Jindal Stainless Sees Surge in Open Interest Amidst Trading Activity Shift
Jindal Stainless Ltd has seen a notable rise in open interest, reaching 10,530 contracts, alongside a trading volume of 10,057 contracts. Despite this increased trading activity, the stock has underperformed its sector, experiencing consecutive losses and a decline in price, while maintaining liquidity in the market.
Jindal Stainless Ltd (JSL), a prominent player in the Ferrous Metals industry, has experienced a significant increase in open interest today, reflecting heightened trading activity. The latest open interest stands at 10,530 contracts, up from the previous 9,452 contracts, marking a change of 1,078 contracts or an 11.4% increase. The trading volume for the day reached 10,057 contracts, contributing to a total futures value of approximately Rs 12,905.94 lakhs.Despite this surge in open interest, Jindal Stainless has underperformed its sector, with a decline of 3.35% today. The stock has faced consecutive losses over the past two days, resulting in a total return of -6.07%. The stock touched an intraday low of Rs 686.7, reflecting a decrease of 5.23% from its previous close.
In terms of liquidity, the stock remains accessible for trading, with a delivery volume of 8.67 lakh shares on August 7, which is an increase of 81.33% compared to the five-day average. Jindal Stainless continues to trade above its 20, 50, 100, and 200-day moving averages, although it is currently below its 5-day moving average. Overall, the notable rise in open interest indicates a shift in trading dynamics for Jindal Stainless amidst its recent price performance.
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