Chennai, May 13 | Tamil Nadu Chief Minister M.K. Stalin is likely to lead a delegation from the state to attend the four-day World Economic Forum (WEF) meeting to be held in Davos, Switzerland from May 22.
Sources in the Tamil Nadu government told IANS that the delegation is likely to include state Industries Minister Thangam Thenarasu and officials from departments of industries, finance, and health.
The Tamil Nadu side is focusing on wooing investments for the state citing its vibrant industrial culture and the several investments the state has received ever since the DMK government assumed office even amid the tough days of Covid -19 pandemic.
It is to be noted that Tamil Nadu guidance, the nodal investment promotion and felicitation agency of the state has partnered with the World Economic Forum (WEF) to establish India’s first manufacturing hub (AMHUB).
Tamil Nadu is chairing the AMHUB that has around ten members including the United States, Denmark, Spain, and Brazil and it is the only state from South Asia that has signed an MoU with the WEF.
Sources told IANS that the state would have a dedicated lounge at the Davos summit and a pavilion as well. The delegation will showcase the industrial climate of the state and will interact with investors and other business and industrial groups who participate in the WEF.
The dedicated lounge, according to officials, will have interactive screens and posters.
Tamil Nadu delegation will focus on wooing investment to the state by showing its industrial-friendly climate as well as project the renewable energy initiatives in the state.
The title of WEF Davos for 2022 is ‘Industrial revolution 4.0’ , but the focus of the Tamil Nadu delegation is to woo investments and will have round table discussions with CEOs on the sidelines of the events to bring investments to the state.
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.
Source: Choice India