Disclaimer

We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.

We await SEBI approval to offer our research services to clients as well as our prospects. This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.

This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Tradzo Research. It does not constitute a personal recommendation or consider the particular investment objectives, financial situations, or needs of individual clients.

Tradzo uses charts powered by TradingView, under free licencing agreement with https://www.tradingview.com website.

About Research

Reports may include current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Tradzo Research, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. The price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume and are short-term in nature, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals & in long-term.

Opinions expressed are our current opinions as of the date appearing in this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Tradzo Research has independent equity research. This report has been prepared by Tradzo Research.

We and our affiliates/associates, officers, directors, and employees, Research Analyst(including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/companies discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. Tradzo Research may have a proprietary long/short position in the above-mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in nature and do not consider the risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as an invitation or solicitation to do business with Tradzo. Tradzo Research does not provide any promise or assurance of favorable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing, our research recommendations are standardized based on back-tested strategies and given with Stop-loss. All these recommendations are based on the probability of success. Every recommendation has a somewhat probability of failure, thus investor must follow stop-loss to avoid uncomfortable loss scenarios.

The analyst for this report certifies that all the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

No part of this material may be duplicated in any form and/or redistributed without Tradzo Research's prior written consent.

We may have received compensation from the subject company(ies) in the past 12 months. No

We may have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No

We may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company(ies).

Research Analyst or his/her relative's financial interest in the subject company(ies): No

Tradzo Research has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No

"However, Tradzo Research Prop/Arbitrage team could have exposure/financial interest to the subject company/companies during the ongoing month." Nature of financial interest is holding of equity shares or derivatives of the subject company.

Our associates may have actual/beneficial ownership of less than 1% securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report.

Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No.

Tradzo Research has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No

By referring to any particular sector, Tradzo Research does not provide any promise or assurance of favorable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing. Such representations are not indicative of future results.

Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.

"A graph of daily closing prices of securities is available at https://www.nseindia.com/ChartApp/install/charts/mainpage.jsp and http://economictimes.indiatimes.com/markets/stocks/stock-quotes. Choose a company from the list on the browser and select the "three years" icon in the price chart."

Our research should not be considered as an advertisement or personal advice, it is professional & thus follow a standard approach. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts. Compliance Officer Details: Mrs. Shweta Patel. Call: 079 - 4039 1464, or Email: care@tradzo.in.

Tradzo Research.

Registered Office: A-416 SUMEL11, NAMASTE CIRCLE, SHAHIBAUG, AHMEDABAD, GUJARAT 380004. CIN: , Telephone No.: +079 40391464. Website: www.tradzo.in

Correspondence Address: A-416 SUMEL11, NAMASTE CIRCLE, SHAHIBAUG, AHMEDABAD, GUJARAT 380004. Telephone No: 42856825. SEBI Registration No: (_)

In case you require any clarification or have any query/concern, kindly write to us at care@tradzo.in. For grievances, contact shweta.patel@tradzo.in. For escalation, contact harsh@tradzo.in.

In absence of response/complaint not addressed to your satisfaction, you may lodge a complaint with SEBI at https://scores.gov.in/scores/Welcome.html or Exchange at https://investorhelpline.nseindia.com/NICEPLUS/, https://bsecrs.bseindia.com/ecomplaint/frmInvestorHome.aspx. Investor Service Centre | National Commodity & Derivatives Exchange Limited (ncdex.com), https://igrs.mcxindia.com/. Please quote your Service Ticket/Complaint Ref No. while raising your complaint at SEBI SCORES/Exchange portal or Depository at https://www.epass.nsdl.com/complaints/websitecomplaints.aspx and https://www.cdslindia.com/Footer/grievances.