Surge in Open Interest for Tech Mahindra Signals Increased Market Activity Amidst Stock Decline
Despite this surge in open interest, Tech Mahindra's stock has underperformed, with a decline of 3.40% today, compared to a sector drop of 2.76%. The stock opened lower, down 3.53%, and hit an intraday low of Rs 1,453.3, reflecting a decrease of 6.47%. Currently, Tech Mahindra is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend.
In terms of liquidity, the stock remains accessible for trading, with a delivery volume of 18.59 lakh shares on September 19, which is a substantial increase of 147.96% compared to the 5-day average. Overall, while the increase in open interest indicates heightened trading activity, the stock's performance today reflects broader market challenges within the IT sector.
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