Adani Wilmar shares rise 7%, cross Rs 400 mark after four months

Shares of Adani Wilmar Ltd zoomed over 7% in early deals today amid Sensex and Nifty scaling record highs for the third consecutive session. The stock has risen 17% in the last three sessions.

Adani Wilmar stock rose to Rs 410 against the previous close of Rs 380.70 on BSE. The stock has breached the Rs 400 mark for the first time after August 2. On August 2, 2023, the stock closed at Rs 400.4 on BSE. In the current session, Adani Wilmar stock was trading 5.71% higher at Rs 402.45 against the previous close of Rs 380.70. Market cap of the firm stood at Rs 52,305 crore. Total 17.84 lakh shares changed hands amounting to a turnover of Rs 71.23 crore on BSE. The stock has lost 39.63% from 52 week high of Rs 666 hit on December 9 last year.

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The BJP winning three state polls recently has added to the gains of the Adani Group stocks. The poll victory fuelled hopes that BJP would retain power in the General election to be held in 2024. The big up move after the poll results which started on Monday continued on Tuesday after the Bloomberg reported US agency concluded accusations against the Gautam Adani-led conglomerate weren’t relevant.

According to the report by Bloomberg, a senior US official stated that the US government deemed Hindenburg Research's accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant. The decision was made before approving an extension of up to $553 million for his conglomerate's container terminal project in Sri Lanka.

Abhijeet from Tips2trades said, "Adani Wilmar looks bullish and extremely overbought on the Daily charts with next resistance now at Rs 423. Investors should book profits at current levels as a Daily close below support of Rs 380 could lead to a target of Rs 339 in the near term."

Also read: Adani stocks rise up to 19% in early trade; shares rally up to 56% in 3 sessions

Adani Wilmar stock has a one-year beta of 0.8, indicating very low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Adani Wilmar stands at 75.7, signaling it's trading in the overbought territory. Adani Wilmar shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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