Suzlon Energy shares close below Rs 60 mark for four months, analysts on the breakout level and more

Shares of Suzlon Energy have evaded the Rs 60 mark on a closing basis in nearly four months. The multibagger stock decisively closed at the Rs 60 mark on January 8 and January 7 this year. The stock closed at or above the Rs 60 mark in five out of six sessions from January 1 to January 8.

Later, it touched Rs 60 level on April 24 and April 21 on a closing basis but gave away that mark to high volatility in the market.

The renewable energy stock, analysts say is consolidating in a range before giving a breakout at the upper end.

Prashanth Tapse, Senior VP (Research) at Mehta Equities said, "Suzlon will be my favourite pick from the renewable energy space. The stock has been consolidating in the Rs 55-58 range. Rs 62 will be a breakout level for Suzlon. If it closes above Rs 62, it can hit further upside targets of Rs 75-78."

Amol Athawale, VP-technical Research, Kotak Securities said, "After a promising uptrend rally, the stock is currently witnessing profit booking at higher levels. However, the short-term texture of the stock remains positive. Technically, the 50-day SMA (Simple Moving Average) at 54 will act as a key support zone for traders. If the stock manages to trade above this level, the bullish setup is likely to continue, potentially retesting levels of Rs 60-61. Further upside may also occur, which could lift the stock up to the 200-day SMA at 64. Conversely, if the stock falls below the 50-day SMA at 54, the uptrend would become vulnerable"

AR Ramachandran, SEBI registered Independent analyst says, "Suzlon energy stock price is slightly bearish on the daily charts with strong resistance at Rs 59.5. A Daily close below support of Rs 55.5 could lead to a target of Rs 51 in the near term."

Mandar Bhojane, Equity Research Analyst at Choice Broking said, "Suzlon Energy is currently trading at Rs 57.38 and has recently broken out of a falling wedge pattern, a bullish reversal setup. Post-breakout, the stock is sustaining above the breakout level, indicating buyer confidence. However, we’ve observed profit booking near Rs 61.50, which now acts as a key immediate resistance. A strong close and sustained move above this zone could open the path toward Rs 68 and Rs 70 in the short term. On the technical indicator front, the Relative Strength Index (RSI) stands at 53.16 and is trending upward, suggesting growing strength with ample room for further upside."

"On the daily chart, price action shows resistance near the 200-day and 100-day EMAs, while support is being taken from the 20-day and 50-day EMAs. This dynamic reflects a consolidation phase with a bullish bias, as the stock builds strength for a potential breakout above the long-term moving averages. Traders can consider entering around Rs 57–Rs 58, with a well-defined stop-loss at Rs 54 to manage downside risk. The overall structure remains positive, but short-term volatility cannot be ruled out, especially if the stock fails to sustain above immediate supports. Buying on dips near the Rs 55 level may offer a good risk-reward opportunity, provided the broader technical setup remains intact. Strict risk management is advised to protect against any reversal in trend," added Bhojane. 

In the current session, Suzlon stock was trading 1.02% lower at Rs 57.02 on BSE. Market cap of the multibagger stock slipped to Rs 77,878 crore in the current session. The green energy stock saw a turnover of Rs 14.21 crore as 24.89 lakh shares changed hands on BSE today. 

Suzlon Energy shares have a beta of 1.3, indicating very high volatility in a year. 

Suzlon Energy stock is trading lower than the 5 day, 10 day, 100 day, 150 day, 200 day but higher than 20 day, 30 day and 50 day moving averages.

The multibagger stock hit a 52-week high of Rs 86.04 on September 12, 2024. The firm reported a 91% rise in Q3 net profit and logged a 96% increase in net profit in Q3 of the current fiscal.  

The multibagger stock has gained 37.20% in the last one year and risen 584% in two years. The stock climbed 519% in three years.