Mphasis Sees Surge in Open Interest Amidst Market Volatility and Price Decline
Mphasis Ltd. has seen a significant rise in open interest, reaching 19,988 contracts, alongside a trading volume of 13,606 contracts, indicating heightened market activity. Despite this increase, the company's stock has underperformed relative to its sector, reflecting ongoing challenges in the IT software market.
Mphasis Ltd., a prominent player in the IT software sector, has experienced a notable increase in open interest today. The latest open interest stands at 19,988 contracts, reflecting a rise of 1,949 contracts or 10.8% from the previous open interest of 18,039. The trading volume for the day reached 13,606 contracts, indicating active participation in the market.Despite this surge in open interest, Mphasis has underperformed its sector, with a decline of 4.30% in its stock price, compared to a sector drop of 3.69%. The stock opened lower today, down by 3.41%, and hit an intraday low of Rs 2,354, marking a decrease of 4.87%. Currently, the stock is trading above its 20-day moving averages but below its 5-day, 50-day, 100-day, and 200-day moving averages.
The overall liquidity remains adequate, with the stock being liquid enough for a trade size of Rs 2.34 crore, based on 2% of the 5-day average traded value. As Mphasis navigates these market dynamics, the increase in open interest highlights a significant shift in trading activity.
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