Several people from Mumbai felt the tremors that lasted for 4-5 seconds. According to IMD, an earthquake of 4.9 on the Richter scale hit Maharashtra at 10.57am on Saturday
An earthquake measuring 4.9 on the Richter scale shook Mumbai, parts of Western Maharashtra and some areas in Gujarat at around 11am. There are no reports of any damage.
According to media reports, the epicentre of this quake was near the Koyna dam area in Satara district of Maharashtra. The India Meteorological Department (IMD) in its preliminary report has confirmed that there was an earthquake of with magnitude of 4.9 on the Richter scale in Satara district.
The IMD also reported another earthquake of 4.1 magnitude on the Richter scale, which hit Kutch region of Gujarat at 8.53am today.
Many people, including celebrities were seen tweeting about the earthquake in Mumbai. Bollywood megastar Amitabh Bachchan tweeted, “Earthquake in Mumbai!! Did you feel it...? I did! Shutters and building shook twice for few seconds... all good here... all else?"
S&P Nifty close: 5322.90
Short Term: Sideways Medium Term: Sideways Long Term: Down
The Nifty opened the week with a downside gap and sold off immediately as we had envisaged and dipped marginally below the 5,200 level only to recover and close the “downside gap”. However, selling pressure on the last day of trading saw all the bulls’ efforts come to naught (primarily because of Infosys results and guidance) as it dipped to the lowest level of the week closing 115 points (-2.17%) in the red. It once again fell short of the resistance line (in orange) drawn by connecting the recent tops of 5,629 and 5,499 points, implying selling pressure at higher levels.
The sectoral indices which outperformed were BSE Fast Moving Consumer Goods (+3.60%), BSE Healthcare (+1.89%) and BSE Auto (+0.91%) while the gross underperformers were BSE IT (-11.50%), BSE TECk (-9.56%), BSE Capital Goods (-4.43%), BSE Metal (-3.88%) and BSE Power (-2.85%). The weekly histogram MACD has cut below the median line which is a warning sign for the bulls and maybe their last chance to try to pull thing back in the near future. The volumes during the decline have also been sharply higher implying that all in not well for the bulls even though they continue to cling on.
Here are some key levels to watch out for this week
However, there is strong possibility that the volatility might expand and the extremes of the above-mentioned range might be exceeded like it did marginally on the downside, last week.
1. The Nifty once again failed to take out the resistance line (in orange), implying that there is supply at higher levels.
2. Weekly averages have become positively phased and the price has closed below the shorter term average but is precariously poised on the longer term one, keeping the bulls’ hopes alive, though whisker thin.
3. Unless and until the 5,372-5,385 points range is taken out in close the bears will hold the egde and a break of the recent low of 5,171 points (in close) would set the cats amongst the pigeons.
Unless and until the bulls are able to take out the resistance line (in orange) pegged around 5,276 points this week they will continue to be on tenterhooks. They also have to desperately defend the recent low of 5,135 points, as a close below this would mean that the bulls will be then at the mercy of the bears. In short, there is now a question mark whether the correction of the recent rise from 4,531-5,629 points has ended? If so then the bulls should ensure a higher bottom, preferably above the recent low of 5,135 points, otherwise the Nifty goes down to test the 5,080 and 4,950 points, the 50% and 61.8% retracement levels. In short the bulls are staring at the barrel and have to ensure that key levels are not broken, otherwise their hopes of any sustainable recovery will be punctured. The bears who sold last week are sitting pretty and can take some profits and keep a stop loss above the resistance line (5,276) or above the last week’s high (5,306.75) as the coming week could decide whether the cat and mouse game going on for the last few weeks continues for some more time.
(Vidur Pendharkar works as a Consultant Technical Analyst & Chief Strategist at www.trend4casting.com)
Speaking at the first meeting of newly-formed Health Insurance Forum, IRDA chairman J Hari Narayan said they received 92,898 complaints in the non-life sector, of which 38,891 or 37.48% were with regard to health insurance
Hyderabad: Faced with large number of complaints against non-life insurance companies, Insurance Regulatory and Development Authority (IRDA) on Friday suggested making the common people understand the policy by simplifying the language, reports PTI.
Speaking at the first meeting of newly-formed Health Insurance Forum, IRDA chairman J Hari Narayan said they received 92,898 complaints in the non-life sector, of which 38,891 or 37.48% were with regard to health insurance.
“Probably the lack of clarity in communication is reflected in the form of increasing number of complaints.
Therefore, good communication is the responsibility of the insurance company and not with the policy holder.
“So, if he does not understand something, some aspect of the policy, the problem lies with the insurance company and need to be addressed,” Mr Hari Narayan said.
“We should look at the question of the language. Whether the usage of local language would help or is the nature of the language itself including the construct of the language has to be changed,” he added.
He said insurance companies should treat the complaints as consumer feedback.
Replying to a query on the health insurance portability, the regulator said, there not much of portability or shift among insurance companies.
“All companies are equally good or equally bad. There is not much to chose. This is what the customer feels,” he quipped.
Speaking about the Health Insurance Forum, Mr Hari Narayan said, this forum will transform into a self regulatory body much in lines with life council and non-life council.