New Delhi, Nov 22 | Trinamool Congress Chief Mamata Banerjee is scheduled to arrive in Delhi on Monday evening for a four-day visit. She is likely to meet Prime Minister Narendra Modi and Congress chief Sonia Gandhi.
The visit comes just ahead of the winter session of Parliament. Banerjee is likely to meet other like-minded party leaders to forge an alliance with the opposition in Parliament as the Centre is on a back foot since the repeal of farm laws.
The relation between the Congress and Trinamool has, however, hit a few hiccups after two Congress leaders, Luizinho Falerio and Sushmita Dev, joined Trinamool. Both the leaders have been sent to the Rajya Sabha by Trinamool. After this, the Congress state leaders and floor leader of the Lok Sabha Adhir Ranjan Chowdhury have sharpened their attack on the Trinamool.
Kisan Mahapanchayat in Lucknow on Monday
According to official sources, Mamata Banerjee is scheduled to arrive in Delhi on Monday around 5 p.m. and will return to Kolkata on November 25 evening.
Sources in the Chief Minister’s Office indicated that the discussion between Banerjee and PM Modi might revolve around the state’s pending financial dues and the recent extension of the BSF’s jurisdiction in the state from 15 km to 50 km from the International Borders.
The Chief Minister is also likely to meet interim Congress President Sonia Gandhi. The opposition parties are set to corner the government in the upcoming winter session of Parliament on issues of inflation, Chinese incursion, Pegasus spyware, and farm laws. The session begins on November 29.
Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.
High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.
In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.
Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.
Source: Choice India
It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.
However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.
Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.
However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.
Source: Choice India