Trade Spotlight: How should you trade LIC, Indian Hotels, Asahi India Glass, JSW Steel, MCX India, and others on January 28?

About this update from Asahi India Glass Limited

The benchmark indices recouped some of the previous day’s losses, with the Nifty 50 rising half a percent on January 27, but market breadth remained weak. A total of 1,622 shares were under pressure compared to 1,311 shares that gained on the NSE. The market is expected to remain range-bound amid a rising India VIX. Below are some short-term trading ideas to consider:Amol Athawale, VP Technical Research at Kotak SecuritiesIndian Hotels Company | CMP: Rs 651.35After the short-term correction in Indian Hotels from higher levels, the downward momentum has stalled and the stock has entered a consolidation phase over the past few sessions. Moreover, the stock is available near its important demand zone. The structure suggests a revival of the uptrend from the current levels in the near future. For traders, Rs 625 would be the key support level to watch. Above this, the uptrend structure could continue towards Rs 695.Strategy: BuyTarget: Rs 695Stop-Loss: Rs 625Tech Mahindra | CMP: Rs 1,745.1On the weekly charts, Tech Mahindra is in a rising channel chart formation with a higher-high and higher-low series pattern. The stock has witnessed a steady recovery from trendline support levels. Additionally, the technical indicator RSI is indicating a further uptrend from the current levels, which could boost bullish momentum in the near future.For the next few trading sessions, Rs 1,680 could be the trend-decider level for the bulls. If the stock sustains above this level, a further uptrend towards Rs 1,870 can be expected.Strategy: BuyTarget: Rs 1,870Stop-Loss: Rs 1,680Life Insurance Corporation of India | CMP: Rs 807.8On a broader timeframe, LIC has been in a prolonged downtrend and is currently in oversold territory. The texture of the chart formation and the technical indicator RSI indicate that the stock is very likely to rebound for a new leg of the upward move from its lower levels.For positional traders, Rs 780 would be the decisive level. Trading above this level, the uptrend formation will continue towards Rs 860. However, if the stock closes below Rs 780, traders may prefer to exit long positions.Strategy: BuyTarget: Rs 860Stop-Loss: Rs 780Ashish Kyal, CMT, Founder and CEO of Waves Strategy AdvisorsAsahi India Glass | CMP: Rs 991.9On the daily chart, Asahi India Glass has been consistently protecting the prior day’s low on a closing basis over the past four t...

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