Sameet Chavan of Angel Broking told CNBC-TV18, "We have seen in the past that Suzlon Energy moves for a while, volume picks up and suddenly the rally fizzes out. So, considering its past performance I don’t have the conviction to advice whether to hold on or sell but the chart structure is certainly encouraging; Rs 25-26 was an important resistance level. The stock has broken out from that level with sizeable volumes."
"Considering near-term chart structure the stock can move towards Rs 32-36. However, with a broader perspective then Rs 34-36 is a major resistance level. If the stock surpasses and stays beyond this resistance zone then Rs 42-45 is also possible," he said.
"Considering current momentum Rs 28 would be an important resistance level. On the lower side Rs 24-21 is a strong support zone. One can remain invested with this stop loss and on the higher side Rs 35-36 would be an important resistance level."
Disclosure: Stock may have been recommended to his clients but he does not hold any positions.
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