BANKNIFTY - chart indicating a silence before the storm

Banknifty has been consolidating in a narrow range of 800-1000 points for the past one and a half month. It has established a major support zone around 43400-43500, acting like a strong wall which bears are finding tough to break. More often than not such narrow range consolidations at the top are mainly followed by a swift upside rally.

Considering all the present scenario, it can either go for path A or B. It can either accumulate buyers at this support level and eventually break through the resistance and give a rally, choosing path A or it can trap the sellers by breaking below 43400 major support and then go up after trapping sellers(LIQUIDITY HUNT) choosing path B.

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Going exactly as per the plan. It accumulated buyers at the support level and soared up. Nearly 2.5% gains from our levels in 3 days.

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2000 points and running. It was a hell of a breakout.

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It did carnage and is all set again to break the barriers.