Adani Green Energy, Ambuja Cement, Bharti Airtel among 3 stocks to trade below the RBI's indices

Domestic stock indexes fell below on Tuesday ahead of the RBI's monetary policy outcome later on Wednesday, as they extended their weakness for another trading session and settled lower on Tuesday. The BSE Sensex fell by 220.86 points, or 0.37 per cent, to 60,286. The Nifty dropped 43.10 points, or 0.24 per cent, to 17,721. For the day, the number was 50.

Adani Green Energy, Ambuja Cement and Bharti Airtel were on the radar of traders. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, has said on the three stocks for Wednesday's trading session:

The long-term structure of Bharti Airtel is positive. The stock has seen a breakout of a long consolidation formation on the daily chart, while it has formed a base at around the 200 SMA. The stock trades above the 200, 20 and 9 SMA, as the structure is very impressive. The psychological resistance level on the upside is the Rs 800 level, above which we can expect to see the Rs 820 level in the near future. The stock's support level is at Rs 745.

The stock has seen a breakdown of Head Shoulder pattern formation on the weekly chart. The stock is distorted as it trades below its all-important moving averages. It has a demand zone near 345. We can expect a run up towards the Rs 450 level in the near term, given the fact that Rs 420 is an immediate susceptible area.

The stock has broken out of a descending triangle formation on the shorter as well as longer timeframes, with strong volume. The stock is trading below its 100 and 200 day SMAs, and the momentum indicators are negatively poised, as the overall structure is distorted. Traders can stay away from the counter.