Suzlon Energy has target of Rs 72: Jitendra Mehta

Suzlon Energy has target of Rs 72, says Jitendra Mehta, AVP Institutional Equity, Edelweiss.

Mehta told CNBC-TV18, "In Suzlon Energy we have initiated a kind of trading recommendation for an upside target till Rs 72. I think we would keep our stoploss levels around Rs 48, which has been a slightly longer-term support for the stock. After a long correction, the stock did move up and what we can also see in the technical chart is that the stock has moved up on very good volumes and it has now broken above 200 DMA after substantial amount of time. So this consolidation is quite mature."

He further added, "Traders could look at a price target of Rs 72 with intermediate stoploss of around Rs 64-65 and a strong stoploss on this would be around Rs 48 where the entire bullish record becomes negative."