Heavy Put Option Trading Highlights Investor Sentiment
On 9 February 2026, Bharti Airtel emerged as the most active stock in put options trading, with 6,271 contracts changing hands at the ₹2,000 strike price expiring on 24 February 2026. This volume corresponds to a turnover of approximately ₹373.23 lakhs, underscoring significant investor interest in downside protection or speculative bearish bets. Open interest in these puts stands at 2,282 contracts, indicating sustained positioning rather than transient trading.
The underlying stock price at ₹2,032.8 is just above the strike price, suggesting that traders are positioning for a potential near-term correction or increased volatility. The put option activity is particularly noteworthy given the stock’s recent performance, which has underperformed its sector by 0.69% on the day, while the broader Sensex gained 0.64%.
Technical and Market Context
Bharti Airtel’s technical indicators present a mixed picture. The stock is trading above its 5-day, 20-day, and 200-day moving averages, signalling some underlying strength. However, it remains below its 50-day and 100-day moving averages, which often act as resistance levels and suggest medium-term caution. This technical divergence may be contributing to the increased put buying as investors hedge against potential pullbacks.
Investor participation has also risen sharply, with delivery volumes reaching 85.2 lakh shares on 6 February 2026, a 106.32% increase compared to the five-day average. This heightened activity reflects growing market interest and possibly increased volatility expectations.
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Bearish Positioning and Hedging Strategies
The concentration of put option activity at the ₹2,000 strike price, just below the current market price, suggests that traders are either hedging existing long positions or speculating on a near-term decline. Given the stock’s large market capitalisation of ₹11,68,276 crore, such hedging is a common risk management tactic among institutional investors.
Moreover, the telecom sector has faced headwinds recently, including regulatory uncertainties and competitive pressures, which may be prompting investors to adopt more cautious stances. The stock’s Mojo Score of 58.0 and a recent downgrade from a Buy to a Hold rating on 29 December 2025 further reflect tempered expectations.
Liquidity remains robust, with the stock’s traded value supporting trade sizes up to ₹33.81 crore based on 2% of the five-day average traded value, ensuring that option market participants can execute sizeable trades without significant price impact.
Comparative Sector and Market Performance
While Bharti Airtel’s one-day return was a modest decline of 0.17%, the telecom sector gained 0.37%, and the Sensex rose 0.64% on the same day. This relative underperformance, combined with the surge in put option interest, highlights a cautious or bearish sentiment specific to Bharti Airtel rather than the broader market or sector.
Investors should note that the stock’s technical positioning and recent downgrade may be influencing this sentiment, but the underlying fundamentals of the company remain strong given its leadership in the telecom services industry.
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Outlook and Investor Considerations
Given the current put option activity and technical indicators, investors should approach Bharti Airtel with a balanced view. The stock’s leadership position and large-cap status provide a solid foundation, but the recent downgrade and sector challenges warrant caution.
Investors employing hedging strategies through put options may be seeking to protect gains or limit downside risk in a volatile environment. Those considering fresh positions should monitor the stock’s movement relative to key moving averages and expiry dates, particularly the 24 February 2026 options expiry, which could act as a catalyst for price action.
Overall, the surge in put option volume at the ₹2,000 strike price is a clear signal of increased bearish sentiment or risk management, reflecting a nuanced market view on Bharti Airtel’s near-term prospects.
Summary of Key Metrics
Bharti Airtel Ltd (BHARTIARTL) – Telecom Services
- Underlying Price: ₹2,032.8
- Put Option Strike Price: ₹2,000
- Expiry Date: 24 February 2026
- Number of Put Contracts Traded: 6,271
- Put Option Turnover: ₹373.23 lakhs
- Open Interest in Puts: 2,282 contracts
- Mojo Score: 58.0 (Hold, downgraded from Buy on 29 Dec 2025)
- Market Cap: ₹11,68,276 crore (Large Cap)
- Day Change: -0.07%
- Sector 1D Return: +0.37%
- Sensex 1D Return: +0.64%
Investors should continue to monitor option market activity and technical developments closely to gauge evolving sentiment and potential price movements in Bharti Airtel.
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