By Sumi Khan
Dhaka, Nov 17 | The Parliament of Bangladesh on Tuesday passed the Special Security Force (SSF) Bill 2021 to provide family members of ‘Father of the Nation’ Bangabandhu Sheikh Mujibur Rahman with ‘foolproof’ security.
The bill was brought up as the existing law ‘the Special Security Force Ordinance, 1986’ was void following a verdict of the higher court.
The Special Security Force Bill, 2021 will be given priority no matter whatever is there in the Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s Family Members Security Act, 2009.
Liberation War Affairs Minister A.K.M. Mozammel Huq, who is in charge of the Prime Minister’s Office in parliament, moved the bill and it was passed by voice vote.
Bangabandhu family members include two daughters, grandchildren, and in some cases, spouses of the grandchildren.
The very important persons defined by the government through gazettes, heads of the foreign states, or governments will be given security under the draft law.
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.
Source: Choice India