Chandigarh, Jan 24 | In the run-up to the Punjab polls, the Punjab and Haryana High Court on Monday dismissed anticipatory bail plea in the alleged drugs case of Akali leader and former Punjab minister Bikram Singh Majithia, who is in fray from Majitha, near Amritsar.
The order was passed by Justice Lisa Gill after hearing arguments of both the counsel. Majithia was granted interim anticipatory bail on January 10 and directed to join investigation.
Now sitting legislator Majithia, who is the brother-in-law of Shiromani Akali Dal (SAD) chief Sukhbir Singh Badal, has the option either to move the Supreme Court or he can surrender before the police.
“Before the HC, we have sought for interim bail period extension to file an appeal before the apex court or three days’ time to surrender before the police so as to file his nomination for elections. We are yet to get the order copy,” said Majithia’s counsel Arshdeep Singh Cheema.
Majithia had moved the high court after a Mohali court dismissed his anticipatory bail petition in a case under the Narcotic Drugs and Psychotropic Substances (NDPS) Act registered on December 20.
In a 49-page FIR filed by the state police Crime Branch at the Mohali police station, the SAD leader has been booked under sections 25, 27A and 29 of the NDPS Act.
Majithia’s case was argued by senior counsel Mukul Rohatgi, while the Punjab government’s case was represented by former Union Minister P. Chidambaram.
“It is more than apparent that the present FIR has been registered against the petitioner keeping an eye on the forthcoming elections. The petitioner’s fundamental rights are at stake,” said the petition.
The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.
While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.
Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.
Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.
On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.
Source: Choice India