Multibagger stock: Why Supreme Industries share price is skyrocketing today — 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." However, he said that immediate reason for rise in Supreme Industries shares is its inclusion in the MSCI index. This has spurt buying interest in the stock during early morning deals.
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. 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.
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