Canara Bank Sees Significant Surge in Open Interest Amid Increased Trading Activity

Canara Bank, a prominent player in the public banking sector, has experienced a notable increase in open interest today. The latest open interest stands at 80,524 contracts, reflecting a rise of 7,623 contracts or 10.46% from the previous open interest of 72,901. This surge in open interest comes alongside a trading volume of 66,694 contracts, indicating heightened activity in the stock.
In terms of price performance, Canara Bank has underperformed its sector by 0.45%, with the stock experiencing a decline after six consecutive days of gains. The stock reached an intraday low of Rs 97.54, marking a decrease of 3.1%. Despite this, the stock remains above its 5-day, 20-day, 50-day, and 100-day moving averages, although it is below the 200-day moving average.

Additionally, the stock has shown rising investor participation, with a delivery volume of 1.83 crore on April 22, which is up 54.15% compared to the 5-day average. Canara Bank currently boasts a market capitalization of Rs 90,815 crore and offers a high dividend yield of 3.2%. Overall, the increase in open interest highlights a significant shift in trading dynamics for Canara Bank, reflecting ongoing market engagement.