Dear All,
Market saw a late hour Sell Off. Usually when a ruling party got stuck with a "SCAM" market react on a bearish tone.
But now when the apposition party was summoned by a Delhi Court to appear both mother and son on a National Herald Case, Market reacted on a Bearish tone, As the Opposition Party's Support needed for passing a crucial GST Bill on Rajya Sabha.
Here are some key facts about the National Herald case, which has placed the Gandhis squarely in the eye of a storm:
-The National Herald was a newspaper that India's first prime minister Jawaharlal Nehru helped set in pre-Independence India in the year 1938. It was part of a company called Associated Journals Limited, which was funded by the Congress. An article in Mint quotes a biographer of Nehru as saying that he found himself being unable to make an impact on the 'reactionary tendencies' in the Congress, after which the National Herald was started. However, as the article pointed out, it faced financial difficulties throughout its existence. The newspaper officially closed down in April 2008.
-According to the Enforcement Directorate (ED), a private non-profit company 'Young Indian' was formed in March 2011, with Sonia and Rahul holding 38 percent of the shares each, allegedly with the specific aim of taking over the liabilities of AJL. In 2012, BJP leader Subramanian Swamy filed a complaint before a court. Swamy accused Congress leaders of being involved in cheating through the acquisition of AJL by Young Indian Pvt Ltd. He alleged that YIL paid merely Rs 50 lakh to recover an amount of Rs 90.25 crore that AJL owed to the Congress. As Sanjay Singh of Firstpost points out, going by the current value of the properties of National Herald, the scam could be to the tune of anywhere between Rs 1,600 crore and Rs 5,000 crore.
The Delhi High Court has now rejected the plea filed by the Gandhis challenging the summons, which means that they will have to appear before the court unless the order is set aside. As of now, a Delhi court has asked them to appear on 19 December and exempted them from personal appearances on 8 December.
>>> Nifty Hourly Chart <<<
>>> Click the chart to see on full screen <<<
Broken the Support 7730 and 7710. We hit the Stop Loss on Nifty and Exited long. Above chart shows and Break down from Head and Shoulder. Moving averages also trying for a bearish cross over.
>>> LT - SL hit. Exited with Loss <<<
>>> Click the chart to see on full screen <<<
Have marked the Fall on LT as Wave C, which did not find its support. Broken 1322 or 161.8% of Wave A. Hit SL and Exited with Loss.
>>> SBIN - Hit SL and Exited with Loss <<<
>>> Click the chart to see on full screen <<<
We hit one more Stop Loss today and We exited our Long also.
>>> AXIS BANK - Hold <<<
>>> Click the chart to see on full screen <<<
Axis Bank - Still on Hold until breaks the support line. Break out on chart still looks to be alive. Lets see.
