Mankind Pharma Sees Significant Open Interest Surge Amidst Market Challenges
Mankind Pharma Ltd has seen a notable rise in open interest, reaching 7,946 contracts, alongside a trading volume of 9,431 contracts, indicating increased activity in the derivatives market. However, the stock has underperformed, declining over the past two 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 7,946 contracts, reflecting a rise of 1,589 contracts or 25% from the previous open interest of 6,357. This uptick coincides with a trading volume of 9,431 contracts, indicating heightened activity in the derivatives market.Despite this surge in open interest, Mankind Pharma's stock has underperformed relative to its sector, declining by 1.25% today, while the sector itself saw a smaller drop of 0.35%. The stock has faced consecutive losses over the past two days, with a total decline of 2.16%. During today's trading session, Mankind Pharma reached an intraday low of Rs 2,258, down 2.66% from the previous close.
The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, delivery volume has decreased by 10.31% compared to the 5-day average, suggesting a decline in investor participation. Overall, the notable increase in open interest highlights a shift in market dynamics for Mankind Pharma, amidst a challenging trading environment.
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