HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Market Wrap-Up
MCX Market Wrap-up
Previous Change in Change in OI Change in Vol-
Commodity Contract Open High Low Close
Close Price (in %) (in %) ume (in %)
Aluminium 31-Jan-18 139.20 139.35 141.45 136.6 141 1.29% -0.15% 0.87%
Copper 28-Feb-18 452.50 452.75 461.4 452 453.05 0.12% -8.44% -20.53%
Crude Oil 19-Jan-18 3887.00 3900 4123 3892 4065 4.58% 9.78% 17.89%
Gold 5-Feb-18 29217.00 29193 29580 29121 29547 1.13% 10.19% 42.17%
Lead 31-Jan-18 161.90 162.4 165.9 160.4 161.6 -0.19% 9.66% 1.28%
Natural Gas 25-Jan-18 177.10 178.8 205.3 177.4 204 15.19% -47.73% 39.12%
Nickel 31-Jan-18 794.30 790.4 837.9 782.6 803.7 1.18% 8.37% 6.24%
Silver 5-Mar-18 39253.00 39245 39300 38666 39063 -0.48% 6.72% 0.74%
Zinc 31-Jan-18 213.80 213.4 217.85 212.6 217.6 1.78% 29.31% 11.28%

NCDEX Market Wrap-up

Previous Change in Change in Change in Vol-
Commodity Contract Open High Low Close
Close Price (in %) OI (in %) ume (in %)
Castor Seed 20-Feb-18 4347 4332 4339 4045 4120 -5.22% -7.62% -28.74%
Chana 20-Mar-18 3828 3795 3879 3774 3817 -0.29% -0.31% 32.21%
Dhaniya 20-Apr-18 6041 6050 6320 6009 6087 0.76% -28.37% -66.08%
Cottonseed
20-Feb-18 1796 1786 1816.5 1753 1790 -0.33% -2.55% 100.92%
Oil Cake
Guargum5 20-Feb-18 9540 9549 9831 9382 9465 -0.79% -79.92% 49.24%
Guarseed10 20-Feb-18 4333 4318 4470 4311 4354 0.48% -3.59% -82.95%
Jeera 20-Mar-18 17330 17235 17580 16755 16860 -2.71% -3.89% -68.20%
Kapas 30-Apr-18 985.5 985.5 1029 963.5 1022 3.70% -20.18% 35.42%
RMseed 20-Apr-18 4143 4160 4162 4025 4066 -1.86% -24.99% 46.82%
Ref Soya Oil 20-Feb-18 742.35 741.9 747 738.05 740.05 -0.31% 4.67% -9.67%
Soyabean 20-Feb-18 3217 3231 3304 3225 3233 0.50% -2.15% 73.47%
Turmeric 20-Apr-18 7540 7528 7778 7382 7620 1.06% -1.92% 0.00%
Mentha Oil 31-Jan-18 1671.8 1673.9 1677.7 1592.5 1657.4 -0.86% 0.00% -3.93%

Currency Market Wrap-up

Change in Price
Currency Pair Contract Previous Close Open High Low Close
(in %)

29-Jan-18 63.5175 63.4475 63.9775 63.3800 63.725 0.33% 29-Jan-18

29-Jan-18 86.0700 86.1600 86.9000 86.0500 86.835 0.89% 29-Jan-18
29-Jan-18 76.8325 77.5750 78.0900 77.4450 77.98 1.49% 29-Jan-18
29-Jan-18 56.1650 56.1425 57.4250 56.0725 57.4025 2.20% 29-Jan-18

Continued…….
2 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018
Market Wrap-Up
International Market Wrap-up
Previous Change in Price
Commodity Exchange Open High Low Close
Close (in %)
Aluminium LME 2202.5 2201 2229.75 2149.5 2221 0.84%
Copper COMEX 3.232 3.205 3.227 3.193 3.2 -0.99%
Crude Oil NYMEX 61.56 61.61 64.77 61.34 64.3 4.45%
Gold COMEX 1320.2 1321.8 1340 1308.9 1334.9 1.11%
Lead LME 2553.25 2551.5 2607.25 2516.75 2540 -0.52%
Natural Gas NYMEX 2.787 2.812 3.224 2.784 3.2 14.82%
Nickel LME 12547.5 12542.5 13192.5 12350 12662.5 0.92%
Silver COMEX 17.26 17.28 17.3 16.89 17.24 -0.12%
Zinc LME 3358.28 3352.5 3407.5 3318 3390.5 0.96%

MCX Gainers & Losers

20%
15.19%
15%
% Change in price

10%
4.58%
5% 1.78% 1.29% 1.18% 1.13% 0.12% -0.48%
-0.19%
0%

-5%

Commodity

6%
NCDEX Gainers & Losers
3.70%
4%
% Change in price

2% 1.06% 0.76% 0.50% 0.48%

-0.33% -0.79% -0.86%
0% -0.29% -0.31%

-2%
-1.86%
-4%
-2.71%
-6% -5.22%
Commodity

3 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Inventory Updates

LME Inventory Update

Commodity Closing (As on 12th Jan 18) in Tonnes Closing (As on 05th Jan 18) in Tonnes % Change

Copper 201650 200150 0.75%

Nickel 368292 365934 0.64%

Lead 142575 142075 0.35%

Zinc 180175 180575 -0.22%

Aluminium 1088325 1101325 -1.18%

LME Inventory vs Price Movement

2% 1.78%

2% 1.29%
1.18%
0.75%
1% 0.64%
Change in %

1% 0.35%
0.12%
0%

-1% -0.19%
-0.22%
-1%
-1.18%
-2%
% Change LME Inventory % Change in Price

SPDR Gold Holding

850
845 848.11
Holding in Tonnes

840 844.29
842.81
835
837.5 837.5
830 834.86
825 828.96
820
815

Continued…….

4 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Inventory Updates

0
Crude Oil Inventory vs Price Analysis 4100
Chane in Inventory (in Million)

-1 4000
3921 4036
-2 3900
3820

Closing Price
-3
3800
-4 3716 -4.9
3656
-5.6 3700
-5 3637
-5.1 -4.6 3600
-6
-7 3500
-6.5
-8 -7.4 3400

Inventory Change Price

Natural Gas Inventory vs Price Analysis

50 2 250
220
Change in Inventory (in Billion)

0 210
-69 185.2 195.4 200
-50 -112
200

Closing Price
-100
-182 150
-150 -206
-200 130 100
-250
-300 -359 50
-350
-400 0

Inventory Change Price

5 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Market Next Week

Upcoming Economic Events Calender

Time Curreny Event Forecast Previous

Monday, January 15, 2018

All Day USD HolidayUnited States - Martin Luther King, Jr. Day
Tuesday, January 16, 2018
4:30 GBP CPI (MoM) (Dec) 0.40% 0.30%
4:30 GBP CPI (YoY) (Dec) 3.00% 3.10%
4:30 GBP PPI Input (MoM) (Dec) 0.40% 1.80%
8:30 USD NY Empire State Manufacturing Index (Jan) 18.5 18
Wednesday, January 17, 2018
9:15 USD Industrial Production (MoM) (Dec) 0.30% 0.20%
14:00 USD Beige Book
16:00 USD TIC Net Long-Term Transactions (Nov) 23.2B
16:30 USD FOMC Member Mester Speaks
19:01 GBP RICS House Price Balance (Dec) 1%
21:00 CNY Fixed Asset Investment (YoY) (Dec) 7.10% 7.20%
21:00 CNY GDP (QoQ) (Q4) 1.60% 1.70%
21:00 CNY GDP (YoY) (Q4) 6.70% 6.80%
21:00 CNY Industrial Production (YoY) (Dec) 6.00% 6.10%
Thursday, January 18, 2018
8:30 USD Building Permits (MoM) (Dec) -1.00%
8:30 USD Building Permits (Dec) 1.305M 1.303M
8:30 USD Housing Starts (MoM) (Dec) 3.30%
Friday, January 19, 2018
4:30 GBP Core Retail Sales (YoY) (Dec) 2.90% 1.50%
4:30 GBP Core Retail Sales (MoM) (Dec) -0.80% 1.20%
4:30 GBP Retail Sales (MoM) (Dec) -0.60% 1.10%
4:30 GBP Retail Sales (YoY) (Dec) 3.10% 1.60%
10:00 USD Michigan Consumer Expectations (Jan) 90.6 84.3
10:00 USD Michigan Consumer Sentiment (Jan) 97 95.9

Currency Weekly Pivots

Currency Pair Contract R3 R2 R1 PP S1 S2 S3

USDINR 29-Jan-18 64.9000 64.3000 64.0000 63.7000 63.4000 63.1000 62.5000

GBPINR 29-Jan-18 88.3000 87.4500 87.1500 86.6000 86.3000 85.7500 84.9000
EURINR 29-Jan-18 79.1500 78.5000 78.2500 77.8500 77.6000 77.2000 76.5500
JPYINR 29-Jan-18 59.6500 58.3000 57.8500 56.9500 56.5000 55.6000 54.2500
Continued…….
6 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018
Market Next Week

MCX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3

Aluminium 31-Jan-18 149.40 144.55 142.80 139.70 137.95 134.85 130.00

Copper 28-Feb-18 474.3 464.9 459 455.5 449.6 446.10 436.70

Crude Oil 19-Jan-18 4488.65 4257.65 4161.3 4026.65 3930.3 3795.65 3564.65

Gold 5-Feb-18 30334 29875 29711 29416 29252 28957 28498

Lead 31-Jan-18 173.65 168.15 164.9 162.65 159.4 157.15 151.65

Natural Gas 25-Jan-18 251.35 223.45 213.7 195.55 185.8 167.65 139.75

Nickel 31-Jan-18 918.65 863.35 833.5 808.05 778.2 752.75 697.45

Silver 5-Mar-18 40278 39644 39353 39010 38719 38376 37742

Zinc 31-Jan-18 226.5 221.25 219.4 216 214.15 210.75 205.50

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3
Castor Seed 20-Feb-18 4756 4462 4291 4168 3997 3874 3580
Chana 20-Mar-18 4033 3928 3873 3823 3768 3718 3613
Dhaniya 20-Apr-18 6761 6450 6268 6139 5957 5828 5517
Cottonseed Oil Cake 20-Feb-18 1914 1850 1820 1787 1757 1723 1660
Guargum5 20-Feb-18 10457 10008 9737 9559 9288 9110 8661
Guarseed10 20-Feb-18 4696 4537 4446 4378 4287 4219 4060
Jeera 20-Mar-18 18715 17890 17375 17065 16550 16240 15415
Kapas 30-Apr-18 1136 1070 1046 1005 981 939 874
RMseed 20-Apr-18 4358 4221 4144 4084 4007 3947 3810
Ref Soya Oil 20-Feb-18 760 751 745 742 736 733 724
Soyabean 20-Feb-18 3412 3333 3283 3254 3204 3175 3096
Turmeric 20-Apr-18 8385 7989 7805 7593 7409 7197 6801
Mentha Oil 31-Jan-18 1813 1728 1693 1643 1607 1557 1472

7 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

MCX Fundamentals

BULLION

Gold futures rose to the highest since November 9 2016 in American trade as the
dollar index dipped to September 8 lows following a basket of data from China the
world's largest metals consumer and the US the world's largest economy.Earlier US
data showed US retail sales rose 0.4% m/m in December slowing down sharply
from 0.9% in November revised from 0.8% while analysts expected a 0.5%
increase.Core sales rose 0.4% besting expectations of 0.3% while still sharply down
from November's 1.3% increase, revised from 1%.US consumer prices rose 0.1% in
December in line with expectations slowing down from 0.4% in November.

BASE METALS

Base metas prices are starting to work higher after generally drifting since the start
of the year but overhead tails on daily candlesticks in recent days does suggest
there is overhead selling around to.Nickel and tin have been the two metals that
have held up the best this week with nickel setting a fresh two and half year high at
$ 13,200 per tone. Perhaps continued focus on cobalt scarcity and a pressing need
to use more nickel some long term stratgic investment buying .we remain quietly
bullish for the base metals complex and see the longer term outlook as being
positive and traders may well continue to front run that .we expect dips to remain
well supported as seems to have been the case in recent days.

ENERGY

Oil futures tilted lower in American trade, still hovering near three-year highs,
even as the dollar index declined to the lowest since September 8, following a
basket of data from China, the world's largest energy importer, and the US, the
world's largest energy consumer. On Wednesday, the Energy Information
Administration released its report on US crude stocks, showing a decline of 4.9
million barrels in the week ending January 5, passing expectations of a 3.9M drop,
and adding to the 7.4M drop in the previous reading, with total stocks now
reaching 419.5 million barrels. Gasoline stocks rose 4.1 million barrels, while
distillate stocks, including heating fuel, rose 4.3 million barrels, remaining within
the medium range on average in this time of year. Otherwise, UAE energy minister
Suhail Al Mazroui said in earlier remarks that global demand growth was surprising
last year, while expecting full compliance with the deal to cut output by 1.8 million
bpd in cooperation between OPEC and Russia.

8 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

NCDEX Fundamentals
SPICES

The Turmeric is in long medium short medium term bull phase .Currently
Turmeric is in strong down trend with good momentum but volume is
unsatisfactory The open interest is not increasing with trend . Noting point is
selling at lower levels seems decreasing. The oscillator is showing sell signal
For short term Turmeric is in sell position.NCDEX Mar Jeera fall more than
2.5% last week on expectation that jeera production may be higher in coming
season on reports of higher acreage of cumin in the current season.

OIL & OILSEEDS

Soy bean futures fell nearly one percent in American trade to September 13
lows, as the dollar index dipped for the first time in four sessions, following
earlier data from China, the world's largest soy bean importer, and the US,
the world's largest producer and exporter. As of 08:58 GMT, soy bean
futures due on March 15 shed 0.91% to $9.5500 from the opening of
$9.6375, while the dollar index slipped 0.22% to 92.32 from the opening of
92.53.Mustard Apr futures closed lower last week tracking weak physical
demand. Market is still expecting for some demand side fundamentals as
downside looks limited.

GUAR COMPLEX

Guar futures are expected to trade mixed to higher this week as rally in crude
oil prices is likely to boost up export demand of gum which may help prices to
recover during today’s session. Oil drillers in US are expected to increase their
drilling activities due to expanding profit margin supported by surging crude
oil prices which may push up the export demand of gum from India as gum is
used as major component during hydraulic fracturing technique used in oil
drilling activities.

OTHERS

Overall trend of the Chana is bearish for medium-long term .Currently Chana
is in strong down trend and the trend is supported with good volume The
open interest is not increasing with trend.The oscillator is showing sell signal
For short term Chana is in sell position. Currently Chana is in position Chana
has crossed the high but the trend was not strong and sellers was at high so
for short term better buy above 4270.4 with stop at 3810.0 The oscillator is
showing SELL signal.The Cotton seed oil cake akola is in perfect up trend
.Currently Cotton seed oil cake akola is in strong up trend and the trend is
supported with good volume The open interest is not increasing with trend
.The Cotton seed oil cake akola is now trading in overbought level.

9 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Calls of the Week (MCX)

SILVER
Silver futures rose nearly one percent in American trade away from late-2017 lows for the second session, as the dollar
index plumbed the lowest since September 8, following earlier data from China, the world's largest metals consumer,
and the US. Investors are still interested in Silver. Currently Silver is trading sideways on higher level. Recently market
has been broken its trading channel on upside and sustaining above it. Also RSI sustaining in overbought zone. Trades
can follow the buy on dips strategy.

WEEKLY STRATEGY

Particular Details

ACTION Buy

ENTRY PRICE Above 39900

TARGET 40400

STOP LOSS 37300

NATURALGAS

Natural gas futures fell below $3 on Thursday away from December 4 highs after earlier data from the US the world's
largest energy consumer including the EIA report that showed a lower-than-expected inventory draw down last week.
In domestic market 180 level reacting as a strong support level and getting bounce back from lower level and recently
we seen that market settled above the important level of 200, if market sustain above this level we can expect further
upside rally for the next couple of weeks. The oscillator is showing buy signal. Support for the Natural gas is 190.
Immediate resistance for Natural gas is 210.

WEEKLY STRATEGY

Particular Details

ACTION Buy

ENTRY PRICE Above 203

TARGET 209.90

STOP LOSS 199.50

10 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Calls of the Week (NCDEX)
DHANIYA

NCDEX Dhaniya Apr future continued to trade in the range of 6300-6000 from the last couple of trading week. Price
made the low of 5935 during the week and the high of 6320 and settled at above 6000. On its daily chart market is
resist by the 50 days Moving Average also, forming H&S formation on higher level indicating the bearish trend for short
term basis. We can see pressure on prices from higher level. And we are expecting market can be traded with negative
sentiment.

WEEKLY STRATEGY

Particular Details

ACTION Sell

ENTRY PRICE Below 5930

TARGET 5810

STOP LOSS 5981

SOYABEAN

NCDEX Feb Soy bean fell on Friday as market participants continue its fresh selling by Market participants. However
currently soy bean is trading at 6 month high as supplies have been diminishing slowly in the physical market.
Moreover reports on inventories lower compared to last year. According to SOPA soy bean inventories with farmers
traders and plant owner sat the end of December were at 6.5 mt, down from 8.2 mt a year ago.Soy bean futures are
expected to trade sideways to down due to selling pressure. However, reports of improved demand from the oil mills
and higher incentives for oil meal export improved estimates for meal exports and slow arrivals of soy bean in physical
market will support soy bean prices.

WEEKLY STRATEGY

Particular Details

ACTION Sell

ENTRY PRICE Below 3240

TARGET 3160

STOP LOSS 3290

11 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Calls of the Week (FOREX)
GBPINR

Last week, GBPINR started the week on positive note and continued the same for the entire week. It made a high of
86.9000 during the week and closed at 86.8350 with the overall gain of 0.89% on weekly basis. It’s still sustaining
above the major resistance level of 86.8000 with positive RSI. Technically for this week, we can expect further upside
movement in it above the level of 87.3725 till the levels of 87.8725/ 88.0000. Trades can make buy position in it by
maintaining a Stop Loss of 86.9925

WEEKLY STRATEGY

Particular Details

ACTION Buy

ENTRY PRICE Above

87.3725

TARGET 87.8775

STOP LOSS 86.9925

JPYINR

Last week, JPYINR started the week on positive note and continued the same for the entire week. It made a high of
57.4250 during the week and closed at 57.4025 with the overall gain of 2.20% on weekly basis. It’s still sustaining near
to trend line & 200days Moving average breakout. Technically for this week, we can expect further upside movement
in it and above the level of 57.4550, it can test the level of 57.9725 by the end of the week. Trades can make buy
position in it by maintaining a Stop Loss of 57.0725

WEEKLY STRATEGY

Particular Details

ACTION Buy

ENTRY PRICE Above

57.4550

TARGET 57.9725

STOP LOSS 57.0725

12 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

Disclaimer

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and estimates contained herein are based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed
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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 मार्केट अनस
ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड या उसर्के सहयोगी र्कंपननयां अनस
ु ंधान ररपोटा में शालमल र्कंपननयों र्के सार् र्कारोबार नहीं र्करती हैं और न ही कर्कसी भी

तरह र्के उत्पादों / प्रनतभूनतयों र्के जारीर्कताा र्के सार् जड

ु ी हैं, जो यह सुननक्श्चत र्करता है कर्क टहतों र्के ललए र्कोई वास्तववर्क या संभाववत संघषा नहीं है | ननयामर्क ननर्काय र्के अनप
ु ालन

र्को सुननक्श्चत र्करने र्के ललए हमने यह तय कर्कया है कर्क र्कंपनी और उसर्के र्कोई भी प्रनतननधध बाज़ार में ट्रे ड नहीं र्करें गे।

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 र्केवल राय र्के रूप में दे खें और ननवेश र्के ललए स्वयं फैसला र्करें | ग्राहर्कों र्को वेबसाइट पर प्रर्कालशत सेवाओं र्के

ननयमों और शतों र्को पढ़ने और समझने र्की भी सलाह दी जाती है | र्कंपनी र्के ननगमन र्के बाद ननयामर्क ननर्काय द्वारार्कंपनी र्के खखलाफ र्कोई मर्क
ु दमा (याधचर्का) दायर नहीं कर्कया

गया है।

13 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018

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 re-
port 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 मार्केट अनस
ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड द्वारा ननयव
ु त हैं | इस ररपोटा में व्यवत सभी
ववचार र्कंपनी र्के बारे में व्यक्वतगत ववचारों र्को दशााता है और र्कंपननयों और उनर्की प्रनतभनू तयां और क्षनतपनू ता (मआ
ु वजे) र्का र्कोई टहस्सा, या इस शोध ररपोटा में
ननटहत ववशेष सझ
ु ावों या ववचारों से प्रत्यक्ष या अप्रत्यक्ष रूप से संबधं धत 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) 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) अ ए
अ / |
(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) अ अ
अ |
DISCLOSURE IN TERMS OF COMPENSATION:
क्षततपूततष 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 मार्केट अनस

ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड र्की पॉललसी अपने ववश्लेषर्कों, पेशेवरों र्को ववश्लेषर्क र्के क्षेत्र में कर्कसी भी र्कंपनी र्की प्रनतभनू तयों र्के
स्वामी से ववश्लेषर्कों र्को ररपोटा र्करने से रोर्कती है।
ववश्लेषर्क क्षनतपनू ता : ववश्लेषर्क हाई ब्रो मार्केट अनस
ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड र्के 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 मार्केट अनस

ु ंधान ननवेश सलाहर्कार प्राइवेट लललमटे ड या उसर्के सहयोगीयों ने वपिले 12 महीनों में ववषय र्कंपनी से र्कोई मुआवजा 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) अ अ

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

( ) अ अ ,

(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.
( ) अ ए ( )

14 Copyright © 2017 Ways2Capital. All rights reserved 16/01/2018