Jindal Steel Sees Surge in Open Interest Amid Increased Trading Activity
Jindal Steel Ltd has seen a notable rise in open interest, reaching 32,609 contracts, alongside a trading volume of 86,800 contracts, indicating increased market activity. The stock is trading near its 52-week high and has shown strong momentum, outperforming its sector and maintaining a solid position above key moving averages.
Jindal Steel Ltd, 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 32,609 contracts, marking a rise of 5,703 contracts or 21.2% from the previous open interest of 26,906. This surge coincides with a trading volume of 86,800 contracts, indicating robust market engagement.In terms of price performance, Jindal Steel is currently trading at Rs 1,023, just 4.32% shy of its 52-week high of Rs 1,073.7. The stock has shown strong momentum, outperforming its sector by 2.51% and achieving a 5.27% return on the day. Over the past three days, Jindal Steel has gained 8.82%, reflecting a positive trend in its performance.
Additionally, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a strong position in the market. Despite a notable decline in delivery volume, which fell by 52.13% against the 5-day average, the liquidity remains sufficient for trades up to Rs 4.5 crore. Overall, the increase in open interest and the stock's recent performance highlight a dynamic trading environment for Jindal Steel.
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