Upside target for Nifty at 9,300

The Nifty hit another record high with many individual stocks also hitting new highs. Monday saw the index hitting 9,245 moving above the March 2017 high of 9,218. The new peak was backed by reasonable volumes and a very positive advance-declines ratio. On the next correction, there should be support at 9,120-9,150. That was the prior all-time high, established in 2016. On the upside, the next target would be 9,300.

If the trend doesn't breakdown, there's no reason why the uptrend would not cross above 9,300 for that matter. Every trend-following system would recommend staying long since all trends (short/