Surge in Open Interest Signals Increased Trading Activity for Oil India Ltd.
Oil India Ltd. has seen a notable rise in open interest, indicating increased trading activity, with current figures at 34,618 contracts. The stock has underperformed its sector and experienced a decline, while delivery volume has also increased. The company maintains a significant market capitalization in the oil industry.
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 34,618 contracts, up from the previous figure of 29,221, marking a change of 5,397 contracts or an 18.47% increase. The trading volume for the day reached 49,220 contracts, indicating robust participation in the futures market.In terms of price performance, Oil India Ltd. has underperformed its sector by 4.18%, with the stock touching an intraday low of Rs 447.1, representing a decline of 5.32%. The weighted average price suggests that more volume was traded closer to this low price point. Notably, the stock is currently trading above its 20-day, 50-day, and 100-day moving averages, but below its 5-day and 200-day moving averages.
Additionally, the delivery volume has seen a rise, with 20.75 lakh shares delivered on June 23, reflecting a 5.86% increase compared to the five-day average. With a market capitalization of Rs 72,904.56 crore, Oil India Ltd. remains a significant player in the oil industry. Overall, the notable spurt in open interest highlights increased trading activity, despite the stock's recent price challenges.
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