Tech Mahindra Sees Surge in Open Interest Amid Declining Stock Performance
Despite this surge in open interest, Tech Mahindra's stock performance has underwhelmed, underperforming its sector by 2%. The stock has been on a downward trend for the past two days, with a total decline of 2.61%. Today, it touched an intraday low of Rs 1,414, reflecting a decrease of 2.85% from its previous close. The weighted average price indicates 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, suggesting a challenging market position. The delivery volume has also seen a significant drop, falling by 69.7% compared to the 5-day average. Overall, while the increase in open interest is noteworthy, it occurs against a backdrop of declining stock performance and investor participation.
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