Incumbent Bulgarian President re-elected

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Incumbent Bulgarian President re-elected
Incumbent Bulgarian President re-elected

Sofia, Nov 24 | Bulgarian incumbent President Rumen Radev has been re-elected after winning two-thirds of the vote in the presidential run-off earlier this week according to official results announced by the country’s Central Electoral Commission (CEC).

According to the results, Radev, 58, who was backed by several political formations such as Continue the Change coalition, Bulgarian Socialist Party and There Is Such A People, has won 66.72 per cent of the vote, reports Xinhua news agency.

Sofia University rector Anastas Gerdjikov, who was officially supported by the centre-right GERB party, got 31.80 per cent, while 1.48 per cent preferred the option “none of the above”

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A total of 23 candidates participated in the first round of the presidential elections on November 14, when Radev won with 49.42 per cent followed by Gerdjikov with 22.83 per cent.

Bulgaria’s President is elected directly by the people for a period of five years.

Radev’s term will expire at the end of January 2022.

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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