Suzlon Energy shares down 29% in three months: fresh price targets, stop loss, technicals & more

Shares of Suzlon Energy are trading below the Rs 60 mark for the fourth trading session on Monday. Suzlon Energy stock has seen weakness in the short term with the scrip tumbling 29% in the last three months. The stock has been trading below the Rs 60 mark since November 12. However, Suzlon Energy stock hit upper circuit of 5% in early deals today. The multibagger stock touched an intra day high of Rs 59.61 today on BSE.  The stock hit a 52 week high of Rs 86.05 on September 12. Since then, the Suzlon Energy stock has lost 33.11% from its September peak. 

In the current session, market cap of the green energy firm rose to Rs 78,315 crore on BSE. Suzlon Energy stock has climbed 34.35% in a year and gained 604% in two years. The multibagger stock clocked a high turnover of Rs 72.57 crore as 122.78 lakh shares changed hands on BSE in today’s session. Suzlon Energy shares fell to their 52-week low of Rs 33.83 on December 12, 2023. Suzlon Energy shares have a beta of 1.1, indicating high volatility in a year. 

Shares of Suzlon Energy are trading lower than their 10 day, 20 day, 30 day, 50 day, 100 day, 150 day but higher than the 200 day moving averages. 

Analysts have mixed views on the outlook of the renewable energy stock. 

AR Ramachandran, an independent Sebi registered analyst said, "Suzlon Energy is bearish but also slightly oversold on the Daily charts with next support at Rs 53.6. Investors should buy only if Daily close is above resistance of 59.3 for a target of Rs 69 in the near term."

Ameya Ranadive CMT CFTe, Sr Technical Analyst, StoxBox said, "Suzlon Energy is currently trading at Rs 58, having witnessed a significant correction of 37% from its 52-week high over the last three months. The stock appears to be in an oversold zone, with the Relative Strength Index (RSI) at 35, indicating potential for a reversal. Additionally, the stock is hovering near a strong support zone at  Rs 55-Rs 54, presenting a favorable risk-reward setup. Suzlon can be considered for buying at current levels, with a stop loss placed at Rs 51.5 and an upside target of Rs 72."

Jigar S Patel, manager at Anand Rathi said, "Support will be at Rs 53 and resistance at Rs 66. A decisive move above the Rs 66 level may trigger a further upside of Rs 70. The expected trading range will be between Rs 53 to Rs 70 for the short-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.