Tata Steel Sees Significant Open Interest Surge Amid Mixed Market Performance
Tata Steel Ltd has seen a notable rise in open interest, reaching 84,759 contracts, alongside a trading volume of 57,761 contracts. Despite this increase, the stock has underperformed its sector and experienced a decline in investor participation, with delivery volume down compared to recent averages.
Tata Steel Ltd, a prominent player in the Ferrous Metals industry, has experienced a significant increase in open interest (OI) today. The latest OI stands at 84,759 contracts, marking a rise of 9,492 contracts or 12.61% from the previous OI of 75,267. This uptick in OI coincides with a trading volume of 57,761 contracts, indicating heightened activity in the stock.In terms of price performance, Tata Steel has underperformed its sector by 0.61%, with a 1-day return of -0.04%. The stock is currently trading at an underlying value of Rs 161. Notably, it is positioned higher than its 20-day, 50-day, 100-day, and 200-day moving averages, although it is below the 5-day moving average.
Investor participation has seen a decline, with delivery volume dropping by 12.87% compared to the 5-day average, totaling 66.53 lakh shares on July 29. Despite this, the stock remains liquid enough for a trade size of Rs 5.15 crore, based on 2% of the 5-day average traded value.
In summary, the notable increase in open interest for Tata Steel reflects a shift in market dynamics, while the stock's performance metrics indicate a mixed outlook within its sector.
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