Suzlon Energy Hits New High, Eyes Rs 100

The shares of Suzlon Energy have been buzzing in the market lately, hitting a fresh 52-week high for the fourth consecutive session. On Tuesday, the multibagger stock saw a remarkable jump of 5%, reaching a peak of Rs 84.40, pushing its market capitalization over Rs 1.12 lakh crore.

Analysts are excited about the potential of this stock, with some suggesting that it could soon soar to the Rs 100 mark. Pravesh Gour, a Senior Technical Analyst from Swastika Investmart, noted that the stock has recently broken out from a flag formation and displayed a significant uptrend.

According to Gour, the initial resistance level is around Rs 92, and if it crosses that, we could witness a rally towards the psychological milestone of Rs 100. However, he did mention a support threshold at Rs 70, which could act as a safety net for investors.

In terms of trading volumes, the stock has been quite active, with a turnover of Rs 84.40 crore as over 213.13 lakh shares exchanged hands on the BSE. This trading activity reflects a robust interest among investors, indicating more buyers than sellers.

The technical charts also show that the stock is trading in a bullish zone, staying above its moving averages from 5 to 200 days. However, it is worth mentioning that the stock is currently in the overbought territory, with a relative strength index (RSI) of 80.3, suggesting a cautious approach might be wise.

Suzlon Energy has experienced a phenomenal surge, climbing 337% from its 52-week low of Rs 19.30, which it hit on August 14, 2023. Currently, it finds itself at a 14-year high, showcasing its recovery and growth in the renewable energy sector.

Shiju Koothupalakkal, a Technical Research Analyst at Prabhudas Lilladher, believes the stock is maintaining a strong uptrend. He suggests that maintaining a near-term stop loss of Rs 71 would be advisable for investors eyeing higher targets between Rs 82 and Rs 98 in the upcoming days.

Aditya Agarwal, head of derivatives and technical analysis at Sanctum Wealth, also shares a positive outlook for Suzlon, expecting it to reach levels around Rs 94 to Rs 102 in the next few months. However, he cautions that the overbought condition could lead to some profit booking soon.

Lastly, brokerage firm Geojit has a bullish tone on Suzlon as well, predicting substantial growth rates supported by strong government tenders and order inflows. They’ve assigned a ‘buy’ rating to the stock, reflecting confidence in its future performance.