DVAC raids on ex-minister’s premises political vendetta: AIADMK

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Chennai, Jan 20 | AIADMK leaders and former Chief Ministers, O. Panneerselvam and K. Palaniswami have said that the raids conducted by the Tamil Nadu Directorate of Vigilance and Anti Corruption (DVAC) on the residence and premises of former higher education minister and AIADMK leader, K.P. Anbalagan is part of political vendetta by the DMK government.

In a joint statement on Thursday, the two senior leaders said that the raids in the name of unearthing unaccounted money and documents related to investments of the former minister were nothing but a farce. The leaders said that the DMK must understand that a political party like AIADMK cannot be cowed down by such frivolous acts using government agencies.

OPS and EPS said that the raids at Anbalagan’s residential premises and the premises of his friends and relatives were only because the former minister had gone to the office of the Dharmapuri district collector expressing solidarity with a dharna staged by Pappierdipatti MLA, A. Govindasamy who the collector had refused to meet.

The senior AIADMK leaders said that the opposition party was like a big banyan tree and that cowing down such a political party by using government agencies would backfire on the government and the DMK as a political party.

The AIADMK also said that K.P. Anbalagan was the sixth minister of the previous government who was subjected to DVAC raids. The leaders said that M.R. Vijayabhaskar, C. Vijayabaskar, S.P. Velumani, K.C. Veeramani, P. Thangamani were the other leaders and former ministers whose residences and office premises were raided by the DVAC.

Source: IANS

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Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.

India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.

Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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