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After ending the week 5% higher amid optimism surrounding the impact of RBI's CRR cut, the Nifty PSU Bank index could rally by 5-6% in the near term, says Anand James , Chief Market Strategist at Geojit Financial Services . "A red candle on Thursday, followed by a long-legged Doji on Friday on the PSU Bank index, points to buyer exhaustion, especially with all constituents having already moved above their respective 50-day SMA. A consolidation is favored, but the index does appear to have room for another 5-6% rise in the near term," he says. Edited excerpts from a chat: Nifty ended the week over 2% higher, but Thursday's unpredictable movements in the index trapped many traders. Will expiry day trading remain as challenging even after the rationalization of the F&O segment by Sebi? Among the various measures introduced by SEBI lately, only the one regarding weekly options has taken effect so far. More importantly, after being in a "sell on rallies" mode for most of November, the December series has embraced a "buy on dips" strategy, which has encouraged more risk-on trades as the series progressed. This partly explains the large jumps seen on expiry day. It’s also natural for mean reversion moves to occur after the market made an unexpected leap ahead of the RBI rate decision. While it may be tempting to label all sudden moves as irrational, trading remains inherently challenging, especially for those trying to capitalize on every fluctuation. December is usually a bullish month, and keeping that in mind, what would be your target for Nifty in the week ahead? Do you think the buying momentum can take the index to its previous peak in the next 2-3 weeks? Shortly after the departure from the lower low-lower high pattern in late November, we had set an upside target of 25,262. Now that we’ve had two consecutive closes above 24,500, which is also the neckline of the inverted H&S pattern, we are encouraged to raise the upside target to 25,600-700. That said, it’s important to note the performance of both the broader market and Nifty on Thursday, which has set the tone for further moves in December. The unusually large upmoves and the subsequent volatility are significant. 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However, this was not evident in the index, as 82% of Nifty’s constituents recorded a pullback of under 1% from Thursday's high. This cautions us from chasing rallies immediately on Monday, as we see the potential for downswings, prompting us to keep the downside markers at 24,530 or 24,380. Now that all weekly expiries are behind us, with the exceptions of those for Sensex and Nifty, interest in Sensex options is increasing. How would you go about riding the wave in Sensex in the week ahead? Both being broad market benchmarks, there is a similarity there that could work against Sensex becoming an automatic choice for the erstwhile bank nifty weekly traders. However, the volatility profile and lot size of Sensex are similar to that of Bank Nifty. That said, what could really tilt the scales is how volumes develop over the week on Sensex contracts. Usually, they are the most liquid on the expiry day and the participation is not so encouraging at the start of the week. With Jan 2025 seeing a change in expiry days across both exchanges, there would again be a period of adjustment. However, the sharp rise in risk appetite that has swept the market post-21st November, after a prolonged downtrend, could help. Sensex is presently set up for an upmove aiming at 84,700 but may hit some air pockets in the week ahead, during which we recommend the downside markers to be either at 80,500 or 79,500. Given the way smallcaps and midcaps are rallying with participation from all sectors, what is the overall outlook on the strength of this bull run amid FII buying? Despite a lacklustre close on Friday, Thursday’s almighty push succeeded in pushing 50 and 56% respectively of the mid and small-caps constituents above their 50-day SMA. In comparison, these figures were 15.3 and 18.8 % on the 21st of November when Nifty hit the lowest point since the downturn began on the 27th of September. This is suggestive of broad-based strength returning to the market, with signals of more legs to the uptrend. That FIIs have broken off the streak of consecutive selling sprees is also a booster, though DIIs appear to have slowed down lately, keeping the net institutional buying humble. How has your outlook on bank stocks changed after the RBI policy outcome? Do you think there could be some more steam left in PSU bank stocks in particular? A red candle on Thursday, when there was a mad rush across the board, coupled with a long-legged Doji on Friday, on the PSU bank index, points to buyer exhaustion especially with all constituents having pushed above their respective 50-day SMA already. A consolidation is favoured, but the index does appear to have room for another 5-6% rise in the near term. HEG was among the biggest gainers in the Nifty 500 pack during the week amid positive news flow. Do you suggest profit booking? The long-legged doji on Thursday, followed by a deep red candle on Friday, completes an evening star candlestick pattern. The overall signal suggests a reversal. However, given the short duration of the prevailing uptrend, we are inclined to disregard the reversal signal and instead view this as a consolidation phase before the uptrend resumes. Downside markers can be placed below 539 or 504, depending on the risk appetite. (You can now subscribe to our ETMarkets WhatsApp channel )
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Dr. Mehmet Oz could hold millions of dollars in investments in companies regulated by the federal agency Donald Trump has tapped him to lead. During his failed Senate run in 2022, the former talk show host reported tens of millions of dollars in investments in health care, medical technology and food companies, according to the Los Angeles Times . Last week, he was nominated by the president-elect to head the Centers for Medicare and Medicaid Services (CMS), a massive agency that provides healthcare coverage to more than 160 million Americans and enforces federal standards for health care suppliers and providers. ADVERTISEMENT When asked if his investments had changed since 2022—or if he would be willing to divest to avoid a conflict of interest—he refused to answer, the Times reported . That’s a problem because if Oz is confirmed and he still holds the investments, it won’t be clear if he’s making decisions based on what’s best for Medicare and Medicaid patients, or on what’s best for his stock portfolio, critics told the Times. For example, Medicare has congressional approval to negotiate prices directly with the companies that produce 10 medications. Oz could own stock in the companies that produce four of them. His assets might also include a $600,000 stake in health care giant UnitedHealth Group, one of CMS’s biggest providers through its Medicare Advantage program. The company has been accused of over-charging the government, the Times said. A former heart surgeon, Oz appeared regularly as a medical expert on The Oprah Winfrey Show before helming his own talk show from 2009 to 2022. He poured much of his wealth into health-related ventures, including fertility-treatment companies, hospitals, food companies, farming and livestock companies, and supplements that he hawked on his show. He has invested indirectly in biotech and vaccine firms through venture-capital funds, and in 2022, he and his family held a $2.4 million stake in Amazon, which operates an internet pharmacy and primary care service that’s available to Medicare enrollees, according to the Times report. The Daily Beast reached out to Dr. Oz and Trump’s transition team for comment.Way up high: Dorothy’s ruby slippers fetch record $32.5 million
By ADRIANA GOMEZ LICON FORT LAUDERDALE, Fla. (AP) — President-elect Donald Trump promised on Tuesday to “vigorously pursue” capital punishment after President Joe Biden commuted the sentences of most people on federal death row partly to stop Trump from pushing forward their executions. Related Articles National Politics | Elon Musk’s preschool is the next step in his anti-woke education dreams National Politics | Trump’s picks for top health jobs not just team of rivals but ‘team of opponents’ National Politics | Biden will decide on US Steel acquisition after influential panel fails to reach consensus National Politics | Biden vetoes once-bipartisan effort to add 66 federal judgeships, citing ‘hurried’ House action National Politics | A history of the Panama Canal — and why Trump can’t take it back on his own Trump criticized Biden’s decision on Monday to change the sentences of 37 of the 40 condemned people to life in prison without parole, arguing that it was senseless and insulted the families of their victims. Biden said converting their punishments to life imprisonment was consistent with the moratorium imposed on federal executions in cases other than terrorism and hate-motivated mass murder. “Joe Biden just commuted the Death Sentence on 37 of the worst killers in our Country,” he wrote on his social media site. “When you hear the acts of each, you won’t believe that he did this. Makes no sense. Relatives and friends are further devastated. They can’t believe this is happening!” Presidents historically have no involvement in dictating or recommending the punishments that federal prosecutors seek for defendants in criminal cases, though Trump has long sought more direct control over the Justice Department’s operations. The president-elect wrote that he would direct the department to pursue the death penalty “as soon as I am inaugurated,” but was vague on what specific actions he may take and said they would be in cases of “violent rapists, murderers, and monsters.” He highlighted the cases of two men who were on federal death row for slaying a woman and a girl, had admitted to killing more and had their sentences commuted by Biden. On the campaign trail, Trump often called for expanding the federal death penalty — including for those who kill police officers, those convicted of drug and human trafficking, and migrants who kill U.S. citizens. “Trump has been fairly consistent in wanting to sort of say that he thinks the death penalty is an important tool and he wants to use it,” said Douglas Berman, an expert on sentencing at Ohio State University’s law school. “But whether practically any of that can happen, either under existing law or other laws, is a heavy lift.” Berman said Trump’s statement at this point seems to be just a response to Biden’s commutation. “I’m inclined to think it’s still in sort of more the rhetoric phase. Just, ‘don’t worry. The new sheriff is coming. I like the death penalty,’” he said. Most Americans have historically supported the death penalty for people convicted of murder, according to decades of annual polling by Gallup, but support has declined over the past few decades. About half of Americans were in favor in an October poll, while roughly 7 in 10 Americans backed capital punishment for murderers in 2007. Before Biden’s commutation, there were 40 federal death row inmates compared with more than 2,000 who have been sentenced to death by states. “The reality is all of these crimes are typically handled by the states,” Berman said. A question is whether the Trump administration would try to take over some state murder cases, such as those related to drug trafficking or smuggling. He could also attempt to take cases from states that have abolished the death penalty. Berman said Trump’s statement, along with some recent actions by states, may present an effort to get the Supreme Court to reconsider a precedent that considers the death penalty disproportionate punishment for rape. “That would literally take decades to unfold. It’s not something that is going to happen overnight,” Berman said. Before one of Trump’s rallies on Aug. 20, his prepared remarks released to the media said he would announce he would ask for the death penalty for child rapists and child traffickers. But Trump never delivered the line. One of the men Trump highlighted on Tuesday was ex-Marine Jorge Avila Torrez, who was sentenced to death for killing a sailor in Virginia and later pleaded guilty to the fatal stabbing of an 8-year-old and a 9-year-old girl in a suburban Chicago park several years before. The other man, Thomas Steven Sanders, was sentenced to death for the kidnapping and slaying of a 12-year-old girl in Louisiana, days after shooting the girl’s mother in a wildlife park in Arizona. Court records show he admitted to both killings. Some families of victims expressed anger with Biden’s decision, but the president had faced pressure from advocacy groups urging him to make it more difficult for Trump to increase the use of capital punishment for federal inmates. The ACLU and the U.S. Conference of Catholic Bishops were some of the groups that applauded the decision. Biden left three federal inmates to face execution. They are Dylann Roof, who carried out the 2015 racist slayings of nine Black members of Mother Emanuel AME Church in Charleston, South Carolina; 2013 Boston Marathon bomber Dzhokhar Tsarnaev ; and Robert Bowers, who fatally shot 11 congregants at Pittsburgh’s Tree of Life Synagogue in 2018 , the deadliest antisemitic attack in U.S history. Associated Press writers Jill Colvin, Michelle L. Price and Eric Tucker contributed to this report.
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