Saturday, October 20, 2012

Interesting comments on First Post article on how hype killed substance (IAC press conference)

Below is an extract of the comments posted in the First Post. I have modified it, to read it completely visit the link posted above. Why the move from a civil society to political party has damaged the Jan Lokpal movement.

The Civil society movements had for the first time in our History had come out with a good attempt to convict the corrupt and raised a lot of issues for debate. But the move to form a political party has damaged this movement and moved from substance to hype.

The problem with IAC's maximalist Janlokpal is that it seeks to create an unelected body (the Lokpal) which will have sweeping powers over the elected legislature, the elected executive and even the judiciary. This should make the skin of any true (and mature) democrat crawl. We need a less draconian Lokpal law that does not create an unelected body even more powerful than the three pillars of the elected legislative, the elected executive and the judiciary in our democracy.

It is the simple concept of separation of powers that holds constitutional frameworks and democratic structures together. We need a separate National Judicial Commission to deal with corruption in Judiciary instead of clubbing it inside an all-powerful God-like Lokpal. The citizens' charter must be made separate from the Lokpal and dealt with a separate body, else the institution of the Lokpal will simply be flooded with too much work and become essentially useless.

There should be a proper collegium that appoints the top members of these important bodies like the CVC, CAG, EC, the future Lokpal, etc., instead of just the President (who must constitutionally do what his sole advisor, the PM, suggests).

An autonomous CBI for anti-corruption cases only is a good idea. It can either be made possible through the Lokpal route or by giving investigation and prosecution wings to the existing constitutional body CVC with necessary amendments to empower the latter.

From a civil society movement a leftist political ideology of Kejriwal and Bhushan has emerged to reap political dividends. Kejriwal has been feeding lies like "only we are correct and pro-aam aadmi, and everybody else is wrong and anti-aam aadmi" kind of untruths. They have been peddling Jan Lokpal as a snake-oil a cure for all ailments.

In Singur and Nandigram, Mamata had out-Marxed the Marxists. Now it seems Kejriwal will out-Mamata Mamata herself! It is indeed pitiful, that even more than 300 years after the worldwide industrial revolution (that made the western world prosperous and developed), industrialization is still a topic of "debate" in India! What the entire world realizes and takes for granted, is still a matter of politics in India. Somebody needs to drill it into the leftist, that industrialization is a GOOD thing.

It is GOOD if land is acquired to set up factories, power plants, industries, SEZs, etc. It is GOOD if India (and Indians) move out of agriculture towards manufacturing and services! An elected Arvind Kejriwal will cause more harm and destruction to India socially, politically and economically. If it were up to the leftists, everybody should just give up their cities, cars and careers, and head back to the villages in bullock carts to take up farming.

On a personal note, as a one-time supporter of Arvind Kejriwal, this pitiful decline in his crusades has been saddening. From a perfectly legitimate and important anti-corruption movement for a strong Janlokpal law, he has moved to a typical far-leftist anti-power-plant and anti-economic-development rants. And for  what? Just for those usual poor-illiterate-rural votebanks that the other leftist parties of India chase after?

Thursday, October 4, 2012

Nifty Future Price Action 4 October 2012

Backed by strong domestic cues Nifty Future opened gap up and moved in a strong up move that broke the Nifty Future level of 5800 and paused at Nifty Spot level of 4800. The morning session spike transformed into a Bull Flag which after 3 push down started to move up in a channel trend. Price made a spike – 3 push Bull Flag – channel trend. Price was in a tight upward channel for 20 points. A trend channel overshoot and a strong single bar bear trend reversal resulted in a pullback that broke below the Initial Range low.  This resulted in  a breakout failure and Nifty Future crawled back above the Initial Range low.

Wednesday, October 3, 2012

Nifty Future Price Action 3 October 2012

Nifty Future opened gap up on supportive global cues. But on open price tested the Previous Day high with a sharp fall.  Nifty Future recovered and started an up move in a rising wedge pattern which reversed the up move at the days high. Nifty Future fall met with congestion at crucial levels. This was a sign of building buying pressure. Although Nifty Future made a lower low it recovered and started a stronger second attempt that took Nifty Future to new highs.

Tuesday, October 2, 2012

Nifty Future Price Action 1 October 2012

Despite weak global cues and the previous days down move towards the closing of trading session. Nifty Future opened above the Previous Days Close and started to move in a very slightly sloping tight upward channel. The first attempt of Bears to break the upward channel resulted in a breakout failure and price moved to a more steeper and wider upward channel. The bullish trend was weak but bears were not present most of time. Maybe as tomorrow is a holiday the price action was subdued.

Saturday, September 29, 2012

Nifty Future Price Action 28 September 2012

On the back of positive global cues Nifty Future opened gap up. As there was a double bottom on expiry day at strong support of 5648. There was an expectation that Nifty Spot would end the consolidation and break out of the 5720 top. The gap up open lead to a spike and channel trend and Nifty Spot managed to break out above the 5720 level but encountered heavy selling at 5730. The 5730 level was the channel high of the trend channel line drawn from 5348 swing high to the previous 5720 top. The price started to form a bull flag or wedge which transformed into a tight trading range with bottom at the Nifty Spot level of 5720. The breakout failures at corresponding Nifty Spot level of 5720 was weak and Nifty Future fell sharply below the 5720 level but the Nifty Spot level of 5700 provided good support. Nifty Future with a 2 leg pullback attempted to break the Nifty Spot 5700 level. When this attempt failed there was a third push up that resulted in a breakout failure of the trading range low (i.e. Nifty Spot 5720). This break out failure lead to the break of the 5700 Nifty Spot level

Thursday, September 27, 2012

Nifty Future Price Action 27 September 2012

Today was expiry day and despite weak global cues Nifty Future opened gap at the Big Round Number 5700. The first two bars were big bear trend bars that brought Nifty Future below the Previous Day high. Nifty Future broke out of the Previous Day high and in a tight upward channel that had started from the Previous day moved till the days high and the opening price of Nifty Future.  Lack of buying at the days high resulted the resumption of the morning session bearishness. Nifty Future broke the days low and tested the Previous Day low and tested the Nifty Spot level of 5648 and closed above it. Today despite being a expiry day there was increased volatility and very good trade entries

Wednesday, September 26, 2012

Nifty Future Price action 26 September 2012

Reflecting Weak Global cues Nifty Future opened gap down and the first bar was a big bear trend bar that acted as a trading range. This down move could be considered as a continuation of the previous day downward channel and the gap down open as a trend channel overshoot. Price moved back into the downward channel and drifted down to a new low. The break of the Initial Range low and the Trend channel line overshoot lead to a reversal that went all the way till the days high. Here selling pressure resulted in a double top and a closing near the days opening price