Suzlon Energy Share Price Jumps 1.23%; Immediate Resistance at Rs 60
Suzlon Energy continued with recovery rally and the renewable energy major closed the session at Rs 57.65. The stock has recovered smartly from Rs 51 levels seen on May 9 and market players can expect further momentum in the stock. If overall market sentiment remains positive, Suzlon Energy could try to cross Rs 60, a psychological level for the stock. With the stock currently priced near Rs. 57–58, well below its 52-week high of Rs. 86.04, Suzlon finds itself in a volatile yet potentially rewarding zone.
Current Price Action and Market Context
Suzlon Energy opened the day at Rs. 57.20, reached an intraday high of Rs. 58.17, and touched a low of Rs. 56.71. These figures suggest a tight trading range, indicating short-term indecision in the market. The stock has corrected sharply from its yearly peak of Rs. 86.04 but still remains far above the 52-week low of Rs. 37.90, reflecting resilience amid broader sectoral pressures.
Candlestick Analysis: Signals of Base Formation
On the daily charts, Suzlon Energy has recently printed a hammer candlestick pattern, typically seen near support zones. This suggests that while sellers pushed prices lower, buyers re-entered strongly toward the close — a bullish reversal signal. Furthermore, the stock’s 200-day moving average is trending upward, providing a longer-term tailwind.
Another bullish sign is the higher low structure that the stock seems to be carving over recent sessions. If sustained, this may lead to an attempt at a breakout past the Rs. 60 resistance zone.
Fibonacci Retracement Levels: Mapping Rebound Potential
| Fibonacci Level | Price (Rs.) |
|---|---|
| 0% (Low) | 56.71 |
| 23.6% | 57.08 |
| 38.2% | 57.23 |
| 50% | 57.44 |
| 61.8% | 57.65 |
| 78.6% | 57.89 |
| 100% (High) | 58.17 |
The current price near Rs. 58 aligns with the 38.2% retracement level, making this a crucial zone. A decisive breakout above Rs. 58.25 could pave the way to Rs. 62 and then Rs. 66 levels in the near term.
Support and Resistance Zones
Suzlon's price action suggests the following support and resistance bands:
Immediate Support: Rs. 54.50 (swing low, previous demand zone)
Strong Support: Rs. 49.20 (23.6% Fibonacci level)
Immediate Resistance: Rs. 58.50
Major Resistance: Rs. 65.70 (61.8% retracement)
A close above Rs. 58.50 on strong volumes could signal renewed momentum, while a breakdown below Rs. 54.50 would invalidate the bullish thesis.
