High momentum stock: Century Enka Ltd

High momentum stock: Century Enka Ltd

by 5paisa Research Team Last Updated: Dec 13, 2022 - 10:21 pm 38.2k Views

The stock has delivered about 130% returns to its investors in one year and has outperformed most of its peers by a huge margin.

Century Enka Ltd is a smallcap company, engaged in the business of nylon tyre cord fabric and polyester/nylon filament yarn. Its products include polyester filament yarn, nylon filament yarn, polyester partially oriented yarn (POY) etc.

On the technical chart, the stock looks quite attractive as it has surged nearly 6% on Wednesday. Moreover, it has shot up nearly 8% since the previous day’s low. It took the support of 20-DMA twice before gaining momentum. With today’s surge, the RSI has entered the bullish range. The trend indicator ADX is well above 40 and indicates a strong uptrend of the stock. Moreover, the Elder Impulse System has given a buy signal. The stock trades above all the key moving averages and looks bullish for the short and medium-term. These moving averages are pointing upwards and suggest a strong uptrend of the stock in recent times. On the weekly chart, the MACD histogram is rising, suggesting the upside momentum of the stock. Thus, several technical parameters point towards the bullish sentiment. To add further, the volumes recorded in recent times have been greater than 10-day and 30-day average volume, indicating larger participation in the stock.

In just one month, the stock has reported an increase of over 23% in its share price. Such a massive rise can be attributed to increasing buyers’ interest in this stock. Moreover, the stock has delivered about 130% returns to its investors in one year and has outperformed most of its peers by a huge margin.

Being a high growth smallcap company, the institutions have been increasing their stake in the company in recent times. The foreign institutional investors have raised their stake by about 20% in this company in the last six months. Most of the company’s stake is being held by HNIs and promotors.

With ongoing bullishness, the stock is expected to continue its momentum on the higher side. Traders can consider taking a position in this stock for quick profits!

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