Surge in Open Interest Signals Shift in Market Dynamics for United Spirits Ltd
United Spirits Ltd has seen a significant rise in open interest, reaching 57,388 contracts, alongside a trading volume of 23,194 contracts. The stock is currently near its 52-week low and has underperformed compared to its sector. Despite a bearish trend, liquidity remains adequate for trading activities.
United Spirits Ltd, a prominent player in the beverages industry, has experienced a notable increase in open interest today. The latest open interest stands at 57,388 contracts, reflecting a rise of 5,892 contracts or 11.44% from the previous open interest of 51,496. This uptick comes alongside a trading volume of 23,194 contracts, indicating active market participation.In terms of price performance, United Spirits is currently trading close to its 52-week low, just 2.88% above the low of Rs 1,271.1. The stock has underperformed slightly against its sector, with a 1D return of -0.08%, compared to the sector's -0.56% and the Sensex's -0.71%. Over the past three days, the stock has seen a consecutive decline, with a total drop of 2.11%.
Additionally, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Delivery volume has also decreased, falling by 17.84% against the 5-day average. Despite these challenges, the liquidity remains adequate for trades sized at Rs 3.11 crore, based on 2% of the 5-day average traded value. Overall, the increase in open interest highlights a significant shift in market dynamics for United Spirits.
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