Inox Wind Sees Surge in Open Interest Amidst Challenging Market Conditions
Inox Wind Ltd has seen a notable rise in open interest, reaching 1,876 contracts, alongside increased trading activity. Despite this, the stock has underperformed compared to its sector, showing a decline. Investor participation has increased significantly, indicating a shift in market dynamics amid challenging conditions.
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 1,876 contracts, reflecting a rise of 240 contracts or 14.67% from the previous open interest of 1,636. This uptick coincides with a trading volume of 837 contracts, indicating heightened activity in the stock.Despite this surge in open interest, Inox Wind's stock performance has underperformed relative to its sector, showing a decline of 2.60% for the day, compared to a sector decline of 1.62%. The stock reached 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, suggesting a bearish trend in the short to medium term.
Investor participation has seen a notable rise, with a delivery volume of 48.31 lakh shares on March 28, up by 49.08% against the 5-day average delivery volume. The stock maintains sufficient liquidity, with a trade size of 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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