Equity Research Report 11 December 2018 Ways2Capital

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CURRENCY MARKET UPDATE
CURRENCY PAIR
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
MAJOR INDICES
INDEX
CLOSING
AS ON 07th DEC 18
WEEKLY CHANGES
WEEKLY
% CHANGE
COMMODITY MARKET UPDATE
COMMODITY
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
Market Wrap–Up
Nifty 10693.70 -183.05 -1.68%
Nifty 100 10894.10 -198.15 -1.79%
Nifty 200 5625.25 -107.65 -1.88%
Nifty 500 8940.65 -168.50 -1.85%
India VIX 18.59 -0.57 -2.97%
Nifty Bank 26594.30 -268.65 -1.00%
Nifty Auto 8869.80 -400.40 -4.32%
Nifty Finance 11316.45 -122.35 -1.07%
Nifty FMCG 29673.65 -452.60 -1.50%
Nifty IT 14662.90 24.85 0.17%
Nifty Media 2497.55 -52.30 -2.05%
Nifty Metal 3071.20 -92.55 -2.93%
Nifty Pharma 8682.60 -593.10 -6.39%
Nifty PSU Banks 2824.70 -90.50 -3.10%
Nifty PVT Bank 15041.70 -112.75 -0.74%
Nifty Realty 230.45 -1.55 -0.67%
USDINR 70.9025 69.8525 1.50%
GBPINR 90.5650 89.2350 1.49%
EURINR 80.7825 79.6475 1.43%
JPYINR 63.0025 61.7175 2.08%
EURUSD 1.1410 1.1390 0.18%
GBPUSD 1.2785 1.2781 0.03%
Dollar Index 96.47 97.12 -0.67%
Gold COMEX 1252.60 1227.80 2.02%
Gold MCX 31595 30186 4.67%
Crude Oil NYMEX 52.61 50.70 3.77%
Crude Oil MCX 3849 3576 7.63%
Brent Oil NYMEX 59.19 59.19 0.00%
Copper MCX 438.45 426.70 2.75%
Natural Gas NYMEX 4.488 4.637 -3.21%

WEEKLY GAINERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
HIGH
WEEKLY LOSERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
LOW
Market at a Glance
KOTAKBANK 1284.55 4.01% 1417.00
HINDUNILVR 1825.15 2.87% 1854.80
WIPRO 333.35 2.63% 341.25
ADANIPORTS 374.00 2.05% 552.35
INFY 681.00 1.64% 754.90
SUN-
PHARMA
409.95 -16.47% 397.05
M&M 720.00 -8.97% 689.70
GRASIM 804.00 -6.94% 756.00
TATA-
MOTORS
162.50 -5.61% 160.80
HCLTECH 961.90 -5.24% 862.20

ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Economic Calendar
Monday, December 10, 2018
15:00 GBP GDP (MoM) - 0.00%
15:00 GBP Manufacturing Production (MoM) (Oct) 0.10% 0.20%
15:00 GBP Monthly GDP 3M/3M Change - 0.60%
20:30 USD JOLTs Job Openings (Oct) - 7.009M
Tuesday, December 11, 2018
15:00 GBP Average Earnings Index +Bonus (Oct) 3.00% 3.00%
15:00 GBP Claimant Count Change (Nov) 20.2K
19:00 USD PPI (MoM) (Nov) 0.10% 0.60%
Wednesday, December 12, 2018
Tentative GBP UK Parliament vote on Brexit deal - -
Tentative USD Fed Chair Powell Testifies - -
19:00 USD Core CPI (MoM) (Nov) 0.20% 0.20%
21:00 USD Crude Oil Inventories - -
Friday, December 14, 2018
7:30 CNY Industrial Production (YoY) (Nov) 5.90% 5.90%
19:00 USD Core Retail Sales (MoM) (Nov) 0.40% 0.70%
19:00 USD Retail Sales (MoM) (Nov) 0.20% 0.80%

Continued .......
Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
ADANIPORTS 424.10 406.80 389.50 381.75 372.17 364.40 354.85 337.55 320.25
ASIANPAINT 1538.10 1465.70 1393.30 1355.15 1320.87 1282.70 1248.45 1176.05 1103.65
AXISBANK 731.90 691.25 650.60 627.55 609.95 586.90 569.30 528.65 488.00
BAJAJ-AUTO 3042.90 2949.35 2855.80 2818.65 2762.25 2725.10 2668.70 2575.15 2481.60
BAJAJFINSV 7231.55 6773.10 6314.65 6080.85 5856.18 5622.35 5397.70 4939.25 4480.80
BAJFINANCE 2908.25 2767.35 2626.45 2556.40 2485.52 2415.45 2344.60 2203.70 2062.80
BHARTIARTL 382.80 358.25 333.70 319.35 309.15 294.80 284.60 260.05 235.50
BPCL 389.45 368.75 348.05 337.05 327.33 316.30 306.60 285.90 265.20
CIPLA 638.55 600.55 562.55 538.10 524.55 500.10 486.55 448.55 410.55
COALINDIA 295.00 277.50 260.00 248.45 242.47 230.90 224.95 207.45 189.95
DRREDDY 3047.05 2925.60 2804.15 2744.25 2682.70 2622.80 2561.25 2439.80 2318.35
EICHERMOT 28526.40 26591.80 24657.20 23481.80 22722.58 21547.15 20787.95 18853.35 16918.75
GAIL 428.95 399.95 370.95 353.10 341.95 324.10 312.95 283.95 254.95
GRASIM 1097.90 1007.45 917.00 860.50 826.52 770.00 736.05 645.60 555.15
HCLTECH 1380.45 1249.40 1118.35 1040.15 987.28 909.05 856.20 725.15 594.10
HDFC 2262.15 2162.85 2063.55 2010.75 1964.22 1911.40 1864.90 1765.60 1666.30

Continued .......
Weekly Pivots
HDFCBANK 2309.15 2243.10 2177.05 2146.05 2110.98 2079.95 2044.90 1978.85 1912.80
HEROMOTOCO 3328.70 3236.50 3144.30 3105.15 3052.10 3012.95 2959.90 2867.70 2775.50
HINDALCO 294.55 270.95 247.35 233.20 223.73 209.55 200.10 176.50 152.90
HINDPETRO 256.15 246.25 236.35 230.80 226.43 220.85 216.50 206.60 196.70
HINDUNILVR 2129.60 2022.85 1916.10 1870.65 1809.33 1763.85 1702.55 1595.80 1489.05
IBULHSGFIN 1078.90 968.40 857.90 787.30 747.38 676.75 636.85 526.35 415.85
ICICIBANK 398.50 382.75 367.00 359.15 351.25 343.40 335.50 319.75 304.00
INDUSINDBK 1980.25 1849.45 1718.65 1644.65 1587.85 1513.85 1457.05 1326.25 1195.45
INFRATEL 279.90 271.50 263.10 257.85 254.70 249.45 246.30 237.90 229.50
INFY 749.05 725.35 701.65 691.35 677.93 667.60 654.20 630.50 606.80
IOC 160.80 151.30 141.80 135.90 132.30 126.40 122.80 113.30 103.80
ITC 332.45 314.45 296.45 285.35 278.42 267.30 260.40 242.40 224.40
KOTAKBANK 399.30 368.50 337.70 319.60 306.88 288.75 276.05 245.25 214.45
LT 1791.65 1616.85 1442.05 1363.30 1267.22 1188.45 1092.40 917.60 742.80
LUPIN 1607.70 1539.80 1471.90 1435.95 1404.00 1368.05 1336.10 1268.20 1200.30
M&M 1025.35 931.05 836.75 778.40 742.43 684.05 648.10 553.80 459.50

Weekly Pivots
MARUTI 9291.70 8671.70 8051.70 7683.40 7431.70 7063.40 6811.70 6191.70 5571.70
NTPC 167.40 158.30 149.20 143.60 140.07 134.45 130.95 121.85 112.75
ONGC 172.00 161.95 151.90 145.65 141.85 135.60 131.80 121.75 111.70
POWERGRID 207.60 199.75 191.90 187.40 184.02 179.50 176.15 168.30 160.45
RELIANCE 1338.50 1271.95 1205.40 1169.30 1138.82 1102.70 1072.25 1005.70 939.15
SBIN 326.25 310.40 294.55 285.30 278.68 269.40 262.80 246.95 231.10
SUNPHARMA 615.00 551.80 488.60 449.30 425.38 386.05 362.15 298.95 235.75
TATAMOTORS 221.20 203.25 185.30 173.90 167.35 155.95 149.40 131.45 113.50
TATASTEEL 676.00 624.30 572.60 540.80 520.90 489.10 469.20 417.50 365.80
TCS 2149.15 2098.05 2046.95 2023.40 1995.85 1972.30 1944.75 1893.65 1842.55
TECHM 870.30 815.55 760.80 726.90 706.02 672.10 651.25 596.50 541.75
TITAN 1057.05 1010.20 963.35 939.70 916.48 892.80 869.60 822.75 775.90
ULTRACEMCO 4800.30 4519.00 4237.70 4088.85 3956.40 3807.55 3675.10 3393.80 3112.50
UPL 856.35 820.75 785.15 770.90 749.53 735.25 713.90 678.30 642.70
VEDL 245.55 229.65 213.75 204.65 197.82 188.70 181.90 166.00 150.10
WIPRO 387.15 368.95 350.75 342.05 332.55 323.85 314.35 296.15 277.95
YESBANK 231.65 211.20 190.75 178.60 170.28 158.10 149.80 129.35 108.90
ZEEL 589.70 553.10 516.50 497.00 479.87 460.35 443.25 406.65 370.05

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: 11000
Major Support Levels: 10200 followed 10000
Open Interest & Price Analysis
MUTHOOTFIN 145.77% 2.78%
PFC 24.60% 4.44%
HINDUNILVR 19.12% 3.85%
RECLTD 12.93% 4.74%
- - -
MGL -12.92% 4.12%
PTC -11.50% 2.88%
- - -
- - -
- - -
TORNTPOWER -28.76% -4.76%
HEXAWARE -16.01% -2.47%
ICICIPRULI -13.15% -3.47%
BHARATFIN -13.07% -3.06%
IRB -12.07% -3.39%
SUNPHARMA 58.49% -16.32%
DISHTV 54.16% -12.26%
IGL 29.60% -5.20%
HCLTECH 21.15% -5.28%
CHOLAFIN 20.73% -6.44%

NIFTY WEEKLY PIVOTS
PARTICULAR LEVEL
Fundamental Outlook
Last week our Indian Equity market opened on negative note and remained bearish throughout the week. The December series
kick-started on a volatile note with Nifty making swing high of 10,974 and a swing low of 10,611 to end the week with a loss of
1.4 percent. The IT sector outperformed while huge selling was seen in the pharma sector (mainly Sun Pharma), auto, metals,
and energy with a price cut of 2.5 to 6 percent. Private sector banks saw some buying coming in the last trading session. The
Nifty rebounded for the first time in last four consecutive sessions and settled the trade near 10,700 levels on Friday, tracking
recovery in global peers. But traders remained cautious ahead of actual results of five state elections which is due on 11 Dec
2018. Along with global events and macro factors, from last one month or so, all eyes have been on one key event which is
state elections results, the widely considered as semi-final before general elections 2019. In five states, Madhya Pradesh, Ra-
jasthan and Chhattisgarh are key ones for both national parties BJP and Congress ahead of Lok Sabha elections. A neck-and-
neck contest between ruling BJP and the main opposition party Congress could spell trouble for markets.
Technical Outlook
Last week nifty index started on negative note on Monday and remained bearish throughout the week except Friday's trading
session where index showed some positive movement. The market snapped a three-day losing streak amid volatility on Decem-
ber 7, with the Nifty closing near 10,700 levels amid caution ahead of the assembly elections results of five states scheduled to
be announced on December 11. The Nifty closed 200 points lower at 10,693.70 with loss of 1.7 percent on weekly basis.
Continued …....
Nifty Analysis
R4 11860.50
R3 11498.20
R2 11135.90
R1 10935.50
PP 10773.60
S1 10573.20
S2 10411.30
S3 10049.00
S4 9686.70

…....
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 10,490. It can test the level of Rs.
10,390 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 10,580.
Nifty Analysis
The index formed a bullish candle which resembles an 'Inside Bar' kind of pattern on the daily charts and bearish candle on
the weekly chart. Nifty registered a decisive break down below its 200-day moving average with a gap down on Thursday.
Index shall remain under pressure unless it closes above 10,748 levels and weakness shall get extended on breach of 10,588
levels. 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 strikes.
ACTION SELL
ENTRY PRICE ABOVE 10490
TARGET 10390
STOP LOSS 10580
20 Days EMA NEGATIVE
RSI NEGATIVE
MACD NEGATIVE
STOCHASTIC NEGATIVE

Technical Outlook
The Nifty Bank index started the last week on negative note on Monday and extended its negative run in most of the trading
session in the week but on Friday's Session Bank Nifty erased previous day's losses and witnessed buying interest for the
most part of the trading session. It has also negated its formation of lower highs-lower lows and rallied more than 400
points intraday. The Bank Nifty ended the week at 26,660 with overall loss of 1.11% . The index has formed a 'Bullish Belt
Hold' on daily scale while Hanging man candlestick pattern on weekly chart . Now if it traded below 26,180 than further
down side movement can be seen in it while upside resistance is placed at 26,455 and 26,660.
WEEKLY STRATEGY
PARTICULAR DETAILS
For this week, traders can adopt sell on higher level strategy in it and below the level of 26,180. It can test the level of Rs.
25,800 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs. 26,501.
WEEKLY PIVOTS
PARTICULAR LEVEL
Bank Nifty Analysis
ACTION BUY
TARGET 27650
STOP LOSS 26750
R4 29147.40
R3 28316.00
R2 27484.60
R1 27072.30
PP 26653.20
S1 26240.90
S2 25821.80
S3 24990.40
S4 24159.00

Technical Outlook
Overall trend of the Stock is sideways for long term . For short term stock is in consolidation phase. Last week, it started
on positive note and traded with sideways movement throughout the week. On daily chart stock has showed good buying
from lower levels. It has gave breakout of its trend line on daily chart. If it manages to trade above the levels of 530 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 530 it can test the level of Rs. 548
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 517.
KSCL Cash ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 664.50
R3 615.65
R2 566.80
R1 540.35
PP 517.95
S1 491.50
S2 469.10
S3 420.25
S4 371.40
ACTION BUY
TARGET 548.00
STOP LOSS 517.00

Technical Outlook
Overall trend of the Stock is bullish for long term . For short term stock is in consolidation phase. Last week stock started
on negative note and showed good buying from lower levels throughout the week. On daily chart it is consolidation on
lower levels . If it manages to trade above 555 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 555 it can test the level of Rs. 569
during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 543.
TVS MOTOR CASH ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 628.85
R3 600.10
R2 571.35
R1 556.45
PP 542.6
S1 527.70
S2 513.85
S3 485.10
S4 456.35
ACTION BUY
TARGET 569.00
STOP LOSS 543.00

Technical Outlook
Last week, IBULHSGFIN Dec 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 720.40 with the overall loss of 0.40% on weekly basis. Technically it’s near the 52 week low
and made Symmetrical Triangle Pattern from the oversold zone and for this week; we can expect downside movement in
it.
For this week, traders can adopt selling from trend line breakout strategy in it and below the level of 680 it can test the
level of 660.20 during the week. Trades can make sell position in it by maintaining a Stop Loss of 692.50
IBULHSGFIN FUTURES( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
ACTION SELL
ENTRY PRICE BELOW 680
TARGET 660.20
STOP LOSS 692.50
R4 1074.00
R3 966.30
R2 858.60
R1 789.50
PP 750.90
S1 681.80
S2 643.20
S3 535.50
S4 427.80

Technical Outlook
Last week, TATAELXSI Dec Futures started the week on positive note but in last two days of the week, all the gain were
erased and it closed at 1011.75 with the overall loss of 1.40% on weekly basis. Technically it’s consolidating from last one
month and trading below the 200 moving average and for this week, we can expect downside movement in it.
For this week, traders can adopt selling on the basis of consolidation breakout strategy in it and below the level of 980 it
can test the level of 953.20 during the week. Trades can make sell position in it by maintaining a Stop Loss of 1000.20
TATAELEXI FUTURES ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 1199.40
R3 1140.35
R2 1081.30
R1 1046.55
PP 1022.25
S1 987.50
S2 963.20
S3 904.15
S4 845.10
ACTION SELL
TARGET 953.20
STOP LOSS 1000.20

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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 11 December 2018 Ways2Capital

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