Surge in Open Interest Signals Increased Trading Activity for IREDA Stock
Indian Renewable Energy Development Agency Ltd (IREDA) has seen a notable rise in open interest and trading volume, indicating increased trading activity. The stock has outperformed its sector and has shown consistent gains over three days, while investor participation has also surged significantly.
Indian Renewable Energy Development Agency Ltd (IREDA) has experienced a significant increase in open interest today, reflecting heightened trading activity. The latest open interest stands at 37,245 contracts, marking a notable rise of 7,539 contracts or 25.38% from the previous open interest of 29,706. The trading volume for the day reached 65,119 contracts, contributing to a futures value of approximately Rs 54,670.49 lakhs.In terms of performance, IREDA has outperformed its sector by 0.72%, continuing a positive trend with three consecutive days of gains, resulting in a total return of 13.86% over this period. The stock is currently trading above its 5-day and 20-day moving averages, although it remains below the 50-day, 100-day, and 200-day moving averages.
Investor participation has also seen a rise, with a delivery volume of 17.8 lakh shares on March 24, reflecting a substantial increase of 260.38% compared to the 5-day average delivery volume. With a market capitalization of Rs 45,812.95 crore, IREDA remains a liquid stock, suitable for trades around Rs 10.16 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest and trading volume indicates a dynamic trading environment for IREDA.
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