Canara Bank Sees Surge in Open Interest Amid Increased Derivatives Activity

Canara Bank, a prominent player in the public banking sector, has experienced a significant increase in open interest today. The latest open interest stands at 81,811 contracts, reflecting a rise of 8,910 contracts or 12.22% from the previous open interest of 72,901. The trading volume for the day reached 78,539 contracts, indicating robust activity in the derivatives market.
In terms of price performance, Canara Bank's stock has underperformed its sector by 0.37%, with a notable decline after six consecutive days of gains. The stock touched 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.

The liquidity of Canara Bank's shares appears strong, with a delivery volume of 1.83 crore on April 22, which is 54.15% higher than the 5-day average delivery volume. The stock also boasts a high dividend yield of 3.2% at the current price. Overall, the increase in open interest alongside the trading volume suggests heightened activity in Canara Bank's stock, reflecting current market dynamics.