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 snapped their three-day upward trend and slipped in afternoon deals on Wednesday. The stock fell 5 per cent to hit its lower price band of Rs 464.40 over a previous close of Rs 488.80. The counter witnessed some profit booking in today's session amid heavy volumes after surging 29.28 per cent in the past three sessions. Around 20.25 lakh shares changed hands today on BSE, which was more than three times compared to the two-week average volume of 6 lakh shares. Turnover on the counter stood at Rs 97.73 crore, commanding a market capitalisation (m-cap) of Rs 60,357.07 crore.
"On the technical setup, support on the counter could be seen at Rs 444 with strong resistance at Rs 484 on the daily charts," said AR Ramachandran from Tips2trades.
"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 66.61. 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 104.62. It has a price-to-book (P/B) value of 7.95.
The stock has an average target price of Rs 469, Trendlyne data showed, suggesting a potential upside of merely 1 per cent. The scrip has a one-year beta of 1.50, indicating high volatility.
A majority of Adani Group shares recorded some profit booking today after a sharp rise in the previous few sessions. Shares of Adani companies had gained after a Supreme Court panel said it was not "possible to conclude regulatory failure on allegation of price manipulation."
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 lower in today's deals, dragged by banks, financials and metal stocks.