Open Interest and Volume Dynamics
On 9 February 2026, APL Apollo Tubes recorded an open interest of 33,280 contracts in its futures and options, marking a 15.95% increase from the previous OI of 28,701. This rise of 4,579 contracts is accompanied by a daily volume of 18,286, underscoring active trading interest. The futures segment alone accounted for a value of approximately ₹15,936.35 lakhs, while options contributed a staggering ₹12,663.05 crores in notional value, culminating in a total derivatives value of ₹17,701.66 lakhs.
The underlying stock price closed at ₹2,237, having touched an intraday high of ₹2,244.2, a new 52-week peak. This price action, combined with the OI surge, suggests that market participants are positioning for further upside, supported by strong liquidity and rising investor participation.
Price Performance and Technical Strength
APL Apollo Tubes has outperformed its sector by 0.73% on the day, delivering a 1.69% gain compared to the Iron & Steel Products sector’s 1.05% and the broader Sensex’s 0.58%. The stock has been on a consistent upward trajectory, gaining for seven consecutive sessions and delivering a cumulative return of 9.36% over this period. It is trading comfortably above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling sustained bullish momentum.
Notably, delivery volumes surged to 16.88 lakh shares on 6 February, a 139.48% increase over the five-day average, indicating strong investor conviction and accumulation. The stock’s liquidity profile remains robust, with a trade size capacity of ₹5.44 crore based on 2% of the five-day average traded value, facilitating sizeable institutional participation without significant market impact.
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Market Positioning and Directional Bets
The sharp increase in open interest alongside rising volumes typically indicates fresh positions being established rather than existing ones being squared off. In APL Apollo Tubes’ case, the 15.95% OI growth coupled with a 1.77% day change in price suggests that traders are increasingly bullish, anticipating further price appreciation. This is reinforced by the stock’s mojo score of 88.0 and an upgraded mojo grade to Strong Buy from Buy as of 13 October 2025, reflecting improved fundamentals and technical outlook.
Such positioning often points to directional bets on the upside, with participants likely employing futures and call options to leverage expected gains. The substantial notional value in options contracts further supports the view that investors are hedging or speculating on continued strength. Given the stock’s mid-cap market capitalisation of ₹61,531 crore and its leadership in the Iron & Steel Products sector, these bets are underpinned by solid sectoral demand and company-specific growth drivers.
Sectoral Context and Comparative Performance
The Iron & Steel Products sector has been witnessing a gradual recovery, supported by infrastructure spending and industrial demand. APL Apollo Tubes’ outperformance relative to its sector peers highlights its competitive positioning and operational efficiency. The stock’s ability to sustain gains above all major moving averages contrasts favourably with some sector constituents that remain range-bound or under pressure.
Moreover, the rising delivery volumes and liquidity metrics indicate growing institutional interest, which is often a precursor to sustained price trends. Investors should note that while the market environment remains volatile, APL Apollo Tubes’ strong mojo grade and positive technical signals provide a compelling case for continued accumulation.
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Implications for Investors and Traders
For investors, the surge in open interest and volume in APL Apollo Tubes’ derivatives signals a favourable risk-reward profile, supported by strong technicals and improving fundamentals. The stock’s mojo grade upgrade to Strong Buy reflects enhanced quality metrics and positive earnings outlook, making it an attractive candidate for medium to long-term portfolios.
Traders may find opportunities in the derivatives market to capitalise on the momentum, with futures and call options providing leveraged exposure. However, it is prudent to monitor volatility and sectoral developments closely, as steel prices and raw material costs can influence near-term price action.
Overall, the combination of rising open interest, robust price performance, and strong mojo scores positions APL Apollo Tubes as a key stock to watch in the Iron & Steel Products sector.
Outlook and Conclusion
APL Apollo Tubes Ltd is demonstrating clear signs of bullish market sentiment, with a notable increase in open interest and sustained price gains culminating in a new 52-week high. The stock’s mojo score of 88.0 and upgraded mojo grade to Strong Buy further validate its strong fundamentals and technical momentum. Rising delivery volumes and liquidity reinforce the narrative of growing investor confidence and institutional participation.
While sectoral headwinds remain a consideration, the company’s leadership position and positive market positioning suggest that the current momentum could extend further. Investors and traders should continue to monitor open interest trends and volume patterns as key indicators of evolving market sentiment and potential directional bets.
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