Key Events This Week
19 Jan: Stock opens strong at Rs.971.20 (+2.18%) despite Sensex decline
20 Jan: Intraday low hit amid price pressure; heavy put option activity
21 Jan: Sharp open interest surge amid mixed technical signals
22 Jan: Continued open interest rise with modest price gain
23 Jan: Open interest spikes again amid market volatility; price dips
Weekly Close: Rs.927.85 (-2.38%) vs Sensex -3.31%
Monday, 19 January 2026: Strong Start Amid Market Weakness
Bajaj Finance began the week on a positive note, rising 2.18% to close at Rs.971.20, despite the Sensex falling 0.49% to 36,650.97. The stock’s gain contrasted with the broader market’s weakness, signalling initial investor confidence. Volume was moderate at 2,77,310 shares, supporting the price advance. This early strength set a high-water mark for the week, with the stock reaching its weekly peak on this day.
Tuesday, 20 January 2026: Intraday Low and Heavy Put Option Activity
The stock faced significant selling pressure on 20 January, falling 3.88% to close at Rs.933.50, hitting an intraday low of Rs.931.65. This decline was sharper than the Sensex’s 1.82% drop, reflecting sectoral and stock-specific weakness. Bajaj Finance underperformed the NBFC sector, which declined 2.01%, highlighting intensified selling pressure.
Notably, the stock saw one of the highest value turnovers on the day, with a traded volume of 21,37,329 shares and a value of ₹203.48 crores, indicating strong institutional activity despite the price fall. The weighted average price skewed towards the lower end, confirming selling dominance as the session progressed.
Put option activity surged, with 3,757 contracts traded at the ₹950 strike price, generating a turnover of ₹364.05 lakhs. This spike in bearish derivatives positions suggested heightened investor caution and hedging ahead of the 27 January expiry. The stock’s technical position deteriorated further, trading below all key moving averages, signalling a bearish trend.
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Wednesday, 21 January 2026: Open Interest Surges Amid Mixed Signals
On 21 January, Bajaj Finance’s derivatives open interest rose sharply by 11.96% to 2,18,117 contracts, reflecting increased market activity and fresh positioning. Despite this, the stock price was largely flat, gaining a marginal 0.28% to Rs.936.10, underperforming the sector and Sensex declines.
Delivery volumes increased by 26.36% compared to the five-day average, indicating renewed investor participation at the cash level. However, the stock remained below all major moving averages, maintaining a bearish technical stance. The divergence between rising open interest and subdued price action suggested traders were positioning for a directional move yet to materialise.
Thursday, 22 January 2026: Continued Open Interest Growth and Modest Price Gain
Bajaj Finance saw an 18.14% jump in derivatives open interest to 2,29,810 contracts on 22 January, alongside a 0.74% rise in stock price to Rs.943.00. This modest gain was slightly below the sector’s 0.82% increase but aligned with the Sensex’s 0.76% advance. Despite the price uptick, the stock remained technically weak, trading below all key moving averages.
Delivery volumes declined by 34.19%, signalling reduced long-term investor participation amid heightened derivatives activity. The mixed signals pointed to a market balancing between speculative positioning and cautious cash market sentiment.
Friday, 23 January 2026: Open Interest Spike Amid Price Decline
The week closed with another surge in open interest, rising 11.7% to 2,14,985 contracts, while the stock price declined 1.61% to Rs.927.85. Delivery volumes fell 20.46%, indicating waning investor conviction at the cash level. The stock’s technical position remained bearish, trading below all major moving averages.
Despite the price drop, Bajaj Finance outperformed the Sensex’s 1.33% decline, reflecting relative resilience. The derivatives market activity suggested active repositioning, with traders possibly anticipating increased volatility or a trend change. The stock’s Mojo Score remained at 71.0 with a Buy rating, downgraded from Strong Buy in January 2025, signalling a cautious but fundamentally sound outlook.
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| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-19 | Rs.971.20 | +2.18% | 36,650.97 | -0.49% |
| 2026-01-20 | Rs.933.50 | -3.88% | 35,984.65 | -1.82% |
| 2026-01-21 | Rs.936.10 | +0.28% | 35,815.26 | -0.47% |
| 2026-01-22 | Rs.943.00 | +0.74% | 36,088.66 | +0.76% |
| 2026-01-23 | Rs.927.85 | -1.61% | 35,609.90 | -1.33% |
Key Takeaways
Relative Outperformance Despite Market Weakness: Bajaj Finance’s weekly decline of 2.38% was less severe than the Sensex’s 3.31% fall, indicating relative strength amid broad market volatility.
Heavy Derivatives Activity Signals Caution: Multiple sharp increases in open interest and put option volumes throughout the week suggest heightened hedging and bearish positioning ahead of the 27 January expiry.
Technical Challenges Persist: The stock consistently traded below all major moving averages, reflecting sustained selling pressure and a cautious technical outlook.
Mixed Investor Participation: Delivery volumes fluctuated, with notable increases midweek but declines towards the end, indicating a divergence between short-term trading and long-term holding patterns.
Institutional Interest Remains Strong: High traded values and liquidity support sizeable institutional transactions, underscoring Bajaj Finance’s status as a large-cap heavyweight in the NBFC sector.
Mojo Score and Rating: The stock holds a Mojo Score of 71.0 with a Buy rating, downgraded from Strong Buy in January 2025, reflecting a tempered but fundamentally sound outlook.
Conclusion
Bajaj Finance Ltd’s performance in the week ending 23 January 2026 was shaped by a complex interplay of market volatility, sectoral pressures, and active derivatives positioning. While the stock declined 2.38%, it outperformed the broader Sensex, demonstrating relative resilience amid a challenging environment. The surge in open interest and put option activity highlights investor caution and hedging strategies ahead of the upcoming expiry, while technical indicators remain subdued with the stock trading below all key moving averages.
Investor participation showed mixed signals, with delivery volumes rising midweek but tapering off towards the close, suggesting a divergence between short-term trading and longer-term conviction. The stock’s strong liquidity and large market capitalisation continue to attract institutional interest, supporting active trading despite the cautious sentiment.
Overall, Bajaj Finance remains a key player in the NBFC sector with solid fundamentals, but the near-term outlook is clouded by technical weakness and market uncertainty. Market participants should monitor evolving price action, derivatives activity, and sector developments closely to navigate potential volatility and identify emerging opportunities.
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