Israel approves construction of 4,320 settlement homes in West Bank

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Jerusalem, May 13 | Israel has pushed forward new plans for building 4,320 settlement homes in the occupied West Bank.

The High Planning Subcommittee of Israel’s Civil Administration, the body in charge of approving construction in the West Bank, said that the plans for building 2,684 housing units received final approvals, while those for building 1,636 units got initial approvals, reports Xinhua news agency.

Interior Minister Ayelet Shaked welcomed the move on Twitter, saying it is “a happy day for the settlements”.

However, Peace Now, a Tel Aviv-based anti-settlement watchdog, slammed the arrangement as “a slap in the face, not only to the prospect of peace, but also to the possibility of some future Palestinian economic development”.

It said in a statement that the construction of “illegal settlements stands against the Israeli interests, and the only reason to approve these plans is a desire to please the right-wing parties.”

The controversial move comes amid heightened tensions between Israel and the Palestinians due to a series of deadly attacks and raids in the West Bank.

The Israeli settlements are located in the Palestinian territory of West Bank, which Israel seized in the 1967 Middle East war and has controlled ever since.

Most of the international community considers the expansion of the settlements a violation of international law.

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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