Recent Price Movement and Sector Context
The stock has been under pressure for the past two days, cumulatively losing 6.59% in that period. This decline is in line with the broader sector, which also experienced a fall of 2.33% on the same day. The opening session saw a gap down of 4.6%, setting a bearish tone early in the trading day. Intraday, the stock touched a low of ₹166, marking a 4.6% drop from the previous close. Such a gap down and intraday weakness indicate a lack of immediate buying interest and possible negative sentiment among investors.
Technical Indicators Point to Weakness
From a technical standpoint, Wires & Fabriks is trading below all major moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day average...
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