Inox Wind Sees Surge in Open Interest Amidst Stock Underperformance and Market Challenges

Inox Wind Ltd, a prominent player in the renewable energy sector, has experienced a significant increase in open interest today. The latest open interest stands at 1,907 contracts, reflecting a rise of 271 contracts or 16.56% from the previous open interest of 1,636. This uptick in open interest comes alongside a trading volume of 901 contracts, indicating heightened activity in the stock.
Despite this increase in open interest, Inox Wind's stock performance has underperformed the sector, showing a decline of 2.60% for the day, compared to a sector decline of 1.62%. The stock reached an intraday low of Rs 157.5, marking a decrease of 3.4%. Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend in the short to medium term.

Investor participation has seen a notable rise, with a delivery volume of 48.31 lakh shares on March 28, which is up by 49.08% against the 5-day average delivery volume. The liquidity remains robust, with the stock being liquid enough for a trade size of Rs 3.69 crore, based on 2% of the 5-day average traded value.

In summary, while Inox Wind has seen a notable increase in open interest, its stock performance has not mirrored this trend, reflecting broader market challenges.