Mahanagar Gas Sees Surge in Open Interest Amid Increased Trading Activity
Mahanagar Gas Ltd. has seen a notable rise in open interest, reaching 15,787 contracts, alongside a trading volume of 63,977. The stock has outperformed its sector and is trading above key moving averages, although delivery volume has significantly declined. The company maintains a strong market presence.
Mahanagar Gas Ltd. has experienced a significant increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 15,787 contracts, up from the previous 13,608, marking a change of 2,179 contracts or a 16.01% increase. The trading volume for the day reached 63,977, indicating robust participation in the market.In terms of price performance, Mahanagar Gas has outperformed its sector by 1.72%, with the stock reaching an intraday high of Rs 1,586.90, representing a gain of 5.23% for the day. 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 in its price trajectory.
Despite this positive performance, there has been a notable decline in delivery volume, which fell by 83.43% compared to the 5-day average, with a delivery volume of 61.53 thousand shares recorded on July 3. Mahanagar Gas, with a market capitalization of Rs 15,231.53 crore, remains a liquid stock, suitable for trades of approximately Rs 2.54 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest and the stock's performance metrics highlight a dynamic trading environment for Mahanagar Gas.
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