Equity Research Report 30 April 2018 Ways2Capital

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CURRENCY MARKET UPDATE
CURRENCY PAIR
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
MAJOR INDICES
INDEX
CLOSING
AS ON 27th April 18
WEEKLY CHANGES
WEEKLY
% CHANGE
COMMODITY MARKET UPDATE
COMMODITY
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
Market Wrap–Up
Nifty 10692.30 128.25 1.21%
Nifty 100 11095 128.15 1.17%
Nifty 200 5832.70 66.75 1.16%
Nifty 500 9443.65 96.00 1.03%
Nifty VIX 12.02 -0.92 -7.11%
Nifty Bank 25394.6 450.75 1.81%
Nifty Auto 11581.80 141.70 1.24%
Nifty Finance 10614.9 113.50 1.08%
Nifty FMCG 28433.50 322.55 1.15%
Nifty IT 13794.9 -115.45 -0.83%
Nifty Media 3356.00 -21.50 -0.64%
Nifty Metal 3763.85 -127.60 -3.28%
Nifty Pharma 8987.40 167.60 1.90%
Nifty PSU Banks 2814.9 15.80 0.56%
Nifty PVT Bank 14560.05 396.65 2.80%
Nifty Realty 317.25 7.05 2.27%
USDINR 66.8950 66.3575 0.81%
GBPINR 92.2475 93.4350 -1.27%
EURINR 81.0150 81.7975 -0.96%
JPYINR 61.2750 61.7450 -0.76%
EURUSD 1.2117 1.2293 -1.43%
GBPUSD 1.3809 1.4045 -1.68%
Dollar Index 91.31 90.08 1.37%
Gold COMEX 1324.40 1336.70 -0.92%
Gold MCX 31211 31432 -0.70%
Crude Oil NYMEX 68.02 68.38 -0.53%
Crude Oil MCX 4547 4531 0.35%
Brent Oil NYMEX 74.42 74.06 0.49%
Copper MCX 454.00 464.15 -2.19%
Natural Gas NYMEX 2.771 2.739 1.17%

WEEKLY GAINERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
HIGH
WEEKLY LOSERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
LOW
Market at a Glance
YES BANK 348.45 12.97% 383.25
M&M 861.45 7.61% 867.50
RELIANCE 994.75 7.19% 1010.70
AXIS BANK 538.90 6.53% 627.50
ADANI
PORTS
401.45 5.30% 451.55
HINDALCO 235.20 -10.23% 181.80
WIPRO 275.35 -7.71% 244.33
VEDANTA 294.20 -4.60% 217.95
TECH
MAHINDRA
671.25 -4.22% 357.60
INDIABULLS
HOUSING
1310.25 -3.27% 995.00

ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Economic Calendar
Monday, April 30, 2018
All Day CNY China - Labour Day Holiday
6:30 CNY Manufacturing PMI (Apr) 51.3 51.5
19:30 USD Pending Home Sales (MoM) (Mar) 0.60% 3.10%
Tuesday, May 1, 2018
All Day CNY China - Labour Day Holiday
All Day INR India - Maharashtra Day Holiday
14:00 GBP Manufacturing PMI (Apr) 55.00 55.10
19:30 USD ISM Manufacturing PMI (Apr) 58.6 59.3
Wednesday, May 2, 2018
7:15 CNY Caixin Manufacturing PMI (Apr) 50.80 51.00
14:00 GBP Construction PMI (Apr) 49.4 47
17:45 USD ADP Nonfarm Employment Change (Apr) 200K 241K
20:00 USD Crude Oil Inventories - 2.170M
23:30 USD FOMC Statement - -
23:30 USD Fed Interest Rate Decision 1.75% 1.75%
Thursday, May 3, 2018
14:00 GBP Services PMI (Apr) 52.90 51.70
19:30 USD ISM Non-Manufacturing PMI (Apr) 58.40 58.80
Friday, May 4, 2018
18:00 USD Nonfarm Payrolls (Apr) 198K 103K
18:00 USD Unemployment Rate (Apr) 4.00% 4.10%

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
Continued .......
Weekly Pivots
ADANIPORTS 453.00 434.20 415.40 406.05 396.57 387.20 377.75 358.95 340.15
ASIANPAINT 1321.55 1272.00 1222.45 1196.25 1172.88 1146.65 1123.30 1073.75 1024.20
AXISBANK 690.65 628.80 566.95 528.95 505.08 467.05 443.20 381.35 319.50
BAJAJ-AUTO 3227.80 3117.80 3007.80 2945.60 2897.80 2835.60 2787.80 2677.80 2567.80
BAJAJFINSV 5976.85 5779.30 5581.75 5468.40 5384.18 5270.80 5186.60 4989.05 4791.50
BAJFINANCE 2094.60 2032.25 1969.90 1938.45 1907.52 1876.05 1845.15 1782.80 1720.45
BHARTIARTL 502.70 471.90 441.10 424.00 410.30 393.20 379.50 348.70 317.90
BPCL 442.20 423.45 404.70 395.85 385.92 377.05 367.15 348.40 329.65
CIPLA 659.80 639.00 618.20 608.55 597.37 587.70 576.55 555.75 534.95
COALINDIA 323.30 311.85 300.40 295.35 288.92 283.85 277.45 266.00 254.55
DRREDDY 2459.00 2343.10 2227.20 2158.50 2111.30 2042.60 1995.40 1879.50 1763.60
EICHERMOT 36244.80 34615.30 32985.80 32105.40 31356.30 30475.90 29726.80 28097.30 26467.80
GAIL 385.35 366.55 347.75 336.85 328.92 318.00 310.10 291.30 272.50
GRASIM 1218.20 1169.55 1120.90 1095.45 1072.22 1046.75 1023.55 974.90 926.25
HCLTECH 1264.05 1199.30 1134.55 1104.60 1069.80 1039.85 1005.05 940.30 875.55
HDFC 1949.70 1916.70 1883.70 1866.85 1850.67 1833.80 1817.65 1784.65 1751.65

Continued .......
Weekly Pivots
HDFCBANK 2038.90 2002.10 1965.30 1945.70 1928.47 1908.85 1891.65 1854.85 1818.05
HEROMOTOCO 4089.05 3971.15 3853.25 3811.65 3735.33 3693.70 3617.40 3499.50 3381.60
HINDALCO 261.10 252.20 243.30 238.65 234.37 229.70 225.45 216.55 207.65
HINDPETRO 363.90 342.45 321.00 309.00 299.52 287.50 278.05 256.60 235.15
HINDUNILVR 1636.20 1583.30 1530.40 1509.30 1477.48 1456.35 1424.55 1371.65 1318.75
IBULHSGFIN 1438.35 1399.65 1360.95 1339.45 1322.25 1300.75 1283.55 1244.85 1206.15
ICICIBANK 331.00 314.65 298.30 288.50 281.92 272.10 265.55 249.20 232.85
INDUSINDBK 2044.35 1988.35 1932.35 1908.70 1876.33 1852.65 1820.30 1764.30 1708.30
INFRATEL 407.60 379.15 350.70 334.00 322.25 305.55 293.80 265.35 236.90
INFY 1326.50 1275.30 1224.10 1200.60 1172.88 1149.35 1121.65 1070.45 1019.25
IOC 182.50 175.55 168.60 165.05 161.65 158.10 154.70 147.75 140.80
ITC 302.25 294.00 285.75 282.25 277.47 273.95 269.20 260.95 252.70
KOTAKBANK 1350.10 1293.75 1237.40 1211.45 1181.05 1155.10 1124.70 1068.35 1012.00
LT 1511.40 1458.50 1405.60 1375.30 1352.70 1322.40 1299.80 1246.90 1194.00
LUPIN 941.90 896.05 850.20 821.60 804.35 775.75 758.50 712.65 666.80
M&M 988.10 941.45 894.80 874.15 848.12 827.45 801.45 754.80 708.15

Weekly Pivots
MARUTI 10216.60 9789.15 9361.70 9153.35 8934.22 8725.85 8506.75 8079.30 7651.85
NTPC 187.65 182.40 177.15 174.40 171.90 169.15 166.65 161.40 156.15
ONGC 197.45 191.70 185.95 183.10 180.20 177.35 174.45 168.70 162.95
POWERGRID 225.45 219.35 213.25 210.40 207.13 204.25 201.00 194.90 188.80
RELIANCE 1201.05 1125.05 1049.05 1011.10 973.05 935.10 897.05 821.05 745.05
SBIN 277.10 263.80 250.50 241.90 237.18 228.55 223.85 210.55 197.25
SUNPHARMA 563.15 547.95 532.75 523.90 517.53 508.65 502.30 487.10 471.90
TATAMOTORS 366.60 354.95 343.30 337.30 331.65 325.65 320.00 308.35 296.70
TATASTEEL 660.80 635.70 610.60 594.25 585.47 569.10 560.35 535.25 510.15
TCS 4128.00 3910.50 3693.00 3608.50 3475.48 3390.95 3257.95 3040.45 2822.95
TECHM 781.85 750.35 718.85 706.20 687.32 674.65 655.80 624.30 592.80
TITAN 1039.00 1015.25 991.50 981.20 967.72 957.40 943.95 920.20 896.45
ULTRACEMCO 4537.85 4389.60 4241.35 4159.45 4093.08 4011.15 3944.80 3796.55 3648.30
UPL 821.85 797.40 772.95 760.50 748.48 736.00 724.00 699.55 675.10
VEDL 329.10 316.90 304.70 297.35 292.47 285.10 280.25 268.05 255.85
WIPRO 348.30 326.65 305.00 292.65 283.32 270.95 261.65 240.00 218.35
YESBANK 512.05 457.05 402.05 380.10 347.05 325.10 292.05 237.05 182.05
ZEEL 673.35 643.95 614.55 597.90 585.12 568.45 555.70 526.30 496.90

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: 10700
Major Support Levels:- 10500.
Open Interest & price Analysis
SRTRANSFIN 25.98% 3.59%
CADILAHC 20.98% 5.38%
AXISBANK 15.71% 6.11%
EQUITAS 9.56% 3.52%
NIITTECH 9.46% 14.11%
BPCL -28.07% 4.66%
MUTHOOTFIN -25.26% 3.64%
ASHOKLEY -24.73% 4.52%
MFSL -17.71% 6.12%
ICICIPRULI -16.53% 15.77%
PCJEWELLER 53.29% -39.75%
APOLLOHOSP 21.46% -5.34%
PETRONET 20.95% -5.00%
MARUTI 15.69% -2.96%
CONCOR 12.51% -2.79%
NATIONALUM -20.89% -5.41%
HCC -18.68% -5.54%
VGUARD -16.17% -4.58%
INDIGO -14.24% -6.56%
RNAVAL -13.59% -36.33%

NIFTY WEEKLY PIVOTS
PARTICULAR LEVEL
Fundamental Outlook
Last week was very encouraging for Indian benchmark index, as after reaching the strong resistance levels of 10600-
10650 there was a lot of uncertainty was seen in investors and trades about the clear direction. But Nifty Index
showed a lot of positivity despite some week global cues and underperformance in some of the major international
index. FII DII activity remains contrast to each other for whole week. Nifty P/E ratio was in the range of 26.57 to
26.24 for the past week.
On the Economic front USD/INR continues its strong hand as Indian Rupee once again closed on negative note with
respect to US Dollar. Some of the private sector bank heavyweights showed good numbers in their quarterly results.
Crude oil price were remain on higher side. For this week on Macroeconomic front; important economic data like
Federal Fiscal Deficit, Infrastructure Output, Nikkei Markit Manufacturing PMI will provide further direction to the
market
Technical Outlook
Nifty future started the last week on a sideways note but ended the Monday trading session with some volatility
ahead of April series future & options expiry. Index did noting in remaining part of the week except Friday’s trading
session where it opened on a gap up note and showed some good positive movement throughout the day which led
index to close on positive note on weekly basis.
Continued …....
Nifty Analysis
R4 11242.35
R3 11052.95
R2 10863.55
R1 10793.70
PP 10674.15
S1 10604.30
S2 10484.75
S3 10295.35
S4 10105.95

Nifty managed to crosses its major resistance levels of 10650 and tested 10700 levels in past week. Going ahead
if index manages to sustain above the levels of 10750 than it is heading towards 10800 & 10900 levels where the
major resistance are placed while downside 10500 will act as a major support levels.
Continued …....
TECHNICAL INDICATOR
ANALYSIS
INDICATOR
CURRENT
TREND
WEEKLY STRATEGY
PERTICULAR DETAILS
For this week, traders can adopt buy on lower level strategy in it and above the level of 10750. It can test the
level of Rs. 10900 & 11000 during the week. Trades can make sell position in it by maintaining a Stop Loss of Rs.
10630.
Nifty Analysis
Action Buy
Entry Price Above 10750
Target 10900/ 11000
Stop Loss 10630
20 Days EMA POSITIVE
RSI POSITIVE
MACD POSITIVE
STOCHASTIC POSITIVE

Bank Nifty May Futures continued its correction phase in the 1st half of the last and index observed a fall of
more than 350 points from its high. However it managed to recover from its lower level in 2nd half of the week
and closed on positive note. Going ahead, index has formed Cup & Handle price pattern on daily chart and if it
manages to cross its major resistance levels of 25450 than we can expect good upside movement in it.
WEEKLY STRATEGY
PERTICULAR DETAILS
For this week, if it breaks the level of 25450, then it can test the level of 25700/ 25800 during the week on the
upside. One can make buy position in it by maintaining a SL 25290.
WEEKLY PIVOTS
PARTICULAR LEVEL
Bank Nifty Analysis
Action Buy
Entry Price Above 25450
Target 25700/ 25800
Stop Loss 25290
R4 26647.65
R3 26204.90
R2 25762.15
R1 25603.70
PP 25319.40
S1 25160.95
S2 24876.65
S3 24433.90
S4 23991.15

Technical Outlook
Last week, ADVENZYMES started the week on positive note and continued the same for the entire week. It
made a high of 261.00 during the week and closed at 254.60 with the overall gain of 13.50% on weekly basis.
Although it’s in overall bearish trend but for short term, we can expect good upside movement in it because of
the formation of technical reversal pattern on lower levels. Stock is also trading above its 21, 50 & 100 days
moving averages
For this week, if it breaks the level of 262.00, then it can test the level of 272.00 during the week. One can
make buy position in it by maintaining a SL 257.00
ADVENZYMES ( Call of the Week )
WEEKLY STRATEGY
PERTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
Action BUY
Entry Price Above 262.00
Target 272.00
Stop Loss 257.00
R4 353.80
R3 318.20
R2 282.60
R1 268.60
PP 247.00
S1 233.00
S2 211.40
S3 175.80
S4 140.20

Technical Outlook
IPCALAB is in overall bullish trend and from last couple of weeks, consolidating on higher levels. Last week, it
started the week on positive note and traded with bullish sentiments throughout the week. Stock is trading
near its major resistance levels of 740 with the good consolidation and also trading above its 21, 50 & 100 days
moving averages. On daily chart, stock is forming triangle pattern and for this week, we can expect upside
movement in it.
For this week, if it breaks the level of 742.00, then it can test the level of 784.00 during the week. One can
make buy position in it by maintaining a SL 722.00
IPCALAB ( Call of the Week )
WEEKLY STRATEGY
PERTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
Action BUY
Target 784.00
Stop Loss 722.00
R4 875.30
R3 824.30
R2 773.30
R1 754.60
PP 722.30
S1 703.60
S2 671.30
S3 620.30
S4 569.30
.

Technical Outlook
Last week, ICICIBANK started the week on negative note but till the end of the week, all of its earlier losses
were erased and it closed in positive on weekly basis. Although ICICIBANK is in overall bearish trend but for
short term, we can expect good upside movement in it because of the formation of technical reversal candle
pattern on lower levels coupled with the trend line breakout.
For this week, traders can adopt buy on lower level strategy in it and above the level of 290.00 it can test the
level of Rs.297.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 257.00
ICICI BANK FUTURES ( Call of the Week )
WEEKLY STRATEGY
PERTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
Action BUY
Target 297.00
Stop Loss 286.00
R4 334.85
R3 318.35
R2 301.85
R1 295.10
PP 285.35
S1 278.60
S2 268.85
S3 252.35
S4 235.85

Technical Outlook
Last week, MOTHERSUMI started the week on positive note and traded with the positive bias for the entire
week. It made a high of 360.45 during the week and closed at 352.00 with the overall gain of 1% on weekly
basis. Technically, it’s consolidating on higher levels with the positive RSI and also trading above its 21, 50 &
100 days moving averages. For this week, we can expect positive movement in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 358.00 it can test the
level of Rs.368.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 353.00
MOTHERSUMI FUTURES ( Call of the Week )
WEEKLY STRATEGY
PERTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
Action BUY
Target 368.00
Stop Loss 353.00
R4 381.55
R3 372.70
R2 363.85
R1 359.95
PP 355
S1 351.10
S2 346.15
S3 337.30
S4 328.45

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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 भाके ट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटेड मा उसके सहमोगी कं ऩननमां अनुसंधान रयऩोटा भें शालभर कं ऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के जायीकताा के साथ जुडी हैं, जो मह सुननक्श्चत कयता है
कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनुऩारन को सुननक्श्चत कयने के लरए हभने मह तम ककमा है कक कं ऩनी औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रेड नहीं कयेंगे।
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 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 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.
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|
(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,
(फ) 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 |
(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 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
Disclaimer

Equity Research Report 30 April 2018 Ways2Capital

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