Surge in Open Interest Signals Shift in Market Dynamics for Info Edge
Info Edge (India) Ltd has seen a notable rise in open interest, reaching 46,500, alongside a trading volume of 21,160. Despite this increase, the stock has underperformed, declining over the past five days and trading below key moving averages, indicating a bearish trend amid reduced investor participation.
Info Edge (India) Ltd, a prominent player in the E-Retail and E-Commerce sector, has experienced a significant increase in open interest today. The latest open interest stands at 46,500, reflecting a rise of 5,698 from the previous open interest of 40,802, marking a percentage change of 13.97%. The trading volume for the day reached 21,160, contributing to a total futures value of approximately Rs 54,663.08 lakhs.Despite this uptick in open interest, the stock has underperformed its sector, declining by 2.37% today. Over the past five days, Info Edge has seen a consecutive fall, with a total decline of 6.64%. The stock touched an intraday low of Rs 1,364.7, down 3.17% from the previous close. Additionally, it is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
Investor participation has also waned, with delivery volume dropping by 41.66% compared to the 5-day average. Nevertheless, the stock remains liquid enough for trades sized at Rs 3.82 crore, based on 2% of the 5-day average traded value. Overall, the notable increase in open interest highlights a shift in market dynamics for Info Edge (India) Ltd amidst its recent performance challenges.
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