ITC Ltd. Sees Surge in Open Interest Amidst Mixed Trading Signals
ITC Ltd. has seen a notable rise in open interest, reaching 137,268 contracts, alongside a trading volume of 52,696 contracts. Despite this increase, the stock is near its 52-week low and has underperformed its sector, indicating a bearish trend amid declining investor participation.
ITC Ltd., a prominent player in the FMCG sector, has experienced a significant increase in open interest today, reflecting notable trading activity. The latest open interest stands at 137,268 contracts, up from the previous figure of 123,643, marking a change of 13,625 contracts or an 11.02% increase. The trading volume for the day reached 52,696 contracts, contributing to a total futures value of approximately Rs 148,878.90 lakhs.Despite this uptick in open interest, ITC's stock is currently trading close to its 52-week low, just 2.86% away from Rs 390.15. The stock has underperformed its sector by 0.51% today and has shown a trend reversal after two consecutive days of gains. Additionally, ITC is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
Investor participation appears to be declining, with delivery volume falling by 12.66% compared to the 5-day average. Nevertheless, the stock remains liquid enough for trades sized at Rs 12.24 crore, based on 2% of the 5-day average traded value. Overall, the increase in open interest highlights a shift in market dynamics for ITC Ltd., amidst a backdrop of fluctuating performance indicators.
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