Mahanagar Gas Ltd. Sees Surge in Open Interest Amid Increased Trading Activity
Mahanagar Gas Ltd. has seen a notable rise in open interest, indicating increased trading activity in the gas sector. The stock has outperformed its sector and is trading above key moving averages. However, investor participation has declined, with a significant drop in delivery volume compared to recent averages.
Mahanagar Gas Ltd. has experienced a significant increase in open interest today, reflecting heightened trading activity in the gas sector. The latest open interest stands at 19,156 contracts, up from the previous 16,619, marking a change of 2,537 contracts or a 15.27% increase. The trading volume for the day reached 41,350 contracts, indicating robust market engagement.In terms of price performance, Mahanagar Gas has outperformed its sector by 2.24%, with the stock gaining 3.8% over the last four days. Today, it reached an intraday high of Rs 1,458, reflecting a 3.23% increase. The stock is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a strong upward trend.
Despite this positive momentum, there has been a notable decline in investor participation, with delivery volume dropping by 48.2% compared to the 5-day average. The liquidity remains adequate for trading, with the stock being liquid enough for a trade size of Rs 1.45 crore based on 2% of the 5-day average traded value. Overall, Mahanagar Gas Ltd. is showing strong performance metrics amid fluctuating investor engagement.
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