Heavy rains continue to lash MP, 1 dead in lightning strike

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Bhopal, Oct 18 | Several parts of Madhya Pradesh have experienced heavy rainfall in the last 24 hours and the regional meteorological department in Bhopal has predicted more showers in the next two days. One person has died due to lightning strike in Rajgarh district of the state.

According to the met department, the post monsoon rain in Madhya Pradesh is attributed to low pressure area over north Telangana and adjoining areas with associated cyclonic circulation. It is also a result of western disturbance over south Afghanistan.

There has been heavy rainfall in divisions such as Gwalior, Chambal, Ujjain, Bhopal, Shivpuri, while some other divisions have witnessed light to moderate rainfall.

Senior meteorologist at IMD’s Bhopal office, G.D. Mishra, said, “A low-pressure area was lying north of coastal Andhra Pradesh and adjoining west-central Bay of Bengal, and this was bringing moisture to Madhya Pradesh causing rains in different parts.”

“The Northeast part of Madhya Pradesh is likely to receive heavy rainfall in the next 24 hours, while some other parts will receive light to moderate rains. Clouds and showers are expected over several parts of the state till Tuesday,” he further said.

As per the met department’s data, highest rainfall in the last 24 hours was recorded in Shivpuri district (312 mm), Guna (101 mm), Gwalior (71.7 mm), Hoshangabad (56.2 mm), Shajapur (50 mm), Satna (49.8 mm), Bhopal (41.4 mm) and Raisen (41.2 mm). Rain in other districts was recorded below 30 mm.

The IMD has already issued a yellow alert for thunderstorms accompanied by lightning in four divisions and many districts of Madhya Pradesh.

One person was reported dead due to lightning strike in Rajgarh district of Madhya Pradesh, while one sustained injury.

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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