Promax Power Ltd Faces Intense Selling Pressure Amid Significant Price Declines

Promax Power Ltd is currently facing significant selling pressure, with today's trading session showing only sellers in the market. The stock has experienced consecutive days of losses, with a notable decline of 4.99% today, significantly underperforming the Sensex, which fell by just 0.26%. Over the past week, Promax Power has shown a slight gain of 3.40%, but this is overshadowed by its performance over the last month, where it gained only 4.94% compared to the Sensex's 6.92%.
In the longer term, Promax Power's performance has been concerning, with a staggering 49.10% decline over the past year, while the Sensex has risen by 9.05%. Year-to-date, the stock is down 25.10%, contrasting sharply with the Sensex's 3.13% gain.

The stock opened today at Rs 33.16, marking a gap down, and reached an intraday low of the same price. It has shown erratic trading patterns, not trading on two days out of the last 20. Additionally, while it is currently above its 5-day and 20-day moving averages, it remains below the 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. These factors collectively contribute to the ongoing selling pressure on Promax Power Ltd.