Sensex ends Tuesday's volatile trading session flat, Nifty up 44 points

Sensex ends Tuesday's volatile trading session flat, Nifty up 44 points

Domestic benchmark indices ended Tuesday's volatile trading session flat ahead of the much-awaited Union Budget later today and the US Federal Reserve's policy meeting outcome in the evening. BSE Sensex gained 169.51 points, or 0.29 per cent, to 59,500. 41, while the Nifty 50 index was up 44.60 points or 0.25 per cent to 17,648, was a gain of 44.60 points or 0.25 per cent. 95 for the day.

During the volatile trading session at Dalal Street, select stocks such as Tata Chemicals, Adani Green Energy and Jindal Steel Power were on the traders' radar. The counter is in a classical uptrend as it has higher highs and higher lows. It also tested its previous breakout level at around Rs 564 on the daily chart. The structure of the counter is very bullish, as it trades above 50,100, 200 SMA moving averages. The psychological resistance level on the upside is Rs 610, above which we can expect to see the Rs 650 levels in the near future. The support level is Rs 550, below which we can expect the level of Rs 340.

The primary structure of the counter is always following the downtrend. The stock has seen a breakdown of a triangle pattern formation and a broken of neckline support at Rs 1,700 with strong volume. The stock is trading below all of its moving averages, which is a negative sign for the counter. On the downside, Rs 1,000 is the critical level, while Rs 1,300 is a highly susceptible area, above this we can expect Rs 1,600 levels in the near term.

After a profit-booking maneuver from the higher levels at around Rs 1,200, the counter is trying to resume its primary upward momentum. The counter's structure is indecisive because it is trading below the 200 SMA moving average, and investors should take a position above Rs 1,000 with a stop loss of Rs 900 and a target of Rs 1,150.