HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

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1 HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

2 Market Wrap-Up Commodity Contract Previous Close MCX Market Wrap-Up Open High Low Close NCDEX Market Wrap-Up % Change in Price % Change in Open Interest % Change in Volume Aluminium 31-Jul % 5.26% 33.14% Copper 31-Aug % -0.65% % Crude Oil 19-Jul % % % Gold 03-Aug % 9.59% 38.88% Lead 31-Jul % % 3.42% Natural Gas 26-Jul % 48.07% % Nickel 31-Jul % 3.03% -5.03% Silver 05-Sep % 14.52% 52.89% Zinc 31-Jul % 24.16% % Commodity Contract Previous Close Open High Low Close % Change in Price % Change in Open Interest % Change in Volume Castor Seed 20-Jul % % -1.38% Chana 20-Jul % % 20.01% Dhaniya 20-Jul % -4.76% % COCUDAKL 20-Jul % % 94.16% Guargum5 20-Jul % -8.13% % Guarseed10 20-Jul % -5.74% 0.18% Jeera 20-Jul % % % RMseed 20-Jul % -1.32% % Ref Soya Oil 20-Jul % 8.54% % Soyabean 20-Jul % % 62.96% Turmeric 20-Jul % 5.21% % Mentha Oil 31-Jul % 1.22% 20.74% Currency Pair Contract Previous Close Currency Market Wrap-Up Open High Low Close Change in Price (in%) USDINR 27-Jul % GBPINR 27-Jul % JPYINR 27-Jul % EURINR 27-Jul % Continued. 2 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

3 Market Wrap-Up Commodity Exchange Previous Close International Market Wrap-up Open High Low Close % Change in Price Aluminium LME % Copper COMEX % Crude Oil NYMEX % Gold COMEX % Lead LME % Natural Gas NYMEX % Nickel LME % Silver COMEX % Zinc LME % 3 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

4 Inventory Updates LME Inventory Commodity Closing (As on 13th Jul18) In tones Closing (As on 6th Jul18) in tones % Change in Price Aluminium % Copper % Lead % Nickel % Zinc % Continued. 4 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

5 Inventory Updates 5 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

6 Market Next Week Upcoming Economic Events Calender Time Currency Event Forecast Previous Monday, July 16, :30 CNY NBS Press Conference 18:00 USD Core Retail Sales (MoM) (Jun) 0.40% 0.90% 18:00 USD Retail Sales (MoM) (Jun) 0.50% 0.80% 19:30 USD Business Inventories (MoM) (May) 0.40% 0.30% Tuesday, July 17, :00 GBP Average Earnings Index +Bonus (May) 2.50% 2.50% 14:00 GBP Claimant Count Change (Jun) -2.1K -7.7K 14:00 GBP Employment Change 3M/3M (MoM) 150.0K 146.0K 14:00 GBP Unemployment Rate (May) 4.20% 4.20% 18:45 USD Industrial Production (YoY) 3.50% 18:45 USD Industrial Production (MoM) (Jun) 0.60% -0.10% 19:30 USD Fed Chair Powell Testifies Wednesday, July 18, :30 USD TIC Net Long-Term Transactions (May) 34.3B 93.9B 14:00 GBP CPI (MoM) (Jun) 0.20% 0.40% 14:00 GBP CPI (YoY) (Jun) 2.60% 2.40% 14:00 GBP PPI Input (MoM) (Jun) 0.30% 2.80% 18:00 USD Building Permits (Jun) 1.330M 1.301M 18:00 USD Housing Starts (MoM) (Jun) -2.20% 5.00% 18:00 USD Housing Starts (Jun) 1.320M 1.350M 19:30 USD Fed Chair Powell Testifies 20:00 USD Crude Oil Inventories M M Thursday, July 19, :00 GBP Core Retail Sales (MoM) (Jun) -0.30% 1.30% 14:00 GBP Core Retail Sales (YoY) (Jun) 3.50% 4.40% 14:00 GBP Retail Sales (YoY) (Jun) 3.70% 3.90% 14:00 GBP Retail Sales (MoM) (Jun) 0.20% 1.30% 18:00 USD Initial Jobless Claims 220K 214K 18:00 USD Philadelphia Fed Manufacturing Index (Jul) :00 USD Philly Fed Employment (Jul) 30.4 Friday, July 20, 2018 Tentative USD OPEC Meeting Currency Weekly Pivots Currency Pair Contract R3 R2 R1 PP S1 S2 S3 USDINR 27-Jul GBPINR 27-Jul JPYINR 27-Jul EURINR 27-Jul Continued. 6 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

7 Market Next Week MCX Weekly Pivots Commodity Contract R3 R2 R1 PP S1 S2 S3 Aluminium 31-Jul Copper 31-Aug Crude Oil 19-Jul Gold 03-Aug Lead 31-Jul Natural Gas 26-Jul Nickel 31-Jul Silver 05-Sep Zinc 31-Jul NCDEX Weekly Pivots Commodity Contract R3 R2 R1 PP S1 S2 S3 Castor Seed 20-Jul Chana 20-Jul Dhaniya 20-Jul COCUDAKL 20-Jul Guargum5 20-Jul Guarseed10 20-Jul Jeera 20-Jul RMseed 20-Jul Ref Soya Oil 20-Jul Soyabean 20-Jul Turmeric 20-Jul Mentha Oil 31-Jul Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

8 MCX Fundamentals BULLION The World Gold Council reported a 7% drop in global demand in the first quarter of 2018 to tonnes the lowest since the first quarter of 2008 as investments fell 27% on the precious metal to 287 tones from 383 tones in the first quarter of Central banks gold demand rose 42% to tones especially from Russia while jewellery demand steadied at tonnes as mine supplies grew 1% y/y to 770 thousand tonnes. The Gold is bearish for medium long term.currently Gold is in strong down trend with good momentum but volume is unsatisfactory. BASE METALS CIS billet exporters continued to face a lack of demand in some major outlets notably Northern Africa and Turkey. Customers in Egypt and Tunisia cited weak domestic markets for finished long steel products and expected billet import prices to drop further. Bids from Egypt were heard within the range of $ per tonne, equivalent to $ per tonne fob Black Sea. Meanwhile a customer in Tunisia said that the range of $ per tonne fob was too high for him considering the fall in domestic finished long steel prices. ENERGY The Energy Information Administration reported a drop of 12.6 million barrels in US crude stocks in the week ending July 6, passing expectations of a 4.1M drop, and marking the largest drop since September Total stocks are down to million barrels, the lowest since February 2015, while US production stayed the same at million bpd, already a record high. 8 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

9 NCDEX Fundamentals SPICES Jeera traded in a range with prices facing strong resistance at these higher levels. Some more short term dips could be noted even as falling stocks in domestic and International markets amidst rising export and domestic demand with falling Rupee providing support to the prices later on. Shifting of export demand towards India aided by a firm Dollar vs Rupee would support prices in medium term. OILSEEDS Mentha traded with high volatility as profit booking at the higher levels limited the up trend. Rains in growing areas in UP could adversely affect the harvesting and that is supporting the prices. Daily demand remains strong enough to absorb supplies. Soya oil failed to post a decent upside due to weak tone in soy bean and palm oil. As mentioned earlier the palm oil market in current term seems to respond to estimates of rising production in July. GUAR COMPLEX As rains poured in over Rajasthan, it looks to keep the recent upside limited for Guar prices. Sowing is expected to pick up. On the other hand, rise in export demand at these lower levels aided by falling Rupee and a firmness in Crude oil prices kept further fall limited. OTHERS RM seed once again faced resistance against trading above 4150 but the general bias was on the positive side. In near term if monsoon reports indicate better rain prospects then it will an obstacle in prompting upside rallies, since this would imply better sowing prospects during its planting season of Oct- Nov. However the projected decline in domestic mustard sowing area versus last year will be seen as a key bullish fundamental in broader term. 9 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

10 Calls of the Week (MCX) GOLD Last week, spot gold prices traded lower by 1 percent to trade at $1240 per ounce while MCX gold prices declined 1.5 percent to trade at Rs per 10 gms. Market is continuously taking support of important level of 30,000 and we are expecting market can bounce back from lower level. If market break the level of upside then we can expect positive movement in it to the level of One can make buy position with stop loss of WEEKLY STRATEGY PARTICULAR DETAILS Action Buy Entry Range Above Target SL LEAD From last couple of trading weeks market is trading with negative sentiment to the level of 147 and getting bounce back to settle above the level of 150. For this week, if it breaks the level of if it breaks the level of on the upside then it can test the level during the week. One can make buy position in it by maintaining a stop loss of WEEKLY STRATEGY PARTICULAR DETAILS Action Buy Entry Range Above Target SL Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

11 Calls of the Week (NCDEX) COCUDAKL On its daily chart market has been formed Hammer formation also market can resist by the important psychological level of From last couple of trading weeks market trading with positive sentiment and trading in overbought zone. For this week we can expect some correction in the market. If market breaks the level of 1740 on downside it can test the level of One can make sell position with stop loss of WEEKLY STRATEGY PARTICULAR DETAILS Action Sell Entry Range Below 1740 Target 1590 SL 1795 CHANA Chana futures on NCDEX staged a strong rally on last Friday surging to 7 month high on strong buying interest. NCDEX chana futures are forecast to extend the positive trend during the day on continued buying support. However, market could take correction during initial trading hours on account of profit booking. Market participants are buying chana futures in anticipation of revival in demand ahead of festive season in India. If market break the level of 4190 then it can test the level of One can make buy position with stop loss of WEEKLY STRATEGY PARTICULAR DETAILS Action Buy Entry Range Above 4190 Target 4290 SL Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

12 Calls of the Week (FOREX) GBPINR Last week GBPINR Jul Futures started the week on positive note but found enough resistance at the level of It made a high of during the week and closed at on with the overall loss of 1.46% on weekly basis. Technically it consolidating above the major support level of with the positive RSI & volume and for this week, we can expect further upside movement in it. For this week, if it breaks the level of if it breaks the level of on the upside then it can test the level of during the week. One can make buy position in it by maintaining a SL WEEKLY STRATEGY PARTICULAR DETAILS Action Buy Entry Range Above Target SL EURINR Last week EURINR Jul Futures started the week on negative note but found enough support at the level of It made a high of during the week and closed at on with the overall loss of 1.40% on weekly basis. Market is continuously making higher highs and higher lows indicating upside movement in coming session. For this week, if it breaks the level of if it breaks the level of on the upside then it can test the level of during the week. WEEKLY STRATEGY PARTICULAR DETAILS Action Buy Entry Range Target SL Copyright 2018 Ways2Capital. All rights reserved 17/07/2018

13 Disclaimer LEGAL DISCLAIMER (क न न अस व कयण) : 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. मह दस त व ज Ways2Capital (ह ई ब र भ क ट अन स ध न ननव श सर हक य प र इव ट लरलभट ड क एक ब ग) द व य त म य ककम गम ह मह ऩय द गई ज नक य, ववश र षण औय अन भ न Ways2Capital इक ववट / कभ डडट अन स ध न क भ लम कन ऩय आध रयत ह औय ववश वसन म स र त स प र प त क गई ह मह दस त व ज क वर इक छ त प र प तकत क उऩम ग क लरए ह ह 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. 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Ltd. or its associates has never served as an officer, director or employee of the subject company; (स) ह ई ब र भ क ट अन स ध न ननव श सर हक य प र इव ट लरलभट ड म उसक सहम ग म न ववषम क ऩन क अधधक य, ननद शक म कभ च य क र ऩ भ कब ब क भ 13 Copyright 2018 Ways2Capital. All rights reserved 17/07/2018