Mankind Pharma Sees Significant Open Interest Surge Amidst Price Decline and Market Activity
Mankind Pharma Ltd has seen a notable increase in open interest, reaching 2,833 contracts, alongside a trading volume of 2,290 contracts, indicating heightened derivatives market activity. Despite this, the stock has underperformed, experiencing a decline over recent days and trading below key moving averages.
Mankind Pharma Ltd, a prominent player in the Pharmaceuticals & Biotechnology sector, has experienced a significant increase in open interest today. The latest open interest stands at 2,833 contracts, reflecting a rise of 390 contracts or 15.96% from the previous open interest of 2,443. This uptick coincides with a trading volume of 2,290 contracts, indicating heightened activity in the derivatives market.Despite this surge in open interest, Mankind Pharma's stock has underperformed its sector, with a decline of 0.76% today. Over the past two days, the stock has seen a cumulative drop of 2.85%. The weighted average price suggests that more volume was traded closer to the low price, and the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.
Additionally, the delivery volume on June 2 reached 248,000 shares, marking a 47.68% increase compared to the 5-day average delivery volume. With a market capitalization of Rs 98,871.85 crore, Mankind Pharma remains a liquid stock, suitable for trades up to Rs 1.85 crore based on 2% of the 5-day average traded value. Overall, the notable rise in open interest highlights a shift in market dynamics for Mankind Pharma, amidst its recent price performance.
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