Canara Bank Sees Surge in Open Interest Amidst Price Declines and Trading Activity

Canara Bank has experienced a notable increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 68,775 contracts, marking a significant rise of 7,696 contracts or 12.6% from the previous open interest of 61,079. The trading volume for the day reached 55,769 contracts, contributing to a total futures value of approximately Rs 82,081.53 lakhs.
Despite this surge in open interest, Canara Bank's stock has underperformed relative to its sector, declining by 2.19% today. The stock has faced consecutive losses over the past four days, resulting in a total drop of 7.31% during this period. The intraday low was recorded at Rs 108.35, reflecting a decrease of 3.28% from the previous close.

In terms of moving averages, the stock is currently above its 100-day and 200-day averages but below its 5-day, 20-day, and 50-day averages. Additionally, the stock maintains a high dividend yield of 3.57% at the current price, indicating a stable income potential for shareholders. Overall, the increase in open interest amidst recent price declines highlights a complex trading environment for Canara Bank.