Jindal Steel Sees 10.6% Surge in Open Interest Amid Increased Trading Activity

Jindal Steel Ltd., a prominent player in the Ferrous Metals industry, has experienced a significant increase in open interest today, signaling notable activity in its trading dynamics. The latest open interest stands at 31,941 contracts, reflecting a rise of 3,060 contracts or 10.6% from the previous open interest of 28,881. This uptick comes alongside a trading volume of 28,487 contracts, indicating robust market engagement.
In terms of price performance, Jindal Steel is currently trading close to its 52-week high, just 3.1% away from Rs 1,087.6. However, the stock has underperformed its sector by 0.83% today, with a 1-day return of -2.03%. The stock touched an intraday low of Rs 1,043.7, marking a decline of 3.05%. Despite this, Jindal Steel is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally positive trend over the longer term.

Additionally, the stock has seen a rise in delivery volume, with 10.16 lakh shares delivered on October 3, reflecting a 35.55% increase compared to the 5-day average. With a market capitalization of Rs 1,07,619 crore, Jindal Steel remains a liquid asset, suitable for trades of up to Rs 3.16 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest and trading volume highlights a shift in market activity for Jindal Steel Ltd.