Nifty Heikin Ashi candle chart for 03-10-2012

Daily chart:
If the market opens and moves below 5697 then the candle may turn red indicating weakness in the market. Even if the market opens above this point, it has to remain above this for the candle to remain hollow.

Hourly chart:
If the market opens and remains above 5715.85 then the hourly candles may remain hollow indicating the strength in the market. If it moves below, it will indicate the weakness.

Nifty Elliott Wave analysis for 03-10-2012

Nifty seems to have entered the wave C of the flat correction in wave 4 of wave C up. Monday's move appear like the wave 1 & wave 2 sub waves of wave C. Since we are counting this wave 4 as a flat, which means the wave a and wave b both are having three sub waves a-b-c and the current wave c is expected to subdivide into 5 sub waves. This may go up to c=a or c=1.618x a. Let us wait and watch. There is another posibility that this may be less than a as well. At a minimum this has to go at least 0.618 x a. Wave a was 5719.60 to 5638.90 = 80.70. So c will be a minimum of 49.87 (5735.05 - 49.87) =  5685.17, c=a => 5654.35, c=1.618x a = (-130.5726) = 5604.47

Daily chart:

Daily chart with 9 RSI :

Hourly chart:

Hourly chart with 9,14 RSI  & 35 D:

5 min chart with Elliott wave labeling: