Shares of Adani Wilmar Ltd closed lower today after seven straight consecutive sessions of gains. Preceding the current session, the Adani Wilmar stock had gained 41% returns in the last seven sessions. In the current trading session, the Adani Wilmar stock closed 4.47% lower at Rs 453.30 against the previous close of Rs 474.50 on BSE. It opened lower at Rs 456 on BSE. Market cap of Adani Wilmar fell to Rs 58,914 crore.
Adani Wilmar shares, which closed at Rs 344.2 on February 27 hit an intraday high of Rs 484.20 on March 9, translating into 40.67% returns on BSE. Total 11.75 lakh shares of the firm changed hands amounting to a turnover of Rs 53.84 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Adani Wilmar stands at 59.1, signaling the stock is trading neither in the oversold territory nor in overbought territory.
The consumer goods stock has a one-year beta of 1, indicating average volatility during the period. Adani Wilmar stock is trading higher than the 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
The stock has climbed 31.98% in a year and fallen 26.6% since the beginning of this year.
Abhijeet from Tips2trade said, “A strong turnaround in Adani Group stocks has led to a sharp bounce back in Adani Wilmar as well over the past few sessions. But Adani Wilmar now faces strong resistance at Rs 455. A daily close above this level could lead to targets of Rs 487-539 in the coming days. Support will now be at Rs 404.”
The stock hit its 52-week low of Rs 327 on February 28 this year and a 52-week high of Rs 878.35 on April 28, 2022. The stock had snapped a series of losses this month after a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group on January 24.
In an exclusive interview to Business Today, the Adani Group has accused Hindenburg Research of not doing proper research, and “copy-pasting” from the company disclosures. It also said that they either did not do proper research or did proper research but misled the public. Adani Group Chief Financial Officer Jugeshinder Singh told Managing Editor, Business Today Television, Siddharth Zarabi. Hindenburg needs to be questioned why they misrepresented in the questions they asked Adani Group in their report, Singh said.
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