The stock of Zydus Lifesciences has been in a steady decline since August last year after facing resistance at ₹1,300. After witnessing some consolidation between ₹940 and ₹1,000 in December, it resumed the downtrend in January. Although it saw a recovery in price over the last week, the broader bear trend is intact.

From the current level, there are notable resistance levels at ₹920 and ₹940. Only a clear breach of the latter will ease the downward pressure to some extent. As it stands, the upswing is seen in a corrective one and the stock might fall again. Go short at ₹902 and ₹930. Place stop-loss at ₹950. When the stock falls to ₹860, revise the stop-loss to ₹900. Liquidate the short positions at ₹840.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)