2 weeks ago
Suzlon Energy Rebounds From Low, Analysts Caution Against Fresh Buying
Suzlon Energy shares are higher than their recent lowest price, but they have fallen during the past month.
Analysts say the stock is still showing signs of weakness.
One analyst recommends avoiding new purchases for now.
The price area around Rs 46–48 is considered important support.
If the stock stays above that level, it may recover toward Rs 52–57.
A strong move above Rs 56 could make the outlook more positive.
If it falls below Rs 46–47, it could decline further.
Nuvama therefore keeps a Hold rating and has lowered its price target to Rs 51.
Suzlon Energy has gained 24% from its 52-week low but declined 10% over the past month.
Bonanza advises avoiding fresh buying while the stock remains below major exponential moving averages and the Rs 50–51 support zone.
Analysts identify Rs 46–48, or roughly Rs 46–47, as crucial support and Rs 56–57 as key resistance.
A weekly close above Rs 56 could improve the outlook toward Rs 60–65 and eventually Rs 70–75, while a break below Rs 46–47 could lead to Rs 42–43 and Rs 37.9.
Nuvama has retained a Hold rating, cut its target from Rs 56 to Rs 51, and reduced its FY27 and FY28 earnings estimates.
- Who
- Suzlon Energy; analysts from Bonanza, Choice Equity Broking, and Nuvama.
- What
- Analysts have offered a cautious view of Suzlon Energy stock despite its 24% recovery from its 52-week low.
- Where
- The analysis concerns Suzlon Energy in the Indian stock market; the company is headquartered in Pune, India.
- When
- The article does not specify a publication date; it refers to performance over the past month and current analyst estimates.
- Why
- The cautious view reflects technical weakness, the stock’s failure to hold the Rs 50–51 support zone, and Nuvama’s reductions to earnings estimates.
Potential Recovery
Cautious Outlook
Technical rebound
Potential Recovery
If support around Rs 46–48 holds, the stock could recover toward Rs 52–54 and then Rs 56–57.
Cautious Outlook
The stock remains below major exponential moving averages and has formed lower highs after its Rs 86 peak.
Breakout potential
Potential Recovery
A decisive weekly close above Rs 56 could open a path toward Rs 60–65 and eventually Rs 70–75.
Cautious Outlook
Until Rs 56 is reclaimed, analysts recommend caution rather than an aggressively bullish stance.
Downside risk
Potential Recovery
The stock has recovered 24% from its 52-week low, suggesting some rebound from lower levels.
Cautious Outlook
A sustained break below Rs 46–47 could lead to Rs 42–43 and potentially the major Fibonacci support near Rs 37.9.
Key facts
- Recent performance
- Up 24% from its 52-week low; down 10% in one month.
- Bonanza view
- Avoid fresh buying until momentum improves; Rs 47 is crucial support and Rs 52.5 is an improvement level.
- Key support
- Rs 46–48, with Rs 46–47 identified as a decisive support area.
- Key resistance
- Rs 56–57; a decisive weekly close above Rs 56 could improve the chart.
- Nuvama rating
- Hold.
- Nuvama target
- Rs 51, reduced from Rs 56.
- Earnings revisions
- FY27 and FY28 earnings-per-share estimates cut by 13% and 10%, respectively.
- Company scale
- Suzlon Group reports approximately 21.5 GW of installed wind-energy capacity across 17 countries.
Quotes
Sachin Gupta
VP – Technical Research, Choice Equity Broking
“Based on the weekly chart, Suzlon is currently in a neutral-to-bearish medium-term structure, as the stock has been forming lower highs after the Rs 86 peak. The most important support at present is around Rs 46–48, which coincides with the 50% Fibonacci retracement. If this level holds on a weekly closing basis, the stock could attempt a recovery toward Rs 52–54 and then Rs 56–57, with Rs 56–57 being the key resistance and 38.2% Fibonacci level. A decisive weekly close above Rs 56 would ...”
businesstoday.in
“Suzlon remains weak below major EMAs after breaking the Rs 50–51 support zone. RSI is recovering from lower levels, but trend remains negative. Avoid fresh buying; sustained move above Rs 52.5 can improve momentum, while Rs 47 remains crucial support.”
businesstoday.in
Sources
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