Rally staged in Pyongyang to back key party meeting decision

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Seoul, Jan 6 | A major outdoor rally was staged in Pyongyang earlier this week, with a number of North Korean citizens and some top officials in attendance, in support of decisions from a recent key party meeting, the state media reported on Thursday.

Wrapping up a year-end Workers’ Party plenary session last week, the North outlined its policy priorities for the new year on developing the national economy and bolstering anti-virus efforts, reports Yonhap News Agency.

“In order to thoroughly accomplish the decisions of the 4th Plenary Meeting of the Workers’ Party’s 8th Central Committee, a Pyongyang city rally was held at the Kim Il-sung Square on Wednesday,” Pyongyang’s officials Korean Central News Agency said in its report.

Officials and workers of factories, companies and cooperative farms in Pyongyang as well as students took part in the event, it added

Top officials, including Premier Kim Tok-hun, were also present, suggesting the gathering was aimed at encouraging progress in economic efforts.

North Korea has placed a focus on developing its economy, especially the agriculture sector, in the midst of strict border controls against Covid-19 and international sanctions.

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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