Nifty 50 view for May 2, 2023

29 באפר׳ 2023Nifty making HH - HL, clearly trend is up on daily, weekly and monthly charts. Price has entered premium zone and is approaching a supply zone 18118 -18201. Need to be careful with longs at this level. Not a strong supply zone, but since price is extended from mean, approaching supply zone there is a possibility of a retracement in price soon. Not a bad idea to book some profit and use trailing stop loss for the remaining. Level of 17842 will continue to provide strong support.