- Summary:
- Key support and resistance levels, Q2 performance, and the impact of renewable energy growth. Will Suzlon break out above ₹73?
The Suzlon Energy share price has been on a rollercoaster ride, showing resilience after a sharp correction earlier this year. As we look ahead, traders are eyeing the crucial ₹73 level for a potential breakout. Let’s dive into the chart analysis and key factors influencing Suzlon’s price action.
Suzlon Chart Analysis
- Current Price Action: The share price is trading at ₹67, sitting below the ₹73 resistance level, indicating hesitation among buyers.
- Support Levels:
- ₹65.71: Near-term support, aligned with the 20-day SMA.
- ₹53.89: Stronger support level from October lows.
- ₹43.91: Key historical support zone.
- Resistance Levels:
- ₹73.02: Immediate resistance level and a significant psychological barrier.
- ₹80.41 and ₹86.00: Potential upside targets if the price breaks out above ₹73.
The firm’s strong order backlog in the renewable energy field solidifies its status as a significant entity ready for sustained expansion.
Suzlon is strategically placed to take advantage of the government’s heightened emphasis and investment in clean energy programs. Nevertheless, although the overall recovery in the energy sector has bolstered the stock’s momentum, persistent global economic uncertainties and increasing interest rates still present obstacles to maintaining investor confidence.
Conclusion
Suzlon Energy’s share price is teetering at a critical juncture, with ₹73 serving as the immediate resistance level. A breakout above this could trigger a rally toward ₹80 or higher, backed by strong fundamentals and sectoral growth. On the downside, a failure to sustain above ₹65 could lead to further consolidation, with ₹53 as a key support level to watch.