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.