Inox Wind Sees Surge in Open Interest Amidst Challenging Market Conditions
Inox Wind Ltd has seen a notable rise in open interest, reaching 1,940 contracts, alongside increased trading volume of 970 contracts. Despite this activity, the company's stock has underperformed the sector, trading below key moving averages, while delivery volume has significantly increased, indicating heightened trading interest.
Inox Wind Ltd, a prominent player in the renewable energy sector, has experienced a significant increase in open interest today. The latest open interest stands at 1,940 contracts, reflecting a rise of 304 contracts or 18.58% from the previous open interest of 1,636. The trading volume for the day reached 970 contracts, contributing to a total futures value of approximately Rs 2,672.30 lakhs and an options value of around Rs 253,737.20 lakhs, culminating in a total value of Rs 2,746.90 lakhs.Despite this notable activity in open interest, Inox Wind's stock performance has underperformed the sector, with a decline of 2.66% compared to a sector drop of 1.21%. The stock touched an intraday low of Rs 157.5, marking a decrease of 3.4%. Additionally, Inox Wind is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend in the short to medium term.
The delivery volume has shown a notable increase, with 48.31 lakh shares delivered on March 28, up by 49.08% against the 5-day average. This suggests a rise in trading activity, although the stock remains liquid enough for trades sized at Rs 3.69 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest highlights a shift in market dynamics for Inox Wind, amidst a challenging trading environment.
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