Equity Research Report 04 June 2018 Ways2Capital

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CURRENCY MARKET UPDATE
CURRENCY PAIR
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
MAJOR INDICES
INDEX
CLOSING
AS ON 1st Jun 18
WEEKLY CHANGES
WEEKLY
% CHANGE
COMMODITY MARKET UPDATE
COMMODITY
CURRENT
CLOSING
PREVIOUS
CLOSING
WEEKLY
% CHANGE
Market Wrap–Up
Nifty 10696.20 91.05 0.86%
Nifty 100 11013.85 79.85 0.73%
Nifty 200 5739.65 30.80 0.54%
Nifty 500 9255.1 39.55 0.43%
Nifty VIX 13.57 0.93 7.32%
Nifty Bank 26692.8 419.25 1.60%
Nifty Auto 11076.55 193.55 1.78%
Nifty Finance 11058.05 172.25 1.58%
Nifty FMCG 28611.40 15.60 0.05%
Nifty IT 13558.55 -203.80 -1.48%
Nifty Media 3165.25 -62.85 -1.95%
Nifty Metal 3568.4 1.00 0.03%
Nifty Pharma 8213.20 -84.05 -1.01%
Nifty PSU Banks 2938.35 -11.65 -0.39%
Nifty PVT Bank 15198.95 162.25 1.08%
Nifty Realty 291.25 -4.25 -1.44%
USDINR 67.2575 67.7650 -0.75%
GBPINR 89.7150 90.4025 -0.76%
EURINR 78.8400 79.3225 -0.61%
JPYINR 61.6825 61.9375 -0.41%
EURUSD 1.1671 1.1698 -0.23%
GBPUSD 1.3344 1.3340 0.03%
Dollar Index 94.16 94.19 -0.03%
Gold COMEX 1300.19 1288.26 0.93%
Gold MCX 30909 31189 -0.90%
Crude Oil NYMEX 65.72 67.88 -3.18%
Crude Oil MCX 4428 4597 -3.68%
Brent Oil NYMEX 76.61 76.44 0.22%
Copper MCX 458.85 461.80 -0.64%
Natural Gas NYMEX 2.982 2.939 1.46%

WEEKLY GAINERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
HIGH
WEEKLY LOSERS
SCRIP
CLOSING
PRICE
WEEKLY
% CHANGE
52 WEEK
LOW
Market at a Glance
BPCL 409.75 7.48% 550.00
GAIL 343.45 7.46% 388.50
COALINDIA 294.35 6.63% 316.55
IOC 173.40 5.99% 231.30
HINDPETRO 311.60 5.59% 493.00
INFRATEL 299.30 -5.16% 294.20
TCS 1732.25 -3.48% 1162.50
BAJAJ FIN-
SERV
5850.25 -3.48% 3956.00
HINDALCO 238.35 -2.97% 185.20
POWER GRID 205.90 -2.85% 189.00

ECONOMIC EVENTS CALENDER
TIME CURRENY EVENT FORECAST PREVIOUS
Economic Calendar
Monday, June 4, 2018
14:00 GBP Construction PMI (May) 52 52.5
19:30 USD Cap Goods Ship Non Defense Ex Air (MoM) - 0.80%
19:30 USD Durable Goods Orders (MoM) - -1.70%
19:30 USD Factory Orders (MoM) (Apr) -0.50% 1.60%
Tuesday, June 5, 2018
14:00 GBP Services PMI (May) 53 52.8
19:15 USD Markit Composite PMI (May) - 55.7
19:15 USD Services PMI (May) - 55.7
19:30 USD ISM Non-Manufacturing PMI (May) 57.5 56.8
19:30 USD JOLTs Job Openings (Apr) 6.101M 6.550M
Wednesday, June 6, 2018
14:30 INR Interest Rate Decision 6.00% 6.00%
18:00 USD Exports - 208.53B
18:00 USD Imports - 257.48B
18:00 USD Nonfarm Productivity (QoQ) (Q1) 0.60% 0.70%
18:00 USD Trade Balance (Apr) -49.10B -49.00B
20:00 USD Crude Oil Inventories
Friday, June 8, 2018
6:41 CNY Exports (YoY) (May) 6.30% 12.70%
6:41 CNY Imports (YoY) (May) 16.00% 21.50%
6:41 CNY Trade Balance (USD) (May) 24.70B 28.38B
14:00 GBP Industrial Production (MoM) (Apr) - 0.10%
14:00 GBP Manufacturing Production (MoM) (Apr) -0.20% -0.10%
19:30 USD ISM Manufacturing PMI (May) 58 57.3

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
Continued .......
Weekly Pivots
ADANIPORTS 469.95 441.60 413.25 400.55 384.90 372.20 356.55 328.20 299.85
ASIANPAINT 1447.90 1399.35 1350.80 1321.15 1302.25 1272.60 1253.70 1205.15 1156.60
AXISBANK 599.55 580.00 560.45 549.50 540.87 529.90 521.30 501.75 482.20
BAJAJ-AUTO 3378.75 3201.45 3024.15 2959.60 2846.83 2782.25 2669.50 2492.20 2314.90
BAJAJFINSV 6968.00 6626.10 6284.20 6069.60 5942.30 5727.70 5600.40 5258.50 4916.60
BAJFINANCE 2359.35 2270.60 2181.85 2129.95 2093.08 2041.15 2004.30 1915.55 1826.80
BHARTIARTL 425.55 410.45 395.35 389.70 380.23 374.55 365.10 350.00 334.90
BPCL 460.00 441.45 422.90 415.75 404.33 397.15 385.75 367.20 348.65
CIPLA 617.15 588.40 559.65 542.25 530.88 513.45 502.10 473.35 444.60
COALINDIA 372.45 345.50 318.55 306.70 291.58 279.70 264.60 237.65 210.70
DRREDDY 2226.45 2137.85 2049.25 1995.35 1960.63 1906.70 1872.00 1783.40 1694.80
EICHERMOT 36776.70 34597.70 32418.70 31159.35 30239.67 28980.30 28060.65 25881.65 23702.65
GAIL 431.05 400.50 369.95 356.30 339.38 325.70 308.80 278.25 247.70
GRASIM 1264.55 1192.00 1119.45 1072.75 1046.88 1000.15 974.30 901.75 829.20
HCLTECH 1005.15 972.25 939.35 921.90 906.43 888.95 873.50 840.60 807.70
HDFC 2054.55 1977.95 1901.35 1869.05 1824.72 1792.40 1748.10 1671.50 1594.90

Continued .......
Weekly Pivots
HDFCBANK 2553.00 2399.00 2245.00 2176.00 2090.98 2021.95 1936.95 1782.95 1628.95
HEROMOTOCO 3921.60 3813.00 3704.40 3663.20 3595.80 3554.60 3487.20 3378.60 3270.00
HINDALCO 289.05 272.40 255.75 247.10 239.07 230.40 222.40 205.75 189.10
HINDPETRO 370.20 350.40 330.60 321.50 310.77 301.65 290.95 271.15 251.35
HINDUNILVR 1790.60 1723.20 1655.80 1619.80 1588.40 1552.40 1521.00 1453.60 1386.20
IBULHSGFIN 1540.00 1434.40 1328.80 1280.05 1223.17 1174.40 1117.55 1011.95 906.35
ICICIBANK 359.15 336.15 313.15 301.00 290.13 277.95 267.10 244.10 221.10
INDUSINDBK 2332.00 2195.20 2058.40 1984.95 1921.57 1848.10 1784.75 1647.95 1511.15
INFRATEL 377.85 353.25 328.65 314.75 304.03 290.10 279.40 254.80 230.20
INFY 1346.65 1306.00 1265.35 1243.80 1224.68 1203.10 1184.00 1143.35 1102.70
IOC 197.20 189.00 180.80 176.40 172.60 168.20 164.40 156.20 148.00
ITC 298.30 289.65 281.00 275.55 272.32 266.85 263.65 255.00 246.35
KOTAKBANK 1718.55 1588.85 1459.15 1388.60 1329.45 1258.90 1199.75 1070.05 940.35
LT 1622.20 1541.35 1460.50 1415.20 1379.65 1334.35 1298.80 1217.95 1137.10
LUPIN 924.50 873.10 821.70 793.10 770.28 741.65 718.85 667.45 616.05
M&M 1158.75 1070.30 981.85 941.75 893.40 853.30 804.95 716.50 628.05

Weekly Pivots
MARUTI 9718.30 9385.80 9053.30 8925.65 8720.77 8593.10 8388.25 8055.75 7723.25
NTPC 186.25 179.50 172.75 168.25 165.97 161.45 159.20 152.45 145.70
ONGC 203.85 194.10 184.35 178.60 174.58 168.80 164.80 155.05 145.30
POWERGRID 243.00 230.65 218.30 211.50 205.92 199.10 193.55 181.20 168.85
RELIANCE 1011.10 981.95 952.80 940.70 923.65 911.55 894.50 865.35 836.20
SBIN 311.80 296.95 282.10 274.55 267.25 259.70 252.40 237.55 222.70
SUNPHARMA 600.80 563.75 526.70 506.35 489.62 469.25 452.55 415.50 378.45
TATAMOTORS 344.90 326.50 308.10 297.80 289.70 279.40 271.30 252.90 234.50
TATASTEEL 663.55 631.85 600.15 580.60 568.45 548.90 536.75 505.05 473.30
TCS 1992.60 1912.80 1833.00 1786.30 1753.14 1706.45 1673.30 1593.50 1513.65
TECHM 873.10 813.95 754.80 728.90 695.62 669.70 636.45 577.30 518.15
TITAN 1045.30 999.85 954.40 927.70 908.92 882.20 863.45 818.00 772.55
ULTRACEMCO 4050.00 3935.00 3820.00 3750.00 3705.00 3635.00 3590.00 3475.00 3360.00
UPL 881.55 825.85 770.15 734.60 714.43 678.85 658.70 603.00 547.30
VEDL 309.60 289.10 268.60 258.30 248.10 237.80 227.60 207.10 186.60
WIPRO 281.60 274.85 268.10 264.65 261.32 257.85 254.55 247.80 241.05
YESBANK 391.85 375.10 358.35 350.50 341.57 333.70 324.80 308.05 291.30
ZEEL 640.25 614.20 588.15 572.00 562.08 545.90 536.00 509.95 483.90

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: 10800
Major Support Levels: 10600
Open Interest & price Analysis
TORNTPHARM 24.66% 9.80%
BAJAJ-AUTO 15.92% 4.79%
COALINDIA 9.64% 6.11%
- - -
- - -
JUSTDIAL -41.00% 13.33%
BPCL -39.08% 5.92%
TORNTPOWER -35.09% 14.11%
RELINFRA -34.09% 2.06%
GODREJIND -32.63% 5.17%
POWERGRID 50.66% -4.47%
CGPOWER 22.24% -20.28%
VGUARD 19.39% -9.94%
AMBUJACEM 18.19% -4.18%
APOLLOHOSP 17.68% -6.98%
OFSS -49.49% -3.58%
TATACOMM -31.35% -5.76%
RAMCOCEM -28.38% -2.49%
NATIONALUM -27.33% -4.68%
CONCOR -26.54% -3.09%

NIFTY WEEKLY PIVOTS
PARTICULAR LEVEL
Fundamental Outlook
Indian equity markets went through a highly volatile week amid multiple global as well as domestic events. Futures
& options expiry was also the reason for such a huge volatile week. Sentiment got a fillip after India's GDP grew
7.7% in Q4, the fastest in nearly two years, signaling a quick turnaround. HDFC Bank, Kotak Bank & HDFC lead re-
vival post last week’s flat closure, Nifty up 1%. Indian economy extends recovery during 4Q, GDP at 7.7% (yoy). All
eyes on monsoon progress, IMD predicted normal rains. For the week, Nifty and gained by 0.8%.
On the Economic front USD/INR closed on negative note as Indian Rupee once again showed some positivity for
consecutive second week. Nifty P/E ratio was in the range of 27.23 to 27.01 for the past week. On Macroeconomic
front; for this week, important economic data like Cash Reserve Ratio, Interest Rate Decision, and Reverse REPO
Rate will provide further direction to the market
Technical Outlook
Nifty future started the last week on positive note and traded with high volatility during the week. It closed the last
day of the week with a small bearish candle formation whereas the weekly price action resulted in a Spinning Top
kind of indecisive formation.
. Continued …....
Nifty Analysis
R4 11181.10
R3 10970.85
R2 10760.60
R1 10682.90
PP 10550.35
S1 10472.65
S2 10340.10
S3 10129.85
S4 9919.60
.

On the options front, maximum Put OI is placed at 10,600 followed by 10,200 strikes while maximum Call OI is
placed at 11,000 followed by 10,700 and 10,800 strikes. Now, it has to continue to hold above 10,650 zones to
extend its gains towards 10,780 then 10,888 zones while on the downside supports is seen at 10,620 levels.
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 10751, it can test the
level of Rs. 10890 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 10649.
.
Nifty Analysis
Action BUY
Entry Price Above 10751
Target 10890
Stop Loss 10649
20 Days EMA POSITIVE
RSI POSITIVE
MACD POSITIVE
STOCHASTIC POSITIVE

Last week Bank Nifty Futures started the week on positive note and continued its bullish run as index rallied
more than 300 points on opening day on the week. On Thursday, due to FnO expiry, index showed a good posi-
tive move and crossed its major resistance levels of 27000 but could not give closing above these levels. On
weekly basis index gave closing on positive note with 426.90 points gain. Major resistance is placed at 27058 &
27300 levels while support is placed at 226500 & 26200 levels.
WEEKLY STRATEGY
PARTICULAR DETAILS
For this week, traders can adopt buy on lower level strategy in it and above the level of 26930, it can test the
level of Rs. 27230 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 26730.
.
WEEKLY PIVOTS
PARTICULAR LEVEL
Bank Nifty Analysis
R4 28183.95
R3 27480.55
R2 26777.15
R1 26525.35
PP 26073.75
S1 25821.95
S2 25370.35
S3 24666.95
S4 23963.55
ACTION BUY
ENTRY PRICE BELOW 26300
TARGET 26600
STOP LOSS 26095

Technical Outlook
IGL is in overall bullish trend & currently stock is in some correction phase. Last week stock started on positive
note and traded with positive bias throughout the week. On daily chart, stock is trading near to its major resis-
tance levels of 270 and has also formed Inverse H&S price pattern. For this week, if it manages to trade above
the levels of 270, then further upside movement can be seen in it.
For this week, traders can adopt buy on lower level strategy in it and above the level of 270.10 it can test the
level of Rs. 281 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 264.10
IGL CASH ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 300.45
R3 288.50
R2 276.55
R1 271.15
PP 264.60
S1 259.20
S2 252.65
S3 240.70
S4 228.75
ACTION BUY
ENTRY PRICE Above 271.10
TARGET 281.00
STOP LOSS 264.10

Technical Outlook
GLENMARK is in overall bearish trend & for short term, we can expect short covering in it from the lower lev-
els. Last week stock started on negative note but from lower level we saw good buying in from lower levels. On
daily chart stock has formed Cup & handle price pattern with the positive indicators and if it manages to sus-
tain above the level of 548.00, then upside movement can be seen in it.
level of Rs. 568.40 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 536.40
GLENMARK CASH ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 645.10
R3 606.25
R2 567.40
R1 551.60
PP 528.55
S1 512.75
S2 489.70
S3 450.85
S4 412.00
ACTION BUY
TARGET 568.40
STOP LOSS 536.40

Technical Outlook
Last week RELIANCE Jun Futures started the week in negative note and made low of 906.85 but till the end of
the week, all of its earlier losses were erased and it closed at 930.40 with the overall gain of 0.85% on weekly
basis. Technically RELIANCE Jun Futures broke the important resistance level of 930.00 and sustaining above
the same and for this week, we can expect further upside movement in it .
level of Rs. 955.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.932.00
RELIANCE FUTURES ( Call of the Week )
WEEKLY STRATEGY
PARTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 1012.15
R3 983.05
R2 953.95
R1 942.15
PP 924.85
S1 913.05
S2 895.75
S3 866.65
S4 837.55
ACTION SELL
ENTRY PRICE Below 940.00
TARGET 955.00
STOP LOSS 932.00

Technical Outlook
Last week BPCL Jun Futures started the week on positive note and made high of 410.10 during the week. It re-
mained positive for the entire week and closed at 403.60 with the overall gain of 5.65% on weekly basis. Tech-
nically BPCL is sustaining near to the trend line breakout coupled with the RSI going to enter into the positive
zone and for this week, if it sustain above the level of 400, then we can expect further upside movement in it.
level of Rs. 419.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.406.00
BPCL FUTURES ( Call of the Week )
WEEKLY STRATEGY
PERTICULAR DETAILS
WEEKLY PIVOTS
PARTICULAR LEVEL
R4 456.00
R3 437.45
R2 418.90
R1 411.25
PP 400.35
S1 392.70
S2 381.80
S3 363.25
S4 344.70
ACTION BUY
TARGET 419.00
STOP LOSS 406.00

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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 04 June 2018 Ways2Capital

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