- The daily chart on Suzlon Energy share price pattern has formed a double-top pattern with the neckline around ₹65.
Suzlon Energy share price traded downwards on Thursday, closing at ₹65.32 after losing 1% of its value. The stock has been facing downward pressure in recent days as prolonged profit taking limits the upside. It has declined by 1.4% in the last five sessions, but remains up by more than 4% year-to-date. Meanwhile, its strong order book, debt-free position and strong quarterly performance have combined to create a positive sentiment that will likely provide support above ₹60.
The daily chart on Suzlon Energy share price pattern has formed a double-top pattern with the neckline around ₹65. Therefore, a break below that level could denote an extended decline in the near-term. Intriguingly, Thursday’s decline came despite Suzlon (NSE: SUZLON) having won a Writ Petition against the Joint Commissioner of CGST and Central Excise for alleged violations of tax obligations.
A Madras High Court ruled that the company duly fulfilled its obligations and did not file ineligible input credit claims between financial years 2020-2023 as alleged. The ruling saved the company more than ₹1.18 crore in penalties, but might have spooked some investors. The current technical consolidation is not primarily company-specific, but also reflects the general mood in Indian equities markets.
Both the benchmark Nifty 50 Index and Sensex Index have declined by more than 0.4% in the last month, amid pressures from weak Q1 earnings and foreign institutional outflows. However, Suzlon share price will likely bounce back in the medium term, thanks to its stronger fundamentals.
Suzlon Share Price Prediction
The momentum on Suzlon share price calls for further upside above ₹65.00. With that momentum in play, the stock will likely head higher and meet the first resistance at ₹65.70. Breaking above that level will signal a stronger momentum could push the action higher and test ₹66.60.
On the other hand, breaking below ₹65.00 will shift the momentum to the downside. That will likely see the first support established at ₹64.40. Breaking below that level will invalidate the upside narrative. Also, an extended control by the sellers could send the action lower and test ₹63.70.
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