Nidhi Granites Faces Intense Selling Pressure Amid Consecutive Losses and Market Underperformance
Nidhi Granites Ltd is experiencing notable selling pressure, continuing a trend of losses with a decline in today's trading session. Despite a strong annual performance, recent activity raises concerns. The stock remains above several moving averages but is below the 5-day average, suggesting a shift in momentum.
Nidhi Granites Ltd is currently facing significant selling pressure, with the stock showing only sellers today. This trend marks a continuation of consecutive days of losses, as the stock has declined by 0.49% in today's trading session. In comparison, the Sensex has posted a modest gain of 0.07%, highlighting the underperformance of Nidhi Granites relative to the broader market.Over the past week, Nidhi Granites has seen a total decline of 1.09%, while the Sensex has decreased by 0.70%. Despite a strong performance over the longer term, including a remarkable 81.09% increase over the past year, the recent selling activity raises questions about potential contributing factors.
The stock is currently trading just 4.96% away from its 52-week high of Rs 306, but it has underperformed its sector by 1.73% today. The stock opened at Rs 291.55 and has remained at this price point throughout the trading session. Notably, while it is above the 20-day, 50-day, 100-day, and 200-day moving averages, it is below the 5-day moving average, indicating a shift in momentum.
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