Supreme Court asks Bengal Speaker to decide on Mukul Roy’s disqualification expeditiously

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Supreme Court asks Bengal Speaker to decide on Mukul Roy's disqualification expeditiously
Supreme Court asks Bengal Speaker to decide on Mukul Roy's disqualification expeditiously

New Delhi, Nov 22 | The Supreme Court on Monday told the West Bengal Assembly Speaker to expeditiously decide on the petition seeking disqualification of Mukul Roy after his defection from BJP to TMC.

A bench of justices L. Nageswara Rao and B.V. Nagarathna adjourned the matter to the third week of January. The bench orally expressed concern over delay in taking decisions on disqualification of defecting legislators under the anti-defection laws. The top court was informed that the Speaker has fixed the next hearing on the disqualification petition on December 21.

At the beginning of the hearing, the bench asked the West Bengal government counsel whether the high court passed any order on October 7. The counsel informed the top court that it adjourned the matter on account of plea in the Supreme Court.

Kisan Maha Panchayat firm on demands, protests to continue

The bench noted that there are so many cases where there is delay by the Speaker, and the court is often told to stay away and allow the Speaker to decide.

The top court was hearing petitions, which included a petition by the Speaker of the West Bengal Assembly, challenging the Calcutta High Court order asking him to consider Roy’s disqualification under the Tenth Schedule of the Constitution. In September, the high court had asked the Speaker to decide on disqualification of Roy by October 7 or it would itself take a call on the matter. The high court had passed this order on a plea filed by BJP MLA Ambika Roy.

In the plea, Ambika Roy had challenged Mukul Roy’s appointment as assembly’s PAC (Public Accounts Committee) chairman, a post which is reserved for the Opposition leader. Roy joined the BJP in 2017, but left it for TMC on June 11.

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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