Jindal Steel Ltd. Sees 19.13% Surge in Open Interest, Reaching 46,330 Contracts

Jindal Steel Ltd., a prominent player in the Ferrous Metals industry, has experienced a significant increase in open interest today, signaling heightened activity in its futures market. The latest open interest stands at 46,330 contracts, up from the previous figure of 38,891, marking a change of 7,439 contracts or a 19.13% increase. This uptick coincides with a trading volume of 105,714 contracts, reflecting robust market engagement.
In terms of price performance, Jindal Steel is currently trading close to its 52-week high, just 2.59% away from Rs 1,097.7. The stock has outperformed its sector by 0.36% today, although it has faced a slight decline of 0.33% over the past three days. Notably, Jindal Steel is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong position in the market.

Despite a recent drop in delivery volume, which fell by 38.25% against the 5-day average, the stock remains liquid enough for trades of Rs 5.49 crore based on 2% of the average traded value. Overall, the increase in open interest highlights a notable shift in market dynamics for Jindal Steel Ltd.