Surge in Open Interest Signals Increased Market Activity for IRCTC Amidst Declining Stock Performance
Indian Railway Catering & Tourism Corporation Ltd (IRCTC) has seen a significant rise in open interest, reaching 43,551 contracts, alongside a trading volume of 25,066 contracts. Despite this activity, the stock has underperformed, declining over the past three days while maintaining strong liquidity.
Indian Railway Catering & Tourism Corporation Ltd (IRCTC) has experienced a notable increase in open interest today, reflecting heightened activity in the stock. The latest open interest stands at 43,551 contracts, marking an increase of 4,873 contracts or 12.6% from the previous open interest of 38,678. The trading volume for the day reached 25,066 contracts, contributing to a futures value of approximately Rs 26,566.59 lakhs.Despite this surge in open interest, the stock has underperformed relative to its sector, declining by 1.76% today, while the travel services sector gained 6.27%. Over the past three days, IRCTC has seen a consecutive decline, with a total drop of 4.22%. The stock touched an intraday low of Rs 757.05, reflecting a decrease of 2.28% from its previous close.
In terms of moving averages, IRCTC is currently positioned above its 50-day and 100-day averages but below its 5-day, 20-day, and 200-day averages. The stock's liquidity remains robust, with a delivery volume of 15.92 lakh shares, which is 180.49% higher than the five-day average. Overall, the increase in open interest highlights a significant shift in market dynamics for IRCTC, amidst a challenging trading environment.
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