Adani Wilmar’s shares are one of the multibagger stocks in 2022. However, the stock is going through a sell-off these days. After hitting the 5 per cent lower circuit in the last three consecutive sessions, the Adani Group stock has no buyers for the fourth straight session today. Adani Wilmar’s stock opened at 613.90 today, which is 5 percent lower than Friday’s closing price on NSE and Hit Seller Circuit. After hitting the lower circuit for the fourth consecutive season, Adani Wilmar’s shares fell around from 757 613.90, a drop of about 20 percent in the past week. However, in this sell-off, the stock is slipping with a fall of almost 27 per cent from the last 7 sessions.
According to stock market analysts, Adani Wilmar Shares Placed under ASM and hence speculative buyers have gone silent on this multibagger stock. He said the sell-off in Adani Wilmar’s shares may continue as long as it is not under surveillance. He said the stock is currently from 600 690 range. if it goes down level 600, then it can go further down 550 per share level.
Pointing to key levels and chart pattern indication for Adani Wilmar shareholders, Sumeet Bagadiya, Executive Director, Choice Broking said, “Adani Wilmar shares are range bound with negative bias. It is currently Rs 600 to 690 range but it can go up After giving breakdown at 550 level 600 on closing basis. Hence, one should avoid taking this stock under any circumstances and those who have this stock in their portfolio are advised to maintain a tight stop loss at the bottom. 600.”
On why Adani Wilmar share price is declining, Avinash Gorakshakar, Head of Research, Profitmart Securities said, “Adani Wilmar shares are kept under surveillance (ASM) and hence speculative buyers have gone silent on Multibagger stock. Hence, buying interest in the stock has declined sharply and is expected to continue as long as the stock is under surveillance.”
Avinash Gorakshakar of Profitmart Securities advises the shareholders of Adani Wilmar to maintain a strict stop loss in the scrip and exit on any rebound in the counter as the stock is trading at valuations which are much higher than its actual valuation.
In year-over-year (YTD) time, Adani Wilmar’s share price has risen from 268 to 613.90, a jump of about 130 percent in 2022.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.