Jerusalem, Oct 18 | Air forces of eight countries began the international “Blue Flag” air combat exercise in Israel, the Israeli military has said.
The annual exercise is taking place at the Ovda Air Force Base in southern Israel, with the participation of air forces from the United States, Germany, Italy, Britain, France, India and Greece, Xinhua news agency quoted an Israeli military spokesperson as saying.
The exercise kicked started on Sunday with an honorary flyover, led by the Commander of the Israeli Air Force Amikam Norkin in an F-15, alongside an Israeli “Adir”, the Israeli version of F-35 stealth jet.
The Chief of the German Air Force Ingo Gerhartz flew with them in an “Eagle Star” Eurofighter, which has been specially painted with Israeli and German flags.
The 12-days drill will simulate air-to-air and air-to-ground combat, advanced surface-to-air missiles threats, and various operational scenarios in enemy territory, the Israeli military said.
The goal is “to strengthen strategic international cooperation through shared learning about the integration of fourth and fifth-generation aircraft in complex operational scenarios, with a focus on broadening and enhancing the operational capabilities,” the spokesperson said in a statement.
The exercise provides an opportunity to carry out “joint tactical flights against a variety of threats using advanced technology,” the statement added.
Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.
The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.
In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.
Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.
Source: Choice India