Suzlon Energy share price High Bullish May Be tomorrow after 76, know what are the important levels for intraday.
Suzlon Energy share price has shown significant movements, reflecting investor sentiment and market dynamics. The stock closed at ₹83.45, up by 3.07% from the previous day’s close of ₹80.82. This increase is part of a broader trend where Suzlon Energy shares have surged dramatically over recent months, gaining over 300% in the past year alone.
Main Points
- 1 Suzlon Energy share price Current Performance Overview
- 2 Recent Stock Movements
- 3 Suzlon Energy share price Technical Analysis
- 4 Key Drivers Behind Recent Performance
- 5 Major Contract Wins
- 6 Strong Financial Results
- 7 Suzlon Energy share price Market Sentiment
- 8 Expectations for Tomorrow (September 23, 2024)
- 9 Important Levels to Watch
Recent Stock Movements
- Current Price: ₹83.45 (as of September 20, 2024)
- Day’s Range: ₹78.00 – ₹84.40
- 52-Week Range: ₹21.71 – ₹84.40
- Market Capitalization: Approximately ₹111,728 Crores
The stock has been on a bullish trajectory, with a notable increase of 90% since April 2024, largely driven by strong earnings reports and significant contract wins. Investors have reacted positively to Suzlon securing a 1,166 MW order from NTPC Green Energy, which is expected to enhance its revenue streams and profitability significantly.
From a technical standpoint, the stock is currently positioned above its key moving averages:
- 50-Day Moving Average: ₹75.00
- 200-Day Moving Average: ₹70.00
Resistance levels are identified at:
- R1: ₹84.40
- R2: ₹85.50
Support levels are noted at:
- S1: ₹78.00
- S2: ₹76.00
This technical setup indicates a strong bullish sentiment among traders, with potential for further gains if the stock maintains its momentum.
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Key Drivers Behind Recent Performance
Major Contract Wins
The announcement of the NTPC contract has been pivotal in driving investor confidence. This order not only positions Suzlon as a key player in India’s renewable energy sector but also signals robust future earnings potential. The company’s ability to secure large contracts is crucial for sustaining its growth trajectory.
Strong Financial Results
Suzlon reported a remarkable profit jump of 200% year-on-year, with revenues increasing by 50% in the latest quarter. This performance has attracted both domestic and foreign institutional investors, further bolstering stock prices as they increase their holdings in the company.
The overall market sentiment towards renewable energy stocks has been positive, driven by global shifts towards sustainable energy solutions and government initiatives promoting green energy projects in India. This macroeconomic backdrop supports continued investment interest in companies like Suzlon.
Expectations for Tomorrow (September 23, 2024)
Looking ahead to tomorrow’s trading session, several factors could influence Suzlon Energy’s share price:
- Market Trends: If the broader market remains bullish, it could provide additional upward momentum for Suzlon shares.
- Investor Activity: Increased buying activity from institutional investors may push prices higher.
- Technical Levels: Traders will closely monitor resistance and support levels; a break above ₹84 could lead to further gains.
Important Levels to Watch
- Resistance Levels:
- R1: ₹84.40
- R2: ₹85.50
- Support Levels:
- S1: ₹78.00
- S2: ₹76.00
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
