SUZLON EN­ERGY

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Can I buy Suzlon right now?

BUY SUZLON IN THE RANGE OF RS 17.50-17.30

Suzlon is cur­rently trad­ing at Rs 16.40. Its 52-week high/low stand at Rs 22.25/Rs 12.47 made on May 22, 2017 and Novem­ber 9, 2016, re­spec­tively. The stock has a ten­dency to trade in a zig-zag fash­ion. Con­sid­er­ing the daily time frame, there seems to be an in­verse head & shoul­ders pat­tern in the mak­ing. The stock is cur­rently trail­ing at the neck­line level at Rs 17.30, but may see a cor­rec­tion to form a shoul­der. If it is just a round­ing bot­tom break­out, the stock may also wit­ness a sharp up­side above Rs 17.30 on a clos­ing ba­sis. The ris­ing vol­umes and the 14-pe­riod RSI quot­ing ex­actly at 60 sug­gest some mo­men­tum go­ing for­ward. Hence, we rec­om­mend a Buy in the range of Rs 17.50-17.30.

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