Surge in Open Interest Signals Shift in Market Dynamics for Tech Mahindra
In terms of price performance, Tech Mahindra has underperformed its sector by 2.11%, with the stock experiencing a consecutive decline over the past two days, resulting in a total drop of 2.46%. The stock touched an intraday low of Rs 1,420, reflecting a decrease of 2.44% during the trading session. While the stock is currently above its 5-day moving averages, it remains below the 20-day, 50-day, 100-day, and 200-day moving averages.
Additionally, investor participation has seen a decline, with delivery volume dropping by 69.7% compared to the 5-day average. Despite these challenges, the stock maintains sufficient liquidity for trades sized at Rs 10.15 crore, given its market capitalization of Rs 1,40,964.00 crore in the IT - Software industry. Overall, the increase in open interest highlights a shift in market dynamics for Tech Mahindra, warranting attention from market participants.
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