Glenmark Pharmaceuticals Sees Surge in Open Interest Amid Ongoing Stock Decline
Glenmark Pharmaceuticals Ltd. has reported a significant rise in open interest, reaching 40,204 contracts, alongside a trading volume of 25,827 contracts. Despite this increased trading activity, the stock has been declining, trading below key moving averages, while delivery volume has notably surged.
Glenmark Pharmaceuticals Ltd. has experienced a notable increase in open interest today, signaling heightened activity in its trading. The latest open interest stands at 40,204 contracts, reflecting a rise of 4,603 contracts or 12.93% from the previous open interest of 35,601. The trading volume for the day reached 25,827 contracts, contributing to a total futures value of approximately Rs 61,561.09 lakhs and an options value of Rs 57,069.05 lakhs, culminating in a total value of Rs 62,127.20 lakhs.Despite this surge in open interest, Glenmark's stock has been on a downward trend, having lost 3.53% over the past four days. Currently, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a challenging market position. On the liquidity front, the stock has shown a significant increase in delivery volume, with 821,000 shares delivered on May 26, marking a 196.04% rise compared to the 5-day average.
In summary, while Glenmark Pharmaceuticals has seen a substantial increase in open interest, the stock continues to face downward pressure in a broader market context.
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