Bajaj Finserv Ltd Sees Sharp Open Interest Surge Amid Derivatives Activity

Open Interest and Volume Dynamics

The latest data reveals that Bajaj Finserv’s open interest (OI) in derivatives rose sharply from 1,00,422 contracts to 1,23,543 contracts, an increase of 23,121 contracts or 23.02%. This substantial rise in OI was accompanied by a futures volume of 50,845 contracts, indicating robust trading activity. The futures value stood at approximately ₹1,64,156.65 lakhs, while the options segment exhibited an enormous notional value of ₹8,953.43 crores, underscoring the stock’s prominence in the derivatives market.

Such a pronounced increase in open interest typically suggests fresh positions being initiated rather than existing ones being squared off. This can be interpreted as investors either building directional bets or hedging strategies in anticipation of upcoming volatility or corporate developments.

Price Performance and Technical Context

Despite the surge in derivatives activity, Bajaj Finserv’s spot price showed signs of weakness on 23 Jan 2026, declining by 1.58% and underperforming its sector by 0.36% and the Sensex by 0.67%. The stock’s current price of ₹1,969 is trading below all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a bearish technical setup. This trend reversal follows two consecutive days of gains, suggesting profit booking or cautious sentiment among investors.

Delivery volumes also rose, with 7.47 lakh shares delivered on 22 Jan, a 4.76% increase over the five-day average, indicating rising investor participation despite the price dip. Liquidity remains adequate, with the stock able to support trade sizes of up to ₹4.65 crore based on 2% of the five-day average traded value, facilitating active institutional and retail trading.

Market Positioning and Potential Directional Bets

The sharp rise in open interest alongside increased volume suggests that market participants are actively repositioning. Given the stock’s recent price decline and technical weakness, it is plausible that some traders are initiating fresh short positions or protective put options to hedge existing long exposure. Conversely, the elevated options notional value hints at speculative call buying or complex option strategies aiming to capitalise on anticipated volatility or corporate announcements.

Investors should note that the Mojo Score for Bajaj Finserv currently stands at 60.0, with a Mojo Grade of Hold, downgraded from Buy on 6 Oct 2025. This reflects a cautious stance by analysts, balancing the company’s large-cap status and strong market presence against recent price underperformance and technical deterioration. The market cap grade is 1, indicating a large-cap classification with substantial institutional interest.

Sector and Broader Market Context

Bajaj Finserv operates within the holding company sector, which has experienced mixed performance in recent sessions. The sector’s 1-day return of -1.31% and the Sensex’s -0.91% decline on the same day underscore a broadly risk-averse environment. Against this backdrop, the stock’s underperformance by 0.36% relative to its sector suggests specific pressures, possibly linked to profit-taking or sector rotation.

However, the rising delivery volumes and open interest expansion indicate that investors remain engaged, potentially anticipating a medium-term recovery or strategic repositioning ahead of earnings or macroeconomic developments.

Investor Takeaways and Outlook

For investors tracking Bajaj Finserv, the recent surge in derivatives open interest is a critical signal of increased market focus and repositioning. While the technical indicators currently lean bearish, the heightened activity in futures and options suggests that traders are preparing for potential volatility or directional moves in the near term.

Given the stock’s large-cap status and significant market cap of ₹3,13,443.02 crore, institutional investors are likely to influence price action substantially. The downgrade from Buy to Hold by MarketsMOJO analysts on 6 Oct 2025 reflects a prudent approach, recommending investors to monitor developments closely before committing fresh capital.

In summary, the derivatives market activity around Bajaj Finserv points to a nuanced scenario where both bullish and bearish forces are at play. Investors should weigh the technical weakness against the strong open interest growth and elevated volumes, considering broader sector trends and macroeconomic factors before making directional bets.

Summary of Key Metrics:

• Open Interest: 1,23,543 contracts (up 23.02%)


• Futures Volume: 50,845 contracts


• Futures Value: ₹1,64,156.65 lakhs


• Options Notional Value: ₹8,953.43 crores


• Stock Price: ₹1,969 (below all major moving averages)


• 1-Day Return: -1.58% (underperforming sector and Sensex)


• Delivery Volume: 7.47 lakh shares (up 4.76%)


• Mojo Score: 60.0 (Hold, downgraded from Buy)


• Market Cap: ₹3,13,443.02 crore (Large Cap)

Investors should continue to monitor open interest trends and volume patterns as key indicators of market sentiment and potential price direction for Bajaj Finserv Ltd.

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