Recent Price Movement and Market Context
Mishra Dhatu Nigam’s share price closed at ₹295.30, down ₹16.55 or 5.31% on 08-Dec, marking a continuation of a two-day decline that has seen the stock lose nearly 7% in value. The intraday low of ₹294.05 underscores the selling pressure, with the weighted average price indicating that most trading volume occurred near this lower price point. This downward momentum is further accentuated by the stock trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling a bearish technical outlook.
The stock’s underperformance is not isolated; it lagged its sector, Steel/Sponge Iron/Pig Iron, which itself declined by 2.21% on the day. Over the past week, Mishra Dhatu Nigam’s shares ...
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