Why is Max India Ltd falling/rising?

As of 15-Sep, Max India Ltd's stock price is currently at 218.25, reflecting an increase of 1.25 or 0.58%. However, the stock has underperformed its sector significantly, with a performance today that is down by 100.19%. Additionally, Max India Ltd is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The delivery volume has also decreased sharply, falling by 66.02% against the 5-day average, suggesting a decline in investor participation. Year-to-date, the stock has seen a substantial drop of 15.13%, contrasting with a modest gain of 4.67% in the benchmark index.
In the broader market context, while Max India Ltd has shown a positive return of 7.86% over the past month, it still lags behind the Sensex, which has gained 1.47% during the same period. This indicates that despite some short-term recovery, the stock's overall performance remains weak compared to the market. The significant underperformance in delivery volume and the stock trading below key moving averages contribute to a cautious outlook for investors, reflecting a lack of confidence in the stock's near-term prospects.