Surge in Open Interest Signals Shift in Market Dynamics for Prestige Estates Projects Ltd

Prestige Estates Projects Ltd (symbol: PRESTIGE), a prominent player in the realty sector, has experienced a significant increase in open interest today. The latest open interest stands at 26,599 contracts, reflecting a rise of 4,474 contracts or 20.22% from the previous open interest of 22,125. This surge in open interest comes alongside a trading volume of 23,092 contracts, indicating heightened activity in the stock.
In terms of price performance, Prestige Estates has outperformed its sector by 0.77%, marking a consecutive gain over the last four days with a total return of 2.3% during this period. The stock reached an intraday high of Rs 1,477.8, representing a 2.31% increase. Notably, the stock is currently trading above its 5-day, 20-day, 50-day, and 100-day moving averages, although it remains below the 200-day moving average.

Despite this positive price movement, there has been a decline in investor participation, with delivery volume dropping by 42.4% compared to the 5-day average. The liquidity remains adequate for trades sized at Rs 1.15 crore, based on 2% of the 5-day average traded value. Overall, the notable increase in open interest highlights a shift in market dynamics for Prestige Estates Projects Ltd.