Suzlon Energy can touch Rs 73-75: Thacker

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Suzlon Energy can touch Rs 73-75: Thacker

Suzlon Energy can go up to levels of around Rs 73-75, says Technical Analyst, Mitesh Thacker of miteshthacker.com.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mitesh Thacker See what other Experts & Brokerages are saying about Suzlon Energy See messages about Suzlon Energy Suzlon Energy BSE | NSE 10/02/12 Are Mutual Funds betting on Suzlon Energy?

Technical Analyst, Mitesh Thacker of miteshthacker.com is of the view that Suzlon Energy can go up to levels of around Rs 73-75.

Thacker told CNBC-TV18, " Suzlon Energy and Jaiprakash Associates both the stocks are high beta stocks, which have participated much well in the market bounce back for e.g. Suzlon, the relative strength index (RSI) of the stock was at levels of around 2 to 4. I think that's an extremely oversold level. We saw stocks fall more than 35-40% over the last few weeks and now it's giving kind of bounce back. So I think it's a reaction to the fall in case of JP Associates as well as Suzlon."

He further added, "I think Suzlon probably can go up to levels of around Rs 73-75 from where you will see the stock come under pressure again. For the short-term it will be volatile and you will see Rs 73-75 would be good upside range and Rs 65-64 and probably even Rs 62 could be a good downside in this stock. JP Associates broke down below its support levels of around Rs 228-225 and then went to its weekly support levels around Rs 199 and then bounced back. So it's a case of bouncing back with the markets on the upside Rs 250 would be the trend decider whether the stock has the potential to carryon further, if it manages to close above Rs 250 probably - yes."