Tech Mahindra Sees Significant Open Interest Surge Amid Active Market Engagement
Tech Mahindra Ltd. has seen a notable rise in open interest, reaching 64,605 contracts, alongside a trading volume of 71,376 contracts. The stock is trading above its 5-day moving average but below longer-term averages, with a decrease in delivery volume compared to recent averages, indicating active market engagement.
Tech Mahindra Ltd. (symbol: TECHM), a prominent player in the IT software industry, has experienced a significant increase in open interest today. The latest open interest stands at 64,605 contracts, reflecting a rise of 7,728 contracts or 13.59% from the previous open interest of 56,877. This uptick coincides with a trading volume of 71,376 contracts, indicating active market engagement.In terms of financial metrics, Tech Mahindra's underlying value is reported at Rs 1,457, with a total futures value of approximately Rs 199.69 lakhs and an options value reaching around Rs 43,597.84 crore. Despite this activity, the stock has underperformed its sector by 1.39% today, with a 1D return of -0.05%.
The stock is currently trading above its 5-day moving average but below its 20-day, 50-day, 100-day, and 200-day moving averages. Additionally, delivery volume has decreased by 10.53% compared to the 5-day average, with a delivery volume of 22.48 lakh shares on March 24.
Overall, the notable increase in open interest for Tech Mahindra highlights a shift in market dynamics, reflecting the stock's current trading environment without indicating future trends.
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