Glenmark Pharmaceuticals Sees Surge in Open Interest Amid Trading Activity Shift
Glenmark Pharmaceuticals Ltd. has seen a significant rise in open interest, reaching 25,207 contracts, indicating increased trading activity. Despite this, the stock has underperformed its sector and is currently trading below multiple moving averages, reflecting a bearish trend amid overall sector declines.
Glenmark Pharmaceuticals Ltd. has experienced a notable increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 25,207 contracts, up from the previous figure of 22,910, marking a change of 2,297 contracts or a percentage increase of 10.03%. The trading volume for the day reached 10,658 contracts, indicating robust participation in the market.In terms of price performance, Glenmark Pharmaceuticals has underperformed its sector by 1.6%, with the stock experiencing a decline after four consecutive days of gains. The stock touched an intraday low of Rs 1,355.8, representing a drop of 4.58%. Additionally, it is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend.
The pharmaceuticals and drugs sector overall has seen a decline of 2.44%, while Glenmark's stock has recorded a 1D return of -3.93%. The liquidity remains adequate, with a delivery volume of 7.88 lakh shares on April 24, which is down by 2.44% compared to the 5-day average. Overall, the increase in open interest alongside the stock's recent performance highlights a significant shift in trading dynamics for Glenmark Pharmaceuticals.
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