Onix Solar Energy Faces Intense Selling Pressure Amid Significant Price Declines

Onix Solar Energy Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced a consecutive decline over the past seven days, resulting in a total loss of 31.54% during this period. Today, Onix Solar Energy opened with a gap down of 4.98%, reaching an intraday low of Rs 177.3.
In terms of performance, Onix Solar Energy has notably underperformed relative to the broader market, with a one-day decline of 4.98% compared to the Sensex's modest drop of 0.79%. Over the past week, the stock has plummeted by 22.56%, while the Sensex has only decreased by 1.00%. The longer-term trends are also concerning, with a 34.70% decline over the past month and a staggering 60.96% drop over the last three months.

Despite a remarkable 172.27% increase over the past year, the year-to-date performance shows a decline of 23.13%, contrasting sharply with the Sensex's gain of 2.00%. 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 Metal - Non Ferrous sector itself has also seen a decline of 2.18%, contributing to the overall selling pressure on Onix Solar Energy.