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-Dec-18 137.60 137.60 139.15 133.50 133.85 -2.73% 28.37% -0.72%

Copper 28-Feb-19 441.70 440.45 440.80 415.90 417.35 -5.51% -11.23% 49.56%

Crude Oil 18-Jan-19 3,727 3,733 3,756 3,186 3,236 -13.17% 22.94% 28.66%

Gold 05-Feb-19 31553 31496 31659 31002 31193 -1.14% 25.33% -6.91%

Lead 31-Dec-18 140.3 139.85 140.55 135.85 137.85 -1.75% 15.66% 1.01%

Natural Gas 26-Dec-18 276.10 265.10 276.80 250.90 265.40 -3.88% 17.50% -18.13%

Nickel 31-Dec-18 790.90 791.50 792.90 753.60 758.90 -4.05% -12.15% 0.27%

Silver 05-Mar-19 38054 37965 38208 37185 37256 -2.10% -3.07% 12.28%

Zinc 31-Dec-18 183.40 184.75 185.65 177.10 177.35 -3.30% -24.40% 2.55%

NCDEX Market Wrap-Up

Previous % Change % Change in % Change
Commodity Contract Open High Low Close
Close in Price Open Interest in Volume

Castor Seed 18-Jan-19 5492.00 5490.00 5498.00 5122.00 5142.00 -6.37% 8.52% -6.35%

Chana 18-Jan-19 4594.00 4599.00 4614.00 4421.00 4529.00 -1.41% 45.60% 3.35%

Dhaniya 18-Jan-19 6676.00 6649.00 6675.00 6157.00 6340.00 -5.03% -58.81% 1.59%

COCUDAKL 18-Jan-19 1895.50 1896.00 1934.00 1860.00 1867.00 -1.50% 101.49% 0.20%

Guargum5 18-Jan-19 8865.00 8920.00 8960.00 8388.00 8594.00 -3.06% -14.57% -0.99%

Guarseed10 18-Jan-19 4417.00 4422.00 4456.00 4210.00 4308.00 -2.47% -40.41% -3.78%

Jeera 18-Jan-19 18370.00 18490.00 18640.00 17665.00 17740.00 -3.43% 24.39% 3.79%

RMseed 18-Jan-19 4012.00 4000.00 4025.00 3907.00 3983.00 -0.72% 30.13% -25.71%

Ref Soya Oil 18-Jan-19 738.30 736.10 737.85 725.00 726.05 -1.66% 78.28% 4.92%

Soyabean 18-Jan-19 3379.00 3389.00 3392.00 3338.00 3343.00 -1.07% -53.45% -2.77%

Turmeric 18-Jan-19 6914.00 6998.00 6998.00 6600.00 6604.00 -4.48% -81.07% -3.09%

Mentha Oil 31-Dec-18 1491.70 1470.00 1523.20 1458.10 1476.40 -1.03% 9.37% -0.15%
Currency Market Wrap-Up
Previous Change in
Currency Pair Contract Open High Low Close
Close Price (in%)
USDINR 27-Dec-18 72.0600 71.9400 71.9775 69.6875 70.1550 -2.64%

GBPINR 27-Dec-18 90.7400 90.6500 90.6500 88.3600 88.9350 -1.99%

JPYINR 27-Dec-18 63.5750 63.5400 63.5850 62.3550 63.1725 -0.63%

EURINR 27-Dec-18 81.5475 81.6475 81.6475 79.7250 80.1925 -1.66%

Continued…….
2 Copyright © 2018 Ways2Capital. All rights reserved 26/12/2018
Market Wrap-Up

International Market Wrap-up

Previous
Commodity Exchange Open High Low Close % Change in Price
Close
Aluminium LME 1925.50 1926.75 1953.25 1904.25 1908.25 -0.90%
Copper COMEX 2.753 2.751 2.759 2.652 2.668 -3.09%

Crude Oil NYMEX 51.23 51.55 52.16 45.13 45.41 -11.36%

Gold COMEX 1242.30 1242.85 1270.20 1239.45 1258.95 1.34%

Lead LME 1954.75 1926.75 1953.25 1904.25 1908.25 -2.38%

Natural Gas NYMEX 3.788 3.619 3.936 3.516 3.692 -2.53%

Nickel LME 11037.50 11022.50 11112.50 10775.00 10872.50 -1.49%

Silver COMEX 14.643 14.623 14.915 14.617 14.690 0.32%

Zinc LME 2537.750 2553.75 2572.00 2487.50 2497.750 -1.58%

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

Inventory Updates

LME Inventory
Closing (As on 21st Dec 18) Closing (As on 14th Dec 18)
Commodity % Change in Price
In tones in tones

Aluminium 1254125 1094925 14.54%

Copper 128225 119975 6.88%

Lead 107625 106950 0.63%

Nickel 209148 210348 -0.57%

Zinc 132325 113800 16.28%

Continued…….
4 Copyright © 2018 Ways2Capital. All rights reserved 26/12/2018
Inventory Updates

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

Market Next Week
Upcoming Economic Events Calender
Time Currency Event Forecast Previous

Monday, December 24, 2018

All Day Holiday United Kingdom - Christmas Eve - Early close at 12:30

All Day Holiday United States - Christmas Eve - Early close at 13:00

Tuesday, December 25, 2018

All Day Holiday United Kingdom - Christmas Day

All Day Holiday United States - Christmas

Wednesday, December 26, 2018

All Day Holiday United Kingdom - Boxing Day

19:30 USD S&P/CS HPI Composite - 20 n.s.a. (YoY) (Oct) 4.90% 5.10%

Thursday, December 27, 2018

19:00 USD Initial Jobless Claims 219K 214K

20:30 USD CB Consumer Confidence (Dec) 133.7 135.7

20:30 USD New Home Sales (Nov) 562K 544K

20:30 USD New Home Sales (MoM) (Nov) 2.50% -8.90%

Friday, December 28, 2018

Tentative GBP Nationwide HPI (MoM) 0.30%

Tentative GBP Nationwide HPI (YoY) 1.90%

15:00 GBP Gross Mortgage Approvals 39.7K

Tentative USD Fed Chair Powell Testifies

19:00 USD Goods Trade Balance (Nov) -76.98B

20:15 USD Chicago PMI (Dec) 62.5 66.4

20:30 USD Pending Home Sales (MoM) (Nov) 0.50% -2.60%

21:30 USD Crude Oil Inventories -0.497M

Currency Weekly Pivots

Currency Pair Contract R3 R2 R1 PP S1 S2 S3
USDINR 27-Dec-18 71.4500 72.9000 71.5000 70.6000 69.2000 68.3000 66.0000
GBPINR 27-Dec-18 90.2500 91.6000 90.2500 89.3000 87.9500 87.0000 84.7000
JPYINR 27-Dec-18 63.7000 64.3000 63.7500 63.0500 62.5000 61.8000 60.6000
EURINR 27-Dec-18 81.3000 82.4000 81.3000 80.5000 79.3500 78.6000 76.6500
Continued…….
6 Copyright © 2018 Ways2Capital. All rights reserved 26/12/2018
Market Next Week

MCX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Aluminium 31-Dec-18 135.95 141.15 137.50 135.50 131.85 129.85 124.20

Copper 28-Feb-19 433.15 449.60 433.50 424.70 408.60 399.80 374.90

Crude Oil 18-Jan-19 3576 3963 3599 3393 3029 2823 2253

Gold 05-Feb-19 31404 31942 31567 31285 30910 30628 29971

Lead 31-Dec-18 139.65 142.80 140.35 138.10 135.65 133.40 128.70

Natural Gas 26-Dec-18 266.10 290.25 277.80 264.35 251.90 238.45 212.55

Nickel 31-Dec-18 781.90 807.75 783.30 768.45 744.00 729.15 689.85

Silver 05-Mar-19 37671 38573 37914 37550 36891 36527 35504

Zinc 31-Dec-18 182.10 188.60 183.00 180.05 174.45 171.50 162.95

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Castor Seed 18-Jan-19 6006 5630 5386 5254 5010 4878 4502

Chana 18-Jan-19 4907 4714 4622 4521 4429 4328 4135

Dhaniya 18-Jan-19 7427 6909 6624 6391 6106 5873 5355

COCUDAKL 18-Jan-19 2035.00 1961.00 1914.00 1887.00 1840.00 1813.00 1739.00

Guargum5 18-Jan-19 9791 9219 8907 8647 8335 8075 7503

Guarseed10 18-Jan-19 4816.65 4570.65 4439.30 4324.65 4193.30 4078.65 3832.65

Jeera 18-Jan-19 19965 18990 18365 18015 17390 17040 16065

RMseed 18-Jan-19 4208 4090 4036 3972 3918 3854 3736

Ref Soya Oil 18-Jan-19 755.35 742.50 734.30 729.65 721.45 716.80 703.95

Soyabean 18-Jan-19 3466 3412 3377 3358 3323 3304 3250

Turmeric 18-Jan-19 7530 7132 6868 6734 6470 6336 5938

Mentha Oil 31-Dec-18 1616.1 1551.0 1513.7 1485.9 1448.6 1420.8 1355.7

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

MCX Fundamentals

BULLION

Gold traded on flat note on Friday after jumping more than 1 percent in the previ-
ous session boosted by a crumbling dollar and as sliding stocks prompted an influx
of safe haven bids after the U.S. Federal Reserve monetary policy stance aug-
mented concerns about slowing global economic growth. Spot gold climbed 1.38
percent to $1,259.80 per ounce by close having reached $1,265.28 earlier in the
session a peak since July 9. U.S. gold futures settled up 0.9 percent at 1,267.90 per
ounce.

BASE METALS

Copper prices edged higher in London and Shanghai in early trade on Friday, after a
report from an industry study group showed a widening supply deficit. The metal is
still on course to shed 1.8 percent in London this week for a fourth straight weekly
loss. It is down 17 percent so far in 2018, heading for its worst year since 2015 on
fears the U.S.-China trade row will hurt demand.

ENERGY

Oil prices climbed on Friday after tumbling 5 percent in the last session, with
OPEC production cuts that start next month seen being deeper than previously
expected. Benchmark Brent crude futures were up 1.51 percent at $55.17 per
barrel at the time of writing recovering from losses of $2.89 per barrel the session
before.The Energy Information Administration reported a deficit of 141 billion
cubic feet in the week ending December 14 in US natural gas storage, compared
to a 77 billion deficit in the previous week, while missing estimates of a 141 billion
decline.

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

NCDEX Fundamentals

SPICES
Trend remains slight down for Jeer as it traded near the psychological 18000
mark with lack of strong demand amidst firmer Rupee and cooler weather in
Gujarat and Rajasthan combining to keep trend weak. Reports of steps taken to
improve water supply to the fields for Jeer kept pressure on prices.Turmeric
traded sideways as falling stocks supported prices. Lower rains in growing areas
amidst apprehensions of falling yields could support prices for Turmeric. Re-
ports of lower stocks in mandis amidst moderate demand at these lower levels
are supporting factors.

OILSEEDS
Mentha traded moderately firm as prices found immediate support at these
lower levels after the recent dips. Traders anticipate the winter season de-
mand to gradually start rising. Overall sentiments are likely to recover during
the winter season.
Soya oil January contract traded above consistently below 730 support yes-
terday. Positive sentiment in palm oil could not offer much support since up-
side was limited in domestic soy bean market. Soya oil once again found diffi-
culty in diverting from the sideways trend.

GUAR COMPLEX
Falling crude oil prices amidst firm Rupee kept sentiments down for Guar but
prices found short term support at these lower levels. Prospects of lower pro-
duction from less rains received in Rajasthan supported prices. Reports of
lower arrivals of new crop amidst prospects of fall in sowing area are Bullish
factors.

OTHERS

Subdued selling intentions were noted in local mandis and after morning
weakness futures contracts were able to recover to some extent. The current
inventory seems sufficient to balance the requirements as long as the supply
season does not commence.
The daily supply of this season crop is decreasing gradually while current spot
prices are quite cheaper to attract considered lower. The USDA has down-
graded domestic ending stock estimate in its October report.

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

Calls of the Week (MCX)
ZINC
Last week Zinc Dec Futures started the week on negative note and continue the same for whole week, market closed
below the level of 180.00 and it closed at 177.35 with the overall loss of 3.30 per cent on weekly basis. Technically it
consolidating below the major psychological support level of 180.00 with the negative RSI and for this week, we can
expect further downside movement in it.For this week, if it breaks the level of 177.50 on the lower, then it can test the
level of 174.50 during the week. One can make sell position in it by maintaining a SL 178.55.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 177.50

Target 174.50

SL 178.55

NATURALGAS

From last couple of trading weeks Natural Gas trading in range between the 265-250 and forming bottom formation on
lower side. Last week Natural Gas made a low of 250.90 and closed at the level of 265.40 with overall marginal loss of
3.88% on weekly basis. Natural Gas recently broken its resistance trend line and sustaining above it indicating bullish
trend for short term to mid term basis. For this week, if it breaks the level of 260 on the upper, then it can test the
level of 269.60 during the week. One can make buy position in it by maintaining a SL 255.90.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Buy

Entry Range Above 260

Target 269.60

SL 255.90

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

Calls of the Week (NCDEX)
COKUDAKL
From last couple of trading days COCUDAKL is trading with negative sentiment. Last week COCUDAKL made a low of
1860 and closed at the level of 1867 with overall marginal loss of 1.50% on weekly basis. On its daily chart COCUDAKL
is forming descending triangle formation on higher side indicating negative movement in it. For this week if it is break
the level of 1860 on lower side then it can test the level of 1740. One can make sell position in it with SL of 1915.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 1860

Target 1740

SL 1915

SOYABEAN

The primary trend of Soybean is bearish on chart and from last couple of trading weeks Soybean is trading below the
support level of 3400. Last week Soybean made a low of 3338 and closed at the level of 3343 with overall marginal loss
of 1.07% on weekly basis. On its daily chart Soybean is forming lower highs and lower lows formation indicating nega-
tive movement in it. For this week if it is break the level of 3320 on lower side then it can test the level of 3215. One
can make sell position in it with SL of 3375.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 3320

Target 3215

SL 3375

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

Calls of the Week (FOREX)
GBPINR
Last week, GBPINR Dec Futures started the week on negative note and continued the same for the most part of the
week. It made a low of 88.3600 during the week and closed at 88.9350 with the overall loss approx of 2 per cent on
weekly basis. Technically it consolidating below the trend line and support level breakout with the negative RSI and for
this week, we can expect downside movement in it.For this week, traders can adopt selling from the support level
breakout strategy in it and below the level of 88.8800 it can test the level of 88.5125 during the week. Trades can make
sell position in it by maintaining a Stop Loss of 89.1125.

WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 88.8800

Target 88.5125

SL 89.1125

EURINR
Last week, EURINR Dec Futures started the week on negative note and continued the same for the entire the week. It
made a low of 79.7250 during the week and closed at 80.1925 with the overall loss approx of 1.67 per cent on weekly
basis. Technically it consolidating below the trend line breakout near to the major support level with the negative RSI
and for this week, we can expect downside movement in it.For this week, traders can adopt selling from the support
level breakout strategy in it and below the level of 79.7000 it can test the level of 79.2125 during the week. Trades can
make sell position in it by maintaining a Stop Loss of 80.0500
WEEKLY STRATEGY

PARTICULAR DETAILS

Action Sell

Entry Range Below 79.7000

Target 79.2125

SL 80.0500

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

Disclaimer
LEGAL DISCLAIMER (कानन
ू ी 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 अनुसध
ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनुभान Ways2Capital इक्ववटी / कभोडडटी अनुसध
ं ान
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 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.
मह दस्तावेज़, सवोत्तभ रूऩ से, Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान का प्रनतननधधत्व कयता है औय साभान्म जानकायी के लरए ही है | Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान, इसके ननदे शकों,
अधधकायी मा कभाचायी ककसी बी तयह से संफधं धत साभग्री के लरए क्जम्भेदाय नहीं है। | Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान ककसी बी औय सबी उत्तयदानमत्वों को स्ऩष्ट रूऩ से अस्वीकाय कयता है जो इस
संफंध भें सूचना, त्रुटटमों मा चूक 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 ac-
cept any liability for errors of opinion. People surfing through the website have right to opt the product services of their own choices.
उऩयोवत सबी सूचना, स्तय औय सुझाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनुसध
ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सुझावों की त्रुटटमों के लरए कोई दानमत्व स्वीकाय
नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चुनने 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 नुकसान 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 अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनुसंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के
जायीकताा के साथ जुडी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनुऩारन 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 भुकदभा (माधचका) दामय नहीं ककमा गमा है।

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 अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड द्वाया ननमुवत हैं | इस रयऩोटा भें व्मवत सबी ववचाय कंऩनी के फाये भें व्मक्वतगत ववचायों को
दशााता है औय कंऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩूनता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफंधधत 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कंऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत की
प्रकृनत 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,
(ब) हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कंऩनी की प्रनतबूनतमों भें एक प्रनतशत मा उससे अधधक के वास्तववक / पामदे भंद
स्वालभत्व नहीं 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोधगमों को अनुसंधान रयऩोटा के प्रकाशन के सभम मा सावाजननक रूऩ से उऩक्स्थत होने के सभम कोई अन्म बौनतक संघषा नहीं है |

DISCLOSURE IN TERMS OF COMPENSATION ( ऺनतऩनू ता 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 अनुसंधान 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 ऺनतऩूनता : ववश्रेषक हाई ब्रो भाकेट अनुसंधान 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 अनुसंधान 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 रयऩोटा के ववतयण की नतधथ से ऩूवा फायह भहीनों के दौयान ववषम कंऩनी अफ मा कबी बी ग्राहक नहीं यही 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने ववषम कंऩनी के अधधकायी, ननदे शक मा कभाचायी के रूऩ भें कबी बी काभ

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