Decide on Lavasa’s application within 3 weeks: HC ultimatum to MoEF

"If the MoEF fails to pass an order within three weeks, then the court shall hear and decide Lavasa's petition on deemed clearance based on merits," justice Sinha said, posting the matter for hearing on 18th October

Mumbai: Giving a last chance, the Bombay High Court on Friday directed the Union ministry of environment and forests (MoEF) to pass the final order on regularisation application of the Lavasa Corporation, with regard to constructions at township project near Pune, in three weeks, reports PTI.

"The union ministry has been given time for long to pass order and today again it has sought three weeks' time.

Considering the gravity and public interest involved in the matter, we make it clear that the three weeks' time granted today is the last chance," the division bench of justices DD Sinha and VK Tahilramani said.

Additional solicitor general Darius Khambata, on 5th September, had told the HC that MoEF would pass its final order within three weeks. But no order has been passed yet.

"The ministry could not pass the order as Lavasa, on 13th September, sent us a letter with further submissions on the regularisation. The ministry is considering the submissions before passing final order, and hence wants three weeks more," Mr Khambata said.

Senior counsel Shekhar Naphade, appearing for Lavasa, argued that the ministry had been always seeking time, without passing the order.

"Why are you (MoEF) taking so much time? This is the last chance the court will be giving. If ministry fails to pass an order within three weeks, then the court shall hear and decide Lavasa's petition on deemed clearance based on merits," justice Sinha said, posting the matter for hearing on 18th October.

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Bulls have to defend 4,720 as well as ensure crossing of 5,168 points to carry the battle further

If the Nifty fails to hold the recent low of 4,726 points, there will be doubts about the strength of this recovery and the distance it could go

S&P Nifty close: 4,867.75




Market trend
SHORT term: Down       MEDIUM term: Down         LONG term: Sideways


The Nifty opened a tad lower and rallied in the first half of the week, but it failed to take out the week before the last high of 5,169 points. After hitting a high of 5,168 points (R1 was 5,181 points) the Nifty fell sharply on profit-taking as well as speculative selling to hit a low of 4,829 points (S1 was 4,813 points).

Volatility was high during the weekend (which was a bit surprising, considering that the volatility of the previous two weeks was also high), due to the meltdown in international markets. The Nifty crashed 217 points, (-4.26%) lower-as the bulls caught the flu from the cold weather in global financial markets. Volumes were lower during the fall. The sectoral indices which outperformed were BSE CDS (+0.54%), BSE Healthcare (-1.91%), and BSE IT (-2.28%) while the ones which underperformed were BSE CGS (-7.35%), BSE Metal (-5.99%) and BSE Oil & Gas (-5.55%). 

The Histogram MACD continues to be below the median line, implying that the medium-term trend is firmly down and what we are witnessing is a corrective rise. Those who paid heed to our warning in the strategy for last week of a swift move in the direction of the break above/below the 5,144/5,068 levels must have been saved the jitters.

Here are some key levels to watch out for this week:

  • As long as the S&P Nifty stays below 4,955 points (pivot) the bulls will be under pressure.
  • Support levels in declines are pegged at 4,742 and 4,616 points.
  • If the S&P Nifty crosses and sustains above 4,955 points in any rise, it could move up further to 5,080 or 5,294 points.

Some Observations:
The efforts of the bulls in the past four weeks almost came to naught last week. Now it is imperative that they defend the low of 4,720 points if they want to make any serious attempt to close the "gap" area mentioned below.

1.    Resistance in any further rise will be provided by the "gap area" between 5,229-5,323 points.

2.    Only a close of the above mentioned "gap area" could lead the foundation of a retracement of the entire fall from 6,338-4,720 points, though no confirmation is available as yet despite the last few weeks of recovery.

3.    If the Nifty fails to hold the recent low of 4,726 points, there will be doubts about the strength of this recovery and the distance it could go.

4.    The Nifty not being able to cross the recent high of 5,168 points will signal that the upside in the market is capped in the 5,350-5,500 range in this corrective rise.

5.    If the Nifty closes the gap area mentioned above in the coming week or two, then the probability of this corrective rise reaching the 5,530-5,720 range in the first quarter of next year would increase.

Strategy
The bulls have to defend the recent low of 4,720 points to keep their hopes alive. High volatility is expected around 27th-28th September (a day or two prior to this F&O settlement expiry). Only a crossing of the recent high of 5,168 points will indicate that there is still some steam left in the current rise in the months ahead, while a breach of 4,720 points would make the situation very fluid and will indicate that the upside in the months ahead will be capped in the 5,350-5,500 range. An acid test lies ahead of the bulls at the beginning of the week as well as the dates mentioned above.

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

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COMMENTS

Prakash

5 years ago

This analysis seems to indecisive and vague.Moneylife team has better and cleat view. for example

" The Nifty not being able to cross the recent high of 5,168 points will signal that the upside in the market is capped in the 5,350-5,500 range in this corrective rise."

How to interpret that if dont go above 5168 than off course upside capped at 5170

Prem

5 years ago

Many are under presumptions that there are bulls and bears in market, but interestingly there are no bulls or bears. The same people move the market up and down.

TRAI to look into 3G roaming pacts of leading telcos

In July this year, Vodafone, Bharti Airtel and Idea Cellular had entered into a bilateral roaming agreement, both inter and intra circle, to provide 3G services to customers in the circles where they cannot build their own 3G network as they do not have the licence, in order to bring a pan-India experience of 3G services to their users

New Delhi: The Telecom Regulatory Authority of India (TRAI) has sought information from leading service providers on their bilateral agreements for entering into third generation (3G) roaming pacts, to ensure that there is no violation of licence terms and conditions, reports PTI.

"TRAI is investigating into 3G roaming agreements of telecom operators," a source in the regulator body said.

The watchdog is looking at as to how these companies are selling their 3G spectrum services under the agreement, TRAI sources said.

Earlier, Department of Telecom (DoT) had also raised doubts over 3G roaming pacts of companies, which are not having 3G services on pan-India basis. The pacts help them reduce cost.

In July this year, in an effort to reduce cost and offer pan-India 3G services, Vodafone, Bharti Airtel and Idea Cellular had started sharing their networks to provide seamless service to their customers.

These companies had entered into a bilateral roaming agreement, both inter and intra circle, to provide 3G services to customers in the circles where they cannot build their own 3G network as they do not have the licence, in order to bring a pan-India experience of 3G services to their users.

Airtel, Aircel and Reliance Communications each own 3G spectrum licence in 13 of the 22 telecom circles, while Vodafone has it in 10 circles and Idea and the Tatas in nine circles.

Bharti Airtel had bagged 3G licence for Delhi and Mumbai metros besides states like Andhra Pradesh, Karnataka, Tamil Nadu, Uttar Pradesh (West), Rajasthan, West Bengal, Himachal Pradesh, Bihar, North East, Jammu and Kashmir and Assam.

Idea Cellular holds 3G spectrum for 10 telecom circles-Maharashtra & Goa, Gujarat, Andhra Pradesh, Madhya Pradesh & Chhattisgarh, Himachal Pradesh, UP (East) UP (West), Punjab, Haryana and Kerala.

Vodafone Essar had acquired 3G spectrum in 10 circles including Delhi, Mumbai, Chennai, Kolkata, Maharashtra, Gujarat, Tamil Nadu, Haryana, Uttar Pradesh (E) and West Bengal.

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