Indus Towers Sees Surge in Open Interest Amid Ongoing Stock Decline
Despite this uptick in open interest, the stock has underperformed, showing a decline of 4.37% today, which is part of a broader trend where it has fallen for three consecutive days, totaling an 11.04% decrease during this period. The stock touched an intraday low of Rs 347.25, down 4.34% from the previous close.
Indus Towers is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a challenging market position. The telecommunications equipment sector overall has also seen a decline of 2.91%. Notably, the stock's liquidity remains robust, with a delivery volume of 51.52 lakh shares on July 31, marking a 130.65% increase compared to the 5-day average.
In summary, while Indus Towers has seen a notable rise in open interest, the stock continues to face downward pressure in a challenging market environment.
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