Southern Magnesium & Chemicals Ltd Faces Heavy Selling Pressure, Down 65.06% Over Past Year

Southern Magnesium & Chemicals Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced consecutive days of losses, with a notable decline of 4.98% in its one-day performance, starkly contrasting with the Sensex's decline of just 0.68%. Over the past week, the stock has dropped 5.50%, while the Sensex fell by 2.44%.
In the last month, Southern Magnesium & Chemicals has seen a 6.02% decrease, compared to a minimal 0.22% drop in the Sensex. The stock's year-to-date performance is particularly concerning, down 57.22%, while the Sensex has gained 3.16%. The stock is now just 2.06% away from its 52-week low of Rs 109.35, indicating a challenging market position.

Several factors may be contributing to this selling pressure, including the stock's underperformance relative to its sector, which has declined by 3.31%. Additionally, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend. After a brief two-day gain, the stock opened with a 4.68% increase today but quickly fell to an intraday low of Rs 111.65.