Udayan Mukherjee, managing editor, CNBC-TV18, says that it is a big day for the market. The Nifty touched 6,000 after a period of two years and the market has been consolidating at this level. The global markets are very strong; Europe opened 1.5 percent higher and the Dow Futures is pointing northwards. The global factors will ensure that the Nifty will not slip 6,000 in the near future.
Last couple of days has been good for the market, yesterday we saw a 50 points jump and today the market topped that up with 6,000 on the Nifty. The future movement of the market is lot dependent on global markets; we just saw a big event passed by few days back.
There will be many talks about what will happen between the period starting now to 1st March, there are many pending issues that needs to be cleared. The market was eyeing the fiscal cliff event for a long time; if this relief rally extends for a few more days then we are in good shape for the Nifty as well.
Nifty at 6,000 is a good time to sit back and introspect because we came a long way since the 1 January, 2012. So, the prices have changed, valuations have changed but the current momentum is so strong that I wouldn’t bet against it at least at this point till the global rally plays out. I think we are well positioned for a couple of 100 points more from here.
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