Essar Shipping Faces Selling Pressure with 4.98% Daily Decline Amid 39.59% Yearly Loss
Essar Shipping Ltd is experiencing notable selling pressure, with the stock declining significantly over the past two days. Despite a recent monthly gain, its yearly performance shows a substantial drop. The stock has exhibited high volatility, fluctuating intraday, and currently sits below several key moving averages.
Essar Shipping 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 notable decline of 9.73% during this period. Today, the stock fell by 4.98%, contrasting sharply with the Sensex, which gained 0.19%. Over the past week, Essar Shipping has underperformed the Sensex, with a loss of 2.73% compared to the index's decline of 1.92%. In the longer term, the stock's performance has been mixed; while it gained 14.48% over the past month, it has seen a significant drop of 39.59% over the past year, against the Sensex's decline of only 5.83%.
The stock opened today with a gain of 3.09%, reaching an intraday high of Rs 29, but quickly fell to a low of Rs 26.73. The volatility has been high, with an intraday fluctuation of 7.49%. Despite being above the 20-day and 50-day moving averages, it remains below the 5-day, 100-day, and 200-day moving averages, indicating a challenging market position for Essar Shipping.
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