Open Interest and Volume Dynamics
On 10 Feb 2026, Blue Star Ltd. (symbol: BLUESTARCO) recorded an open interest of 17,265 contracts in its futures and options segment, marking a robust increase of 2,101 contracts or 13.86% compared to the previous OI of 15,164. This rise in open interest is accompanied by a substantial trading volume of 31,247 contracts, indicating active participation from both institutional and retail investors.
The futures value stood at ₹22,759.42 lakhs, while the options segment exhibited an impressive notional value of approximately ₹18,024.36 crores, culminating in a total derivatives market value of ₹25,482.74 lakhs. The underlying stock price closed at ₹1,949, having touched an intraday high of ₹1,995.5, up 3.02% during the session.
Price Performance and Moving Averages
Blue Star has outperformed its sector by 1.08% on the day, with a one-day return of 0.75% compared to the Electronics & Appliances sector’s decline of 0.78%. The stock has been on a three-day consecutive gain streak, delivering a cumulative return of 4.34% over this period. Notably, the share price is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a strong upward trend and positive momentum.
Investor participation has also surged, with delivery volumes on 9 Feb reaching 8.9 lakh shares, a remarkable 188.21% increase over the five-day average delivery volume. This heightened delivery volume suggests genuine accumulation rather than speculative trading, reinforcing the bullish outlook.
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Market Positioning and Directional Bets
The surge in open interest alongside rising volumes typically indicates fresh capital entering the market, often reflecting directional bets. In Blue Star’s case, the 13.86% increase in OI suggests that traders are building new positions rather than merely rolling over existing ones. Given the concurrent price appreciation and strong delivery volumes, it is reasonable to infer that the majority of these positions are long bets, anticipating further upside.
Moreover, the stock’s mojo score has improved to 55.0, upgrading its mojo grade from Sell to Hold as of 30 Jan 2026. This upgrade reflects a more balanced risk-reward profile, with the company’s mid-cap market capitalisation of ₹40,127.78 crores supporting its liquidity and investor interest. The market cap grade of 2 further confirms its standing as a moderately liquid and investible stock within its sector.
Sector and Benchmark Comparison
Blue Star’s outperformance relative to the Electronics & Appliances sector and the broader Sensex index (which gained 0.21% on the same day) highlights its relative strength. While the sector declined by 0.78%, Blue Star’s positive returns and rising open interest underscore its appeal as a preferred stock within the segment. This divergence may be attributed to company-specific factors such as robust earnings outlook, favourable demand trends, or strategic initiatives that have resonated well with investors.
Trading liquidity remains adequate, with the stock’s average traded value supporting a trade size of approximately ₹3.19 crores based on 2% of the five-day average traded value. This ensures that institutional investors can enter or exit sizeable positions without significant market impact.
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Implications for Investors
The combination of rising open interest, increasing volumes, and positive price momentum suggests that Blue Star Ltd. is attracting renewed investor interest and confidence. For traders and investors, this environment offers potential opportunities to capitalise on the stock’s upward trajectory, especially given its strong technical positioning above key moving averages and improving mojo grade.
However, the mojo grade of Hold indicates that while the stock has improved from a Sell rating, it still warrants cautious optimism. Investors should monitor upcoming earnings releases, sector developments, and broader market conditions to validate the sustainability of the current trend.
Additionally, the significant increase in delivery volumes points to genuine accumulation, which is a positive sign for medium-term investors seeking quality exposure in the Electronics & Appliances sector. The stock’s mid-cap status and market cap grade of 2 ensure sufficient liquidity for both retail and institutional participants.
Outlook and Conclusion
Blue Star Ltd.’s recent surge in open interest and volume, coupled with its price outperformance and technical strength, positions it favourably within its sector. The market appears to be pricing in positive fundamentals and growth prospects, reflected in the upgraded mojo grade and sustained investor participation.
While the stock remains a Hold on the mojo scale, the directional bets evident in the derivatives market suggest that traders are optimistic about further gains. Investors should continue to track open interest trends, volume patterns, and price action to gauge the evolving market sentiment and adjust their positions accordingly.
Given the current momentum and improving fundamentals, Blue Star Ltd. remains a stock to watch closely for potential upside in the near term, especially as it navigates sectoral headwinds and broader market volatility.
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