Suzlon Energy, Waaree Energies, Inox Wind: How to trade these 3 buzzing energy stocks

Indian benchmark indices settled lower on Friday as the rally in the crude oil prices triggered profit booking at Dalal Street. Traders are keenly watching Q2 earnings by India Inc and developments around the US-India trade deal. BSE Sensex dropped 344.52 points, or 0.41 per cent, to settle at 84,211.88, while NSE's Nifty50 declined 96.25 points, or 0.37 per cent, to close at 25,795.15 for the day.


Select buzzing renewable energy stocks including Suzlon Energy, Waaree Energies and Inox Wind are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say about these stocks ahead of Monday's trading session:


Waaree Energies | Potential level: 3,720-3,825 | Support: Rs 3,420
Waaree Energies is maintaining the higher top higher bottom formation which is a sign of strength on the daily charts. The stock is outperforming the benchmark indices and even RSI is positively poised. Considering the technical factors, traders are advised to hold their long positions at the current market price, with a stop loss at Rs 3,420. The stock has the potential to test Rs 3,720–3,825 in the coming weeks to months.


Inox Wind | Potential level: 169-176 | Support: Rs 145
Inox Wind has made a double bottom at Rs 135 level on the daily charts. At present the stock is underperforming the benchmark indices. However, the momentum indicator RSI is making higher high formation which suggests a pullback rally. Considering these technical factors, traders are advised to hold their long positions at the current market price, while keeping a stop loss at Rs 145. The stock has the potential to test Rs 169 – 176 in the coming weeks to months.


Suzlon Energy | Potential level: 57-59 | Support: Rs 50
Suzlon is making lower low formation which is a sign of weakness on the daily charts. The stock is underperforming the benchmark indices. However, the momentum indicator RSI is exiting the oversold zone. Hence, a bounce cannot be ruled out. Traders can consider holding their existing long positions at the current market price of around Rs 53, with a strict stop-loss at Rs 50, the stock has potential to test Rs 57–59 over the coming weeks to months.