Suzlon Energy Share Price Analysis: Can It Rebound Above ₹64?

Summary:
• Suzlon's share price outlook with key support and resistance levels. Analyze market trends and find out if a rebound is on the horizon.

The Suzlon Energy share price is currently trading at ₹59.32, up by 4.57% intraday as of November 18, 2024. After weeks of bearish momentum, the stock is testing a critical support level at ₹56.10 and showing signs of recovery. Traders are closely monitoring whether this intraday bounce signals a correction or the early stages of a bullish reversal.

Key Levels to Watch

The daily chart reveals significant levels that traders need to monitor:

• Support: ₹56.10, which aligns with a previous demand zone.
• Resistance: ₹64.92 (20-day EMA), followed by ₹69.05 (50-day EMA).
• Upside Target: If momentum builds, ₹73.02 becomes a potential target.

What’s Influencing Suzlon’s Share Price?

• Robust Earnings: Suzlon posted a strong Q2 profit of ₹200.60 crore, marking a 96% YoY increase.
• Major Order Win: The company secured a record-breaking 1,166 MW wind energy project from NTPC Green Energy, boosting its order book to 5.1 GW.
• Market Pressure: Despite these positives, broader market corrections and profit-booking have weighed on the stock.

Technical Outlook

The stock’s break below its 50-day EMA earlier this month sparked a strong bearish trend. However, today’s recovery above ₹59 signals the possibility of stabilization. Bulls must push the price above ₹64.92 to regain control. Failure to hold the ₹56.10 support could expose the stock to deeper losses, with ₹43.91 as the next key support.

Conclusion

While Suzlon’s long-term story looks solid, the short-term game is all about breaking through those stubborn resistance levels. Will the bulls muster enough energy to push higher, or will the bears drag it back down? It’s a tug-of-war worth watching, especially as market sentiment and news around Suzlon’s ambitious projects continue to unfold. Keep your charts handy—this one’s heating up!