APL Apollo Tubes Sees Surge in Open Interest Amidst Price Decline and Active Trading

APL Apollo Tubes Ltd, a prominent player in the Iron & Steel Products industry, has experienced a significant increase in open interest today. The latest open interest stands at 33,615 contracts, reflecting a rise of 3,902 contracts or 13.13% from the previous open interest of 29,713. The trading volume for the day reached 33,327 contracts, indicating active participation in the market.
In terms of price performance, APL Apollo Tubes has underperformed its sector by 1.94%, with the stock recording a 1D return of -2.73%. Over the past two days, the stock has seen a consecutive decline, totaling a drop of 11.08%. The intraday low was noted at Rs 1,495, marking a decrease of 3.12% from the previous close. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend.

Despite the recent downturn, there has been a notable rise in delivery volume, which surged by 253.29% compared to the 5-day average. With a market capitalization of Rs 41,849 crore, APL Apollo Tubes remains a liquid stock, suitable for trades around Rs 3.06 crore based on 2% of the 5-day average traded value. This increase in open interest amidst a challenging price environment highlights the evolving dynamics in the stock's trading activity.