Adani Wilmar share price: The spectacular rally in Adani Wilmar’s stock continued on Thursday as well. The share of FMCG stock opened with strength and at around 11 am, the upper circuit of about 20 percent was hit and the stock reached Rs 386.25. According to stock market experts, the stock price has increased significantly and profit booking should be done at the current levels. However, high risk traders can hold the stock with a stop loss of Rs 319, as the stock may move towards Rs 410 level from the current levels.
High risk traders hold for a target of Rs 410
In a Livemint report, Anuj Gupta, Vice President, IIFL Securities said, “Today Adani Wilmar broke the 350 level and remains above it. Those who have this share and can take more risk can hold it with a trading stop loss of Rs 328 with a target of Rs 400 to 410.
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Profit booking advice at current levels
Ravi Singhal, Vice Chairman, GCL Securities said, “The stock of Adani Group has been showing strength since the listing and investors are advised to book profits in this stock at current levels. High risk traders can hold it with a stop loss of Rs 321.90.
Stock was not expected so much
Avinash Gorakshakar, Head of Research, Profitmart Security, said, “Adani Wilmar should avoid taking fresh positions at current levels, as profit booking can start anytime. Adani Wilmar is an FMCG company and it operates with a margin of around 5-6 per cent. Hence, this much rally was not expected in this stock. In such a situation, when such high profits are available, it is better for the shareholders to book profits and wait for the fall to buy again in the stock.”
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68% return given in 3 days
Adani Wilmar’s stock opened at Rs 227 per share on the NSE on Tuesday, down Rs 3 from its upper price band of Rs 230. However, later it gained momentum and closed at Rs 268.25 on NSE, which is at Rs 386 level with an upper circuit of 20 per cent on Thursday. Thus the stock has given a return of about 68 per cent in 3 days after listing.
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