Relicab Cable Manufacturing Faces Intense Selling Pressure Amid Ongoing Losses

Relicab Cable Manufacturing Ltd is currently facing significant selling pressure, with only sellers active in the market today. This trend marks a continuation of consecutive days of losses, reflecting a challenging environment for the microcap cable manufacturer. Over the past week, Relicab's performance has declined by 0.38%, contrasting sharply with the Sensex, which has gained 0.92% during the same period.
In the longer term, Relicab's performance has been notably weak, with a 12.93% drop over the last three months and a staggering 29.47% decline over the past year. Year-to-date, the stock has decreased by 23.13%, while the Sensex has risen by 4.29%. Despite a strong performance over three and five years, where it outperformed the Sensex significantly, recent trends indicate a shift in market sentiment.

Today's trading saw Relicab open at Rs 71.94, reaching an intraday high of Rs 71.94, but it has since struggled to maintain upward momentum. The stock's moving averages indicate it is performing better than its 5-day, 20-day, and 50-day averages, yet remains below its 100-day and 200-day averages, suggesting a potential shift in investor confidence.