Gold futures titled lower in American trade away from February 16 highs, even as the dollar index lost ground following data from the US the world's largest econ-

1. HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

2. 2 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
Market Wrap-Up
NCDEX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change
in Price
% Change in
Open Interest
% Change in
Volume
Currency Market Wrap-Up
Currency Pair Contract
Previous
Close
Open High Low Close
Change in
Price (in%)
Continued…….
MCX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change in
Price
% Change in
Open Interest
% Change
in Volume
Aluminium 30-Apr-18 133.80 133.50 134.00 130.10 130.30 -2.62% 9.17% -22.67%
Copper 30-Apr-18 433.40 431.60 439.45 425.00 436.80 0.78% -11.88% -47.84%
Crude Oil 19-Apr-18 4266 4270 4305 4155 4234 -0.75% -12.61% -44.47%
Gold 05-Jun-18 31140 31106 31168 30530 30552 -1.89% -23.38% -44.06%
Lead 30-Apr-18 153.25 153.35 158.30 152.65 156.75 2.28% -49.94% -62.83%
Natural Gas 25-Apr-18 173.00 172.20 180.50 171.50 179.40 3.70% -44.54% -13.19%
Nickel 30-Apr-18 847.40 842.20 871.40 835.00 868.90 2.54% -23.90% -51.46%
Silver 04-May-18 38874 38844 39181 38180 38322 -1.42% 22.40% -60.94%
Zinc 30-Apr-18 209.90 209.00 216.15 208.30 213.70 1.81% -15.19% -59.94%
Castor Seed 20-Apr-18 4085 4090 4149 4072 4134 1.20% -0.31% 23.65%
Chana 20-Apr-18 3584 3610 3788 3610 3769 5.16% -7.66% 7.65%
Dhaniya 20-Apr-18 4989 5020 5075 4972 5028 0.78% -3.29% 87.63%
Cottonseed Oil
Cake
20-Apr-18 1407.00 1408.00 1416.50 1380.00 1386.00 -1.49% 4.96% 119.23%
Guargum5 20-Apr-18 8835 8882 8950 8650 8823 -0.14% -0.43% 69.64%
Guarseed10 20-Apr-18 4157.50 4171.00 4202.00 4045.00 4119.50 -0.91% -0.69% 23.97%
Jeera 20-Apr-18 14820 14865 14880 14370 14520 -2.02% 0.26% 21.42%
Kapas 30-Apr-18 883.00 883.50 902.00 878.00 894.50 1.30% -4.47% -0.08%
RMseed 20-Apr-18 3953 3984 4025 3963 4011 1.47% 13.75% -23.78%
Ref Soya Oil 20-Apr-18 780.15 780.40 781.85 773.30 779.00 -0.15% 5.41% 2.15%
Soyabean 20-Apr-18 3684 3720 3766 3705 3756 1.95% -3.61% -3.13%
Turmeric 20-Apr-18 6678 6666 6736 6500 6614 -0.96% -0.93% -35.85%
Mentha Oil 30-Apr-18 1267.70 1257.00 1356.00 1233.30 1305.50 2.98% -2.40% -4.57%
USDINR 26-Apr-18 65.2975 65.2875 65.4550 64.9150 65.3600 0.10%
GBPINR 26-Apr-18 92.2525 92.4975 92.7975 91.9300 92.5250 0.30%
JPYINR 26-Apr-18 62.2300 62.2300 62.2425 61.5150 61.7550 -0.76%
EURINR 26-Apr-18 80.6675 80.7500 81.1900 80.6400 81.1075 0.55%

3. 3 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close % Change in Price
Market Wrap-Up
Aluminium LME 2053.50 2054.75 2071.00 1996.75 2004.75 -2.37%
Copper COMEX 2.99 2.950 3.036 2.946 3.019 1.14%
Crude Oil NYMEX 65.88 65.90 66.55 63.72 64.94 -1.43%
Gold COMEX 1349.90 1347.00 1356.80 1321.70 1322.80 -2.01%
Lead LME 2351.00 2354.50 2424.50 2334.50 2396.75 1.95%
Natural Gas NYMEX 2.59 2.588 2.760 2.560 2.733 5.48%
Nickel LME 12987.50 12937.50 13407.50 12820.00 13380.00 3.02%
Silver COMEX 16.53 16.70 16.72 16.19 16.22 -1.88%
Zinc LME 3218.00 3212.50 3319.25 3170.25 3277.50 1.85%

4. 4 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
Inventory Updates
LME Inventory
Commodity
Closing In Tonnes
(As on 29rd Mar 2018)
Closing In Tonnes
(As on 23rd Mar 2018)
% Change in Price
Continued…….
Copper 388175 319500 21.49%
Nickel 322236 325836 -1.10%
Lead 129800 130650 -0.65%
Zinc 209550 211250 -0.80%
Aluminium 1261625 1279025 -1.36%

5. 5 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
Inventory Updates

6. 6 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
Market Next Week
Currency Weekly Pivots
Currency Pair Contract R3 R2 R1 PP S1 S2 S3
Continued…….
Economic Events Calendar
Time Curreny Event Forecast Previous
Monday, April 2, 2018
All Day Holiday United Kingdom - Easter Monday
19:15 USD Manufacturing PMI (Mar) 55.7 55.7
19:30 USD ISM Manufacturing Employment (Mar) 54.50 59.70
19:30 USD ISM Manufacturing PMI (Mar) 60.1 60.8
Tuesday, April 3, 2018
3:30 USD FOMC Member Kashkari Speaks
14:00 GBP Manufacturing PMI (Mar) 54.70 55.20
19:00 USD FOMC Member Kashkari Speaks
Wednesday, April 4, 2018
7:15 CNY Caixin Services PMI (Mar) 54.5 54.2
14:00 GBP Construction PMI (Mar) 50.8 51.4
17:45 USD ADP Nonfarm Employment Change (Mar) 206K 235K
19:15 USD Services PMI (Mar) 54.3 54.1
19:30 USD Durable Goods Orders (MoM) 3.10%
0.8125 USD ISM Non-Manufacturing Employment (Mar) 55
20:00 USD Crude Oil Inventories -0.287M 1.643M
Thursday, April 5, 2018
14:00 GBP Services PMI (Mar) 54.2 54.5
18:00 USD Exports 200.91B
18:00 USD Imports 257.51B
18:00 USD Initial Jobless Claims 223K 215K
18:00 USD Trade Balance (Feb) -56.50B -56.60B
22:30 USD FOMC Member Bostic Speaks
Friday, April 6, 2018
18:00 USD Nonfarm Payrolls (Mar) 190K 313K
18:00 USD Participation Rate (Mar) 63.00%
18:00 USD Private Nonfarm Payrolls (Mar) 192K 287K
18:00 USD Unemployment Rate (Mar) 4.00% 4.10%
20:45 GBP BoE Gov Carney Speaks
22:30 USD U.S. Baker Hughes Oil Rig Count 798
23:00 USD Fed Chair Powell Speaks
USDINR 25-Apr-18 66.1000 65.7000 65.5000 65.3500 65.1000 65.0000 64.6000
GBPINR 25-Apr-18 95.5000 93.7500 93.0000 92.0500 91.3000 90.3500 88.6500
JPYINR 25-Apr-18 64.6500 63.3500 62.7500 62.0000 61.4500 60.6500 59.3500
EURINR 25-Apr-18 82.2500 81.4500 81.0500 80.7000 80.3000 79.9500 79.1500

7. 7 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
MCX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
NCDEX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
Market Next Week
Aluminium 30-Mar-18 139.25 135.35 132.80 131.45 128.90 127.55 123.65
Copper 30-Apr-18 462.65 448.2 442.5 433.75 428.05 419.30 404.85
Crude Oil 19-Apr-18 4531 4381 4308 4231 4158 4081 3931
Gold 5-Apr-18 32026 31388 30970 30750 30332 30112 29474
Lead 30-Mar-18 167.2 161.55 159.15 155.9 153.5 150.25 144.60
Natural Gas 26-Mar-18 195.15 186.15 182.8 177.15 173.8 168.15 159.15
Nickel 30-Mar-18 931 895 882 858 846 822 786
Silver 4-May-18 40563 39562 38942 38561 37941 37560 36559
Zinc 30-Mar-18 228.4 220.55 217.1 212.7 209.25 204.85 197.00
Castor Seed 20-Apr-18 4272 4195 4165 4118 4088 4041 3964
Chana 20-Apr-18 4078 3900 3835 3722 3657 3544 3366
Dhaniya 20-Apr-18 5231 5128 5078 5025 4975 4922 4819
Cottonseed Oil Cake 20-Apr-18 1467 1431 1408 1394 1372 1358 1321
Guargum5 20-Apr-18 9408 9108 8965 8808 8665 8508 8208
Guarseed10 20-Apr-18 4436 4279 4199 4122 4042 3965 3808
Jeera 20-Apr-18 15610 15100 14810 14590 14300 14080 13570
Kapas 30-Apr-18 940 916 905 892 881 868 844
RMseed 20-Apr-18 4124 4062 4036 4000 3974 3938 3876
Ref Soya Oil 20-Apr-18 795 787 783 778 774 770 761
Soyabean 20-Apr-18 3864 3803 3780 3742 3719 3681 3620
Turmeric 20-Apr-18 7089 6853 6733 6617 6497 6381 6145
Mentha Oil 28-Mar-18 1544 1421 1363 1298 1241 1176 1053

8. 8 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
BULLION
Gold futures titled lower in American trade away from February 16 highs, even as
the dollar index lost ground following data from the US the world's largest econ-
omy. Gold holdings at SPDR Gold Trust the world's largest gold-backed investment
fund settled at 846.12 tonnes on Wednesday the lowest since March 16, after ris-
ing 3%, or 23.63 tonnes in 2017, while gold prices rose 13% last year the second
yearly rise in a row.
BASE METALS
Base metals traded on the Shanghai Futures Exchange were broadly stronger dur-
ing Asian morning trading on Thursday March 29, with positive data from the
United States overnight and a continued decline in geopolitical risk providing sup-
port. Lead and zinc prices were the laggards both little changed with a slightly
weaker bias while copper led the rest of the complex higher.
ENERGY
US crude stocks showing a build up of 1.6 million barrels in the week ending March
23, compared to a 2.6M draw down in the previous reading and beating expecta-
tions of a 0.5M increase with total stocks now rising to 429.9 million barrels re-
maining within the medium term on average in this time of year. The Energy Infor-
mation Administration released its report on US natural gas storage showing an-
other drawdown of 63 billion cubic feet the week ending March 12, down from 86
billion in the previous reading while analysts expected a 75M drop.
MCX Fundamentals

9. 9 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
SPICES
Jeer traded sideways last week ahead of the long weekend and financial year
ending as most mandis remained closedthus adversely affecting the trading.
Markets are however likely to open on a firm note as traders anticipate the
demand to rise significantly on the export and domestic front.
Low trading activities in mandis ahead of Financial year ending kept pressure
on Turmeric prices last week. Prices faced strong resistance near the 7000
mark. However falling arrivals amidst rise in demand at these lower levels are
likely to support prices in coming weeks.
NCDEX Fundamentals
OIL & OILSEEDS
Trade sources estimated that last year total area under Mentha planting
had fallen by 20% to 1.75 lakh ha this season resulting into a proportionate
drop in Mentha oil production .
The recent week passed on easy note and buying interest was poor mainly
because of reports of soy bean import deals from African markets. All in all
the long term fundamentals are bullish therefore a moderate recovery was
noted. Moving forward bullish tone in soy meal shall continue helping prices
to bounce from support levels.
GUAR COMPLEX
Even as Guar ended on a weak note last week from lower trading from Finan-
cial year ending and with IMD recent bulletin on possibilities of good Mon-
soon this year markets are expected to bounce back this week.
OTHERS
RM seed trade sentiments overall remain bearish and reports of new season
arrivals in regions of Rajasthan are likely to weigh over futures prices in com-
ing sessions. Nevertheless from a broader perspective bullish outlook soy
bean and palm oil higher import duty on mustard oil latest news of govern-
ment to start procurement and drop in the crop acreage shall keep the
downside in check. Prices stabilized at these lower levels for Cotton / Kapas
as reports of an expected lowering of production from crop damage in India
could lend some support to prices. Firmness in International markets could
support Indian prices this.

10. 10 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
Last week Lead Apr Futures started the week on positive note and made a high of 158.30. Technically for this week, we
can expect positive movement in it as it was unable to sustain below the major support level of 155 and trading above
the 200Days EMA. For this week, if it breaks the level of 157.60 then it can test the level of 159.60 during the week.
One can make buy position in it by maintaining a SL 156.60.
Calls of the Week (MCX)
WEEKLY STRATEGY
PERTICULAR DETAILS
SILVER
LEAD
As we can see market is trading in tight range of 39500 to 38000 from last couple of months. And market is getting back
from the level of 38000 reacted as a demand zone and investors are looking interested to buy Silver from lower level.
Technically for this week, we can expect upside movement in it as it was unable to break major support level of 38600
and trading with positive bias. For this week, if it breaks the level of 39000 then it can test the level of 39300 during the
week. One can make buy position in it by maintaining a SL 38400.
WEEKLY STRATEGY
PERTICULAR DETAILS
Action Buy
Entry Range Above 38600
Target 38800.00
SL 38400.00
Action Buy
Entry Range Above 157.60
Target 159.60
SL 156.60

11. 11 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
Last week Chana Apr Futures started the week on positive note and after that it witnessed positive movement for the
most part of the week. It made a high of 3788 during the week and closed at 3769 with the overall gain of 5.16% on
weekly basis. Technically for this week, we can expect upside movement in it as its sustaining above the major psycho-
logical resistance level of 3700 with the positive bias. For this week, if it breaks the level of 3800 then it can test the
level of 3930 during the week. One can make buy position in it by maintaining a SL 3728
Calls of the Week (NCDEX)
WEEKLY STRATEGY
PERTICULAR DETAILS
TURMERIC
CHANA
The main trend of Turmeric is bearish on charts. Last week Turmeric Apr Futures started the week on positive note and
found enough resistance at the level of 6700 and continue its main movement for the most part of the week. It made a
high of 6736 during the week and closed at 6614 with the overall loss of 0.96% on weekly basis. Technically for this
week, we can expect downside movement in it as it sustaining below the major psychological support level of 6500 with
the negative bias. For this week, if it breaks the level of 6440 then it can test the level of 6195 during the week. One can
make sell position in it by maintaining a SL 6592.
WEEKLY STRATEGY
PERTICULAR DETAILS
Action Sell
Entry Range Below 6440
Target 6195
SL 6592
Action Buy
Entry Range Above 3800
Target 3930
SL 3728

12. 12 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
Last week EURINR Apr Futures started the week on positive note and after that it witnessed choppy movement for the
most part of the week. It made a high of 81.1900 during the week and closed at 81.1100 with the overall gain of 0.55%
on weekly basis. Technically for this week, we can expect upside movement in it as it sustaining above the major psy-
chological resistance level of 80.0000 with the positive bias. For this week, if it breaks the level of 81.2000 then it can
test the level of 81.6975 during the week. One can make buy position in it by maintaining a SL 80.8475.
Calls of the Week (FOREX)
WEEKLY STRATEGY
PERTICULAR DETAILS
GBPINR
EURINR
Last week GBPINR Apr Futures started the week on positive note and after that it witnessed choppy movement for the
most part of the week. It made a high of 92.7050 during the week and closed at 92.5250 with the overall gain of 0.30%
on weekly basis. Technically for this week, we can expect upside movement in it as its sustaining above the major psy-
chological resistance level of 92.000 with the positive bias. For this week, if it breaks the level of 92.8000 then it can test
the level of 93.3975 during the week. One can make buy position in it by maintaining a SL 92.3975.
WEEKLY STRATEGY
PERTICULAR DETAILS
Action Buy
Entry Range Above 92.8000
Target 93.3975
SL 92.3975
Action Sell
Entry Range Below 81.2000
Target 81.6975
SL 80.8475

13. 13 Copyright © 2018 Ways2Capital. All rights reserved 02/04/2018
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or views contained in this research report.
रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी है जो द्वाया हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड द्वाया ननमुवत हैं | इस रयऩोटा भें व्मवत सबी ववचाय कं ऩनी के फाये भें व्मक्वतगत ववचायों को
दशााता है औय कं ऩननमों 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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कं ऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत 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,
(फ) हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कं ऩनी की प्रनतबूनतमों भें एक प्रनतशत मा उससे अधधक के वास्तववक / पामदेभंद
स्वालभत्व 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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड 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 ( ऺ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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भें ककसी बी कं ऩनी की प्रनतबूनतमों के स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है।
ववश्रेषक ऺनतऩूनता : ववश्रेषक हाई ब्रो भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड 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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगीमों ने वऩिरे 12 भहीनों भें ववषम कं ऩनी 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 कं ऩनी 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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगीमों ने ववषम कं ऩनी के अधधकायी, ननदेशक मा कभाचायी के रूऩ भें कबी बी काभ
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