APL Apollo Tubes Sees Significant Open Interest Surge Amid Mixed Market Performance

APL Apollo Tubes Ltd, a prominent player in the Steel/Sponge Iron/Pig Iron industry, has experienced a notable increase in open interest today. The latest open interest stands at 20,428 contracts, reflecting a rise of 1,921 contracts or 10.38% from the previous open interest of 18,507. The trading volume for the day reached 18,944 contracts, contributing to a futures value of approximately Rs 40,724.26 lakhs.
Despite this surge in open interest, APL Apollo Tubes has underperformed its sector, with a decline of 1.74% compared to a sector drop of 1.15%. The stock has seen a trend reversal after six consecutive days of gains, touching an intraday low of Rs 1,503.25, which represents a decrease of 2.11%. Notably, the stock is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally positive long-term trend.

However, investor participation appears to be waning, with delivery volume dropping by 31.33% against the 5-day average. Overall, APL Apollo Tubes remains a liquid stock, suitable for trades around Rs 2.29 crore based on recent trading activity. The increase in open interest amidst these dynamics highlights the evolving market conditions surrounding the stock.