Suzlon Energy shares trading at 52-week high; buy, sell or hold?

Shares of renewable energy firm Suzlon Energy Ltd hit a fresh 52-week high in the previous session with the stock rising for the fourth straight session. Suzlon Energy stock hit a 52 week high of Rs 21.93 on August 23, 2023. It closed at the same level in the last session. The stock rose 4.98% intraday to a high of Rs 21.93 against the previous close of Rs 20.89 on BSE. Shares of Suzlon Energy hit a fresh 52-week high after a span of six trading sessions. The stock last touched its yearly high of Rs 21.25 on August 11, 2023. It fell to a 52-week low of Rs 6.60 on October 13, 2022.        

The stock has risen from Rs 19.73 (closing level) on August 17 to Rs 21.93 in the previous session (August 23) rising for the fourth straight session.  

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The stock hit an upper circuit of 5% at Rs 21.93 on Wednesday. Market cap of Suzlon Energy rose to Rs 29,745.99 crore. Turnover and volumes were high for the Suzlon Energy stock with 905.46 lakh shares of the firm changing hands amounting to a turnover of Rs 197.76 crore on BSE. 

The stock has more than doubled in just three months, delivering multibagger returns for investors of the penny stock. Suzlon Energy stock rose 131.82% in the last three months.  

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In terms of technicals, the relative strength index (RSI) of the stock stands at 71.2, signaling it's trading in the overbought zone, thanks to the rally in the previous session. Suzlon Energy shares have a beta of 1.6, 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.     

Abhijeet from Tips2trades said,  "Suzlon Energy is bullish but also overbought on the Daily charts with next resistance at Rs 22.5. 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." 

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.