Suzlon Energy shares slip over 4%; here are key technical levels for the multibagger stock

Shares of renewable energy firm Suzlon Energy slipped over 4% today in line with the broader market. The stock fell 4.19% intraday to Rs 19.40 on BSE against the previous close of Rs 20.25. Market cap of Suzlon Energy declined to Rs 26,634 crore. Turnover and volumes were high for the Suzlon Energy stock with 136.76 lakh shares of the firm changed hands amounting to a turnover of Rs 26.92 crore on BSE.      

The stock hit a 52-week high of Rs 21.25 hit on on July 25, 2023. The Suzlon Energy stock hit a 52-week low of Rs 6.60 on October 13, 2022.     

In terms of technicals, the relative strength index (RSI) of the stock stands at 64.7, signaling it's trading neither in the overbought nor in the oversold zone. Suzlon Energy shares have a beta of 1.6, indicating very high volatility in a year. Suzlon Energy stock is trading higher than the 20 day, 50 day, 100 day and 200 day but lower than the 5 day moving averages.      

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

Abhijeet from Tips2trades said," "Suzlon Energy is bearish  on the daily charts with strong resistance at 21. Investors should book profits at current levels or hold till daily support of 19.3 is broken on a closing basis. Below 19.3, next support will be at 17." 

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, “The stock has picked up well from Rs 8 levels and recently found consolidation near the  Rs 17-18.50 zone after it touched the high of 20.80 levels. The near term support is maintained near Rs 17 level and above Rs 20.80, a fresh breakout would be indicated for further upside targets of Rs 26 and Rs 34 levels.”    

Osho Krishan, Sr. Analyst - Technical & Derivative Research at Angel One said, “Suzlon has massively soared more than two times in the current financial year on the back of robust volumes. On the technical chart, the stock has witnessed several pivotal breakouts and currently hovering at new 52-week highs. The recent rally was vertical in nature, which snubbed in between price-wise corrections. The technical parameters indicate the counter is in the over-bought territory and one should not be carried away with the ongoing momentum. As far as levels are concerned, a series of support is placed around Rs 17 odd zone on an immediate basis, followed by the sacrosanct support of Rs 14-15. On the flip side, a substantial hurdle could be seen around the Rs 20-24 zone in the comparable period.”    

The green energy firm has raised Rs 2000 crore via a QIP. On August 9 , the firm announced the launch of qualified institutions placement (QIP) of equity shares to an extent of up to Rs 1,500 crore, with an option to retain oversubscription of up to Rs 500 crore.  

Suzlon Energy said its committee set the floor price of the QIP at Rs 18.44 apiece.  

The company will use the funds from QIP to cut debt substantially amid its ongoing efforts to turn around the business.   

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.  

  

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