Suzlon share price rises for sixth day in a row. More steam left?

Stock market today: Suzlon Energy share price witnessed strong interest from the bulls during the Opening Bell today, March 10. Suzlon share price today opened higher at ₹55.11 apiece on the NSE and touched an intraday high of ₹56.69 per share, logging an over 3% rise against Friday's close of ₹54.92 per share. Extending its rally for the sixth straight session during Monday morning deals, Suzlon shares have registered an over 14 per cent rise in the last six successive sessions.

Suzlon Energy share price history

As mentioned, Suzlon Energy shares have been in an uptrend for the last six days. The stock has ended higher in all trading sessions in March.

According to stock market experts, Suzlon shares have a strong base at ₹52, and the stock faces resistance at the ₹58 to ₹60 range. If it exceeds this range, the stock may soon touch ₹62 and ₹70 per share mark. On breaching below ₹52, the stock may come under the bear's grip.

Suzlon share price started gaining traction after the domestic brokerage Investec initiated coverage on the energy stock with a target price of ₹70. Investec analysts believe Suzlon Energy is in a strong position to benefit from the revival in the wind energy sector. According to the brokerage, the renewable energy company has transformed into a net-cash entity with robust return ratios and a growing order book of 5.5 GW. A well-optimized supply chain and a strong pipeline of bids further bolster its outlook, it said.

Suzlon shares: Is this a stock to buy today?

On suggestion to investors regarding Suzlon share price, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, "Suzlon share is a remarkable turnaround story, which is well-positioned to ride on the growth in the window energy sector, aided by a rapidly expanding order book. They used to post heavy losses yearly with very high debt on the books. With healthy ROE and ROCE ratios and reduced debt, the company is well-positioned to grow in the medium to long term. Quarterly results for the next few quarters need to be monitored. However, after the recent correction of approximately 40 per cent from its highs, the stock looks good to be added staggered from a medium to long-term perspective. At CMP, the risk-reward ratio looks favourable for investors."

Suzlon energy share price target

Expecting more upside in Suzlon shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Suzlon share price looks positive on the technical chart. The stock has strong support at ₹52, and on the upper side, it is facing a hurdle at ₹58 to ₹60 range. On sustaining above this resistance, Suzlon share price may soon touch ₹62 apiece levels.”

However, Bagadia maintained that Suzlon's share price may become bearish if the renewable energy stock breaks below ₹52 per share.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.