Adani Wilmar’s share rate hit the lower circuit for the 3rd day on Friday, tumbling 26 percent in 5 days.
The stock struck a fresh 52-week high of Rs 878.35 each recently on Thursday, since then the stock has actually been charting a downward trajectory, with market capitalization falling below Rs 85000 crore.
Adani Wilmar published a 25.6 percent on-year decline in consolidated net revenue to Rs 234.29 crore in the March quarter due to a steep boost in raw material costs.
Adani Wilmar shares have actually risen 141 percent because listing after being priced at Rs 230 apiece in IPO and have acquired 6.13 percent in one month.
Technical experts said that the stock had an unabated move from Rs 400 to the peak near Rs 840.
Presently, it is seeing an equally sharp correction. “From the technical perspective, the most instant assistance is at 630, then way listed below at 580.
Offered the brief trading history of this stock, it has not formed any significant pattern on the chart other than such pattern points which might function as assistance,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and creator, Gemstone Equity Research & Advisory Services, told FinancialExpress.com
Ravi Singh, VP & Head of Research, Share India Securities stated that Adani Wilmar stock has actually been put under monitoring (ASM) due to which investors are booking their earnings and leaving the positions from the stock.
“The stock might see more selling pressure due to overall weak point in the market and might touch the level of 600 inbound trading sessions,” Singh told.
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