Adani Wilmar shares surge 32% amid war
Currently, levels are not advisable for buying, it is better that one waits for a retracement at Rs405 if defensive or Rs456 levels for aggressive; Investors can wait for healthy correction of 25% to pick the stock in pyramid manner; Scrip locked on Monday as it hit 10% upper circuit and later rose 7%
image for illustrative purpose
Mumbai: Adani Wilmar shares have been rising since the Ukraine Russia war. In last one month alone, Adani Wilmar share price surged around 32 per cent. Experts cite the reason as it may hit India's sunflower imports, as per source both countries account for about 70 per cent (Ukraine) and 20 per cent (Russia) of sunflower oil imports.
Talking to Bizz Buzz, Manoj Dalmia, founder and director, Proficient Equities, said: "The shares were locked on Monday at 10 per cent UC and now have given a 7 per cent rise."
Anuj Gaur, director IBBM, MM Securities, said: "Adani Wilmar has a vision to become full scale packaged food company with ready to eat and cook segments and diversity of foods chain. In the countries like India, where population is continuously rising and urban culture is growing rapidly due to fast environment, demand of ready to cook foods will increase drastically."
Currently, levels are not advisable for buying, it is better that one waits for a retracement at Rs 405 if defensive or Rs456 levels for aggressive, he added. Shares hit upper circuits continuously since listing, but it does not seem to be a right price pick at the current market price. Investors can wait for the healthy correction of 20 per cent-25 per cent to pick the stock in pyramid manner, it seems to be a good bet for long run and long-term investors, he said. Ravi Singh, head (research) and vice-president, Share India, adds: "All the momentum indicators like RSI, MACD, Oscillators and MAS are supporting the bull run on daily basis."
Adani Enterprises and Wilmar International, have joined hands together to target the tag of one of the largest FMCG companies in India, Adani Wilmar has a vision to become full scale packaged food company with ready to eat and cook segments and diversity of foods chain.
Experts are of the view that Adani Wilmar backed by strong fundamentals and technical support, aims to touch the level of 550 in near terms, from current levels. The company's recent bet on staples and scouting for acquisition of regional rice brands and processing units in several states of the country, has added more fuel to the rise.
