Suzlon, Waaree Energies, Premier Energies: What Sharekhan's Kunal Shah says on 3 stocks

Indian stock markets have been volatile lately, leaving investors hunting for the opportunities to make smart money. Traders have been looking at renewable energy counters lately, trading in names like Waaree Energies, Suzlon Energy and Premier Energies. Kunal Shah, Senior Technical Analyst at Mirae Asset ShareKhan has shared his views on these three counters, based on the technical charts. Here’s what he said about these stocks:
 

Premier Energies | Avoid

Premier Energies has come under pressure after listing, with the stock facing consistent selling at higher levels and failing to sustain above key resistance zones. The recent breach of the Rs 980 support has confirmed weakness in the current structure, signalling that the uptrend from listing highs has given way to a corrective or distribution phase. From a technical perspective, only a decisive breakout and close back above Rs 980 would indicate a meaningful trend reversal and suggest that buyers are regaining control. Until that happens, the broader bias remains cautious, with rallies towards this resistance zone best viewed as opportunities to reassess risk rather than chase fresh longs.
 

Waaree Energies | Buy | Target Price: Rs 3,140 | Stop Loss: Rs 2,840

Waaree Energies faces stiff overhead resistance near Rs 3,140, which aligns with clustered moving averages and recent swing highs; only a decisive close above this level would signal a potential trend reversal and shift the structure from downtrend to at least sideways. Until that happens, any bounce towards this zone is likely to attract supply from short-term traders looking to exit or re enter on the short side. At the same time, oscillators such as RSI are hovering near oversold territory, indicating that the recent decline has been steep and a technical pullback cannot be ruled out. Such a rebound can be tactically traded on the long side with a strict stop-loss around Rs 2,840 on a closing basis, as mentioned, given that a breach below this level would open the door to fresh downside.
 

Suzlon Energy | Avoid

Suzlon energy continues to trade in a clear downtrend, with the price structure defined by lower tops and lower bottoms on the daily chart. The stock is also trading below key short- and medium-term moving averages, reinforcing the ‘sell on rise’ bias and confirming that bears remain in control. In this context, the Rs 60 zone emerges as a strong overhead resistance, aligned with recent swing highs and clustered moving averages; any pullback rallies towards this area are likely to attract fresh supply. Given the recent sharp correction and oversold readings on indicators such as RSI and Stochastics, a short-term bounce cannot be ruled out, but such a move should be treated as an exit or lightening-up opportunity rather than a trend reversal signal.