Canara Bank Sees Surge in Open Interest Amid Increased Trading Activity

Canara Bank has experienced a significant increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 68,473 contracts, marking an increase of 8,433 contracts or 14.05% from the previous open interest of 60,040. This surge coincides with a trading volume of 31,232 contracts, indicating robust participation in the market.
In terms of price performance, Canara Bank's stock has been under pressure, recording a 1D return of -0.72%, while the sector and Sensex also faced declines of -0.58% and -0.67%, respectively. Over the past five days, the stock has seen a cumulative drop of 6.18%. Despite this downturn, the stock remains above its 200-day moving average, although it is trading below the 5-day, 20-day, 50-day, and 100-day moving averages.

Additionally, the stock boasts a high dividend yield of 3.77% at the current price, and liquidity appears favorable, with a trading capacity of Rs 3.83 crore based on 2% of the 5-day average traded value. Overall, the notable rise in open interest for Canara Bank underscores a shift in market dynamics, warranting attention from market participants.