Glittek Granites Faces Intense Selling Pressure Amid Recent Price Declines

Glittek Granites Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced consecutive days of losses, with a notable decline of 4.99% in its one-day performance, contrasting sharply with the Sensex, which fell just 0.06% during the same period.
Despite a strong performance over the past month, where Glittek Granites surged by 86.23%, the recent selling trend raises concerns. Over the past week, the stock has still managed to outperform the Sensex, gaining 15.25% compared to the index's decline of 0.73%. However, the current selling activity suggests a shift in market sentiment.

The stock has reached a new 52-week high of Rs. 11.36 today, indicating previous strong demand. Nonetheless, the recent losses may be attributed to profit-taking after a remarkable run, where the stock has gained 50% over the last nine days. Glittek Granites continues to trade above its moving averages, reflecting its overall upward trend in the longer term, but the current selling pressure warrants close observation.