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We recommend a buy in Suzlon Energy from a short-term perspective. From the charts of Suzlon Energy we note that the stock had been on a medium-term downtrend between early January and late March from Rs 460 to Rs 221. However, it found support at around Rs 221 level recently and bounced off penetrating the medium-term down trendline on March 28 decisively. The long-term up trendline of the stock that coincides around the support level Rs 221 is still in place. A positive divergence in the daily momentum indicator had supported the current up move. We also see that there is an increase in volume over the past four trading sessions.

The daily and weekly momentum indicators are featuring the neutral region. Our short-term forecast for the stock is bullish. We expect the stock to rally further to our target level of Rs 300 in the short-term. Investors with a short-term perspective can buy the stock with stop-loss at Rs 247.

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