Why is Purple Entertain falling/rising?

As of 24-Jun, Purple Entertainment Ltd's stock price is currently at 3.75, reflecting an increase of 0.15, or 4.17%. The stock has been gaining for the last three days, with a total return of 5.93% during this period. However, it has underperformed the benchmark Sensex over the last week, with a decline of 2.60% compared to the Sensex's gain of 0.58%. Additionally, the stock is trading below its moving averages across various time frames, indicating a potential bearish trend. There has also been a significant drop in investor participation, with delivery volume falling by 31.28% against the five-day average, which may suggest reduced confidence among investors.
In the broader market context, while Purple Entertainment's stock has shown some short-term gains, it has significantly underperformed the Sensex on a year-to-date basis, with a decline of 31.07% compared to the benchmark's increase of 5.01%. This stark contrast highlights the challenges the company faces in attracting investor interest, especially given its erratic trading patterns and lower liquidity. Overall, while there are signs of a recent uptick in the stock price, the long-term performance and market sentiment remain concerning.