Air India cancels 16 flights as pilots' stir enters 5th day

Air India also sent a letter to the DGCA asking it to cancel licenses of 11 office bearers of the IPG whose services have been terminated

New Delhi: With the agitation by Air India pilots entering its fifth day on Saturday, the national carrier cancelled 16 flights from Delhi and Mumbai even as senior pilots sought the Prime Minister's intervention to end the impasse, reports PTI.

"16 of our flights originating from Delhi and Mumbai have been cancelled," an AI spokesperson said.

Supporting the agitation, senior pilots wrote a letter to Air India's Chairman-cum-Managing Director and to Prime Minister Manmohan Singh, saying the demand of the pilots were genuine and they should be looked into, sources said.

About 200 pilots owing allegiance to the Indian Pilots' Guild are on strike since Tuesday protesting rescheduling of training on Dreamliner and issues related to career progression.

Taking a tough stand, the Air India management had yesterday sacked 25 pilots. With this, the total number of pilots whose services have been terminated has gone upto 71.

Air India has also written to the Directorate General of Civil Aviation (DGCA) asking it to cancel the licenses of 11 office bearers of the IPG whose services have been terminated.

The IPG has said that they are ready for talks and have sought time for a meeting with Civil Aviation Minister Ajit Singh. The minister has asked the pilots to return to work and assured them that their demands will be heard.

President of the Indian Pilots Guild, Jitendra Ahwad said the agitating pilots were ready for discussion.

Noting that the Supreme Court has asked both the parties to sit down and talk, he said, "The government and the management should obey the Supreme Court orders. We are ready to sit down and talk, and each and every problem has a solution but every solution needs to be discussed.

"And then only you can find the rightful solution. After discussions and negotiations across the table, we can find a way out," he said.

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Bulls desperate for some support as trend firmly down

Bears continue to dominate as bulls desperately look to defend support levels. The trend is firmly down and rallies will meet with selling pressure

Market Trend  

Short Term: Down             Medium Term: Sideways     Long Term: Down

The Nifty opened lower and after a small recovery for a single session, the bears attacked with a vengeance as the Nifty sliced through the 50% retracement level (5,080 points) like hot knife through butter and also dipped below the 61.8% retracement level (4,950 points) with consummate ease on Friday, the last trading day of the week. Volumes were significantly higher during the decline as the Nifty ended 158 points lower (-3.11%) on relentless selling pressure.

The sectoral indices which outperformed were CNX FMCG (-1.85%), CNX Auto (-1.93%) and CNX MNC (-1.94%) while the gross underperformers were CNX PSU Bank (-6.37%), CNX IT (-4.42%), CNX Metal (-4.51%), CNX Realty (-4.37%) and CNX Pharma (-4.12%).  The weekly histogram MACD fell further below the median line indicating that the Bears are increasing their stranglehold on the market.
 
Here are some key levels to watch out for this week

■ As long as the S&P Nifty stays below 4,983 points (pivot) the bears hold the advantage as the bulls have till now been unable to defend key support levels.

■ Support levels in the declines are pegged at 4,848 and 4,768 points.

■ Resistance levels on the upside are pegged at 5,067 and 5,205 points.

Some Observations
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 turned negative implying that the bears are consolidating their grip on the market.

3. For a very short-term reversal the previous week’s high (5,124 points) has to be crossed in close, otherwise the bears continue to rule the roost.

Strategy
The bears continued to dominate through the week as they broke key support retracement levels. Unless and until the bulls are able to push the Nifty above the 5,135-5,185 points area in close the bears continue to be in control. Support is pegged around current levels or else around the 4,768 points level. Bears continue to dominate as bulls desperately look to defend support levels. The trend is firmly down and rallies will meet with selling pressure.

(Vidur Pendharkar works as a consultant technical analyst & chief strategist at www.trend4casting.com)
 

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SEBI warns USE against monitoring lapses

SEBI while reviewing trading volumes across all currency trading platforms had noticed concentration of large trades and volumes, mostly by two trading members, at USE

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has warned the United Stock Exchange of India (USE) against monitoring lapses that led to concentration of currency trading in two entities, but did not impose any financial penalty on the bourse, reports PTI.

SEBI while reviewing trading volumes across all currency trading platforms had noticed concentration of large trades and volumes, mostly by two trading members, at USE.

“It was observed that one of these two trading members had accounted for about 77%-80% of the total turnover,” it said.

Finding USE “negligent to certain extent” in the discharge of its functions and duties, the SEBI order said: “... while dealing with matters concerned with discharge of regulatory functions, there would be a few occasions where monetary penalty would be appropriate ... given the nature of the lapses and the efforts made (in USE’s case) ... penalty of warning would be appropriate in this case.

Earlier, SEBI had issued a show cause notice in December last year to the USE. In the notice it was alleged “that there was absence of robust surveillance system at USE, to monitor the trend of domination of trade or artificial boosting of exchange volumes by one trading member”.

USE in its reply had admitted that it had detected the concentration of the trades and that the same was reported to the erstwhile managing director and CEO TS Narayanasami.

However, the USE had said that as there was no evidence of any manipulative trading patterns considering the fact that concentration of trades is a usual occurrence for any exchange in its initial stages, the same was not acted upon by Mr Narayanasami.

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