Multibagger stock: Why Supreme Industries share is skyrocketing — explained
Stock market today: Supreme Industries shares are one of the multibagger stocks that Indian stock market has produced in recent years. Supreme Industries share price has been in uptrend for the last one year. After making its bottom in July 2022 at around ₹1,770 apiece levels on NSE, this small-cap plastic company stock has remained an ideal ‘buy on dips’ stock for stock market bulls.
Continuing this uptrend, Supreme Industries share price today opened upside and went on climb to a new life-time peak of ₹4,487 per share on NSE within few minutes of stock market’s opening bell. so, in near one year, Supreme Industries share price has delivered more than 150 per cent return to its this time.
On why Supreme Industries share price is skyrocketing, Vaibhav Kaushik, Research Analyst at GCL Broking said, “Supreme Industries is a plastic company but it deals in auto ancillary segment. For the last few quarters, market has been highly bullish on auto segment after the recovery in national economy. That’s why, Dalal Street is expecting trickle down of the benefit from auto sector business revenue.”
He said that those who have Supreme Industries shares in stock portfolio, should hold the stock further maintaining stop loss at ₹4,000 apiece levels.
Supreme Industries share price target
Advising fresh investors to wait for some time, Sumeet Bagadia, Executive Director at Choice Broking said, “Supreme Industries share price has been in continuous uptrend. So, fresh buying at current is not advisable. It has support placed at ₹3,750 to ₹3,800 levels and one should buy around these levels only. For those who have this stock in portfolio, they are advised to hold the stock maintaining trailing stop loss at ₹4,000 apiece levels.”
“If the stock manages to maintain its current support, it may go up to ₹4,500 per share levels in near term,” said Vaibhav Kaushik.
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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Updated: 11 Aug 2023, 10:21 AM IST
