Suzlon Energy share price returned to the upside on Thursday, with investors buying into the company’s strong balance sheet, growing orderbook and healthy cash flow. The stock traded at ₹64.90 at the time of writing, having gained 0.9%. Suzlon Energy (NSE: SUZLON) secured a new 170.1 MW contract from AMPIN Energy Transition last week- the third consecutive order of such magnitude from the same customer.
Notably, there is strong institutional confidence around Suzlon Energy share price. Morgan Stanley, Goldman Sachs and a host of mutual funds are among the institutions that acquired 1.45% stake in the company in early June. That said, the stock lacks a decisive upward momentum, with the daily RSI at 52 denoting neutral-to-bullish conditions.
At the current level, Suzlon Energy share price’s 9, 21 and 50-day EMAs are intersecting, and will need a new impetus to build traction for a sustained upside. That will likely happen once the stock reclaims the Volume Weighted Moving Average (VWMA), which is currently at ₹67.47. On the downside, a slip below the psychological ₹60 could invite the sellers to take control.
Also, traders will need to keep their eyes on trading volume for hints on the strength of the momentum. A rise in the trading volume will signal likely continuation of the upside trajectory. Conversely, falling trading volumes will shift the momentum to the downside.
Suzlon Energy Share Price Protection
The momentum on Suzlon share price favours the buyers to stay in control if the action stays above the pivot mark at ₹64.50. That will likely meet initial resistance at ₹65.10. However, an extended control by the buyers will clear that hurdle and could potentially test the second resistance at ₹65.75.
On the downside, breaking below ₹64.50 will signal control by the sellers. In that case, primary support will likely be at ₹64.00. Breaking below that level will invalidate the upside narrative. In addition, a stronger momentum could extend the decline to test ₹63.50.
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