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HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
2 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
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%)
MCX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change in
Price
% Change in
Open Inter-
est
% Change
in Volume
Continued…….
Aluminium 31-Oct-18 157.70 156.80 156.80 149.60 150.00 -4.88% -54.01% 1.14%
Copper 30-Nov-18 456.55 454.05 464.40 447.50 459.55 0.66% -2.78% 4.95%
Crude Oil 19-Oct-18 5,546 5,473 5,595 5,211 5,243 -5.46% -15.90% -48.33%
Gold 05-Dec-18 31643 31531 32014 31202 31846 0.64% -16.97% 3.16%
Lead 31-Oct-18 147.9 147.00 154.75 139.80 152.2 2.91% 69.16% -31.55%
Natural Gas 26-Oct-18 232.7 234.7 250.8 231.4 234.2 0.64% 36.12% -6.45%
Nickel 31-Oct-18 940.20 925.00 963.30 917.40 932.80 -0.79% -24.56% -0.64%
Silver 05-Dec-18 39274 39100 39100 38336 38918 -0.91% -32.60% 7.89%
Zinc 31-Oct-18 197.95 197.20 204.15 193.30 197.70 -0.13% 6.68% -4.99%
Castor Seed 20-Nov-18 4770.00 4720.00 4952.00 4718.00 4912.00 2.98% -67.52% -9.04%
Chana 20-Nov-18 4154.00 4217.00 4230.00 4141.00 4172.00 0.43% -51.87% -14.50%
Dhaniya 20-Nov-18 5012.00 5020.00 5270.00 4966.00 5241.00 4.57% 112.40% -6.34%
COCUDAKL 20-Dec-18 1706.00 1715.00 1787.00 1675.00 1779.50 4.31% 62.51% 8.97%
Guargum5 20-Nov-18 9244.00 9210.00 9275.00 9060.00 9244.00 0.00% -52.71% 0.40%
Guarseed10 20-Nov-18 4360.00 4272.00 4309.00 4225.50 4286.50 -1.69% -24.26% 5.56%
Jeera 20-Nov-18 19300.00 19325.00 20000.00 19170.00 19955.00 3.39% -9.27% -21.73%
RMseed 20-Nov-18 4203.00 4208.00 4208.00 4127.00 4162.00 -0.98% -62.46% -9.14%
Ref Soya Oil 20-Nov-18 759.90 759.40 760.90 748.50 754.80 -0.67% -50.21% -4.30%
Soyabean 20-Nov-18 3246.00 3259.00 3259.00 3196.00 3241.00 -0.15% -34.70% 6.74%
Turmeric 20-Nov-18 6764.00 6792.00 6818.00 6524.00 6596.00 -2.48% -61.94% -16.77%
Mentha Oil 31-Oct-18 1716.50 1694.00 1752.00 1681.70 1688.10 -1.65% -35.09% 8.83%
USDINR 29-Oct-18 74.0125 74.1700 74.6875 73.6550 73.7000 -0.42%
GBPINR 29-Oct-18 96.5775 96.9500 98.8000 96.8050 96.8050 0.24%
JPYINR 29-Oct-18 65.0675 65.3400 66.6600 65.0500 65.7300 1.02%
EURINR 29-Oct-18 85.2750 85.4300 86.5000 85.2525 85.4800 0.24%
3 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close % Change in Price
Market Wrap-Up
Aluminium LME 2117.50 2086.00 2089.25 2017.75 2029.25 -4.17%
Copper COMEX 2.759 2.736 2.811 2.715 2.793 1.23%
Crude Oil NYMEX 74.29 74.40 75.28 70.51 71.34 -3.97%
Gold COMEX 1206.70 1201.00 1224.60 1183.70 1218.10 0.94%
Lead LME 1989.00 1978.25 2075.50 1879.50 2048.00 2.97%
Natural Gas NYMEX 3.155 3.182 3.368 3.138 3.161 0.19%
Nickel LME 12662.50 12485.00 13020.00 12387.50 12690.00 0.22%
Silver COMEX 14.569 14.215 14.565 14.215 14.564 -0.03%
Zinc LME 2625.25 2619.50 2714.25 2563.00 2633.25 0.30%
4 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
Inventory Updates
LME Inventory
Commodity
Closing (As on 12th Oct 18)
In tones
Closing (As on 5th Oct 18)
in tones
% Change in Price
Continued…….
Aluminium 941500 974075 -3.34%
Copper 170100 188950 -9.98%
Lead 116375 114600 1.55%
Nickel 224928 228090 -1.39%
Zinc 191500 203675 -5.98%
5 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
Inventory Updates
6 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
Market Next Week
Currency Weekly Pivots
Currency Pair Contract R3 R2 R1 PP S1 S2 S3
Continued…….
Upcoming Economic Events Calender
Time Currency Event Forecast Previous
Monday, October 15, 2018
18:00 USD Core Retail Sales (MoM) (Sep) 0.40% 0.30%
18:00 USD Retail Sales (MoM) (Sep) 0.70% 0.10%
Tentative USD Federal Budget Balance 71.0B -214.0B
Tuesday, October 16, 2018
7:00 CNY CPI (MoM) (Sep) 0.70% 0.70%
7:00 CNY PPI (YoY) (Sep) 3.70% 4.10%
14:00 GBP Average Earnings Index +Bonus (Aug) 2.60% 2.60%
14:00 GBP Claimant Count Change (Sep) 4.5K 8.7K
14:00 GBP Employment Change 3M/3M (MoM) 3.0K
14:00 GBP Unemployment Rate (Aug) 4.00% 4.00%
18:45 USD Industrial Production (MoM) (Sep) 0.20% 0.40%
Wednesday, October 17, 2018
14:00 GBP CPI (MoM) (Sep) 0.20% 0.70%
14:00 GBP CPIH (YoY) 2.40%
14:00 GBP PPI Input (MoM) (Sep) 0.90% 0.50%
18:00 USD Building Permits (Sep) 1.280M 1.249M
18:00 USD Building Permits (MoM) (Sep) 2.10% -5.70%
18:00 USD Housing Starts (MoM) (Sep) -4.50% 9.20%
18:00 USD Housing Starts (Sep) 1.228M 1.282M
20:00 USD Crude Oil Inventories 2.620M 5.987M
23:30 USD FOMC Meeting Minutes
Thursday, October 18, 2018
14:00 GBP Core Retail Sales (MoM) (Sep) -0.40% 0.30%
14:00 GBP Retail Sales (MoM) (Sep) -0.30% 0.30%
18:00 USD Initial Jobless Claims 210K 214K
18:00 USD Philadelphia Fed Manufacturing Index (Oct) 21 22.9
Friday, October 19, 2018
7:30 CNY GDP (QoQ) (Q3) 1.60% 1.80%
7:30 CNY Industrial Production (YoY) (Sep) 6.00% 6.10%
7:30 CNY Chinese Unemployment Rate 5.00%
19:30 USD Existing Home Sales (MoM) (Sep) -0.30% 0.00%
19:30 USD Existing Home Sales (Sep) 5.31M 5.34M
USDINR 29-Oct-18 76.0500 75.0500 74.3500 74.0000 73.3000 72.9500 71.9500
GBPINR 29-Oct-18 101.4500 99.4500 98.1000 97.4500 96.1000 95.4500 93.4500
JPYINR 29-Oct-18 69.0000 67.4000 66.5500 65.8000 64.9500 64.2000 62.6000
EURINR 29-Oct-18 88.2500 87.0000 86.2500 85.7500 85.0000 84.5000 83.2500
7 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
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 31-Oct-18 166.55 159.35 154.70 152.15 147.50 144.95 137.75
Copper 30-Nov-18 490.95 474.05 466.80 457.15 449.90 440.25 423.35
Crude Oil 19-Oct-18 6118 5734 5488 5350 5104 4966 4582
Gold 05-Dec-18 33311 32499 32173 31687 31361 30875 30063
Lead 31-Oct-18 178.80 163.85 158.00 148.90 143.05 133.95 119.00
Natural Gas 26-Oct-18 277.60 258.20 246.20 238.80 226.80 219.40 200.00
Nickel 31-Oct-18 1029.65 983.75 958.30 937.85 912.40 891.95 846.05
Silver 05-Dec-18 40313 39549 39233 38785 38469 38021 37257
Zinc 31-Oct-18 220.10 209.25 203.50 198.40 192.65 187.55 176.70
Castor Seed 20-Nov-18 5329 5095 5003 4861 4769 4627 4393
Chana 20-Nov-18 4359 4270 4221 4181 4132 4092 4003
Dhaniya 20-Nov-18 5767 5463 5352 5159 5048 4855 4551
COCUDAKL 20-Dec-18 1971.15 1859.15 1819.30 1747.15 1707.30 1635.15 1523.15
Guargum5 20-Nov-18 9623 9408 9326 9193 9111 8978 8763
Guarseed10 20-Nov-18 4440.65 4357.15 4321.80 4273.65 4238.30 4190.15 4106.65
Jeera 20-Nov-18 21368 20538 20247 19708 19417 18878 18048
RMseed 20-Nov-18 4328 4247 4204 4166 4123 4085 4004
Ref Soya Oil 20-Nov-18 779.55 767.15 761.00 754.75 748.60 742.35 729.95
Soyabean 20-Nov-18 3358 3295 3268 3232 3205 3169 3106
Turmeric 20-Nov-18 7234 6940 6768 6646 6474 6352 6058
Mentha Oil 31-Oct-18 1847.9 1777.6 1732.8 1707.3 1662.5 1637.0 1566.7
8 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
BULLION
Gold prices rose early on Monday as Asian stocks eased due to concerns about a
potential decline in China economic growth amid an ongoing trade war and signs of
tighter monetary policy by the U.S. Federal Reserve. Spot gold was up 0.3 percent
at $1,220.66 an ounce at the time of writing. Gold rose 1.3 percent last week in its
biggest weekly percentage gain in seven weeks. U.S. gold futures were up 0.2 per-
cent at $1,224.1 an ounce. China central bank governor Yi Gang said on Sunday he
still sees plenty of room for adjustment in interest rates and the reserve require-
ment ratio (RRR) as downside risks from trade tensions with the United States re-
main significant.
BASE METALS
ENERGY
MCX Fundamentals
Crude markets were also supported in the wake of data that showed South Korea
did not import any oil from Iran in September for the first time in six years before
U.S. sanctions against the Middle East country take effect in November. Brent
crude had risen 98 cents or 1.22 percent to 81.41 a barrel at the time of writing,
on track for its biggest daily gain since Oct. 9. U.S.
The Energy Information Administration released its report on US natural gas in-
ventories showing a build of 90 billion cubic feet in the week ending October 5,
adding to the 98 billion in the previous reading while analysts expected 87 billion.
Aluminium prices traded on marginal gains after rebounding on Friday, breaking a
six-session losing streak as speculators and consumers regarded the lower prices as
good value against a background of recovering share markets. The metal touched a
two week low on Thursday amid a broad sell off sparked by a global rout in equities.
But global shares were having their best day in nearly a month on Friday as Euro-
pean and Asian markets recovered.
9 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
SPICES
NCDEX Fundamentals
OILSEEDS
GUAR COMPLEX
OTHERS
RM seed futures market failed to move up yesterday tracking weakness in
soy bean. Failure of palm oil to sustain above resistance levels also eased the
upward trend. In coming days report of Government's announcement to hike
Mustard MSP by Rs 200/qtl may provide support. But spot demand should
also remain strong for the up trend to sustain during this week.It was another
bearish session for soy bean derivative market. As long as harvest pressure is
not building there might be temporary pull backs but the upward momentum
might ease soon as harvests activity in MP and Maharashtra improve in next
few weeks.
Bullish trend persisted for Jeer as reports from Gujarat indicate a below nor-
mal rain to adversely affect the sowing starting later this month. This could
have some long term support impact on the commodity prices.Turmeric traded
with slight weakness even as prices found immediate support at these levels.
Falling stocks amidst rise in Festive season domestic demand and export de-
mand are likely to support prices in coming weeks with new crop arrivals only
in Decendall these factors could provide support to the prices that have fallen a
lot.
Mentha oil traded in a range even as moderate firm sentiments prevailed in
mandis with profit booking limiting the upside movement. Rising export de-
mand amidst adverse reports on the production front are likely to support
prices in coming weeks. Lack of fresh bullish cues from global markets kept
sentiments eased. Ahead of Indian/US harvest season of the soybean crop
not much of upside is expected in edible oils especially soya oil. However
there is frequent buying interest in spot market whenever moderate price
decline occurs.
Trend remained very volatile for Guar but some support was noted at the
lower levels with expected recovery likely. Lower rains earlier this year during
Monsoon had adversely affected the sowing. With stocks reportedly on the
lower side and falling amidst no new arrivals for now sentiments are looking
positive for the counter. As the bearish impact of rains gradually get over fall in
prices may be limited from the monsoon factor.
10 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
Last week Natural Gas started a week on positive note but found enough resistance near the level of 250 and getting
selling pressure from higher level indicating strong resistance zone near the level of 250. On its 4 hourly chart Natural
Gas is forming Head & Shoulder formation indicating negative trend in it. For this week, if it breaks the level of 238 on
the lower side then it can test the level of 228 during the week. One can make sell position in it by maintaining a SL at
242.50
Calls of the Week (MCX)
ZINC
NATURAL GAS
WEEKLY STRATEGY
PARTICULAR DETAILS
Last week Zinc made a high of 204.15 and closed at 197.50 with overall marginal loss of 0.13% on weekly basis. And we
can see from last couple trading weeks market is trading in sideways trading channel with negative RSI and on its four
hourly chart Zinc is forming Head & Shoulder formation on higher level indicating negative trend in it. For this week, if
it breaks the level of 198.50 on the lower side then it can test the level of 191.50 during the week. One can make sell
position in it by maintaining a SL at 199.60.
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Sell
Entry Range Below 4100
Target 3970
SL 1451
Action Sell
Entry Range Below 198.50
Target 191.50
SL 199.60
11 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
From last couple of trading weeks Chana is trading in range between the level of 4250 – 4100 and forming double top
formation on its four chart indicating bearish trend in it. On its four hourly chart RSI is trading in negative territory and
printing below the level of 50 indicating short term negative movement in it. Last week Chana made a low of 4141 and
closed at 4172 with overall marginal gain of 0.43% on weekly basis. For this week, if it breaks the level of 4100 on the
lower side then it can test the level of 3970 during the week. One can make sell position in it by maintaining a SL at
4151.
Calls of the Week (NCDEX)
RMSEED
CHANA
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
Last week RMSEED started a week on negative note but found enough support near the level of 4100 and getting
bounce back from lower level indicating strong support zone near the level of 4100. On its daily chart RMSEED forms
spinning top bullish formation indicating positive trend in it. For this week, if it breaks the level of 4200 on the upper
side then it can test the level of 4330 during the week. One can make buy position in it by maintaining a SL at 4149
Action Buy
Entry Range Above 4200
Target 4330
SL 4149
Action Sell
Entry Range Below 4100
Target 3970
SL 4151
12 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
Calls of the Week (FOREX)
WEEKLY STRATEGY
PARTICULAR DETAILS
JPYINR
USDINR
WEEKLY STRATEGY
PARTICULAR DETAILS
Last week USDINR Oct Futures started the week on positive note and made a high of 74.6875 but till the end of the
week, all of its earlier gains were erased and it closed at 73.7000 with the overall loss of 0.42 per cent on weekly basis.
Technically it consolidating near to the trend line breakout with near to oversold RSI and for this week, we can expect
profit booking in it from the higher levels. For this week, if it breaks the level of 73.6500 on the downside, then it can
test the level of 73.2125 during the week. One can make sell position in it by maintaining a SL 74.0050.
Action Sell
Entry Range Above 73.6500
Target 73.2125
SL 74.0050
Last week JPYINR Oct Futures started the week on positive note and made a high of 66.6600 but till the end of the
week, most of its earlier gains were erased and it closed at 65.0500 with the overall gain of 1.55 per cent on weekly
basis. Technically it consolidating above the major psychological support level of 66.0000 with the positive RSI and for
this week, we can expect further upside movement in it.For this week, if it breaks the level of 66.3500 on the upside,
then it can test the level of 66.7975 during the week. One can make buy position in it by maintaining a SL 66.0875.
Action Buy
Entry Range Below 66.3500
Target 66.7975
SL 66.0875
13 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018
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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनुभान Ways2Capital इक्ववटी / कभोडडटी अनुसंधान
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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.
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नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिं ग 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, कं ऩनी इन सुझावों ऩय ककए गए ककसी बी नुकसान के लरए उत्तयदामी नहीं होगी | मह स्तय बववष्म के कीभतों की गनत का संके त नहीं देते
है| वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीकृ नत।
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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगी कं ऩननमां अनुसंधान रयऩोटा भें शालभर कं ऩननमों 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 कं ऩनी
औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रेड नहीं कयेंगे।
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.
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सभझने की बी सराह दी जाती है | कं ऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकं ऩनी 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 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|
(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 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 |
(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 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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MARKET INSIGHT

  • 1. HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.
  • 2. 2 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 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%) MCX Market Wrap-Up Commodity Contract Previous Close Open High Low Close % Change in Price % Change in Open Inter- est % Change in Volume Continued……. Aluminium 31-Oct-18 157.70 156.80 156.80 149.60 150.00 -4.88% -54.01% 1.14% Copper 30-Nov-18 456.55 454.05 464.40 447.50 459.55 0.66% -2.78% 4.95% Crude Oil 19-Oct-18 5,546 5,473 5,595 5,211 5,243 -5.46% -15.90% -48.33% Gold 05-Dec-18 31643 31531 32014 31202 31846 0.64% -16.97% 3.16% Lead 31-Oct-18 147.9 147.00 154.75 139.80 152.2 2.91% 69.16% -31.55% Natural Gas 26-Oct-18 232.7 234.7 250.8 231.4 234.2 0.64% 36.12% -6.45% Nickel 31-Oct-18 940.20 925.00 963.30 917.40 932.80 -0.79% -24.56% -0.64% Silver 05-Dec-18 39274 39100 39100 38336 38918 -0.91% -32.60% 7.89% Zinc 31-Oct-18 197.95 197.20 204.15 193.30 197.70 -0.13% 6.68% -4.99% Castor Seed 20-Nov-18 4770.00 4720.00 4952.00 4718.00 4912.00 2.98% -67.52% -9.04% Chana 20-Nov-18 4154.00 4217.00 4230.00 4141.00 4172.00 0.43% -51.87% -14.50% Dhaniya 20-Nov-18 5012.00 5020.00 5270.00 4966.00 5241.00 4.57% 112.40% -6.34% COCUDAKL 20-Dec-18 1706.00 1715.00 1787.00 1675.00 1779.50 4.31% 62.51% 8.97% Guargum5 20-Nov-18 9244.00 9210.00 9275.00 9060.00 9244.00 0.00% -52.71% 0.40% Guarseed10 20-Nov-18 4360.00 4272.00 4309.00 4225.50 4286.50 -1.69% -24.26% 5.56% Jeera 20-Nov-18 19300.00 19325.00 20000.00 19170.00 19955.00 3.39% -9.27% -21.73% RMseed 20-Nov-18 4203.00 4208.00 4208.00 4127.00 4162.00 -0.98% -62.46% -9.14% Ref Soya Oil 20-Nov-18 759.90 759.40 760.90 748.50 754.80 -0.67% -50.21% -4.30% Soyabean 20-Nov-18 3246.00 3259.00 3259.00 3196.00 3241.00 -0.15% -34.70% 6.74% Turmeric 20-Nov-18 6764.00 6792.00 6818.00 6524.00 6596.00 -2.48% -61.94% -16.77% Mentha Oil 31-Oct-18 1716.50 1694.00 1752.00 1681.70 1688.10 -1.65% -35.09% 8.83% USDINR 29-Oct-18 74.0125 74.1700 74.6875 73.6550 73.7000 -0.42% GBPINR 29-Oct-18 96.5775 96.9500 98.8000 96.8050 96.8050 0.24% JPYINR 29-Oct-18 65.0675 65.3400 66.6600 65.0500 65.7300 1.02% EURINR 29-Oct-18 85.2750 85.4300 86.5000 85.2525 85.4800 0.24%
  • 3. 3 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 International Market Wrap-up Commodity Exchange Previous Close Open High Low Close % Change in Price Market Wrap-Up Aluminium LME 2117.50 2086.00 2089.25 2017.75 2029.25 -4.17% Copper COMEX 2.759 2.736 2.811 2.715 2.793 1.23% Crude Oil NYMEX 74.29 74.40 75.28 70.51 71.34 -3.97% Gold COMEX 1206.70 1201.00 1224.60 1183.70 1218.10 0.94% Lead LME 1989.00 1978.25 2075.50 1879.50 2048.00 2.97% Natural Gas NYMEX 3.155 3.182 3.368 3.138 3.161 0.19% Nickel LME 12662.50 12485.00 13020.00 12387.50 12690.00 0.22% Silver COMEX 14.569 14.215 14.565 14.215 14.564 -0.03% Zinc LME 2625.25 2619.50 2714.25 2563.00 2633.25 0.30%
  • 4. 4 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 Inventory Updates LME Inventory Commodity Closing (As on 12th Oct 18) In tones Closing (As on 5th Oct 18) in tones % Change in Price Continued……. Aluminium 941500 974075 -3.34% Copper 170100 188950 -9.98% Lead 116375 114600 1.55% Nickel 224928 228090 -1.39% Zinc 191500 203675 -5.98%
  • 5. 5 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 Inventory Updates
  • 6. 6 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 Market Next Week Currency Weekly Pivots Currency Pair Contract R3 R2 R1 PP S1 S2 S3 Continued……. Upcoming Economic Events Calender Time Currency Event Forecast Previous Monday, October 15, 2018 18:00 USD Core Retail Sales (MoM) (Sep) 0.40% 0.30% 18:00 USD Retail Sales (MoM) (Sep) 0.70% 0.10% Tentative USD Federal Budget Balance 71.0B -214.0B Tuesday, October 16, 2018 7:00 CNY CPI (MoM) (Sep) 0.70% 0.70% 7:00 CNY PPI (YoY) (Sep) 3.70% 4.10% 14:00 GBP Average Earnings Index +Bonus (Aug) 2.60% 2.60% 14:00 GBP Claimant Count Change (Sep) 4.5K 8.7K 14:00 GBP Employment Change 3M/3M (MoM) 3.0K 14:00 GBP Unemployment Rate (Aug) 4.00% 4.00% 18:45 USD Industrial Production (MoM) (Sep) 0.20% 0.40% Wednesday, October 17, 2018 14:00 GBP CPI (MoM) (Sep) 0.20% 0.70% 14:00 GBP CPIH (YoY) 2.40% 14:00 GBP PPI Input (MoM) (Sep) 0.90% 0.50% 18:00 USD Building Permits (Sep) 1.280M 1.249M 18:00 USD Building Permits (MoM) (Sep) 2.10% -5.70% 18:00 USD Housing Starts (MoM) (Sep) -4.50% 9.20% 18:00 USD Housing Starts (Sep) 1.228M 1.282M 20:00 USD Crude Oil Inventories 2.620M 5.987M 23:30 USD FOMC Meeting Minutes Thursday, October 18, 2018 14:00 GBP Core Retail Sales (MoM) (Sep) -0.40% 0.30% 14:00 GBP Retail Sales (MoM) (Sep) -0.30% 0.30% 18:00 USD Initial Jobless Claims 210K 214K 18:00 USD Philadelphia Fed Manufacturing Index (Oct) 21 22.9 Friday, October 19, 2018 7:30 CNY GDP (QoQ) (Q3) 1.60% 1.80% 7:30 CNY Industrial Production (YoY) (Sep) 6.00% 6.10% 7:30 CNY Chinese Unemployment Rate 5.00% 19:30 USD Existing Home Sales (MoM) (Sep) -0.30% 0.00% 19:30 USD Existing Home Sales (Sep) 5.31M 5.34M USDINR 29-Oct-18 76.0500 75.0500 74.3500 74.0000 73.3000 72.9500 71.9500 GBPINR 29-Oct-18 101.4500 99.4500 98.1000 97.4500 96.1000 95.4500 93.4500 JPYINR 29-Oct-18 69.0000 67.4000 66.5500 65.8000 64.9500 64.2000 62.6000 EURINR 29-Oct-18 88.2500 87.0000 86.2500 85.7500 85.0000 84.5000 83.2500
  • 7. 7 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 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 31-Oct-18 166.55 159.35 154.70 152.15 147.50 144.95 137.75 Copper 30-Nov-18 490.95 474.05 466.80 457.15 449.90 440.25 423.35 Crude Oil 19-Oct-18 6118 5734 5488 5350 5104 4966 4582 Gold 05-Dec-18 33311 32499 32173 31687 31361 30875 30063 Lead 31-Oct-18 178.80 163.85 158.00 148.90 143.05 133.95 119.00 Natural Gas 26-Oct-18 277.60 258.20 246.20 238.80 226.80 219.40 200.00 Nickel 31-Oct-18 1029.65 983.75 958.30 937.85 912.40 891.95 846.05 Silver 05-Dec-18 40313 39549 39233 38785 38469 38021 37257 Zinc 31-Oct-18 220.10 209.25 203.50 198.40 192.65 187.55 176.70 Castor Seed 20-Nov-18 5329 5095 5003 4861 4769 4627 4393 Chana 20-Nov-18 4359 4270 4221 4181 4132 4092 4003 Dhaniya 20-Nov-18 5767 5463 5352 5159 5048 4855 4551 COCUDAKL 20-Dec-18 1971.15 1859.15 1819.30 1747.15 1707.30 1635.15 1523.15 Guargum5 20-Nov-18 9623 9408 9326 9193 9111 8978 8763 Guarseed10 20-Nov-18 4440.65 4357.15 4321.80 4273.65 4238.30 4190.15 4106.65 Jeera 20-Nov-18 21368 20538 20247 19708 19417 18878 18048 RMseed 20-Nov-18 4328 4247 4204 4166 4123 4085 4004 Ref Soya Oil 20-Nov-18 779.55 767.15 761.00 754.75 748.60 742.35 729.95 Soyabean 20-Nov-18 3358 3295 3268 3232 3205 3169 3106 Turmeric 20-Nov-18 7234 6940 6768 6646 6474 6352 6058 Mentha Oil 31-Oct-18 1847.9 1777.6 1732.8 1707.3 1662.5 1637.0 1566.7
  • 8. 8 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 BULLION Gold prices rose early on Monday as Asian stocks eased due to concerns about a potential decline in China economic growth amid an ongoing trade war and signs of tighter monetary policy by the U.S. Federal Reserve. Spot gold was up 0.3 percent at $1,220.66 an ounce at the time of writing. Gold rose 1.3 percent last week in its biggest weekly percentage gain in seven weeks. U.S. gold futures were up 0.2 per- cent at $1,224.1 an ounce. China central bank governor Yi Gang said on Sunday he still sees plenty of room for adjustment in interest rates and the reserve require- ment ratio (RRR) as downside risks from trade tensions with the United States re- main significant. BASE METALS ENERGY MCX Fundamentals Crude markets were also supported in the wake of data that showed South Korea did not import any oil from Iran in September for the first time in six years before U.S. sanctions against the Middle East country take effect in November. Brent crude had risen 98 cents or 1.22 percent to 81.41 a barrel at the time of writing, on track for its biggest daily gain since Oct. 9. U.S. The Energy Information Administration released its report on US natural gas in- ventories showing a build of 90 billion cubic feet in the week ending October 5, adding to the 98 billion in the previous reading while analysts expected 87 billion. Aluminium prices traded on marginal gains after rebounding on Friday, breaking a six-session losing streak as speculators and consumers regarded the lower prices as good value against a background of recovering share markets. The metal touched a two week low on Thursday amid a broad sell off sparked by a global rout in equities. But global shares were having their best day in nearly a month on Friday as Euro- pean and Asian markets recovered.
  • 9. 9 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 SPICES NCDEX Fundamentals OILSEEDS GUAR COMPLEX OTHERS RM seed futures market failed to move up yesterday tracking weakness in soy bean. Failure of palm oil to sustain above resistance levels also eased the upward trend. In coming days report of Government's announcement to hike Mustard MSP by Rs 200/qtl may provide support. But spot demand should also remain strong for the up trend to sustain during this week.It was another bearish session for soy bean derivative market. As long as harvest pressure is not building there might be temporary pull backs but the upward momentum might ease soon as harvests activity in MP and Maharashtra improve in next few weeks. Bullish trend persisted for Jeer as reports from Gujarat indicate a below nor- mal rain to adversely affect the sowing starting later this month. This could have some long term support impact on the commodity prices.Turmeric traded with slight weakness even as prices found immediate support at these levels. Falling stocks amidst rise in Festive season domestic demand and export de- mand are likely to support prices in coming weeks with new crop arrivals only in Decendall these factors could provide support to the prices that have fallen a lot. Mentha oil traded in a range even as moderate firm sentiments prevailed in mandis with profit booking limiting the upside movement. Rising export de- mand amidst adverse reports on the production front are likely to support prices in coming weeks. Lack of fresh bullish cues from global markets kept sentiments eased. Ahead of Indian/US harvest season of the soybean crop not much of upside is expected in edible oils especially soya oil. However there is frequent buying interest in spot market whenever moderate price decline occurs. Trend remained very volatile for Guar but some support was noted at the lower levels with expected recovery likely. Lower rains earlier this year during Monsoon had adversely affected the sowing. With stocks reportedly on the lower side and falling amidst no new arrivals for now sentiments are looking positive for the counter. As the bearish impact of rains gradually get over fall in prices may be limited from the monsoon factor.
  • 10. 10 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 Last week Natural Gas started a week on positive note but found enough resistance near the level of 250 and getting selling pressure from higher level indicating strong resistance zone near the level of 250. On its 4 hourly chart Natural Gas is forming Head & Shoulder formation indicating negative trend in it. For this week, if it breaks the level of 238 on the lower side then it can test the level of 228 during the week. One can make sell position in it by maintaining a SL at 242.50 Calls of the Week (MCX) ZINC NATURAL GAS WEEKLY STRATEGY PARTICULAR DETAILS Last week Zinc made a high of 204.15 and closed at 197.50 with overall marginal loss of 0.13% on weekly basis. And we can see from last couple trading weeks market is trading in sideways trading channel with negative RSI and on its four hourly chart Zinc is forming Head & Shoulder formation on higher level indicating negative trend in it. For this week, if it breaks the level of 198.50 on the lower side then it can test the level of 191.50 during the week. One can make sell position in it by maintaining a SL at 199.60. WEEKLY STRATEGY PARTICULAR DETAILS Action Sell Entry Range Below 4100 Target 3970 SL 1451 Action Sell Entry Range Below 198.50 Target 191.50 SL 199.60
  • 11. 11 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 From last couple of trading weeks Chana is trading in range between the level of 4250 – 4100 and forming double top formation on its four chart indicating bearish trend in it. On its four hourly chart RSI is trading in negative territory and printing below the level of 50 indicating short term negative movement in it. Last week Chana made a low of 4141 and closed at 4172 with overall marginal gain of 0.43% on weekly basis. For this week, if it breaks the level of 4100 on the lower side then it can test the level of 3970 during the week. One can make sell position in it by maintaining a SL at 4151. Calls of the Week (NCDEX) RMSEED CHANA WEEKLY STRATEGY PARTICULAR DETAILS WEEKLY STRATEGY PARTICULAR DETAILS Last week RMSEED started a week on negative note but found enough support near the level of 4100 and getting bounce back from lower level indicating strong support zone near the level of 4100. On its daily chart RMSEED forms spinning top bullish formation indicating positive trend in it. For this week, if it breaks the level of 4200 on the upper side then it can test the level of 4330 during the week. One can make buy position in it by maintaining a SL at 4149 Action Buy Entry Range Above 4200 Target 4330 SL 4149 Action Sell Entry Range Below 4100 Target 3970 SL 4151
  • 12. 12 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 Calls of the Week (FOREX) WEEKLY STRATEGY PARTICULAR DETAILS JPYINR USDINR WEEKLY STRATEGY PARTICULAR DETAILS Last week USDINR Oct Futures started the week on positive note and made a high of 74.6875 but till the end of the week, all of its earlier gains were erased and it closed at 73.7000 with the overall loss of 0.42 per cent on weekly basis. Technically it consolidating near to the trend line breakout with near to oversold RSI and for this week, we can expect profit booking in it from the higher levels. For this week, if it breaks the level of 73.6500 on the downside, then it can test the level of 73.2125 during the week. One can make sell position in it by maintaining a SL 74.0050. Action Sell Entry Range Above 73.6500 Target 73.2125 SL 74.0050 Last week JPYINR Oct Futures started the week on positive note and made a high of 66.6600 but till the end of the week, most of its earlier gains were erased and it closed at 65.0500 with the overall gain of 1.55 per cent on weekly basis. Technically it consolidating above the major psychological support level of 66.0000 with the positive RSI and for this week, we can expect further upside movement in it.For this week, if it breaks the level of 66.3500 on the upside, then it can test the level of 66.7975 during the week. One can make buy position in it by maintaining a SL 66.0875. Action Buy Entry Range Below 66.3500 Target 66.7975 SL 66.0875
  • 13. 13 Copyright © 2018 Ways2Capital. All rights reserved 15/10/2018 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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनुभान Ways2Capital इक्ववटी / कभोडडटी अनुसंधान के भूलमांकन ऩय आधारयत हैं औय ववश्वसनीम स्रोतों से प्राप्त की गई है | मह दस्तावेज़ के वर 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. 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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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगी कं ऩननमां अनुसंधान रयऩोटा भें शालभर कं ऩननमों 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 कं ऩनी औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रेड नहीं कयेंगे। 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 के वर याम के रूऩ भें देखें औय ननवेश के लरए स्वमं पै सरा कयें | ग्राहकों को वेफसाइट ऩय प्रकालशत सेवाओं के ननमभों औय शतों को ऩढ़ने औय सभझने की बी सराह दी जाती है | कं ऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकं ऩनी 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 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| (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 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 | (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 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. 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