Canara Bank Sees Surge in Open Interest Amidst Trading Activity and Price Pressure
Canara Bank has seen a significant rise in open interest, indicating increased trading activity. Today's open interest reached 66,112, with a trading volume of 22,216. Despite a slight decline in stock price, the bank maintains strong liquidity and offers a high dividend yield, reflecting ongoing interest from investors.
Canara Bank has experienced a notable increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 66,112, marking an increase of 6,072 from the previous open interest of 60,040, which translates to a percentage change of 10.11%. The trading volume for the day reached 22,216, contributing to a futures value of approximately Rs 83,688.54 lakhs and an options value of around Rs 77,528.79 lakhs, bringing the total value to Rs 85,193.57 lakhs.In terms of price performance, Canara Bank's stock has been under pressure, recording a decline of 0.33% today, while the sector and Sensex also posted slight losses of 0.24% and 0.23%, respectively. The stock has faced consecutive losses over the past five days, with a total drop of 5.99%. Despite this, it remains above its 200-day moving average, although it is trading below its shorter-term moving averages.
The stock's liquidity appears robust, with a delivery volume of 1.72 crore on August 26, reflecting an increase of 87.87% compared to the five-day average. Canara Bank currently offers a high dividend yield of 3.77%, indicating a steady return for shareholders. Overall, the increase in open interest highlights a significant shift in trading dynamics for Canara Bank amidst its recent performance trends.
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