13
ANNUAL GLOBAL CURRENCY, COMMODITY & EQUITY OUTLOOK Waves Research provides in-depth research on varied asset class like Equities, Commodities, and Currencies & has been publishing these reports on a daily, weekly & monthly basis. Waves Research publishes Annual Outlook on Equity, Commodity & Currency for the year 2013.
By Vishal Dalvi, CMT
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
Wish you a Happy & a Prosperous New Year
As we enter in to the 2013, we have put across our views for the coming year for all Asset classes. While we see Dollar broadly stuck into a big range, a fall at the lower end of the range is our preferred view. This may lead to a rally in Risky asset class like commodities and equities. Within Commodities we may see a sharp recovery in Bullions but we may see some underperformance in Base Metal even though Chinese Market looks like recovering. Crude may also give reasonable upside this year but we expect a dip in the first half of the year followed by a sharp run up. For Equities we feel while Dow Jones may have a limited upside from these levels but Indian Equity Markets have changed structurally The report includes charts & views for the following assets
1. Currency a. Dollar Index b. EURUSD c. GBPUSD d. USDJPY e. USDINR – Indian Rupee
2. Commodities
a. CRB Index b. Gold COMEX c. Silver COMEX d. Copper COMEX e. Nickel LME f. Lead LME g. Zinc LME h. Aluminum LME
3. Equities
a. SENSEX & NIFTY b. Dow Jones c. FTSE
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
CURRENCY Dollar Index:
98 99 00 01 02 03 04 05 06 07 08 010 10 11 12 13
30
40
50
60
70Relative Strength Index (50.1002)
70
75
80
85
90
95
100
105
110
115
120
STUCK IN A RANGE
FOR YEARS
DOLLAR INDEX
MONTHLY CHART
60990667
A S O N 2011 A M J A S O D 2012 A M J J A S O D 2013
30
40
50
60Relative Strength Index (44.4532)
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
STUCK IN A RANGE
FOR YEARS
DOLLAR INDEX
WEEKLY
CHART
S S
H
60990667
Wave Analysis: Study of Dollar index is the key to analyze where all risky asset classes like commodities and equities are headed as currency plays a very important role in determining their directions. Though the inverse correlation within dollar Index and Equities is not perfect in smaller time frame, but broadly in the larger picture the inverse correlation does exist. Since 2008 Dollar index has been stuck in a range of 90-75$ and has not been able to breach either side. On Monthly Chart (Left hand side) the structure looks like a triangle formation and a breach of either side would give hints towards the next directional move and this move should be a steep one. This sideways structure has played out in other as asset classes as well. For example if you look at COMEX Gold, Silver, Copper, Crude all have formed a triangular formation in this same period with not real direction. For that matter even few equity indices like Indian Markets have been stuck in a range since last 3-4 years. The right hand side chart is the Weekly Dollar Index chart and we can see an inverse Head & Shoulder Pattern formation. This is a bearish reversal pattern and a break of the neckline at 79-78.5$ would signal some weakness in Dollar Index ahead in the medium term. In the broader perspective this leg down would find support at the Monthly Triangular formation near the 75$ levels. This expectation of medium term weakness in dollar Index makes us bullish on Commodities and Equities as an asset class but we believe there will be a selective play. While Equities are in an overbought territory we expect a short term correction first which would offer a good buying opportunity. Within Commodities, we feel Bullions may outperform this year while Base Metals may remain sideways to mildly bearish. Crude should also eventually break higher this year.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
EURUSD:RALLY AHEAD
2008 2009 2010 2011 2012 2013
1.15
1.20
1.25
1.30
1.35
1.40
1.45
1.50
1.55
1.60
SS
H
a
b
cW
X
a
b ?
1.3500
1.4000
EURUSD (1.30700, 1.33650, 1.30160, 1.33430, +0.02760)
GBPUSD:TRAINGULAR CONSOLIDATION
2008 2009 2010 2011 2012 2013
1.30
1.35
1.40
1.45
1.50
1.55
1.60
1.65
1.70
1.75
1.80
1.85
1.90
1.95
2.00
b
a
c
d
e
A
GBPUSD (1.60720, 1.61770, 1.59900, 1.61300, +0.00590)
USDJPY:A MAJOR TREND REVERSAL
2008 2009 2010 2011 2012 2013 2014
75
80
85
90
95
100
105
110
S
H
S
1
2
3 ?
USDJPY - JAPANESE YEN (88.1700, 89.4400, 86.8100, 89.1700, +1.05000)
GBPUSD Weekly chart shows a classic symetrical traingle and Wave count doesn’t show any bullish implication with this currency pair. Failure to move above 1.65$ may push prices initially towards the lower end of the traingle near 1.55$. A break of 1.55$ may suggests some significant downside in GBPUSD. GBPINR should see lower levels around 86.50-86.00 INR with stiff
resistance at 90 INR.
Prices have reversed significantly and we belive this bullish trend is here to stay for the year. Prices are currently trading in wave 3. We can also see a 2 year long Inverse Head & Shoulder pattern breakout. A dip towards 85$ cannot be ruled out and prices should then head higher towards 95-100$ eventually. JPYINR could intially see a rise towards 63-64 INR from there it could start the next decline
towards 58-57 INR.
A Head & Shoulder pattern in Dollar index implies an inverse Head & Shoulder pattern in EURUSD. Broadly prices are stuck within a triangular pattern within the range of 1.20-1.45. We expect the Inverse H&S should play out in EURUSD and prices may spend enough time in the range of 1.3500-1.4000. For EURINR we see higher levels of 75-77 INR while supports will
be seen near 69.50 INR.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
USDINR:A BORING SIDEWAYS CONSOLIDATION AHEAD
2007 2008 2009 2010 2011 2012 2013 2014
10
20
30
40
50
60
70
80
90Relative Strength Index (54.6592)
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
1
2
3
4
5
A
W
X
Y
B
C
a
b
c
X
a
b
c
A Year of Consolidation
After the steep rise and fall in 2012, we expect this year
to be a year of consolidation in a narrow range
USDINR - INDIAN RUPEE (55.0250, 55.3800, 54.3450, 54.8600, -0.07000)
INDIAN RUPEE USDINR: WEEKLY CHART
2012 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Feb Mar
48.5
49.0
49.5
50.0
50.5
51.0
51.5
52.0
52.5
53.0
53.5
54.0
54.5
55.0
55.5
56.0
56.5
57.0
57.5
58.0
1
2
3
4
5
A
W
X
Y
B
C
a
b
c
After the steep rise and fall in 2012, we expect this year
to be a year of consolidation in a narrow range
W
a
b
X ?c ?
1
2
3
4
5
X ?
53.50-53.00
Supply Area
56.00
USDINR - INDIAN RUPEE (54.7550, 54.8200, 54.4050, 54.5100, -0.35000)
Prices are currently trading in wave b of X and we could see an initial dip towards 53.50-53.00 before the start of wave c of X. 56.00 levelscontinue to be a very strong resistance zone and it would need a very strong reason to break this supply zone. Post a test of 56.00 we may see the start of next zig-zag correction which may eventually take us towards 50.00 or sub 50.00 levels.
USDINR has been very challenging to trade last year. We suspect that this year it will get even more challenging as we expect a complex correction in USDINR for this year. Prices have already formed a zig-zag formation in the form of wave a-b-c. We may see a double zig-zag correction which may go a year long before prices can turn higher again.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
COMMODITIES
CRB INDEX – ONE LEG HIGHER PENDING
2009 2010 2011 2012 2013
180190200210220230240250260270280290300310320330340350360370380390400410420430440450460470
(A)
a
b
Wc
X
a
b ?
CRB INDEX (294.368, 297.384, 293.902, 297.119, +2.53262)
GOLD COMEX– STRUCTURAL BULL MARKET INTACT
1997 1999 2000 2002 2003 2005 2006 2008 2009 2011 2012 2013 2015 2016
30
40
50
60
70
80Relative Strength Index (55.8131)
500
1000
1500
2000
2500
1
2
3
4
i
ii
iii
iv
vi
ii
iii
iv
v ?5 ?
1520
GOLD [CASH] (1,674.90, 1,694.86, 1,626.18, 1,662.59, -12.3600)
CRB index is the Commodity Index and gives hints to the overall direction of all Commodities. Wave structure suggests that prices could head higher from here in the form of wave c of Y. This chart is in line with our bullish view on commodities
overall for this year.
Gold remains in a structural bull market. Though the returns in dollar terms have not been great for last 2-3 years, but the triangle formation in wave iv of 5 explains this sideways consolidation. As long as 1520-1500 is intact prices should continue in the higher high& higher low formation and head towards
2000$.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
BULLIONS
GOLD & SILVER-EXPECT TO SHINE THE MOSTGOLD WEEKLY CHART
M A M J J A S O N D 2012 M A M J J A S O N D 2013 M A M J J A
40
50
60
70
80Relative Strength Index (45.7912)
1350
1400
1450
1500
1550
1600
1650
1700
1750
1800
1850
1900
1950
2000
3
4
ii
iii
iv
v
i
ii
iii
iv
v ?
I
II
III
IV
V
a
b
c
d
e
1
a
b
c
1500
1625
1800
1920
2 ?
Accumulation
Zone
GOLD [CASH] (1,655.20, 1,678.83, 1,643.17, 1,662.59, +7.09998)
SILVER WEEKLY CHART
2009 2010 2011 2012 2013
30
40
50
60
70
80
90Relative Strength Index (44.6117)
10
15
20
25
30
35
40
45
50
55
(1)
i
(2)
ii
iii
iv
i
ii
iii
iv
v
v
(3)
W
X
Y(4)
i
ii
26.00 $
35.50 $
As long as above 26.00$ we do not
rule out possibility of a New High
in Silver
SILVER [CASH] (30.1790, 30.9400, 29.8740, 30.4240, +0.24500)
We believe current levels in Gold
and Silver are most attractive
levels to make long term buying
bets.
Current levels from 1625$ till any
dips till 1580-1550$ should be
used to accumulate long positions
as we expect a steep third wave
rally to start which will take prices
above 1800$.
Silver too has been forming a
triangle type formation in the
form of wave (4). Prices have
retraced almost 61.8% in the
form of wave ii now and are
hovering near trend line support.
As long as 26.00$ is held we
remains extremely bullish on
Silver and any corrections
should be used as buying
opportunity. Prices should
eventually break 35.50$ and
head towards 45-50$ levels.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
MCX GOLD & SILVER
MCX GOLD – CHARTS SHOWS SOME OTHER STORY
S O N D 2011 M A M J J A S O N D 2012 A M J J A S O N D 2013 A
50607080Relative Strength Index (48.4565)
19000
20000
21000
22000
23000
24000
25000
26000
27000
28000
29000
30000
31000
32000
33000
34000
35000
36000
37000
BREACH OF
LONG TERM
CHANNEL
30350Double Top
32500
gold (30,337.00, 30,657.00, 29,794.00, 30,600.00, +269.000)
MCX SILVER – CHARTS SHOWS SOME OTHER STORY
A M J J A S O N D 2007 A M J J A S O N D 2008 A M J J A S O N D 2009 A M J J A S O N D 2010 A M J J A S O N D 2011 A M J J A S O N D 2012 A M J J A S O N D 2013 A
35
40
45
50
55
60
65
70
75
80
85
90
Relative Strength Index (46.1136)
15000
20000
25000
30000
35000
40000
45000
50000
55000
60000
65000
70000
75000
80000
48500
silver (58,151.00, 59,139.00, 57,472.00, 57,886.00, -364.000)
Though COMEX Gold looks like a
buy on dips structure, MCX Gold
Chart shows an all together
different story. Rupee
Appreciation has helped here and
we can see a double top formation
along with the breach of a long
term trend line.
Prices have already breach the
neckline of 30350 signaling a 2000
points fall from here on towards
28000.
The different structure in MCX &
COMEX for Gold makes us
neutral for the year expecting a
range bound scenario.
Unlike Gold, MCX Silver usually
does not get skewed from the
COMEX chart because to rupee
movement.
Wave count and structure broadly
remains the same as COMEX and
we expect the support zone of
55,000 should initially hold and
any unexpected from even below
these levels should find firm
support at 48500. We expect this
as the maximum downside for
Silver and expect a rally towards
65000-70000 going ahead.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
ENERGY
CRUDE – LOWER LEVELS WILL HOLD
2008 2009 2010 2011 2012 2013
3040506070
Relative Strength Index (56.0166)
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
100
105
110
115
120
125
130
135
140
145
150
155
a
b
cW
X ?
LIGHT CRUDE CONTINUOUS [NYMEX] (93.2100, 94.7000, 92.4200, 93.5600, +0.47000)
NATURAL GAS – LIMITED ROOM FOR UPSIDE
J A S O N 2010 A M J A S O N 2011 A M J J A S O D 2012 A M J J A S O D 2013 A M
25
30
35
40
45
50
55
60
65
70Relative Strength Index (51.8282)
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
3.0
O O O
PP
P
P
O
O
Resistance Near The Down Trend Channel
NATURAL GAS CONTINUOUS 10000 MMBTU [NYMEX] (3.27700, 3.35200, 3.08700, 3.32700, +0.04000)
Crude could see an initial dip
towards 80$ to complete wave X
and then head higher towards a
new intermediate high of 120$.
Overall structure remains quite
bullish for Crude and we
recommended buying at lower
levels. In MCX 4600 followed by
4450 INR is a strong support zone
which should hold for a rally
towards 6000 INR.
NG has shown a good recovery
last year but weather we have our
doubts whether this uptrend will
continue this year.
The entire correction has been
corrective and over lapping in
nature and we see very limited
upside from here on. Stiff
horizontal resistance is seen neat
3.80-4.00$ and as long as below
this level expect a drift towards
3.00 followed by 2.5$.
In MCX levels of 195-200 INR
should cap for a decline towards
150 INR.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
BASE METALS
COPPER – TIGTHEN YOUR SEAT BEATLS FOR A STEEP SELL OFF
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
30
40
50
60
70
80
90Relative Strength Index (50.5139)
1
2
3
4
5
I
II
III
IV
VA
a
b
c
B
I
a
b
II ?
Last corrective leg likely before the next
bull run towards a new High
60991958
A M J J A S O N D 2009 A M J J A S O N D 2010 A M J J A S O N D 2011 A M J J A S O N D 2012 A M J J A S O N D 2013 A M J J A S O N D 2014
15202530354045505560657075Relative Strength Index (53.1711)
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
III
IV
VA
a
b
c
B
I
a
b
II ?
1
2
3
4
5
Previous fourth level
at 2.730$ c ?
Break above 3.84$ may indicate
the start of Next Leg Up
3.84
Commodities always give a steep
movement on a break of traingular formation
Favored view remains a break down before
next leg up
HG COPPER CONTINUOUS 25000 LBS [COMEX] (3.70350, 3.71800, 3.65200, 3.65400, -0.03950)
May Jun Jul Aug Sep Oct Nov Dec 2012 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Feb Mar
2.90
2.95
3.00
3.05
3.10
3.15
3.20
3.25
3.30
3.35
3.40
3.45
3.50
3.55
3.60
3.65
3.70
3.75
3.80
3.85
3.90
3.95
4.00
4.05
4.10
4.15
4.20
4.25
4.30
4.35
4.40
4.45
4.50
4.55
4.60
4.65
O
P
O
O
P
O
O
P
38
Day Time
Cycle
Time Cycle Pointing
at an intermediate Top
P
HG COPPER CONTINUOUS 25000 LBS [COMEX] (3.67100, 3.71800, 3.66600, 3.70900, +0.03850)
Copper is near a crucial resistance of the
triangle trend line and we expect sharp
correction in Copper prices towards 3.00-
2.80$ levels near the previous wave 4 in
COMEX.
Time cycles also suggests a medium term top
in prices. A break above 3.84$ is needed to
negate this bearish view and suggest the start
of next rally.
Initial support could be seen at the triangle
trend line at 3.50$ and a break below this will
trigger a sell off towards 2.80-2.70$.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
NICKEL LEAD
ALUMINIUM ZINC Other base metals have been stuck in a range for last few years now. Every Metal has a series of resistances at higher levels and we feel all other base metals should follow suit with Copper. We see lower levels in Nickel up to 16500-16000$ in LME while zinc should head towards 1900-1850$. LME Lead should drag itself towards 2150-2080$ and Aluminum should also fall in the range of 1950$.Broadly prices will remain in a sideways to negative bias and higher levels should be used for shorting.
2005 J J A S O N D 2006 A M J J A S O N D 2007 A M J J A S O N D 2008 A M J J A S O N D 2009 A M J J A S O N D 2010 A M J J A S O N D 2011 A M J J A S O N D 2012 A M J J A S O N D 2013 A
20
30
40
50
60
70
80Relative Strength Index (57.8409)
10000
15000
20000
25000
30000
35000
40000
45000
50000
55000LME NICKLE (18,622.00, 18,770.00, 18,130.00, 18,225.00, -414.000)
2005 J J A S O N D 2006 A M J J A S O N D 2007 A M J J A S O N D 2008 A M J J A S O N D 2009 A M J J A S O N D 2010 A M J J A S O N D 2011 A M J J A S O N D 2012 A M J J A S O N D 2013 A
30
40
50
60
70
80Relative Strength Index (66.0971)
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
2000
2100
2200
2300
2400
2500
2600
2700
2800
2900
3000
3100
3200
3300
3400
3500
3600
3700
3800
3900
4000
4100LME LEAD (2,468.00, 2,483.25, 2,395.25, 2,421.50, -39.7500)
May Jun Jul Aug Sep Oct Nov Dec 2009 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Mar Apr
2025303540455055606570
Relative Strength Index (56.1050)
1100
1150
1200
1250
1300
1350
1400
1450
1500
1550
1600
1650
1700
1750
1800
1850
1900
1950
2000
2050
2100
2150
2200
2250
2300
2350
2400
2450
2500
2550
2600
2650
2700
2750
2800
2850
2900
2950
3000
3050
3100
3150
3200
3250
3300
3350
3400
3450
3500
3550LME ALUMINIUM (2,127.00, 2,147.25, 2,082.00, 2,105.75, -18.7500)
May Jun Jul Aug Sep Oct Nov Dec 2009 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2012 Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Mar Apr
253035404550556065707580859095Relative Strength Index (64.5044)
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
2000
2100
2200
2300
2400
2500
2600
2700
2800
2900
3000
3100
3200
3300
3400
3500
3600
3700
3800
3900
4000
4100
4200
4300
4400
4500
4600
4700
4800LME ZINC (2,171.00, 2,190.00, 2,144.00, 2,168.50, -5.25000)
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
EQUITIES Sensex has seen an above 20% return in the calendar year 2012 while there remained a pessimist outlook around in the economy. If we look at the past 4 years though and post the election gap in 2009 around 13500 levels the Index has really not given any exceptional returns as compared to a Bank FD. We believe that this era of underperformance and a range bound activity is behind us now and we should continue to outperform in terms of absolutes returns as compared to other any returns in other asset class. Index has given a decent rally from 15500-19500 and a correction cannot be ruled out, but our sense is that the dynamics of this Markets have changed. It’s a no going to spend time in a range, where you would want to short after a 10-15% rally and initiate fresh longs when it corrects a bit. Markets are going to remain in a buy on dips mode now. If we try to forecast Sensex outlook for a year, we believe a correction if any, may not be able to see lower levels than 18000 and this could be a reasonable level for people to initiate longs who haven’t participated in this year rally. As per wave count we feel prices have completed the wave (2) at the bottom of 15500 and not the previous bottom of 14500 made in Nov 2012. Post this rally we may be near in completing a five wave advance and may see some exhaustion in the range of 20000-20500. If this wave count is right we may consolidate till the month of May in a corrective move till 18000 from where a fresh 3rd wave rally should start. This rally will then take us eventually towards a new all time high levels of 24000 by the year end. Index wise we see outperformance in the sectors like Metals, IT and Energy. We have identified 11 stocks which according to us will be the shining stars of 2013 where we expect at least a conservative target of 25-30% up move. These stocks are in a structural uptrend and some for them may not have a good risk –reward at current market levels but any dips near the levels we have mentioned may fetch spectacular returns for this year. For Nifty our target are 6560 followed by 7654 with the base level of 5400.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
DOW JONES– ONE LAST LEG UP BEFORE THE NEXT BIG FALL
2007 2008 2009 2010 2011 2012 2013
20
30
40
50
60
70Relative Strength Index (60.3414)
6000
6500
7000
7500
8000
8500
9000
9500
10000
10500
11000
11500
12000
12500
13000
13500
14000
14500
1
2
3
4
i
ii
iii
iv
5
A
B
C ?
a
b
c
d
e ?DOW JONES INDL AVG (DJIA) (13,488.43, 13,633.89, 13,445.80, 13,596.02, +107.590)
FTSE– SOME MORE STEAM LEFT
2007 2008 2009 2010 2011 2012 2013
20
3040
50
60
70Relative Strength Index (64.0429)
3500
4000
4500
5000
5500
6000
6500
7000
1
2
3
4
5
A
B
C ?
FTSE 100 INDEX (6,121.58, 6,135.89, 6,076.12, 6,132.36, +10.7798)
Dow Jones Industrial Average Index continues to form a higher high and has been a gainer last year. Wave count suggests that prices are nearing a significant top and we could be in the last leg of the ending diagonal in the corrective wave C. On the higher side 14,000 could be the levels where upside could be capped. 2008 highs are around 14200. This high should not be taken out for this wave count to be valid. Break of 1290 would suggest start of a larger decline. We remain underweight on Dow for 2013.
FTSE chart looks a relatively better one than Dow Jones. Prices are currently trading at the 6100-6150 resistance zone. A breach of this may fetch higher levels of 6300-6500 where wave C could complete. The rally is still a corrective one in nature and we expect a larger decline to start once wave C is over. Breach of 5800 on the downside may break the rising trend line from 2009 lows and signal a major downside then. Favored view remains a rally around 6300 followed by a
significant correction.
www.wavesresearch.comMob: +91 9819826382
Research by Vishal Dalvi, CMT [email protected] Jan 15, 2013
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