipate the export demand to start rising at these lower levels in
coming weeks as long term trend remains Bullish.

OTHERS
Higher Indian prices vs International rates kept export demand on the lower
side for India as prices kept falling for cotton/Kapas as traders anticipate further
fall in prices in the short term. Bearish USDA reports too kept pressure on
prices.

Short covering and strength in soy bean helped RM seed to end firm. However
in coming week the new arrivals (though in small numbers) will continue
prompting shorts to dominate the derivative market.

9
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SILVER

Silver prices rose in European trade on Friday for the fifth consecutive session on track for the first weekly profit in three
as the dollar index tumbled against a basket of major rivals while investment demand increases on precious
metals. Silver rose 0.1% yesterday the fourth daily profit in a row while adding 3.7% so far this week which would be the
first weekly profit in three weeks and the largest since October.

WEEKLY STRATEGY

Particular Details

ACTION BUY

ENTRY PRICE ABOVE 38900

TARGET 39300

STOP LOSS 38700

ALUMINIUM

After last month’s sharp increase, the February Aluminium MMI (Monthly Metals Index) inched up one point. The
basket of metals increased despite the slight retracement of LME aluminum prices. The current Aluminium MMI index
reads 99 points 1.0% higher than in January. Aluminium prices inched lower during the first few days of February. They
broke out of their previous sideways trend back in August providing a strong buying signal.

WEEKLY STRATEGY

Particular Details

ACTION BUY

ENTRY PRICE ABOVE 144

TARGET 146

STOP LOSS 143

10
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Calthe Week (NCDE X)

DHANIYA

The main trend of Dhaniya is weak. Currently Dhaniya is in strong down trend with good momentum and the trend is
supported by good volume. Market is continuing trading below its important support level of 6000 and its looking
market can further go down to the level of 5000. The oscillator is showing sell signal For short term Dhaniya is in sell
position. Support for the Dhaniya is 5450.Resistance for the Dhaniya is 5690.

WEEKLY STRATEGY

Particular Details

ACTION Sell

ENTRY PRICE Below 5470

TARGET 5340

STOP LOSS 5530

JEERA

Overall trend of the Jeera is bearish for medium-long term. Currently Jeer trading with negative bias and can continue
its trend for further coming sessions. Volume and open interest increasing with trend. The oscillator is showing sell
signal For short term to midterm basis. Immediate support for Jeer is 15350.Resistance for the Jeer is 16395.

WEEKLY STRATEGY

Particular Details

ACTION Sell

ENTRY PRICE Below 15600

TARGET 15200

STOP LOSS 15800

11
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Calls of e Week (FOREX)

USDINR

Last week, USDINR Feb Futures started the week on negative note and continued the same for the most part of the
week. It made a low of 63.8725 during the week and closed at 64.2725 with the overall loss of 0.40% on weekly basis.
Currently its taking resistance of 200days SMA and above this, we can expect good upside movement in it. If it breaks
the level of 64.2900 on the upside, then it can test the level of 64.8900 during the week. One can make buy position in it
by maintaining a SL of 63.8900.

WEEKLY STRATEGY

Particular Details

ACTION BUY

ENTRY PRICE ABOVE 64.2900

TARGET 64.8900

STOP LOSS 63.8900

JPYINR

Last week, JPYINR Feb Futures started the week on positive note and continued the same for the entire week. It made a
high of 60.6025 during the week and closed at 60.5625 with the overall gain of 2.63% on weekly basis. It is trading near
to major resistance level of 60.6200 with the positive RSI & 200Days SMA and technically for this week, we can further
expect upside movement in it. If it breaks the level of 60.6025 on the upside, then it can test the level of 61.1975 during
the week. One can make buy position in it by maintaining a SL of 60.1925.

WEEKLY STRATEGY

Particular Details

ACTION BUY

ENTRY PRICE ABOVE 60.6025

TARGET 61.1975

STOP LOSS 60.1925

12
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LEGAL DISCLAIMER (कानूनी अस्वीकयण) :

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.
मह दस्तावेज़ Ways2Capital (हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनभ
ु ान

Ways2Capital इक्ववटी / कभोडडटी अनस

ु ंधान के भूलमांकन ऩय आधारयत हैं औय ववश्वसनीम स्रोतों से प्राप्त की गई है | मह दस्तावेज़ केवर इक्छित प्राप्तकताा के उऩमोग के लरए 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 information, 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.
मह दस्तावेज़, सवोत्तभ रूऩ से, Ways2Capital इक्ववटी / कभोडडटीज अनस
ु ंधान का प्रनतननधधत्व कयता है औय साभान्म जानकायी के लरए ही है | Ways2Capital इक्ववटी /

कभोडडटीज अनस
ु ंधान, इसके ननदे शकों, अधधकायी मा कभाचायी ककसी बी तयह से संफधं धत साभग्री के लरए क्जम्भेदाय नहीं है।| Ways2Capital इक्ववटी / कभोडडटीज अनस
ु ंधान

ककसी बी औय सबी उत्तयदानमत्वों को स्ऩष्ट रूऩ से अस्वीकाय कयता है जो इस संफध

ं भें सूचना, त्रटु टमों मा चक
ू से ऩैदा हो सकता है| इस दस्तावेज को ककसी बी प्रनतबूनत मा वस्तु

को खयीदने के लरए फेचने मा एक आग्रह के लरए प्रस्ताव के रूऩ भें नहीं भाना 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 accept any liability for errors of opinion. People surfing through the website have right to opt the product services of their
own choices.
उऩयोवत सबी सच
ू ना, स्तय औय सझ
ु ाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनस
ु ंधान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सझ
ु ावों

की त्रटु टमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चन
ु ने का अधधकाय 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.
इक्ववटी / कभोडडटी फाजाय भें कोई बी ननवेश जोखखभ के अधीन होता है, कंऩनी इन सुझावों ऩय ककए गए ककसी बी नक
ु सान के लरए उत्तयदामी नहीं होगी | मह स्तय बववष्म के

कीभतों की गनत का संकेत नहीं दे ते है| वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीकृनत।

DISCLOSURE (प्रकटीकयण):
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with companies covered in research report nor is
associated in any manner with any issuer of products/ securities, this ensures that there is no actual or potential conflicts of interest. To ensure
compliance with the regulatory body, we have resolved that the company and all its representatives will not make any trades in the market.
हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनस
ु ंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी

तयह के उत्ऩादों / प्रनतबूनतमों के जायीकताा के साथ जड

ु ी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनऩ
ु ारन

को सुननक्श्चत कयने के लरए हभने मह तम ककमा है कक कंऩनी औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रे ड नहीं कयें गे।

Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. Clients are also advised to
read & understand terms & conditions of services published on website. No litigations have been filed against the company since the incorporation of
the company by regulatory body.
ग्राहकों को मह सराह दी जाती है कक वे रयऩोटा भें दी गई जानकायी को केवर याम के रूऩ भें दे खें औय ननवेश के लरए स्वमं पैसरा कयें | ग्राहकों को वेफसाइट ऩय प्रकालशत सेवाओं के

ननमभों औय शतों को ऩढ़ने औय सभझने की बी सराह दी जाती है | कंऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकंऩनी के खखराप कोई भक
ु दभा (माधचका) दामय नहीं ककमा

गमा है।

13
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DISCLOSURE APPENDIX: (प्रकटीकयण ऩरयलशष्ट ):

The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this re-
port herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be
directly or indirectly related to the specific recommendations or views contained in this research report.
रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी है जो द्वाया हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड द्वाया ननमव
ु त हैं | इस रयऩोटा भें व्मवत सबी
ववचाय कंऩनी के फाये भें व्मक्वतगत ववचायों को दशााता है औय कंऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩनू ता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें
ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफधं धत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST:

टहतों के संघषा के भाभरे भें प्रकटीकयण :
(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the subject company and the nature of such financial
interest;
(अ) हाई ब्रो भार्केट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कंऩनी भें र्कोई ववत्तीम रुचि
नह ं है औय न ह इस तयह र्की ववत्तीम हहत र्की प्रर्कृनत है |
(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,
(फ) हाई ब्रो भार्केट अनस
ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कंऩनी र्की प्रनतबनू तमों भें एर्क
प्रनतशत मा उससे अचधर्क र्के वास्तववर्क / पामदे भंद स्वालभत्व नह ं हैं |
(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;
(स) हाई ब्रो भार्केट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोचगमों र्को अनुसंधान रयऩोटट र्के प्रर्काशन र्के सभम मा सावटजननर्क रूऩ से उऩस्स्थत
होने र्के सभम र्कोई अन्म बौनतर्क संघषट नह ं है|
DISCLOSURE IN TERMS OF COMPENSATION:
ऺनतऩूनता के संदबा भें प्रकटीकयण:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any
company in the analyst's area of coverage.
Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt. Ltd.

हाई ब्रो भाकेट अनस

ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भें ककसी बी कंऩनी की प्रनतबूनतमों के
स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है।
ववश्रेषक ऺनतऩनू ता : ववश्रेषक हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड के वेतन आधारयत स्थामी कभाचायी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE:

सावाजननक प्रकटन के भाभरे भें प्रकटीकयण :
(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months;

(अ) हाई ब्रो भाकेट अनस

ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा है |

(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report.

(ब) अनुसंधान रयऩोटट र्के ववतयण र्की नतचथ से ऩूवट फायह भह नों र्के दौयान ववषम र्कंऩनी अफ मा र्कबी बी ग्राहर्क नह ं यह 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 भार्केट अनस

ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगीमों ने ववषम र्कंऩनी र्के अचधर्काय , ननदे शर्क मा र्कभटिाय र्के रूऩ भें र्कबी बी र्काभ

नह ं कर्कमा है

(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.
(द) हाई ब्रो भार्केट अनस
ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड ववषम र्कंऩनी र्के लरए र्कबी बी ववऩणन (भार्केट भेकर्कंग) गनतववचध भें शालभर नह ं यहा है ।

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