Southern Magnesium & Chemicals Faces Intense Selling Pressure Amid Significant Price Declines
Southern Magnesium & Chemicals Ltd is experiencing notable selling pressure, with a nine-day decline resulting in a significant loss. The stock has underperformed against the Sensex across various time frames and is trading near its 52-week low, indicating a persistent bearish trend.
Southern Magnesium & Chemicals Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced a consecutive decline over the past nine days, resulting in a total loss of 15.35% during this period. In stark contrast, the broader Sensex index has shown resilience, gaining 0.02% today.In terms of performance metrics, Southern Magnesium & Chemicals has underperformed relative to the Sensex across various time frames. Over the past week, the stock has dropped by 9.52%, while the Sensex has risen by 2.14%. The one-month performance reflects a decline of 1.34% for the stock compared to a 3.79% increase in the Sensex. Year-to-date, the stock is down 49.41%, significantly lagging behind the Sensex's 5.54% gain.
Currently, the stock is trading close to its 52-week low, just 3.9% away from Rs 126.9. It opened at Rs 132.05 and has remained at this price level, indicating a lack of upward momentum. Additionally, Southern Magnesium is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, further highlighting the prevailing bearish trend.
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