With an uptrend supporting it, the Nifty has managed to touch 6000. Rapid gains in previous rallies have overshadowed the slow gains reached in the current up move. Yet, the up move has seen the Nifty rally from a low of 5721 to a high of 6007.45 today in seven trading days, giving a gain of 285 points, which is five percent. That's good going.
The Market is in an uptrend. This analysis has been repeated by me, morning and afternoon on the ET Now channel. Therefore, if you are not yet watching it, you should.
There is a simple rule of trends - Trends are assumed to continue until proved otherwise. We therefore should go with the up move until reversal signs begin to come in. That has not happened so far. Instead, today's move to 6000 has seen the Nifty break out of a small trading range.