Suzlon Energy Share Price: Can Q2 Growth Propel a Breakout Beyond ₹68?

Summary:
• Explore Suzlon Energy's share price movement, key support and resistance levels, and insights into Q2 growth driving its resurgence.

Suzlon Energy’s stock performance remains in the spotlight as the renewable energy leader continues its upward journey, supported by positive Q2 financials and record-breaking order wins. Currently trading at ₹64.11, the stock shows a minor dip of 0.19%, yet the overall sentiment points towards recovery.

Chart Analysis: Key Levels to Watch

Based on the daily chart, here are the critical levels and indicators traders should monitor:

• Resistance Levels:
  • ₹65.71 – This level aligns with the 20-day EMA and serves as the first major resistance.
  • ₹68.18 – The 50-day EMA forms the next resistance zone, a breakout here could push the stock toward ₹73.02.
  • ₹73.02 – A pivotal resistance level; breaking this could open doors to ₹80.41 in the medium term.
• Support Levels:
  • ₹64.00 – The current trading level offers minor support.
  • ₹53.89 – A critical support zone from earlier in November that acted as a rebound point.
  • ₹43.91 – If ₹53.89 fails, this deeper support could come into play.

Fundamental Drivers for Growth

Suzlon’s strong financial performance is complemented by several fundamental growth drivers:

• Record Orders: The 1,166 MW order from NTPC Green Energy highlights Suzlon’s dominance in India’s wind energy market.
• Revenue Growth: A 48% rise in Q2 revenue reflects consistent execution of projects and a favorable market environment.
• Analyst Upgrades: Institutions like Morgan Stanley have upgraded Suzlon to ‘Overweight,’ citing robust fundamentals and growth opportunities.

What’s Driving Suzlon’s Momentum?

Suzlon’s recent financial results showcased a staggering 96% increase in net profit, bolstered by record-breaking order inflows, including a 1,166 MW wind energy order from NTPC Green Energy. These developments reflect growing demand for renewable energy in India, strengthening Suzlon’s position in the market.

Additionally, Suzlon’s focus on innovation and operational efficiency has garnered positive attention from analysts, with major firms upgrading their outlook on the stock.

Outlook for Traders

Traders should keep a close eye on the ₹65.71 and ₹68.18 levels for potential breakouts. Momentum indicators suggest a cautious but optimistic outlook, with a strong push above the resistance levels likely to bring significant upside. Conversely, if the stock fails to hold above ₹64, it may test lower support levels in the coming sessions.