IMD predicts moderate rain over coastal areas of TN

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Chennai, Jan 17 | The India Meteorological Department (IMD) on Monday said that the coastal areas of Tamil Nadu will receive moderate rain till Wednesday.

Chennai and the adjoining districts received moderate to heavy rain on Monday, while heavy also lashed several coastal areas.

IMD officials said that one or two places in Tiruvallur district would also receive heavy rain.

Chennai recorded a dip in the mercury following the downpour in many parts of the city with the minimum temperature dipping to 22.7 degrees Celsius, much below the average of 29.3 degrees.

S. Balachandran, Deputy Director-General of Meteorology, Chennai, said that moderate rains may continue over a few places in the north coastal region and Puducherry.

He also said that interior areas of the state will also experience moderate rains on Tuesday.

The convergence of strong easterlies at the lower level and westerly winds at the upper level of the atmosphere triggered the rain over the state, the statement said.

The North-East monsoon has still not withdrawn from the state and the IMD officials said that the spillover till January was not uncommon.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

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.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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