Robust Call Option Activity Highlights Investor Confidence
On 9 February 2026, BSE Ltd emerged as the most active stock in call options trading, with the 24 February 2026 expiry series attracting significant attention. The call options at the ₹3,000 strike price saw 6,373 contracts traded, generating a turnover of approximately ₹2,498.14 lakhs. Open interest for these contracts stands at 3,448, indicating sustained interest and potential for further price movement in the underlying equity.
The underlying stock price closed at ₹2,991.50, just 1.58% shy of its 52-week high of ₹3,030, underscoring the proximity to a key resistance level. This near-the-money strike price coupled with high volumes suggests traders are positioning for a possible breakout above the ₹3,000 mark before expiry.
Price Momentum and Technical Indicators Support Bullish Outlook
BSE Ltd’s stock has outperformed its sector by 2.45% on the day, registering a 3.18% gain compared to the Capital Markets sector’s 0.67% and the Sensex’s 0.40%. The stock is trading above all major moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling strong upward momentum and technical strength.
Despite this, investor participation has shown signs of moderation, with delivery volumes falling by 55.7% to 10 lakh shares on 6 February compared to the five-day average. This divergence between price strength and delivery volume may indicate short-term speculative interest driving the rally rather than broad-based accumulation.
Market Capitalisation and Quality Metrics Reinforce Investment Appeal
BSE Ltd is classified as a mid-cap stock with a market capitalisation of ₹1,21,745.77 crores. The company holds a Mojo Score of 77.0, reflecting a strong Buy rating, upgraded from Hold on 6 February 2026. This upgrade was driven by improved fundamentals and positive trend assessments, positioning BSE Ltd favourably within the Capital Markets sector.
Its market cap grade is 2, indicating a solid mid-cap standing with adequate liquidity to support sizeable trades. The stock’s liquidity is sufficient for trade sizes up to ₹29.17 crores based on 2% of the five-day average traded value, making it accessible for institutional investors and active traders alike.
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Expiry Patterns and Strike Price Selection Indicate Strategic Positioning
The concentration of call option activity at the ₹3,000 strike price for the 24 February expiry suggests traders are betting on a near-term rally. This strike is effectively at-the-money, given the underlying price of ₹2,991.50, making it an attractive level for bullish bets with limited downside risk relative to the premium paid.
Such positioning often reflects expectations of positive catalysts or continued sectoral strength. Given BSE Ltd’s role as a key infrastructure player in India’s capital markets ecosystem, investors may be anticipating favourable regulatory developments, increased market volumes, or improved earnings visibility in the coming weeks.
Comparative Sector and Market Performance
Within the Capital Markets sector, BSE Ltd’s outperformance is notable. While the sector gained 0.67% on the day, BSE Ltd’s 3.18% rise underscores its relative strength. This divergence may attract further investor interest, especially from those seeking mid-cap exposure with strong technical and fundamental backing.
Moreover, the Sensex’s modest 0.40% gain highlights BSE Ltd’s ability to outperform broader market indices, reinforcing its appeal as a tactical trading and investment candidate.
Risks and Considerations
Despite the bullish signals, investors should remain cautious of the falling delivery volumes, which may indicate a lack of conviction among long-term holders. The high open interest in call options also raises the possibility of increased volatility as expiry approaches, with potential for sharp price swings if expectations are not met.
Additionally, the stock’s proximity to its 52-week high means resistance levels could cap gains in the short term, requiring confirmation through sustained volume and positive news flow.
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Outlook and Investor Takeaways
With a recent upgrade to a Buy rating and a strong Mojo Score of 77.0, BSE Ltd is positioned favourably for investors seeking exposure to India’s capital markets infrastructure. The surge in call option activity at a near-the-money strike price ahead of the February expiry reflects growing optimism and a tactical bullish stance among traders.
Investors should monitor price action around the ₹3,000 level closely, as a decisive breakout could trigger further gains. Conversely, any failure to breach this resistance may lead to consolidation or profit-taking, especially given the reduced delivery volumes.
Overall, BSE Ltd’s combination of solid fundamentals, technical strength, and active options market interest makes it a compelling candidate for both short-term traders and medium-term investors.
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