Cloud computing is an upcoming technology, which has been recently introduced in the field of IT for delivering services that are hosted over the Internet. It is an amalgamation of Grid computing, Utility computing, Autonomic computing, and utilizes the concept of virtualization. It provides on demand service to the users for accessing resources, information, and software as per their needs. With increased popularity, there has been a tremendous increase in the demands of services by the users, which can be fulfilled by effective load balancing techniques. Load balancing allows even distribution of workload across various nodes in the cloud and aims to provide efficient utilization of resources, improving the system performance, minimizing the resource consumption resulting in low energy usage. In this paper, load balancing techniques proposed by researchers have been discussed and studied and a comparative analysis is being provided based on certain parameters.