Multibagger Adani Wilmar shares hit upper circuit. Is more steam left?

Stock market today: Adani Wilmar shares are one of the multibagger stocks that Indian stock market has produced in 2022. The Adani group stock was listed on BSE and NSE on 8th February 2022. The stock had a decent debut on Dalal Street but post-listing it delivered stellar return to its allottees and in less than one year it has given more than 100 per cent return to its allottees.

However, the steam in this multibagger stocks still not over. Adani Wilmar shares today hit 5 per cent upper circuit in early morning deals. Adani Wilmar share price today opened with an upside gap and went on to hit 5 per cent upper circuit at 524.60 apiece levels.

According to stock market experts, this Adani group stock has bounced back from its oversold zone in recent sessions and once it sustains above 530 apiece levels, it may go p to 620 per share levels in short term. They advised shareholders of the stock to hold the scrip but advised fresh investors to wait and asked them to buy only above 530 levels.

Speaking on Adani Wilmar share price, Santosh Meena, Head of Research at Swastika Investmart said, “Adani Wilmar- AWL shares witnessed a breakdown of the key support level of 530 on Friday’s trading session. Momentum indicators were in oversold zone. Therefore, it is witnessing a bounce back and trading with a 5% upward circuit today. However, it needs to regain the 530 level to confirm any trend reversal; otherwise, we can expect a fresh round of selling.”

Suggesting Adani Wilmar shareholders to hold the stock for further upside targets, Anuj Gupta, Vice President — Research at IIFL Securities said, “The stock has bounced back after consolidation in recent sessions. The stock has strong support zone at 504 apiece levels. Those who have this stock in their portfolio are advised to further hold the stock with trailing stop loss at 504 levels. High risk investors can buy the scrip now maintaining stop loss at 504 per share levels.”

For investors who want to play sage, Santosh Meena of Swastika Investmart said, “If it manages to trade above the 530 level, then we can expect a move towards the 600-620 zone.”

Adani Wilmar IPO was launched in January 2022 at a price band of 218 to 230 apiece. So, if an allottee had remained invested in the scrip till date, its absolute investment would have risen to the tune of 130 per cent.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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