Surge in Open Interest for Axis Bank Signals Increased Trading Activity Amidst Declining Stock Performance
Despite this surge in open interest, Axis Bank's stock performance has been underwhelming, underperforming its sector by 0.43%. The stock has faced a consecutive decline over the past five days, with a total drop of 2.73% during this period. Currently, Axis Bank is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
Additionally, the delivery volume has seen a significant decline, with a reported 21.33 lakh shares delivered on August 25, down 47.6% compared to the 5-day average. The stock remains liquid enough for trades sized at Rs 10.23 crore, based on 2% of the 5-day average traded value. Overall, the increase in open interest amidst declining stock performance highlights a complex market scenario for Axis Bank.
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