Equity Research Report 31 July 2018 Ways2Capital

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CURRENCY MARKET UPDATE
CURRENCY PAIR
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
MAJOR INDICES
INDEX
CLOSING AS ON
27th JUL 18
WEEKLY CHANGES
WEEKLY
% CHANGE
COMMODITY MARKET UPDATE
COMMODITY
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
Market Wrap–Up
Nifty 11278.35 268.15 2.44%
Nifty 100 11542.35 326.55 2.91%
Nifty 200 5986.85 176.75 3.04%
Nifty 500 9579.05 292.95 3.15%
Nifty VIX 12.31 -1.23 -9.05%
Nifty Bank 27634.4 761.20 2.83%
Nifty Auto 10874.80 122.10 1.14%
Nifty Finance 11691 420.45 3.73%
Nifty FMCG 30749.35 1468.35 5.01%
Nifty IT 14517.9 -183.50 -1.25%
Nifty Media 2827.80 14.05 0.50%
Nifty Metal 3297.7 205.50 6.65%
Nifty Pharma 9039.00 143.75 1.62%
Nifty PSU Banks 3093.7 291.35 10.40%
Nifty PVT Bank 15548.25 352.35 2.32%
Nifty Realty 267.85 10.75 4.18%
USDINR 68.9300 69.1725 -0.35%
GBPINR 90.4075 90.3350 0.08%
EURINR 80.3435 80.7725 -0.53%
JPYINR 61.3275 61.3275 0.00%
EURUSD 1.1681 1.1720 -0.33%
GBPUSD 1.3132 1.3104 0.21%
Dollar Index 94.47 94.25 0.23%
Gold COMEX 1222.20 1231.90 -0.79%
Gold MCX 27767 29920 -7.20%
Crude Oil NYMEX 69.02 68.13 1.31%
Crude Oil MCX 4717 4707 0.21%
Brent Oil NYMEX 74.36 72.99 1.88%
Copper MCX 425.90 420.35 1.32%
Natural Gas NYMEX 2.785 2.763 0.80%

WEEKLY GAINERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
HIGH
WEEKLY LOSERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
LOW
Market at a Glance
UPL LTD 635.65 15.52% 902
ITC LTD 302.20 10.51% 307
ICICI BANK 293.30 10.26% 365.65
INDIABULLS
HOUSING
1317.65 10.13% 1439.4
SBIN 286.60 9.83% 351.5
BAJAJ AUTO 2678.05 -5.74% 2604
HERO MO-
TOCORP
3193.80 -5.32% 3037.1
YES BANK 369.90 -4.33% 285.1
HCL TECH 963.70 -3.26% 825.1
WIPRO 274.50 -3.02% 253.5

ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Economic Calendar
Monday, July 30, 2018
19:30 USD Pending Home Sales (MoM) (Jun) 0.10% -0.50%
Tuesday, July 31, 2018
6:30 CNY Manufacturing PMI (Jul) 51.3 51.5
19:30 USD CB Consumer Confidence (Jul) 126 126.4
Wednesday, August 1, 2018
7:15 CNY Caixin Manufacturing PMI (Jul) 50.8 51
14:00 GBP Manufacturing PMI (Jul) 54.2 54.4
14:30 INR Interest Rate Decision 6.50% 6.25%
17:45 USD ADP Nonfarm Employment Change (Jul) 185K 177K
19:30 USD ISM Manufacturing PMI (Jul) 59.5 60.2
20:00 USD Crude Oil Inventories - -6.147M
20:00 USD Crude Oil Inventories - -6.147M
23:30 USD FOMC Statement - -
23:30 USD Fed Interest Rate Decision 2.00% 2.00%
Thursday, August 2, 2018
14:00 GBP Construction PMI (Jul) 52.9 53.1
16:30 GBP BoE Inflation Report - -
16:30 GBP BoE Interest Rate Decision (Aug) 0.75% 0.50%
17:00 GBP BoE Gov Carney Speaks
Friday, August 3, 2018
14:00 GBP Services PMI (Jul) 54.7 55.1
18:00 USD Nonfarm Payrolls (Jul) 190K 213K
18:00 USD Unemployment Rate (Jul) 3.90% 4.00%
19:30 USD ISM Non-Manufacturing PMI (Jul) 58.7 59.1

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIPT NAME R4 R3 R2 R1 PP S1 S2 S3 S4
Continued .......
Weekly Pivots
ADANIPORTS 486.50 454.05 421.60 408.30 389.15 375.85 356.70 324.25 291.80
ASIANPAINT 1722.50 1628.50 1534.50 1484.40 1440.48 1390.35 1346.45 1252.45 1158.45
AXISBANK 630.05 601.45 572.85 562.10 544.25 533.50 515.65 487.05 458.45
BAJAJ-AUTO 3420.35 3183.75 2947.15 2816.10 2710.53 2579.45 2473.90 2237.30 2000.70
BAJAJFINSV 8292.35 7823.35 7354.35 7139.70 6885.35 6670.70 6416.35 5947.35 5478.35
BAJFINANCE 3150.20 3008.00 2865.80 2792.40 2723.60 2650.20 2581.40 2439.20 2297.00
BHARTIARTL 451.10 420.70 390.30 376.30 359.88 345.85 329.45 299.05 268.65
BPCL 443.10 426.65 410.20 403.40 393.72 386.90 377.25 360.80 344.35
CIPLA 715.55 687.10 658.65 646.90 630.17 618.40 601.70 573.25 544.80
COALINDIA 286.55 278.80 271.05 266.95 263.30 259.20 255.55 247.80 240.05
DRREDDY 2577.50 2419.00 2260.50 2171.50 2102.00 2013.00 1943.50 1785.00 1626.50
EICHERMOT 34841.00 32646.00 30451.00 29707.00 28256.00 27512.00 26061.00 23866.00 21671.00
GAIL 444.50 420.10 395.70 387.20 371.28 362.75 346.85 322.45 298.05
GRASIM 1333.70 1219.70 1105.70 1067.35 991.67 953.30 877.65 763.65 649.65
HCLTECH 1170.85 1104.95 1039.05 1001.25 973.13 935.30 907.20 841.30 775.40
HDFC 2289.40 2199.00 2108.60 2076.80 2018.17 1986.35 1927.75 1837.35 1746.95

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
Continued .......
Weekly Pivots
HDFCBANK 2406.05 2332.15 2258.25 2230.65 2184.35 2156.75 2110.45 2036.55 1962.65
HEROMOTOCO 4267.00 3913.95 3560.90 3381.95 3207.85 3028.90 2854.80 2501.75 2148.70
HINDALCO 294.40 265.95 237.50 225.75 209.05 197.30 180.60 152.15 123.70
HINDPETRO 319.40 307.05 294.70 289.50 282.33 277.10 269.95 257.60 245.25
HINDUNILVR 1883.65 1812.20 1740.75 1700.35 1669.30 1628.90 1597.85 1526.40 1454.95
IBULHSGFIN 1789.40 1619.50 1449.60 1384.30 1279.70 1214.40 1109.80 939.90 770.00
ICICIBANK 373.65 343.85 314.05 303.15 284.25 273.35 254.45 224.65 194.85
INDUSINDBK 2215.00 2129.20 2043.40 2012.20 1957.60 1926.40 1871.80 1786.00 1700.20
INFRATEL 327.90 314.05 300.20 294.65 286.33 280.75 272.45 258.60 244.75
INFY 1539.75 1482.20 1424.65 1397.95 1367.08 1340.35 1309.50 1251.95 1194.40
IOC 188.85 180.25 171.65 168.50 163.05 159.90 154.45 145.85 137.25
ITC 385.30 355.30 325.30 313.45 295.30 283.45 265.30 235.30 205.30
KOTAKBANK 1490.30 1433.30 1376.30 1344.60 1319.30 1287.60 1262.30 1205.30 1148.30
LT 1560.60 1475.90 1391.20 1350.75 1306.47 1266.00 1221.75 1137.05 1052.35
LUPIN 919.10 883.10 847.10 832.15 811.07 796.10 775.05 739.05 703.05
M&M 979.10 956.90 934.70 922.20 912.48 899.95 890.25 868.05 845.85

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
Weekly Pivots
MARUTI 11429.35 10790.35 10151.35 9734.70 9512.33 9095.65 8873.30 8234.30 7595.30
NTPC 184.00 174.25 164.50 159.60 154.72 149.80 144.95 135.20 125.45
ONGC 187.70 178.50 169.30 165.40 160.08 156.15 150.85 141.65 132.45
POWERGRID 211.85 201.25 190.65 185.90 180.05 175.30 169.45 158.85 148.25
RELIANCE 1222.80 1189.60 1156.40 1142.20 1123.20 1109.00 1090.00 1056.80 1023.60
SBIN 390.60 354.20 317.80 302.20 281.38 265.75 244.95 208.55 172.15
SUNPHARMA 609.90 592.90 575.90 566.25 558.87 549.20 541.85 524.85 507.85
TATAMOTORS 318.85 300.25 281.65 275.00 263.03 256.35 244.40 225.80 207.20
TATASTEEL 699.45 644.20 588.95 569.05 533.67 513.75 478.40 423.15 367.90
TCS 2190.45 2115.75 2041.05 1992.40 1966.35 1917.70 1891.65 1816.95 1742.25
TECHM 785.40 736.85 688.30 667.05 639.72 618.45 591.15 542.60 494.05
TITAN 1022.80 973.50 924.20 904.60 874.90 855.30 825.60 776.30 727.00
ULTRACEMCO 5130.90 4779.95 4429.00 4277.00 4078.02 3926.00 3727.05 3376.10 3025.15
UPL 924.40 822.85 721.30 678.40 619.75 576.85 518.20 416.65 315.10
VEDL 277.30 256.25 235.20 227.60 214.15 206.55 193.10 172.05 151.00
WIPRO 330.75 311.60 292.45 283.25 273.28 264.05 254.10 234.95 215.80
YESBANK 476.15 442.00 407.85 388.85 373.68 354.65 339.50 305.35 271.20
ZEEL 605.50 576.50 547.50 532.20 518.50 503.20 489.50 460.50 431.50

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: 11500
Major Support Levels: 11000
Open Interest & price Analysis
ADANIENT 26.31% 20.43%
EQUITAS 24.90% 3.13%
KAJARIACER 21.54% 3.52%
MUTHOOTFIN 19.30% 5.35%
PAGEIND 13.71% 2.41%
ICICIPRULI -46.62% 15.46%
HINDZINC -33.92% 2.96%
DALMIABHA -33.41% 13.22%
BALRAMCHIN -32.86% 11.17%
BATAINDIA -32.28% 8.58%
MINDTREE -17.83% -3.91%
WIPRO -14.60% -3.19%
TCS -14.17% -2.20%
JUBLFOOD -13.34% -4.58%
HEXAWARE -12.50% -7.55%
CHOLAFIN 44.39% -4.20%
TVSMOTOR 31.33% -6.50%
HEROMOTOCO 14.03% -5.11%
- - -
- - -

NIFTY WEEKLY PIVOTS
PARTICULAR LEVEL
Fundamental Outlook
In the week ended July 27 Indian market climbed to record high. Equity benchmarks ended July series de-
rivative expiry on a cheerful note as the Nifty closed at 11306.70 after making new record highs of
11312.85. Equity markets discounted, news of likely negotiations in trade war helps sentiment. All the
Global indices also out performed in the last week as most of the indices rallied more then 1.5% on weekly
basis. Good earnings figures from most of the leading stocks of index also supported it to make its life
time highs. ACC and Ambuja results provided respite to cement stocks , Metal stocks bounce back on eas-
ing trade tensions and better JSW Steel results. RBI likely to maintain status quo on rates, would monitor
monsoon, fiscal discipline and oil prices before taking firm call on rates
Technical Outlook
Last Week was a splendid for our markets as Nifty finally manages to hit record highs after undergoing some con-
solidation for nearly 12 weeks. Nifty maintained its positive posture Throughout the week, and on Friday’s session
Index started with a bang at new highs. Nifty after opening higher, it remained on upward path throughout the ses-
sion, forming robust bullish candle on the daily candlestick chart as well as weekly char to eventually conclude the
week with whopping gains of 2.44%. Bulls signed off the week in style on a strong note in uncharted territories
Continued …....
Nifty Analysis
R4 12122.15
R3 11817.90
R2 11513.65
R1 11410.20
PP 11209.40
S1 11105.95
S2 10905.15
S3 10600.90
S4 10296.65

This upswing shall get expanded further towards 11,480-11,541 levels where indices shall encounter resistance
on long term charts. On down side 11,210-11,185 will act as a immediate support while 11100 will be assumed
as a major support for the Index. On option front, maximum Put open interest was seen at 11,000 strike while
maximum Call OI was at 11,500.
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 11315. It can test the
level of Rs. 11465 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 11199.
Nifty Analysis
ACTION BUY
ENTRY PRICE ABOVE 11315
TARGET 11465
STOP LOSS 11199
20 Days EMA POSITIVE
RSI POSITIVE
MACD POSITIVE
STOCHASTIC POSITIVE

The Nifty Bank index opened on positive note on Monday but seen some consolidation for next couple of trading sessions. It
rallied higher on Thursday to end the July series derivative expiry session on a strong note up more than 1%. In Friday's ses-
sion Bank Nifty finally surpassed its life time high of 27,652 and made a new life time high of 27,661 levels. It formed a
strong Bullish Candle on daily as well as weekly basis. Going ahead, now index is in uncharted territories and if it manages to
sustain above the levels of 27500 then it can extend its up move further till 27900-28000 levels while down side 27400-
27200 will act as a immediate support for the index.
WEEKLY STRATEGY
PARTICULAR DETAILS
For this week, traders can adopt buy on lower level strategy in it and above the level of 27665. It can test the
level of Rs. 27965 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 27465.
WEEKLY PIVOTS
PARTICULAR LEVEL
Bank Nifty Analysis
R4 27416.80
R3 27396.25
R2 27375.70
R1 27070.85
PP 27355.15
S1 27050.30
S2 27334.60
S3 27314.05
S4 27293.50
ACTION BUY
TARGET 27965
STOP LOSS 27465

Technical Outlook
Overall trend of the Stock is bullish for long term . For short-medium term stock is in bearish phase. Last week
stock started on positive note and traded with sideways movement throughout the week. Stock is taking re-
covery from lower levels on daily chart . It can show good positive move in coming weeks if it manages to trade
above 645 levels. On intraday chart it has showed a good buying from lower levels.
For this week, traders can adopt buy on lower level strategy in it and above the level of 647.30 it can test the
level of Rs. 667.30 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 635.30
UPL ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 924.40
R3 822.85
R2 721.30
R1 678.40
PP 619.75
S1 576.85
S2 518.20
S3 416.65
S4 315.10
ACTION BUY
ENTRY PRICE ABOVE 647.30
TARGET 667.30
STOP LOSS 635.30

Technical Outlook
Overall trend of the Stock is bullish for long term . For short-medium term stock is in some consolidation
phase . Last week stock started on positive note and traded with positive movement throughout the week . On
daily chart it has gave breakout of its major resistance level of 635 and trading above this levels. It has also
gave breakout of its down word trend line. 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 649 it can test the
level of Rs. 669 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 637
GODREJIND( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 854.95
R3 779.10
R2 703.25
R1 670.40
PP 627.4
S1 594.55
S2 551.55
S3 475.70
S4 399.85
ACTION BUY
TARGET 669.00
STOP LOSS 637.00

Technical Outlook
RELIANCE August Futures is in overall bullish trend & from last 1 week, sustaining above the major psychologi-
cal level of 1100. Last week; it started the movement on the negative note but till the end of the week, all its
earlier losses were erased and it closed at 1136.20 with the overall gain of 0.5% on weekly basis. Technical it
witnessed almost 16.00% upside movement in last 3 weeks and we can expect further upside movement in it
due to positive RSI and 200 Days SMA support.
level of Rs. 1180 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 1141.00
RELIANCE FUTUTRES ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 1246.45
R3 1207.15
R2 1167.85
R1 1152.05
PP 1128.55
S1 1112.75
S2 1089.25
S3 1049.95
S4 1010.65
ACTION SELL
TARGET 1180.00
STOP LOSS 1141.00

Technical Outlook
LasT week, IDEA August Futures started the week on positive note and continued the same for the
entire week. It made a high of 61.30 during the week and closed at 56.70 with the overall gain of
10.74% on weekly basis. Technically its recovering from the lower levels with the positive RSI and for
this week, we can expect upside movement in it.
level of Rs. 62.35 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 58.20
IDEA FUTURES ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 89.25
R3 78.20
R2 67.15
R1 61.95
PP 56.1
S1 50.90
S2 45.05
S3 34.00
S4 22.95
ACTION BUY
ENTRY PRICE ABOVE 59.35
TARGET 62.35
STOP LOSS 58.20

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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 31 July 2018 Ways2Capital

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