Glenmark Pharmaceuticals Sees Surge in Open Interest Amid Ongoing Stock Decline
Despite this uptick in open interest, Glenmark's stock performance has been underwhelming, underperforming its sector by 2.9%. The stock has faced a consecutive decline over the past three days, resulting in a total drop of 3.88%. Today, it opened with a loss of 3.53%, hitting an intraday low of Rs 1,370. The weighted average price suggests that more volume was traded closer to this low price point.
Additionally, Glenmark is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, reflecting a bearish trend. The delivery volume has also decreased by 4.99% compared to the 5-day average, indicating a decline in investor participation. Overall, while the increase in open interest is notable, it occurs against a backdrop of declining stock performance and liquidity concerns.
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