Continue with Amma Pharmacies: AIADMK’s Palaniswami

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Chennai, Nov 20 | Former Tamil Nadu Chief Minister and Leader of the Opposition K. Palaniswami on Saturday demanded the DMK government to continue the Amma Pharmacy outlets that sell medicines at discounted rates.

AIADMK’s Joint Coordinator Palaniswami also wondered what the two expert committees set up by the DMK government to improve the state’s economy and also look at ways to mobilise additional funds are doing.

Citing reports about the “Stalin’s government’s plans” to close down the Amma Pharmacy outlets, Palaniswami said the government should drop its proposed move to enable private outlets to rake in huge profits.

According to Palaniswami, the DMK government is shutting down the people welfare measures of the previous AIADMK government like the Amma Canteen, selling food at subsidised rates, Amma Mineral Water (1 litre bottle sold at Rs 10), Amma Cement and others.

He said the DMK government shut down the sales of Amma Cement priced at about Rs 190 – 216 per bag and launched the Valimai brand at about Rs 350/bag.

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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