Steel Authority of India Ltd. Sees 15.39% Surge in Open Interest to 72,183 Contracts
Steel Authority of India Ltd. (SAIL) has experienced a significant increase in open interest today, reflecting notable trading activity in the ferrous metals sector. The latest open interest stands at 72,183 contracts, up from the previous figure of 62,554, marking a change of 9,629 contracts or a 15.39% increase. The trading volume for the day reached 37,615 contracts, contributing to a futures value of approximately Rs 203,022 lakhs.Despite this uptick in open interest, SAIL's stock has underperformed relative to its sector, showing a decline of 0.80% today, while the sector itself fell by 0.41%. Over the past two days, the stock has seen a consecutive decline, totaling a drop of 3.1%. However, it is noteworthy that SAIL is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a longer-term upward trend in price levels.
Investor participation appears to be waning, with delivery volume on October 30 dropping by 57.13% compared to the 5-day average. The stock remains liquid, with a trade size capacity of Rs 14.94 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest amidst a backdrop of declining stock performance presents a complex picture for Steel Authority of India Ltd.
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