New Delhi, Nov 6 | Madhya Pradesh Congress Chief Kamal Nath called on Sonia Gandhi on Saturday to discuss political situation and issues pertaining to Madhya Pradesh. The meeting gains significance after the bypoll results in which the party has performed well in some states.
Ahead of assembly elections in five states early next year, the Congress is trying to put its house in order in Uttrakhand, Punjab, Goa, Manipur and UP. The party is trying to put up a serious challenge against the BJP and the SP in Uttar Pradesh.
The Congress has asked all the chiefs of its units/in-charges in states where bypolls were held on October 30 to send a report on the party’s performance.
The Congress has sought detailed analysis of the results of the by-elections in the states and also the reasons for the victory and defeat.
Congress General Secretary, Organisation, K.C. Venugopal issued the letter on Friday.
The Congress has swept bypolls in Himachal Pradesh — winning three Assembly seats and one Parliamentary seat; two Assembly bypolls in Rajasthan, and one Assembly bypoll in Madhya Pradesh, Karnataka, and Maharashtra.
However, it lost all the Assembly bypolls in Assam, Meghalaya, Mizoram, Bihar, West Bengal, Telangana and Andhra Pradesh. It also lost the Parliamentary bypolls in Madhya Pradesh and Dadra and Nagar Haveli.
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.
Source: Choice India