CBI files fresh case against ex-Arunachal CM for alleged nepotism

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Itanagar, June 10 | The Central Bureau of Investigation (CBI) has registered a fresh FIR against former Arunachal Pradesh Chief Minister Nabam Tuki for alleged nepotism, officials said here on Thursday.

The CBI filed the fresh FIR for alleged nepotism and corruption related to a contract for construction of a Kendriya Vidyalaya boundary wall in Salt Lake area of Kolkata.

The CBI has alleged that officials of the Public Works Department, Arunachal Pradesh, awarded the tender to firms managed by the family members of Tuki, who was the then PWD Minister, without following the stipulated procedures.

Congress leader Tuki (57) was the Chief Minister of Arunachal Pradesh from 2011 to 2016.

The FIR has been filed on the findings of a preliminary probe that was conducted following the directions of the Guahati High Court into the allegation that in 2005-06, several work orders were awarded by the PWD to the agencies owned by the relatives of Tuki at his behest.

Officials said that the then assistant commissioner of the Kendriya Vidyalaya Regional Office had moved a proposal for the construction of a permanent building inside the Salt Lake premises and entrusted the work to the Arunachal Pradesh PWD despite the fact that it did not have the ability.

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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