New Delhi, May 13 | The Municipal Corporation (MC) continues to demolish the illegally constructed structures in the national capital on Friday.
As per the latest reports, the demolition drive is currently underway at several places of the city, including at Khyala Road in the Vishnu Garden area of the city.
The JCB bulldozers were demolishing the extended area of the shops which was encroaching the pavements or footpaths along the road.
There was adequate police force on the spot even as the residents did not protest against the MC’s action. However, some of the locals expressed their anger against the civic agency.
“We were not served any notice. Had MCD intimated us, we would have ourselves removed the said encroachment,” a local said, while speaking to IANS.
Meanwhile, Delhi Deputy Chief Minister Manish Sisodia has written to Union Home Minister Amit Shah urging the latter to stop the ongoing demolition drive in Delhi. Sisodia claimed that the civic agency’s proposed drive will render over 60 lakh people homeless in Delhi.
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