Bajaj Auto, Zydus Life, Century Ply: Trading Strategies for these buzzing stocks

Domestic stock indices settled with mild gains on Thursday following the US FOMC meeting outcome. The BSE Sensex gained 128.33 points, or 0.17 per cent, to settle at 74,611.11. The NSE's Nifty50 rose 43.35 points, or 0.19 per cent, to end the session at 22,648.20.

A few stocks namely Bajaj Auto Ltd, Zydus Lifesciences Ltd and Century Plyboards Ltd are likely to remain in focus today. Here is what has to Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher  say on these stocks ahead of Friday's trading session:

Bajaj Auto | Buy | Target Price: Rs 10,100 | Stop Loss: Rs 8,640
After a gradual slide, Bajaj Auto has formed a bullish candle, taking support near Rs 8,640 zone. The stock is  maintaining above its 50-EMA level of Rs 8,540 zone. It is expected to rise further in coming days. The RSI is well placed and is indicating a trend reversal.  With the technical chart looking attractive, one can buy the stock for an upside target of Rs 10,100-level keeping the stop loss at Rs 8,640.

Zydus Lifesciences | Buy | Target Price: Rs 1,127 | Stop Loss: Rs 925
Zydus Lifesciences, after the short correction, has taken support near its important 50-EMA level of Rs 928. The stock indicated a decent pullback with an improvement in the bias. It formed a higher-low pattern on the daily chart. The RSI has cooled off from the highly overbought zone and is currently well-placed indicating a trend reversal. With the chart looking attractive, one can buy the stock for an upside target of Rs 1,127, keeping the stop loss at Rs 925.

Century Plyboards | Buy | Target Price: Rs 720-755 | Stop Loss: Rs 610
After a short consolidation, Century Plyboards has formed a bullish candle formation on the daily chart, suggesting an improvement in bias. A decisive breach above the significant 50-EMA level of Rs 666 should strengthen the trend in coming days. The RSI has shown a spurt after the consolidation phase, signifying strength. One can buy the stock for upside targets of Rs 720 and Rs 755 levels, keeping the stop loss at Rs 610 level.


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