Surge in Open Interest Signals Increased Trading Activity for Oil India Ltd.
Oil India Ltd. has seen a notable rise in open interest, reaching 15,229 contracts, indicating increased trading activity. Despite this, the stock has underperformed its sector and recorded a decline over the past two days. However, delivery volume has surged significantly, and the company maintains a strong dividend yield.
Oil India Ltd. has experienced a significant increase in open interest today, reflecting heightened trading activity. The latest open interest stands at 15,229 contracts, up from the previous 13,741 contracts, marking a change of 1,488 contracts or an increase of 10.83%. The trading volume for the day reached 9,748 contracts, contributing to a futures value of approximately Rs 15,492.08 lakhs.Despite this uptick in open interest, Oil India has underperformed its sector by 0.53%, with the stock recording a 1D return of -1.55%. Over the past two days, the stock has seen a decline of 5.58%. The intraday low was noted at Rs 396.5, reflecting a decrease of 2.58% from the previous close. Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
On a positive note, the stock has shown a notable rise in delivery volume, increasing by 279.74% against the 5-day average. With a market capitalization of Rs 64,967 crore, Oil India maintains a high dividend yield of 3.07%, suggesting a stable income potential for shareholders. Overall, the increase in open interest highlights a notable shift in trading dynamics for Oil India Ltd.
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