Oil India Ltd. Sees 11.99% Surge in Open Interest, Reaching 15,346 Contracts
Oil India Ltd. has seen a notable rise in open interest, reaching 15,346 contracts, alongside a trading volume of 11,309 contracts, indicating increased market activity. The stock has outperformed its sector and is trading above key moving averages, although delivery volume has declined significantly.
Oil India Ltd. has experienced a significant increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 15,346 contracts, up from the previous 13,703 contracts, marking a change of 1,643 contracts or an 11.99% increase. This uptick in open interest coincides with a trading volume of 11,309 contracts, indicating robust market engagement.In terms of performance, Oil India has outperformed its sector by 0.62%, with the stock gaining 2.63% over the last two days. Today, it reached an intraday high of Rs 449.5, representing a 3.11% increase. The stock is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a strong upward trend in its price action.
Despite this positive momentum, there has been a notable decline in delivery volume, which fell by 37.08% compared to the 5-day average, with a delivery volume of 4.06 lakh shares recorded on November 11. The liquidity remains adequate for trading, with a market cap of Rs 72,449 crore, classifying Oil India as a mid-cap stock. Overall, the increase in open interest highlights a notable shift in trading dynamics for Oil India Ltd.
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