Hindustan Petroleum Sees Surge in Open Interest Amidst Trading Activity Challenges
Hindustan Petroleum Corporation Ltd. has seen a significant rise in open interest, reaching 45,752 contracts, alongside a trading volume of 13,201 contracts. Despite this increased trading activity, the stock has underperformed, experiencing consecutive losses and a notable decline in delivery volume compared to recent averages.
Hindustan Petroleum Corporation Ltd. (HINDPETRO) has experienced a notable increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 45,752 contracts, up from the previous figure of 41,113, marking a change of 4,639 contracts or an 11.28% increase. The trading volume for the day reached 13,201 contracts, contributing to a futures value of approximately Rs 63,740.75 lakhs.Despite this surge in open interest, Hindustan Petroleum's stock has underperformed relative to its sector, showing a decline of 0.39% today. Over the past two days, the stock has faced consecutive losses, with a total return of -0.97%. The stock has traded within a narrow range of Rs 3.15, indicating limited volatility.
In terms of moving averages, the stock is currently above its 200-day moving average but below its 5-day, 20-day, 50-day, and 100-day averages. Additionally, there has been a significant drop in delivery volume, which has decreased by 40.53% compared to the 5-day average. Overall, while the increase in open interest suggests active trading, the stock's recent performance indicates challenges in maintaining upward momentum.
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