After undergoing some corrective decline, the stock of Zydus Lifesciences resumed the uptrend in early December. On Thursday, it broke out of the resistance at ₹428 and the stock is likely to lift further on Friday, making it a good intraday buy opportunity.
While over the long-term, it will most probably rally to much higher levels. We expect it to touch ₹442 on Friday.
Therefore, traders can consider taking intraday longs with stop-loss at ₹427. Book profits when the stock hits ₹442. If the stock begins the session with a gap-up, wait for a dip to ₹432 and then buy. But if it opens with a gap-down below ₹427, refrain from trading.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)