Nidhi Granites Faces Intense Selling Pressure Amid Ongoing Price Declines

Nidhi Granites Ltd is currently facing significant selling pressure, with today's trading session showing only sellers in the market. The stock has recorded a decline of 1.81%, underperforming the Sensex, which has decreased by 0.44%. This marks a continuation of losses, as Nidhi Granites has experienced a 2.41% drop over the past week, contrasting with a slight gain of 0.30% in the Sensex during the same period.
Over the last month, Nidhi Granites has shown a positive performance of 4.32%, while the Sensex has increased by 0.39%. However, year-to-date, the stock is down 22.70%, significantly lagging behind the Sensex's gain of 4.99%. Despite its strong performance over longer time frames, including a remarkable 428.47% increase over three years, the current trend indicates a shift in market sentiment.

The stock has traded within a narrow range of Rs 0.3 today and is currently positioned higher than its 20-day, 50-day, 100-day, and 200-day moving averages, but lower than its 5-day moving average. This trend suggests a potential shift in investor confidence, contributing to the ongoing selling pressure.