Srinagar, Dec 20 | As the 40-day long period of harsh winter known locally as the ‘Chillai Kalan’ starts on December 21, frozen water pipes, hanging icicles and bone chilling cold on Monday cautioned Kashmiris to brace for colder weather ahead.
The 40-day long Chillai Kalan period ends on January 31 each year as it brings in a lot of hardships for the people.
With the erratic electric power, the earthen firepot lit with charcoal and woven in willow wicker still remains the best bet for Kashmiris to brave the cold of the Chillai Kalan.
Srinagar had minus 5.8, Pahalgam minus 7.4 and Gulmarg minus 5.5 as the minimum temperature on Monday.
Drass town of Ladakh had minus 19.0, Leh minus 18.0 and Kargil minus 11.5 as the night’s lowest temperature.
Jammu city had 3.2, Katra 4.2, Batote 1.7, Banihal 3.0 and Bhaderwah minus 1.8 as the minimum temperature.
The MeT office said minimum temperatures could improve marginally during the next 2-3 days as a weak Western Disturbance (WD) is approaching J&K under whose influence the night sky would remain overcast.
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