Surge in Open Interest Signals Increased Trading Activity for Oil India Ltd.
Oil India Ltd. has seen a significant rise in open interest, reaching 32,688 contracts, alongside a trading volume of 36,114 contracts. Despite underperforming its sector, the stock remains above several moving averages. Delivery volume also increased, indicating robust market activity and shifting dynamics for the company.
Oil India Ltd. has experienced a notable increase in open interest today, signaling heightened activity in its trading. The latest open interest stands at 32,688 contracts, reflecting a rise of 3,467 contracts or 11.86% from the previous open interest of 29,221. The trading volume for the day reached 36,114 contracts, contributing to a futures value of approximately Rs 63,288.57 lakhs.In terms of price performance, Oil India Ltd. underperformed its sector by 5.21%, with the stock touching an intraday low of Rs 449.55, down 4.8% from the previous close. The weighted average price indicates that more volume was traded closer to this low price point. While the stock is currently above its 20-day, 50-day, and 100-day moving averages, it remains below its 5-day and 200-day moving averages.
Additionally, the delivery volume has shown a rise of 5.86% against the 5-day average, with a total delivery volume of 20.75 lakh shares on June 23. The liquidity remains robust, accommodating trade sizes of Rs 4.78 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest and trading volume highlights a significant shift in market dynamics for Oil India Ltd.
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