Canara Bank Sees Surge in Open Interest Amid Ongoing Stock Performance Challenges
Canara Bank has seen a significant rise in open interest in its futures market, reaching 66,204 contracts. Despite this increase, the bank's stock has underperformed, experiencing consecutive declines and touching an intraday low. The stock remains above its 200-day moving average but below several shorter-term averages.
Canara Bank has experienced a notable increase in open interest today, reflecting heightened activity in its futures market. The latest open interest stands at 66,204 contracts, marking a significant rise of 7,416 contracts or 12.61% from the previous open interest of 58,788. The trading volume for the day reached 36,292 contracts, contributing to a total futures value of approximately Rs 132.49 lakhs.Despite this surge in open interest, Canara Bank's stock performance has been underwhelming, underperforming its sector by 1.33%. The stock has faced consecutive declines over the past four days, resulting in a total drop of 5.61%. Today, it touched an intraday low of Rs 105.86, reflecting a decrease of 2.72%.
In terms of moving averages, the stock is currently above its 200-day moving average but below its 5-day, 20-day, 50-day, and 100-day averages. Additionally, the stock boasts a high dividend yield of 3.67% at the current price, and liquidity remains adequate for trading, with a delivery volume of 97.7 lakhs on August 25, which is 10.63% higher than the 5-day average.
In summary, while Canara Bank shows increased open interest, its recent stock performance indicates ongoing challenges in the market.
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