Suzlon Energy share price extended the downside on Monday, losing 0.8% and trading at ₹62.67 at the time of writing . That has sent the 9 day EMA below the 21-day EMA, raising the prospect of an extended downside. Suzlon (NSE: SUZLON) was among the most active stocks today, with about 28 million shares traded. Despite its recent struggles, most analysts have a “buy” rating on the stock, thanks to its strong orderbook and impressive earnings last quarter.
The current downturn on Suzlon share price is primarily driven by profit taking amid rising risk aversion driven by the Middle East war. However, the company’s fundamentals remain strong, with its most recent order win being a 170.1 MW wind power project from AMPIN. That was the third successive order of that size, with the project set to be implemented in Andhra Pradesh. It also underline’s the company’s strong position in the renewables industry, which augurs well for its long-term returns.
The Indian government aims to transition the country to derive 50% of its power from renewable sources by 2030. That positions Suzlon Energy in line for increased orders for the long term, especially in view of Prime Minister Narandra Modi’s “Make In India” campaign. However, the company has about 6 Gw installed across 17 other countries, with about 44% of its 2024 revenue having come from outside India. That predisposes it to external shocks, especially in view of rising geopolitical and trade tariff risks.
Suzlon Energy Share Price Prediction
The momentum on Suzlon Energy share price calls for an extended downside action below the pivot mark at ₹60.35. A stronger downward momentum will break below that level and goon to test the second support at ₹57.70.
Conversely, action above ₹63.70 will invite buyers to take control. That will likely see the first resistance encountered at 66.30. The downside narrative will be invalid below that level. Also, an extended control by the sellers could send the price action higher to test ₹68.90.
