Adani Wilmar shares are one of the multibagger stocks in 2022. However, the stock has been under sell-off heat these days. After hitting 5 per cent lower circuit on last three successive sessions, the Adani group share has no buyer on fourth straight session today. Adani Wilmar share price today opened at 613.90 apiece levels, 5 per cent below its Friday close price on NSE and hit seller circuit. After hitting lower circuit for 4th straight session, Adani Wilmar shares had tumbled from around ₹757 to ₹613.90, logging around 20 per cent dip in last one week. However, the stock has been sliding for last 7 sessions losing around 27 per cent in this sell-off.
According to stock market analysts, Adani Wilmar shares have been put under ASM and hence speculative buyer have gone silent on this multibagger stock. They said that Adani Wilmar shares may continue to feel the sell-off heat till it is under surveillance. They said that the stock is currently in ₹600 to ₹690 range. If it goes below ₹600 levels, then it may further go down up to ₹550 per share levels.
Pointing out major levels and chart pattern signal for Adani Wilmar shareholders, Sumeeet Bagadia, Executive Director at Choice Broking said, “Adani Wilmar shares are range-bound with negative bias. It is currently in ₹600 to RS 690 range but it may go up to ₹550 levels after giving breakdown at ₹600 on closing basis. So, one should avoid this stock from taking any position and those who have this stock in their portfolio are advised to maintain strict stop loss below ₹600.”
On why Adania Wilmar share price is nosediving, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Adani Wilmar shares have been put under surveillance (ASM) and hence speculative buyers have gone silent on the multibagger stock. So, buying interest in the scrip has tanked all of a sudden and this is expected to continue till the stock is in surveillance.”
Avinash Gorakshkar of Profitmart Securities advised Adani Wilmar shareholders to maintain strict stop loss in the scrip and exit on any rebound in the counter as the stock is running at a valuations, which is much higher than its actual valuation.
In year-to-date (YTD) time, Adani Wilmar share price has appreciated from ₹268 to ₹613.90, clocking around 130 per cent jump in 2022.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.