TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Nifty futures and bank nifty future market closed at 10154/ 25260.according to
technical analysis if nifty futures and bank nifty future moves downword in upcoming treading
sessions then 10100/ 25100 will be next support level, if it break this level then nifty futures and bank
nifty future can touch 10000 / 24500 level . it will be hard resistance. meanwhile in reveres there is
support on 10200/ 25500 for nifty futures and bank nifty future after breaking this support with
volume there is big support for nifty futures and bank nifty future on 10400/26000..

Monday, 4 Dec 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2
10580 10365 10258 10150 9935

WEEKLY R2 R1 PP S1 S2
10811 10518 10370 10223 9928

MONTHLY R2 R1 PP S1 S2
11510 10465 10295 9891 9081

BANK NIFTY

DAILY R2 R1 PP S1 S2
27300 26095 25495 24890 23688

WEEKLY R2 R1 PP S1 S2
27540 26446 25898 25350 24255

MONTHLY R2 R1 PP S1 S2
28596 26583 25575 24570 22555

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 10333 10205 10083 9696

BANK NIFTY 25604 24959 24714 23440

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 100083 9074 7674

BANK NIFTY 24620 21124 16225

PATTERN FORMATION ( NIFTY )

Details of Chart - Last week nifty opened at 10380 and close at 10154 made high of 10428 and
low of 10138,moved almost 240 point in downward direction,according to technical analysis if
nifty can move further downward direction upto the level of 10000 if nifty can sustain the level of
10100 it can shows upward movement upto 10300 10530..
PATTERN FORMATION ( BANK NIFTY )

Detail of Chart - Last week banknifty opened at and close at 25775 made high of 25988 and low
of 25210,moved almost 700 point in downward direction,according to technical analysis bank nifty
break its major support of 25200,it can go upto the level of 24800 from this level
NSE EQUITY DAILY LEVELS

COMPANY R3 R2 R1 PP S1 S2 S3
ADANIPORTS EQ 438 414 400 391 376 367 344
NAME
AMBUJACEM EQ 278 271 268 265 261 258 252
ASIANPAINT EQ 1240 1194 1165 1148 1119 1102 1056
AUROPHARMA EQ 800 745 710 689 654 633 578
AXISBANK EQ 612 578 556 544 522 510 476
BAJAJ-AUTO EQ 3525 3388 3299 3251 3162 3114 2977
BAJFINANCE EQ 1891 1812 1760 1733 1681 1654 1575
BHARTIARTL EQ 526 508 498 490 480 472 454
BOSCHLTD EQ 25203 22617 21259 20031 18673 17444 14858
BPCL EQ 547 525 510 502 487 479 456
CIPLA EQ 660 632 615 604 587 576 548
COALINDIA EQ 300 287 280 275 267 262 249
DRREDDY EQ 2454 2356 2295 2259 2198 2161 2064
EICHERMOT EQ 33766 31826 30613 29886 28673 27946 26006
GAIL EQ 507 483 469 459 444 435 411
HCLTECH EQ 915 878 855 841 818 804 767
HDFC EQ 1855 1770 1716 1684 1630 1598 1512
HDFCBANK EQ 1920 1888 1870 1857 1838 1825 1794
HEROMOTOC EQ 3893 3745 3648 3598 3500 3450 3303
HINDALCO
O EQ 281 261 248 241 228 221 201
HINDPETRO EQ 459 437 423 415 401 393 371
HINDUNILVR EQ 1329 1293 1269 1257 1233 1221 1186
IBULHSGFIN EQ 1356 1264 1212 1172 1120 1080 989
ICICIBANK EQ 338 324 315 309 300 295 281
INDUSINDBK EQ 1751 1708 1680 1665 1637 1621 1578
INFRATEL EQ 408 396 390 383 378 371 358
INFY EQ 1074 1024 992 975 943 925 875
IOC EQ 407 399 394 390 385 382 373
ITC EQ 268 263 259 257 253 251 245
KOTAKBANK EQ 1097 1057 1031 1016 991 976 935
LT EQ 1272 1245 1228 1218 1201 1191 1164
LUPIN EQ 879 851 832 822 804 793 764
M&M EQ 1496 1458 1433 1420 1395 1382 1344
MARUTI EQ 9087 8836 8726 8585 8475 8334 8083
NTPC EQ 197 190 186 183 178 175 168
ONGC EQ 192 187 183 181 178 176 170
POWERGRID EQ 225 215 209 206 200 196 186
RELIANCE EQ 1025 975 942 925 892 875 825
SBIN EQ 372 346 330 320 304 295 269
SUNPHARMA EQ 604 570 549 536 515 501 467
TATAMOTORS EQ 463 435 417 407 389 379 350
TATASTEEL EQ 762 726 704 690 668 654 619
TCS EQ 2813 2732 2681 2651 2600 2570 2490
TECHM EQ 548 514 492 481 458 447 413
ULTRACEMCO EQ 4552 4384 4279 4216 4111 4048 3880
UPL EQ 827 785 758 742 716 700 657
VEDL EQ 340 317 301 293 278 270
WIPRO EQ 314 303 296 292 285 281 270
247
YESBANK EQ 333 322 314 310 303 298 286
ZEEL EQ 653 611 584 569 542 528 247 486247
 TOP 15 ACHIEVERS // TOP 15 LOOSERS

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

1 BOSCH LTD 18957.35 19988.15 +5.44 1 HINDALCO INDS 251.65 235.35 -6.48

2 JAIN IRRIGATION 113.45 118.40 +4.36 2 VEDANTA 305.90 286.70 -6.28

3 NHPC 27 27.95 3.52 3 TATA MOTORS 425.50 398.90 -6.25

4 FORTISHEL CARE 138.75 143.60 +3.50 4 AUROBIN PHA 715.10 672.40 -5.97

5 MINDTREE 512.45 529.90 +3.41 5 SBI 332.40 312.75 -5.91

6 PC JEWELLER 383.60 392.05 +2.20 6 INFOSYS 1009.55 958.80 -5.03

7 HBL POWER 61.45 62.65 +1.95 7 EICHER MOTOR 30812.35 29280.95 -4.97

8 NATIONALE STEEL 44.15 45.00 1.93 8 HIND PETROL 430.30 409.55 -4.82

9 BALKIRISH INDUS 2074.40 2113.40 +1.88 9 ADANI PORTS 404.60 389.75 -4.41

10 NMDC 126.90 129.50 1.85 10 BAJAJFIN LTD 1790 1711.60 -4.38

11 DALMIA BHART 3063.80 3120.15 1.84 11 RELI INDUS 951.10 910.10 -4.31

12 CAN FIN HOMES 458.65 457.05 +1.83 12 SUN PHARAM 549.50 525.95 -4.29

13 TATA GLOBAL 278.70 283.55 +1.74 13 TECH MAHI LTD 494.10 472.90 -4.29

14 CASTROL INDIDA 393.80 400.50 +1.70 14 POWEGRID CORP. 211.20 202.95 -3.91

15 RBL BANK 512.60 520.65 +1.57 15 TATA STEEL 708.45 680.90 -3.89

AM 204 232 +13.67 AMBUJA CEMENT

BUJ %
A
CEM
ENT
NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS)

NSE FUTURE

NSE FUTURE : BUY ACC FUTURE ABOVE 1710 TGT 1750 SL 1690

NSE FUTURE : BUY SBIN FUTURE BELOW 318 TGT 310 SL 323

NSE CASH

NSE CASH : BUY AB CAPITAL CASH ABOVE 198 TGT 210 SL 191

NSE CASH : BUY PPAP CASH ABOVE 535 TGT 560 SL 520
NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

IMPORTANT EVENTS TO WATCH OUT FOR NEXT WEEK - Coming week again
promises to be full of action as the Nikkei service PMI data for the month of November will be
announced. Apart from this, the interest rates sensitive sectors like banking, auto and reality
will hog the limelight as the Reserve Bank of India is scheduled to meet on December 6, 2017.
The Gujarat elections will also be the next big trigger for markets to find further direction.

Upcoming events

Dec 05 Nov Nikkei Services PMI

Dec 6 RBI Policy meet

NIFTY TUMBLES 2.5% DURING THE WEEK - Fiscal deficit soaring to 96% of the FY18
budget and poor rollovers amid November F&O expiry triggered a late sell-off as Nifty
registered its biggest single day fall in over two months. Earlier in the week expectation of
another upgrade by Standard & Poor which didnt come by also dampened the
sentiments.There were also green shoots visible as on the other hand, Indian economy
rebounded in Q2 as GDP grew 6.3% as compared to the sharp slowdown which was see in the
beginning of FY18. Manufacturing also showed signs of recovery. While, core infrastructure
sectors during October grew 4.7%. Indias manufacturing sector in November recorded its
fastest growth in 13 months. The Nikkei India Manufacturing PMI rose from 50.3 in October
to 52.6 in November. This is for the fourth consecutive month that the index has come in above
50 mark. In another important development, OPEC and its allies agreed to maintain oil
production cuts until the end of 2018. It also included the consent of Nigeria and Libya, two
members of the OPEC which were exempted from the curbs.
NIFTY LIKELY TO CONSOLIDATE AROUND 10000 IN DECEMBER EXPIRY
BEFORE MOVING HIGHER - The Nifty50 has come under selling pressure near the
November expiry and is heading towards the highest Put base of 10,000 strike. We expect
some consolidation to happen around 10,000 before the index starts moving higher.Market
participants lightened some long positions ahead of Gujarat elections. The Nifty future
premiums were quite high at 50 points, which was an indication of high optimism created in
the market. Historically, the Nifty has found it tough to move up sharply amid high Nifty
future premiums. If this premium starts shrinking it would be better for the market. It seems
this shrinking of future premiums has already started in Friday's selling it was reduced to 23
points.

XANDER INVESTMENT SELLS 1.20 CRORE SHARES OF SADBHAV INFRA -Nomura

India Investment Fund Mother Fund bought 92,30,000 shares of Sadbhav Infrastructure
Projectsat Rs 136 on the NSE. However, Xander Investment Holding XVII sold 1,20,50,000
shares at Rs 136.02. Sadbhav Infrastructure Projects ended at Rs 136.05, up Rs 0.05, or 0.04
percent on the NSE.

EMERGING MARKETS EQUITY FUND BUYS 23.73 LAKH SHARES OF ESCORTS -

Escorts Benefit And Welfare Trust sold 36,00,000 shares of Escorts at Rs 701.15 on the BSE.
However, Emerging Markets Equity Fund bought 23,73,900 shares at Rs 697.65. Escorts ended
at Rs 688.90, down Rs 28.10, or 3.92 percent on the BSE.

RELIANCE GENERAL INSURANCE GETS SEBI'S GO AHEAD FOR IPO -Reliance

General Insurance Company said it has received markets regulator Sebi's go ahead to float an
initial public offering.The IPO comprises fresh issue of little over 1.67 crore shares by
Reliance General Insurance besides an offer for sale of 5.03 crore shares by Reliance Capital.
The company plans to utilise the proceeds from the fresh issue towards augmenting the
solvency margin and consequently increasing the solvency ratio. Besides, the money will be
used to meet future capital requirements, which are expected to arise out of growth. SEBI has
issued its final "observations" to the draft papers filed by Reliance General Insurance in
October, the company said in a statement. The regulator's "observations" are very important for
any company to launch any public offers.
At the end of March this year, Reliance General Insurance's book value stood at Rs 1,250
crore. The company's valuation is expected to be over Rs 6,000 crore, an average multiple of
around five times. Reliance General Insurance, which received in-principle approval from
insurance sector regulator IRDAI in September for the IPO, expects to get listed in the current
financial year.

INDIAN ENGINEERS LAUNCH MAJOR ROAD PROJECT IN SOUTH SUDAN

Indian engineers have launched a major infrastructure project in South Sudan that would
improve connectivity between two major cities of the country. The project to repair and
rehabilitate the Malakal-Melut road would improve accessibility and would be a relief for all
road users, including local motorists and traders, as well as humanitarian agencies trying to
access vulnerable people, the local Governor, James Tor Munybuny, said yesterday at an event
marking the commencement of the work. Praising Indian engineers, who have been serving
with the United Nations Mission in conflict-affected South Sudan, Munybuny said the project
is a sign of the strong relationship between UNMISS and local authorities and demonstrated
their joint commitment to building durable peace in he country

India is the second largest contributor of peacekeepers to UNMISS with nearly 2,400 personnel
currently deployed. In a media release, the Head of UNMISS' Upper Nile Field Office, Hazel
Dewet, said the Malakal-Melut road was critical to the UN Mission's operations in the area and
would improve trade and business between these two important towns. "This is not just an
important activity that we are undertaking to ensure that we are able to provide the necessary
logistical support to far-flung areas where UNMISS is based, be it Melut, or Renk or Bunj, but
it is also the beginning of providing some important repair work on a road that brings together
families and communities," she said.
EXEMPT POWER DUTY TO BOOST INVESTMENTS: ASSOCHAM TO ODISHA -
Industry body ASSOCHAM has requested Odisha government to exempt electricity duty for
ferro alloy plants to encourage investment for setting up of metallurgical plants across the
mineral-rich state. Metallurgical sector not only provides employment opportunities to
unskilled, semi-skilled and skilled people but it also holds the potential to fill state coffers as
increase in capacity utilisation will boost demand for raw material thereby adding revenue to
state exchequer, ASSOCHAM said in a communication to Odisha chief secretary A P Padhi.
The chamber has suggested Odisha government to refer to the industrial policy of Chhattisgarh
which has already exempted electricity duty for 15 years to promote investment in the state,
thereby enabling the industry to sustain in initial years of production. "We request the
Government of Odisha to exempt electricity duty for ferro alloy plants for initial 10-15 years
depending upon the size of investment from date of commencement of commercial production
that will surely help in making the industry commercially viable," said ASSOCHAM secretary
general, D S Rawat in a letter to Padhi. After completion of this exemption period the
electricity duty will also be a revenue source to government of Odisha, said Rawat. The letter
further highlighted benefits to Odisha government and said raw materials like iron ore,
manganese ore, chrome ore and coal would be purchased from the state thereby adding to its
revenue in the form of royalty, cess, GST, NMET, DMF and others. Besides, energy generated
from power plants including CPP will be consumed within the state and majority of finished
products will be sold in the state which will further generate revenue in form of GST, it said. It
also said that in addition to the direct/indirect employment, possibility of other peripheral
developments will also increase thereby generating job opportunities for local people and
development of area.

DR.REDDY'S MIYAPUR UNIT GETS USFDA EIR REPORT - Dr.Reddys Lab has
received Establishment Inspection Report from the USFDA for Custom Pharmaceutical
Services facility, Technology Development Centre at Miyapur in Telangana. Dr Reddys
Laboratories Ltd, through its wholly owned subsidiary Promius Pharma, LLC, announced its
fifth consecutive, first-cycle NDA approval for the Proprietary Products Group, a substantial
milestone within the pharmaceutical industry.Dr Reddy's deals in pharmaceutical services and
active ingredients, global generics and proprietary products. It derived 66% of FY17 revenues
from export formulations, followed by domestic formulations (16%), APIs(15%) and others
(3%).The companys key markets include India, USA, Russia and Germany.
INDIA NOV NIKKEI MANUFACTURING PMI RISES TO 13-MONTH HIGH - At 52.6
in November, the Nikkei India Manufacturing Purchasing Managers Index (PMI) rose from
50.3 in October. This indicated a substantial improvement of operating conditions in Indias
manufacturing sector. At the broad market group level, growth in consumer and intermediate
goods offset a marginal deterioration in investment goods category.The Indian manufacturing
sector recorded its strongest improvement in business conditions for 13 months, recording
marked and accelerated increases in output and new orders. Furthermore, manufacturing
companies observed a renewed increase in new export orders during November.On the job
front, greater production requirements led to the fastest rate of employment creation since
September 2012. Meanwhile, there was a pick-up in inflationary pressures, with input costs
increasing to the greatest extent since April. The upward movement in the headline index was
driven by a marked increase in output. Furthermore, the rate of expansion quicken ed to the
strongest since October 2016. A combination of higher order book volumes and a decrease in
GST rates reportedly contributed to greater production. That said, the rate of growth remained
weaker than the trend seen since the inception of the survey in March 2005. Overall new
export orders increased for the first time in three months, albeit marginally. It was a positive
picture for factory employment in November, with manufacturers raising their payroll numbers
at the sharpest rate since September 2012.

Panelists commented on greater inflows of new work. All three monitored broad categories
registered expansions, led by intermediate goods. On the price front, input cost inflation
quickened to the fastest since April and was solid overall. Among the items reported as being
up in price were chemicals,steel and petroleum products. While input prices rose at a stronger
pace, the rate of output charge inflation was marginal. Anecdotal evidence indicated that firms
were unable to fully pass on higher cost burdens to customers amid intensive competitive
conditions. Indias manufacturing economy advanced on its path to recovery as disruptions
from the recent tax reform (GST) continues to diminish. Growth in output and new orders
picked up to the fastest since October 2016, reportedly supported by reductions in GST rates
and stronger underlying demand conditions. Nevertheless, the headline PMI remained below
the average seen since the inception of the survey in March 2005.Stronger factory production
levels translated into the fastest rate of employment creation since September 2012.
Meanwhile, export growth rose for the first time in three months as overseas demand for
Indian goods improved.
IL&FS ENGINEERING BAGS RS582CR ROAD CONTRACT IN MAHARASHTRA - IT
has received a Letter of Acceptance for a Road Contract from IL&FS Transportation Networks
Limited. The total value of the contract is Rs582cr and completion period is 21 months. The
scope of IL&FS Engineering Services under this contract involves Four Laning from km 165
to km 220 of Amravati - Chikhli section of NH-6 in the state of Maharashtra on Item Rate
basis. IL&FS Engineering Services is currently working on Rs5,012cr worth road projects
across India.

PIRAMAL ENTERPRISES ACQUIRES DIGEPLEX FROM SHREYA LIFESCIENCES

-Piramal Enterprises has announced that they would be acquiring Digeplex and the associated
brands from Shreya Lifesciences for an undisclosed sum in order to expand their consumer
products business. Specifically, this acquisition would help with expanding the gastro-
intestinal product portfolio of Piramal Enterprises.

According to the management, the gastro-intestinal market has been growing at 11% every
year. In FY17, the companys revenue from the pharma business came in at Rs4,054cr. Of this,
Rs3,517cr came in from the Global Pharma business and Rs537 came in from the Indian
Consumer Products business. The companys revenue from pharma has grown by 17% CAGR
from FY11-17 and is expected to reach Rs6,500-7,000 by FY20.

BIOCON GETS EU REGULATOR NOD FOR TRASTUZUMAB BIOSIMILAR -Mylan

N.V. and Biocon announced that the European Medicines Agency has accepted for review
Mylan's Marketin Authorization Applicat- ions for proposed biosimilar trastuzumab and
proposed biosimilar pegfilgrastim. EMA acceptance of the submissions follows an earlier
withdrawal of both applications in response to an audit conducted by the European inspecting
authority of Biocon's drug product facility. Biocon has completed the Corrective and
Preventive Actions outlined as a result of the audit observations. The CAPAs will be confirmed
during re-inspection, which will be completed as part of the regulatory review process. Good
Manufacturing Practice compliance certificates for Biocon's two drug substance manufacturing
facilities in Bangalore have been issued previously.
Approval of these sites is key in the development and approval process as drug substance
manufacture is core to the production of the actual bio logic product in GMP compliance. On
Thursday, the stock ended at Rs432.25, up by Rs4.45 or 1.04% from its previous closing of
Rs427.8 on the BSE. The scrip opened at Rs428 and touched a high and low of Rs436.45 and
Rs423.4 respectively. Biocon is a fully integrated biopharma player with API manufacturin g
facilities, strong capabilities in biologics and branded generics business in India. Its potential
segment of biological have contributed 12% of turnover of FY17.

L&T RECEIVES US$250MN CONTRACT FROM BANGLADESH -Larsen & Toubro, in

a press release, stated that the company in consortium with Samsung C&T Corporation of
South Korea has received an EPC order from Bangladesh Power Development Board. The
scope of the order includes design, detailed engineering, supply, installation and
commissioning of 400 MW combined cycle power plant on turnkey basis.

The order is valued at US$250mn. L&T has executed several large gas-based power projects
on EPC basis for government utilities and independent power producers in India and abroad.
For FY18, L&T has reduced its order inflow guidance from flat to marginal growth against the
12-15% growth guided earlier. L&Ts H1FY18 order inflow was Rs55,100cr , post which the
company has announced orders worth Rs23,000cr so far in Q3FY18. Larsen & Toubro Ltd
ended at Rs 1217.3, up by Rs 5 or 0.41% from its previous closing of Rs 1212.3 on the
BSE. The scrip had opened at Rs 1219.9 and touched a high and low of Rs 1223 and Rs 1213.3

WHIRLPOOL AIMS TO DOUBLE REVENUE THROUGH ORGANIC AND

INORGANIC GROWTH - The management of Whirlpool Corporation stated that they
intend to double the revenue of the company by 2020. The management intends to do this
through a combination of internal growth as well as acquisitions.
The focus of this growth would be to improve the position of Whirlpools Indian products so
that the company can gain market share. The management guided that the company would be
able to maintain double-digit growth for FY18. The company would also benefit from the
reduction in GST on consumer durables. The tax rate on consumer durables was lowered from
28% to 18%. However, higher commodity prices would put pressure on the margins over the
next few quarters.

TATA POWER ARM STARTS 300 KW ROOFTOP SOLAR PROJECT IN DELHI - Tata
Power Solar, Indias largest integrated solar company, has set another landmark by
commissioning an unprecedented rooftop project in India - a solar carport on the rooftop of the
sprawling 70,000 sq.mtr Unity One mall, a Unity Group endeavor in Rohini. The unique
rooftop carport is estimated to set off 438 Tons of carbon emission annually. Tata Power Solar
won the bid in the open tender process fielded by Delhi Metro Rail Corporation or multi -level
car parking. The project has been envisaged under net-metering scheme enabling self -reliance
in the energy consumption and production cycle. It enables the mall to receive real value of the
energy produced by earning on the unused and excess solar electricity produced. It also cuts
down the need to install a second meter or an expensive battery storage system as it is directly
connected to the local power grid. Ashish Khanna, ED and CEO, Tata Power Solar said, We
feel proud to be associated with yet another milestone solar project for India. It has been
achieved by our excellent engineering skills and project management capabilities. After
earning the distinction of executing worlds largest rooftop at a single location and Indias
largest carport at Cochin, we feel proud to accomplish Indias first carport on a rooftop.
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.