Nawaz Sharif asks party to agitate against Imran Khan

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New Delhi, Jan 8 | Former Pakistan Prime Minister Nawaz Sharif has directed his opposition PML-N party not to let incumbent premier Imran Khan off the hook on the basis of the Election Commissions damning report on the ruling PTIs foreign funding case, aggressively agitate the matter and not let both Houses of Parliament run smoothly till “justice” is done, Dawn reported.

The Pakistan Muslim League-Nawaz supremo directed party President Shehbaz Sharif, to start holding workers’ conventions at the district and divisional levels in Punjab province to mobilise party workers ahead of the Pakistan Democratic Movement’s (PDM) planned anti-inflation march on Islamabad in March.

“Do not let Imran Khan off the hook as he has been caught red-handed while stealing money through the party’s foreign funding. His so-called honest image has completely been shattered and he should be exposed before the nation,” Nawaz Sharif told a party meeting, which was attended by the PML-N’s central and Punjab leadership, including Shehbaz Sharif and Maryam Nawaz, in Model Town on Thursday via video link.

Nawaz Sharif was “very categorical” regarding the ECP’s findings on the Pakistan Tehreek-i-Insaf’s foreign funding, directing the PML-N leaders not to let this matter die down till it reaches its logical end, said the Dawn news report.

“Don’t let the National Assembly, Punjab Assembly and Senate run smoothly, and aggressively agitate this matter in which the true face of Imran Khan has been exposed,” Nawaz Sharif was quoted as saying in the report.

Nawaz Sharif, who has been in the UK since November 2019 for ‘medical treatment’, asked the participants to expose Khan’s alleged theft on all forums.

“We don’t have to allow an easy escape to ‘the selected’ on this matter,” the former premier added.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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