Share Price of Suzlon Gains, Bounces from Important Support

Suzlon Energy Bounces Off Key Support Levels

Suzlon Energy has displayed resilience in recent trading sessions by bouncing from crucial technical support levels. The stock price rebounded from the 100-day Exponential Moving Average (EMA) at around Rs 67.95 and a horizontal trendline that has been serving as a solid support zone for the past few months.

This uptick was marked by a notable rise in the stock price, which gained 2.83% to Rs 70.80.

RSI Indicates Strength

Another technical factor supporting the recent rebound is the stock’s Relative Strength Index (RSI). The RSI, which had been hovering near the oversold territory, found support at the 40 level and is now trending upwards. This indicates a potential reversal in the momentum, signaling that the recent downtrend could be taking a pause.

Board Meeting for Financial Results

Meeting of the Board of Directors of the Company will be held on Monday,  October 28, 2024 to, inter alia, consider and approve the Unaudited Financial Results of the Company on Standalone and Consolidated basis for the quarter and half year ended on September 30,  2024.

About Suzlon Energy 

Founded in 1995, Suzlon Energy SEL is one of the leading global renewable energy solutions providers. Over the past 29 years, the group has installed over 20 GW of wind energy in 17 countries across six continents. The group comprises SEL and its various subsidiaries. Its manufacturing footprint is spread across India.

Conclusion

Suzlon’s stock price bounce from the 100 EMA, horizontal trendline, and RSI support hints at a possible short-term recovery. Technical traders may find this price action encouraging, as the stock shows signs of strength from key support levels. However, investors should watch out for further confirmations before taking positions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.