Mahanagar Gas Sees Surge in Open Interest Amid Increased Trading Activity
Mahanagar Gas Ltd. has seen a notable rise in open interest, indicating increased trading activity, with current figures reaching 10,913 contracts. The trading volume for the day was 8,994 contracts, while delivery volume surged significantly. Despite this, the stock has underperformed its sector and experienced a decline.
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 10,913 contracts, up from the previous 7,966 contracts, marking a change of 2,947 contracts or a 36.99% increase. The trading volume for the day reached 8,994 contracts, contributing to a total futures value of approximately Rs 14,031.12 lakhs.In terms of price performance, Mahanagar Gas has underperformed its sector by 2.52%, with the stock falling after two consecutive days of gains. It touched an intraday low of Rs 1,331.30, representing a decline of 3.72%. The weighted average price indicates that more volume was traded closer to this low price. While the stock remains above its 100-day moving averages, it is currently below the 5-day, 20-day, 50-day, and 200-day moving averages.
Additionally, there has been a notable rise in delivery volume, which increased by 105.07% compared to the 5-day average. The stock's liquidity remains robust, accommodating trade sizes of up to Rs 1.04 crore based on 2% of the 5-day average traded value. Overall, the surge in open interest highlights a dynamic trading environment for Mahanagar Gas Ltd.
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