Suzlon share price surges 14% in March, set to snap 5-month losing run. Will the rally sustain?

Suzlon Energy share price has jumped 14% in March to break a five-month streak of declines. Suzlon share price today increased by almost 4%, yet it remains 34% lower from its 52-week high level due to profit-booking. Suzlon share price today opened at 55.47 apiece on the BSE, the stock touched an intraday high of 57.13 per share and an intraday low of 55.35 apiece.

Brokerage firm JM Financial, in its recent report, indicated that with an all-time high and expanding order book of 5.9GW, Suzlon is optimistic about the recovery of the industry and overcoming execution challenges in the upcoming 2-3 quarters.

The company reported that the response to the performance of the 3MW wind turbine generator (WTG) has been quite positive. During JM Financial’s visit to the nacelle and hub assembly facility in Daman, they observed efforts to boost capabilities for handling increased volume and higher-rated WTGs. The factory floor area is being expanded by transforming the current warehouse into a new hub assembly shop. The capacity of EOT cranes in both the assembly shops and loading zones has been upgraded. As a result, the plant is now capable of producing 4 nacelles per day (an increase of one unit). The overall manufacturing capacity of the company will grow from 3.15GW to 4.5GW, combining the capacities of both the Daman and Pondicherry facilities.

“We maintain our BUY rating on the stock with a target price of 71 (from 80 earlier),” the brokerage said.

Technical Views

Anshul Jain, Head of Research at Lakshmishree Investment and Securities noted that Suzlon Energy share price confirms a bullish momentum. According to Jain, Suzlon share price has formed a failed low and a double bottom around 50.6, reclaiming the 10, 20, and 50-day EMAs with steady volume. The tight consolidation below the 50-day EMA acted as a launchpad, and a breakout above 55.3 has confirmed bullish momentum. With strength building, the stock is now poised to test the key resistance zone at 65.5. Traders can watch for sustained buying as Suzlon share price continues its upward trajectory.

“After forming a base around 48, the stock prices have seen strong traction in March month, we are now seeing a Descending triangle breakout , and the move can extend towards 62 – 65, immediate support is at 52,” said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

  • Aniket Pujari

    Aniket Pujari

    Aniket Pujari, a graduate in Financial Markets, is the founder of Minute To Know News, a digital platform providing daily news updates on cryptocurrencies, finance, and economics. With a passion for finance and technology, Aniket has been exploring the world of cryptocurrencies since 2015, building a deep understanding of these rapidly evolving industries.

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