Suzlon Energy Ltd. (NSE: SUZLON) is currently trading at ₹73.75, reflecting a slight dip of 0.35% as of October 15, 2024. With the global focus on renewable energy, Suzlon remains a key player in the market, though its price movement is testing the patience of traders.
- Opening Price: ₹74.10
- High: ₹74.24
- Low: ₹72.15
- Market Cap: ₹1.01 Lakh Crore
- P/E Ratio: 115.70
- 52-Week High: ₹86.04
- 52-Week Low: ₹27.05
Key Support and Resistance Levels
- Immediate Support (₹73.02): A critical level for traders, a drop below this could lead to further weakness in the stock.
- Key Resistance (₹80.41): This is the pivotal level where bulls need to break through for the stock to push higher.
- Other Levels to Watch:
- ₹65.71: A support level acting as a safety net if prices drop further.
- ₹86.00: An ambitious target, reflecting strong bullish momentum if buying accelerates.
Daily Chart Analysis for Suzlon Energy
Suzlon’s price action has been driven by broader global trends in renewable energy, positioning it as a stock to watch. However, profit-taking in recent sessions has created downward pressure, testing the stock’s resilience. Investors are keeping a close eye on Suzlon’s ability to sustain its growth as the renewable energy sector continues to expand.
What’s Driving Suzlon’s Moves?
Suzlon’s recent surge has been largely attributed to the global push toward cleaner, renewable energy solutions, with wind energy being a core focus. Investors are attracted to Suzlon’s growing footprint in the sector, but recent pullbacks suggest some short-term profit-taking. The company’s strategic focus on sustainability and green technology is expected to fuel future growth, making it a potential standout in the industry.
Outlook for Suzlon Energy Stock
In the short term, Suzlon must maintain its price above ₹73.02 to avoid further retracement. If this support holds, the stock could aim for a potential breakout towards ₹80.41. Should Suzlon break past this resistance, the next ambitious target is ₹86.00, a level that will require strong buying momentum to reach. Given the broader market trends in renewable energy, Suzlon remains a stock to watch as its future movements could surprise investors.
With the renewable energy sector gaining global traction, Suzlon Energy’s stock performance hinges on its ability to maintain support levels and push through key resistance points. Investors should closely monitor ₹73.02 for potential downside protection and ₹80.41 for upside potential, as the company’s future in green energy looks promising.
Table: Key Levels for Suzlon Energy (NSE: SUZLON)
| Key Levels | Price | Remarks |
|---|---|---|
| Immediate Support | ₹73.02 | Critical support level for avoiding deeper retracement |
| Key Resistance | ₹80.41 | Bulls need to break this level for further upside |
| Other Support | ₹65.71 | A safety net for deeper corrections |
| Ambitious Target | ₹86.00 | Target if strong bullish momentum resumes |
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