When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
This uptrend reflects an increasing number of participants either initiating new positions or expanding the size of their existing positions within the futures market.
Cholamandalam Investment and Finance stock price gained 2.08%, and open interest saw a rise of 0.63%. Shriram Finance price surged 1.73%, and open interest saw an increase of 0.08%.
Positive setup was seen in stocks like Berger Paint, Hindustan Copper, Indus Tower, MCX, Ambuja Cement, Persistent, Indian Hotel, United Spirits, Persistent, Concor, Siemens, TVS Motor etc. among others.
Stock exchanges BSE and NSE will have a live trading session on a Saturday to assess system preparation for an unanticipated tragedy. Intraday trading is limited and lower trading volumes may result in wider spreads and potential losses. Currency and commodity markets will be closed.