Cholamandalam Investment Sees Surge in Open Interest Amidst Price Decline and Sector Weakness
Cholamandalam Investment & Finance Company Ltd has seen a notable rise in open interest, reaching 35,385, alongside a trading volume of 42,054. Despite this increased activity, the stock has underperformed, experiencing consecutive losses and a decline in price, while delivery volume has surged significantly.
Cholamandalam Investment & Finance Company Ltd (CHOLAFIN) has experienced a significant increase in open interest today, reflecting heightened activity in the stock. The latest open interest stands at 35,385, up from the previous figure of 30,759, marking a change of 4,626, or 15.04%. The trading volume for the day reached 42,054, indicating robust participation in the market.Despite this surge in open interest, the stock has underperformed its sector, declining by 1.04% today. Over the past four days, CHOLAFIN has faced consecutive losses, with a total drop of 4.51%. The stock opened lower today, with a gap down of 2.02%, and touched an intraday low of Rs 1,465.7, reflecting a decrease of 5.52% at its lowest point.
In terms of moving averages, the stock is currently above its 200-day moving average but below the 5-day, 20-day, 50-day, and 100-day averages. The finance/NBFC sector has also seen a decline of 2.12%. Notably, delivery volume has surged by 150.46% compared to the 5-day average, indicating increased trading activity.
In summary, while Cholamandalam Investment & Finance Company Ltd has seen a notable rise in open interest, it continues to face challenges in its price performance amidst a broader sector downturn.
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