Jindal Steel Ltd. Sees 10.14% Surge in Open Interest, Reaching 45,494 Contracts
Jindal Steel Ltd. has seen a significant rise in open interest, reaching 45,494 contracts, indicating increased trading activity. The stock is near its 52-week high but has underperformed its sector today. Despite a decline in delivery volume, it maintains a strong market capitalization in the ferrous metals industry.
Jindal Steel Ltd. has experienced a notable increase in open interest today, signaling heightened activity in its trading. The latest open interest stands at 45,494 contracts, reflecting a rise of 4,187 contracts or 10.14% from the previous open interest of 41,307. The trading volume for the day reached 30,320 contracts, contributing to a futures value of approximately Rs 67,289.15 lakhs.In terms of price performance, Jindal Steel is currently trading close to its 52-week high, just 2.73% away from Rs 1,098. However, the stock has underperformed its sector by 0.43% today, with a 1D return of -1.39%. The stock touched an intraday low of Rs 1,057.20, marking a decline of 2.11%.
Despite being above the 20-day, 50-day, 100-day, and 200-day moving averages, it is currently below the 5-day moving average. Additionally, delivery volume has decreased by 22.75% compared to the 5-day average, indicating a decline in investor participation. With a market capitalization of Rs 1,09,007 crore, Jindal Steel remains a significant player in the ferrous metals industry. Overall, the increase in open interest highlights a shift in trading dynamics for the stock.
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