Suzlon Energy: Technicals signal bullish momentum, analysts share price targets

Suzlon Energy share price: Shares of Suzlon Energy are in an uptrend after undergoing consolidation in April this year. The multibagger stock, with modest gains in the short term surged 43% in three months led by healthy Q4 earnings. 

However, the stock is down 10% in a year due to profit-booking.India's largest renewable energy firm has a strong order book of 5.9 GW but execution delays may impact stock performance in the near term. 

In the current session, Suzlon Energy stock was trading on a flat note at Rs 58.19. Market cap of the multibagger stock stood at Rs 79,914  crore. The multibagger stock has gained 280% in three years and 616% in five years.  

In terms of technicals, Suzlon Energy stock is in a medium-term bullish trend, trading above its 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day simple moving averages. 

The RSI of the stock stands at 58.4, indicating the stock is neither in the overbought zone nor in the oversold zone. 

Technical analysts appear bullish on the prospects of the Suzlon Energy stock. 

Jigar Patel from Anand Rathi said, "Support is placed at Rs 57, while resistance stands at Rs 60.45. A decisive breakout above Rs 60.45 could open the door for further upside towards Rs 63. In the short term, the stock is expected to trade within the Rs 57-Rs 63 range.

Aakash Shah, Technical Analyst at Choice Broking said, "Suzlon has resumed its positive momentum after undergoing a healthy consolidation following its strong rally during April. After spending several weeks trading within a narrow range, the stock has successfully broken above its falling trendline, indicating the beginning of a fresh upward move. It continues to hold firmly above its 20-day EMA, reflecting sustained buying interest on every minor decline. The stock is now approaching the important Rs 60 resistance zone, where a decisive breakout could trigger the next leg of the rally. Another encouraging factor is that the 100-day EMA is on the verge of crossing above the 200-day EMA, signalling improving long-term strength. The RSI is trading around 61 with a positive crossover, supporting bullish momentum. A sustained move above current levels could push the stock towards Rs 64, while Rs 55 remains a strong support and ideal stop-loss level, which coincides with the lower band of the falling trendline support."

Virat Jagad Sr. Technical Research Analyst at Bonanza said, "The stock is trading above its short- and medium-term EMAs, with the long-term EMA flattening, indicating improving trend strength. RSI is near 60, reflecting healthy bullish momentum without entering overbought territory. Rising volumes on recent advances support accumulation, while price is consolidating just below resistance around Rs 61.5. Fresh buying is advisable only on a decisive breakout above Rs 61.5 with strong volume, keeping a stop-loss below Rs 56. Existing holders may continue with a trailing stop-loss below the 20-EMA/ Rs 56 zone."

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.