Shares of Suzlon Energy Ltd have delivered multibagger returns in the last six months. The stock of the renewable energy provider which closed at Rs 11.15 on June 1, 2023 was trading at Rs 39.90 on BSE in the current session, clocking 274% returns during the period. The benchmark Sensex has risen 7.61% during the same period. The multibagger stock has risen 531% in the last two years and gained 1162.66% in three years. Suzlon Energy stock opened at Rs 39.90 today, lower than the previous close of Rs 40.58 on BSE. The stock has also lost 9.3% from its 52 week high of Rs 44 hit on November 17, 2023. Suzlon Energy shares fell to a 52-week low of Rs 6.96 on March 28, 2023.
In the current session, Suzlon Energy’s market cap fell to Rs 53,622 crore on BSE. The stock fell 2.66% to Rs 39.50 in early trade. Total 4.13 lakh shares of Suzlon Energy changed hands amounting to a turnover of Rs 1.64 crore on BSE.
Suzlon Energy shares have a beta of 0.5, indicating low volatility in a year. In terms of technicals, the relative strength index (RSI) of the stock stands at 63.6, signaling it's trading neither in the overbought nor in the oversold zone. Suzlon Energy stock is trading higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day and 10 day moving averages.
Here’s a look at what analysts said on the outlook of the stock.
Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox said, "Suzlon Energy now needs to sustain over Rs 40 level to embark on the fresh upside. While this could function as a minor suppressor, the underlying trend has built a robust support base. The immediate support comes to Rs 32-mark, as per the technical chart. A breakout over Rs 42 could steer upside in the direction of Rs 50.”
AR Ramachandran from Tips2trades said, "Suzlon Energy is bullish but also very overbought on daily charts with next resistance at Rs 46.6. Investors should book profits at current levels. Support will be at Rs 40.5."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Suzlon continues to see a robust run even in the extremely overbought scenario. One needs to have a cautious approach, keeping a trail stop losses to Rs 39.50 (bullish gap), while the strong support lies around Rs 34-odd level. On the higher end, Rs 45-46 is likely to be seen as immediate resistance, followed by the Rs 48-50 sub-zone."
BSE and NSE have placed the securities of Suzlon Energy under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put shares in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
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.
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