Chennai, Nov 18 | Tamil Nadu government has opened two spillway shutters of the Mullaperiyar dam following heavy rains at the catchment areas of the dam.
The decision was taken after the water level rose to 141 feet.
After the shutters were opened, 772 cusecs water is being released into the Periyar river of Kerala.
Water has already reached the Vallakadavu area and an alert has been issued for people living in the low-lying areas of the Periyar river.
Mullaperiyar is a masonry gravity dam managed by the Tamil Nadu government but geographically, it is situated in Kerala and hence the officers of both governments coordinate with each other before opening the dams.
While Kerala government is batting for a new dam at Mullaperiyar, the Tamil Nadu says the present dam is strong enough.
On October 29, 1886, a lease agreement was signed between the Maharaja of Travancore and the British Secretary of State for India for Periyar irrigation works.
However, after the formation of unified Kerala, the state government announced that the earlier agreement was invalid and needs to be reviewed.
In 1970, the agreement was renewed during the tenure of CPI leader C. Achutha Menon as Chief Minister of Kerala.
On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.
India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.
Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.
However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.
Source: Choice India