Page Industries Sees Surge in Open Interest Amidst Ongoing Performance Challenges
Page Industries Ltd has seen a notable rise in open interest, reaching 27,861 contracts, alongside a trading volume of 35,140. Despite this increase, the stock has underperformed, experiencing a decline over the past two days and trading below key moving averages, indicating a bearish trend.
Page Industries Ltd, a prominent player in the Garments & Apparels sector, has experienced a significant increase in open interest today. The latest open interest stands at 27,861 contracts, reflecting a rise of 3,698 contracts or 15.3% from the previous open interest of 24,163. This uptick comes alongside a trading volume of 35,140, indicating heightened activity in the stock.Despite this surge in open interest, Page Industries has underperformed relative to its sector, with a decline of 1.38% today. The stock has faced consecutive losses over the past two days, resulting in a total drop of 3.37%. During today's trading session, the stock reached an intraday low of Rs 43,820, marking a decrease of 4.24% from its previous close.
In terms of moving averages, Page Industries is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day averages, suggesting a bearish trend. Additionally, the delivery volume has decreased by 32.26% compared to the 5-day average, indicating a decline in investor participation. With a market capitalization of Rs 49,991.66 crore, Page Industries remains a mid-cap stock in the market. Overall, the notable increase in open interest highlights a shift in market dynamics, even as the stock grapples with recent performance challenges.
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