Surge in Open Interest Signals Shifting Market Dynamics for Apollo Tyres
Apollo Tyres Ltd. has seen a notable rise in open interest in the derivatives market, reaching 8,598 contracts. The trading volume for the day was 7,364 contracts, with a total futures value of approximately Rs 18,819.55 lakhs. The stock has experienced a decline, with reduced delivery volume indicating decreased investor participation.
Apollo Tyres Ltd. has experienced a significant increase in open interest today, reflecting notable activity in the derivatives market. The latest open interest stands at 8,598 contracts, up from the previous 7,603 contracts, marking a change of 995 contracts or a 13.09% increase. The trading volume for the day reached 7,364 contracts, contributing to a total futures value of approximately Rs 18,819.55 lakhs.In terms of price performance, Apollo Tyres has shown a decline, with the stock touching an intraday low of Rs 455.45, representing a decrease of 3.19%. The weighted average price indicates that more volume was traded closer to this low price. While the stock remains above its 5-day, 20-day, 50-day, and 100-day moving averages, it is currently below its 200-day moving average. Additionally, delivery volume has decreased by 9.66% compared to the 5-day average, indicating a decline in investor participation.
With a market capitalization of Rs 29,542 crore, Apollo Tyres operates within the Tyres & Allied industry, maintaining a liquid trading environment suitable for transactions around Rs 1.12 crore. Overall, the increase in open interest highlights a shift in market dynamics for Apollo Tyres, amidst a backdrop of fluctuating stock performance.
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