@mklives, my theory is this, if it pierced through the upper trend line, there will be a sharp rise in this and institutions will be unloading it for sure, do notice that it’s a plot on log scale. And if it breaks down the lower channel, there is going to be bloodbath in it, plus it will take down nifty and banknifty along with it. I don’t know how much weightage this is having on both the indices but I assume it’s pretty significant. These log channels behaves little differently than linear channels and I found they are much more Better way of looking at things on very long time frames, in this case it’s almost 6 yrs old trend.
@yogi_sharma_elliottician, I were you I won’t touch it, I recommend to wait till they touch trend lines, I was able to make big bucks twice just by following this channel once a short and once a long. I would suggest both of you to sometime switch chart to log scale, it gives far better picture.