N.Korea fires what seems to be SLBM: Seoul (Ld)

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Seoul, Oct 19 | North Korea fired what appears to be a submarine-launched ballistic missile (SLBM) toward the East Sea on Tuesday, the South Korean military said, in yet another setback to Seoul’s efforts for peace with Pyongyang.

The short-range missile was launched from waters east of Sinpo, a city on the North’s east coast, according to the Joint Chiefs of Staff (JCS).

The launch was detected at 10.17 a.m., Yonhap News Agency reported.

The missile travelled about 590 km at a top altitude of around 60 km, an informed source said, noting the possibility that the North might have used a submarine as a launch platform this time.

The North previously conducted an SLBM test in 2015 and 2019. The South’s military believes that it used a barge rather than a submarine during the past tests.

Officials said that Tuesday’s launch came after South Korean and US intelligence authorities had detected signs of a possible weapons test near Sinpo, where the North has been pushing to build a 3,200-tonne submarine capable of SLBM operations.

“The intelligence authorities of South Korea and the US are currently conducting a thorough analysis regarding additional details on the missile,” the JCS said.

The North’s latest missile test marks its eighth known projectile launch this year.

It previously fired a new hypersonic missile, called the Hwasong-8, on September 28.

The US Indo-Pacific Command condemned the missile launch, calling on the North to refrain from “any further destabilising acts”.

China called for concerned countries to exert “restraint”, saying the situation on the Korean Peninsula stands at a critical period.

North Korea watchers cited a possibility that a new, small-sized SLBM, capable of striking targets in the South or Japan, might have been fired from a 2,000-tonne submarine on Tuesday.

The North displayed a mini-SLBM at a defence exhibition in Pyongyang last week.

In recent years, Pyongyang has boasted its development of various SLBMs, including the “Pukguksong-4” and the “Pukguksong-5”, which were unveiled during military parades in October last year and January, respectively.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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