Prakash Steelage's stock performance raises concerns despite recent high

Prakash Steelage, a microcap trading company, has been in the news recently due to its stock performance. According to MarketsMOJO, the stock has been given a 'Sell' call, indicating a negative outlook for investors. This news may come as a surprise to some, considering the recent high of Rs.12.43 hit by the stock, which is also its new 52-week high.

However, looking at the bulk deals data, it seems that some major players in the market have been buying and selling Prakash Steelage shares. On 1st January 2024, Hi Growth Corporate Services Pvt Ltd bought 14.79 lakh shares at Rs.9.96 on NSE, while on the same day, they also sold 13.47 lakh shares at Rs.9.84 on NSE. Similarly, Mansi Share And Stock Advisors Pvt Ltd bought 21 shares at Rs.10.07 on NSE and sold 13 lakh shares at Rs.10.03 on NSE.

On 29th December 2023, Multiplier Share & Stock Advisors Private Limited bought 9.35 lakh shares at Rs.9.8 on BSE and sold 39.79 thousand shares at Rs.10.11 on BSE. Hi Growth Corporate Services Pvt Ltd also bought and sold a significant number of shares on the same day, while Mansi Share And Stock Advisors Pvt Ltd bought 24.93 lakh shares and sold 5.77 lakh shares on NSE. Multiplier Share & Stock Advisors Private Limited also bought and sold shares on this day, along with Setu Securities Pvt Ltd and Statsol Research Llp.

Despite the recent high and bulk deals, the stock has been given a 'Sell' call by MarketsMOJO. It has also outperformed the sector by 5.34% and has been gaining for the last 5 days, with a 26.84% return in the period. Prakash Steelage is also trading higher than its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

In comparison to the Sensex, Prakash Steelage has performed significantly better in the last 1 day and 1 month, with a 4.98% and 113.57% return respectively, while the Sensex has only seen a 0.25% and 3.94% return in the same periods.

Overall, while the stock may have hit a new high, the 'Sell' call and bulk deals data suggest a cautious approach for investors. It will be interesting to see how Prakash Steelage performs in the coming days and if it can maintain its current momentum.