NCC Ltd Sees Surge in Open Interest Amidst Declining Stock Performance

NCC Ltd, a mid-cap player in the construction industry, has experienced a significant increase in open interest (OI) today. The latest OI stands at 17,560 contracts, reflecting a notable rise of 3,810 contracts or 27.71% from the previous OI of 13,750. This surge in OI comes alongside a trading volume of 22,506 contracts, indicating heightened activity in the stock.
Despite this uptick in open interest, NCC Ltd has underperformed its sector by 1.4%, with the stock experiencing a consecutive decline over the past four days, resulting in a total drop of 5.57%. Today, the stock opened with a loss of 2.4% and reached an intraday low of Rs 223.81, marking a decrease of 3.34% from the previous close.

In terms of moving averages, the stock is currently above the 50-day and 100-day averages but below the 5-day, 20-day, and 200-day averages. Additionally, delivery volume has decreased by 5.82% compared to the 5-day average, suggesting a decline in investor participation. Overall, while the increase in open interest is noteworthy, it occurs against a backdrop of recent price declines and reduced trading activity.