Blue Star Ltd. Sees 17.02% Surge in Open Interest Amid Price Decline
Blue Star Ltd. (BLUESTARCO), a mid-cap player in the Electronics & Appliances sector, has experienced a significant increase in open interest today. The latest open interest stands at 16,048 contracts, reflecting a rise of 2,334 contracts or 17.02% from the previous open interest of 13,714. This uptick comes alongside a trading volume of 26,062 contracts, indicating heightened activity in the derivatives market.Despite this surge in open interest, Blue Star's stock has underperformed its sector, declining by 1.34% today, while the sector itself saw a modest gain of 0.74%. The stock has been on a downward trend, losing value for six consecutive days, with a total decline of 10.06% during this period. The intraday low reached Rs 1,712.1, marking a decrease of 4.11% from the previous close.
In terms of liquidity, the stock has shown a notable increase in delivery volume, with 9.76 lakh shares delivered on November 6, a staggering rise of 751.92% compared to the five-day average. However, Blue Star is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a challenging market position. Overall, the increase in open interest amidst a declining stock price presents a complex picture for Blue Star Ltd.
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