Surge in Open Interest Signals Increased Trading Activity for ONGC Amid Price Challenges
Oil & Natural Gas Corporation Ltd. (ONGC) has seen a notable rise in open interest, indicating increased trading activity, with current figures reaching 63,105 contracts. Despite this, the stock has underperformed in its sector, experiencing consecutive losses and trading below key moving averages, while maintaining adequate liquidity.
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 63,105 contracts, up from the previous figure of 52,050, marking a change of 11,055 contracts or a 21.24% increase. The trading volume for the day reached 37,359 contracts, indicating robust participation in the market.Despite this surge in open interest, ONGC's stock has underperformed relative to its sector, showing a decline of 0.82% today, while the sector itself gained 0.95%. Over the past three days, the stock has faced consecutive losses, totaling a decrease of 2.85%. Currently, ONGC is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a challenging short-term trend.
The stock's liquidity remains adequate, with a delivery volume of 67.65 lakh shares on August 1, reflecting a 42.75% increase compared to the 5-day average. Additionally, ONGC boasts a high dividend yield of 5.81% at its current price. Overall, the notable rise in open interest highlights a shift in market dynamics for ONGC, amidst its recent price performance challenges.
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