Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Market opened gap up after an extended Weekend and Sustained
above 8900 throughout the day’s trading Session. The 50 Shares Index Nifty 50 Opened
at 8852 up by 43 points or 0.48 per cent. After giving a breakout from 8670 levels. Nifty
has managed to gain nearly 400 points. This rally has been triggered due to speculation of
the US Fed not raising the interest rate in near future. Since the Nifty has touch above
9000 crucial Psychological level. Market may find resistance at this level. However the
bull Market is intact and Secular in nature. It is important to note that the NSE small cap
Index registered all time high of 6303. The Nifty could consolidate within the range of
8874-8971 due to lack of triggered from domestic or global market. From this point the
Logical levels for Nifty will be 9025-9050 up side, and the 8860-8820 would be the
important level down side.
BANK NIFTY : - The Bank Nifty opened in a positive note up by 107 points or 0.53 per
cent at 19990. The Bank Nifty got significant boost from the Public Sector Banks Stocks
as FM talked about some political consensus for privatization of the same, Although it is
too early to think about that, as the main priority will be recapitalization and actual
resolution of stressed assets of the Public Sector Banks as of now. Although the
underlying fundamental factors are optimistic for Bank Nifty the chances of technical
correction or at least a retrenchment is increasing in probability. Recent decline in bond
yields also aided the rally in Bank stocks by causing adjustments on their balance sheet,
especially on Public sector banks. On Daily chart the price action becomes clearer and we
see market is trading in price channel structure. Also some traders are pointing out
upcoming monetary policy stance as the main mover behind the rally. The Crucial Levels
for Bank Nifty is 20827-20556 up side and 20029-19773 is down side.
Monday, 12 September 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
9097 8969 8905 8841 8713
WEEKLY R2 R1 PP S1 S2
9215 9007 8903 8799 8591
MONTHLY R2 R1 PP S1 S2
9486 9074 8868 8662 8250
BANK NIFTY
DAILY R2 R1 PP S1 S2
20869 20451 20242 20033 19615
WEEKLY R2 R1 PP S1 S2
21872 20818 20291 19764 18710
MONTHLY R2 R1 PP S1 S2
22693 21025 20191 19357 17689
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 8760 - - -
BANK NIFTY 19605 - - -
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 8615 8429 8375
BANK NIFTY 18960 18337 18158
PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above given daily Chart of Nifty has Applied the Bollinger
Band Along with Parabolic SAR, both the indicators give early indication of Bullish or
Bearish trend of the market. Along with that the Nifty dalily Chart is Froming the strong
Bearish Pattern Which is the reversal trend Signal. As we have seen in last week the Nifty
is traded in the narrow range of 8870-8900 Levels. Now it seems that trend could be
reversal into the bearish Side in the Daily Chart has Formed the Beaish candle which is
also the signal of bear market. If the Nifty is breaking the levels of 8860-8750 level we
could witness the level of 8660-8580 in near Term. Move Toward the 8900 levels in
upcoming will lead the Nifty to break the level of 9020-9200. The Crucial levels for Nifty
is 8880-8750 down side and 8900-8940 is Upside.
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart - On the Above given daily Chart of Bank Nifty has Applied the
Bollinger Band along with the Parabolic , The Usage of bollinger Band differ from
Trader-to-Trader indication of Bullish or Bearish trend of the market respectively. Thus
the Bank Nifty Chart also formed the hanging man kind of pattern. Kind of Pattern which
is a Bearish signal for market, from this Point we are Expecting if Bank Nifty Consolidate
Upcoming week. Then it would touch the level of 19950-20250 in Near-Term. If we look
into the Fundmaentals of Bank Nifty there are some action is taken to overcome the NPA
issue of Public Sector Bank. The Important levels for Bank Nifty is 20180 - 19750 down
side and 2380-20460 is up side.
NSE EQUITY DAILY LEVELS
COMPANY
NAME
R2 R1 PP S1 S2
ACC EQ 1708 1680 1666 1638 1624
ALBK EQ 89 87 86 84 83
AMBUJACEM EQ 278 275 273 270 268
ASIAN PAINT EQ 1186 1180 1174 1168 1162
AXISBANK EQ 628 621 616 609 604
BAJAJ-AUTO EQ 3143 3089 3053 2999 2963
BANKBARODA EQ 177 174 173 170 169
BANKINDIA EQ 127 125 123 121 119
BHEL EQ 157 156 154 153 151
BHARTIARTL EQ 330 326 322 318 314
CIPLA EQ 601 589 584 572 567
COALINDIA EQ 335 333 332 330 329
DLF EQ 163 160 156 153 149
DRREDDY EQ 3250 3220 3195 3165 3140
GAIL EQ 405 400 394 389 383
GRASIM EQ 4810 4756 4723 4669 4636
HCLTECH EQ 797 789 781 773 765
HDFC EQ 1462 1436 1416 1390 1370
HDFCBANK EQ 1303 1297 1287 1281 1271
HEROMOTOCO EQ 3766 3691 3628 3553 3490
HINDALCO EQ 166 160 157 151 148
HINDUNILVR EQ 964 947 937 920 910
ICICIBANK EQ 279 277 273 271 267
ITC EQ 267 262 260 255 253
INDUSIND BANK EQ 1237 1229 1214 1206 1191
INFY EQ 1049 1042 1034 1027 1019
JINDALSTEL EQ 91 88 84 81 77
KOTAKBANK EQ 834 827 817 810 800
LT EQ 1552 1532 1521 1501 1490
M&M EQ 1514 1495 1477 1458 1440
MRF EQ 40915 40557 40192 39834 39469
MARUTI EQ 5534 5466 5422 5354 5310
ONGC EQ 263 259 253 249 243
ORIENTBANK EQ 133 132 130 129 127
RCOM EQ 53 52 51 50 50
RELCAPITAL EQ 582 571 564 553 546
RELIANCE EQ 1059 1050 1040 1031 1021
RELINFRA EQ 642 629 622 609 602
RPOWER EQ 55 54 54 53 53
SBIN EQ 270 266 265 261 260
SSLT( VEDL) EQ 180 175 173 168 166
SUNPHARMA EQ 826 810 802 789 778
TATAMOTORS EQ 586 580 575 569 564
TATAPOWER EQ 79 78 77 76 75
TATASTEEL EQ 411 403 398 390 385
UNIONBANK EQ 154 151 150 147 146
TOP 15 ACHIEVERS // TOP 15 LOOSERS
NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )
NSE FUTURE
NSE FUTURE : BUY PNB FUTURE ABOVE 145 TGT 150 SL 142.50
NSE FUTURE : SELL SAIL FUTURE BELOW 50 TGT 47 SL 51.50
NSE FUTURE : BUY CEATLTD FUTURE ABOVE 1060 TGT 1090 SL 1045
NSE CASH
NSE CASH : BUY MOTHERSUMI NSE CASH ABOVE 342 TGT 368 SL 331.
NSE CASH : BUY TECHM NSE CASH ABOVE 465 TGT 495 SL 445.
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 YES BANK LTD. 1388 1276 -8.07 %
2 TCS 2514 2352 -6.46 %
3 ULTRACEM 4085 3953 -3.22 %
4 TECHM 471 458 -2.87 %
5 TATA POWER 79 77 -2.28 %
6 HDFC 1439 1410 -1.98 %
7 ITC LIMITED 262 258 --1.75 %
8 HINDALCO 157 154 -1.53 %
9 AMBUJA 276 272 -1.34 %
10 IDEA 84 83 -1.01 %
11 ACC 1669 1653 -0.97 %
12 NTPC 160 158 -0.75 %
13 WIPRO 483 480 -0.63 %
14 HCL TECH 784 780 -0.51 %
15 GAIL LIMITED 394 394 -0.20 %
SR.NO SCRIPT NAME PREV CLOSE
CMP % CHANGE
1 BHEL 136 154+13.19 %
2ONGC 238 254 +6.79 %
3 TATA STEEL 374 394+5.45 %
4ICICI BANK 261 274 +4.90 %
5 MARUTI SUZUKI 5160 5403+4.70 %
6TATA MOTORS 549 573 +4.26 %
7 SBIN 254 264+3.73 %
8LUPIN LTD. 1518 1569 +3.39 %
9 BANK BARODA 166 171+3.37 %
10RELIANCE 1013 1044 +3.08 %
11 AURO PHARMA 779 802+2.92 %
12AXIS BANK LTD. 599 613 +2.22 %
13 DR. REDDY LAB 3123 3193+2.25 %
14BHARTI INFRA 343 351 +2.21 %
15 INDUSIND BANK 1192 1217+2.14 %
NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
SIT on Black Money asks RBI to develop institutional mechanism to track illicit
financial flows - Chairman, Special Investigation Team on Black Money, appointed by
the Hon’ble Supreme Court, in a letter dated 11-Aug, to Governor, RBI has impressed
upon the imperative need to establish the following institutional mechanism for sharing of
data with the RBI in its various data bases with the Enforcement Authorities so that the
data could be cross checked with other information available with Enforcement
Authorities and illicit financial flows could be curbed. (a) Foreign Exchange Transactions
Electronic Reporting System: FET–ERS was introduced through RBI Circular No.77
dated 13.March-04. All authorized dealers are obligated to report each foreign exchange
transactions. Access to this database would needs to be given to authorities like
Enforcement Directorate and Directorate of Revenue Intelligence, so that the above
analysis could be done. For this, SIT has suggested that FET–ERS data should capture the
PAN number of the importer or the exporter and that RBI take necessary steps for the
same to get this done on an urgent basis.
Nikkei India August services PMI at 54.7 - August saw a solid rebound in the rate of
expansion in Indian service sector business activity. Output was raised in response to a
marked improvement in new work inflows and increased levels of business confidence.
The trend in employment remained comparatively subdued, however, with a slight
decrease in jobs signal led for the first time since September of last year. At 54.7 in
August, up from 51.9 in July, the seasonally adjusted Nikkei India Services Business
Activity Index posted its highest level for over three-and-a-half years. The headline index
has now signal led expansion in each of the past 14 months. Output grew in five of the six
monitored categories, the exception being Hotels & Restaurants. With growth of
manufacturing production also ticking higher, the seasonally adjusted Nikkei India
Composite PMI Output Index climbed from 52.4 in July to a 42-month high of 54.6 in
August, highlighting a stronger improvement in private sector economic activity.
Measured across the service economy, the level of incoming new work rose at the
quickest pace for three-and-a-half years. Where an expansion was registered, companies
mainly linked this to improved market conditions. Similarly,manufacturing order books
increased at a sharp rate that was the quickest since December 2014.
RBI Governor argues for Independent Central Bank for macroeconomic stability of
the country - In his last public speech as the RBI Governor at St.Stephens College in
New Delhi, Dr. Raghuram G. Rajan explained why central banking was not as easy as it
appeared - just raising or cutting interest rates - and why it needed decisions, sometimes
unpopular or hard-to-explain ones, to be made under conditions of extreme uncertainty
and argued in favor of having an independent central bank and the role and
responsibilities of the central bank governor.
The central bank governor has to make difficult policy choices often in the face of
uncertainties after weighing the alternatives as best as one can. He cited the example of
2013, when due to weak macro fundamentals the rupee tumbled and it was necessary to
get back the confidence of international investors and how he, who had just taken over as
the Governor of the Reserve Bank of India, had to decide on introducing the FCNR
scheme in the midst of uncertainties. That the decision proved to be beneficial for the
country, the Reserve Bank and the banks, taught him that "Policy making invariably
involves taking measured risks in the face of uncertainty." He then made out a case for
India to have a strong and independent central bank so that it could ensure
macroeconomic stability.
It is for taking complex decisions - often difficult for the common citizens to
understand - That the central banks should be independent and should be able to say 'no'
to seemingly attractive proposals, he argued but added that at the same time, it also
cannot become free of all constraints. "It has to work under a framework set by the
Government," he said. In his view, "Frameworks reduce the space for differences" and it
was important that the constitutional authorities clearly outlined the central bank's
responsibilities. He gave two examples - a framework for inflation objective and a risk
management framework for RBI that indicated the level of equity the RBI needed, given
the risks it faced, to be adopted by the RBI Board. "The RBI did not have the luxury of
economic inconsistency," he said, be it interest rates, exchange rate, pushing banks to
clean up or paying dividend to the government.
In a poor country like India where so many people lived at the margin, the role of the
central bank was to ensure that growth did not exceed the country's potential, adopting
prudential policies that reduce the risk, and building sufficient buffers that the country
was protected against shocks. The Governor also explained the economic rationale of
why the RBI cannot pay special dividend to the government - in addition to the entire
surplus being paid out for the last three years.
High growth rate mandatory for collective well being: Arun Jaitley - A high growth
rate is a requisite if the benefits of growth are to percolate down to the last man,
especially minorities. Post 1991 economic liberalization, the acceleration of growth rate
has led to substantial reduction in poverty. All communities have shown reduction in
poverty levels, however on an uneven basis, says Union Finance Minister, Arun Jaitley,
speaking at a Conference on Empowerment through Education – ‘Taalim-o-Tarbiyat’ in
Mumbai. While higher growth rate impacts all by way of offering economic
opportunities, certain minorities have lagged behind and those areas need to be addressed.
Despite the poverty rate among Muslim community declining from 52% in 1991 to about
27% in 2011, some communities like Jains and Parsis have overcome the challenge of
poverty, he said. Jaitley said education is the key to improve the conditions faster which
would aid conversion of skills into opportunities. Madarasa is an important institution in
imparting education for children of Muslim community and complimented the efforts of
leaders like Zafar Sareshwala, for blending technology and traditional teachings, he said.
Foreign portfolio investors approach government to iron out Singapore Treaty,
GAAR issues - Foreign portfolio investors are lobbying the government to resolve
problems related to the India-Singapore tax treaty and general anti-avoidance rules ,
worried about their investment in equities. FPIs fear after April 1, 2017, when both the
renegotiated India-Singapore treaty and GAAR come into force, they will face
challenges. One relates to double taxation in India and their home country. The Asia
Securities Industry & Financial Markets Association, a Hong Kong-based grouping of
FPIs and global banks, has written to the government and sought a meeting with the
revenue secretary. They say there is ambiguity on the tax treaty and lack of clarity on how
FPIs would be taxed under GAAR. One of the suggestions they've made is radical —
abolish capital gains tax and increase securities transaction tax to make up for that. Apart
from this, FPIs are of the view that capital gains exemption must be retained even under
the renegotiated India-Singapore tax treaty as otherwise investing in India through
Singapore "will not be cost effective."
Governement begins discussions for creation of secretariat to assist GST Council -
The government has begun the groundwork for creation of a secretariat to cater to the
Goods and Services Tax Council, which will be constituted after Presidential assent for
the Constitution Amendment Bill enabling implementation of the proposed tax. The
government wants the institutional arrangements ready so that the GST Council can start
deliberating the nuances of the law quickly. "Internal discussions have started. A
secretariat would support the Council's work," a government official told. The Council
will take crucial decisions, from deciding the GST rate and the exemptions to finalizing
the central, state and integrated GST laws and rules and the administrative structure. The
Council is a joint body of the states and the center, which will control two-thirds and one-
third of the votes, respectively. All decisions will be taken with a three-fourth majority.
The secretariat will be responsible for speedily exchanging proposals and views between
the center and the states.
✍ TOP ECONOMY NEWS
PMI rose to 54.7 points in August, up from 51.9 in July. A reading above 50 points
shows expansion, while a reading below that mark means contraction. The services index
has now signal led expansion in each of the past 14 months.
The unemployment rate for urban areas read 11.24% in August 2016, higher than the
9.18% in rural pockets.
Three out of the 10 provisionally licensed small banks are set to begin operations in the
next few months as they have met the regulatory requirements and put in place the
systems needed.
The Indian economy grew at 7.1% in the first quarter of the fiscal, with good
performance of sectors including manufacturing, electricity, financial services and public
administration.
Growth in the eight core sectors stood at 3.2% in July mainly due to sharp uptick in
refinery products and a sustained rise in coal production. The index had grown by 5.2% in
the previous month of June.
The Cabinet allowed contractors to move to the new speedier arbitration process,
approved release of 75% of the amount in dispute against bank guarantee and provided
for a conciliation board comprising of independent domain experts in new contracts.
After submission of the first list of PSUs for closure or sell off to the government, Niti
Aayog is now working on another list for disinvestment.
The special investigation team on black money has asked the Reserve Bank of India to
develop an institutional mechanism, in consultation with the revenue department, to share
export-import and foreign exchange transaction information with investigative agencies,
to curb illicit financial flows out of the country.
For the first time, the National Bank for Agriculture and Rural Development will provide
funds to the Central Government to fund irrigation projects.
✍ TOP CORPORATE NEWS -
NBCC India Limited bagged projects worth Rs. 6.15 billion last month.
Reserve Bank has restricted foreign investors to increase stake further in Trent limited as
the permissible limit has been crossed.
Along with some offshore creditors, SC Lowy has taken the harsh step of recalling USD
150 million loan to JSPL after it failed to comply with certain loan covenants.
Bharat Heavy Electricals Limited has commissioned the fourth and last unit of the
4x40MW Teesta Low Dam Hydro Electric Project Stage-IV in West Bengal.
DLF Limited announced the sale of its remaining 7 screens of DT Cinemas in the
national capital to Cinepolis India for nearly Rs. 640 million, thereby exiting the cinema
exhibition business.
Cadila Healthcare Limited has received an Establishment Inspection Report from the
US health regulator for its manufacturing plant in Ahmedabad.
Natco Pharma Limited said the US Patent and Trademark Office has ruled in favour of
its marketing partner Mylan by invalidating the Israel-based Teva Pharmaceuticals’
patent related to multiple sclerosis drug Copaxone 40 mg/ml.
Larsen & Toubro’s construction arm has bagged orders worth Rs. 14.58 billion across
business verticals.
Delta Corp Limited has acquired Gauss Network, which owns Adda52.com, in a part
cash, part equity deal. The value of the deal, is over Rs. 1.50 billion.
Patel Engineering Limited has won arbitration awards of over Rs. 25 billion and expects
its debt to halve on Cabinet's decision to revive construction sector.
Cipla Limited has received final approval for its Abbreviated New Drug Application for
Darifenacin extended-release tablets from the United States Food and Drug
Administration.
Infosys Limited has become the latest Indian IT services company to set up a joint
venture with a local company in Saudi Arabia to tap local customers in the Islamic
Kingdom, which is using technology to transform itself from being a oil dependent
company.
Dynasty Acquisition Limited has sold 2.72 million shares in Cholamandalam
Investment and Finance Company, for a total trade price of Rs. 3 billion.
Coal India Limited will develop solar power plants of 600 MW capacity in four states,
including West Bengal and Maharashtra, under the second phase of its plan to set up a
total 1,000 MW green energy pl
Tata Steel Limited had urged Chhattisgarh government to return the money it had
deposited for purchasing land in Bastar where company had planned to set up mega steel
plant.
Indian Oil Corporation might hold 50% in a refinery being planned on the west coast if
Saudi Arabia and Kuwait do not take up the offer of an equity stake.
Wipro Limited has won an IT contract from NSB Group, one of Norways largest
transportation groups.
MIC Electronics Limited has secured a patent for its LED DigiPoster, which the
company maintains is a next generation digital display technology for various
applications across the world. The patent is valid up to the year 2028.
Mahindra & Mahindra Limited has rebranded its electric mobility portfolio as
Mahindra Electric aiming for a greater focus on technology and launch more electric
models, besides supplying powertrains to other manufacturers.
Indoco Remedies Limited said the US health regulator has inspected its Goa plant and
has issued six observations on account of violation of good manufacturing norms.
The National Highways Authority of India has awarded a Rs. 8.20 billion highway
project in Rajasthan to PNC Infratech Limited.
Ashok Leyland Limited and Nissan have decided to part ways in their loss-making light
commercial vehicle joint ventures, which were formed in 2007. Ashok Leyland has
decided to buy its partners stake in the JVs floated by the two partners.
Vedanta Limited are to convene in Goa for an Extraordinary General Meeting, to
discuss the proposed absorption of Cairn India.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
Reserve Bank of India governor Urjit Patel reallocated portfolios between the three
deputy governors of the central bank in his first day in charge on Tuesday. In what can
be called as his first big decision, Patel entrusted the monetary policy department,
financial market operations department and department of economic policy and research
to the senior most deputy governor R Gandhi who has also been earlier deputed at the
Securities & Exchange Board of India.
Central banks are expected to save the world. And if they can make some money along
the way for cash-strapped governments, all the better.
Take India, where outgoing Governor Raghuram Rajan has been beefing up the country's
foreign exchange reserves as a safety net against capital outflows. Income from foreign
sources rose 11.5 percent last fiscal year, enabling the Reserve Bank to pay the finance
ministry a dividend of about $ 10 billion, matching the previous year's record. That's great
timing for the government of Prime Minister Narendra Modi, which just started doling
out pay raises to public servants. Yet it's a fraction of the US dividend. The Federal
Reserve's $ 4.5 trillion balance sheet helped generate enough profit to pay a record $ 117
billion remittance to the U.S. Treasury—including $ 19.3 billion that Congress wrung out
for highways. Other countries enjoy additional sources of income Central banks in South
Korea and France pay corporate taxes in addition to dividends.
State Bank of India hopes to kick off merger of its associates as well as Bharatiya
Mahila Bank with itself by October-end and try to complete the process by March next,
making it the 45th largest lender globally in terms of assets. Early August, the central
board of State Bank of India had approved the acquisition of all the five associate banks
and Bharatiya Mahila Bank and finalised the swap ratios for the merger. "The merger
process will start by October-end. The grievance committee will come back to us
hopefully by the end of this month, thereafter we have to send it to the Reserve Bank and
then to the government for the final approval, which may probably take a month. Post
which the merger can take place," SBI chairman Arundhati Bhattacharya told in an
interview today.
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.
Related Documents
