SUZLON ENERGY Daily NSE Stock Chart Technical Analysis:
Suzlon Energy is moving sideways and the market is wondering what to do with this stock in the near future.
The price opened at Rs 57.4 and closed at Rs 57.75 after moving up and down the entire day.
Market Outlook: The price will move sideways and remain between 59 and 56.5.
Technical Indicators:
- Resistance is at Rs 59 and support is at Rs 56.5 and then at Rs 55. Both these price levels are important to watch. If and when the market breaks 55 with high trading, there is a short-term opportunity to go short. The opportunity to go long seems unlikely in near future.
- The price had taken support of its 100 day moving average in the previous low swing. The price is facing resistance at its 20 day moving average, both shown on the chart as red and blue lines.
News:
- Suzlon is planning to go big in China next year. This might be positive for the company. Suzlon is currently facing some litigation on land acquisition issue which can generate bad press for the company.
- The company board has agreed to raise Rs 5000 crores via the share market, so keep an eye on this stock as there could be an opportunity to go long in 2011. For now, nothing immediate and good is on the cards.
(Suzlon Energy analysis requested by Jaikrishna, Ranchi)
thanks sir.
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