Suzlon Energy shares rise for third straight session, approach 52-week high; what’s next?

Shares of Suzlon Energy Ltd rose over 4% to approach their 52-week high in early deals today. Suzlon Energy stock, which gained for the third straight session, climbed 4.26% intraday to Rs 26.92 on BSE. The renewable energy stock touched its 52-week high of Rs 27 on August 31, 2023 and fell to a 52 week low of Rs  6.60 on October 13, 2022.  

Market cap of Suzlon Energy rose to Rs 36,146 crore. Total 190.56 lakh shares of the firm changed hands amounting to a high turnover of Rs 50.55 crore on BSE. Suzlon Energy shares have a beta of 1.8, indicating very high volatility in a year. 

In terms of technicals, the relative strength index (RSI) of the stock stands at 63.6, signaling it's trading neither in the overbought nor in the oversold zone. 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 a look at what technical analysts said on the outlook of the renewable energy stock.           

Abhijeet from Tips2trades said, "Suzlon Energy shares look bullish on the daily charts and a close above the resistance of Rs 27 could lead to a target of Rs 30.5 in the near term. Strong support will be at Rs 25." 

Aditya Gaggar Director of Progressive Shares said, “Suzlon Energy Ltd has witnessed a spectacular run-up right from Rs 7 till now. In August, the stock gave a major breakout in the higher timeframe in the form of Rounding Bottom formation. Indicators are showing presence of a strong momentum and as per the pattern breakout, for a target of Rs 39.35. One can buy the stock at the current market price or on decline up to Rs 24.” 

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.     

Also read: Stock recommendations by share market analysts for October 3, 2023: Hero MotoCorp, L&T Finance, Dr Reddy's, Exide & Hindustan Oil

Also read: Top 10 stocks to watch on October 3, 2023: Adani Energy, Suven Pharma, Hero MotoCorp, Maruti, MCX, Delta Corp & others

Also read: JSW Infrastructure shares and Vaibhav Jewellers shares listing today in Top News on October 3: Share markets outlook, Valiant Laboratories IPO to close, price hike for Hero MotoCorp bikes, scooters