Quote:
Originally Posted by DineshV
Is this a known effect? Or am I reading too much into this?

It happens in both directions.
Many market participants place orders at nondecimal prices and therefore orders built up over time at these levels.
e.g. If an ordinary investor wants to sell his longterm holding in HUL, he will call this broker and tell him to keep a sell order at a price like 522 or 523 or 525. He won't give a sell order at price with decimal like 522.55 or 523.45.
There are 20 times more
prices with decimals than
prices without decimals.
e.g.
Between 180 and 181, there are 20 prices with decimals  180.05, 180.10, 180.15 and so on.
If half of the participants in the stock market give random orders at decimal prices and other half give random orders at nondecimal prices, the average number of orders at nondecimal prices will be 20 times the average number of orders at decimal prices.