Surge in Open Interest for Phoenix Mills Indicates Increased Trading Activity Amid Price Decline
Phoenix Mills Ltd. has seen a significant rise in open interest, reaching 11,843 contracts, alongside a trading volume of 4,147 contracts. Despite this increased activity, the stock has underperformed its sector and is trading below key moving averages, indicating a bearish market sentiment in the realty sector.
Phoenix Mills Ltd. has experienced a notable increase in open interest today, signaling heightened activity in its trading. The latest open interest stands at 11,843 contracts, reflecting a rise of 1,127 contracts or 10.52% from the previous open interest of 10,716. The trading volume for the day reached 4,147 contracts, contributing to a futures value of approximately Rs 6,442.62 lakhs and an options value of Rs 1,791.98 crores, culminating in a total value of Rs 6,807.37 lakhs.In terms of price performance, Phoenix Mills has underperformed its sector by 2.23%, with the stock falling after two consecutive days of gains. It touched an intraday low of Rs 1,576, marking a decline of 3.16%. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, delivery volume has decreased significantly, falling by 62.05% compared to the 5-day average.
Overall, the increase in open interest amidst a declining price trend highlights a complex market sentiment surrounding Phoenix Mills, reflecting the dynamics of trading activity in the realty sector.
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