Suzlon Energy's Stock Sees a Dip Despite Strong Performance in Renewable Energy Sector

Suzlon Energy, a leading player in the renewable energy industry, has seen a dip in its stock price by -3.42% on August 1st, 2024. Despite this, MarketsMOJO has given a 'Hold' call for the stock.

The stock has been trading at a new 52-week high of Rs.71, but has underperformed the sector by -0.47% on the same day. This could be attributed to the fact that the stock has fallen after 8 consecutive days of gains.

On the day, Suzlon Energy's stock touched an intraday high of Rs.71 (2.38%) and an intraday low of Rs.67.3 (-2.96%). However, the stock is still trading higher than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

In the renewable energy sector, Suzlon Energy's performance has fallen by -2.37%. However, it is important to note that the stock's 1-day performance is -2.84% compared to the Sensex's performance of 0.06%. Similarly, in the past month, Suzlon Energy's performance has been 27.20% compared to the Sensex's performance of 2.91%.

Despite the recent dip in stock price, Suzlon Energy remains a strong player in the renewable energy industry and has shown consistent growth in the past month. Investors are advised to hold onto their stocks and keep an eye on the company's performance in the coming days.