TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - The Equity benchmark Index Nifty opened on a flat basis on Monday up by 4 points at 8943

levels. Last week the Benchmark Index Nifty closed at 8940 after making high of 8982 the Index has given

breakout of its 5 month high of 8969. last week Nifty closed in positive territory by gaining 1.34%. Telecom

Sector has given a major movement last week. Indian Benchmark Index Nifty opened at 8944 and made a high

of 8952. Profit booking in the last hour of trading led Benchmark index to make a low of 8889 and fillanlly

closed at 8897 which is 43 points down from its previous day close. GDP Quarterly (Y-O-Y) for Q3 reported on

28th Feb 2017 IST showed a considerable difference in the street estimates of 6.4% v/s the actual GDP Growth

reported 7.0%. The Nifty traded strong throughout the day and have closed at its highest level in six months. On

the Global market Trump’s speech just concluded has nothing new, which market does not know and USD bond

yields & Global market seems to be not convinced about lack of any specific details. But Trump also called for a

$ 1 trillion infrastructure fund approval from US congress in PPP mode and that somehow supported the market

sentiment right now. On Friday trading session the index Nifty opened near its recent high of 8982 and made a

high of 8992. Market showed weakness despite good strong global market scenario. Nifty Index fell 46 points

and closed at 8897. Nifty is still below 8900 levels and traders can still continue short until Nifty closes above

8968 levels. Market would continue to see huge volatility until UP Election outcome. initiate long positions only

if Nifty closes above 8962 levels and until then hold short. The Crucial levels for Nifty is 8940-9030 is Up side

and 8840-8750 is down side.

BANK NIFTY : - The Indian Baking index Bank Nifty opened in a Negative note down by 79 points or 0.42

per cent at 18616. The Reserve Bank has directed banks to keep record of new bank notes in view of seizures by

Income Tax Department and other law enforcement agencies of large quantities of high denomination notes. It

has been felt necessary to put in place an appropriate reporting system to keep track of issuance of these bank

notes by the currency chests. Nifty Bank is still in positive zone. Bank Nifty would enter into negative zone once

it closes below 18255 levels. Market may see some short covering but for now, Bank Nifty looks weak and

traders can go short at every positive rally in the Market. Bank Nifty would soon enter into negative zone once it

closes below 18255 levels and we could see some sharp downfall in the market in days to come. The Bank Nifty

is expected to trade in bullish trend for next trading week. The Significance Levels for Bank Nifty is

18833-19759 is Upside and 17907-16981 is down side.

Monday, 06 March 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

9029 8935 8888 8841 8747

WEEKLY R2 R1 PP S1 S2

9312 9048 9616 8784 8520

MONTHLY R2 R1 PP S1 S2

9312 9048 9616 8784 8520

BANK NIFTY

DAILY R2 R1 PP S1 S2

20970 20656 20499 20342 20028

WEEKLY R2 R1 PP S1 S2

22053 21089 20607 20125 19161

MONTHLY R2 R1 PP S1 S2

22040 21084 20606 20128 19172

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8761 8632 8516 8394

BANK NIFTY 20343 19769 19342 18804

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8832 8326 8209

BANK NIFTY 21003 18645 17458

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above Given daily Chart of Nifty has Applied the Bollinger Band As

well as Parabolic SAR and the price action of the rise from lows has so far been within the middle

Band. Entire technical indicators are trading into the heavy overbought phase by steady boom

found in short to medium terms given that, Index can show Strong Profitable selling in next time

so that, traders and investors should book profit who have made boom pro trade from the below

price, On Daily chart Nifty is seen very strong. Hence a large correction cannot be anticipated at

this point in time. Check the daily chart above. This chart suggests that the Nifty can break its

previous at any point to close at all time high. 8840-8800 would be Significance Support for the

Nifty and 9060-9180 will be key Resistance for Index.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band.

The Bank Nifty has been trading between Upper and Middle band of 20720-20615 Levels. If the

correction happens, We feel that the correction may not be substantially large. It will be an

opportunity to enter at lower levels. So instead of entering your positions at this level, you can wait

for markets to give you better levels. On daily chart a near support is immerged near 20560-20400

& Resistance is 20778-20975 Levels.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1425 1408 1399 1382 1373

ADANI PORTS EQ 300 298 294 292 288

AMBUJACEM EQ 228 232 226 222 220

ASIAN PAINT EQ 1037 1026 1016 1005 995

AXISBANK EQ 520 516 511 507 502

BAJAJ-AUTO EQ 2857 2843 2825 2811 2793

BANKBARODA EQ 163 161 160 158 157

BPCL EQ 647 639 627 619 607

BHEL EQ 162 160 157 155 152

BHARTIARTL EQ 364 360 356 352 348

BOSCH LTD EQ 21796 21463 21266 20933 20736

BHARTI INFRATEL EQ 319 313 303 297 287

CIPLA EQ 600 594 589 583 578

COALINDIA EQ 325 323 321 319 317

CAIRN INDIA LTD EQ 299 296 293 290 287

DRREDDY EQ 2903 2884 2873 2854 2843

GAIL EQ 534 526 514 506 494

GRASIM EQ 1051 1036 1013 998 975

HCLTECH EQ 865 857 846 838 827

HDFC EQ 1408 1389 1377 1358 1346

HDFCBANK EQ 1391 1384 1376 1369 1361

HEROMOTOCO EQ 3338 3305 3253 3220 3168

HINDALCO EQ 206 202 194 190 182

HINDUNILVR EQ 885 882 876 873 867

ICICIBANK EQ 279 277 276 274 273

ITC EQ 266 264 261 259 256

INDUSIND BANK EQ 1318 1307 1297 1286 1276

INFY EQ 1056 1044 1022 1010 988

IDEA CELLULAR EQ 113 111 110 108 107

KOTAKBANK EQ 825 819 811 805 797

LT EQ 1487 1479 1469 1461 1451

M&M EQ 1340 1331 1322 1313 1304

MRF EQ 53164 52782 52247 51865 51330

MARUTI SUZUKI EQ 5951 5922 5898 5869 5845

ONGC EQ 194 194 192 192 190

NTPC EQ 159 158 156 155 153

RCOM EQ 38 37 36 35 34

RELCAPITAL EQ 543 537 528 522 513

RELIANCE EQ 1308 1283 1262 1237 1216

RELINFRA EQ 585 577 561 553 537

RPOWER EQ 47 46 45 44 43

SBIN EQ 270 267 266 263 262

SSLT( VEDL) EQ 275 271 268 264 261

SUNPHARMA EQ 699 692 682 675 665

TATA MOTORSDVR EQ 285 282 281 278 277

TCS EQ 2512 2501 2488 2477 2464

TATAMOTORS EQ 469 465 461 457 453

TATAPOWER EQ 83 82 81 80 79

TATASTEEL EQ 501 498 493 490 485

UNIONBANK EQ 147 146 144 143 141

YES BANK LIMITED EQ 1452 1443 1431 1422 1410

ZEEL EQ 512 508 500 496 488

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 BHARAT PETRO 717 632 - 11.82 %

2 IDEA CELLULAR 119 110 - 7.57 % -

73 NTPC 165 156 - 5.68 %

4 BOB 168 159 - 4.88 % -

45 POWER GRID CO 199 190 - 4.17 %

6 BOSCH LTD. 21,990 21158 - 3.78 % -

37 INDUSIND BANK 1340 1299 - 3.10 %

8 ACC LTD 1438 1393 - 3.09 % -

39 ICICI BANK 284 275 - 3.01 %

10 ZEEL 518 503 - 3.00 % -

311 AXIS BANK LTD. 528 512 - 2.89 %

12 AMBUJA CEM 232 225 - 2.84 % -

213 BHARTI AIRTEL 366 356 - 2.76 %

14 MARUTI SUZUKI 6031 5887 - 2.38 % -

2

15 SBIN 270 265 - 2.00 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1 HINDALCO 182 198 + 9.03 %

2 RELIANCE 1182 1258 + 6..41 %

3 BHARTI INFRA 297 307 + 3.36 %

4 BHEL 153 158 + 3.06 %

5 HERO MOTOCOR 3176 3272 + 3.03 %

6 INFOSYS 1008 1031 + 2.22 %

7 HUL 858 877 + 2.20 %

8 TATA STEEL 485 495 + 1.92 %

9 LUPIN LTD. 1450 1476 + 1.80 %

10 SUN PHARMA 674 686 + 1.76 %

11 WIPRO LTD 486 493 + 1.59 %

12 M&M LIMITED 1304 1322 + 1.32 %

13 AURO PHARMA 666 674 + 1.30 %

14 HCL TECH 842 852 + 1.19 %

15 BAJAJ AUTO 2814 2832 + 0.66 %

OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Enhanced budget allocation to infra will boost order inflow' - Enhanced budgetary

allocation of Rs 3.96 lakh crore to the infrastructure sector would boost order inflows and is

positive for companies in the segment, ratings agency Icra said today. "Budget focus on

infrastructure sees increase in allocation to most schemes; high execution targets is credit positive.

It said the Central government has retained its focus on infrastructure development by increasing

allocation towards the sector with focus on key segments like roads, railways, metro and irrigation.

"This, along with, promotion of affordable housing segment by granting the infrastructure status to

such projects, will help the construction sector in further enhancing order inflows," it said. It said

allocation of Rs 3.96 lakh crore to infrastructure sector in FY18, an increase of 13.5 per cent from

FY17 budgetary allocation, will have a positive impact on infrastructure and construction

companies. There is a significant increase in allocation towards Pradhan Mantri Awas Yojna ,

which was enhanced 45 per cent, it said.

India's forex reserves remain flat for the last week of February - India's foreign

exchange reserves rose marginally by $ 63.7 million to reach $ 362.8 billion as on February 24

said the Reserve Bank of India today. According to data released by the central bank, banks have

also shown a mere 4.8% rise in credit for the year 2017 against last year, therefore the entire credit

forwarded by the banking sector stood at Rs 3.4 lakh crore as against Rs 7.2 lakh crore last year. At

the same time deposits have shown a growth of around 12.8% against 10.4% that was seen last

year, standing at Rs 11.8 lakh crore against Rs 8.7 lakh crore last year. According to data from

NSDL the amount of money put in by foreign investors in the Indian markets for the month of

March stood at Rs 12967 crore till the first week of March.

Auto asset-backed loans stabilise in January: Moody's - Moody's Investors Service

today said the performance of auto asset-backed securities levelled off in January after

deterioration due to the currency crunch post demonetisation. The performance of rated Indian auto

asset-backed securities is not expected to deteriorate beyond March 2017 as the economy recovers

and oil prices remain range-bound and budget policy initiatives provide support, Moody's said in a

statement. The signs of stabilisation appeared in January 2017, with collection efficiency rising

half a percentage point to 93 per cent from December 2016, but was still 1.9 percentage points

lower than the average in the three months to October 2016, it said. "In January 2017, all

transactions collected more funds than the amount they needed to pay interest and principal to

investors. Signs of stabilisation appeared in January 2017," Moody's said.

States' fiscal deficit will rise to 3.3% in 2017-18: India Ratings - Even as the centre

has managed to contain its fiscal deficit, state governments still remain profligate. A report by

ratings firm India Ratings and Research estimates that aggregate fiscal deficit of Indian states will

increase marginally to 3.3% of gross domestic product in FY’18 from its forecast of 3.2% for

FY;17. It expects states’ debt/GDP ratio may increase marginally to 24.3% in FY’18 from 24%

forecasted for FY’17. The central government is evaluating the report of the N. K. Singh panel on

Fiscal Responsibility and Budget Management, which allows the fiscal deficit of the central

government to be increased by 0.5% of GDP. Ind-Ra believes that once the report is accepted,

states would also make suitable changes in the fiscal deficit targets specified under their Fiscal

Responsibility and Budget Management Acts. Net market borrowings of states is expected to

increase to Rs 3.7lakh crore in FY’18 from its forecast of Rs 3.5lakh crore for FY’17. However, as

a percentage of GDP, states’ net market borrowings is likely to moderate to 2.2% in FY’18 from its

forecast of 2.3% for FY’17.

Services rebound after four months, PMI rises to 50.3 in February - India’s

services activity bounced back into expansion mode for the first time in four months in February, a

private business survey showed on Friday, providing further evidence that the effects of

demonetisation may be fading. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose

to 50.3 in February from 48.7 in January, marginally above the 50-mark that separates growth from

contraction. The PMI manufacturing survey released on Wednesday had showed a similar

recovery. Having contracted for three months in a row, incoming new business also picked up in

February. However, as was the case for output, the pace of growth in new work was marginal

overall,” the survey report said. Government data released earlier this week showed the economy

grew 7% in the demonetisation-hit October-December quarter, much higher than expectations, and

is on course to clock 7.1% growth in FY17.

Liability linkage provision in GST to hit small traders - A provision in the model

goods and services tax law to ensure the smooth flow of credit and minimise tax evasion could hit

small businesses and suppliers by favouring bigger and financially stronger ones. The 'liability

linkage provision' allows the buyer credit for tax paid on inputs used only if the supplier has paid

the tax within a given window. The provision, to be discussed at the meeting of the GST Council

on March 4-5, calls for reversal of credit to the buyer in case of noncompliance by the vendor. That

is, a buyer would be penalised for the supplier's non-compliance. "This seems unfair as it penalises

the buyer for someone else's fault," said Pratik Jain, indirect tax leader, PwC.

Bank consolidation takes backseat on rising NPAs - Mounting Non-performing assets

have pushed the government's plan for consolidation of public sector banks on the back burner

after it managed to get State Bank of India to take charge of its five subsidiaries. The government

is also going slow on stake sale in IDBI Bank, where it had even discussed the possibility of

reducing it to below 50%. The bank is grappling with bad debt and has been asked to accelerate

plans for sale of non-core businesses, including life insurance, Sidbi and NSE shares, through

which it hopes to raise Rs 5,000-6,000 crore.

✍ TOP ECONOMY NEWS

The Indian Railways is working towards protecting its freight market as it has been losing share to

the road transport. The railways have set a revenue target of Rs 1.89 lakh crore for FY18, of which

Rs 1.18 lakh crore would come from the freight segment.

Under the Ujjwal DISCOM Assurance Yojana scheme, the government of Telangana is all set to

auction bonds amounting Rs. 89.23 billion. For this purpose, the Telangana government has invited

bids from various merchant bankers, as per the RBI announcement on Monday.

The Nikkei India Services purchasing managers index increased to 50.3 in February, as against

48.7 in the month of January. The index signalled growth in February, as businesses recovered

from the demonetisation-related disruptions, seen in each of the previous three months.

The government is expected to ease the Foreign Direct Investment norms in the single brand retail.

According to officials, the FDI norms are further eased to provide better business environment by

removing barriers. Last year, the government liberalised various sectors including civil aviation,

construction & development, private security agencies, etc.

Foreign Exchange Earnings during the month of January 2017 were Rs.16,097 crore as compared

to Rs 13,669 crore in January 2016 and Rs 12,100 crore in January 2015. The growth rate in FEEs

in rupee terms during January 2017 over January 2016 was 17.8% as compared to the growth of

13.0% in January 2016 over January 2015.

The Nikkei India Manufacturing Purchasing Managers’ Index, or PMI, increased to 50.7 in the

month of February, as against 50.4 in the month of January. A reading above 50 indicates economic

expansion, while one below 50, points toward contraction. The numbers show that the

manufacturing sector has grown with a healthy rate after the shock of demonetisation in November

2016, as a rebound in export demand contributed to a stronger expansion of the total orders.

The Controller General of Accounts, Archana Nigam released a report indicating a rise in Indian

government’s tax collection. The numbers show that the tax collections increased by 11.8% on

Y-o-Y basis to Rs. 1.056 trillion. The rise in net tax collections is mainly contributed by the

increase in excise collections. The excise tax collection stood at 36.6% on Y-o-Y basis at Rs. 320

billion in the month of January.

The Q3 data as put out by Central Statistics Office comes as a positive surprise as market experts

expected the growth to be closer to 6.3%. The Q3 GDP growth for the October-December quarter

came out to be 7% while CSO projected that the economy is likely to grow by 7.1% in 2016-17.

The Organisation for Economic Cooperation and Development has cut the Indian growth forecast

to 7% for 2016-17, today. Last year, it had projected the growth rate of the country at 7.4% for

2016-17. On the other hand, all eyes will be on Q3FY17's GDP numbers which are going to be out

later in the day.

The Asian Development Bank and the Government of India signed here $ 375 million in loans and

grants to develop 800-kilometer Visakhapatnam -Chennai Industrial Corridor, which is the First

Phase of a planned 2,500–kilometer long East Coast Economic Corridor.

Dubai International Financial Centre, the leading financial hub in the $7.4 trillion Middle East,

Africa and South Asia region has signed a Memorandum of Understanding with Gujarat

International Finance Tec-City in an effort to encourage further cooperation and collaboration

between the financial centres.

In its 7th meeting on the February 11, 2017 VCIC examined requests from 11 fund managers and

cleared for sanction requests from 9 Funds aggregating Rs. 300 crores. It is evident that there is a

significant upsurge in the fund of funds operations if seen from the number of funds supported by

SIDBI during the current FY. During FY 15 and 16 sanctions were made to 11 funds (Rs. 314

crores) and 16 funds (Rs. 607 crores) respectively while the number during the current FY has

already crossed Rs. 1112 crores to 30 funds.

Foreign direct investment inflow in India grew to a whopping 18% amounting to $ 46 billion as

announced by Department of Industrial Policy and Promotion. Whereas India received FDI of

USD 39.32 billion in 2015. Majority of the FDI came in from Singapore, Mauritius, Netherlands &

Japan. As per Union Budget 2017-18, the Finance Minister will be further easing foreign

investment norms and will also be phasing out the Foreign Investment Promotion Board.

✍ TOP CORPORATE NEWS -

Vodafone India and Idea Cellular, India’s No 2 and No 3 telecom operators, have come up with

new plans with daily data benefit and free unlimited voice calls for their prepaid customers. The

new plans could be seen as a step aimed at countering Reliance Jio’s data-rich prime offers that

will be applicable for the Mukesh Ambani-led telco’s customers starting April 1, 2017.

Bharti Airtel Limited and Millicom International Cellular have entered into an agreement to

merge their respective units in Ghana to create the second-largest mobile carrier in the African

country. Under the terms of the agreement, “Airtel and Millicom will have equal ownership and

governance rights in the combined entity,” both companies said in a joint statement on Friday.

Wipro Limited, India's third largest software exporter, today said it has completed the $ 70

million sale of its EcoEnergy division. In November last year, the Bengaluru-based company had

said it will sell its EcoEnergy division to Chubb Alba Control Systems for $70 million in order to

sharpen focus on core IT business.

Vijay Mallya, the embattled businessman said faulty engines were one of the factors for the

collapse of Kingfisher Airlines. A group firm of Pratt & Whitney has been sued for supplying

defective engines to Kingfisher Airlines, Mallya said amid aviation regulator DGCA ordering

detailed inspection of P&W engines powering some Airbus 320 neo planes being operated in India.

Defence sector will be the largest business area for Reliance Infra in the next few years, its

chairman Anil Ambani has said, seeing opportunities worth Rs 1 lakh crore per annum in

acquisitions for the armed forces. Ambani said the Group's focus will be to become a leading

manufacturer and supplier of advanced weapon platforms and military hardware to meet the

requirements of the Navy, Indian Air Force and the Army and also mark the company's presence

across the world.

After two long years of dispute, Tata Sons and NTT Docomo Inc. have finally seem to have

reached a common ground to settle the issue. Tata Sons Ltd has agreed to pay Japan's NTT

DoCoMo about $ 1.17 billion in connection with the termination of a joint venture in the country,

according to reports. The two companies have made a joint application in the Delhi High Court to

resolve the matter. The case will be heard on 8 March.

The country's largest two-wheeler maker Hero MotoCorp on Wednesday reported a 4.75 per

cent decline in total sales at 5,24,766 units in February. The company had sold 5,50,992 units in

February 2016, Hero MotoCorp said in a statement.

Larsen and Toubro Hydrocarbon Engineering on Tuesday said it has signed a 5-year

framework agreement with Shell for engineering, procurement and construction management

services.

TVS Motor Company has posted a decline of 3.6 per cent in sales at 211,470 units in the month

of February 2017 as against 219,467 units in the same month last year.

With refinancing of infrastructure projects gathering steam, L&T Infra Debt Fund , a

refinancing unit, is raising about Rs 2,500 crore through debentures to provide liquidity for road

and renewable energy projects.

Auto major Mahindra & Mahindra Limited on Wednesday reported 2.92 per cent decline in

total sales at 42,714 units in February. The company had sold 44,002 units in the same month last

year, M&M statement said.

Singaporean sovereign fund GIC and US-based private equity giant Blackstone were

neck-and-neck for acquiring DLF Limited promoters’ 40% stake in their rental arm DLF Cybercity

Developers . The realty major on Wednesday said it has entered into a exclusive agreement with

GIC to sell the stake.it is expected to be to the tune of Rs. 12,000 crore. Bid amount not

withstanding, several factors tilted the scale in favour of GIC, say a top company executive and

analysts.

Adani Power Limited, part of the Adani Group, saw a 330 megawatt unit 4 at its 4620 MW

Mundra thermal power plant run continuously for record 600 days, generating 4142.56 million

units of electricity.

The government has bailed out state-owned oil producers Oil and Natural Gas Corporation

and Oil India from a potential liability of about Rs. 22,000 crore in royalty dues to states like

Gujarat and Assam.

Tata Consultancy Services Limited , which plans to buy back shares worth up to 160 billion

rupees $ 2.39 billion, said on Wednesday the founder group of the company intended to participate

in the proposed buyback.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Banks seeking incentive from RBI to clean bad loan is not only an atrocious idea but also against

the basic ethos of banking. Just as lending and mobilising deposits have been the core functions of

banks, recovery of loans from borrowers is equally significant. In fact, in absences of demand for

loans and easy flow of money to banks as deposits recovery of dud loans has emerged as the core

activity for a number of banks.

The government has instructed banks to link all savings accounts with mobile and Aadhaar

numbers by March 31, 2017, and enable mobile banking for such customers.

Growth in bank loans, a bellwether for economic activities, has fallen to below 5%, raising doubts

over quicker recovery in factory output. Reserve Bank of India data showed that bank loans for the

fortnight ending February 17 grew by 4.8% year-on-year to Rs. 75 lakh crore, compared to 11.2%

rise in the year ago period. This is the slowest fortnightly loan growth recorded since 2006.

The State Bank of India is expanding operations in India's immediate neighbourhood, its

Chairman and Managing Director Arundhati Bhattacharya said. We are doing it within the

immediate neighbourhood of India. We have just opened a new branch in Myanmar and we

upgraded our branch in Seoul," Bhattacharya said here, responding to reporters' question on the

bank's expansion plans.

Public sector Indian Bank has revised its interest rates in foreign currency non-resident term

deposits with immediate effect. For FCNR(B) deposits, in USD terms, the revised interest rate was

fixed at 2.33 per cent for deposits of one year and above, but less than two years, from the existing

2.26 per cent, a bank statement said.

As part of capital raising exercise, the Finance Ministry has advised state-owned banks to prepare

a list of their non-core assets and look at disposing them at opportune time. They have been asked

to move forward on the idea based on deliberations at the Gyan Sangam last year, sources said.

Some of the banks have started the process while others are gearing up, the sources said, adding

that the move will not only help them raise the much needed capital for growth but also sharpen

their focus on the core business.

LEGAL DISCLAIMER

This Document has been prepared by Ways2Capital (A Division of High Brow Market Research

Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on

Ways2Capital Equity/Commodities Research assessment and have been obtained from sources

believed to be reliable. This document is meant for the use of the intended recipient only.

This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant

for general information only. Ways2Capital Equity/Commodities Research, its directors, officers or

employees shall not in any way to be responsible for the contents stated herein. Ways2Capital

Equity/Commodities Research expressly disclaims any and all liabilities that may arise from

information, errors or omissions in this connection. This document is not to be considered as an offer to

sell or a solicitation to buy any securities or commodities.

All information, levels & recommendations provided above are given on the basis of technical &

fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability

for errors of opinion. People surfing through the website have right to opt the product services of their

own choices.

Any investment in commodity market bears risk, company will not be liable for any loss done on these

recommendations. These levels do not necessarily indicate future price moment. Company holds the

right to alter the information without any further notice. Any browsing through website means

acceptance of disclaimer.

DISCLOSURE

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.

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.

Disclosure Appendix:

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.

Disclosure in terms of Conflict of Interest:

(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;

(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,

(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;

Disclosure in terms of Compensation:

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.

Disclosure in terms of Public Appearance:

(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from

the subject company in the past twelve months;

(b) The subject company is not now or never a client during twelve months preceding the date of

distribution of the research report.

(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or

employee of the subject company;

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

subject company.