Open Interest and Volume Dynamics
On 22 January 2026, CAMS recorded an open interest (OI) of 23,215 contracts, up from 19,849 the previous day, marking an increase of 3,366 contracts or 16.96%. This rise in OI was accompanied by a robust trading volume of 73,821 contracts, indicating heightened activity in the stock’s futures and options market. The futures segment alone accounted for a value of approximately ₹72,880 lakhs, while the options segment exhibited an extraordinary notional value of ₹33,662.89 crores, underscoring the intense speculative interest.
The total derivatives value traded stood at ₹76,662.82 lakhs, with the underlying stock price at ₹713. This combination of rising OI and volume typically signals fresh positions being established rather than existing ones being squared off, suggesting that traders are actively taking new stances on CAMS’s near-term price trajectory.
Price Action and Technical Context
Despite the surge in derivatives activity, CAMS’s price action presents a nuanced picture. The stock outperformed its sector by 1.12% on the day, gaining 1.80% compared to the sector’s 0.89% and the Sensex’s 0.48%. It touched an intraday high of ₹743, a 6.05% rise from the previous close, signalling a short-term rebound after three consecutive days of decline.
However, the weighted average price indicates that more volume was traded closer to the day’s low, hinting at some selling pressure or cautious profit-taking at higher levels. Furthermore, CAMS is trading below its key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — which collectively suggest a prevailing bearish trend in the medium to long term.
Investor participation appears to be waning, with delivery volumes falling by 14.05% to 4.74 lakh shares on 21 January compared to the five-day average. This decline in delivery volume may imply reduced conviction among long-term holders, even as derivatives traders ramp up activity.
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Market Positioning and Directional Bets
The sharp increase in open interest alongside rising volumes suggests that market participants are actively repositioning themselves in CAMS derivatives. Given the stock’s recent price rebound after a short-term decline, the surge in OI could reflect fresh bullish bets, possibly anticipating a sustained recovery or a technical bounce.
However, the fact that the stock remains below all major moving averages and that volume was concentrated near the day’s low tempers this optimism. It indicates that while some traders are betting on upside, others remain cautious or are hedging their positions, possibly through options strategies that benefit from limited price movement or volatility.
Notably, the company’s Mojo Score has deteriorated from a Hold to a Sell rating as of 29 December 2025, with a current score of 44.0. This downgrade reflects concerns over the stock’s fundamentals or valuation metrics, which may be influencing the mixed sentiment seen in the derivatives market.
Valuation and Market Capitalisation Context
CAMS is classified as a small-cap company with a market capitalisation of approximately ₹17,679.39 crores. Its Market Cap Grade stands at 3, indicating a mid-tier valuation within its sector. The capital markets industry, to which CAMS belongs, has seen varied performance recently, with the stock’s 1-day return of 1.80% outpacing both the sector and benchmark indices.
Liquidity remains adequate, with the stock’s average traded value supporting trade sizes up to ₹1.87 crores based on 2% of the five-day average traded value. This liquidity profile supports active derivatives trading and allows institutional investors to enter or exit positions without significant market impact.
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Implications for Investors and Traders
The recent surge in open interest and volume in CAMS derivatives signals a market in flux, with participants recalibrating their positions amid mixed technical and fundamental signals. For traders, this environment offers opportunities to capitalise on short-term volatility, especially given the stock’s intraday price swings and active options market.
Long-term investors, however, should exercise caution. The downgrade to a Sell rating by MarketsMOJO and the stock’s position below key moving averages suggest underlying challenges that may weigh on sustained price appreciation. The decline in delivery volumes further indicates a potential reduction in conviction among long-term holders.
Monitoring the evolution of open interest alongside price and volume trends will be crucial in the coming sessions. A sustained increase in OI accompanied by rising prices and higher delivery volumes could confirm a bullish reversal. Conversely, if OI rises but prices falter or delivery volumes continue to decline, it may signal speculative positioning or hedging rather than genuine accumulation.
Conclusion
The pronounced increase in open interest in Computer Age Management Services Ltd’s derivatives market reflects a dynamic shift in market sentiment and positioning. While short-term price gains and elevated volumes suggest renewed interest, the broader technical and fundamental backdrop advises prudence. Investors and traders should closely analyse ongoing market data to discern whether this surge in activity heralds a sustained uptrend or merely transient speculative interest.
Given the current Sell rating and mixed signals, a balanced approach combining tactical trading with careful risk management is advisable for those engaged with CAMS in the near term.
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