Patanjali Foods Sees Surge in Open Interest Amidst Market Challenges
Patanjali Foods Ltd has seen a notable rise in open interest, reaching 29,592 contracts, alongside a trading volume of 20,027 contracts. Despite this increase, the stock has underperformed its sector and is currently trading below key moving averages, indicating a bearish trend in a challenging market environment.
Patanjali Foods Ltd, a prominent player in the edible oil industry, has experienced a significant increase in open interest today. The latest open interest stands at 29,592 contracts, reflecting a rise of 4,797 contracts or 19.35% from the previous open interest of 24,795. This surge in open interest coincides with a trading volume of 20,027 contracts, indicating heightened activity in the derivatives market.Despite this notable uptick in open interest, Patanjali Foods has underperformed its sector, with a 1D return of -4.70%, compared to a sector return of -0.23%. The stock has seen a trend reversal, falling after four consecutive days of gains, and touched an intraday low of Rs 1,682.90, marking a decline of 4.22%. Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend.
The liquidity of Patanjali Foods remains robust, with a delivery volume of 414,000 shares on May 29, which is 32.98% higher than the 5-day average delivery volume. Overall, the increase in open interest highlights a shift in market dynamics for Patanjali Foods, amidst a challenging trading environment.
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