Why is Mangalam Alloys falling/rising?

As of 17-Jun, Mangalam Alloys Ltd is experiencing a price increase, currently at Rs. 64.00, which reflects a rise of Rs. 1.25 or 1.99%. The stock has recently hit a new 52-week high of Rs. 60.35, indicating strong upward momentum. It has outperformed its sector by 6.48% today and is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bullish trend. However, there is a notable decline in investor participation, with delivery volume falling by 60.57% against the 5-day average, which could indicate a potential concern for sustained interest in the stock. The stock has shown impressive returns, with a 1-week increase of 16.79% and a 1-month increase of 99.07%, significantly outperforming the Sensex, which has seen declines over the same periods.
In the broader market context, Mangalam Alloys' strong short-term performance stands in stark contrast to the Sensex, which has decreased by 1.00% over the past week and 0.67% over the past month. This divergence highlights the stock's relative strength and investor confidence despite the overall market trends. The year-to-date return of 58.02% also surpasses the Sensex's 5.11%, further emphasizing the stock's resilience and attractiveness to investors. However, the falling delivery volume could pose a risk to its upward trajectory if it continues, as it may suggest waning interest from traders.