Suzlon Energy shares hit fresh 52-week high; target price of Rs 30 likely?

Shares of Suzlon Energy Ltd hit a fresh 52-week high amid weak sentiment in the broader market today. The renewable energy stock rose 4.95% to scale a fresh 52-week high of Rs 28.39 in late morning deals. Suzlon Energy stock has been rising for the last four sessions. It crossed the previous 52-week high mark of Rs 27 which was hit on August 31, 2023. The stock fell to a 52 week low of Rs 6.60 on October 13, 2022.

Market cap of Suzlon Energy rose to Rs 38,304 crore. Total 395.47 lakh shares of the firm changed hands amounting to a high turnover of Rs 110.31 crore on BSE. Suzlon Energy shares have a beta of 1.8, indicating very high volatility in a year.

In terms of technicals, the relative strength index (RSI) of the stock stands at 68.9, signaling it's trading neither in the overbought nor in the oversold zone. Suzlon Energy stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Here's a look at what technical analysts said on the outlook of the renewable energy stock.

Abhijeet from Tips2trades said, "Suzlon Energy shares look bullish on the daily charts and a close above the resistance of Rs 27 could lead to a target of Rs 30.5 in the near term. Strong support will be at Rs 25."

Aditya Gaggar Director of Progressive Shares said, “Suzlon Energy Ltd has witnessed a spectacular run-up right from Rs 7 till now. In August, the stock gave a major breakout in the higher timeframe in the form of Rounding Bottom formation. Indicators are showing presence of a strong momentum and as per the pattern breakout, for a target of Rs 39.35. One can buy the stock at the current market price or on decline up to Rs 24.”

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.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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