Why is Max Estates falling/rising?

As of 15-Jul, Max Estates Ltd's stock price is currently at Rs 518.80, reflecting an increase of Rs 3.6 or 0.7%. The stock has been on an upward trend, gaining for the last four consecutive days and achieving a total return of 5.59% during this period. It has also reached an intraday high of Rs 531.6, which is a rise of 3.18%. The stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong bullish sentiment. Additionally, the company has reported positive financial results over the last two quarters, with net sales growing by 47.32% and profit after tax increasing by 215% compared to the previous four-quarter average. The low debt-to-equity ratio and high institutional holdings at 33.73% further support investor confidence in the stock.
In the broader market context, Max Estates has outperformed the benchmark Sensex over the past week, with a return of +4.29% compared to the Sensex's -1.36%. However, the stock has underperformed on a year-to-date basis, with a decline of 8.65% while the Sensex has gained 5.67%. This short-term outperformance against the benchmark, coupled with rising investor participation—evidenced by a significant increase in delivery volume—suggests a growing interest in the stock despite its longer-term challenges. The overall liquidity of the stock remains favorable, allowing for adequate trading activity, which may contribute to its recent price rise.