equity research report 16 january 2018 ways2capital

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Market Wrap-Up

MAJOR INDICES

INDEX CLOSING (As on 5th Jan 18)

CLOSING (As on 29th Dec 17)

Weekly Change (in %)

Nifty 50 10681.25 10558.85 1.16%

Nifty 100 11159.1 11051.25 0.98%

Nifty 200 5909.2 5855.3 0.92%

Nifty 500 9665.2 9573.45 0.96%

Nifty Auto 11908.4 11929.6 -0.18%

Nifty Bank 25749.05 25601.85 0.57%

Nifty Financial Services 10531.55 10473.25 0.56%

Nifty FMCG 27196.65 26914.3 1.05%

Nifty IT 12099.15 11633.55 4.00%

Nifty Media 3592.1 3529.55 1.77%

Nifty Metal 4189.5 4130.4 1.43%

Nifty Pharma 9741.85 9701.05 0.42%

Nifty PSU Bank 3639.1 3694.7 -1.50%

Nifty Realty 366.8 347.3 5.61%

India VIX 13.73 13.11 4.73%

Nifty Private Bank 14368.2 14234.2 0.94%

CURRENCY MARKET UPDATE

Currency Pair Current Closing

Previous Closing


USDINR 63.61 63.34 0.43%

GBPINR 87.334 85.956 1.60%

EURINR 77.5215 76.198 1.74%

JPYINR 0.5724 0.5602 2.18%

EURUSD 1.2223 1.203 1.60%

GBPUSD 1.3729 1.3571 1.16%

Dollar Index 90.73 91.67 -1.03%

COMMODITY MARKET UPDATE

Commodity Current Closing

Previous Closing


Gold COMEX 1334.90 1320.20 1.11%

Gold MCX 29547.00 29217.00 1.13%

Crude Oil NYMEX 64.30 61.56 4.45%

Crude Oil MCX 4065.00 3887.00 4.58%

Brent Oil NYMEX 69.87 67.72 3.17%

Copper MCX 453.05 452.50 0.12%

Natural Gas MCX 204.00 177.10 15.19%


Market at a Glance

NIFTY50 WEEKLY GAINERS

SCRIP CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY CHANGE (in %)

COAL INDIA 308.75 278 11.06%

YESBANK 1,078.65 1,014.25 6.35%

TATA STEEL 550.05 524.95 4.78%

L & T 320 310.05 3.21%

ADANI PORT 926.75 899.5 3.03%

NIFTY50 WEEKLY LOSERS

SCRIP CURRENT CLOSING

PREVIOUS CLOSING

WEEKLY CHANGE (in %)

BHARTIARTL 508.4 539.9 -5.83%

BAJAJ-AUTO 3,175.00 3,280.00 -3.20%

BAJFINANCE 1,764.20 1,818.00 -2.96%

HINDALCO 268.45 276.15 -2.79%

NTPC 172.5 177.25 -2.68%

-1.18%

-0.38%

0.00% 0.03% 0.03%

0.69% 0.96% 1.11%

1.42% 1.45%

2.06%

-1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5%

% C

han

ge

Indices

World's Major Indices Weekly Movement

-206.3

522.9 600.24 770.02 696.25 692.83

-303.94

-572.26 -623.63

-258.16

0.61%

0.13%

-0.05%

0.18% 0.28%

-0.20%

0.00%

0.20%

0.40%

0.60%

0.80%

-1000

-500

0

500

1000

08-Jan-18 09-Jan-18 10-Jan-18 11-Jan-18 12-Jan-18

Nif

ty %

Ch

ange

Val

ue

In R

s. C

rore

s

FII & DII Net vs Nifty

DII Net FII Net


Economic Calendar

UPCOMING ECONOMIC EVENT CALENDER

Time Currency Event Forecast Previous

Monday, January 15, 2018

12:00 INR WPI Inflation (YoY) (Dec) 4.00% 3.93%

15:30 EUR Trade Balance (Nov) 22.4B 18.9B

Tuesday, January 16, 2018

15:00 GBP CPI (MoM) (Dec) 0.40% 0.30%

15:00 GBP PPI Input (MoM) (Dec) 0.40% 1.80%

Wednesday, January 17, 2018

15:30 EUR Core CPI (YoY) (Dec) - 0.90%

15:30 EUR CPI (MoM) (Dec) 0.40% 0.10%

19:45 USD Industrial Production (MoM) (Dec) 0.50% 0.20%

Thursday, January 18, 2018

7:30 CNY GDP (QoQ) (Q4) 1.60% 1.70%

7:30 CNY GDP (YoY) (Q4) 6.70% 6.80%

7:30 CNY Industrial Production (YoY) (Dec) 6.00% 6.10%

19:00 USD Building Permits (Dec) 1.300M 1.303M

19:00 USD Initial Jobless Claims 250K 261K

19:00 USD Philadelphia Fed Manufacturing Index (Jan) 25 27.9

21:30 USD Crude Oil Inventories -3.890M -4.948M

Friday, January 19, 2018

15:00 GBP Core Retail Sales (MoM) (Dec) -0.80% 1.20%

15:00 GBP Retail Sales (MoM) (Dec) -0.60% 1.10%


Weekly Pivots

NIFTY 50 WEEKLY PIVOTS (CASH SEGMENT)

SCRIP NAME R4 R3 R2 R1 PP S1 S2 S3 S4

ADANIPORTS 478.80 459.70 440.60 431.40 421.47 412.25 402.35 383.25 364.15

AMBUJACEM 307.00 295.35 283.70 276.35 272.02 264.65 260.35 248.70 237.05

ASIANPAINT 1266.85 1239.65 1212.45 1200.50 1185.25 1173.30 1158.05 1130.85 1103.65

AUROPHARMA 728.50 709.80 691.10 679.50 672.40 660.80 653.70 635.00 616.30

AXISBANK 622.20 601.70 581.20 568.85 560.67 548.30 540.15 519.65 499.15

BAJAJ-AUTO 3641.35 3496.90 3352.45 3263.75 3207.98 3119.25 3063.50 2919.05 2774.60

BAJFINANCE 2061.70 1969.85 1878.00 1821.10 1786.12 1729.20 1694.25 1602.40 1510.55

BHARTIARTL 608.10 577.15 546.20 527.30 515.25 496.35 484.30 453.35 422.40

BOSCHLTD 21320.55 20827.40 20334.25 20032.15 19841.08 19538.95 19347.90 18854.75 18361.60

BPCL 534.50 520.65 506.80 498.20 492.92 484.30 479.05 465.20 451.35

CIPLA 687.40 663.00 638.60 625.30 614.20 600.90 589.80 565.40 541.00

COALINDIA 395.60 363.60 331.60 320.20 299.58 288.15 267.55 235.55 203.55

DRREDDY 2753.30 2654.95 2556.60 2502.80 2458.22 2404.40 2359.85 2261.50 2163.15

EICHERMOT 33308.70 31729.20 30149.70 29319.85 28570.17 27740.30 26990.65 25411.15 23831.65

GAIL 542.25 528.10 513.95 507.10 499.80 492.95 485.65 471.50 457.35

HCLTECH 1042.25 999.25 956.25 941.50 913.25 898.50 870.25 827.25 784.25

Continued .......


Weekly Pivots

NIFTY50 WEEKLY PIVOTS (CASH SEGMENT)


HDFC 1877.70 1833.95 1790.20 1771.65 1746.42 1727.85 1702.65 1658.90 1615.15

HDFCBANK 1935.50 1912.35 1889.20 1877.10 1866.05 1853.95 1842.90 1819.75 1796.60

HEROMOTOCO 4174.10 4019.90 3865.70 3772.40 3711.50 3618.20 3557.30 3403.10 3248.90

HINDALCO 308.75 296.30 283.85 276.15 271.37 263.65 258.90 246.45 234.00

HINDPETRO 470.00 454.25 438.50 432.25 422.75 416.50 407.00 391.25 375.50

HINDUNILVR 1475.65 1439.85 1404.05 1387.85 1368.22 1352.00 1332.40 1296.60 1260.80

IBULHSGFIN 1375.35 1324.35 1273.35 1250.70 1222.33 1199.65 1171.30 1120.30 1069.30

ICICIBANK 345.65 335.40 325.15 321.20 314.87 310.90 304.60 294.35 284.10

INDUSINDBK 1913.85 1846.85 1779.85 1740.70 1712.83 1673.65 1645.80 1578.80 1511.80

INFRATEL 411.10 398.05 385.00 379.95 371.92 366.85 358.85 345.80 332.75

INFY 1259.10 1193.25 1127.40 1103.05 1061.53 1037.15 995.65 929.80 863.95

IOC 422.60 411.60 400.60 394.70 389.58 383.65 378.55 367.55 356.55

ITC 300.40 289.65 278.90 273.05 268.13 262.25 257.35 246.60 235.85

KOTAKBANK 1102.85 1072.95 1043.05 1030.30 1013.13 1000.35 983.20 953.30 923.40

LT 1437.20 1401.00 1364.80 1347.40 1328.57 1311.15 1292.35 1256.15 1219.95

LUPIN 1015.50 983.50 951.50 933.95 919.47 901.90 887.45 855.45 823.45

Continued .......


Weekly Pivots

NIFTY50 WEEKLY PIVOTS (CASH SEGMENT)


M&M 809.45 794.15 778.85 772.85 763.52 757.50 748.20 732.90 717.60

MARUTI 9960.95 9781.85 9602.75 9531.40 9423.63 9352.25 9244.50 9065.40 8886.30

NTPC 194.40 187.70 181.00 176.75 174.27 170.00 167.55 160.85 154.15

ONGC 215.85 210.40 204.95 202.50 199.50 197.05 194.05 188.60 183.15

POWERGRID 221.05 213.50 205.95 201.10 198.38 193.50 190.80 183.25 175.70

RELIANCE 1028.90 999.60 970.30 958.45 940.97 929.10 911.65 882.35 853.05

SBIN 332.50 323.00 313.50 308.00 304.00 298.50 294.50 285.00 275.50

SUNPHARMA 663.90 638.90 613.90 598.15 588.87 573.10 563.85 538.85 513.85

TATAMOTORS 473.55 461.35 449.15 442.60 436.93 430.35 424.70 412.50 400.30

TATASTEEL 832.10 811.30 790.50 779.30 769.67 758.45 748.85 728.05 707.25

TCS 3192.20 3046.85 2901.50 2835.70 2756.12 2690.30 2610.75 2465.40 2320.05

TECHM 647.65 612.50 577.35 563.70 542.20 528.55 507.05 471.90 436.75

ULTRACEMCO 4794.20 4667.80 4541.40 4478.35 4414.97 4351.90 4288.55 4162.15 4035.75

UPL 857.20 831.25 805.30 790.65 779.35 764.70 753.40 727.45 701.50

VEDL 374.35 362.20 350.05 344.45 337.88 332.25 325.70 313.55 301.40

WIPRO 382.45 361.00 339.55 329.80 318.08 308.30 296.60 275.15 253.70

YESBANK 388.90 371.75 354.60 347.35 337.43 330.15 320.25 303.10 285.95

ZEEL 655.70 634.05 612.40 604.10 590.73 582.40 569.05 547.40 525.75


Open Interest & Price Analysis

LONG BUILD-UP NIFTY OPTIONS OPEN INTEREST ANALYSIS

Scrip Change in OI

(in %) Change in Price

(in%)

Analysis :

Analysis: As per the analysis of above chart.

Major Resistance Level: 10700 & 11000. Major Support Levels:- 10500 & 10400 followed by 10000.

ZEEL 110.01% 0.97%

CHOLAFIN 65.41% 0.09%

IDFCBANK 29.18% 16.13%

CAPF 28.50% 15.36%

ICICIBANK 27.07% 1.85%

SHORT BUILD-UP

LONG UNWINDING

Scrip Change in OI


(in%)

Scrip Change in OI


(in%)

NMDC 56.74% -1.95% RCOM -17.80% -7.91%

BALKRISIND 51.12% -4.45% JETAIRWAYS -12.29% -5.09%

MUTHOOTFIN 48.54% -4.36% FORTIS -8.84% -11.23%

SHREECEM 43.40% -0.62% RELCAPITAL -7.36% -2.95%

CUMMINSIND 43.38% -1.90% MANAPPURAM -7.52% -0.21%

0 50 100

10100

10200

10300

10400

10500

10600

10700

10800

10900

11000

11100

Open Interest (in Lakhs)

Nif

ty L

eve

l

Put OI Call OI

SHORT COVERING

Scrip Change in OI


(in%)

UBL -28.37% 0.32%

ARVIND -27.58% 3.98%

JINDALSTEL -15.22% 10.39%

CGPOWER -14.03% 5.15%

GRASIM -12.76% 0.86%


Nifty Analysis

Fundamental Outlook Last week, equity benchmark index Nifty Jan futures consolidated on higher levels with the positive bias for the

entire week and made a new life time high of 10695. Fundamentally Nifty is still looking bullish due to

continuous positive trends from FII & DII and on the expectation of positive outcomes of economic reforms

taken by centre govt last year.

Nifty traded with a PE Ratio range of 27.16 – 27.28 during the week and sustaining in this range from the last

couple of months. FII & DII activity witnessed almost positive trend for the entire week & provided support to

benchmark index to sustain on the higher levels.

On Macroeconomic front; data like Industrial Production, Manufacturing Production & CPI released last week

which further provided support Nifty to sustain on high level due to positive outcome.

For this week, economic data like inflation, Trade Balance and export/ import coupled with the FII & DII activity

will provide further direction to the market.

Technical Outlook

Last week, Nifty Jan Futures started the week on positive note and continued the same for the entire week.

It made a high of 10695 during the week and closed at 10868.35 with the marginal gain of 1.07% on weekly

basis.

WEEKLY PIVOTS

PARTICULAR

LEVELS

R4 10954.50

R3 10856.10

R2 10757.70

R1 10722.00

PP 10659.3

P1 10623.60

P2 10560.90

P3 10462.50

P4 10364.10

Continued …....


Nifty Analysis

Technical Outlook It’s consolidated below the important resistance level of 10700 for the entire week with the oversold RSI and

above 200Days & 50Days SMA. Last week we, saw that market has broken its 10700 resistance area with higher

volume and open interest indicating building of long positions in it. Technically for this week, we can go for

buying in it from the lower levels.

WEEKLY STRATEGY

PERTICULAR TARGET

ACTION Buy

ENTRY PRICE Above 10700

TARGET 10850/ 10900

STOP LOSS 10598

TECHNICAL INDICATOR

ANALYSIS

INDICATOR CURRENT

TREND

20 Days EMA POSITIVE



RSI POSITIVE

MACD POSITIVE

STOCHASTIC POSITIVE

For this week, traders can adopt buy on lower levels strategy in it and above the level of Rs.10700 it can test the

level of Rs.10850/ 10900 during the week. Trades can make buy position in it by maintaining a SL of 10598 in it.

Continued …....


Bank Nifty Analysis

Technical Outlook

Last week, Bank Nifty Jan Futures made a high of 25729.90 and closed at 25743.40 with the marginal gain of 0.42%

on weekly basis. It’s consolidating below the important psychological resistance level 26000 from last 1 month

with positive RSI. It’s also sustaining above the import technical indicators like 200Days & 50Days SMA and

technically for this week, we can further expect upside movement in it.

WEEKLY STRATEGY

PERTICULAR TARGET

ACTION Buy


TARGET 26000/ 26200

STOP LOSS 25595

WEEKLY PIVOTS

PARTICULAR LEVELS

R4 26380.80

R3 26150.90

R2 25921.00

R1 25832.20

PP 25691.10

P1 25602.30

P2 25461.20 For this week, traders can adopt buy on lower levels strategy in it and above the level of Rs.25800 it can test the

level of Rs.26000/ 26200 during the week. Trades can make buy position in it by maintaining a Stop Loss of

Rs.25592 in it.

P3 25231.30

P4 25001.40


IBULHSGFIN ( Call of the Week Futures)

Technical Outlook

Indiabull Housing Finance consolidating in a tight range from last two months and trading above its 200days

Moving Average. Last week, it tasted the major resistance level of Rs. 1251 on the upside but was unable to

break it. Technically Indiabull Housing Finance is in short term consolidation trend with the positive RSI and for

this week, we can go for buy in it on lower levels.

WEEKLY STRATEGY

PERTICULAR DETAILS

ACTION Buy


TARGET 1276

STOP LOSS 1235.9

WEEKLY PIVOTS

PARTICULAR LEVELS

R4 1386.50

R3 1333.50

R2 1280.50

R1 1257.00

PP 1227.5

P1 1204.00

For this week, traders can adopt buy on lower levels strategy in it and above the level of Rs.1251 it can test the

level of Rs.1276 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.1235.90

P2 1174.50

P3 1121.50

P4 1068.50


ASIANPAINT ( Call of the Week Futures)

Technical Outlook

Last week ASIANPAINT traded positive for the most part of the week and closed at 1189.15 with the marginal

weekly gain of 0.21% on weekly basis. It almost witnessed 6% gain in last one month & currently consolidating

above the trend line breakout. Asianpaint is in short-term bullish trend and sustaining below the major

psychological resistance level of Rs.1200. For this week, we can go for buy on lower level strategy in it.

WEEKLY STRATEGY

PARTICULAR TARGET

ACTION Buy


TARGET 1219.9

STOP LOSS 1189.8

WEEKLY PIVOTS

PARTICULAR LEVELS

R4 1268.90

R3 1241.45

R2 1214.00

R1 1201.55

PP 1186.55

P1 1174.10

For this week, traders can adopt buy on lower levels strategy in it and above the level of Rs.1200 it can test

the level of Rs.1219.90 during the week. Trades can make buy position in it by maintaining a Stop Loss of

Rs.1189.90

P2 1159.10

P3 1131.65

P4 1104.20


DELTACORP ( Call of the Week Cash )

Technical Outlook

Last week DELTACORP started the week on negative note and after that traded higher for the entire week. It

broke the major resistance level of Rs.324 during the week but was unable to sustain above it and closed at

Rs.319.85 with the overall gain of 5.42% on weekly basis. Technically it’s still sustaining on higher levels with

oversold RSI & positive bias and for this week we can expect further upside movement in it.

WEEKLY STRATEGY

PARTICULAR TARGET

ACTION Buy


TARGET 340

STOP LOSS 317.5

WEEKLY PIVOTS

PARTICULAR LEVELS

R4 393.15

R3 366.80

R2 340.45

R1 330.15

PP 314.1

P1 303.80

For this week, traders can adopt buy on lower levels strategy in it and above the level of Rs.325.00 it can test the level of Rs.340.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of Rs.317.50 in it.

P2 287.75

P3 267.40

P4 235.05


KOLTEPATIL ( Call of the Week Cash)

Technical Outlook

Last week KOLTEPATIL started the week on negative note and after that traded higher for the entire week. It

tasted the major resistance level of Rs.404.80 during the week but was unable to break it and closed at

Rs.383.00 with the overall gain of 2.76% on weekly basis. Technically it’s still sustaining on higher levels with

oversold RSI & positive bias and for this week we can expect further upside movement in it.

WEEKLY STRATEGY

PARTICULAR TARGET

ACTION Buy


TARGET 415

STOP LOSS 382.9

WEEKLY PIVOTS

PARTICULAR LEVELS

R4 498.25

R3 460.45

R2 422.65

R1 402.80

PP 384.85

P1 365.00

For this week, traders can adopt buy on lower levels strategy in it and above the level of Rs.393.00 it can test

the level of Rs.415.00 during the week. Trades can make buy position in it by maintaining a Stop Loss of

Rs.382.90 in it.

P2 347.05

P3 309.25

P4 271.45


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वाले लोगों र्को अपनी पसदं रे्क उत्पाद सेवाओं र्को चुनने र्का अधधर्कार है|

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इक्ववटी / र्कमोडडटी बाजार में र्कोई भी ननवेश जोखखम रे्क अधीन होता है, रं्कपनी इन सझुावों पर कर्कए गए कर्कसी भी नुर्कसान रे्क ललए उत्तरदायी नहीं होगी | यह स्तर भववष्य रे्क र्कीमतों र्की गनत र्का सरें्कत नही ंदेते है| वेबसाइट रे्क माध्यम से कर्कसी भी ब्राउक्ज़ंग र्का अर्ा है

अस्वीर्करण र्की स्वीरृ्कनत।

DISCLOSURE (प्रकटीकरण) : High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with companies covered in research report nor is associated in any manner with any issuer of products/ securities, this ensures that there is no actual 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 मारे्कट अनुसधंान ननवेश सलाहर्कार प्राइवेट लललमटेड या उसरे्क सहयोगी रं्कपननयां अनुसधंान ररपोटा में शालमल रं्कपननयों रे्क सार् र्कारोबार नहीं र्करती हैं और न ही कर्कसी भी तरह रे्क उत्पादों / प्रनतभनूतयों रे्क जारीर्कताा रे्क सार् जडुी हैं, जो यह सनुनक्श्चत र्करता है कर्क टहतों रे्क ललए र्कोई वास्तववर्क या सभंाववत सघंषा नहीं है | ननयामर्क ननर्काय रे्क अनुपालन र्को सनुनक्श्चत र्करने रे्क ललए हमने यह तय कर्कया है कर्क रं्कपनी और उसरे्क र्कोई भी प्रनतननधध बाज़ार में टे्रड नहीं र्करेंगे।

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.

ग्राहर्कों र्को यह सलाह दी जाती है कर्क वे ररपोटा में दी गई जानर्कारी र्को रे्कवल राय रे्क रूप में देखें और ननवेश रे्क ललए स्वयं फैसला र्करें | ग्राहर्कों र्को वेबसाइट पर प्रर्कालशत सेवाओं रे्क ननयमों और शतों र्को पढ़ने और समझने र्की भी सलाह दी जाती है | रं्कपनी रे्क ननगमन रे्क बाद

ननयामर्क ननर्काय द्वारारं्कपनी रे्क खखलाफ र्कोई मरु्कदमा (याधचर्का) दायर नहीं कर्कया गया है।

Disclaimer


DISCLOSURE APPENDIX (प्रकटीकरण पररशिष्ट ) :

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 ववश्लेषर्कों द्वारा तैयार र्की गयी है जो द्वारा हाई ब्रो मारे्कट अनुसधंान ननवेश सलाहर्कार प्राइवेट लललमटेड द्वारा ननयुवत हैं | इस ररपोटा में व्यवत सभी ववचार रं्कपनी रे्क बारे में व्यक्वतगत ववचारों र्को दशााता है और रं्कपननयों और उनर्की प्रनतभनूतयां और क्षनतपनूता (मआुवजे)

र्का र्कोई टहस्सा, या इस शोध ररपोटा में ननटहत ववशेष सझुावों या ववचारों से प्रत्यक्ष या अप्रत्यक्ष रूप से सबंधंधत नहीं होगा। DISCLOSURE IN TERMS OF CONFLICT OF INTEREST: हितों के संघर्ष 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) औ | (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) ए / | (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) |

DISCLOSURE IN TERMS OF COMPENSATION: क्षततपतूत ष के संदर्ष 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 मारे्कट अनुसधंान ननवेश सलाहर्कार प्राइवेट लललमटेड र्की पॉललसी अपने ववश्लेषर्कों, पेशेवरों र्को ववश्लेषर्क रे्क क्षेत्र में कर्कसी भी रं्कपनी र्की प्रनतभनूतयों रे्क स्वामी से ववश्लेषर्कों र्को ररपोटा र्करने से रोर्कती है। ववश्लेषर्क क्षनतपनूता : ववश्लेषर्क हाई ब्रो मारे्कट अनुसधंान ननवेश सलाहर्कार प्राइवेट लललमटेड रे्क वेतन आधाररत स्र्ायी र्कमाचारी है | DISCLOSURE IN TERMS OF PUBLIC APPEARANCE: सावषजतनक 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 मारे्कट अनुसधंान ननवेश सलाहर्कार प्राइवेट लललमटेड या उसरे्क सहयोगीयों ने वपिले 12 महीनों में ववषय रं्कपनी से र्कोई मआुवजा प्राप्त नहीं कर्कया 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)

(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company;

( ) ,

equity research report 16 january 2018 ways2capital

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