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 consecutive losses over the past two days, with a total decline of 2.8%. Today, the stock fell by 5.00%, underperforming the Sensex, which gained 1.31%. Over the past week, Onix Solar Energy has dropped 8.84%, while the Sensex rose by 1.06%.
In the last month, the stock has seen a substantial decline of 22.13%, contrasting sharply with the Sensex's increase of 3.67%. Over a three-month period, Onix Solar Energy's performance has deteriorated by 36.24%, compared to the Sensex's gain of 5.73%. Despite a remarkable one-year performance of 312.74%, the recent trends indicate a shift in market sentiment.

The stock opened today with a gain of 5% but quickly reversed course, reaching an intraday high of Rs 267.9 before falling to a low of Rs 249. Notably, while Onix Solar Energy's price remains above its 200-day moving average, it is currently below its 5-day, 20-day, 50-day, and 100-day moving averages. The broader Metal - Non Ferrous sector has gained 2.55%, further highlighting Onix's struggles in the current market environment.