Nifty is in creation of partially failed "W". We are in last week of 2010 and traditionally January month is not very promissing. But this year many established rules has been brocken so January 2011 may bring cheers to all and might witness new heights.
For today I see Nifty coming down up to 38.2% retrachment i.e 5936, because stoch is in oversold Zone, BB narrowing further (early indication of wild volatality). 100 EMA is approching at 5850 (Nifty might not touch this this year)