Surge in Open Interest Signals Increased Activity Amidst ABB India’s Price Decline
ABB India Ltd has seen a notable rise in open interest, reaching 37,428 contracts, alongside a trading volume of 35,186 contracts, indicating increased activity in the derivatives market. Despite this, the stock has underperformed its sector and is currently trading below key moving averages, reflecting a bearish trend.
ABB India Ltd, a prominent player in the Electric Equipment industry, has recently experienced a significant increase in open interest (OI). The latest OI stands at 37,428 contracts, reflecting a rise of 3,983 contracts or 11.91% from the previous OI of 33,445. This uptick in OI comes alongside a trading volume of 35,186 contracts, indicating heightened activity in the derivatives market.Despite this surge in open interest, ABB India has underperformed its sector, recording a decline of 1.50% today, while the sector itself saw a smaller drop of 0.89%. The stock has been on a downward trend for the past two days, with a cumulative loss of 4.25%. During today's trading session, ABB India reached an intraday low of Rs 5,211.1, down 3.48% from the previous close.
The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. However, there has been a notable increase in delivery volume, which rose by 9.03% compared to the 5-day average, suggesting a potential shift in trading dynamics. Overall, the increase in open interest amidst recent price declines highlights a complex market scenario for ABB India Ltd.
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