For 27-04-2011.

What a wild swing, more than 100 points move from day low to high,huge volatility due to currency effect.And bounce back from lower Chanel resistance.
Now what can be next ---

If Nifty future can trade above 5880, then can go towards 5901-5907. And if can trade above 5907, then probably can go towards 5918.
This 5918 is a strong up side Chanel resistance.

And if Nifty future trade below 5880, then look for 5769.
If stay below 5769 for 10 minutes, then its a good short area with a hard stop loss of 5880.
Down side targets and some important levels are ---

1> Below 5669, look for 5857. If can trade well below 5857, then next.
2> Below 5857, a Chanel resistance is at 5847, if can trade below 5847 then.
3> Below 5847, watch 5793-5795. Its a strong resistance point. This 5793 should break and NF should trade below 5793.
4> If can trade well below 5793 and today's low 5792 then next.
5> Below 5788, can go down towards 5720-5716-5613.
6> And if can trade or close below 5707, then probably can trigger a H&S pattern, which was formed few days back.

EW pattern is not cleared as of now, as of now there is two alternatives still in charts.
Lets see..







All levels and chart are for my own trading purpose, supports,resistances and targets. Others can use it for educational purpose.