Angel One Ltd Sees Surge in Call Option Activity Amid Bullish Market Sentiment

Robust Call Option Volumes Highlight Investor Optimism

Data from the derivatives market reveals that Angel One Ltd’s call options have emerged as some of the most actively traded contracts in recent sessions. The strike prices of Rs 2,650 and Rs 2,700 for the 24 February expiry have attracted significant volumes, with 9,605 and 7,744 contracts traded respectively. This translates into a combined turnover exceeding ₹1995 lakhs, underscoring heightened speculative interest.

The underlying stock price stood at Rs 2,621 on 18 February 2026, positioning the Rs 2,650 strike slightly out-of-the-money and the Rs 2,700 strike further out-of-the-money. The open interest figures of 1,877 and 2,407 contracts at these strikes indicate sustained investor commitment, suggesting expectations of a near-term price rally.

Stock Performance and Technical Indicators

Angel One Ltd outperformed its sector by 1.59% on the day, registering a 2.07% gain compared to the sector’s 0.54% and the Sensex’s marginal 0.03% rise. The stock reversed a five-day losing streak, touching an intraday high of Rs 2,654.8, a 3.29% increase from previous levels. Notably, the stock price remains above its 20-day, 50-day, 100-day, and 200-day moving averages, although it trades just below the 5-day moving average, indicating short-term consolidation amid a longer-term uptrend.

Investor participation has also risen, with delivery volumes on 17 February reaching 2.43 lakh shares, a 6.58% increase over the five-day average. Liquidity remains robust, with the stock’s average traded value supporting trade sizes up to ₹4.81 crores, facilitating active market engagement.

Mojo Score Downgrade and Market Cap Considerations

Despite the bullish option activity, Angel One Ltd’s Mojo Score currently stands at 44.0, with a Mojo Grade of Sell as of 27 January 2026, downgraded from a previous Hold rating. This reflects underlying concerns about the company’s fundamentals or valuation metrics relative to peers. The market capitalisation is approximately ₹23,424 crores, categorising it as a small-cap within the capital markets sector.

The Market Cap Grade is rated 3, indicating moderate size and liquidity constraints compared to larger capital markets firms. Investors should weigh the technical optimism against these fundamental cautionary signals when considering exposure.

Expiry Patterns and Strike Price Analysis

The concentration of call option volumes at the Rs 2,650 and Rs 2,700 strikes for the 24 February expiry suggests that traders are positioning for a potential breakout above current levels within the next week. The Rs 2,650 strike, being closer to the current market price, has seen the highest turnover of ₹1328.13 lakhs, indicating a strong bet on the stock surpassing this level imminently.

Open interest data corroborates this view, with the Rs 2,700 strike showing a higher open interest of 2,407 contracts, implying that some investors are targeting a more ambitious upside. This pattern is consistent with a bullish sentiment prevailing in the options market, despite the stock’s recent technical consolidation.

Sector and Market Context

Angel One Ltd’s outperformance relative to the capital markets sector and the broader Sensex index highlights its relative strength in a competitive environment. The sector’s 1D return of 0.54% pales in comparison to Angel One’s 2.07% gain, signalling selective investor preference. This may be driven by the company’s market positioning, product offerings, or recent strategic initiatives that have resonated with market participants.

However, the downgrade in Mojo Grade to Sell suggests that analysts remain cautious, possibly due to valuation concerns or earnings outlook uncertainties. This dichotomy between technical optimism and fundamental caution is a key consideration for investors navigating the stock’s near-term trajectory.

Investor Takeaways and Outlook

Angel One Ltd’s recent surge in call option activity reflects a growing bullish sentiment among traders anticipating a price rally in the near term. The concentration of open interest and turnover at strikes above the current market price suggests confidence in upside potential ahead of the 24 February expiry.

Nevertheless, the downgrade to a Sell Mojo Grade and moderate market cap rating counsel prudence. Investors should consider the broader fundamental context, including valuation and sector dynamics, before increasing exposure. The stock’s technical indicators remain supportive, but short-term volatility cannot be ruled out given the mixed signals.

For those tracking derivatives flows, Angel One Ltd represents a compelling case study of how option market positioning can provide early insights into investor expectations, complementing traditional fundamental analysis.

Summary of Key Metrics:

• Underlying stock price: Rs 2,621 (18 Feb 2026)
• Most active call strikes: Rs 2,650 (9,605 contracts), Rs 2,700 (7,744 contracts)
• Turnover at Rs 2,650 strike: ₹1,328.13 lakhs
• Turnover at Rs 2,700 strike: ₹667.34 lakhs
• Open interest: 1,877 (Rs 2,650), 2,407 (Rs 2,700)
• Mojo Score: 44.0 (Sell, downgraded from Hold on 27 Jan 2026)
• Market cap: ₹23,424 crores (Small Cap)
• 1D stock return: 2.07%, outperforming sector (0.54%) and Sensex (0.03%)

Investors should monitor upcoming earnings announcements and sector developments to gauge whether the bullish option positioning translates into sustained price appreciation.

Conclusion

Angel One Ltd’s active call option market activity ahead of the 24 February expiry highlights a nuanced market view: traders are positioning for upside despite fundamental caution reflected in the recent Mojo Grade downgrade. This dynamic underscores the importance of integrating derivatives data with traditional analysis to form a comprehensive investment thesis.

As the expiry date approaches, market participants will be closely watching price movements around the Rs 2,650 and Rs 2,700 levels to validate the bullish sentiment embedded in the options market.

Unlock special upgrade rates for a limited period. Start Saving Now →