Onix Solar Energy Faces Intense Selling Pressure Amid Significant Price Declines

Onix Solar Energy Ltd is currently facing significant selling pressure, with today's trading session showing only sellers in the market. The stock has recorded a notable decline of 5.00% today, underperforming the Sensex, which has gained 0.52%. This marks a continuation of a downward trend, as Onix Solar Energy has experienced consecutive losses over the past week, with a total decline of 9.97%, and a staggering 32.56% drop over the past month.
In comparison to the broader market, Onix Solar Energy's performance has been mixed. While it has shown strong gains over longer periods—such as a 159.29% increase over three years and an impressive 4461.67% rise over five years—recent trends indicate a shift. The stock's performance today is particularly concerning as it underperformed its sector by 8.63%, despite the Non-Ferrous Metals sector gaining 3.92%.

The stock's intraday low reached Rs 343.95, and while it remains above its 100-day and 200-day moving averages, it is currently below its 5-day, 20-day, and 50-day moving averages. These factors may contribute to the ongoing selling pressure, reflecting a challenging environment for Onix Solar Energy Ltd.