Open Interest and Volume Dynamics
On 29 Dec 2025, Bharti Airtel's open interest (OI) in futures and options contracts rose sharply to 172,148 contracts from 154,795 the previous day, marking an increase of 17,353 contracts or 11.21%. This expansion in OI was accompanied by a futures volume of 1,01,231 contracts, reflecting sustained trading interest. The futures value stood at ₹3,37,228 lakhs, while the options segment exhibited a substantial notional value of ₹68,220 crores, underscoring the stock's prominence in the derivatives market.
The combined derivatives turnover amounted to ₹3,39,671 lakhs, indicating strong liquidity and active participation from institutional and retail traders alike. The underlying stock price closed at ₹2,085, just 4.24% shy of its 52-week high of ₹2,174.5, highlighting the stock’s resilience despite recent volatility.
Price Performance and Moving Averages
Bharti Airtel has experienced a mild correction, with the stock falling by 1.78% over the last two trading days and registering a 0.96% decline on the most recent session. This underperformance slightly lagged the telecom sector’s 0.76% drop and the broader Sensex’s 0.41% fall, suggesting sector-wide pressures. The stock currently trades above its 50-day, 100-day, and 200-day moving averages, signalling a longer-term uptrend, but remains below its 5-day and 20-day averages, reflecting short-term consolidation or profit-taking.
Investor participation has notably diminished, with delivery volumes plummeting by 78.3% to 7.83 lakh shares on 26 Dec compared to the five-day average, indicating reduced conviction among long-term holders amid recent price softness.
Market Positioning and Directional Bets
The surge in open interest amid a slight price decline suggests that market participants are actively repositioning. The increase in OI alongside elevated volumes often points to fresh capital entering the market, either through new long positions or short hedges. Given the stock’s proximity to its 52-week high, some traders may be speculating on a breakout, while others could be establishing protective positions anticipating a pullback.
Options data, with a notional value exceeding ₹68,000 crores, further indicates significant hedging and speculative activity. The large open interest build-up in both call and put options could imply a range-bound expectation or a potential volatility spike in the near term. This mixed positioning is typical in a stock undergoing consolidation after a strong rally.
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Mojo Score Upgrade Reflects Positive Outlook
MarketsMOJO has upgraded Bharti Airtel’s Mojo Grade from Hold to Buy as of 16 Dec 2025, reflecting improved fundamentals and technical indicators. The stock’s Mojo Score stands at 71.0, signalling a favourable risk-reward profile. Despite a Market Cap Grade of 1, indicating a very large market capitalisation of ₹11,88,945.98 crores, the stock remains attractive for investors seeking exposure to the telecom services sector’s growth potential.
The upgrade is supported by the company’s robust earnings outlook, steady subscriber additions, and strategic investments in 5G infrastructure, which are expected to drive revenue growth and margin expansion over the medium term.
Liquidity and Trading Considerations
Liquidity remains ample, with the stock’s average traded value supporting trade sizes up to ₹22.76 crores based on 2% of the five-day average. This ensures that institutional investors can execute sizeable orders without significant market impact. The stock’s large-cap status and active derivatives market make it a preferred choice for hedging and speculative strategies.
However, the recent decline in delivery volumes suggests caution among long-term investors, possibly awaiting clearer directional cues before committing fresh capital.
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Sector and Broader Market Context
The telecom services sector has been under moderate pressure recently, with the sector index falling 0.76% on the latest trading day. Bharti Airtel’s performance has been broadly in line with sector trends, though its large market cap and leadership position provide relative stability. The Sensex’s smaller decline of 0.41% indicates that broader market sentiment remains cautious but not overtly negative.
Investors should monitor upcoming quarterly results and regulatory developments, which could influence the stock’s trajectory. The ongoing rollout of 5G services and competitive pricing dynamics will remain key factors shaping earnings and market sentiment.
Conclusion: Strategic Positioning Amid Volatility
The recent surge in open interest in Bharti Airtel’s derivatives market, coupled with mixed price action and declining delivery volumes, paints a picture of cautious optimism among investors. While the stock remains near its 52-week highs and enjoys a positive medium-term outlook as reflected in its upgraded Mojo Grade, short-term volatility and profit-taking are evident.
Market participants appear to be positioning for potential directional moves, with increased hedging and speculative activity in options contracts. For investors, this environment calls for a balanced approach, weighing the company’s strong fundamentals and sector leadership against near-term technical pressures and liquidity trends.
Overall, Bharti Airtel remains a compelling large-cap telecom play with a Buy rating, supported by robust market positioning and improving financial metrics, but investors should remain vigilant to evolving market signals and sector dynamics.
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