Shares of renewable energy firm Suzlon Energy Ltd are stuck in the upper circuit of 5% for the third consecutive session today. Suzlon Energy stock hit a 52-week high for the third consecutive session today. It gained 4.99% to Rs 25.89 in the current session on BSE. On Monday (August 28, 2023), Suzlon Energy shares rose 4.95% to Rs 23.49, a 52-week high on BSE. It closed at the same level that session. In Tuesday’s session, Suzlon Energy stock gained 4.98% to touch a fresh 52-week high of Rs 24.66 on BSE. The stock was stuck in the upper circuit of 5% for the second straight session. In the current session too, the stock was stuck in the upper circuit of 5% for the third day.
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Turnover and volumes were high for the Suzlon Energy stock with 712.08 lakh shares of the firm changing hands amounting to a turnover of Rs 184.29 crore on BSE. Market cap of Suzlon Energy rose to Rs 35,133 crore today.
In terms of technicals, the relative strength index (RSI) of the stock stands at 78.9, signaling it's trading in the overbought zone. Suzlon Energy shares have a beta of 1.7, indicating very high volatility in a year. Suzlon Energy stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
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Here's look at what analysts said on the outlook of the renewable energy stock.
Aditya Gaggar, Director of Progressive Shares, Suzlon Energy said, "Suzlon Energy Ltd has witnessed a spectacular run-up right from Rs 7 till now and at present, the stock is all set to give a major breakout in the higher timeframe in the form of Rounding Bottom formation. Indicators are showing a presence of a strong momentum and in the case of a breakout, the target is Rs 39.35."
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Abhijeet from Tips2trades said, "Suzlon Energy is bullish but also overbought on the daily charts. Investors should book profits at current levels or hold till daily support of Rs 20.7 is broken on a closing basis. Below Rs 20.7, next support will be at Rs 17."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock has given a range breakout above Rs 20 and since then daily closing in the upper circuit, the RSI is still in the positive zone. The near-term support would be at around Rs 20 levels, and with the overall trend maintained strong, one can expect a further rise to reach the next targets of Rs 30–33 levels."
Market expert Ravi Singh said, "Suzlon Energy shares have traded above their support of Rs 20 level. The RSI is in overbought zone and the short-term moving averages are trading below the prices, supporting the current trend. The daily and weekly chart pattern is suggesting a strong rally ahead for the target of Rs 27 levels in near term."
Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.