Nifty has been rising for last 7 consecutive sessions and settled the week at 18,308 - surpassing the previous swing high of 18,210. The index is currently placed above all important moving averages, which indicates bullish trend on all time frames.
Previous swing high of 17,944 was taken out recently, which is a sign of continuation of an uptrend with higher tops and higher bottoms on short term charts. Indicators and Oscillators have been showing strength in the current uptrend on the daily charts.
Nifty has surpassed the resistance of 61.8 percent Fibonacci retracement of the downswing seen from 18,604 to 16,410. Only resistance which is visible on the chart is 100 percent, which is placed at the 18,604.
The Previous swing highs of 18,210 and 17,944 are expected to interchange its role as a supports going forward for the Nifty.
To conclude, we believe that Nifty is in continuation of an uptrend and same should extend. Currently Indian Markets are outperforming and we could see Indian benchmarks to register new all-time highs. Breadth of the market is very strong, which confirms the bullishness. We advise to Hold Nifty longs with 17,940 stop-loss and keep it trailing.