Over the past year, Suzlon Energy shares have delivered a remarkable return of 193%, with an even more impressive gain of 909% over the past two years. The stock's recent performance has been particularly notable, having risen 109% from its low of Rs 36.32 on March 20 to a high of Rs 75.83 by the end of August. This growth surpasses the 97% gain that Suzlon Energy achieved earlier in 2024.
The company's market capitalization has now reached Rs 1.03 lakh crore, highlighting its substantial growth and the strong confidence investors have in the company. However, despite this impressive trajectory, the stock has shown some signs of weakness recently, experiencing a 5.13% decline over the last two weeks. On Friday, Suzlon Energy shares closed at Rs 78.83, down by 1.49%, with a turnover of Rs 23.04 crore and 30.23 lakh shares traded on the Bombay Stock Exchange (BSE).
From its 52-week low of Rs 21.71, which occurred on September 13, 2023, the stock has surged by 249.28%. Suzlon Energy's beta of 0.8 indicates lower volatility compared to the broader market over the past year.
Technical analysts provide varying perspectives on the stock's future direction:
Om Mehra, a Technical Analyst at SAMCO Securities, observes that Suzlon Energy is currently trading at Rs 75.84, reflecting a 98.53% increase so far in 2024. He notes that the stock has recently broken above a significant resistance level at Rs 50, which has contributed to its strong bullish momentum. Despite the high monthly RSI of 88, indicating an overbought condition, Mehra expects a minor correction, which could present a buying opportunity. He forecasts that the stock could potentially reach Rs 100 and then Rs 115 by the end of the year, assuming it maintains above the crucial Rs 50 support level.
On the other hand, Kushal Gandhi, a Technical Analyst at StoxBox, takes a more cautious view. He points out that the stock is currently 36% above its average price and notes that the RSI indicates a negative slope from the overbought zone, suggesting a potential slowdown in price momentum. Gandhi highlights immediate support at the 20-day moving average, which is around Rs 76.20, and warns that a drop below this level could lead to further profit-taking.
Currently, Suzlon Energy shares are trading above their 30-day, 50-day, 100-day, 150-day, and 200-day moving averages but are below the 5-day, 10-day, and 20-day moving averages. The RSI stands at 72.8, indicating that while the stock is nearing the overbought zone, there may still be room for further gains.
Suzlon Energy is renowned for its renewable energy solutions, including wind turbines and a range of solar energy services, such as land acquisition, infrastructure development, and lifecycle asset management. The company's focus on sustainable energy solutions continues to attract investor interest and drive its stock performance.
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