Suzlon Energy shares jump 5% to hit 52-week high; here's what charts hint

Shares of Suzlon Energy Ltd rose sharply to hit their one-year high level in Thursday's trade. The stock today jumped 5 per cent to hit its 52-week high of Rs 18.73 against a previous close of Rs 17.84. Around 3.59 crore shares changed hands today on BSE, which was lower than the two-week average volume of 3.73 crore shares. Turnover on the counter stood at Rs 66.61 crore, commanding a market capitalisation (m-cap) of Rs 23,186.55 crore.

The renewable energy provider has recently bagged a couple of wind power projects from Everrenew Energy and The KP Group. Before this, Suzlon's Board announced that it has cleared a proposal to raise up to Rs 2,000 crore.

Suzlon, in an exchange filing today, said, "A meeting of the Board of Directors of the company will be held on July 25, 2023 to, inter alia, consider and approve the unaudited financial results on standalone and consolidated basis for the quarter ended on June 30, 2023."

On technical setup, it seemed that the stock may hit Rs 21 level in the near term, an analyst said. The counter faces resistance at Rs 21 and support level could be seen around Rs 17.30, another analyst suggested.

Ravi Singh, Vice-President and Head of Research at Share India said, "Suzlon Energy share price is in strong uptrend supported by robust financial performance and growth prospects. The company is managing its expenses efficiently and operating margins are steady. The stock is looking bullish for a target of Rs 21 levels in near term."

AR Ramachandran from Tips2trades said, "Suzlon Energy is bullish but also overbought on the daily charts with next resistance at Rs 21. Investors should book profits at current levels or hold till daily a support of Rs 17.30 is broken on a closing basis."

Kush Ghodasara, CMT, said, "Suzlon has been consolidating with an ascending triangle pattern and the recent breakout indicates a target of Rs 20 in the near term. Medium to long-term indicators show overbought conditions but the internal crossover suggests positive momentum. If you decide to buy, consider placing a stop loss at Rs 17.90 for risk management."

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.

Meanwhile, Indian equity benchmarks came off their record highs and traded lower in early deals today, dragged by technology and automobile stocks.

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