Mahanagar Gas Sees Surge in Open Interest Amidst Market Dynamics Shift
Mahanagar Gas Ltd. has seen a notable rise in open interest, reaching 13,907 contracts, alongside increased trading volume of 19,630 contracts. Despite this activity, the stock has underperformed, declining 0.62% today and 4.68% over two days, while showing increased liquidity compared to previous 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 13,907 contracts, up from the previous 11,282 contracts, marking a change of 2,625 contracts or a 23.27% increase. The trading volume for the day reached 19,630 contracts, contributing to a total futures value of approximately Rs 23,082.82 lakhs.Despite this surge in open interest, Mahanagar Gas has underperformed its sector, with a decline of 0.62% in its stock price today. Over the past two days, the stock has seen a consecutive fall, totaling a decrease of 4.68%. The stock touched an intraday high of Rs 1,376.40, reflecting a 3.86% increase at one point during the trading session. However, it remains below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.
Additionally, the stock has shown increased liquidity, with a delivery volume of 4.65 lakhs on May 30, which is 219.01% higher than the 5-day average delivery volume. Overall, the notable rise in open interest indicates a shift in market dynamics for Mahanagar Gas, amidst its recent price performance.
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