Is Just Dial Bracing for a Big Move?
About 25 percent of Just Dial Ltd.’s open interest is currently held by only 4 clients of the National Stock Exchange. Moreover, 12 percent of the open interest is held by only 1 client. This concentration of open interest shot up to 25 percent from just 11.3 percent last Wednesday, August 17. Since then the shares of Just Dial have traded in a tight range and declined only 4 percent.
Curiously, on August 17, Just Dial saw the highest traded volumes at 89.8 lakh shares and the highest delivery volumes of 9.15 lakh shares seen since February 2016. The build-up in February was followed by a 28 percent fall in the Just Dial stock in just 3 sessions.
The question now is if Just Dial is bracing for a big move?