Now Reading: Suzlon Energy Analysts Advise Against Fresh Buying
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Suzlon Energy Analysts Advise Against Fresh Buying
Suzlon Energy shares have gained 24% from their 52-week low but remain under pressure, falling 10% over the past month. Technical analysts have advised investors against fresh buying until the stock shows stronger momentum.
Bonanza’s Virat Jagad said Suzlon remains weak below key moving averages after breaking the Rs 50-51 support zone. He identified Rs 47 as crucial support and Rs 52.5 as the level that could improve momentum. Choice Equity Broking’s Sachin Gupta placed key support at Rs 46-48 and resistance at Rs 56-57. A sustained break below Rs 46-47 could take the stock towards Rs 42-43 and then Rs 37.9.
Nuvama has retained its Hold rating but cut its target to Rs 51 from Rs 56, citing lower earnings estimates and higher depreciation and interest costs. The stock trades at 26 times estimated FY28 earnings, Nuvama said.
Indian Opinion Analysis
Technical support and resistance levels are trading markers, not guarantees of a price move. A weekly close is generally given more weight than an intraday breach because it can reduce the effect of short-term volatility. The valuation also depends on whether expected margins and costs improve as forecast. Investors tracking the stock should compare future results with those estimates, while watching the next weekly close around the identified support and breakout zones.
Source: businesstoday.in
This story was synthesised by AI from the source linked above. Methodology and corrections.
