Delton Cables Faces Intense Selling Pressure Amid Consecutive Losses and Declining Performance
Delton Cables Ltd is experiencing notable selling pressure, with the stock declining significantly over recent days. It has underperformed the broader market, showing losses across various time frames. The stock is trading below multiple moving averages, reflecting a bearish trend, while the cable sector also faces declines.
Delton Cables Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced consecutive losses over the past two days, with a total decline of 11.74%. Today, the stock opened with a gap down of 5%, reaching an intraday low of Rs 604.45. In terms of performance, Delton Cables has underperformed the broader market, with a 1-day decline of 5.00%, compared to the Sensex's drop of 3.60%. Over the past week, the stock has fallen by 7.72%, while the Sensex decreased by 6.15%. The longer-term trend is concerning, as Delton Cables has lost 16.74% in the past month and a staggering 46.46% over the last three months, significantly underperforming the Sensex, which has only declined by 7.09% in the same period.
The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The cable sector itself has also seen a decline of 3.09%, contributing to the overall selling pressure on Delton Cables.
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