We are witnessing is only a corrective rise. A move to the 5,065-5,131 points’ area would provide another excellent selling opportunity from a trend perspective
S&P Nifty close: 4,920
Short Term: Down Medium Term: Down Long Term: Down
The Nifty opened flat and declined to test the S1 level of the week (4,801). It survived above last week’s low and recovered smartly during the weekend to close near the high of the week. In the process it has closed with a marginal gain of 29 points (+0.59%) albeit on significantly lower volumes. The bulls heaved a sigh of relief after the drubbing of the last four weeks.
The sectoral indices which outperformed were CNX PSU Bank (+2.50%), CNX Finance (+1.91%), CNX Realty (+1.34%), CNX Energy (+0.88%), CNX PSE (+1.72%) and CNX Infra (+0.88) while the gross underperformers were CNX FMCG (-2.24%), CNX MNC (-1.60%) and CNX Consumption (-1.04%). The weekly histogram MACD remained below the median line but turned slightly up raising the hopes of this recovery lasting a bit further.
Here are some key levels to watch out for this week
■ As long as the S&P Nifty stays above 4,894 points (pivot) the bulls can breathe at bit easy as the bears might have become a bit exhausted after the relentless hammering of the last four weeks.
■ Support levels in declines are pegged at 4,830 and 4,741 points.
■ Resistance levels on the upside are pegged at 4,983 and 5,045 points.
1. The Nifty is facing stiff resistance in the 5,135-5,185 area which has to be taken out in close for the bulls to be shaken.
2. Weekly averages remain negatively phased implying that the bears are in control and immediate bottlenecks are pegged at 4,983, 5,045 and 5,125 (optimistic scenario) this week.
3. For a very short-term reversal the previous week’s high (4,957 points) has to be crossed in close, otherwise the bears continue to rule the roost.
The bulls survived a scare as the Nifty endured above the previous week’s low of 4,788 points. The recovery during the weekend saw the Nifty come very close to the recent tops around 4,957 points which has to be taken out in close for further upsides. However this will not change the overall trend of the market which continues to be down. Resistance levels in the current recovery is pegged at 5,000 (38.2%), 5,065 (50%) and 5,131 (61.8%), retracement of the recent fall from 5,342-4,788 points. What we are witnessing is only a corrective rise and it has to be seen whether it takes out the immediate resistance of 4,957 (in close) to continue further to the above-mentioned resistance levels. A move to the 5,065-5,131 points’ area would provide another excellent selling opportunity from a trend perspective.
(Vidur Pendharkar works as a consultant technical analyst & chief strategist at www.trend4casting.com)
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Should the applicant and the Public Information Officer follow the amended rules of the state government or abide by the National RTI Act? There’s a lot of conflict, say experts
The Maharashtra government’s amended RTI (Right to Information) rules are in straight conflict with that of the national RTI Act. This has led to a cloud of confusion amongst RTI applicants and Public Information Officers (PIOs), say RTI experts. One wonders whether this was indeed the intention of the government so as to dilute the RTI movement in the state.
Vijay Kumbhar, a leading RTI activist from Pune, has made the following analysis:
1. The only 150 words restriction: As per the amendment, the RTI applicant is permitted to ask a question on only a single subject matter and restrict his question to 150 words only. (Rule - 3A of Maharashtra’s amended rules: - Request relate only to single subject matter: - A request in writing for information under Section 6 of the Act shall relate to one subject matter and it shall not ordinarily exceed one hundred and fifty words , if an applicant wishes to seek information on more than one subject matter , he shall make separate applications; provided that , in case the request made relates to more than one subject matter, the public information officer may respond to the request relating to the first subject matter only and may advice the applicant to make separate applications for each of other subject matters.)
Mr Kumbhar argues as follows: For example, ifthe PIO receives a RTI application which has queries relating to two different departments:
• As per the Maharashtra’s amended rules, the PIO will respond only to the first query and will advice the applicant to make a separate application for his second question.
• However, as per the national RTI Act’s Section 6 (3) rule, it is responsibility of PIO to transfer application to other public authority. The rule says: (6 (3) - Where an application is made to a public authority requesting for an information,— (i) which is held by another public authority; or (ii) The subject matter of which is more closely connected with the functions of another public authority, the public authority, to which such application is made, shall transfer the application or such part of it as may be appropriate to that other public authority and inform the applicant immediately about such transfer: Provided that the transfer of an application pursuant to this sub-section shall be made as soon as practicable but in no case later than five days from the date of receipt of the application.)
So, what should the PIO do? Should he obey the national RTI Act or the amended rules of the Maharashtra government?
2. The answering of only the first question dilemma: The PIO receives a RTI application related to multiple subject matters which require more than one public authority to give the replies. Maharashtra’s amended rules state: “the public information officer may respond to the request relating to the first subject matter only and may advice the applicant to make separate applications for each of other subject matters."
Mr Kumbhar argues: Suppose, the first subject matter is not concerned with the public authority which receives the request, what should the PIO do? Answer the next subject matter related to his public authority or transfer the application under section 6 (3) of the Act or ask the applicant to file another RTI application to the relevant authority?
• As per the Maharashtra’s amended rules, “the PIO may respond to the first subject matter only.”
• As per Section 6 (3) (excerpted above) of the national RTI Act, it is the PIO’s duty to transfer the application to the relevant PIO within five days from the date of application.
So, what should the PIO do? Should he follow Maharashtra’s amended rules or the national RTI Act?
3. Regarding the number of words in a RTI application: How does the PIO calculate that the application contains 150 words? Does that mean words including words given in format Rule 3 of Maharashtra RTI rules? There are about 65 to 70 words in that format; if we count 50 words for other matter including the applicant and PIO’s name and other things , only 30 to 35 words remains to write in the column “subject matter of information” and “description of information required”. Are these number of words sufficient to make a request?
• As per Maharashtra’s amended rules: If we go strictly by the words written in rule that “subject matter” shall not ordinarily exceed 150 words , then the applicant gets 150 words to write in the column “subject matter of information”, and “description of information required”. There’s too much confusion here. too.
Opines Maj Gen Sudhir Jatar (retd), “the points are well taken.Strictly, confusion has now been confounded.YASHADA should take up for amending the rules to make them compliantwith the Act and take into account the valid points raised byVijay Kumbhar.Until then, the PIO should show maturity and try to help theinformation seeker as much as possible without being a “lakeer ka faker”!!
(Vinita Deshmukh is the editor of Life 365 (www.life365.in). She is also the consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte. She can be reached at firstname.lastname@example.org)