Tashkent, July 17 | Uzbekistan and Pakistan have signed a strategic partnership agreement, vowing to boost bilateral trade volume by five times.
The agreement was signed on Friday by Uzbek President Shavkat Mirziyoyev and visiting Pakistani Prime Minister Imran Khan, who jointly hosted a bilateral business forum on regional connectivity, reports Xinhua news agency.
Following the talks, several Memorandums of Understanding (MoUs) and agreements with a total worth of $500 million were inked to strengthen cooperation in diverse areas, including transit trade and the simplification of visa procedures for businessmen and tourists.
Addressing a joint press conference with Mirziyoyev, Khan announced that countries including Uzbekistan, Pakistan, Tajikistan, Iran, and Turkey “will try and help facilitate a peace process in Afghanistan”, Dawn news reported.
“We are both concerned as neighbours of Afghanistan that the people of Afghanistan have suffered for the last 40 years,” he said while referring to the Uzbek leader.
“And as neighbours, we feel they are our brothers, that there should be peace there, there should be a peaceful political settlement. So we discussed that in detail and we also resolved that the neighbours — Uzbekistan, Tajikistan, Iran, Pakistan and even Turkey — we will try and help facilitate a peace process in Afganistan.”
In this regard, Khan said he hoped that the foreign ministers of the above countries would meet first and “then we will go on and try and have a summit so that we can stop what looks like a civil war” in Afghanistan.
The Indian market recovered with modest gain against the resilient global cues. Throughout the week, Sensex traded in a narrow range following an uneven move. Sensex ended at 54884.66 gaining 558 points or 1.03 percent while Nifty settled at 16352.45 with 86 points or 0.53 percent on a weekly basis. While Banknifty ended at 35613.30 levels with strong bounce with an upside of 3.90 percent in a week.
INDIA VIX has cooled off during the week with 7.01 percent and has settled at 21.48 levels. Investors and traders may watch out key events such as the RBI meet in the second week as well as the US Fed meeting likely to be on 14-15 June for monthly expiry. As corporate results are likely to end soon stocks would expect less volatility in upcoming days. In Nifty stocks, HDFCLIFE gained 9.61 percent while DIVISLAB shed 18.41 percent in a week. Sectorally Nifty Finance saw the highest gains of 4.32 percent followed by the Nifty Auto with 3.26 percent. On the flip side Nifty Pharma, Energy, Realty and PSE lose more than 3 percent each on a weekly basis. However Midcap gained 0.77 percent while Smal lcap dropped by 3.42 percent.
Technically, Nifty has formed a bullish candle on the weekly chart with a long tail suggesting strong support around 15900 levels, while on the upside 16800 may act as strong resistance. Index has taken support from the previous horizontal line & closed above 21-days Simple Moving Averages that indicates further pullback rally in the near term.
Indicators such as RSI remained in the neutral zone while MACD suggest some positive cross over observed in daily time frame suggest some sign of reversal. Coming to the OI Data, on the call side the highest OI witnessed was 16500 followed by 16800 strike prices while on the put side, the highest OI was at 16000 strike price. Overall, Nifty is having support at 16000 mark while on the upside 16500 followed by 16750 may act as an immediate resistance. While Bank nifty has support around 34300 while resistance is placed at 36800 on weekly chart.
Souce: Choice India