 "Suzlon Energy")
Suzlon Energy: This multibagger stock has zoomed 967 per cent since the start of the financial year 2023-24. Amid this 18-month rally, Suzlon stock hit a high of Rs 84.29 as against a close of Rs 7.90 at the end of March 2023.
This phenomenal run on the bourses could have yielded up to 10.7-fold returns in less than 18 months. This means that an investment of Rs 1,00,000 at the end of March 2023 could have been worth Rs 10.67 lakh at its peak on August 12; and still worth Rs 9.70 lakh as of date.
On Thursday, Suzlon stock jumped 4 per cent to Rs 77.09 after the company said it executed a Conveyance Deed to sell its Pune-based corporate office One Earth Property to OE Business Park for a consideration of Rs 440 crore.?
At 2:15 PM, Suzlon traded with a gain of 2.6 per cent at Rs 76.09 on trades of around 43.11 million shares on the BSE. In comparison, the BSE Sensex was down 0.1 per cent or 105 points at 82,245 levels.
However, the key thing to note for Suzlon - is that the stock was seen trading below its 20-DMA (Daily Moving Average) for the fourth straight trading day in nearly 4 months; i.e. since May 14, 2024.?
Technically, what does it imply for the stock - Is it the right time to BUY or SELL the Suzlon Energy stock? Here's what the chart suggests:?
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Suzlon Energy
Current Price: Rs 76.09
Downside Risk: 24.6%
Support: Rs 72.60; Rs 68.60
Support: Rs 72.60; Rs 68.60
In the last 18 months, Suzlon stock has witnessed only 2 significant periods of price correction; wherein the stock spent considerable time below its short-term (20-DMA). The first instance was in December 2023; wherein the stock traded below the 20-DMA for 17 trading sessions, and registered a 23 per cent decline from its then high.
Similarly, amid the February 2024 correction, Suzlon spent 26 trading days below this short-term moving average. In fact, the stock had also dipped below 50- and 100-DMA during that period, and tumbled 30 per cent from a peak of Rs 50.60 to a low of Rs 35.50.
That apart, in May 2024, Suzlon spent 8 days below this key short-term moving average, before resuming its uptrend. CLICK HERE FOR THE CHART
Technically, even as Suzlon trades below its 20-DMA, the stock still seems favourably placed, given the overall moving averages structure, wherein the shorter-term moving averages are firmly placed above the longer-term moving averages.
The stock thus far has declined 14 per cent from its recent peak of Rs 84.29 in August.? The daily chart shows, presence of near support at Rs 72.60 levels; below which the key support stands at Rs 68.60 - in the form of the super trend line. On the weekly scale, support for the stock exists at Rs 60.90 and Rs 57.40; thus implying potential downside risk of another 25 per cent from present levels.
On the upside, the 20-DMA at Rs 77.40 is likely to act as an immediate resistance; above which resistance for the stock can be expected around RS 82 levels.
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