Shree Cement Ltd. Sees 19.6% Surge in Open Interest Amid Declining Stock Performance
Shree Cement Ltd., a prominent player in the Cement & Cement Products industry, has experienced a significant increase in open interest (OI) today. The latest OI stands at 13,455 contracts, reflecting a rise of 2,205 contracts or 19.6% from the previous OI of 11,250. This uptick comes alongside a trading volume of 10,526 contracts, indicating active participation in the market.Despite this surge in OI, Shree Cement's stock performance has been underwhelming, underperforming its sector by 2.29%. The stock has faced consecutive declines over the past two days, with a total drop of 3.63%. Today, it reached an intraday low of Rs 28,765, marking a decrease of 3.12%. The weighted average price suggests that more volume was traded closer to this low price point.
Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Delivery volume has also seen a decline, falling by 36.86% against the 5-day average. With a market capitalization of Rs 1,05,211 crore, Shree Cement remains a liquid stock, suitable for trades around Rs 0.78 crore based on recent trading activity. Overall, the notable increase in open interest highlights a shift in market dynamics, despite the stock's recent performance challenges.
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