Patanjali Foods Sees Surge in Open Interest Amidst Price Decline and Active Trading

Patanjali Foods Ltd, a prominent player in the edible oil industry, has experienced a notable increase in open interest today. The latest open interest stands at 34,660 contracts, reflecting a rise of 3,292 contracts or 10.49% from the previous open interest of 31,368. The trading volume for the day reached 21,870 contracts, indicating active participation in the market.
Despite this surge in open interest, Patanjali Foods has underperformed relative to its sector, with a decline of 3.15% in its stock price today. The stock has faced consecutive losses over the past two days, resulting in a total drop of 4.58%. The intraday low was recorded at Rs 1,725.1, marking a decrease of 3.36% from the previous close.

In terms of moving averages, Patanjali Foods is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a bearish trend. However, there has been a significant rise in delivery volume, which increased by 77.56% compared to the 5-day average, suggesting heightened trading activity. Overall, the increase in open interest amidst a challenging price performance highlights the dynamic nature of Patanjali Foods' market position.