Shares of Suzlon Energy slipped into the red after hitting their 52-week high levels on Tuesday. The stock dropped 3.61 per cent to hit a day low of Rs 11.21 over its previous close of Rs 11.63. The scrip, however, touched its 52-week high of Rs 12.19 by rising 4.82 per cent in early trade amid a volatile session. Technical charts hinted that the counter has support above Rs 10 with strong resistance at Rs 12 levels.
A total of 5.95 crore shares changed hands on BSE, amounting to a turnover of Rs 69.23 crore. The lender’s market capitalisation or m-cap stood at Rs 11,624.34 crore.
At today’s low level of Rs 11.21, Suzlon Energy has gained 106.45 per cent compared to its one-year low of Rs 5.43, hit in July 2022.
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The stock has climbed 12.82 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has moved 16 per cent higher.
Analysts largely observed that the counter could be “in demand till it sustains above Rs 10.40.” One analyst felt that the stock may move up to Rs 19 while another suggested an uptrend till Rs 13.6 mark.
Rupak De, Senior Technical analyst at LKP Securities, said “The stock has risen above the previous swing high on the monthly chart, suggesting an increased optimism. The stock may remain in demand as long as it sustains above Rs 10.40. On the higher end, the stock may move towards Rs 14.80-15; above Rs 15, the rally may continue till Rs 19.”
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, “Suzlon has rallied over 50 per cent in the past couple of trading weeks and has surpassed its previous swing high to reclaim its fresh 52-week high. As far as levels are concerned, the immediate support has seen a gradual shift to the Rs 10-10.40 odd zone, while on the higher end, the counter is placed at the crucial resistance of Rs 12, breaching which it may continue its rally towards the Rs 15-16 odd levels in the comparable period.”
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A R Ramachandran from Tips2trades, said, “An effort to reduce the debt burden coupled with appointment of new top management has led to a surge in Suzlon Energy stock price. Technically, Rs 12 is strong resistance and a daily close above this level should lead to an uptrend till Rs 13.6 mark. Strong support will be at Rs 10.30.”
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Meanwhile, Indian equity benchmarks fell sharply in Friday’s trade, dragged by state-owned banks, metals and automobile stocks.