Mahanagar Gas Sees Surge in Open Interest Amid Increased Trading Activity

Mahanagar Gas Ltd. (MGL), a mid-cap player in the gas industry, has experienced a significant increase in open interest today, reflecting heightened trading activity. The latest open interest stands at 9,807 contracts, up from the previous 7,966, marking a change of 1,841 contracts or a 23.11% increase. The trading volume for the day reached 5,694 contracts, contributing to a futures value of approximately Rs 9,025.55 lakhs. In terms of price performance, Mahanagar Gas has underperformed its sector by 2.27%, with the stock falling after two consecutive days of gains. It touched an intraday low of Rs 1,334.50, representing a decline of 3.49%. The weighted average price indicates that more volume was traded closer to this low price. While the stock is currently above its 100-day moving average, it remains below the 5-day, 20-day, 50-day, and 200-day moving averages. Additionally, delivery volume has seen a notable rise, increasing by 105.07% against the 5-day average, suggesting a solid level of liquidity for trades sized at Rs 1.04 crore. Overall, the increase in open interest alongside these performance metrics highlights a dynamic trading environment for Mahanagar Gas Ltd.