Kisan Mahapanchayat in Lucknow on Monday

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Kisan Mahapanchayat in Lucknow on Monday
Kisan Mahapanchayat in Lucknow on Monday

Lucknow, Nov 22 | The Samyukta Kisan Morcha (SKM), an umbrella body of the farmers’ unions, is slated to hold a Kisan Mahapanchayat in Lucknow on Monday to press for a law guaranteeing MSP and seek the dismissal of Union Minister Ajay Mishra Teni, whose son is an accused in the October 3 Lakhimpur Kheri violence.

The Mahapanchyat will be held at the Eco Garden and had been scheduled before Prime Minister Narendra Modi had announced the repeal of the three contentious farm laws on November 19.

Despite the Prime Minister’s surprise announcement, farmer leaders have maintained the protesters will not budge until the three contentious laws are formally repealed in Parliament.

They have also indicated that the stir for a statutory guarantee of Minimum Support Price (MSP) and withdrawal of the Electricity Amendment Bill will continue.

Nadda on 2-day visit to UP

Bhartiya Kisan Union (BKU) spokesman Rakesh Tikait said: “The farm reforms being talked about by the government are false and cosmetic. These will not end the plight of the farmers. The biggest reform for the farmers and agriculture will be to make a law guaranteeing minimum support price.”

Vice-president of the BKU’s Uttar Pradesh unit Harnam Singh Verma said: “The Prime Minister has announced the repeal of the three farm laws, but he did not say when the MSP law will be made. Until a law is made guaranteeing MSP and Union Minister Ajay Mishra Teni is removed from his post, the agitation will continue.”

In the violence on october 3, four farmers were allegedly mowed down by an SUV in Lakhimpur Kheri.

Besides the four farmers, a journalist and two BJP workers were also killed.

over a dozen people, including the minister’s son Ashish Mishra, have been arrested so far in the case.

“The BJP had promised during the last UP assembly elections that once it forms government, sugarcane farmers will receive a payment within 14 days. But it has not been done. In the last four-and-a-half years, sugarcane price has increased by only Rs 25,” Verma said.

Rashtriya Kisan Manch president, Shekhar Dixit said: “Until all the demands of the protesting farmers are met, the agitation will continue. The Prime Minister made the announcement with an eye on the upcoming assembly election.”

Sukhvinder Singh, the father of Gurvinder Singh, one of the four farmers killed in the Lakhimpur Kheri incident, said he would attend the Mahapanchayat.

Meanwhile, Lucknow Police Commissioner D.K. Thakur said that elaborate security arrangements have been made for the Kisan Mahapanchayat.

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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