Adani Wilmar share price: The stock was last seen trading higher than the 5-day, 20-, 50- and 100-day moving averages but lower than the 200-day moving averages. Shares of Adani Wilmar Ltd extended their gains for the third straight session. The stock touched its 10 per cent upper circuit for the second consecutive day. It was last seen at Rs 488.80 today. Around 22.39 lakh shares changed hands today on BSE, which was more than five times compared to the two-week average volume of 3.91 lakh shares. Turnover on the counter stood at Rs 108.58 crore, commanding a market capitalisation (m-cap) of Rs 63,528.29 crore.
Support on the counter could be seen at Rs 444, a technical analyst said. "Adani Wilmar is bullish but also very overbought with strong resistance at Rs 484 on the daily charts. A daily close above this level could lead to a target of Rs 516 in the near term. Support will be at Rs 444," said AR Ramachandran from Tips2trades.
"In the near future, we can see targets between Rs 550 and Rs 750 while keeping a strict stop loss placed at 335. The nearest resistance range would be Rs 500-510 and from this range, the share price could witness a pullback towards Rs 420-460 range before the next upside movement," said VLA Ambala, Research Analyst at Stock Market Today.
Adani Wilmar was last seen trading higher than the 5-day, 20-, 50- and 100-day moving averages but lower than the 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 76.15. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 95.12. It has a price-to-book (P/B) value of 7.23.
The stock has an average target price of Rs 613, Trendlyne data showed, suggesting a potential upside of 25.43 per cent. The scrip has a one-year beta of 1.45, indicating high volatility.
All listed Adani Group shares are witnessing a sharp rise for the past few sessions. The strong upward move in the share price came after it was reported that the Indian conglomerate may consider monetising select real estate assets.
Investor sentiments also got a boost after markets regulator Sebi drew a blank in investigations into suspected violations in overseas investments in the Adani Group. Also, a Supreme Court-appointed panel said it found no regulatory failure related to price manipulation in the conglomerate's stocks and violation of minimum public shareholding rules.
In January this year, US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani, however, denied all the claims.
Meanwhile, Indian equity benchmarks traded higher in today's deals, extending their gains for the third straight day. The domestic indices traded higher led by gains in metals, energy, consumer and automobile stocks.