Hitachi Energy India Ltd Sees 16.68% Surge in Open Interest Amid Price Decline

Hitachi Energy India Ltd, a player in the Heavy Electrical Equipment sector, has experienced a notable increase in open interest (OI) today. The latest OI stands at 5,568 contracts, reflecting a significant rise of 796 contracts or 16.68% from the previous OI of 4,772. This uptick in OI comes alongside a trading volume of 4,583 contracts, indicating heightened activity in the stock.
Despite this increase in open interest, Hitachi Energy India has underperformed its sector, with a 1D return of -1.76%, compared to a sector return of -0.01%. The stock has faced consecutive declines over the past two days, resulting in a total drop of 4.12%. Today, it reached an intraday low of Rs 16,731, marking a decrease of 2.01%.

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. Notably, delivery volume has surged to 41.39k on October 23, reflecting a 102.44% increase against the 5-day average. With a market capitalization of Rs 76,431 crore, Hitachi Energy India remains a liquid stock, suitable for trades around Rs 1.94 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest highlights a shift in market dynamics for Hitachi Energy India, warranting attention from market participants.