Surge in Open Interest Signals Increased Trading Activity for Bank of India

Bank of India, a prominent player in the public sector banking industry, has experienced a significant increase in open interest today. The latest open interest stands at 16,407 contracts, reflecting a rise of 1,613 contracts or 10.9% from the previous open interest of 14,794. This surge in open interest is accompanied by a trading volume of 8,992 contracts, indicating active participation in the derivatives market.
In terms of performance, Bank of India has shown resilience, gaining 4.23% over the past five days, with a one-day return of 0.64%. The stock's current price is positioned above its 5-day, 50-day, 100-day, and 200-day moving averages, although it remains below the 20-day moving average. The stock also boasts a high dividend yield of 3.42%, enhancing its appeal to income-focused investors.

Despite a decline in delivery volume, which fell by 18.19% compared to the 5-day average, the stock maintains sufficient liquidity for trades sized at Rs 2.37 crore, based on 2% of the 5-day average traded value. Overall, the notable increase in open interest highlights a dynamic trading environment for Bank of India, reflecting ongoing market activity.