Why is Nova Iron &Steel falling/rising?

As of 21-Jul, Nova Iron & Steel Ltd's stock price is currently at 15.23, reflecting an increase of 0.32 or 2.15%. The stock has shown a positive trend recently, having outperformed its sector by 2.42% today and achieving a consecutive gain over the last two days with a total return of 4.96%. However, despite these short-term gains, the company has a negative book value and has reported negative results for the last three consecutive quarters, which raises concerns about its long-term fundamental strength. The stock has generated a return of -31.83% over the past year, indicating poor performance compared to the broader market.
In the broader market context, Nova Iron & Steel's short-term return of +5.03% over the past month contrasts sharply with the Sensex, which has declined by 0.25% in the same period. While the stock has shown some resilience in the short term, its long-term outlook remains bleak due to high debt levels and negative operating profits. The significant drop in delivery volume by 83.6% against the five-day average also suggests a decline in investor participation, which could further impact the stock's performance moving forward.