Jindal Steel Ltd. Sees 10.45% Surge in Open Interest, Reaching 45,625 Contracts
Jindal Steel Ltd., a prominent player in the Ferrous Metals industry, has experienced a notable increase in open interest today. The latest open interest stands at 45,625 contracts, reflecting a rise of 4,318 contracts or 10.45% from the previous open interest of 41,307. This surge coincides with a trading volume of 24,286 contracts, indicating active market participation.In terms of price performance, Jindal Steel is currently trading close to its 52-week high, just 3.36% away from the peak of Rs 1,098. However, the stock has underperformed its sector by 0.78%, with a 1D return of -1.34%. The stock reached an intraday low of Rs 1,057.2, marking a decline of 2.11% during the trading session.
Despite this dip, Jindal Steel's moving averages indicate a stronger position, as the stock is above the 20-day, 50-day, 100-day, and 200-day moving averages, although it is below the 5-day moving average. Additionally, the delivery volume has seen a decline of 22.75% compared to the 5-day average, suggesting a decrease in investor participation.
Overall, the increase in open interest highlights a significant shift in market dynamics for Jindal Steel, reflecting ongoing activity in the stock.
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