Surge in Open Interest for ONGC Signals Increased Trading Activity Amidst Stock Decline
Oil & Natural Gas Corporation Ltd. (ONGC) has seen a notable rise in open interest, reaching 61,233 contracts, alongside a trading volume of 32,695 contracts. Despite this increased activity, the stock has underperformed, declining over the past three days and trading below key moving averages.
Oil & Natural Gas Corporation Ltd. (ONGC) has experienced a significant increase in open interest today, reflecting heightened trading activity. The latest open interest stands at 61,233 contracts, up from the previous 52,050 contracts, marking a change of 9,183 contracts or a 17.64% increase. The trading volume for the day reached 32,695 contracts, contributing to a total futures value of approximately Rs 21,132.78 lakhs.Despite this surge in open interest, ONGC's stock has underperformed its sector, showing a decline of 1.88% today. Over the past three days, the stock has consistently fallen, resulting in a total return of -3.07%. Currently, ONGC is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend in the short to medium term.
The stock also boasts a high dividend yield of 5.81% at its current price, and liquidity remains robust, with a delivery volume of 67.65 lakhs on August 1, reflecting a 42.75% increase compared to the 5-day average. Overall, the notable rise in open interest amidst a challenging performance landscape highlights the dynamic nature of trading in ONGC shares.
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