Wipro Sees Significant Open Interest Surge Amid Ongoing Stock Decline

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.