Jindal Steel Sees 11.65% Surge in Open Interest Amid Increased Futures Activity

Jindal Steel Ltd. (symbol: JINDALSTEL), a prominent player in the Ferrous Metals industry, has experienced a significant increase in open interest today. The latest open interest stands at 34,661 contracts, reflecting a rise of 3,616 contracts or 11.65% from the previous open interest of 31,045. This uptick in open interest coincides with a trading volume of 25,071 contracts, indicating heightened activity in the derivatives market.
In terms of price performance, Jindal Steel has underperformed its sector by 1.94%, with the stock recording a 1D return of -2.09%. Over the past two days, the stock has seen a consecutive decline, totaling a drop of 4.05%. The intraday low reached today was Rs 1,029.90, marking a decrease of 2.46%.

Despite these challenges, the stock remains above its 50-day, 100-day, and 200-day moving averages, although it is trading below its 5-day and 20-day moving averages. Notably, delivery volume has surged by 43.76% compared to the 5-day average, suggesting increased participation in the stock.

Overall, the notable rise in open interest for Jindal Steel Ltd. highlights a shift in market dynamics, reflecting the ongoing trading activity amid current price fluctuations.