Open Interest and Volume Dynamics
On 3 Feb 2026, 360 ONE WAM Ltd recorded an open interest of 8,813 contracts in its futures and options, marking an 18.53% increase from the previous day’s 7,435 contracts. This rise of 1,378 contracts is accompanied by a futures volume of 7,006, indicating robust trading activity. The combined futures and options value stood at approximately ₹1,55,34.56 lakhs, with futures contributing ₹15,105.01 lakhs and options dominating at ₹2,61,69,64,565 (₹2,61,696.46 crores), underscoring the significant derivatives interest in the stock.
The underlying stock price closed at ₹1,163, having opened with a gap up of 3.56% and touched an intraday high of ₹1,188.5, a 7.02% rise. The weighted average price suggests that most volume traded closer to the lower price range, hinting at some profit booking or cautious buying near the day’s lows.
Market Positioning and Directional Bets
The surge in open interest alongside rising prices typically indicates fresh long positions being established, reflecting bullish market sentiment. The stock has gained for two consecutive days, delivering a 5.67% return over this period, outperforming the Finance/NBFC sector’s 3.68% gain and the Sensex’s 2.64% rise on the same day. This outperformance suggests that investors are positioning for further upside in 360 ONE WAM Ltd.
However, the delivery volume on 2 Feb fell by 18.93% to 7.55 lakh shares compared to the five-day average, signalling a decline in investor participation at the delivery level. This divergence between rising derivatives activity and falling delivery volumes may imply that short-term traders and institutional participants are driving the recent momentum rather than long-term holders.
The stock is trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – reinforcing the positive technical backdrop. Liquidity remains adequate, with the stock capable of handling trade sizes up to ₹2.7 crore based on 2% of the five-day average traded value, making it attractive for active traders and institutional flows.
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Mojo Grade Downgrade and Market Cap Context
Despite the recent bullish price action and open interest surge, 360 ONE WAM Ltd’s Mojo Grade was downgraded from Buy to Hold on 22 Jan 2026, reflecting a more cautious stance by analysts. The company holds a Mojo Score of 55.0, indicating moderate fundamentals and technicals. Its market capitalisation stands at ₹47,143.09 crore, placing it firmly in the mid-cap segment with a Market Cap Grade of 2.
This downgrade suggests that while the stock shows short-term momentum, investors should be mindful of underlying risks or valuation concerns that may temper further gains. The Hold rating implies that the stock is fairly valued at current levels, and investors might consider waiting for clearer directional cues or fundamental improvements before increasing exposure.
Sector and Broader Market Comparison
The Finance and NBFC sector, to which 360 ONE WAM Ltd belongs, gained 3.68% on the day, underlining a positive environment for capital markets stocks. However, 360 ONE WAM Ltd outperformed the sector by 0.92%, signalling stronger relative strength. The Sensex’s 2.64% gain further highlights the stock’s leadership within its space.
Such outperformance, combined with rising open interest, often attracts momentum traders and institutional investors looking to capitalise on sector tailwinds. Yet, the falling delivery volumes caution that the rally may be driven more by speculative flows than by sustained accumulation by long-term investors.
Implications for Investors
Investors analysing 360 ONE WAM Ltd should weigh the recent surge in derivatives activity and price momentum against the downgrade in Mojo Grade and declining delivery participation. The open interest increase of 18.53% is a strong signal of heightened market interest and potential directional bets favouring further upside. However, the Hold rating and moderate Mojo Score counsel prudence.
Traders may find opportunities in the stock’s liquidity and technical strength, especially given its position above all major moving averages and the intraday price gains. Long-term investors should monitor upcoming quarterly results, sector developments, and any changes in analyst ratings to reassess the stock’s fundamental outlook.
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Conclusion
The recent surge in open interest and volume in 360 ONE WAM Ltd’s derivatives market reflects a notable shift in market positioning, with investors increasingly betting on a continuation of the stock’s upward momentum. The stock’s outperformance relative to its sector and the Sensex, combined with its technical strength, supports a bullish near-term outlook.
Nevertheless, the downgrade to a Hold rating and the decline in delivery volumes suggest that investors should remain cautious and consider the stock’s valuation and fundamental backdrop carefully. Active traders may capitalise on the current momentum, but long-term investors should await further clarity on earnings and sector trends before committing additional capital.
Overall, 360 ONE WAM Ltd remains a stock to watch closely in the capital markets space, with its derivatives activity providing valuable insights into evolving market sentiment and positioning.
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