Why is Nova Iron &Steel falling/rising?

As of 24-Jul, Nova Iron & Steel Ltd's stock price is currently at 15.20, reflecting an increase of 0.51 or 3.47%. The stock has shown a positive trend recently, outperforming its sector by 1.63% today and achieving a consecutive gain over the last two days with a total return of 3.83%. In the past week, the stock has risen by 4.76%, while over the past month, it has increased by 8.19%. However, despite these short-term gains, the company faces significant challenges, including a negative book value and a weak long-term fundamental strength, as evidenced by its declining net sales and operating profits over the last five years. The company has also reported negative results for the last three consecutive quarters, which may contribute to investor caution.
Broader market context indicates that while Nova Iron & Steel has outperformed the sector in the short term, it has significantly underperformed the broader market over the past year, with a return of -32.35% compared to the Sensex's gain of 2.54%. This stark contrast highlights the stock's volatility and the risks associated with its high debt levels and negative operating profits. Although the stock is liquid enough for trading, the falling investor participation, as indicated by a decrease in delivery volume, suggests a lack of confidence among investors. Overall, while there are short-term gains, the long-term outlook remains precarious, affecting the stock's overall performance in the market.