Suzlon has always been associated with renewable energy. In spite of problems that seemed insurmountable, it has created possibilities for itself during the past 20 years that have allowed it to reach several milestones.
The stock is a hive of activity on Monday after rising by about 10% and setting a new 52-week high on the stock exchanges. The entire trading volume for the day is approaching the 36 crore level and is higher than normal and its previous trading session.
Technically, the stock appears strong as it is trading above its significant short- and long-term moving averages, including the 20, 50, 100, and 200-DMA and is trading at a 52-week high. The stock has a good RS rating of 80, suggesting that it has outperformed other equities. The daily MACD is trending northward and maintaining above its average over the previous nine periods, verifying the stock’s upward bias. The stock is unmistakably rising, and the trend strength is very strong. On a daily chart, the Average Directional Index (ADX), which measures trend strength, reaches a high of 39.47, while on a weekly chart, it reaches a high of 25.06. Over 25 levels is often seen as a strong trend. The stock is satisfying the requirements in both time horizons.
An intriguing fact is that there was significant institutional action in the stock in November, with numerous mutual funds adding to or repurchasing shares of their holdings.
The full data are as follows:
It’s interesting to see that 0.7% of the total AUM is allocated to stock across all three mutual funds.
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