Heavy rain continue to lash Chennai

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Chennai, Nov 11 | Heavy rain continued to lash Chennai on Thursday morning since the previous night due to the depression over southwest Bay of Bengal, which according to the IMD is expected to cross northern Tamil Nadu and the adjoining south Andhra Pradesh coasts by the evening.

As a result, several homes in the city have been inundated, while the power supply has been cut off in many localities.

According to the weather department, the depression over southwest Bay of Bengal is currently about 170 km east-southeast of Chennai and 170 km east of Puducherry.

It continues to move west-northwestwards.

Localities like T.Nagar, Mylapore, Velacherry, Adyar, Ekkattuthangal and others are waterlogged.

While the Greater Chennai Corporation is pumping out water with motors, the water level remains the same.

“Wind is also blowing and the possibility of trees getting uprooted is also one of the fears,” a milk supply boy said.

Several subways have been closed for traffic as they are filled with water.

According to Chennai Airport, flight operations are continuing as per schedule.

Suburban train services from Chennai to Tiruvallur have been suspended due to waterlogging on the tracks and in other routes the services were delayed.

According to the Railways, in the case of long distance trains, only marginal delays can be expected in arrivals and departures, especially for those trains going towards and coming from Arakkonam and Gudur.

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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