65 is a strong support level for Suzlon: Devang Visaria

Devang Visaria, Chief Strategist, Devangvisaria.com in a chat with ET Now gives his outlook on Suzlon.

Suzlon, on the fundamental side of it, do believe that this is a very news driven story as and when news and events come out for Suzlon that’s when it actually starts to see a spike up but on the technical charts do you still believe that there is a strength in the stock to actually to go those 80-85 levels going forward?

Yes, I think Suzlon is one very interesting stock because this stock was falling when the whole market was rising and is very near to a big breakout and near a major resistance trend line in which if you connect top from December 2009 till date I think the stock is just crossing that resistance trend line which is a very big breakout for the stock.

You could have a good upside on this one, look for targets of possibly 85 or so as a positional call and 65 is a very strong support for the stock in the immediate short term as well as for the medium term. Also the stock is very liquid in the options market so if you put in place good option strategies you could really minimize your risk and trade long on this with a lot of comfort.