banknifty extending the trendline channel.

#BNF #banknifty futures has a consolidation zone @ 27340-27450 levels. Upside projections fr short term @ 27720 zone. break of 27340 can initiate a swing short. good confirmation will be break of 27130 levels. I'm will be in hunt for a good swing short, till then play along the market as the price action emerges.
The steeper it gets on the upper trend line the merrier it will be on the downside

Comment:

31-Jan-2018:
Banknifty Plan-Banknifty closed at the lower end of the channel of 27350-27420. A move below that can lead to a test of 27130-160 levels-
on the other side a move into the zone above 27350 can put it back in the no trade zone again.
Liquidation may trigger below 27130 move.

Comment:

31-Jan: Today BNF tested the 27130 zones and pulled back from there. Tomorrow is likely to be a volatile day. So long positions only need to considered above 27450-480 zones.
But anyway stay away and stay safe. tomorrow is not a day for technicals :)

Comment:

Update : Feb 02- #banknifty cracked big time once it opened below & failed to claim the 27130 zones. significant liquidation below the 27650 zones.
Will it go on to test the unfilled gap at 27340 levels.
As we mentioned... "The steeper it gets on the upper trend line the merrier it will be on the downside"

Comment:

Its the "did we say moment... the fall has been spectacular...