Equity Research Report 03 October 2018 Ways2Capital

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CURRENCY MARKET UPDATE
CURRENCY PAIR
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
MAJOR INDICES
INDEX
CLOSING AS ON
28th SEPT 18
WEEKLY CHANGES
WEEKLY
% CHANGE
COMMODITY MARKET UPDATE
COMMODITY
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
Market Wrap–Up
Nifty 10930.45 -212.65 -1.91%
Nifty 100 11126.40 -261.15 -2.29%
Nifty 200 5735.05 -164.65 -2.79%
Nifty 500 9116.00 -309.55 -3.28%
India VIX 17.00 1.46 9.40%
Nifty Bank 25119.85 -477.05 -1.86%
Nifty Auto 9590.25 -817.15 -7.85%
Nifty Finance 10577.10 -281.35 -2.59%
Nifty FMCG 29757.70 -649.20 -2.14%
Nifty IT 15838.05 4.55 0.03%
Nifty Media 2447.50 -133.30 -5.17%
Nifty Metal 3485.35 -187.90 -5.12%
Nifty Pharma 9972.45 -279.90 -2.73%
Nifty PSU Banks 2700.45 -133.70 -4.72%
Nifty PVT Bank 14151.05 -362.60 -2.49%
Nifty Realty 219.60 -29.10 -11.70%
USDINR 72.7625 72.1750 0.81%
GBPINR 95.0175 95.2700 -0.27%
EURINR 84.4525 84.9425 -0.58%
JPYINR 64.3000 63.9925 0.48%
EURUSD 1.1608 1.1745 -1.17%
GBPUSD 1.3031 1.3076 -0.34%
Dollar Index 94.80 93.80 1.07%
Gold COMEX 1196.20 1196.20 0.00%
Gold MCX 30481 30582 -0.33%
Crude Oil NYMEX 73.53 70.78 3.89%
Crude Oil MCX 5335 5146 3.67%
Brent Oil NYMEX 82.88 78.80 5.18%
Copper MCX 452.35 458.15 -1.27%
Natural Gas NYMEX 3.002 2.977 0.84%

WEEKLY GAINERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
HIGH
WEEKLY LOSERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
LOW
Market at a Glance
TCS 2184.50 3.84% 2214.15
RELIANCE 1258.20 3.40% 1328.75
INFOSYS 727.85 3.05% 748.45
AXIS BANK 612.35 2.16% 676.90
HDCF BANK 2005.65 1.87% 2219.05
INDIABULLS
HOUSING
853.70 -19.61% 752.00
YES BANK 183.45 -19.20% 166.15
EICHER
MOTORS
24165.25 -13.41% 23490.00
TATA-
MOTORS
223.45 -10.69% 219.65
M&M 860.70 -10.08% 612.50

ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Economic Calendar
Monday, October 1, 2018
All Day China - National Day Holiday
14:00 GBP Manufacturing PMI (Sep) 52.5 52.8
19:30 USD ISM Manufacturing PMI (Sep) 60.3 61.3
Tuesday, October 2, 2018
All Day India - Mahatma Gandhi Jayanthi Holiday
14:00 GBP Construction PMI (Sep) 52.5 52.9
21:30 USD Fed Chair Powell Speaks -
Wednesday, October 3, 2018
14:00 GBP Services PMI (Sep) 54 54.3
17:45 USD ADP Nonfarm Employment Change (Sep) 185K 163K
19:30 USD ISM Non-Manufacturing PMI (Sep) 58.1 58.5
20:00 USD Crude Oil Inventories -1.279M 1.852M
Thursday, October 4, 2018
14:30 INR Interest Rate Decision 6.75% 6.50%
Friday, October 5, 2018
14:30 INR Interest Rate Decision 6.75% 6.50%
18:00 USD Nonfarm Payrolls (Sep) 185K 201K
18:00 USD Unemployment Rate (Sep) 3.80% 3.90%

Continued .......
Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
ADANIPORTS 464.85 423.15 381.45 355.20 339.75 313.50 298.05 256.35 214.65
ASIANPAINT 1468.85 1408.20 1347.55 1317.80 1286.88 1257.10 1226.20 1165.55 1104.90
AXISBANK 719.05 682.55 646.05 631.25 609.53 594.70 573.00 536.50 500.00
BAJAJ-AUTO 3287.35 3097.35 2907.35 2798.70 2717.33 2608.65 2527.30 2337.30 2147.30
BAJAJFINSV 7339.35 6917.35 6495.35 6261.70 6073.33 5839.65 5651.30 5229.30 4807.30
BAJFINANCE 3155.70 2850.25 2544.80 2361.70 2239.33 2056.20 1933.85 1628.40 1322.95
BHARTIARTL 462.60 424.85 387.10 363.55 349.35 325.80 311.60 273.85 236.10
BPCL 456.25 427.90 399.55 387.25 371.17 358.85 342.80 314.45 286.10
CIPLA 764.55 728.35 692.15 671.10 655.93 634.85 619.70 583.50 547.30
COALINDIA 337.15 315.60 294.05 280.60 272.48 259.00 250.90 229.35 207.80
DRREDDY 3098.55 2918.90 2739.25 2634.65 2559.58 2454.95 2379.90 2200.25 2020.60
EICHERMOT 39018.65 34442.70 29866.75 27057.90 25290.78 22481.90 20714.80 16138.85 11562.90
GAIL 467.40 437.90 408.40 394.20 378.87 364.65 349.35 319.85 290.35
GRASIM 1217.65 1154.55 1091.45 1053.25 1028.32 990.10 965.20 902.10 839.00
HCLTECH 1230.70 1186.20 1141.70 1113.85 1097.18 1069.30 1052.65 1008.15 963.65
HDFC 2196.70 2053.25 1909.80 1829.90 1766.35 1686.45 1622.90 1479.45 1336.00

Continued .......
Weekly Pivots
HDFCBANK 2281.00 2180.55 2080.10 2044.30 1979.65 1943.85 1879.20 1778.75 1678.30
HEROMOTOCO 3906.85 3601.70 3296.55 3104.90 2991.37 2799.70 2686.20 2381.05 2075.90
HINDALCO 306.80 283.00 259.20 243.80 235.40 220.00 211.60 187.80 164.00
HINDPETRO 327.65 302.30 276.95 264.20 251.58 238.80 226.20 200.85 175.50
HINDUNILVR 1861.00 1776.10 1691.20 1648.45 1606.27 1563.50 1521.35 1436.45 1351.55
IBULHSGFIN 1964.50 1617.85 1271.20 1063.10 924.55 716.45 577.90 231.25 -
ICICIBANK 357.90 341.15 324.40 315.20 307.62 298.40 290.85 274.10 257.35
INDUSINDBK 2080.35 1955.05 1829.75 1759.90 1704.45 1634.60 1579.15 1453.85 1328.55
INFRATEL 349.00 321.90 294.80 278.50 267.67 251.35 240.55 213.45 186.35
INFY 813.25 783.75 754.25 743.00 724.73 713.45 695.20 665.70 636.20
IOC 182.70 173.50 164.30 159.15 155.07 149.90 145.85 136.65 127.45
ITC 348.80 331.95 315.10 307.00 298.23 290.10 281.35 264.50 247.65
JSWSTEEL 508.80 469.00 429.20 404.60 389.40 364.80 349.60 309.80 270.00
KOTAKBANK 1361.95 1291.00 1220.05 1178.00 1149.07 1107.00 1078.10 1007.15 936.20
LT 1554.05 1465.40 1376.75 1326.05 1288.08 1237.35 1199.40 1110.75 1022.10
M&M 1243.40 1124.75 1006.10 935.30 887.42 816.60 768.75 650.10 531.45

Weekly Pivots
MARUTI 9959.45 9162.20 8364.95 7842.75 7567.68 7045.45 6770.40 5973.15 5175.90
NTPC 189.60 182.40 175.20 171.60 167.98 164.35 160.75 153.55 146.35
ONGC 217.95 204.90 191.85 185.25 178.80 172.20 165.75 152.70 139.65
POWERGRID 231.00 218.00 205.00 196.65 192.00 183.65 179.00 166.00 153.00
RELIANCE 1470.45 1393.75 1317.05 1285.70 1240.35 1209.00 1163.65 1086.95 1010.25
SBIN 306.40 293.20 280.00 272.75 266.77 259.50 253.55 240.35 227.15
SUNPHARMA 731.10 697.30 663.50 643.40 629.68 609.55 595.85 562.05 528.25
TATAMOTORS 326.00 294.50 263.00 243.50 231.50 212.00 200.00 168.50 137.00
TATASTEEL 747.45 696.20 644.95 612.40 593.68 561.10 542.40 491.15 439.90
TCS 2506.60 2392.85 2279.10 2232.55 2165.35 2118.80 2051.60 1937.85 1824.10
TECHM 891.35 843.65 795.95 771.50 748.23 723.75 700.50 652.80 605.10
TITAN 1017.95 947.65 877.35 840.75 807.03 770.40 736.70 666.40 596.10
ULTRACEMCO 4930.55 4643.65 4356.75 4212.90 4069.83 3925.95 3782.90 3496.00 3209.10
UPL 865.05 800.00 734.95 699.80 669.87 634.70 604.80 539.75 474.70
VEDL 295.60 275.50 255.40 243.90 235.28 223.75 215.15 195.05 174.95
WIPRO 393.25 370.65 348.05 335.50 325.43 312.85 302.80 280.20 257.60
YESBANK 417.55 343.70 269.85 227.00 195.98 153.10 122.10 48.25 -
ZEEL 521.00 494.55 468.10 454.10 441.65 427.65 415.20 388.75 362.30

NIFTY OPTIONS OPEN INTEREST ANALYSISLONG BUILD-UP
SCRIP
CHANGE IN
OI (In %)
PRICE CHANGE
(In %)
SHORT COVERING
SCRIP
CHANGE IN
OI (In %)
PRICE CHANGE
(In %)
SHORT BUILD-UP
SCRIP
CHANGE IN
OI (In %)
PRICE CHANGE
(In %)
LONG UNWINDING
SCRIP
CHANGE IN
OI (In %)
PRICE CHANGE
(In %)
Analysis : As per the analysis of above chart.
Major Resistance Level: 11200 follwed by 11500
Major Support Levels: 10800
Open Interest & Price Analysis
- - -
- - -
- - -
- - -
- - -
INFY -42.46% 3.06%
HDFCBANK -35.06% 1.46%
TCS -16.67% 3.63%
- - -
- - -
NIITTECH 28.59% -9.71%
CUMMINSIND 28.02% -2.20%
CANFINHOME 18.26% -18.44%
IBULHSGFIN 14.65% -18.76%
DABUR 14.21% -6.80%
INFIBEAM -59.66% -67.71%
JUSTDIAL -46.88% -8.02%
DHFL -42.49% -21.70%
ORIENTBANK -34.03% -9.59%
INFRATEL -31.65% -6.25%

NIFTY WEEKLY PIVOTS
PARTICULAR LEVEL
Fundamental Outlook
This week, our Indian Equity market repeats its last week sentiments as major selling was seen across all the indices. Nifty falls
for the straight 4th week, corrects 8% from the record peak. On global front world market remained mixed in sentiments as
some were negative while some remained positive on weekly basis. As last week it was NBFCs who showed good amount of
pressure on index , this time private bank and IT major Yes bank , Infi beam were respectively main culprit to made huge senti-
mental pressure on index as both stocks fall 18% , 70 % respectively. In near futures Fears of liquidity crisis loom large on the
financial space taking the cues from RBI's latest order on Bandhan Bank regarding RBI’s licensing norm. On sectorial front En-
ergy and IT were the positive while major selling was seen in Realty , Telecom and Auto. crude oil again hits its 52 week high on
Friday's trading session which will again going to affect our Indian Equity market in coming sessions. USD/INR is consolidating
near its all time high and if its gain some more strength in coming days than it could further impact the sentiments of traders
and investors.
Technical Outlook
The Nifty futures started the last week on negative note on Monday and traded with negative note but managed to recovered
some losses in second trading session. Last three session was again dominated by the bears as index after gap opening immedi-
ately slipped into red and showed sharp fall in all three session.
Continued …....
Nifty Analysis
R4 11891.65
R3 11599.15
R2 11306.65
R1 11135.80
PP 11014.15
S1 10843.30
S2 10721.65
S3 10429.15
S4 10136.65

Continued …....
TECHNICAL INDICATOR
ANALYSIS
INDICATOR
CURRENT
TREND
WEEKLY STRATEGY
PARTICULAR DETAILS
For this week, traders can adopt sell on higher level strategy in it and below the level of 10,890. It can test the level of Rs.
10,770 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 11,001.
Nifty Analysis
On weekly basis index gave closing with 212 points or 1.91% loss. On Last trading session index has breached its crucial sup-
port placed at 10,900 levels but could not give closing below this levels and if it manages to trade below this levels than
further selling can be seen in it. Major resistance is placed at 11150 levels while down side support is placed at 10890 levels.
On option front, maximum Put open interest is at 10,800 strike while maximum Call is at 11,200 and 11,500 strikes.
ACTION SELL
ENTRY PRICE BELOW 10890
TARGET 10770
STOP LOSS 11001
20 Days EMA NEGATIVE
50 Days EMA NEGATIVE
200 Days EMA POSITIVE
RSI NEGATIVE
MACD NEGATIVE
STOCHASTIC NEGATIVE

Technical Outlook
The Nifty Bank index started the last week on negative note and traded with bearish movement. After closing on bearish
note on Monday, Index showed some consolidation near its major support levels of 25000, for next four trading session and
gave closing on negative note on weekly basis with loss of 477 points. Going ahead, index has breached its major support
levels of 25550 on daily charts and trading below this support levels. if index manages to trade below the levels of 25000 in
coming session than further down side move can be expected in it. Resistance is placed at 25550 on upside while support is
placed at 24700 on down side
WEEKLY STRATEGY
PARTICULAR DETAILS
For this week, traders can adopt sell on higher level strategy in it and below the level of 25000. It can test the
level of Rs. 24700 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 25200.
WEEKLY PIVOTS
PARTICULAR LEVEL
Bank Nifty Analysis
R4 26713.10
R3 26232.70
R2 25752.30
R1 25493.65
PP 25271.90
S1 25013.25
S2 24791.50
S3 24311.10
S4 23830.70
ACTION SELL
ENTRY PRICE BELOW 25000
TARGET 25200
STOP LOSS 24700

Technical Outlook
Overall trend of the Stock is bearish for long term . For short-medium term stock is in some correction phase. Last week, it
started on negative note and traded with negative movement throughout the week. But from lower level Pull back was
seen in it Monday's trading session. On daily chart it formed bullish engulfing candlestick pattern now we can expect up-
side movement in it if it manages to trade above the levels of 1165.
For this week, traders can adopt buy on lower level strategy in it and above the level of 1165 it can test the level of Rs.
1200 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1142.
NILTECH Cash( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 1697.35
R3 1511.25
R2 1325.15
R1 1211.10
PP 1139.05
S1 1025.00
S2 952.95
S3 766.85
S4 580.75
ACTION BUY
ENTRY PRICE ABOVE 1165
TARGET 1200.00
STOP LOSS 1142.00

Technical Outlook
Overall trend of the Stock is bearish for long term . For short-medium term stock consolidation phase . Last week stock
started on negative note and traded with negative movement throughout the week. On intraday chart it has gave break-
out of its resistance levels with good consolidation. If it manages to trade above 307 levels than further upside move can
be seen in it. In intraday it showed a good positive move.
For this week, traders can adopt buy on lower level strategy in it and above the level of 307 it can test the level of Rs. 327
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 299
DHFL Cash ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 843.75
R3 671.25
R2 498.75
R1 386.85
PP 326.25
S1 214.35
S2 153.75
S3 -
S4 -
ACTION BUY
TARGET 327.00
STOP LOSS 299.00

Technical Outlook
Overall trend of the Stock is bearish for long term . For short-medium term stock is in some recovery phase. Last week
stock started on negative note and traded with negative movement till Friday's trading session where it showed good
recovery from lower levels . On daily chart stock has formed doji candlestick pattern which is sign of reversal. On intraday
chart it showed good positive move with consolidation breakout. It can show further updside move.
For this week, traders can adopt buy on lower level strategy in it and above the level of 257 it can test the level of Rs. 267
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 252.
CANFIHOMES FUTURES( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 480.10
R3 404.95
R2 329.80
R1 284.30
PP 254.65
S1 209.15
S2 179.50
S3 104.35
S4 29.20
ACTION BUY
TARGET 267.00
STOP LOSS 252.00

Technical Outlook
Overall trend of the Stock is bullish for long term . For short-medium term stock consolidation phase . Last week stock
started on positive note and traded with sideways movement throughout the week. On daily chart it has formed triangle
price pattern on higher levels with good consolidation. If it manages to trade above 767.70 levels than good up side move
can be seen in it. In intraday it showed a good positive move
For this week, traders can adopt buy on lower level strategy in it and above the level of 767.70 it can test the level of Rs.
780 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 762.50
TECHM FUTURES ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 876.60
R3 834.55
R2 792.50
R1 770.45
PP 750.45
S1 728.40
S2 708.40
S3 666.35
S4 624.30
ACTION BUY
ENTRY PRICE ABOVE 767.70
TARGET 780.00
STOP LOSS 762.70

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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 माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी कंपननयां अनुसंधान ररपोटा में शानमल कंपननयों के साथ कारोबार नहीं करती हैं और न ही ककसी भी तरह के उत्पादों / प्रनतभूनतयों के जारीकताा के साथ जुडी हैं, जो यह सुनननित करता है कक नहतों के नलए कोई वास्तनवक या
संभानवत संघषा नहीं है | ननयामक ननकाय के अनुपालन को सुनननित करने के नलए हमने यह तय ककया है कक कंपनी और उसके कोई भी प्रनतनननध बाज़ार में ट्रेड नहीं करेंगे।
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.
Disclaimer

ग्राहकों को यह सलाह दी जाती है कक वे ररपोटा में दी गई जानकारी को केवल राय के रूप में देखें और ननवेश के नलए स्वयं िंै सला करें | ग्राहकों को वेबसाइट पर प्रकानशत सेवाओं के ननयमों और शतों को पढ़ने और समझने की भी सलाह दी जाती है | कं पनी के ननगमन के बाद ननयामक ननकाय द्वाराकंपनी के
नखलािं कोई मुकदमा (यानचका) दायर नहीं ककया गया है।
DISCLOSURE APPENDIX ( प्रकटीकरण पररनशष्ट ) :
The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this report 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.
ररपोटा नवश्लेषकों द्वारा तैयार की गयी है जो द्वारा हाई ब्रो माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड द्वारा ननयुक्त हैं | इस ररपोटा में व्यक्त सभी नवचार कंपनी के बारे में व्यनक्तगत नवचारों को दशााता है और कंपननयों और उनकी प्रनतभूनतयां और क्षनतपूर्तत (मुआवजे) का कोई नहस्सा, या इस
शोध ररपोटा में नननहत नवशेष सुझावों या नवचारों से प्रत्यक्ष या अप्रत्यक्ष रूप से संबंनधत नहीं होगा।
DISCLOSURE IN TERMS OF CONFLICT OF INTEREST (नहतों के संघषा के मामले में प्रकटीकरण ):
(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 माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी या उनके ककसी भी तत्काल ररश्तेदार की नवषय कंपनी में कोई नवत्तीय रुनच नहीं है और न ही इस तरह की नवत्तीय नहत की प्रकृनत 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,
( ब) हाई ब्रो माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी या उनके ककसी भी तत्काल ररश्तेदार की नवषय कंपनी की प्रनतभूनतयों में एक प्रनतशत या उससे अनधक के वास्तनवक / िंायदेमंद स्वानमत्व 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 माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोनगयों को अनुसंधान ररपोटा के प्रकाशन के समय या सावाजननक रूप से उपनस्थत होने के समय कोई अन्य भौनतक संघषा नहीं है|
DISCLOSURE IN TERMS OF COMPENSATION ( क्षनतपूर्तत के संदभा में प्रकटीकरण):
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 माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड की पॉनलसी अपने नवश्लेषकों, पेशेवरों को नवश्लेषक के क्षेत्र में ककसी भी कंपनी की प्रनतभूनतयों के स्वामी से नवश्लेषकों को ररपोटा करने से रोकती है।
नवश्लेषक क्षनतपूर्तत : नवश्लेषक हाई ब्रो माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड के वेतन आधाररत स्थायी कमाचारी है |
DISCLOSURE IN TERMS OF PUBLIC APPEARANCE (सावाजननक प्रकटन के मामले में प्रकटीकरण ) :
(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 माकेट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगीयों ने नपिले 12 महीनों में नवषय कंपनी से कोई मुआवजा प्राप्त नहीं ककया 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 ररपोटा के नवतरण की नतनथ से पूवा बारह महीनों के दौरान नवषय कंपनी अब या कभी भी ग्राहक नहीं रही 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 माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगीयों ने नवषय कंपनी के अनधकारी, ननदेशक या कमाचारी के रूप में कभी भी काम
Disclaimer

Equity Research Report 03 October 2018 Ways2Capital

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