Suzlon share price: Despite the stock market crash on weak global cues, Suzlon Energy shares witnessed buying interest in the early morning session on Monday. Today, the Suzlon share price opened downside at ₹69.90 apiece on the NSE but soon gathered momentum and touched an intraday high of ₹71.64 apiece. While climbing to this intraday high, the Suzlon share price rose to a new 52-week peak. However, the energy stock failed to sustain itself at higher levels and was retracted after the profit-booking trigger.
According to stock market experts, Suzlon Energy Ltd. has delivered strong Q1FY25 results, posting robust growth in the top and bottom lines. The company has reported the highest EBITDA in the last seven years. That’s why Suzlon shares are finding support at lower levels, as investors consider this stock an ideal ‘buy-on-dips’ stock. They advised Suzlon shareholders to hold the stock long, as it may touch ₹80 on breaching the ₹72 mark.
Triggers for Suzlon shares
Highlighting the reasons for lending support to Suzlon shares, Parth Shah, Research Analyst at StoxBox, said, “The continuous rally in the shares of Suzlon can be attributed to the company’s strong quarterly performance. The company posted robust growth in the top and bottom lines and the highest quarterly EBITDA in seven years. On the operational front, the company’s deliveries were strong during the quarter, with expectations of an impressive performance ahead of a record order book of 3.8 GW.”
“The company’s focus on execution, stringent cost control measures, improving balance sheet, and sectoral tailwinds bode well for the future growth trajectory. With most of the near-term positives seemingly priced in at the current levels, the risk-reward does not look favourable for the short term. However, the medium to long-term story looks intact, with project execution being the key catalyst for future growth,” the StoxBox expert said.
Suzlon share price target
On the outlook for Suzlon Energy shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Suzlon share is on the cusp of giving a fresh breakout on a technical chart. Suzlon share price today failed to give a fresh breakout at ₹72 apiece, but the stock is finding support at lower levels, which is praiseworthy. So, Suzlon shareholders are advised to hold the scrip, maintaining a stop loss at ₹65 as the stock may touch ₹80 on giving a breakout at the ₹72 per share mark on a closing basis. Long-term investors can accumulate more, keeping stop loss at ₹60, and the ideal buying range would be ₹65 to ₹67.”
On the suggestion to fresh investors, Sumeet Bagadia said, “Fresh investors can buy Suzlon shares at current levels and maintain buy-on-dips till the stock is above ₹60. The stock may touch 80 apiece in the short term after giving a fresh breakout at ₹72 apiece on a closing basis.”
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
