Kejriwal's political outfit named Aam Admi Party

The meeting of around 300 founder members was held at Delhi during which Kejriwal proposed the name Aam Admi Party, which was accepted by other members

New Delhi: Arvind Kejriwal's party was on Saturday named 'Aam Admi Party' at a meeting of its founder members in Delhi during which the Constitution for the organisation was also adopted, reports PTI.
The meeting of around 300 founder members was held at Constitution Club during which Kejriwal proposed the name of the party which was accepted by other members, sources said.
The Constitution of the party was also adopted at the meeting. It was proposed by Mayank Gandhi and seconded by Chandramohan, they said.
The formation of the party came after a bitter split with Anna Hazare over the question of the anti-corruption movement taking a political plunge as Kejriwal desired.
During the August fast, Hazare and Kejriwal ended the agitation saying they will work for providing a political alternative for the country to fight both Congress and BJP.
However, both Hazare and Kejriwal announced parting of ways on September 19 following differences over forming a party with the former sticking to his position that the movement should remain apolitical.
On October two, Kejriwal announced the formation of the party saying its official launch will be on November 26, the day Constitution was adopted in 1949.
Ahead of the meeting, Kejriwal said today that common men, women, children are forming their party.
"They are not politicians. They are fed up of politicians. They are the people who are fed up of corruption and price rise. This is why the common man has decided to challenge them. Now the common man will sit in Parliament.
"Party's vision is Swaraj. People should get the 'raj'. That vision will be finalised. 25-30 issues will be discussed which all issues need to be taken first by the party. Committees will be formed. They will make drafts in four-five months. There will discussions through the country," he said.
Activist Yogendra Yadav said that the party will have provisions against domination by one family.
The meeting also saw some disagreement among a section of workers who were not allowed to attend it. A group from Tamil Nadu was seen arguing with a party coordinator on why they were not accommodated. 
A member of the Tamil Nadu group said they were not against the party but their problem was with the way in which delegates from the state were selected. "There is an issue. We have objection to the manner in which people were selected for the meeting," the member said.
A group from West Delhi's Tilak Nagar also voiced their disapproval about the way in which delegates were selected.
"They talk about change and transparency. But where is transparency? When we enquired about the meeting, we were told by West Delhi coordinator that there is no such meeting. How did they select delegates for the meeting. They selected their cronies," said supporters Mohan Aggarwal and Sudhir Singh.




4 years ago

AAP hi koun?
As expected, the immediate response from the fire-fighting team of Congress to the Kejriwal announcement betrayed bewilderment. First, AAP will add just one number to the 1500 odd political parties registered with the Election Commission. Second, ‘aam aadmi’ which is a property that belongs to Congress is being hijacked by Kejriwal. This ‘AAP hi koun?’ approach is amusing. Best way to fight AAP for other political parties would be to implement the principles that will be followed by AAP as announced by Kejriwal. These include, reduced representation to family members in ministries and decision making bodies, maintaining transparency in accounting funds and democratic functioning.

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Weekly Nifty View: Bulls survive and regain some lost ground but more efforts required

Nifty staying above 5,606 will keep the bulls in their comfort zone


S&P Nifty close: 5,626.60

Market Trend
Short Term: Down                      Medium Term: Down                       Long Term: Down
After a marginally higher open this week, the Nifty fell just below the 5,550 mark but held on. After a couple of days of narrow range movement the Nifty recovered from Wednesday to close above the weekly pivot of 5,617 points, implying that the bulls are very much alive though not kicking. The volumes were also significantly higher as the Nifty closed 56 points (+0.94%) in the green instilling hope that we might be in a corrective phase. The Nifty recovering above the low of 5,583 points also lends some support to this thought. The histogram MACD which is below the median level indicates that the current recovery has to be treated as corrective and the bulls require to put in much more efforts to negate the bearish undercurrents.
The sectoral Indices which outperformed were CNX Media (+2.94%), CNX FMCG (+2.79%), CNX Consumption (+2.07%), CNX Auto (+1.59%), CNX IT (+1.14%) and CNX Finance (+1.03%) while the underperformers were CNX PSE (-1.56%), CNX Realty (-1.02%), CNX Energy (-0.90%) and CNX Commodities (-0.78%).
Some key levels to watch out for this week 
 As long as the S&P Nifty stays above 5,606 points (pivot) the bulls will feel a bit comfortable.
 Support levels in declines are pegged at 5,569 and 5,511 points. 
 Resistance levels on the upside are pegged at 5,664 and 5,701 points.
Some Observations
1. The Nifty has completed the 61.8% retracement level of the decline from 6,338-4,770 points pegged at 5,740.
2. The 78.6% retracement level of the fall from 6,338-4,770 points is pegged at 5,951 points, which also coincides with the top of the channel (in brown).
3. We have fallen below the previous weekly top of 5,629 points (24 February 2012) which indicates that any rally from here on will lack impulsive qualities.
4. Weekly channel support (in Blue) has been broken. The immediate priority for the bulls is to regain it (has to close above 5,685 this week for it) otherwise the going will get tougher. 
5. Immediate support to watch out for is 5,516 which is the 38.2% retracement level of the rise from 5,032-5,815 points. This level is close to the support calculated by another method i.e., correction from 5,348-5,032 points is 316 points. Therefore 5,815 – 316 points gives 5,499 points.
6. The bulls have been able to defend the “gap area” between 5,447-5,526 points in the fall which is a positive for them.
7. Another important level to watch out for is the recent top of 5,448 points (24 August 2012) which should not be overlapped at any cost as this would confirm that all bullish hopes are dashed and that any subsequent rise would only be a selling opportunity. 
8. Our assessment that the bulls are down but not out has proved to be wise as the Nifty did recover from mid week onwards.
One has to watch closely whether the Nifty is able to close the small “gap area” between 5,651-5,660 points which is the immediate hurdle. On the other hand if the bulls ensure that the Nifty does not go below 5,532 points in any correction next week, it will be another slight positive for them. Rallies will meet with selling pressure around the 5,700 points mark as the R2 level and the resistance line of the channel (in blue) are pegged around this level. As mentioned last week if the bulls defend 5,448 points in any decline in the coming weeks we would be heading for a rally into the year-end. The coming week or two should make the picture clear but traders should play the 5,500-5,720 range till then and use rallies as opportunities to sell till there is convincing evidence otherwise. The first warning of the balance shifting slightly is that corrections will be short-lived.

(Vidur Pendharkar works as a consultant technical analyst & chief strategist at


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