Wipro Sees Significant Open Interest Surge Amid Ongoing Stock Decline
Wipro Ltd. has seen a significant rise in open interest, reaching 51,416 contracts, alongside a trading volume of 33,643 contracts, indicating active market engagement. However, the company's stock has underperformed, experiencing consecutive losses and currently trading below several key moving averages, despite its large market capitalization.
Wipro Ltd., a prominent player in the Computers - Software & Consulting sector, has recently experienced a notable increase in open interest (OI). The latest OI stands at 51,416 contracts, reflecting a rise of 5,017 contracts or 10.81% from the previous OI of 46,399. This uptick in OI comes alongside a trading volume of 33,643 contracts, indicating active participation in the derivatives market.Despite this increase in open interest, Wipro's stock has underperformed its sector, showing a decline of 0.3% today. Over the past three days, the stock has faced consecutive losses, with a total drop of 4.01%. The stock reached an intraday low of Rs 257.8, down 2.74% from the previous close.
In terms of moving averages, Wipro's stock is currently above its 50-day moving average but below the 5-day, 20-day, 100-day, and 200-day averages. The IT - Software sector overall has also seen a decline of 2.05%.
With a market capitalization of Rs 2,71,601.85 crore, Wipro remains a significant entity in the large-cap space. The recent changes in open interest highlight a shift in market dynamics, although the stock's performance has not aligned with this trend.
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