Chennai, Nov 1 | Tamil Nadu is likely to receive heavy rain on Monday following a low pressure over the Bay of Bengal near the state’s southern coast, the Met Department has predicted.
The sky will remain generally cloudy and there would be moderate rain across the state with thunderstorms, the Department added.
A report of the Met Department said that there would be low-pressure areas over Sri Lanka off the Tamil Nadu coast with an associate cyclonic circulation extending up to 3.1 km above main sea level.
The statement also said that the circulation is likely to persist over the next two to three days.
On Sunday also, Chennai and the adjoining areas received scattered to moderate rain due to the impact of the low-pressure system.
Ennore received 24 mm rain, while Meenambakkam received 8 mm, the Met Department added.
The North-East monsoon has touched the shores of the state bringing in heavy to moderate rains.
Thunderstorms are mostly accompanied by heavy rain in parts of the state and southern Tamil Nadu has received heavy rain for the past few days bringing in high inflow in reservoirs in Tirunelveli district and Madurai.
Dalal Street witnessed tug of war between bulls and bears as Sensex settled at 54208.53 losing 109 points or 0.20 percent and Nifty ended at 16240.30 with loss of 19 points. Bank nifty closed the session at 34163.70 levels with loss of 138 point after erasing early session gain.
BSE Midcap and BSE Small cap indices turned flat after rising around half a percent each. On the sectorial front, Nifty Pharma and FMCG have contributed a percent each on a closing basis. On the flip side Nifty Realty, Nifty PSE ended with losses of 1.75 percent and 1.73 respectively. In Nifty stocks, TATACONSUM, CIPLA and ADANI PORT were the top gainers while POWERGRID, BPCL and TECHM were the prime laggards.
In the daily chart Nifty has ended with a bearish candle. However 16200 levels are protected throughout the day. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders. According to volume profile 16100 and 16000 may act as immediate support.
Indicators such as MACD and RSI are still struggling to overcome from oversold zone in the daily time frame. From the time cycle prospect Index would remain highly volatile till 27th May of this month. Bollinger band indicates 16650 would remain strong resistance in coming days. On the other hand, Bank nifty has support at 33400 levels while resistance at 35000 levels.
Source: Choice India