Steel Authority of India Ltd. Sees Significant Rise in Open Interest Amid Market Activity
Steel Authority of India Ltd. (SAIL) has seen a notable increase in open interest, reaching 52,842 contracts, alongside a trading volume of 52,396 contracts. Despite recent price declines and underperformance relative to its sector, the stock remains above its longer-term moving averages, indicating shifting market dynamics.
Steel Authority of India Ltd. (SAIL), a prominent player in the ferrous metals industry, has experienced a significant increase in open interest today. The latest open interest stands at 52,842 contracts, reflecting a rise of 5,422 contracts or 11.43% from the previous open interest of 47,420. This uptick in open interest comes alongside a trading volume of 52,396 contracts, indicating heightened activity in the stock.In terms of price performance, SAIL has underperformed its sector by 2.82%, with a notable decline of 3.80% in its one-day return. The stock has been on a downward trend, recording a consecutive fall over the last two days, resulting in a total decline of 7.92%. Today, SAIL reached an intraday low of Rs 124.37, marking a decrease of 4.82%.
Despite these challenges, the stock remains above its 100-day and 200-day moving averages, although it is currently below its 5-day, 20-day, and 50-day moving averages. The liquidity of SAIL is supported by a delivery volume of 53.22 lakh shares, which has increased by 38.94% compared to the 5-day average. Overall, the notable rise in open interest highlights a shift in market dynamics for Steel Authority of India Ltd.
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