Safari Industries (India) Ltd's Stock Sees -5.1% Decline, MarketsMOJO Recommends 'Hold'
Safari Industries (India) Ltd, a midcap company in the plastic products industry, saw a decline of -5.1% in its stock on October 7, 2024. This drop was in line with the overall underperformance of the sector, with the stock falling -3.9% below the sector's performance.
According to MarketsMOJO, a leading stock analysis and recommendation platform, the current call for Safari Industries (India) Ltd is 'Hold'. This suggests that investors should hold onto their current positions in the company's stock.
The stock's price trend has also shown a reversal, with a decline after four consecutive days of gains. On October 7, the stock touched an intraday low of Rs 2422.85, representing a -4.58% decrease from its previous closing price.
Despite this recent decline, Safari Industries (India) Ltd's stock is still performing well in the long term. It is currently trading higher than its 5-day, 50-day, 100-day, and 200-day moving averages. However, it is lower than its 20-day moving average, indicating a short-term decline.
In comparison to the overall market performance, Safari Industries (India) Ltd's stock has underperformed. On the same day, the stock's performance was -5.10%, while the Sensex's performance was only 0.01%. In the past month, the stock has also seen a decline of -2.44%, while the Sensex has shown a slight increase of 0.64%.
Investors should keep an eye on Safari Industries (India) Ltd's stock performance in the coming days to see if it can bounce back from its recent decline. With a 'Hold' call from MarketsMOJO, it is recommended to hold onto current positions and wait for further developments in the company's stock.
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