Surge in Open Interest Signals Increased Trading Activity for Oil India Ltd.
Oil India Ltd. has seen a notable rise in open interest, reaching 19,585 contracts, alongside a trading volume of 20,517 contracts, indicating increased market activity. The stock has outperformed its sector and is currently trading above key moving averages, despite a decline in delivery volume.
Oil India Ltd. has experienced a significant increase in open interest today, reflecting heightened trading activity in the stock. The latest open interest stands at 19,585 contracts, up from the previous figure of 17,106, marking a change of 2,479 contracts or a 14.49% increase. The trading volume for the day reached 20,517 contracts, indicating robust market engagement.In terms of performance, Oil India has outperformed its sector by 2.89%, with the stock gaining 4.29% over the last four consecutive days. Today, it reached an intraday high of Rs 452, reflecting a 3.69% 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.
However, it is noteworthy that delivery volume has decreased by 36.36% compared to the 5-day average, indicating a decline in investor participation. Despite this, the stock remains liquid enough for trades sized at Rs 4.28 crore, based on 2% of the 5-day average traded value. Overall, the notable rise in open interest and the stock's recent performance highlight a dynamic trading environment for Oil India Ltd.
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