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Will bulls manage to pull Nifty above 17200 amid uncertainty? 5 things to know before market opening bell

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Indian benchmark indices are expected to start the week and month in the red amid weak global cues. Wall Street tumbled on Friday and Asian markets too opened with losses on Monday. SGX Nifty was in red, hinting at a negative start for the Indian share market. In the previous session, BSE Sensex and NSE Nifty had snapped out of the red streak to end with gains. The Nifty trend and outlook is now neutral to positive in daily, weekly, and monthly charts, implying a balanced risk-reward, according to market analysts. The momentum has strengthened further, indicating a high probability of a trend or outlook change in this week. The preferred strategy for this week remains ‘sell the rise’ they added.

Also Read: Share Market LIVE: Nifty, Sensex stare at negative start on weak global cues; govt cuts windfall tax on crude

Global Markets: Shares in the Asia-Pacific fell on Monday as markets enter the last quarter of the year. Hong Kong’s Hang Seng index was 0.8% lower in early trade. Japan’s Nikkei 225 fell more than 1% in early trade, but recovered slightly and was last up 0.18%, while the Topix index was fractionally lower. China markets are closed for the Golden Week holiday, and South Korea’s market is also closed. Meanwhile, US stocks fell in choppy trading Friday as Wall Street closed out a terrible week, month, and quarter that brought the S&P 500 to a new 2022 low. For September, the Dow tumbled 8.8%, while the S&P 500 fell 9.3%. The Nasdaq lost 10.5%.

Nifty Technical view: Nifty on the weekly chart formed a small negative candle with long lower shadow. Such weekly chart pattern after a reasonable decline calls for bottom reversal for the market. The short term trend of Nifty has turned into positive. The placement of important support and the overall chart pattern of daily and weekly signal a crucial bottom reversal at 16747 levels, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch for: “Nifty formed an engulfing bull pattern on daily charts while forming a bullish hammer pattern on weekly charts despite a 1.35% weekly fall. This could portend an upside bounce in the coming week with 17292 and 17540 being the upside targets. The lack of breakout volumes on Sept 30 is a minor worry. 16752-16794 band could provide support,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Stocks under F&O ban on NSE: The National Stock Exchange has not added any stock under its F&O ban list for October 3.

Also Read: Reliance, Suzlon Energy, Bharti Airtel, Zydus Lifesciences, Poonawalla Fincorp, APL Apollo stocks in focus

FII and DII data: Foreign institutional investors (FIIs) net sold equities worth Rs 1,565.31 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,245.45 crore on September 30, according to the provisional data available with NSE.

Simpl announces Diwali sale featuring products from D2C merchants nationwide

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Simpl, checkout services provider, announces its ‘Crazy Desi Diwali sale’ from October 28th to November 2nd, 2023, to make available lakhs of products from D2C brands for millions of customers across the country.

This festive extravaganza aims to provide lakhs of products and services, ranging from fashion to footwear and electronics to home decor, from over 80 homegrown D2C merchants to millions of consumers across 100% of the serviceable pin codes across the country in an affordable manner. Customers looking to avail these benefits can visit Simpl’s mobile app to get access to the products and services on sale, where they will be redirected to the merchant’s platform with the discount already applied, enabling customers to save up to Rs 6,000 on their products and brands.

“The behaviour of Indian consumers has undergone a sea change over the last few years with a growing demand for niche products which fulfil their diverse requirements. This trend is panning out across categories – from fashion to footwear and electronics to Home decor where D2C merchants have become the preferred choice for customers. With the onset of the festive season, it becomes even more important to empower these merchants to cater to their customers’ evolving needs. As an organisation, Simpl is at the forefront of supporting merchants across the country through its technological platform and properties such as the Crazy Desi Diwali Sale, which enables them to showcase their wide selection of products to millions of consumers across the country, ”Khanaz K.A, CXO, Simpl, said.

Simpl, which has over 26,000 merchants and millions of customers across the country, has been actively working towards empowering the D2C landscape in India through its AI-led offerings such as the Checkout Network, Checkout Suite and D2C Simplified community. The community counts thousands of D2C merchants across the country including smaller cities such as Surat, Indore as its members.

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