Suzlon Energy shares trading at 15-year high but analysts are cautious, here's why 

Suzlon Energy share price today: Shares of Suzlon Energy are trading at 15-year high, at levels last seen in 2009. On the daily charts, the multibagger stock is trading above the Rs 80 mark for the fifth straight session. The stock nearly fell 5% intraday to Rs 80.61 in the current session on BSE. Suzlon Energy stock hit a 52 week high of Rs 86.04 on September 12 this year. However, the stock has lost 6.3% till date. 

Analysts see momentum waning on the renewable energy counter and advise investors to be cautious on the renewable energy stock. 

AR Ramachandran, an independent Sebi registered analyst said, "Suzlon Energy stock price is bearish on the Daily charts with strong resistance at Rs 86.5.  A Daily close below the support of Rs 80 could lead to a fall till Rs 70.5 in the near term."

Kushal Gandhi, Technical Analyst, StoxBox said, "The price behavior of Suzlon Energy, despite exhibiting a positive upward trend, appears to be losing momentum. The relative strength index has displayed a downward trend, indicating a negative divergence in comparison to the price. The stock encountered resistance near Rs 84.30, with the price being rejected at these levels on relatively higher volume. Additionally, the stock's relative strength in comparison to Nifty50 has shown a decline. Consequently, it is advisable to refrain from purchasing the stock at the current market price."

Jigar S Patel, Senior Manager - Technical Research Analyst, at Anand Rathi Shares and Stock Brokers has given a price target of Rs 90 on the stock. Stop Loss cab be fixed at Rs 71. 

"Suzlon's stock chart shows promising signals on the daily scale, indicating strong upward momentum. However, there is a note of caution as the stock is currently trading significantly above its 21, 50, 100, and 200 DMA. This distance from key moving averages suggests that the stock may be overextended in the short term, raising the possibility of a reversion to the mean—a scenario where the stock could pull back to its average price levels. This pullback is often seen in strong trends as the market adjusts and consolidates. Moving forward, the immediate support zone is identified between Rs 78-77, which could serve as a solid entry point for those looking to take long positions. This range provides a favourable risk-reward setup, especially with an upside target of Rs 90 in sight. To manage risk, it is advised to place a stop-loss below Rs 71 on a daily closing basis."

In the current session, market cap of the green energy firm fell to Rs 1.11 lakh crore on BSE. Suzlon Energy stock has climbed 237% in a year and gained 885% in two years.

The multibagger stock clocked a high turnover of Rs 80.02 crore as 97.42 lakh shares changed hands on BSE in today’s session. Suzlon Energy shares fell to their 52-week low of Rs 24.47 on September 20, 2023. Suzlon Energy shares have a beta of 0.8, indicating low volatility in a year.

Shares of Suzlon Energy are trading above their 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, 200 day but lower than the 5 day moving averages. 

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.