Why is Waaree Energies falling/rising?

As of 12-Sep, Waaree Energies Ltd's stock price is currently at Rs 3,634.50, reflecting a decrease of Rs 104.65, or 2.8%. The stock has recently shown strong performance, with a 1-week return of 13.03% and a 1-month return of 17.84%. However, today's performance indicates a trend reversal, as the stock has fallen after three consecutive days of gains. It reached a new 52-week high of Rs 3,864.4 earlier today but also touched a low of Rs 3,614.45. Despite this decline, the stock is trading above its moving averages, and there has been a significant increase in delivery volume, suggesting rising investor participation. The company's strong fundamentals, including a healthy growth rate in net sales and profit, along with increasing institutional investor interest, support its long-term potential, although it faces concerns regarding its high valuation.
In the broader market context, Waaree Energies has outperformed the benchmark Sensex over the past week and month, with the Sensex showing returns of only 1.48% and 2.08%, respectively. This indicates that while the stock is experiencing a short-term decline, its overall performance remains strong relative to the market. The stock's recent drop may be attributed to profit-taking after reaching a high, despite its solid fundamentals and growth prospects. The company's significant market capitalization and position within its sector further emphasize its importance, but the high valuation could be a risk factor that investors are weighing in their decision-making.