Nifty Heikin Ashi candle chart for 04-10-2012

Daily cahrt:
Daily open and stay above - 5713.24 for bullishness
Moving below -  5713.24 indicate weakness in the market.

Hourly chart:
Hourly strength is open and staying above  - 5729.03
Weakness will come in with the move below - 5729.03

Nifty Elliott Wave analysis for 04-10-2012

Market do not seem to be stopping or reversing but crouching up.
Rethinking about the wave label. It may be possible that the sub wave 5 of the current wave 3 (c) may be extending and is subdividing in itself. With that possibility, daily chart is re-labeled. This may take the market to near 5900 level as well.

Daily chart:

hourly chart:

hourly chart with 9,14 RSI - 35 D:

Hourly chart with ATR: