Equity Research Report 20 November 2018 Ways2Capital

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CURRENCY MARKET UPDATE
CURRENCY PAIR
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
MAJOR INDICES
INDEX
CLOSING
AS ON 9TH NOV 18
WEEKLY CHANGES
WEEKLY
% CHANGE
COMMODITY MARKET UPDATE
COMMODITY
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
Market Wrap–Up
Nifty 10682.20 97.00 0.92%
Nifty 100 10908.20 84.90 0.78%
Nifty 200 5649.10 34.95 0.62%
Nifty 500 8993.25 46.90 0.52%
India VIX 18.35 0.58 3.26%
Nifty Bank 26245.55 474.55 1.84%
Nifty Auto 9112.35 -165.40 -1.78%
Nifty Finance 11140.05 265.45 2.44%
Nifty FMCG 29153.35 422.30 1.47%
Nifty IT 14473.15 -80.10 -0.55%
Nifty Media 2434.10 -54.40 -2.19%
Nifty Metal 3354.60 -77.30 -2.25%
Nifty Pharma 9301.35 -342.55 -3.55%
Nifty PSU Banks 3002.30 73.85 2.52%
Nifty PVT Bank 14828.45 205.75 1.41%
Nifty Realty 222.35 -3.70 -1.64%
USDINR 71.9900 72.6425 -0.90%
GBPINR 92.2975 94.6100 -2.44%
EURINR 81.6150 82.5200 -1.10%
JPYINR 63.6125 63.8925 -0.44%
EURUSD 1.1384 1.1358 0.23%
GBPUSD 1.2862 1.3033 -1.31%
Dollar Index 96.31 96.91 -0.62%
Gold COMEX 1222.00 1206.40 1.29%
Gold MCX 31007 31016 -0.03%
Crude Oil NYMEX 56.83 60.19 -5.58%
Crude Oil MCX 4074 4362 -6.60%
Brent Oil NYMEX 67.00 70.18 -4.53%
Copper MCX 442.90 431.25 2.70%
Natural Gas NYMEX 4.377 3.719 17.69%

WEEKLY GAINERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
HIGH
WEEKLY LOSERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
LOW
Market at a Glance
Bharti Airtel 333.60 11.78% 547.20
Eicher Mo-
tors
24718.80 9.85% 32209.50
BPCL 322.50 8.68% 540.70
Titan Com-
pany
917.95 8.25% 1006.00
Ultratech
Cem
3945.00 3.78% 4594.30
Yes Bank 191.30 -16.04% 166.15
Sun Pharma 519.60 -12.80% 434.80
Indiabulls
Housing
766.20 -11.10% 640.15
Tata Motors 179.40 -8.19% 164.55
GAIL (India) 342.00 -7.00% 296.00

ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Economic Calendar
Tuesday, November 20, 2018
19:00 USD Building Permits (Oct) 1.268M 1.241M
Wednesday, November 21, 2018
19:00 USD Core Durable Goods Orders (MoM) (Oct) 0.20% 0.10%
19:00 USD Durable Goods Orders (MoM) (Oct) -1.80% 0.80%
20:30 USD Existing Home Sales (MoM) (Oct) 1.00% -3.40%
20:30 USD Michigan Consumer Expectations (Nov) 89.1 88.7
20:30 USD Michigan Consumer Sentiment (Nov) 98.5 98.3
20:30 USD Existing Home Sales (Oct) 5.23M 5.15M
21:00 USD Crude Oil Inventories
Thursday, November 22, 2018
All Day USD United States - Thanksgiving Day Holiday
Tentative GBP Inflation Report Hearings Holiday
20:15 USD Manufacturing PMI (Nov) 56 55.7
20:15 USD Services PMI (Nov) 54.8 54.8
Friday, November 23, 2018
All Day INR India - Gurunanak Jayanti Holiday
All Day USD United States - Thanksgiving Day - Early close at 13:00 Holiday

Continued .......
Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
ADANIPORTS 437.05 399.90 362.75 348.20 325.58 311.00 288.40 251.25 214.10
ASIANPAINT 1586.05 1470.05 1354.05 1300.55 1238.03 1184.50 1122.00 1006.00 890.00
AXISBANK 827.10 747.75 668.40 639.55 589.03 560.15 509.65 430.30 350.95
BAJAJ-AUTO 3287.95 3062.20 2836.45 2747.10 2610.67 2521.30 2384.90 2159.15 1933.40
BAJAJFINSV 6611.80 6229.00 5846.20 5685.75 5463.37 5302.90 5080.55 4697.75 4314.95
BAJFINANCE 2892.40 2724.40 2556.40 2469.85 2388.37 2301.80 2220.35 2052.35 1884.35
BHARTIARTL 382.95 354.05 325.15 313.60 296.25 284.70 267.35 238.45 209.55
BPCL 423.35 379.40 335.45 318.90 291.47 274.90 247.50 203.55 159.60
CIPLA 725.85 689.10 652.35 629.75 615.58 592.95 578.80 542.05 505.30
COALINDIA 360.80 330.50 300.20 280.90 269.88 250.55 239.55 209.25 178.95
DRREDDY 3098.30 2891.85 2685.40 2554.35 2478.93 2347.85 2272.45 2066.00 1859.55
EICHERMOT 29290.15 26910.75 24531.35 23602.75 22151.93 21223.30 19772.50 17393.10 15013.70
GAIL 472.05 435.35 398.65 384.20 361.95 347.50 325.25 288.55 251.85
GRASIM 1122.70 1023.40 924.10 885.85 824.77 786.50 725.45 626.15 526.85
HCLTECH 1343.90 1231.95 1120.00 1062.30 1008.02 950.30 896.05 784.10 672.15
HDFC 2323.00 2139.15 1955.30 1889.85 1771.45 1706.00 1587.60 1403.75 1219.90

Continued .......
Weekly Pivots
HDFCBANK 2173.00 2093.05 2013.10 1981.30 1933.13 1901.30 1853.15 1773.20 1693.25
HEROMOTOCO 3543.70 3311.85 3080.00 2988.30 2848.15 2756.45 2616.30 2384.45 2152.60
HINDALCO 319.30 290.80 262.30 251.40 233.78 222.85 205.25 176.75 148.25
HINDPETRO 314.15 287.60 261.05 250.65 234.48 224.05 207.90 181.35 154.80
HINDUNILVR 1981.50 1855.30 1729.10 1683.80 1602.88 1557.55 1476.65 1350.45 1224.25
IBULHSGFIN 1370.05 1185.15 1000.25 935.60 815.33 750.65 630.40 445.50 260.60
ICICIBANK 437.55 407.40 377.25 365.85 347.07 335.65 316.90 286.75 256.60
INDUSINDBK 2141.90 1920.15 1698.40 1620.10 1476.62 1398.30 1254.85 1033.10 811.35
INFRATEL 299.05 287.45 275.85 269.10 264.23 257.45 252.60 241.00 229.40
INFY 846.60 785.15 723.70 693.00 662.23 631.50 600.75 539.30 477.85
IOC 193.95 177.60 161.25 154.75 144.90 138.40 128.55 112.20 95.85
ITC 320.00 306.90 293.80 288.55 280.68 275.40 267.55 254.45 241.35
KOTAKBANK 1291.55 1237.10 1182.65 1157.95 1128.18 1103.45 1073.70 1019.25 964.80
LT 1870.75 1685.00 1499.25 1428.75 1313.48 1242.95 1127.70 941.95 756.20
LUPIN 1079.40 1009.60 939.80 894.85 869.97 825.00 800.15 730.35 660.55
M&M 972.85 904.95 837.05 810.30 769.15 742.40 701.25 633.35 565.45

Weekly Pivots
MARUTI 8908.50 8249.50 7590.50 7363.00 6931.48 6703.95 6272.45 5613.45 4954.45
NTPC 175.50 169.70 163.90 160.95 158.10 155.15 152.30 146.50 140.70
ONGC 179.05 171.20 163.35 160.35 155.47 152.45 147.60 139.75 131.90
POWERGRID 227.50 214.00 200.50 195.20 186.98 181.65 173.45 159.95 146.45
RELIANCE 1215.15 1167.30 1119.45 1097.20 1071.58 1049.30 1023.70 975.85 928.00
SBIN 408.75 364.35 319.95 302.65 275.52 258.20 231.10 186.70 142.30
SUNPHARMA 660.45 630.40 600.35 586.10 570.27 556.00 540.20 510.15 480.10
TATAMOTORS 255.75 231.60 207.45 198.90 183.28 174.70 159.10 134.95 110.80
TATASTEEL 721.10 668.05 615.00 594.55 561.93 541.45 508.85 455.80 402.75
TCS 2394.90 2224.65 2054.40 1983.95 1884.13 1813.65 1713.85 1543.60 1373.35
TECHM 1009.00 904.20 799.40 745.15 694.57 640.30 589.75 484.95 380.15
TITAN 1083.30 1006.95 930.60 900.80 854.22 824.40 777.85 701.50 625.15
ULTRACEMCO 5165.60 4661.60 4157.60 3944.20 3653.60 3440.20 3149.60 2645.60 2141.60
UPL 990.05 886.85 783.65 747.55 680.42 644.30 577.20 474.00 370.80
VEDL 289.55 266.05 242.55 234.25 219.03 210.70 195.50 172.00 148.50
WIPRO 377.25 359.25 341.25 329.85 323.23 311.80 305.20 287.20 269.20
YESBANK 323.40 282.25 241.10 225.10 199.92 183.90 158.75 117.60 76.45
ZEEL 545.60 510.30 475.00 458.20 439.68 422.85 404.35 369.05 333.75

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: 10800 followed by
11000
Major Support Levels: 10200 followed 10000
Open Interest & Price Analysis
APOLLOHOSP 106.09% 7.21%
SIEMENS 79.95% 2.35%
INDIGO 36.59% 5.60%
AJANTPHARM 26.77% 3.34%
CANBK 25.45% 6.76%
JETAIRWAYS -23.88% 25.23%
DABUR -17.34% 4.65%
BPCL -15.09% 7.73%
TECHM -13.40% 2.62%
BALKRISIND -12.66% 1.98%
KSCL 76.06% -5.55%
ASHOKLEY 50.97% -10.82%
MOTHERSUMI 41.33% -13.04%
TATAELXSI 37.64% -6.68%
SUNPHARMA 31.84% -12.90%
JUSTDIAL -28.94% -3.83%
HEXAWARE -16.04% -3.95%
COALINDIA -14.55% -1.99%
HCC -12.87% -5.10%
MINDTREE -11.61% -1.78%

NIFTY WEEKLY PIVOTS
PARTICULAR LEVEL
Fundamental Outlook
The Indian Equity market, which remained range-bound for first 3-4 session of the week showed some strength in
Friday's trading session to ended the week on a positive note. The Nifty closed close to 0.90 percent higher week on
week amid a mixed set of results from India Inc, some appreciation in the rupee, weakening crude oil prices and
positive global cues. In the week ended November 16, Nifty rose 0.90 percent to 10,690. On Friday's session Bar-
ring metal, all other indices ended in green led by IT, energy, infra and pharma , while Nifty PSU bank index gained 2
percent. Bharti Airtel, Reliance Industries, SBI, HDFC , Grasim , HCLTECH were among the top gainers on weekly
basis . On the global and domestic economic front the rupee appreciated around 1 percent and ended at 71.92 to
the dollar. Crude oil prices fell by over 4 percent to end at $66.76 per barrel on a weekly basis. The Wholesale Price
Index (WPI) for October came in at 5.28 percent, as against 5.13 percent for September. The country's Index of In-
dustrial Production (IIP) for September was at 4.5 percent, as against 4.7 percent for August. The volatility index
(India VIX) was up 3.2 percent this week.
Technical Outlook
Last week nifty index started on negative note on Monday and showed some sharp selling from higher levels but it
recovered soon in Tuesday's trading session and from there on it consolidated in narrow range from 10550 to
10680 in next two trading sessions. Friday's session was dominated by the bulls as index crosses 10700 mark first
time since 4 Oct 2018 to give closing the week at 10690 in green note with 0.9% gain on weekly basis
Continued …....
Nifty Analysis
R4 11365.75
R3 11116.75
R2 10867.75
R1 10777.50
PP 10618.75
S1 10528.50
S2 10369.75
S3 10120.75
S4 9871.75

Continued …....
TECHNICAL INDICATOR
ANALYSIS
INDICATOR
CURRENT
TREND
WEEKLY STRATEGY
PARTICULAR DETAILS
For this week, traders can adopt buy on lower level strategy in it and above the level of 10,710. It can test the level of Rs.
10,810 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10,650.
Nifty Analysis
he index formed bullish candle on the daily charts and Hanging Man kind of pattern on the weekly charts. Nifty closing
above 10,650 levels indicated that bulls are getting an upper hand in the market, so 10,700-10,800 could be next crucial
levels. On the downsides, if the index slips below 10,580 levels then it may initially lead to the test of 10,460 in the near
term. On the option front, maximum Put OI is seen at 10,000, followed by 10,200 strikes. Maximum Call OI is seen at 11,000,
followed by 10,800 strikes.
ACTION BUY
ENTRY PRICE ABOVE 10710
TARGET 10810
STOP LOSS 10650
20 Days EMA NEGATIVE
50 Days EMA NEGATIVE
200 Days EMA POSITIVE
RSI POSITIVE
MACD POSITIVE
STOCHASTIC POSITIVE

Technical Outlook
The Nifty Bank index started the last week on red note on Monday and showed some selling pressure on its important resis-
tance levels of 25980 levels. From next trading session bank nifty Index remained positive throughout the week as it crossed
its major resistance levels of 26,000 and closed the week at 26,256 levels with green note. Bank Nifty Index has gave break-
out of double bottom price pattern on daily chart and also formed a bullish candle on weekly charts. If It manages to hold
above the 25,350 than it can moves towards 26,500 and 26,700 levels in next week. On the other side support is placed at
26,000 and 25,600 levels.
WEEKLY STRATEGY
PARTICULAR DETAILS
For this week, traders can adopt buy on lower level strategy in it and above the level of 26,440. It can test the level of Rs.
27,200 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 25,990.
WEEKLY PIVOTS
PARTICULAR LEVEL
Bank Nifty Analysis
R4 28719.35
R3 27814.75
R2 26910.15
R1 26582.00
PP 26005.55
S1 25677.40
S2 25100.95
S3 24196.35
S4 23291.75
ACTION BUY
TARGET 27200
STOP LOSS 25990

Technical Outlook
Overall trend of the Stock is sideways for long term . For short-medium term stock is in consolidation phase . Last week
stock started on negative note but good buying was seen in it from lower levels throughout the week. On daily chart it is
consolidating on lower levels. If it manages to trade above 213 levels than further upside move can be seen in it. In intra-
day it showed a good positive move.
For this week, traders can adopt buy on lower level strategy in it and above the level of 213 it can test the level of Rs. 221
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 208.
VEDL Cash( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 235.95
R3 226.05
R2 216.15
R1 211.50
PP 206.25
S1 201.60
S2 196.35
S3 186.45
S4 176.55
ACTION BUY
TARGET 221.00
STOP LOSS 208.00

Technical Outlook
Overall trend of the Stock is bullish for long term . For short term stock is in consolidation phase. Last week, it started on
negative note and traded with sideways movement throughout the week. On daily chart it has formed a flag pattern on
higher levels and trading above its major resistance levels of 1530. If it manages to trade above the levels of 1578 than
further upside move can be seen in it
For this week, traders can adopt buy on lower level strategy in it and above the level of 1578 it can test the level of Rs.
1624 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1548.
DIVISLAB CASH ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
ACTION BUY
TARGET 434.00
STOP LOSS 410.00
R4 1811.25
R3 1720.60
R2 1629.95
R1 1594.25
PP 1539.3
S1 1503.60
S2 1448.65
S3 1358.00
S4 1267.35

Technical Outlook
Last week, INDIACEM Nov Futures started the week on negative note and given pullback from trend line level. It made a
low of 88.75 during the week and closed at 94.10 with the overall loss of 3.60% on weekly basis. Technically it’s forming
Symmetrical Triangle Pattern on the lower levels with the positive RSI and for this week, we can expect upside movement
in it.
For this week, traders can adopt buying from Symmetrical Triangle Pattern breakout strategy in it and above the level of
96.80 it can test the level of 99.80 during the week. Trades can make buy position in it by maintaining a Stop Loss of 94.00
INDIACEM FUTURES( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 320.65
R3 290.90
R2 261.15
R1 242.85
PP 231.40
S1 213.10
S2 201.65
S3 171.90
S4 142.15
ACTION BUY
ENTRY PRICE ABOVE 96.80
TARGET 99.80
STOP LOSS 94.00

Technical Outlook
Last week, DHFL Nov Futures started the week on positive note but till the end of the week, all of its earlier gains were
erased and it closed at 224.60 with the overall loss of 2.25% on weekly basis. Technically it’s consolidating above the trend
line breakout in daily chart with the RSI recovering from the oversold zone and for this week, we can expect upside move-
ment in it.
For this week, traders can adopt buying from trend line breakout strategy in it and above the level of 234 it can test the
level of 254 during the week. Trades can make buy position in it by maintaining a Stop Loss of 226.
DHFL FUTURES ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 117.55
R3 109.45
R2 101.35
R1 97.75
PP 93.25
S1 89.65
S2 85.15
S3 77.05
S4 68.95
ACTION BUY
TARGET 254.00
STOP LOSS 226.00

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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 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 20 November 2018 Ways2Capital

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