Suzlon Shares Could Breach ₹100-₹110 Levels And More In Long Term, Says Technical Analyst

Suzlon‘s share price continued its golden run on Monday going up over 3% to hit an intraday high of ₹82.45.

What Happened: Shares of the wind energy major have been on a strong bull run over the past few weeks. In the last 30 days, the stock has surged up around 50%. In the last seven sessions, the stock has closed in the green on six occasions.

What Are Analysts Saying? “Suzlon’s stock, now trading at ₹80, continues to display bullish momentum, aligning with my earlier projection of testing ₹90 in the near term,” said Anshul Jain, head of research at Lakshmishree. He added that the stock is currently in a consolidation phase on the daily chart, which suggests that it is gathering strength for the next move.

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As per Jain, a decisive breakout above ₹82 would likely confirm the continuation of the uptrend, setting the stage for a rally towards the ₹90 target. “Investors should monitor the price action closely, as a sustained move above ₹82 could signal strong buying interest. While the overall technical setup remains positive, it’s important to watch for any signs of weakening momentum during the consolidation phase,” the analyst added.

“Suzlon has been outperforming for the last couple of months. Since May 2024 till date, the Suzlon share price has doubled,” said Manish Shah, an independent market analyst. He added that the price action in Suzlon shows a strong underlying trend both on the weekly and the daily time frame.

“Currently, prices have been stalling for the last couple of days. This may be a sign of distribution. Price is just at the top of the rising trend channel and this suggests that the prices may be slightly extended from the mean,” Shah added.

He advised long-term investors who are invested in the stock from lower levels may continue to hold for some more upsides to ₹105-₹110. “Investors who want to get on Suzlon should wait, and try to get in on any short-term decline to 65-70 levels. Over a long-term period, Suzlon’s share price should see a rally to 120-130,” the SEBI-registered analyst added.

On the other hand, Jigar S Patel, senior manager – technical research analyst, Anand Rathi Shares and Stock Brokers advises caution on the stock.

“Suzlon’s stock chart appears promising, showing positive momentum. However, caution is advised as the stock is trading significantly above all major key moving averages,” Patel said. He added that this suggests the possibility of a reversion to the mean, where the stock could pull back to its average price levels.

“Moving forward, the support zone is identified at 70. This range provides a potential entry point for long positions, with an anticipated upside target of 90. To manage risk, a stop-loss should be placed below 66, based on a daily closing basis,” the analyst added.

Price Action: Suzlon’s share price was up 1.35% to trade at ₹81.03 on Monday afternoon.

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