Suzlon Energy Share Price Dips to Rs 66 – Will Support at Rs 65 Hold?

Summary:
• Suzlon Energy dips to Rs 66, approaching key support at Rs 65. Will it hold or lead to further declines? Read the latest analysis and outlook.

Suzlon Energy’s share price has taken a hit, currently trading at Rs 66.32 after a 2.67% drop. With the stock approaching a key support level at Rs 65.71, investors are keenly watching whether it can find a footing or if further declines are on the horizon.

Suzlon Key Levels to Watch

• Immediate Support: Rs 65.71 – A dip below this could signal more selling pressure.
• Next Resistance: Rs 70.79 (20-day EMA) – This level needs to be cleared for any upward momentum.
• Strong Resistance: Rs 73.02 – Breaking past this level would indicate a potential recovery.

Technical Indicators Show Weakness

Suzlon’s technical indicators do not favor the bulls. This downward slope in EMAs reflects a bearish trend, making it challenging for the stock to push higher without significant buying interest.

Investor Sentiment and Recent Performance

Suzlon had a successful year, with strong Q2 earnings and a sturdy order book contributing to its success. Nevertheless, the excitement has been dampened by recent fluctuations, as stocks are encountering more selling activity. The wider market decline has also affected Suzlon, adding to its recent decline.

Outlook for Suzlon Energy

For now, Suzlon Energy’s fate hinges on the Rs 65.71 support level. If it can hold steady here, there may be room for consolidation or a bounce. However, if this level breaks, the next key support could come into play around Rs 56.10, indicating a deeper pullback.