Mahanagar Gas Sees Surge in Open Interest Amidst Challenging Market Conditions

Apr 16 2025 11:00 AM IST
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Mahanagar Gas Ltd. has seen a notable rise in open interest, reaching 22,925 contracts, alongside a trading volume of 28,212 contracts. Despite this increase, the stock has underperformed its sector, experiencing a decline and trading below key moving averages, indicating a bearish trend in the market.
Mahanagar Gas Ltd. (MGL), a mid-cap player in the Gas Transmission and Marketing industry, has experienced a significant increase in open interest today. The latest open interest stands at 22,925 contracts, reflecting a rise of 4,409 contracts or 23.81% from the previous open interest of 18,516. The trading volume for the day reached 28,212 contracts, indicating active participation in the market.

Despite this uptick in open interest, Mahanagar Gas has underperformed its sector, with a decline of 3.65% today. The stock opened with a loss of 5.06% and hit an intraday low of Rs 1,230.5, marking a decrease of 6.47%. The weighted average price suggests that more volume was traded closer to this low price point. Additionally, Mahanagar Gas is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.

Investor participation has also seen a decline, with delivery volume dropping by 41.53% compared to the 5-day average. However, the stock remains liquid enough for trades of Rs 1.22 crore, based on 2% of the 5-day average traded value. Overall, the notable increase in open interest amidst a challenging trading environment highlights the dynamic nature of Mahanagar Gas's market activity.
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