Seoul, Jan 25 | North Korea seems to have test-fired at least two cruise missiles from an inland area, in what would be Pyongyang’s fifth known round of missile launches this year, a South Korean official said on Tuesday.
“We still need to conduct a detailed analysis (on the launches),” Yonhap News Agency quoted the military official as saying to reporters.
“But I want to say that should such a missile be launched southward, our detection and interception systems have no problem countering it.”
The official did not offer details, including origins and targets.
The North conducted the last known test of a cruise missile in September last year. At the time, it claimed to have fired a “new-type long-range cruise missile”, calling it a “strategic weapon of great significance”.
A cruise missile test does not run afoul of UN Security Council resolutions banning any launch using ballistic missile technology.
The North fired what it called two tactical guided missiles on January 17, just three days after its purported test-firing of two other missiles by its railway-borne unit.
It also shot what it claimed to be hypersonic missiles on January 5 and 11.
Pyongyang on January 20 threatened to lift its yearslong self-imposed moratorium on nuclear and long-range missile tests.
The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.
While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.
Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.
Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.
On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.
Source: Choice India