TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Equity Benchmark Index Nifty 50 opened on a Strong note on Monday trading Session up
by 107 points or 1.16 per cent from its last closing at 9225. Last Friday Nifty fell by 63 points to close Near
9197 level. This was the biggest fall in one day in recent past, As we all know that the Market can Not Run one
way, At Upper levels you will experience profit booking and This profit booking will make Market move
Down. The Nifty broke crucial Support Near 9220-9260. Last week market witnessed the Volatile Sessions as
Reserve Bank of India Announced its Monetary Policy kept key repo rate Unchanged at 6.25 percent. However
Central Bank hiked Reserve Repo Rate by 25 basis points to 6 percent from 5.75 and cut the marginal Standing
Facility Rate by 25 bps to 6.50 from 6.75 per cent. All eyes may be on the Quarter fourth earning Season Now
in which market may not be so much Optimistic due to various Apprehensions like recent strength in INR,
Uncertainty About GST May also force the Companies and Traders to Reduce the Inventory level in coming
days due to no clear policy date about Input Tax credit. On Wednesday trading session Nifty Opened at 9242
made high of 9246 and closed at 9203 after making low of 9162. The index took Support of its 6 day low of
9173. Nifty traded in the Range of 9161-9250 Throughout the week. The Government released industrial
production data for the month of Feb at -1.20% where expectation was 1.3% and January IIP numbers were at
2.70%. Consumer Price Index for the month of march released at 3.81% where expectation was at 3.98% and
February CPI was at 3.65%. Time and Price action Suggest that the Nifty has to Sustain over 9240 level for
further Up move toward 9340-9360. On the Other Side if it is not able to sustain the crucial level 9200 may
drag the Index toward 9173-9120 level in Upcoming week trading session. The Significance Levels for Nifty is

9217-9257 is Up side and 9154-9137 is Down side.

BANK NIFTY : - The Banking Shares Index Bank Nifty opened at 21539 last Week and made a record high
of 21699, the index closed at 21431 after making low of 21397. The Banking shares Index Bank Nifty started
off week on a Positive note on Monday trading session up by 61 points or 0.28 per cent at 21492. The Public
Sector Banks rallied most after Government Announced formation of panel to be headed by the Cabinet
Secretary to review Net Performing Assets Resolution rules. The NPA panel will frame guidelines for one-time
settlement of banks' bad loans. However final policy will be announced by next month in May according to
finance ministry officials. The Finance Minister Announced formation for a Net Performing Assets Panel to
Formulate an Effective Policy for Stressed Assets Resolution like Quantum of haircuts, one-time settlement,
Corporate Debt Restructuring Mechanism Etc. This has rejuvenated Banks and Bank Nifty made high of
21780. The market may be very optimistic about PSB Quarter 4 earnings. Government will continue to Support
the Recapitalization of the Banks. Bank Nifty made new record high of 21787, the index opened at 21735 and
closed at 21667, after making a low of 21552. PSU banks remained in focus after government announced
formation of panel to be headed by the Cabinet Secretary to review NPA resolution rules. The Significance
Levels for Bank Nifty is 21816-21938 is Up side and 21632-21572 is Down side.

Monday, 17 April 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2
9315 9219 9171 9123 9027

WEEKLY R2 R1 PP S1 S2
9465 9279 9186 9093 8907

MONTHLY R2 R1 PP S1 S2
9554 9314 9194 9074 8834

BANK NIFTY

DAILY R2 R1 PP S1 S2
22062 21818 21696 21574 21330

WEEKLY R2 R1 PP S1 S2
22795 22015 21625 21235 20455

MONTHLY R2 R1 PP S1 S2
22796 22016 21626 21236 20456

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 9134 8957 8762 8559

BANK NIFTY 21303 20747 20110 19355

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 9069 8922 8371

BANK NIFTY 21482 20186 18051
PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above given daily Chart of Nifty has Applied Bollinger Band and
Parabolic SAR both are the leading indicators. One Long Unwinding is seen in Nifty at higher
levels on Friday. In daily chart you can see that Nifty broke below a good support near 9180. This
can be start of down trend on daily chart chart. There are 2 important supports for Nifty near 9160
and 9133 apart from the current level at 9150.
PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band
as well as Parabolic SAR.In a lager time frame a inverted hammer candle at the top is just an
indication of Bulls Exhaustion. This is just indicating that the Bank Nifty can remain in a range
or see some selling pressure unless it breaks above 21730-21700 levels. Every dip in price will
be buying opportunity, as the long term trend is very much up. The Bank Nifty Daily Chart is
Showing bullish movement in the Index, While the Index has to Sustain above 21700 level for
further up movement toward 21870-21960 .
 NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1523 1508 1498 1483 1473
ADANI PORTS EQ 328 324 321 317 314
AMBUJACEM EQ 252 249 246 243 240
ASIAN PAINT EQ 1089 1082 1074 1067 1059
AXISBANK EQ 516 513 507 504 498
BAJAJ-AUTO EQ 2878 2860 2850 2832 2822
BANKBARODA EQ 180 178 174 172 168
BPCL EQ 757 742 727 712 697
BHEL EQ 178 175 174 171 170
BHARTIARTL EQ 358 350 344 336 330
BOSCH LTD EQ 23811 23507 23346 23042 22881
BHARTI INFRATEL EQ 380 367 359 346 338
CIPLA EQ 586 582 578 574 570
COALINDIA EQ 293 292 290 289 287
CAIRN INDIA LTD EQ 314 303 299 290 285
DRREDDY EQ 2677 2660 2648 2631 2619
GAIL EQ 387 383 380 376 373
GRASIM EQ 1084 1067 1058 1041 1032
HCLTECH EQ 843 828 816 801 789
HDFC EQ 1496 1486 1473 1463 1450
HDFCBANK EQ 1453 1446 1442 1435 1431
HEROMOTOCO EQ 3258 3237 3224 3203 3190
HINDALCO EQ 196 189 186 179 176
HINDUNILVR EQ 934 928 923 917 912
ICICIBANK EQ 288 285 282 279 276
ITC EQ 284 281 279 276 274
INDUSIND BANK EQ 1452 1444 1436 1428 1420
INFY EQ 1013 973 949 909 885
IDEA CELLULAR EQ 89 88 86 85 83
KOTAKBANK EQ 890 883 878 871 866
LT EQ 1703 1690 1681 1668 1659
M&M EQ 1289 1285 1277 1273 1265
MRF EQ 61502 60903 60602 60003 59702
MARUTI SUZUKI EQ 6213 6141 6104 6032 5995
ONGC EQ 189 187 185 183 181
NTPC EQ 166 165 164 163 162
RCOM EQ 38 37 36 35 34
RELCAPITAL EQ 618 611 606 599 594
RELIANCE EQ 1388 1376 1362 1350 1336
RELINFRA EQ 569 563 558 552 547
RPOWER EQ 50 49 48 47 46
SBIN EQ 331 329 328 326 325
SSLT( VEDL) EQ 261 252 247 238 233
SUNPHARMA EQ 729 712 696 692 678
TATA MOTORSDVR EQ 289 284 276 272 268
TCS EQ 2428 2358 2340 2306 2252
TATAMOTORS EQ 504 462 456 444 432
TATAPOWER EQ 86 85 84 83 82
TATASTEEL EQ 522 505 488 472 463
UNIONBANK EQ 162 158 156 152 148
YES BANK LIMITED EQ 1732 1688 1668 1647 1638
ZEEL EQ 547 541 537 532 528
 TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CMP % CHANGE SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
CLOSE

1 BPCL 646 731 + 13.14 % 1 ADANI PORTS 356 320 - 10.15 %

2 IOC LIMITED 385 422 + 9.50 % 2 TATA STEEL 501 463 - 7.59 % -
7
3 BHARTI INFRATEL 339 355 + 4.69 % 3 INFOSYS LIMITED 999 931 - 6.82 %

4 YES BANK LIMITED 1564 1616 + 3.30 % 4 ZEEL 553 521 - 5.76 % -
5
5 ITC LIMITED 274 279 + 1.84 % 5 HINDALCO INDUS 193 183 - 5.52 %

6 BOSCH LIMITED 22897 23272 + 1.64 % 6 HCL TECH 853 809 - 5.20 % -
5
7 COALINDIA LIMITED 286 291 + 1.62 % 7 RELIANCE 1438 1364 - 5.12 %

8 BAJAJAUTO LIMITED 2806 2848 + 1.49 % 8 TATA MO LTD 473 453 - 4.19 % -
4
9 POWER GRID CORP 197 200 + 1.42 % 9 TECH MAHINDRA 446 429 - 3.79 %

10 INDUSIND BANK 1421 1437 + 1.13 % 10 WIPRO LIMITED 514 495 - 3.75 % -
3
11 SUN PHARMA 686 692 + 0.85 % 11 MARUTI SUZUKI 6291 6077 - 3.40 %

12 AMBUJA CEMENT 243 245 + 0.76 % 12 TATA POWER 87 84 - 2.98 % -

2
13 ICICI BANK LIMITED 280 282 + 0.69 % 13 TCS 2400 2328 - 2.97 %

14 HERO MOTOCORP 3206 3224 + 0.57 % 14 DR,REDDY LABS 2718 2640 - 2.84 % -
2
15 BANK OF BARODA 174 175.65 + 0.43 % ULTRAT ECH CEM 4111 4019 - 2.23 %
15
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

Government forgoes Rs 56,000 crore tax to SEZ in April-December FY17 - The government
has forgone Rs. 56,418 crore tax during the first nine months of the last fiscal pertaining to
special economic zones, Parliament was informed. In the entire 2015-16, these zones had
received duty exemptions worth Rs. 52,216 crore, according to the data given by Commerce and
Industry Minister Nirmala Sitharaman in a written reply to the Lok Sabha. Exports from these
zones stood at Rs. 3.58 lakh crore during the April-December period of 2016-17, ended March
31. In the entire financial year 2015-16, the exports had amounted to Rs. 4,67,337 crore. as on
date, 109 SEZs developers have sought cancellation of their projects in some states as the
developers have found the projects economically unviable in the changed economic situation.

Higher production costs impact manufacturing competitiveness: FICCI Survey - Rising

production costs significantly impacted manufacturing competitiveness in the last few months,
according to a survey. Industry body FICCI's latest quarterly survey on manufacturing suggests
slight decline for the manufacturing sector outlook in the fourth quarter of the last fiscal, as the
percentage of respondents reporting higher production and exports in fourth quarter have declined
as compared to the previous quarter. The percentage of respondents reporting lower production
has reduced by half over the previous quarter thereby indicating a more stable outlook in months
to come, the Report said.

Business confidence at all time high: CII report - Indias business sentiment is bullish and
expectations from the economy are at an all-time high, a business outlook survey carried out by
the Confederation of Indian Industry has revealed. The CII Business Confidence Index for the
quarter to March has surged to a record high of 64.1 as against 56.5 recorded in the previous
quarter. The turnaround in business expectations gives credence to a growth narrative based on
improved business sentiment and investor confidence, said Chandrajit Banerjee, director
general, CII. The survey calculates BCI based on the responses from more than a 100 large,
medium, small and micro firms across the country, on questions related to the performance of
their firm, sector and the economy based on their perceptions about the previous and current
quarter.

High Government Support to deal with stressed asset 'negative': Fitch - Excessive
government support to banks to deal with stressed assets and loose macro economic policy that
could stoke inflation would be "negative" for the Indian economy, Fitch said. Further deviation of
the already-high public-debt burden from the peer median, which may be caused by stalling fiscal
consolidation or greater-than-expected deterioration in the banking sector's asset quality that
would prompt large-scale sovereign financial support. negative sensitivities," it said. In its
Asia-Pacific Sovereign Overview for April-June quarter, Fitch Ratings also said that "loose
macroeconomic policy settings that cause a return of persistently high inflation and a widening
current-account deficit, which would increase the risk of external funding stress" are also
negative for the economy.

Inflation seen edging up closer to RBI's mid-term target - India's inflation is seen climbing to
within touching distance of the central bank's 4 percent medium-term target in March, driven by
higher food costs, a Reuters poll found, backing policymakers' decision last week to move to a
defacto tightening bias. Having sunk to its lowest level for at least five years in January,
consumer price inflation is expected to have risen to 3.98 percent last month from February's 3.65
percent, according to the median forecast of 30 economists. The March inflation rate is due to be
released at 1200 GMT on April 12. Inflation is likely to pick up in March, backing the central
bank's stance to keep rates on hold last week," Radhika Rao, economist at DBS Bank.

RBI had its 'carpe diem ' moment on April 6: HSBC - The Reserve Bank "killed several birds
with one stone" in its policy meet on April 6 by not sucking out excess liquidity with its
permanent tool like open market operations and Cash Reserve Ratio hike, an HSBC report says.
According to the global financial services major, the RBI's decision to narrow the policy rate
corridor by raising the reverse repo rate and lowering the MSF rate killed several birds with one
stone. The Reserve Bank of India seized the day on April 6 by not sucking out the excess liquidity
via a permanent and blunt tool Like OMO sales or CRR hike. Instead, by outlining its inclination
for 'variable Reverse Repo Auctions with a preference for longer term tenors HSBC said in a
research note.

FRBM panel recommends 3% fiscal deficit target for FY18-FY20 - The Government should
target a fiscal deficit of 3 per cent of the GDP in years up to March 31, 2020, the Fiscal
Responsibility and Budget Management Committee has recommended. The report of the
committee, headed by N K Singh, was submitted to the government in January this year but was
made public in 12 April. It recommended fiscal deficit to be cut to 2.8 per cent in 2020-21 fiscal
and to 2.5 per cent by FY 2023. The panel, However, suggested "escape clause" in case of
over-riding consideration of national security, acts of war, calamities of national proportion and
collapse of agriculture severely affecting farm output and incomes. Also, "far-reaching structural
reforms in the economy with unanticipated fiscal implications" too can trigger deviation from the
targets. "The deviations from the stipulated fiscal deficit target shall not exceed 0.5 percentage
points in a year," it said.
Factory output shrinks 1.2% in February; retail inflation at five-month high in March -
Industrial growth contracted unexpectedly in February while consumer inflation quickened to a
five-month high in March, a double setback for the Indian economy as it enters the new financial
year. Industrial production shrank 1.2% in February against a 3.3 % rise in January, data released
by the statistics office showed. Consumer inflation accelerated to 3.81% in March largely due to
increased fuel prices, according to data separately released by the department. The Reserve Bank
of India last week kept interest rates unchanged citing inflation risks. Experts see price volatility
as a looming threat although newer data suggest industrial growth should improve.

TOP ECONOMY NEWS

The cash level in the economy has lowered by 26% in comparison with the demonetisation
period, post November 8, 2016, with the authorities keeping a close watch on the cash flow in the
economy. Moreover the cash withdrawals across the country have come down too, even as the
withdrawal caps were lifted in March, due to digital transactions being on the rise.

In a recent development, the custodians mainly comprising of the foreign banks have demanded a
General Anti Avoidance Rule certificate from consultants including the big four firms. The
GAAR certificate aims to curb tax evasion by the foreign investors, and is likely to be used by the
big firms to prove that their clients are exempted from its application.

Along with a hike in the benchmark equity indices, the inflow of Foreign Institutional
Investments also struck a record high in the economy. In the month of March, the economy
recorded the highest monthly FIIs inflow as they bought equities worth Rs. 30,906 crore. While,
even the debt market saw an FII investment of Rs. 25,354.8 crore in March 2017.

Agriculture lender Nabard plans to raise Rs. 50,000 crore in the current fiscal, up from Rs.
40,000 crore it raised in 2016-17 as it aims to achieve the government's Rs. 10 lakh crore target
lending for agriculture by the fiscal ending March 2018.

The outlook on the asset quality of the Indian banking sector seems to be weak even as the fresh
Non-Performing Asset generation rate continues to show signs of moderation with the annualised
fresh NPA generation declining to 4.1% during Q3 FY2017 as compared with 10.7% during Q4
FY2016, 6.1% during Q1 FY2017 and 5.8% during Q2 FY2017.

Even as the effect of demonetisation is fading in the economy, India Inc.'s performance of
Q4FY17 is likely to be in line with its dynamics of the previous quarter. The two-wheelers, real
estate and consumer goods segments are recovering. However, export-driven sectors such as
information technology and pharmaceuticals are likely to record a muted output.

India's core consumer price inflation was seen at 4.8 percent-4.9 percent in March from a year
earlier, largely in line with an estimated 4.8 percent in February, according to a snap survey.

India's annual consumer price inflation climbed up to 3.81 percent in March, government data
showed on Wednesday. Economists polled it had expected last month's annual retail inflation to
come in at 3.98 percent, compared with 3.65 percent in February.

TOP CORPORATE NEWS -

Tata Motors reported about 9 per cent rise in global sales in March at 1,29,951 units, including
that of Jaguar Land Rover vehicles. The company had sold 1,18,750 units in March 2016, Tata
Motors said in a statement.

Consumer electronic major Panasonic said it will set up R&D unit in Bengaluru in association
with Tata Elxsi Limited to strengthen its appliances business in domestic and global markets.

The proposed restructuring of the RP Sanjiv Goenka Group flagship company CESC Limited is
expected in May and the company has decided not to infuse fresh funds into power generation.

HDFC Bank Limited, the largest private sector lender, is set to raise Rs. 50,000 crore in a years
timeframe through the private placement mode. The Bank is expected to raise the amount through
the issue of perpetual debt instruments, which is a part of additional tier I capital, tier II capital
bonds and senior long-term infra bonds together contributing Rs 50,000 crore.

Drug firm Ajanta Pharma Limited said the US health regulator has successfully completed
inspection of its Dahej facility. "Company's formulation facility at Dahej was inspected by
USFDA from April 3 to 7, 2017," Ajanta Pharma said in a filing to Exchange.

The US FDA has issued an Establishment Inspection Report for the Shilpa Medicare Limited
Active Pharmaceutical Ingredient manufacturing facilities located at Raichur in the state of
Karnataka which was inspected between December 12 and December 16, 2016.

Reliance Defence & Engineering company reported a net loss in Q4 March 2017 as per BSE
filings. The result announced Reliance Defence & Engineering reported a net loss of Rs. 139.92
crore as per the audited standalone financial results for the quarter & year ended March 2017.

The Reserve Bank has imposed a penalty of Rs 20 lakh on Shriram City Union Finance and Rs 5
lakh penalty on Hinduja Leyland Finance for violating fair practices code guidelines.

ITC Limited is overhauling its foods portfolio to invigorate its market share in categories that
have been showing signs of fatigue more than a decade after the cigarette maker challenged the
dominance of most packaged food companies in the country.

State-owned NBCC will help develop a social housing project and construct a new Supreme
Court building in Mauritius, which together are estimated to cost USD 50 million.

Infosys Limited reported standalone results for the quarter, registered a miss versus street
estimates. Revenue for the quarter came in 13.4 % lower than the estimated figure of Rs. 17235
crores. Also, net profit for the quarter came in 0.2 % lower than the estimated figure of Rs. 3570
crores. Infosys standalone revenue for the quarter came in at Rs. 14920 crores, registering 0.2%
Q-o-Q decline.

Emami Limited a flagship venture of the Kolkata-based Emami Group, has initiated a huge
restructuring of its distribution network, and is planning to cut dependence on the wholesale
network, putting its products directly on retail shelves.

Jubilant Life Sciences Limited may acquire cancer and body imaging company in the US. The

deal may be for a consideration of 150-200 million Dollars.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Cash levels in the economy remained at least 26% less than what they were before
demonetisation as policy makers are keeping a close watch on the new currency thats flooding
the system. Weekly cash withdrawals too have slowed down after the caps on withdrawals were
lifted early March.

The Central Bank of India said no deadline has been set for introduction of Sharia or interest-free
banking in India, the Reserve Bank of India has said.

Banks have been cutting rates in the recent times as they want to use liquidity available with
them, Finance Minister Arun Jaitley said in the Rajya Sabha as some parties, including ruling
NDA, said demonetisation did not have positive impact on credit growth.

Kerala-based Federal Bank has crossed $ 200 million in total business at its IFSC Banking Unit in
Gift City, Gujarat, the bank said. Federal Bank commissioned its IFSC Banking Unit in India's
first International Financial Service Centre in GIFT City in November 2015.

Currency in circulation continues to rise at a snail's pace even after the Reserve Bank of India
withdrew restrictions on cash withdrawals from banks in early March.

The outlook on the asset quality of the Indian banking sector seems to be weak even as the fresh
Non-Performing Asset generation rate continues moderate, according to ratings firm Icra.
Annualised fresh NPA generation declined to 4.1% during October-December16 quarter

compared with 10.7% during January-March16 quarter.

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.