Suzlon Energy shares have returned more than 100% from their lows in March. The multibagger stock, which ended at Rs 36.32 on March 20, reached a high of Rs 75.83 on the last trading day of August. The stock increased by 109% throughout the time, exceeding its 97% gain in 2024.
Suzlon Energy shares returned 193% in a year and 909% over two years. However, the multibagger has ran out of steam, losing 5.13% over the previous two weeks.
Suzlon Energy shares fell 1.49% to Rs 78.83 on Friday. The market capitalization of the shares was Rs 1.03 lakh crore. The stock generated a turnover of Rs 23.04 crore after 30.23 lakh shares moved hands on the BSE in the previous session.
Over the previous year, the stock has risen 249.28% from its 52-week low. Suzlon Energy's shares dropped to a 52-week low of Rs21.71 on September 13, 2023. Suzlon Energy's shares have a beta of 0.8, showing modest volatility over a year.
Om Mehra, Technical Analyst at SAMCO Securities, stated that Suzlon Energy is presently selling at Rs 75.84, up 98.53% in 2024. The stock continues very strong, having broken over the crucial barrier at Rs 50. On the larger monthly chart, the positive momentum remains intact, however the monthly RSI lingering around 88 indicates an overbought position. A slight correction is expected following the recent surge, which might be a healthy retreat in a solid uptrend, providing an excellent chance to accumulate. Suzlon is projected to follow a similar optimistic trajectory as other energy firms. The major trend continues strong, with the stock trading above its 20 DMA. The forecast is optimistic, indicating that the cycle of increases and pauses will continue. We estimate the price to hit Rs 100, then Rs 115 by the end of the year, assuming the important Rs 50 barrier remains.
Kushal Gandhi, Technical Analyst at StoxBox, stated, "The price action study on the weekly timescale suggests that it has been trading thinly presently at 36% over the mean. The relative strength indicator has a negative slope from the overbought zone, indicating a slowing of price momentum. The stock has immediate support at its 20-day moving average, which is now at 76.20, and a breach below the average line might result in continued profit booking."
Suzlon Energy's stock is trading higher than its 30 day, 50 day, 100 day, 150 day, and 200 day moving averages, but lower than its 5 day, 10 day, and 20 day averages.
However, the price is still below the overbought zone, indicating further potential for the green energy company. The RSI of the multibagger stock was 72.8. A RSI of 70 or above implies that the stock is trading in the overbought zone.
Suzlon Energy provides sustainable energy solutions. The firm produces wind turbines. It provides a variety of solar energy solutions, including solar irradiance evaluation, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commissioning, and life-cycle asset management.
