Bulldozer rolls near Delhi’s Samaypur Badli metro station

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New Delhi, May 13 | Several shanties located near the Samaypur Badli metro station in the national capital were razed to the ground under the ongoing demolition drive on Friday.

The demolished shanties were illegally constructed on the pavement of the main road, i.e., on the government land, just below the metro bridge.

As the officials of the civic body arrived there, the people, rather than resisting the drive, were seen removing the temporarily constructed structures by themselves. Ashok Yadav, a resident of Samaypur village, while speaking to the mediapersons, praised the MC’s drive against the illegal encroachments in the area.

“The place where the shanties were located was the single entry point to our village. Passing from here has become a very difficult job. There was not even space for cycle rickshaws to pass during the evening time,” he said.

Most of the shanties that were demolished had a tarpaulin roof, which after the demolition could be seen lying strewn on the road along with other household items.

Area Councillor and former Mayor Preeti Aggarwal said the said illegal encroachment was there for the past many years. “We are removing these encroachments only for the people. We are just taking necessary action,” she said.

However, the poor people were anguished after their shanties were demolished and expressed strong resentment against the BJP-ruled North Delhi Municipal Corporation.

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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