The share price of Jupiter Wagons fell for a third straight session as the stock plunged over 7 percent to hit an intraday low of Rs 507.45 on the National Stock Exchange (NSE). The stock has been falling on heavy volumes and profit-booking.

So far in the day, a total of 17 lakh shares of the company have changed hands on BSE and NSE combined, compared to the one-month average trading volume of 9 lakh shares.

Expectedly, after scaling to an all-time high of 748 on the daily charts, a negative RSI divergence has led to a much-needed fall in the Jupiter Wagons stock price over the last few weeks, according to AR Ramachandran of Tips2trades.

“A strong resistance is now seen at 547. A daily close today below supports of 528 and 511 could lead to 494 and even 470 in the near term,” he said.

At 2:30 pm, Jupiter Wagons shares were trading nearly 7 percent lower at Rs 508.95 on NSE. The stock has zoomed 59 percent so far this year, outperforming Nifty’s returns of 16 percent. In the past 12 months, the stock has risen 36 percent. In comparison, Nifty climbed 28 percent during the same period.

It is worth noting that the bourses have put the securities of Jupiter Wagons under the long-term ASM (Additional Surveillance Measure) framework. Stock exchanges typically put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.