Nifty Page: 01-01-2013(EOD)

So the new year day brought some energy --egged on by good news from US-- but despite the gap-up opening above the crucial 5925-5935 range,Nifty showed some tentativeness throughout the day. It might have kept few bearish hopes alive and they can afford to do so till 6020.
That is to say that current upmove may not last beyond 6020 and is part of a higher degree Expanded Flat which can be illustrated as follows:

But this label is guided the most by tentativeness that followed today's gap-up opening and indicates that the same tentativeness would remain for next two days also because the B wave has already done its B(a)=5823-5939=116
B(b)= 5939-5843=96
B(c) may be doing an Ending Diagonal wherein
sw1=5843-5929=86
sw2=5929-5864=65
sw3 in play
i=5864-5909=45
ii=5909-5880=29
iii=5880-5964=84
sw4 & sw5 to follow going maximum upto 6020

Thus this (primarily Bearish) view looks at Nifty as continuing to move tentatively in the range 5910-6020 for next 2-3 days before finally breaking down as wave C to complete the Expanded Flat at 5800 levels

However if we ignore today's tentativeness and view it from the point of view of Nifty having broken out of range today with a gap-up(which remained unfilled till EOD) then tomorrow would not show any tentativeness and move fast & furious to levels beyond 6020
And in that case our labels would be:

i=5864-5909=45
ii=5909-5880=29
iii=5880-5964*=84

And till we cross 6020,we shall have to keep both these options in mind and trade accordingly.