360 ONE WAM Ltd Sees Significant Open Interest Surge Amid Bullish Market Positioning

Open Interest and Volume Dynamics

On 10 Feb 2026, 360 ONE WAM Ltd recorded an open interest of 11,347 contracts in its derivatives segment, marking a substantial increase of 1,248 contracts or 12.36% compared to the previous day’s OI of 10,099. This rise in OI was accompanied by a total volume of 16,787 contracts, indicating heightened trading activity. The futures segment alone accounted for a value of approximately ₹16,547.41 lakhs, while the options segment exhibited an extraordinary notional value of ₹8,162.15 crores, culminating in a combined derivatives turnover of ₹18,142.34 lakhs.

The underlying stock price closed at ₹1,168, having touched an intraday high of ₹1,170.3, up 2.81% on the day. Notably, the stock outperformed its capital markets sector by 2.38% and the Sensex by 2.07 percentage points, with a one-day return of 2.23% against the sector and Sensex returns of 0.16% each. This outperformance, coupled with rising OI, suggests that market participants are positioning for further upside.

Price and Moving Average Trends

360 ONE WAM Ltd’s price action has been robust, with the stock gaining for two consecutive days and delivering a cumulative return of 4.87% over this period. The weighted average price indicates that a significant portion of volume was traded closer to the day’s low, hinting at some profit booking or cautious accumulation. However, the stock remains firmly above its key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — underscoring a sustained bullish trend across multiple timeframes.

Despite the positive price momentum, investor participation in terms of delivery volume has declined sharply. On 9 Feb 2026, delivery volume stood at 2.34 lakh shares, down by 59.85% compared to the five-day average delivery volume. This divergence between rising derivatives activity and falling delivery volumes may indicate that traders are increasingly relying on derivatives for directional exposure rather than outright stock accumulation.

Market Positioning and Directional Bets

The surge in open interest alongside rising prices typically signals fresh long positions being built or short positions being covered. Given the 12.36% increase in OI and the stock’s outperformance, it is plausible that market participants are adopting a bullish stance on 360 ONE WAM Ltd. The substantial notional value in options further suggests that investors are employing complex strategies, possibly combining calls and puts to hedge or leverage directional views.

However, the weighted average price skewed towards the lower end of the day’s range and the sharp drop in delivery volumes caution that some participants may be taking profits or remaining cautious amid recent gains. This mixed behaviour could reflect a market balancing between optimism on the company’s fundamentals and prudence given broader market uncertainties.

Mojo Score and Analyst Ratings

360 ONE WAM Ltd currently holds a Mojo Score of 65.0, placing it in the 'Hold' category. This represents a downgrade from its previous 'Buy' rating as of 22 Jan 2026. The company’s market capitalisation stands at ₹47,191.75 crores, categorising it as a mid-cap stock within the capital markets sector. The market cap grade is rated 2, indicating moderate size and liquidity.

The downgrade reflects a cautious stance by analysts, possibly influenced by the recent volatility in delivery volumes and the mixed signals from derivatives activity. Nonetheless, the stock’s ability to sustain above key moving averages and its recent outperformance relative to sector peers provide a foundation for potential upside, albeit with tempered expectations.

Liquidity and Trading Considerations

Liquidity remains adequate for sizeable trades, with the stock’s average traded value over five days supporting a trade size of approximately ₹1.96 crores based on 2% of average daily turnover. This liquidity profile supports active participation by institutional and retail investors alike, facilitating efficient price discovery and execution of derivative strategies.

Investors should note the divergence between rising open interest and falling delivery volumes, which may imply that short-term traders and hedgers are more active than long-term holders. This dynamic warrants close monitoring, especially in the context of broader market trends and sectoral developments.

Outlook and Investor Takeaways

In summary, the recent surge in open interest and volume in 360 ONE WAM Ltd’s derivatives market, combined with its price outperformance, suggests that investors are positioning for further gains. The stock’s technical strength, evidenced by its position above all major moving averages, supports this bullish outlook.

However, the sharp decline in delivery volumes and the weighted average price skew indicate some caution among investors, possibly reflecting profit-taking or hedging activity. Given the company’s current 'Hold' rating and the downgrade from 'Buy', investors should weigh the potential rewards against the risks posed by market volatility and sector-specific factors.

For traders, the elevated open interest and substantial options activity offer opportunities to deploy strategic derivative plays, including spreads and hedges, to capitalise on anticipated price movements while managing risk.

Long-term investors may prefer to monitor upcoming quarterly results and sectoral developments before increasing exposure, while short-term participants can benefit from the heightened liquidity and volatility to execute tactical trades.

Company and Sector Context

360 ONE WAM Ltd operates within the capital markets industry, a sector that has shown resilience amid fluctuating macroeconomic conditions. The company’s mid-cap status and sizeable market capitalisation provide a balance of growth potential and stability. Its recent performance relative to the sector and Sensex underscores its competitive positioning.

Investors should also consider broader market trends, including interest rate movements, regulatory changes, and global economic factors, which can influence capital markets stocks and their derivatives activity.

Overall, the current market signals for 360 ONE WAM Ltd point to a cautiously optimistic stance, with active derivative positioning reflecting expectations of continued momentum tempered by prudent risk management.

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