Suzlon Energy shares are down 91% from record high; here are fresh price targets

Shares of Suzlon Energy are down 91% from their record high in a period of 16 years.  The renewable energy stock hit a record high of Rs 459.80 in January 2008. The multibagger stock was trading at Rs 41.50 in the current session, losing 90.97% from its all-time high on BSE. However, Suzlon Energy stock has delivered multibagger returns in a period of one year and beyond.  Suzlon Energy shares have climbed 411% in the last one year and risen 782% in the last three years.  In the last five years, the Suzlon Energy stock has gained 570.11%

In the current session, the Suzlon Energy opened higher at Rs 42.  Market cap of the firm fell to Rs 56,428 crore.

Total 13.29 lakh shares of Suzlon Energy changed hands amounting to a turnover of Rs 5.53 crore on BSE. Suzlon Energy shares have a beta of 0.8, indicating very low volatility in a year.

 Here’s a look at what analysts said on the outlook of the Suzlon Energy stock.

Kushal Gandhi, Technical Analyst, Stoxbox said, "Suzlon Energy recently underwent a modest profit booking correction of 30% following a 628% surge in the price action. This indicates strength in the primary trend. The price action is now consolidating and whipsawing around 20 weeks' exponential moving average, acting as an immediate support zone. Suzlon displays strong price strength and higher buyer demand; the sectoral theme also shows strength and momentum. Suzlon's price action offers low risk and a higher reward from the current market price for the target of Rs 49.50 against a stop loss of Rs 38.50."

Jigar S Patel,  Senior Manager, Technical Research Analyst at Anand Rathi Shares and Stock Brokers said, "In the past six trading days, Suzlon has been showing a pattern of consolidation within the price range of Rs 41 to Rs 42.50. As of now, it's positioned near the middle of that range, approximately at Rs 41.5. Notably, this consolidation phase is occurring above the middle Bollinger band on a daily scale, indicating a particular technical pattern. The Bollinger bands are a volatility indicator, and when the price consolidates above the middle band, it suggests potential upward momentum. Therefore, there's a likelihood that Suzlon might experience a breakout above the upper limit of Rs 42.50 in the upcoming trading sessions. However, it's advisable for investors and traders to exercise caution and refrain from making hasty decisions until Suzlon's stock price conclusively closes above Rs 42.5 on a daily basis."

In terms of technicals, the relative strength index (RSI) of the stock stands at 52.3, signaling it's trading neither in the overbought nor in the oversold zone.

Suzlon Energy stock is trading lower than the 5 day, 20 day, 50 day and 100 day but higher than the 10 day, 30 day, 150 day and 200 day moving averages.

Suzlon Energy shares fell to a 52-week low of Rs 8.15 on May 9, 2023.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.