Suzlon Share Price Target 2024: Back-to-Back Orders, Expansion Spree; BUY Ahead of Budget 2024?
Suzlon Energy Share Price Target 2024, Suzlon Share Price Today News NSE BSE, Suzlon Share Price History: Suzlon energy share price settled in green in Tuesday’s trading session to end at Rs 42.45 apiece on the National Stock Exchange (NSE), zooming 2.66 per cent intraday. The counter touched an intraday high of Rs 43 per share, surging 3.99 per cent from its previous close of Rs 41.35 every share. The scrip outperformed the sector by 0.96 per cent. The stock has been gaining for the last four days and has risen 14.56 per cent returns in the period. It is trading higher than 5 day, 20 day, 100 day and 200 day moving averages but lower than 50 day moving averages.
Suzlon Share Price Target 2024
SUZLON is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This signifies a robust bullish trend, suggesting the potential for continued upward movement. The Relative Strength Index (RSI) currently sits at 54, trending upwards, indicating increasing buying momentum.
Mandar Bhojane, Equity Research Analyst, said that the Stochastic Relative Strength Index (Stoch RSI) supports this bullish sentiment with a positive crossover. Taken together, these technical indicators imply that SUZLON could potentially reach the Rs 47 to Rs 50 target in the near term. To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 36 to safeguard investments in the event of an unexpected market reversal.
Suzlon has recently broken out of its daily trendline with substantial volume, indicating a bullish reversal. A potential breakout above Rs 42.5 could propel the stock towards the Rs 47 and Rs 50 levels, with immediate resistance anticipated at Rs 45. Conversely, Rs 37.5 stands as a crucial support level.
“A prudent strategy would involve considering buying opportunities on dips at levels around Rs 40 and Rs 38. In summary, based on technical analysis and prevailing market conditions, SUZLON appears to offer a promising buying opportunity for those targeting a Rs 47 and Rs 50 price objective. Implementing prudent risk management strategies is crucial to navigating potential market fluctuations,” he added.
Suzlon Share Price Today News NSE BSE
A total of 27.88 lakh shares changed hands today of Renewable energy solutions provider Suzlon Energy which is a constituent of S&P BSE 500 index generating a total turnover of Rs 11.60 crore. The large cap company has a market cap of Rs 57,860.96 crore, as per BSE website. The shares of the company have a PE of -1418.00x. In volume terms, over 311.27 lakh shares of the company were traded on the NSE during the day.
Suzlon Share Price History
Suzlon share price climbed nearly 425 per cent in the last one year on the NSE. In the last 180 days, it endured northbound journey to delivery 58 per cent returns.
Suzlon Stock in Focus After Back-to-Back Orders, Expansion plans
Suzlon and Renaissance Solar and Electric Material company (RSOLEC), two leading companies in the wind power and solar panel segment have expressed interest to set up their units in Vijayapura district in Karnataka. While Suzlon has planned to invest Rs 30,000 crore, RSOLEC has proposed to invest Rs 6,000 crore.
Suzlon Group in March secured a 72.45 MW wind power project from Juniper Green Energy Pvt Ltd. As part of the project, Suzlon will install 23 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 Megawatt (MW) each at the client’s site at the Dwarka district in Gujarat.
Earlier, it bagged an order for a 30 MW wind power energy project from EDF Renewables. As part of the order, Suzlon will install 10 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each in Gujarat.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of TN Network.)
