Suzlon Share Price - Suzlon Energy's Stock Sees Massive Gains But Faces Recent Decline

Suzlon Share Price – Suzlon Energy’s Stellar Performance Hits a Speed Bump Amid Market Corrections

Suzlon Share Price – Suzlon Energy’s shares have delivered impressive returns over the past year, boasting a 193% gain, and an astounding 909% return over two years. However, the stock has recently encountered a setback, experiencing a 5.13% decline over the past two weeks. As of the most recent trading session, Suzlon Energy shares closed 1.49% lower at ₹78.83. The company’s market capitalization stands at ₹1.03 lakh crore, with a turnover of ₹23.04 crore on the Bombay Stock Exchange (BSE), where 30.23 lakh shares changed hands.

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Historical Low and Performance Metrics

The stock has surged 249.28% from its 52-week low of ₹21.71, recorded on September 13, 2023. Suzlon Energy’s beta value of 0.8 suggests low volatility over the past year, reflecting stability in its price movements.

Technical Analysis and Market Predictions

Om Mehra, Technical Analyst at SAMCO Securities, noted that Suzlon Energy is currently trading at ₹75.84, marking a 98.53% increase in 2024 so far. Despite recent strong performance, the stock has recently broken out above critical resistance levels at ₹50, maintaining bullish momentum. However, the monthly Relative Strength Index (RSI) is hovering around 88, indicating an overbought condition. Mehra anticipates a minor correction following the recent rally, which could present a healthy pullback in the strong uptrend, offering a favorable opportunity for accumulation. He predicts that the stock could potentially reach ₹100, and possibly ₹115, by year-end, provided the ₹50 level remains a strong support.

In contrast, Kushal Gandhi, Technical Analyst at StoxBox, pointed out that the weekly price action analysis shows the stock trading 36% above the mean. The RSI indicates a negative slope from within the overbought zone, suggesting waning price momentum. Immediate support is found at the 20-day moving average, currently around ₹76.20. A breach below this average could lead to continued profit booking.

Moving Averages and Future Outlook

Suzlon Energy’s stock is currently positioned above its 30-day, 50-day, 100-day, 150-day, and 200-day moving averages, yet remains below the 5-day, 10-day, and 20-day moving averages. Despite the recent pullback, the stock has not yet entered the overbought zone, with an RSI of 72.8, which signals potential for further upside. Typically, an RSI above 70 suggests that a stock is trading in the overbought zone.

Company Background

Suzlon Energy is a leading provider of renewable energy solutions, specializing in wind turbines and a range of solar energy services. These services include solar irradiance assessment, land acquisition and approvals, infrastructure development, power evacuation, supply chain management, installation and commissioning, as well as life cycle asset management.

Conclusion

While Suzlon Energy has shown remarkable gains, recent technical indicators suggest a potential for a minor correction. Investors should remain attentive to market conditions and technical signals as the stock navigates through this phase. The company’s strong position in the renewable energy sector and its ongoing innovations provide a solid foundation for future growth, despite current market fluctuations.

FAQ: Suzlon Energy Stock Performance

What is the recent performance of Suzlon Energy’s stock?

Suzlon Energy’s stock has delivered impressive returns, rising 193% over the past year and gaining 909% over the last two years. However, it has recently experienced a decline of 5.13% in the last two weeks.

What was the stock price of Suzlon Energy at the end of the last trading session?

On the last trading day, Suzlon Energy’s stock closed at Rs 78.83, marking a decrease of 1.49%.

What are the projections for Suzlon Energy’s stock in the near future?

According to Om Mehra, Technical Analyst at SAMCO Securities, Suzlon Energy is expected to continue its upward trend with a potential target price of Rs 100, reaching Rs 115 by year-end if the critical Rs 50 support level holds.