Aus opposition party maintains polling lead

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Canberra, May 14 | Australia’s opposition Labor Party still maintains the lead as the campaign for the May 21 general elected has entered its final week.

According to the latest edition of Newspoll, the Labor Party holds a comfortable 54-46 lead over the Coalition on a two-party preferred basis, reports Xinhua news agency.

It marks the 20th consecutive Newspoll where the Coalition has trailed the Labor since November 2020.

Significantly, the Coalition has not been able to make any inroads since Prime Minister Scott Morrison called the election on April 10.

Newspoll found that 43 per cent of voters identified Morrison as their preferred Prime Minister and 42 per cent as Labor leader Anthony Albanese.

It represents a major swing in Albanese’s favour from a 46-37 lead for Morrison at the end of April.

In a major shift of tone, Morrison promised to change his leadership style if re-elected.

Admitting he can be “a bit of a bulldozer”, Morrison promised to empathize more with Australians if given another term as the Prime Minister .

“I will seek to explain motives and my concerns and empathize a lot more. But I tell you what, at the end of the day, what matters most is I get the job done,” he told reporters on Saturday.

In response, Albanese, who on Saturday announced a Labor government would boost health spending by A$970 million ($673 million), promised to unite the country.

“A bulldozer wrecks things. A bulldozer knocks things over. I’m a builder, that’s what I am,” he said.

“I will build things in this country.”

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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