Amarinder thanks Modi, says look forward to work with BJP

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Chandigarh, Nov 19 | Former Punjab Chief Minister Amarinder Singh on Friday thanked Prime Minister Narendra Modi for repealing the three contentious agricultural laws and said he looked forward to working closely with the BJP-led Centre for the development of farmers.

“Great news! Thankful to PM @narendramodi ji for acceding to the demands of every Punjabi & repealing the 3 black laws on the pious occasion of #GuruNanakJayanti,” Amarinder Singh tweeted.

“I am sure the central govt will continue to work in tandem for the development of Kisani! #NoFarmers_NoFood @AmitShah.”

Amarinder Singh told a news channel after the announcement by Modi about the Centre’s decision to take back its farm laws that his party is ready to hold talks with the BJP on seat sharing for the forthcoming Assembly elections in Punjab.

He appealed to the protesting farmers to end their protest outside borders of the national capital and return to their native places.

Will wait for repeal of farm laws to take effect: Kisan Morcha

In a series of tweets, the former Chief Minister said, “This has not only come as huge relief to farmers but has paved way for Punjab’s progress. I look forward to working closely with @BJP4India led centre for development of Kisans. I promise Punjab’s people I won’t rest till I wipe every tear from every single eye.”

In another tweet he said, “Huge huge day for all of us in Punjab. I’d been pursuing the matter with Centre for last 1+ year & had met @narendramodi ji @AmitShah ji requesting them to heed the voice of our annadaatas. Really happy they’ve heard farmers & understood our concerns.”

Amarinder Singh on November 2 resigned from the Congress and sent a seven-page letter to party President Sonia Gandhi. He named his party the Punjab Lok Congress.

He had quit as the chief minister in September after a power tussle with state Congress chief Navjot Sidhu.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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