Traders Central has been a unique product and it continues to spear ahead with its mentor and guide , Dr C K Narayan who continues to give his opinion right at the start of September expiry 28th September 2017. This is what was posted by him in our Premium Advisory Product TRADERS CENTRAL.
Text Reproduced for those who cannot read the same on the image
Mood of the market is despondent. People have incurred more losses this time compared to a similar decline in August and hence this fall has had a greater psychological impact.
Aug/Sep fall is similar in quantum. But losses are more now and hence impact felt is greater!
Good morning. Looks like the rout of the bulls is yet to end as the SGX is still cracking. With the retracement support at 9750 (62%) broken, the index is onto a larger retracement. A cluster of levels can be seen at 9630-40 now being the 78.6 R of the smaller swing and 23.6 R of the larger swing. This can be the next likely target once the Gann cycle point at 9695 is lost. We should watch this level for some intra-day inflections too. BankNifty pattern of lower tops and bottoms makes it an intermediate downtrend while NF has survived that pattern this time. How this will play out remains to be seen.
Blue chips always fall at the end of the trend. The chart shown in the relative performance of the Sensex with the Mid and Small cap indices for this week. We can note that the large cap index (green) is the worst performer for the week compared to Midcap (red) and Small cap (blue). So that is another signal that we are at the lower end of the spectrum right now.
The PCR has fallen to its lowest at 0.67 and the put concentration strike has dropped to 9700. The Oct series has not seen any put writing yet but there too 9700 is the main strike as of now.
It seems like we are reaching the buying zone in the market and one should now begin that process with small quantities which can be increased once the trend shows signs of reversals.
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What happened today was a strong rebound Leading to a 80 point move in NIFTY Futures…..a fantastic intraday opportunity.