CM has been unable to start mining in Goa; but has leased stone mine in Maha: Moitra

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Panaji, Nov 19 | The Trinamool Congress on Friday alleged that despite repeated assurances, Chief Minister Pramod Sawant has been unable to restart Goa’s beleaguered mining industry, even as the party’s state in-charge and Lok Sabha MP Mahua Moitra asked as to how Sawant leased out a stone quarrying tract in neighbouring Maharashtra in 2019.

“The Supreme Court had said that the auctions should be carried out. When Sawant took over, he said mining would be stared in three months. It has been three years, no mining has started in Goa,” Moitra alleged.

The Trinamool Congress leader also said that if the party comes to power in the 2022 state Assembly polls, it would make efforts to recover the Rs 35,000 crore loot by mining companies, which was revealed in the report of a judicial commission in 2012.

“We will try to recover as much as Rs 35,000 crore and go with a sustainable mining plan of action,” Moitra said.

Earlier this year, the Supreme Court had dismissed petitions filed by the state government and a private mining company seeking review of a February 2018 order of the apex court, which had scrapped nearly 90 mining leases in the state, stating that there were irregularities in their renewal process. All mining exploration activity in Goa has stopped following the 2018 SC order.

Mining was also halted by the apex court in 2012, after the Justice MB Shah Commission exposed a Rs 35,000 crore illegal mining scam which indicted nearly all mining companies in Goa as well as then Chief Minister Digambar Kamat.

Moitra in her media briefing also questioned as to how Chief Minister Pramod Sawant came to allegedly lease a stone quarry in Maharashtra’s Sindhudurg district in 2019, soon after he became the chief minister.

“The Central Bureau of Investigation and Enforcement Directorate should probe as to how a sitting Chief Minister could (lease) a mine in Sindhudurg. His disproportionate assets should be checked,” she added.

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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