12 Cong MLAs in Meghalaya join Trinamool Congress

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12 Cong MLAs in Meghalaya join Trinamool Congress
12 Cong MLAs in Meghalaya join Trinamool Congress

Shillong, Nov 25 | In a major setback for Cong, at least 12 of the 18 party MLAs led by opposition leader Mukul Sangma have joined Trinamool Congress (TMC), party sources have said.

Trinamool Congress’s Rajya Sabha Member Sushmita Dev and a close associate of Sangma separately told IANS that the opposition leader along with 11 other Congress MLAs have joined the Trinamool Congress.

Of the 12 Cong legislators who joined the Trinamool, eight MLAs are from Garo Hills, while four lawmakers are from Khasi Jaintia hills.

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With the latest political development, despite not winning any seat in 2018 Assembly elections to the 60-member assembly, the Trinamool Congress became the main opposition party in Meghalaya house.

Former Meghalaya Chief Minister Sangma is said to be upset over the appointment of Shillong Lok Sabha Member Vincent H. Pala as the state Congress President in September.

Sangma reportedly met Trinamool’s National General Secretary Abhishek Banerjee in Kolkata last month triggering speculation amid a reported rift within the Congress in the northeastern state. Sangma had termed it as a courtesy meeting.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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