Hello Arun, welcome to Using English!
Yes, "held high" is fine. You could also say "held aloft", e.g.
1. When Kapil Dev held aloft the 1983 World Cup trophy on the balcony at Lord's, it was not just a sporting victory.
When you win a trophy, you hold it aloft (i.e. above your head) to show it to the crowd and the waiting photographers