Equity Research Report 12 March 2018 Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PRIVATE LIMITED
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Monday, March 12, 20182 Copyright © 2018 Ways2Capital. All rights reserved
Market Wrap-Up
MAJOR INDICES
INDEX CLOSING
(As on 9
th
Mar 18)
Weekly Change Weekly Change
(in %)
Nifty 50 10226.85 -231.50 -2.21%
Nifty 100 10564.55 -255.45 -2.36%
Nifty 200 5536.05 -139.70 -2.46%
Nifty 500 8986.40 -238.95 -2.59%
Nifty VIX 14.53 0.45 3.22%
Nifty Bank 24296.45 -606.10 -2.43%
Nifty Auto 10888.35 -258.35 -2.32%
Nifty Finance 10194.20 -178.40 -1.72%
Nifty FMCG 26020.05 -472.30 -1.78%
Nifty IT 12747.25 -22.20 -0.17%
Nifty Media 3259.50 -4.00 -0.12%
Nifty Metal 3688.15 -272.75 -6.89%
Nifty Pharma 8515.70 -402.05 -4.51%
Nifty PSU Banks 2858.15 -163.30 -5.40%
Nifty PVT Bank 13766.25 -346.10 -2.45%
Nifty Realty 315.70 -9.05 -2.79%
CURRENCY MARKET UPDATE
Currency Pair
Current
Closing
Previous
Closing
Weekly Change
(in%)
USDINR 65.30 65.38 -0.12%
GBPINR 90.25 89.92 0.37%
EURINR 80.35 79.77 0.73%
JPYINR 61.20 61.27 -0.11%
EURUSD 1.2307 1.2317 -0.08%
GBPUSD 1.3849 1.3805 0.32%
Dollar Index 90.06 89.91 0.17%
COMMODITY MARKET UPDATE
Commodity
Current
Closing
Previous
Closing
Weekly Change
(in %)
Gold COMEX 1324.00 1323.70 0.02%
Gold MCX 30401 30448 -0.15%
Crude Oil NYMEX 62.04 61.25 1.29%
Crude Oil MCX 4017 3995 0.55%
Brent Oil NYMEX 65.49 64.37 1.74%
Copper MCX 452.30 452.80 -0.11%
Natural Gas NYMEX 2.732 2.695 1.37%

Market At a Glance
NIFTY50 WEEKLY GAINERS
SCRIP
CLOSING
PRICE
WEEKLY
CHANGE (in %)
52 WEEK
HIGH
ZEEL 567.65 1.97 619.35
TECH
MAHINDRA
619.15 1.28 634.40
IOC 385.60 1.13 462.60
ASIAN PAINTS 1127.75 0.73 1261.25
NTPC LTD 163.90 0.55 187.95
NIFTY50 WEEKLY LOSERS
SCRIP
CLOSING
PRICE
WEEKLY
CHANGE (in %)
52 WEEK
LOW
TATA STEEL 605.60 -10.32 408.20
HINDALCO 219.85 -8.42 179.55
TATA MOTORS 341.70 -7.86 340.65
AMBUJA
CEMENTS
235.10 -7.06 223.25
ADANIPORTS 380.00 -6.29 297.90

Economic Calendar
UPCOMING ECONOMIC EVENT CALENDER
Time Currency Event Forecast Previous
Monday, March 12, 2018
17:30 INR CPI (YoY) (Feb) 4.80% 5.07%
22:30 USD 10-Year Note Auction - 2.81%
Tuesday, March 13, 2018
Tentative GBP Spring Forecast Statement - -
18:00 USD Core CPI (MoM) (Feb) 0.20% 0.30%
Wednesday, March 14, 2018
7:30 CNY Industrial Production (YoY)(Feb) 6.10% 6.20%
18:00 USD Core Retails Sales (MoM) (Feb) 0.30% 0.00%
18:00 USD PPI (MoM)(Feb) 0.20% 0.40%
18:00 USD Retail Sales (MoM)(Feb) 0.30% -0.30%
20:00 USD Crude Oil Inventories - 2.408M
Thursday, March 15, 2018
18:00 USD Philadelphia Fed Manufacturing Index (Mar) 22.50 25.80
18:00 USD Export Price Index (MoM) (Feb) 0.40% 0.80%
18:00 USD Import Price Index (MoM) (Feb) 0.30% 1.00%
Friday, March 16, 2018
18:00 USD Building Permits (Feb) 1.303M 1.377M
18:00 USD Building Permits (MoM)(Feb) - 5.90%
18:00 USD Housing Starts (MoM)(Feb) - 9.70%
18:45 USD Industrial Production (MoM)(Feb) 0.20% -0.10%
19:30 USD JOLTs Job Openings (Jan) 5.900M 5.811M

Weekly Pivots
NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)
SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4
ADANIPORTS 512.30 470.55 428.80 404.35 387.02 362.55 345.25 303.50 261.75
AMBUJACEM 302.55 281.60 260.65 247.85 239.68 226.85 218.70 197.75 176.80
ASIANPAINT 1241.65 1201.65 1161.65 1143.30 1121.65 1103.30 1081.65 1041.65 1001.65
AUROPHARMA 683.55 654.60 625.65 609.35 596.70 580.40 567.75 538.80 509.85
AXISBANK 590.85 564.90 538.95 523.00 512.98 497.00 487.00 461.05 435.10
BAJAJ-AUTO 3334.80 3205.00 3075.20 2999.70 2945.40 2869.90 2815.60 2685.80 2556.00
BAJFINANCE 1858.80 1785.80 1712.80 1685.35 1639.77 1612.30 1566.75 1493.75 1420.75
BHARTIARTL 504.70 472.60 440.50 421.80 408.38 389.65 376.25 344.15 312.05
BOSCHLTD 21198.35 20200.85 19203.35 18701.70 18205.83 17704.15 17208.30 16210.80 15213.30
BPCL 485.65 470.30 454.95 447.60 439.58 432.20 424.20 408.85 393.50
CIPLA 626.85 609.70 592.55 582.75 575.38 565.55 558.20 541.05 523.90
COALINDIA 333.65 324.30 314.95 309.10 305.60 299.75 296.25 286.90 277.55
DRREDDY 2587.05 2442.15 2297.25 2209.70 2152.35 2064.80 2007.45 1862.55 1717.65
EICHERMOT 29745.20 29105.75 28466.30 28228.15 27826.85 27588.70 27187.40 26547.95 25908.50
GAIL 499.10 479.95 460.80 449.50 441.63 430.30 422.45 403.30 384.15
HCLTECH 1081.00 1034.80 988.60 966.95 942.37 920.70 896.15 849.95 803.75
Continued .......

Weekly Pivots
NIFTY50 WEEKLY PIVOTS (CASH SEGMENT)
HDFC 1994.80 1932.20 1869.60 1842.30 1807.00 1779.70 1744.40 1681.80 1619.20
HDFCBANK 1990.05 1944.05 1898.05 1872.10 1852.05 1826.10 1806.05 1760.05 1714.05
HEROMOTOCO 3974.60 3848.15 3721.70 3655.50 3595.25 3529.05 3468.80 3342.35 3215.90
HINDALCO 279.95 261.65 243.35 232.35 225.02 214.00 206.70 188.40 170.10
HINDPETRO 434.60 410.60 386.60 371.45 362.60 347.45 338.60 314.60 290.60
HINDUNILVR 1412.95 1376.20 1339.45 1321.15 1302.67 1284.35 1265.90 1229.15 1192.40
IBULHSGFIN 1414.10 1348.10 1282.10 1242.20 1216.08 1176.15 1150.05 1084.05 1018.05
ICICIBANK 348.20 330.95 313.70 303.65 296.43 286.35 279.15 261.90 244.65
INDUSINDBK 1822.80 1781.20 1739.60 1719.30 1697.97 1677.65 1656.35 1614.75 1573.15
INFRATEL 393.70 373.75 353.80 343.20 333.85 323.25 313.90 293.95 274.00
INFY 1242.00 1214.45 1186.90 1175.45 1159.35 1147.90 1131.80 1104.25 1076.70
IOC 411.25 401.85 392.45 389.00 383.03 379.55 373.60 364.20 354.80
ITC 276.80 271.25 265.70 262.50 260.12 256.90 254.55 249.00 243.45
KOTAKBANK 1174.95 1145.40 1115.85 1098.30 1086.28 1068.70 1056.70 1027.15 997.60
LT 1447.65 1394.20 1340.75 1315.30 1287.27 1261.80 1233.80 1180.35 1126.90
LUPIN 940.95 885.10 829.25 796.65 773.40 740.80 717.55 661.70 605.85
Continued .......

Weekly Pivots
NIFTY50 WEEKLY PIVOTS (CASH SEGMENT)
M&M 833.10 797.20 761.30 743.65 725.37 707.70 689.45 653.55 617.65
MARUTI 9382.30 9165.30 8948.30 8812.60 8731.30 8595.60 8514.30 8297.30 8080.30
NTPC 181.40 175.45 169.50 167.05 163.55 161.10 157.60 151.65 145.70
ONGC 212.95 202.95 192.95 186.50 182.95 176.50 172.95 162.95 152.95
POWERGRID 209.50 204.25 199.00 195.70 193.73 190.40 188.45 183.20 177.95
RELIANCE 1090.05 1033.20 976.35 945.70 919.48 888.80 862.60 805.75 748.90
SBIN 316.45 295.75 275.05 264.35 254.32 243.60 233.60 212.90 192.20
SUNPHARMA 664.50 616.80 569.10 537.75 521.37 490.00 473.65 425.95 378.25
TATAMOTORS 436.10 407.50 378.90 360.45 350.30 331.85 321.70 293.10 264.50
TATASTEEL 831.25 763.45 695.65 654.20 627.83 586.35 560.00 492.20 424.40
TCS 3451.30 3314.85 3178.40 3106.70 3041.95 2970.25 2905.50 2769.05 2632.60
TECHM 715.40 683.50 651.60 636.40 619.68 604.45 587.75 555.85 523.95
ULTRACEMCO 4328.65 4246.05 4163.45 4109.70 4080.82 4027.05 3998.20 3915.60 3833.00
UPL 782.50 759.15 735.80 724.90 712.45 701.55 689.10 665.75 642.40
VEDL 367.60 348.20 328.80 316.90 309.37 297.45 289.95 270.55 251.15
WIPRO 319.25 308.65 298.05 291.70 287.42 281.05 276.80 266.20 255.60
YESBANK 378.45 354.15 329.85 316.35 305.52 292.00 281.20 256.90 232.60
ZEEL 639.55 614.00 588.45 578.80 562.87 553.20 537.30 511.75 486.20

Open Interest & Price Analysis
LONG BUILD-UP NIFTY OPTIONS OPEN INTEREST ANALYSIS
Scrip
Change in OI
(in %)
Change in Price
(in%)
Analysis: As per the analysis of above chart.
Major Resistance Level: At 10500.
Major Support Levels:- At 10000.
ASHOKLEY 6.86% 4.14%
VOLTAS 6.36% 1.77%
TV18BRDCST 6.05% 1.53%
- - -
- - -
SHORT BUILD-UP LONG UNWINDING
Scrip
Change in OI
(in %)
Change in Price
(in%)
Scrip
Change in OI
(in %)
Change in Price
(in%)
BEML 34.77% -10.21% IDBI -32.93% -12.38%
ADANIENT 27.50% -21.68% FORTIS -32.71% -9.67%
INDIANB 27.21% -12.25% INFRATEL -31.78% -1.02%
JUSTDIAL 22.85% -5.92% MRPL -24.71% -2.28%
PEL 21.60% -7.52% HDIL -19.22% -12.25%
SHORT COVERING
Scrip
Change in OI
(in %)
Change in Price
(in%)
HEXAWARE -14.00% 3.89%
CASTROLIND -9.74% 1.26%
ZEEL -4.11% 1.94%
OFSS -3.35% 1.21%
JUBLFOOD -2.49% 2.40%

Nifty Analysis
Fundamental Outlook
Equity benchmarks extended losses for the second consecutive week to shut shop at 10227, down 232 or 2.2%.
The week turned out to be a decider as we saw Nifty finally coming out of the recent congestion zone. The sell off
was intense across broader markets as Nifty Midcap & small cap dropped over 3.8% & 4.5%, respectively.
Fundamentally nifty is still looking bearish due to continuous negative trends from FII & DII. As far as FIIs activities
are concerned we saw mixed positions forming in system; however, majority of the positions formed were on the
short side. Nifty traded with a PE Ratio range of 25.40– 24.79 during the week and sustaining in this range from
the last couple of weeks.
Technical Outlook
The weekly price action continues to form a significant bear candle along with small lower shadow, indicating
accelerated selling pressure on the breach of 10300 followed by breather near 200 DMA range of 10100 -10130,
as index recovered over 150 points from week low of 10141.
WEEKLY PIVOTS
PARTICULAR LEVELS
R4 11116.20
R3 10834.20
R2 10552.20
R1 10385.40
PP 10270.20
S1 10103.40
S2 9988.20
S3 9706.20
S4 9424.20
Continued …....

Nifty Analysis
Hence, we would continue with our ‘sell on rise’ approach and would expect the index to first slide towards
10033 and then eventually to enter sub-10000 levels quite soon. However, before this, 10140 – 10350 has
become a no trade zone for the market. If any negativity has to resume, it would only happen after violating the
10140 mark.
WEEKLY STRATEGY
PERTICULAR TARGET
Action SELL
Entry Price Below 10190
Target 10040/9860
Stop Loss 10310
TECHNICAL INDICATOR
ANALYSIS
INDICATOR
CURRENT
TREND
20 Days EMA NEGATIVE
50 Days EMA NEGATIVE
200 Days EMA POSITIVE
RSI NEGATIVE
MACD NEGATIVE
STOCHASTIC NEGATIVE
For this week traders can adopt sell on high strategy in nifty from the level of 10190 with the tgt of 10040/9860
with sl of 10310.

Bank Nifty analysis
Technical Outlook
Last week, Bank Nifty Mar Futures made a low of 24085and closed at 24310. On weekly basis, Bank nifty
breaches the major support level of 24500 and moves below these important support levels with negative RSI.
It’s also sustaining below the important technical indicators like 20Days & 50Days SMA and technically for this
week, we can further expect downside movement in it.
WEEKLY STRATEGY
PERTICULAR TARGET
Action SELL
Entry Price Below 24275
Target 23975/23675
Stop Loss 24475
WEEKLY PIVOTS
PARTICULAR LEVELS
R4 27493.25
R3 26493.95
R2 25494.65
R1 24905.00
PP 24495.35
S1 23905.70
S2 23496.05For this week, traders can adopt sell on higher levels strategy in it and below the level of Rs.24275, it can test
the level of Rs.23975/ 23675 during the week. Trades can make sell position in it by maintaining a Stop Loss of
Rs.24475.
S3 22496.75
S4 21497.45

HEXAWARE ( Call of the Week Cash)
Technical Outlook
HEXAWARE started the week on positive note on Monday but was unable to continue its bullish run in next
trading session .In mid of the week stock again started to show strength which lead to close the week on
positive note. It is trading firmly above its important moving averages 21, 50 and 100 (EMA) which is confirming
that stock is in bullish trend. On chart stock has showed a good consolidation on higher levels.
WEEKLY STRATEGY
PERTICULAR DETAILS
ACTION Buy
ENTRY PRICE Above 367.60
TARGET 379.50
STOP LOSS 360.60
WEEKLY PIVOTS
PARTICULAR LEVELS
R4 412.40
R3 392.45
R2 372.50
R1 365.30
PP 352.55
S1 345.35
For this week, traders can adopt buy on lower level strategy in it and above the level of 367.60 it can test the
level of Rs. 379.50 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 360.60.
S2 332.60
S3 312.65
S4 292.70

TV18BRDCST ( Call of the Week Cash)
Technical Outlook
Technically TV18BRDCST is looking bullish on the chart. Last week stock started the trading with some sideways
movement as it was trading in a range of 59-62 for most the week. In last trading session stock showed good
positive move and given closing in positive note. Stock has crossed its major resistance levels of 62 and trading
above this levels .On intraday charts Technical indicator moving averages is also indicating buying in the stock.
WEEKLY STRATEGY
PARTICULAR TARGET
ACTION Buy
ENTRY PRICE Above 64
TARGET 67.00
Buy 61.90
WEEKLY PIVOTS
PARTICULAR LEVELS
R4 75.15
R3 70.80
R2 66.45
R1 64.70
PP 62.1
S1 60.35
For this week, traders can adopt buy on lower level strategy in it and above the level of 64 it can test the level of
Rs. 67 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs. 61.70.
S2 57.75
S3 53.40
S4 49.05

EXIDEIND ( Call of the Week Future )
Technical Outlook
Last week Exideind Mar Futures started the week in negative note and after that traded higher for the entire
week. It also broke the major resistance level of 210 during the week and able to give closing above this
resistance level. It still sustaining on higher level with oversold RSI & positive bias and for this week we can
expect further upside movement in it.
WEEKLY STRATEGY
PARTICULAR TARGET
ACTION BUY
ENTRY PRICE ABOVE 214.50
TARGET 218.50
STOP LOSS 212.50
WEEKLY PIVOTS
PARTICULAR LEVELS
R4 238.70
R3 228.60
R2 218.50
R1 214.30
PP 208.4
S1 204.20
For this week traders can adopt buy on lower level strategy in it and above the level of 214.50 it can test the
level of 218.50. One can make buy position in it by maintaining a SL of 212.50.
S2 198.30
S3 188.20
S4 178.10

Monday, March 12, 2018Copyright © 2018 Ways2Capital. All rights reserved15
YESBANK ( Call of the Week Future)
Technical Outlook
Last week, Yes bank started the week in negative note and moved in negative trend. For the entire week, it
breaches major support levels of 300 but was unable to give closing below it. For this week, we can expect
downside movement in the stock.
WEEKLY STRATEGY
PARTICULAR TARGET
ACTION SELL
ENTRY PRICE Below 302
TARGET 290.00
SL 306.00
WEEKLY PIVOTS
PARTICULAR LEVELS
R4 398.90
R3 368.45
R2 338.00
R1 320.80
PP 307.55
S1 290.35
For this week traders can adopt sell on higher level strategy in it and below the level of 302 it can test the level of
295 on the downside. One can make sell position in it by maintaining a SL of 306.
S2 277.10
S3 246.65
S4 216.20

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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.
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।

LEGAL DISCLAIMER
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 भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कं ऩनी भें र्कोई ववत्तीम रुचि नह ं है औय न ह इस तयह र्की ववत्तीम हहत र्की प्रर्कृ 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,
(फ) हाई ब्रो भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कं ऩनी र्की प्रनतबूनतमों भें एर्क प्रनतशत मा उससे अचधर्क र्के वास्तववर्क / पामदेभंद स्वालभत्व नह ं 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 भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोचगमों र्को अनुसंधान रयऩोटट र्के प्रर्काशन र्के सभम मा सावटजननर्क रूऩ से उऩस्स्थत होने र्के सभम र्कोई अन्म बौनतर्क संघषट नह ं है|
DISCLOSURE IN TERMS OF COMPENSATION: ऺनतऩूनताके 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: सावाजननकप्रकटन 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 रयऩोटट र्के ववतयण र्की नतचथ से ऩूवट फायह भह नों र्के दौयान ववषम र्कं ऩनी अफ मा र्कबी बी ग्राहर्क नह ं यह 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 भार्के ट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटेड मा उसर्के सहमोगीमों ने ववषम र्कं ऩनी र्के अचधर्काय , ननदेशर्क मा र्कभटिाय र्के रूऩ भें र्कबी बी र्काभ

Equity Research Report 12 March 2018 Ways2Capital

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