@Rasika_S_Patel, There are so many conditions to be met before taking a position. Here its just not the channel bottom breakdown but also the major support at 286 breakdown and few other conditions too.
Nice one. The SL @ 298 would be steep for most small traders in futures. The alternative less risky way would be to short after the pull back to 286 support turned resistance, after the breakdown below 286. It is likely to make a pull back to 286 before it falls below 278. In that case the SL height could be reduced by half &still relatively less likely to hit.