Multibagger stock: Suzlon Energy stock gained 4.98% to touch a fresh 52-week high of Rs 24.66 on BSE. Market cap of Suzlon Energy climbed to Rs 33,448 crore on BSE today.
Suzlon Energy shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock opened higher at Rs 24.30 on Tuesday.
On Monday, Suzlon Energy shares rose 4.95% to Rs 23.49, a 52-week high on BSE.
Turnover and volumes were high for the Suzlon Energy stock with 210.76 lakh shares of the firm changing hands amounting to a turnover of Rs 51.67 crore on BSE.
Shares of renewable energy firm Suzlon Energy Ltd zoomed to a fresh 52 week high in early trade today. This is the second straight session in which the Suzlon Energy stock has touched 52 week high. On Monday (August 28, 2023), Suzlon Energy shares rose 4.95% to Rs 23.49, a 52-week high on BSE. It closed at the same level in the previous session. In the current session, Suzlon Energy stock gained 4.98% to touch a fresh 52-week high of Rs 24.66 on BSE. The stock was stuck in the upper circuit of 5% for the second straight session today. The stock opened higher at Rs 24.30 on Tuesday. Market cap of Suzlon Energy climbed to Rs 33,448 crore on BSE today.
Turnover and volumes were high for the Suzlon Energy stock with 210.76 lakh shares of the firm changing hands amounting to a turnover of Rs 51.67 crore on BSE.
It fell to a 52-week low of Rs 6.60 on October 13, 2022. Since then, the stock has risen 273% on BSE. The stock has more than doubled in just three months, clocking 138% returns for investors of the penny stock.
In terms of technicals, the relative strength index (RSI) of the stock stands at 75.5, signaling it's trading in the overbought zone. Suzlon Energy shares have a beta of 1.7, indicating very high volatility in a year. 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 look at what analysts said on the outlook of the renewable energy stock.
Aditya Gaggar, Director of Progressive Shares, Suzlon Energy said, "Suzlon Energy has witnessed a spectacular run-up right from Rs 7 till now. At present, the stock is all set to give a major breakout in the higher timeframe in the form of Rounding Bottom formation. Indicators are showing a presence of a strong momentum and in the case of a breakout, the target is Rs 39.35."
Abhijeet from Tips2trades said, "Suzlon Energy is bullish but also overbought on the daily charts. Investors should book profits at current levels or hold till daily support of Rs 20.7 is broken on a closing basis. Below Rs 20.7, next support will be at Rs 17."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock has witnessed a decent rally in the last 3 months and currently has indicated a breakout above the Rs 21 zone with a strong bullish candle with trend maintained strong and further rise is anticipated for next targets of Rs 27 and Rs 31 respectively. The near-term support zone is lying near Rs 19.50 and with this stop loss maintained, one can expect for further gains in the coming days. The overall trend would turn weak only if a decisive breach below Rs 17.70 is witnessed."
Market expert Ravi Singh said, "Suzlon Energy shares have traded above their support of Rs 20 level. The RSI is in overbought zone and the short-term moving averages are trading below the prices, supporting the current trend. The daily and weekly chart pattern is suggesting a strong rally ahead for the target of Rs 27 levels in near 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.