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Nifty continued its northward journey for the fourth day on the trot in which it gained 124 points to close at yet another new all-time high level.

During this quarter, Nifty has gained 3,500 points or more than 23 percent with four trading days left. This is the highest quarterly gain since the quarter ending June 2009.

During last week, Nifty made a long-legged Doji candlestick bullish reversal pattern on the weekly chart.

This indicates the bulls have overpowered the bears and the intermediate uptrend is intact.

With intermediate and long-term momentum readings like the 14-week and 14-month RSI in rising mode and not showing any signs of negative divergence, we expect the intermediate uptrend to continue.

In the options segment, we have seen Put writing at 13,600 levels. This level also coincides with the 11-day EMA which is placed at 13,600 levels.

Therefore, we believe that the short-term trend will remain intact till the Nifty is trading above 13,600 levels.