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.
Samvardhana Motherson International Ltd., incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 76471.92 Crore) operating in Auto Ancillaries sector.
Samvardhana Motherson Ltd, an auto component company, has experienced a surge in its stock price, reaching a 52-week high and showing an impressive 80% increase from its low in March 2023. This strong momentum is supported by the significant role played by the 200-weekly Exponential Moving Average (EMA), which has transitioned from acting as a resistance to now serving as a crucial support for the stock.
BHEL stock price gained 3.33%, and open interest saw a rise of 3.03%. L&T Finance Holdings price surged 2.92%, and open interest saw an increase of 3.06%.