- Summary:
- Suzlon share price drops to ₹53.74 as bulls retreat. Can support hold, or will the stock slide further? Key resistance and outlook here
Suzlon Energy (NSE: SUZLON) dropped sharply on Tuesday, closing near ₹53.74 and giving traders a gut check after last week’s range-bound action. After grinding between ₹54 and ₹57 for days, today’s downside breach may be a sign that the bulls are running out of steam, at least for now.
There’s no breaking news pushing the drop, which makes it even more technical in nature. The broader mid-cap space also felt the pinch, but Suzlon’s rejection near ₹57 adds weight to bearish pressure.
Suzlon Technical Analysis: Cracks Begin to Show
- Immediate resistance: ₹57 — capped multiple rallies since April
- Major breakout level: ₹61 — key horizontal zone from Q1
- Now under pressure: ₹53.70 — bulls need to defend fast
- Key floor if broken: ₹49 — strong historical demand area
- RSI: 29.42 — oversold, could trigger short-term bounce
- MACD: Negative slope, confirms fading momentum
Chart-wise, the stock has slipped under short-term moving averages and pierced through the base of its recent coil. A retest of ₹53 was expected, but the failure to bounce leaves the door open to further downside, possibly a trip back to ₹49.
What Traders Should Watch
This isn’t panic mode yet, but the mood has clearly shifted. Volume picked up during the selloff, which suggests the move was more than just noise. If buyers don’t step in quickly, we could see a slow unwind over the next few sessions.
That said, RSI in oversold territory means a snapback toward ₹55–₹56 isn’t off the table if bargain-hunters appear. But without momentum, bulls remain on the defensive.