The Nifty has moved up strongly covering a little over 300 points already. However, it is now important to analyze where it may first take a breather. The most obvious zone is between 6050 and 6100. This is the same trend line which was violated on the way down near the 5900 level.
The Nifty is presently in minor wave 5 of Intermediate wave (1) of Primary wave (I) of a new cycle which started in March 2009. It completed minor wave 1 at 4693 in June 2009, followed by the corrective minor wave 2 in July 2009.