HFCL Ltd Sees Significant Surge in Open Interest Amidst Market Challenges
HFCL Ltd has seen a significant rise in open interest, reaching 36,735 contracts, alongside a trading volume of 27,860 contracts, indicating heightened market activity. Despite this, the stock has underperformed its sector and is on a downward trend, with recent declines impacting its overall performance.
HFCL Ltd, a mid-cap player in the Telecom Equipment & Accessories industry, has experienced a notable increase in open interest today. The latest open interest stands at 36,735 contracts, reflecting a rise of 4,315 contracts or 13.31% from the previous open interest of 32,420. This surge in open interest comes alongside a trading volume of 27,860 contracts, indicating active participation in the market.Despite this uptick in open interest, HFCL's stock has underperformed its sector by 2.79%, with a 1D return of -2.59%. The stock has been on a downward trend, experiencing consecutive declines over the past two days, resulting in a total drop of 6.78%. Today, the stock reached an intraday low of Rs 83, down 3.53% from the previous close.
In terms of moving averages, HFCL's stock is currently above the 20-day and 50-day moving averages but below the 5-day, 100-day, and 200-day averages. The liquidity remains robust, with a delivery volume of 1.2 crore on May 20, which is 28.9% higher than the 5-day average delivery volume. Overall, the increase in open interest highlights a significant shift in market dynamics for HFCL, amidst a challenging trading environment.
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