Gold prices steadied on Friday after slipping to a week low in the previous session supported by the uncertainty around the Federal Reserves next years policy out-look while the dollar strengthened on expectations of a rate hike next week.

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

2. 2 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
Market Wrap-Up
NCDEX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change
in Price
% Change in
Open Interest
% Change
in Volume
Currency Market Wrap-Up
Currency Pair Contract
Previous
Close
Open High Low Close
Change in
Price (in%)
Continued…….
MCX Market Wrap-Up
Commodity Contract
Previous
Close
Open High Low Close
% Change in
Price
% Change in
Open Inter-
est
% Change
in Volume
Aluminium 31-Dec-18 140.30 139.55 143.00 137.00 137.60 -1.92% -44.51% 25.38%
Copper 28-Aug-19 438.45 436.60 447.80 434.30 441.70 0.74% 0.82% -0.42%
Crude Oil 18-Dec-18 3,849 3,808 3,815 3,616 3,690 -4.13% -42.11% 30.05%
Gold 05-Feb-19 31595 31647 32118 31486 31553 -0.13% -40.28% 0.28%
Lead 31-Dec-18 142.2 141.90 144.45 139.05 140.3 -1.34% -30.87% 10.89%
Natural Gas 26-Dec-18 324.00 324.00 335.40 274.30 276.10 -14.78% -24.18% -22.51%
Nickel 31-Dec-18 781.30 775.10 792.90 770.60 790.90 1.23% -15.69% 2.39%
Silver 05-Mar-19 37972 37907 38660 37700 38054 0.22% -19.44% -11.30%
Zinc 31-Dec-18 188.00 186.95 191.90 183.05 183.40 -2.45% -3.79% 42.77%
Castor Seed 18-Jan-19 5568.00 5584.00 5640.00 5410.00 5492.00 -1.36% -31.95% 0.09%
Chana 18-Jan-19 4605.00 4612.00 4683.00 4470.00 4594.00 -0.24% -2.80% -0.91%
Dhaniya 18-Jan-19 6538.00 6538.00 6827.00 6537.00 6676.00 2.11% 49.74% -8.18%
COCUDAKL 18-Jan-19 1893.00 1900.00 1955.00 1877.00 1895.50 0.13% -24.30% -3.33%
Guargum5 18-Jan-19 8762.00 8800.00 8979.00 8800.00 8865.00 1.18% -1.53% 0.47%
Guarseed10 18-Jan-19 4375.00 4390.00 4468.00 4381.00 4417.00 0.96% 7.78% -14.10%
Jeera 18-Jan-19 18755.00 18840.00 19035.00 18275.00 18370.00 -2.05% -47.99% -8.94%
RMseed 18-Jan-19 4001.00 4005.00 4065.00 3981.00 4012.00 0.27% -69.02% -5.15%
Ref Soya Oil 18-Jan-19 734.10 733.00 745.70 731.60 738.30 0.57% -66.35% -3.48%
Soyabean 18-Jan-19 3329.00 3329.00 3404.00 3313.00 3379.00 1.50% -66.64% -2.20%
Turmeric 18-Jan-19 6580.00 6462.00 6974.00 6462.00 6914.00 5.08% 109.38% -25.71%
Mentha Oil 31-Dec-18 1588.30 1540.70 1565.00 1474.10 1491.70 -6.08% 28.66% 0.76%
USDINR 27-Dec-18 70.9025 71.2200 72.6000 71.2200 72.0600 1.63%
GBPINR 27-Dec-18 90.5650 90.9000 91.3900 90.1950 90.7400 0.19%
JPYINR 27-Dec-18 63.0025 63.7325 64.3250 63.2525 63.5750 0.91%
EURINR 27-Dec-18 80.7825 80.9000 82.7500 80.9000 81.5475 0.95%

3. 3 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
International Market Wrap-up
Commodity Exchange
Previous
Close
Open High Low Close % Change in Price
Market Wrap-Up
Aluminium LME 1961.75 1959.00 1964.00 1918.25 1925.50 -1.85%
Copper COMEX 2.760 2.736 2.804 2.715 2.753 -0.25%
Crude Oil NYMEX 52.61 52.16 53.26 50.36 51.23 -2.62%
Gold COMEX 1252.60 1255.45 1256.30 1236.50 1242.30 -0.82%
Lead LME 1994.25 1995.00 1997.00 1928.75 1954.75 -1.98%
Natural Gas NYMEX 4.488 4.585 4.665 3.787 3.788 -15.60%
Nickel LME 10960.00 10917.50 11057.50 10725.00 11037.50 0.71%
Silver COMEX 14.696 14.735 14.898 14.560 14.643 -0.36%
Zinc LME 2593.750 2580.25 2621.25 2514.70 2.000 -99.92%

4. 4 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
Inventory Updates
LME Inventory
Commodity
Closing (As on 14th Dec 18)
In tones
Closing (As on 07th Dec 18)
in tones
% Change in Price
Continued…….
Aluminium 1094925 1043775 4.90%
Copper 119975 124950 -3.98%
Lead 106950 104550 2.30%
Nickel 210348 210876 -0.25%
Zinc 113800 111225 2.32%

5. 5 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
Inventory Updates

6. 6 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
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
Tuesday, December 18, 2018
19:00 USD Building Permits (Nov) 1.260M 1.265M
19:00 USD Building Permits (MoM) (Nov) -0.40%
19:00 USD Housing Starts (MoM) (Nov) 1.50%
Wednesday, December 19, 2018
15:00 GBP CPI (MoM) (Nov) 0.20% 0.10%
15:00 GBP CPI (YoY) (Nov) 2.30% 2.40%
15:00 GBP CPIH (YoY) 2.20%
15:00 GBP PPI Input (MoM) (Nov) -3.00% 0.80%
16:30 GBP CBI Industrial Trends Orders (Dec) 6 10
19:00 USD Current Account (Q3) -124.0B -101.5B
20:30 USD Existing Home Sales (MoM) (Nov) -0.60% 1.40%
20:30 USD Existing Home Sales (Nov) 5.20M 5.22M
21:00 USD Crude Oil Inventories -2.990M -1.208M
Thursday, December 20, 2018
0:30 USD FOMC Economic Projections
0:30 USD FOMC Statement
0:30 USD Fed Interest Rate Decision 2.50% 2.25%
15:00 GBP Core Retail Sales (YoY) (Nov) 2.30% 2.70%
15:00 GBP Retail Sales (MoM) (Nov) 0.30% -0.50%
15:00 GBP Retail Sales (YoY) (Nov) 1.90% 2.20%
17:30 GBP BoE MPC vote cut (Dec) 0 0
17:30 GBP BoE QE Total (Dec) 435B 435B
17:30 GBP BoE Interest Rate Decision (Dec) 0.75%
19:00 USD Initial Jobless Claims 215K 206K
19:00 USD Philly Fed Employment (Dec) 16.3
Friday, December 21, 2018
15:00 GBP Business Investment (QoQ) (Q3) -1.20% -1.20%
15:00 GBP Current Account (Q3) -21.2B -20.3B
15:00 GBP GDP (QoQ) (Q3) 0.60% 0.60%
15:00 GBP GDP (YoY) (Q3) 1.50% 1.50%
19:00 USD Cap Goods Ship Non Defense Ex Air (MoM) 0.30%
19:00 USD Core Durable Goods Orders (MoM) (Nov) 0.30% 0.20%
19:00 USD Durable Goods Orders (MoM) (Nov) 1.70% -4.30%
19:00 USD GDP (QoQ) (Q3) 3.50% 3.50%
19:00 USD GDP Price Index (QoQ) (Q3) 1.40% 1.40%
20:30 USD Core PCE Price Index (MoM) (Nov) 0.20% 0.10%
20:30 USD Core PCE Price Index (YoY) (Nov) 1.90% 1.80%
20:30 USD Michigan Consumer Expectations (Dec) 86.1 86.1
20:30 USD PCE Deflator (MoM) 0.20%
20:30 USD PCE Deflator (YoY) 2.00%
20:30 USD Personal Spending (MoM) (Nov) 0.30% 0.60%
USDINR 27-Dec-18 71.3000 73.3500 72.7000 71.9500 71.3000 70.5500 69.2000
GBPINR 27-Dec-18 90.8000 91.9500 91.3000 90.7500 90.1000 89.5500 88.3500
JPYINR 27-Dec-18 63.5500 64.7500 64.1500 63.7000 63.1000 62.6500 61.5500
EURINR 27-Dec-18 80.7500 83.6000 82.6000 81.7500 80.7500 79.9000 78.0500

7. 7 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
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-Dec-18 137.95 145.20 141.40 139.20 135.40 133.20 127.20
Copper 28-Aug-19 437.00 454.75 448.20 441.25 434.70 427.75 414.25
Crude Oil 18-Dec-18 3791 3906 3798 3707 3599 3508 3309
Gold 05-Feb-19 31481 32351 31952 31719 31320 31087 30455
Lead 31-Dec-18 140.90 146.65 143.45 141.25 138.05 135.85 130.45
Natural Gas 26-Dec-18 304.80 356.35 316.20 295.25 255.10 234.15 173.05
Nickel 31-Dec-18 781.20 807.10 799.00 784.80 776.70 762.50 740.20
Silver 05-Mar-19 37823 39098 38576 38138 37616 37178 36218
Zinc 31-Dec-18 184.20 194.95 189.15 186.10 180.30 177.25 168.40
Castor Seed 18-Jan-19 5974 5744 5618 5514 5388 5284 5054
Chana 18-Jan-19 5008 4795 4695 4582 4482 4369 4156
Dhaniya 18-Jan-19 7260 6970 6823 6680 6533 6390 6100
COCUDAKL 18-Jan-19 2065.15 1987.15 1941.30 1909.15 1863.30 1831.15 1753.15
Guargum5 18-Jan-19 9239 9060 8963 8881 8784 8702 8523
Guarseed10 18-Jan-19 4596.00 4509.00 4463.00 4422.00 4376.00 4335.00 4248.00
Jeera 18-Jan-19 20080 19320 18845 18560 18085 17800 17040
RMseed 18-Jan-19 4187 4103 4058 4019 3974 3935 3851
Ref Soya Oil 18-Jan-19 766.75 752.65 745.50 738.55 731.40 724.45 710.35
Soyabean 18-Jan-19 3547 3456 3418 3365 3327 3274 3183
Turmeric 18-Jan-19 7807 7295 7105 6783 6593 6271 5759
Mentha Oil 31-Dec-18 1692.1 1601.2 1546.4 1510.3 1455.5 1419.4 1328.5

8. 8 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
BULLION
Gold prices steadied on Friday after slipping to a week low in the previous session
supported by the uncertainty around the Federal Reserves next years policy out-
look while the dollar strengthened on expectations of a rate hike next week.The
dollar firmed against major counterparts as investor focus shifted to an expected
U.S. interest rate hike next week although gains are likely to be capped on greater
uncertainty about next years policy outlook.
BASE METALS
ENERGY
MCX Fundamentals
Oil on early Friday extended previous session gains after a news report said that
Saudi Arabia plans to cut shipments to US refiners to avoid an expansion of US
stockpiles. Oil prices had already been moving up as traders pored over data
showing a rise in monthly OPEC output as well as a recent report of a weekly de-
cline in U.S. The Energy Information Administration released its report on US
natural gas storage showing a deficit of 59 billion cubic feet in the week ending
November 23 compared to a decline of 134 billion in the previous reading while
analysts expected a 76 billion decline.
Base metals on LME turned lower on Friday morning after the China reported indus-
trial output and retail sales growth for the month of November that missed expec-
tations according to data from the National Bureau of Statistics as the world second
largest economy started to show signs of slowing amid a bitter trade dispute with
the US.

9. 9 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
SPICES
NCDEX Fundamentals
OILSEEDS
GUAR COMPLEX
OTHERS
RM seed futures ended firm yesterday. Prices have been struggling for a
higher range of late. However the upside remains capped due to light crush
demand. Ongoing lean arrival season and recent news of China lifting ban on
import of Indian Rapemeal shall continue supporting the market all in all.soy
bean futures closed higher on Tuesday as traders anticipated potential Chi-
nese purchases of U.S. agricultural products and shrugged off a bearish
monthly global soy inventories report from the U.S. Department of Agricul-
ture.
Bearish trend continued for Jeer last week as cooler weather in growing areas
amidst reports of steps taken to improve water supply to the fields for Jeer
kept pressure on the market sentiments. Lower rains in growing areas amidst
apprehensions of falling yields could support prices for Turmeric. Reports of
lower stocks in mandis amidst moderate demand at these lower levels are sup-
porting factors.
There was no let up in falling market sentiments for Mentha oil as firm Rupee
amidst low demand kept pressure on prices. Traders anticipate the winter
season demand to gradually start rising. Overall sentiments are likely to re-
cover during the winter season.Soya oil ended the day on subdued note as
prices found difficulty in breaking above strong resistance. Slight improve-
ment in Rupee over USD also eased the upside.
Prices stabilized at these lower levels for Guar even as no strong recovery was
noted. A bounce back in Crude oil prices amidst reports of pick up in export
demand at these lower levels could provide some support. Reports of lower
arrivals of new crop amidst prospects of fall in sowing area are Bullish factors.

10. 10 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
Calls of the Week (MCX)
SILVER
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Sell
Entry Range Below 37900
Target 37400
SL 38052
Action Sell
Entry Range Below 138
Target 135.10
SL 139.15
LEAD
From last couple of trading days Silver is trading with negative sentiment and formed doji candlestick pattern on higher
level indicating correction movement in it. Last week Silver made a low of 37700 and closed at 38054 with overall mar-
ginal gain of 0.22% on weekly basis. On its 4 hourly chart Silver broken its support trend line and sustaining below it
indicating negative trend in it for next week. For this week, if it breaks the level of 37900 on the lower side then it can
test the level of 37400 during the week. One can make sell position in it by maintaining a SL at 38052.
Last week Lead made a low of 139.05 and closed at the level of 143.30 with overall marginal loss of 1.34% on weekly
basis. Lead is continuously trading near the support level of 140 and we can expect negative trend in it. Recently Lead
broken its support level of 140 and sustaining below it indicating negative trend in it. For this week if it is break the
level of 138 on lower side then it can test the level of 135.10. One can make sell position in it with SL of 139.15.

11. 11 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
Calls of the Week (NCDEX)
CHANA
DHANIYA
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Sell
Entry Range Below 4550
Target 4420
SL 4605
Action Sell
Entry Range Below 6580
Target 6460
SL 6635
Last week Chana started a week on positive note but found enough resistance near the level of 4700 and made top
formation on its daily chart. Last week Chana made a high of 4683 and closed at the level of 4594 with overall marginal
loss of 0.24% on weekly basis. The primary trend of Chana is neagative and it is sustaining below its resistance level of
4700. For this week if it is break the level of 4550 on lower side then it can test the level of 4420. One can make sell
position in it with SL of 4605.
From last couple of trading weeks Dhaniya is trading with sideways movement and trading in range between 6800 –
6550 and we seen that 6700 level reacted as a strong resistance zone in Dhaniya. Last week Dhaniya made a low of
6537 and closed at the level of 6676 with overall marginal gain of 2.11% on weekly basis. Dhaniya recently broken its
support trend line and sustaining below it indicating negative trend in it. For this week if it is break the level of 6580 on
lower side then it can test the level of 6460. One can make sell position in it with SL of 6635.

12. 12 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
Calls of the Week (FOREX)
WEEKLY STRATEGY
PARTICULAR DETAILS
GBPINR
EURINR
WEEKLY STRATEGY
PARTICULAR DETAILS
Action Sell
Entry Range Below 81.3000
Target 80.7125
SL 81.7125
Action Sell
Entry Range Below 90.1900
Target 89.6125
SL 90.5525
Last week, EURINR Dec Futures started the week on positive note but till the end of the week, most of its earlier gains
were erased and it closed at 81.5475 with the overall gain of almost 1per cent on weekly basis. Technically it consoli-
dating near to upward trend line breakout on weekly chart with the negative RSI and for this week, we can expect
downside movement in it.For this week, traders can adopt selling from the trend line level breakout strategy in it and
below the level of 81.3000 it can test the level of 80.7125 during the week. Trades can make sell position in it by main-
taining a Stop Loss of 81.7125.
Last week, GBPINR Dec Futures started the week on positive note and after that it witnessed sideways movement for
the entire week. It made a high of 91.3900 during the week and closed at 90.7400 with the marginal gain of 0.19 per
cent on weekly basis. Technically it consolidating below the downward trend line with the negative bias and for this
week, we can expect downside movement in it.For this week, traders can adopt selling from the support level breakout
strategy in it and below the level of 90.1900 it can test the level of 89.6125 during the week. Trades can make sell posi-
tion in it by maintaining a Stop Loss of 90.5525.

13. 13 Copyright © 2018 Ways2Capital. All rights reserved 18/12/2018
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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. 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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