Trading At A 52-Week High, Should I Buy, Sell, Or Hold Suzlon Energy Share?
Suzlon Energy share: which focus on renewable energy, rose for the fourth straight session in the previous session, reaching a new 52-week high. On August 23, 2023, Suzlon Energy’s stock reached a 52-week high of Rs 21.93.
In the previous session, it closed at the same point. The stock increased 4.98% during the day to reach a high of Rs 21.93 on the BSE, up from the previous closing of Rs 20.89. Suzlon Energy’s shares surged to a new 52-week high following six trading sessions. August 11, 2023, marked the last time the stock reached its yearly high of Rs 21.25. October 13, 2022, was the 52-week low, with a value of Rs 6.60.
For the fourth session in a row, the stock increased from Rs 19.73 (closing level) on August 17 to Rs 21.93 on August 23.
On Wednesday, the stock reached a 5% upper circuit at Rs 21.93. Suzlon Energy’s market value increased to Rs 29,745.99 crore. Suzlon Energy’s stock saw significant volumes and turnover, with 905.46 lakh of the company’s shares changing hands, translating into a BSE turnover of Rs 197.76 crore.
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In just three months, the stock has more than doubled, giving penny stock investors multibagger gains. The last three months saw a 131.82% increase in Suzlon Energy’s prices.
Technically speaking, the stock’s relative strength index (RSI) is 71.2, indicating that the previous session’s gain has placed it in the overbought zone. With a beta of 1.6, Suzlon Energy shares indicate a high level of volatility over the course of a year. In comparison to the 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages, Suzlon Energy stock is currently trading higher.
See What Analysts Had To Say About The Future Of The Renewable Energy Stock
Suzlon Energy is strong but also overbought on the daily charts, with the next barrier at Rs 22.5, according to Tips2trades’ Abhijeet. Investors should take profits at the current prices or wait onto their investments until the closing daily support level of Rs. 20.7 is breached. Next support below Rs 20.7 is at Rs 17.
The stock has seen a respectable rally over the last three months, according to Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher. The stock has now shown a breakout above the Rs. 21 zone with a strong bullish candle, and the trend has continued strong. Further rise is expected for the next targets of Rs. 27 and Rs. 31, respectively.
One can anticipate more gains in the upcoming days if this stop loss is maintained. The short-term support zone is located around Rs 19.50. It would only become weaker as a whole if there was a clear break below Rs 17.70.
Suzlon Energy offers solutions for renewable energy. The business manufactures wind turbines. It provides a variety of solar energy solutions, including supply chain management, installation and commissioning, infrastructure and power evacuation, site acquisition and approvals, solar irradiance evaluation, and life cycle asset management.
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