Why is Mahickra Chem. falling/rising?

As of 16-Sep, Mahickra Chemicals Ltd is experiencing a price increase, with the current price at Rs. 157.00, reflecting a rise of Rs. 6.0 or 3.97%. The stock has recently hit a new 52-week and all-time high of Rs. 180, indicating strong upward momentum. It has outperformed its sector by 3.47% today and is trading above all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. However, there has been a notable decline in investor participation, with delivery volume dropping by 61.54% against the 5-day average, which may raise concerns about the sustainability of the price increase. The stock has shown impressive returns over various periods, including a year-to-date increase of 38.94% and a one-year return of 42.73%, significantly outperforming the Sensex, which has seen a decline of 0.57% over the same period.
In the broader market context, Mahickra Chemicals' short-term return of 1.29% over the past week is slightly below the Sensex's return of 1.49%, suggesting that while the stock is performing well, it is not keeping pace with the overall market in the immediate term. However, its strong long-term performance, particularly a 120.35% increase over three years compared to the Sensex's 43.97%, indicates robust growth potential. The liquidity of the stock remains adequate for trading, as it is based on 2% of the 5-day average traded value, which supports ongoing trading activity despite the recent drop in delivery volume. Overall, while the stock is rising, the decline in investor participation could be a factor to monitor moving forward.