Top trending stock under Rs 100: Engineers India

The net profit has nearly doubled YoY while its revenue stood at Rs 860 crore, which is about 18 per cent higher. Strong growth in the operational margin has cheered the investors, which is very well seen in its price action.  

The shares of Engineers India Ltd have zoomed over 5 per cent today and witnessed strong buying interest. The volumes have risen for the fourth consecutive day and the stock has bounced about 10 per cent from its prior swing low of Rs 57.20. With this, it has surged above its prior swing high of Rs 60.80 level. Thus, the price structure is bullish.  

The recent surge can be attributed to the company’s strong Quarterly Results in Q4FY22. The net profit has nearly doubled YoY while its revenue stood at Rs 860 crore, which is about 18 per cent higher. Strong growth in the operational margin has cheered the investors, which is very well seen in its price action.  

The technical parameters also support the bullishness of the stock. The 14-period daily RSI (57.88) has jumped sharply and points northwards. The OBV is improving and indicates a good improvement in the strength from the volume’s perspective. The KST and TSI indicators show bullishness while the Elder Impulse System indicates a fresh buy.  

As per the technical chart, the stock is expected to test the level of Rs 66, followed by Rs 69 in the short to medium term. Traders can include this stock in their portfolio to track further development.