Southern Magnesium & Chemicals Faces Intense Selling Pressure Amid Significant Price Declines
Southern Magnesium & Chemicals Ltd is experiencing significant selling pressure, with a notable decline over the past four days. The stock has underperformed compared to the Sensex, showing a substantial drop over various time frames. It is currently trading below multiple moving averages, reflecting ongoing challenges in the non-ferrous metal sector.
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 four days, resulting in a total loss of 7.62% during this period. Today, the stock is down by 1.97%, underperforming the Sensex, which has only dipped by 0.22%.In the broader context, Southern Magnesium & Chemicals has seen a troubling performance trend. Over the past week, the stock has declined by 7.72%, while the Sensex has gained 0.41%. The one-month performance reveals a stark drop of 11.16% for the stock compared to a 6.98% increase in the Sensex. Year-to-date, the stock has plummeted by 46.63%, contrasting sharply with the Sensex's modest gain of 3.18%.
The price summary indicates that the stock opened at 139.45 and has remained at this level, trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The non-ferrous metal sector itself has also faced challenges, with a decline of 2.57%. These factors collectively contribute to the ongoing selling pressure on Southern Magnesium & Chemicals Ltd.
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