Shares of Multibagger Suzlon Energy are above its short-term and long-term moving averages. This means that the stock is still in momentum. However, the stock is still away from the overbought zone, which indicates further upside for this stock. The RSI of the Multibagger stock was at 72.8. An RSI of 70 and above indicates that the stock is trading in the overbought zone.
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Suzlon Energy Shares
Suzlon Energy shares have delivered a return of 259% in one year and a gain of 856% in two years. However, the rally of this multibagger has slowed down at the moment, as the stock has declined 1.58% in the last one weekShares of Suzlon Energy closed 1.65% higher at Rs 78.84 on Friday. The market cap of the stock stood at Rs 1.07 lakh crore. In the last session, the stock traded at Rs 44.79 lakh crore with a turnover of 56.56 lakh shares on BSE.
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Mandar Bhojane, Research Analyst, Choice Broking said
Mandar Bhojane, Research Analyst, Choice Broking said, “Suzlon continues to show a strong bullish trend. On the monthly chart, Suzlon has formed a significant rounding pattern, which indicates potential upside ahead. For investors holding Suzlon shares, it may be wise to continue with long term targets of Rs 100 and Rs 140. Short term traders may consider booking profits around Rs 85 and Rs 90 levels.
Kushal Gandhi, Technical Analyst at Stoxbox, said,
Kushal Gandhi, Technical Analyst at Stoxbox, said, “Suzlon Energy is currently trading at high valuations and is more than 46% away from its average on the weekly chart, which indicates increased chances of profit booking.”