Jindal Stainless Sees Surge in Open Interest Amidst Price Decline and Increased Trading Activity
Jindal Stainless Ltd has seen a significant rise in open interest, reaching 16,293 contracts, alongside a trading volume of 19,023 contracts. Despite this increase, the stock has underperformed, experiencing a decline over the past three days and trading below multiple moving averages. Delivery volume has notably increased as well.
Jindal Stainless Ltd (JSL), a prominent player in the Steel/Sponge Iron/Pig Iron industry, has experienced a significant increase in open interest today. The latest open interest stands at 16,293 contracts, reflecting a notable rise of 3,243 contracts or 24.85% from the previous open interest of 13,050. This surge in open interest comes alongside a trading volume of 19,023 contracts, indicating heightened activity in the market.Despite this uptick in open interest, Jindal Stainless has underperformed its sector, with a decline of 3.17% today. The stock has faced consecutive losses over the past three days, accumulating a total drop of 7.16%. During today's trading session, Jindal Stainless reached an intraday low of Rs 598.3, marking a decrease of 4.38%. The weighted average price suggests that more volume was traded closer to this low price point.
Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Notably, there has been a rise in delivery volume, which increased by 191.54% compared to the 5-day average, indicating a shift in trading dynamics. Overall, the increase in open interest highlights a notable trend in Jindal Stainless's market activity amidst its recent price challenges.
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