Recent Price Movements and Market Context
The stock has been under pressure for eight consecutive trading sessions, losing 8.11% during this period. On the day in question, it hit a new 52-week low of ₹1,116.15, marking a fresh nadir for investors. The weighted average price indicates that a larger volume of shares traded closer to the day’s low, signalling selling pressure. Furthermore, Mahanagar Gas is currently trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, underscoring a bearish technical outlook.
The sector itself has not been immune to weakness, with the gas transmission and marketing segment declining by 2.06% on the same day. This sectoral downturn compounds the challenges faced by Mahanagar Gas, which...
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