Call Option Activity Highlights
The call options for HCL Technologies Ltd (HCLTECH) with a strike price of ₹1700 and expiry on 27 January 2026 have witnessed exceptional trading interest. A total of 3,119 contracts changed hands, generating a turnover of ₹220.08 lakhs. Open interest stands at 3,247 contracts, indicating sustained investor commitment ahead of expiry. The underlying stock is currently valued at ₹1662.4, suggesting that traders are positioning for a potential upside beyond the strike price within the next two weeks.
This surge in call option activity reflects a bullish sentiment, as market participants anticipate further gains in HCL Technologies’ share price. The strike price of ₹1700 is notably close to the current market price, making these options attractive for speculative and hedging strategies alike.
Stock Performance and Technical Strength
On the equity front, HCL Technologies has outperformed its sector by 0.6% today, with a marginal 0.02% gain compared to the sector’s 0.35% decline and the Sensex’s 0.47% drop. The stock has recorded consecutive gains over the past two sessions, delivering a cumulative return of 1.05% during this period. Such momentum is underpinned by the stock trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a robust uptrend and strong technical support.
Investor participation has also been on the rise, with delivery volumes reaching 20.58 lakh shares on 9 January, a 23.8% increase over the five-day average. This heightened activity suggests growing confidence among long-term holders and institutional investors.
Fundamental Strength and Valuation
HCL Technologies commands a large market capitalisation of ₹4,51,093 crore, placing it firmly among India’s blue-chip software companies. The company offers a healthy dividend yield of 3.61%, which adds to its appeal for income-focused investors. Despite a slight downgrade in its Mojo Grade from Strong Buy to Buy on 24 December 2025, the stock maintains a solid Mojo Score of 72.0, reflecting favourable fundamentals and quality metrics.
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Expiry Patterns and Market Implications
The expiry date of 27 January 2026 is a critical juncture for option traders, as it falls within the current earnings season and broader market volatility window. The concentration of call options at the ₹1700 strike price suggests that investors are betting on a near-term rally, potentially driven by positive quarterly results or favourable sector developments.
Open interest data corroborates this view, with a healthy build-up indicating that traders are not merely closing positions but actively establishing new bullish bets. This dynamic often precedes price movements, as option market activity can serve as a leading indicator of underlying stock trends.
Sector Comparison and Relative Strength
Within the Computers - Software & Consulting sector, HCL Technologies stands out for its liquidity and investor interest. The stock’s ability to outperform the sector index by 0.6% today, coupled with its rising delivery volumes, underscores its relative strength. This is particularly notable given the broader market’s subdued performance, with the Sensex down by 0.47%.
Such resilience is a testament to HCL’s diversified business model, strong client relationships, and ongoing digital transformation initiatives that continue to drive revenue growth and margin expansion.
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Investor Takeaways and Outlook
For investors monitoring HCL Technologies, the current call option activity signals a positive near-term outlook. The proximity of the ₹1700 strike price to the current market value, combined with strong open interest and rising delivery volumes, suggests that market participants expect the stock to breach this level before expiry.
However, the slight downgrade in the Mojo Grade from Strong Buy to Buy indicates a need for cautious optimism. While fundamentals remain robust, investors should remain vigilant to broader market conditions and sector-specific risks, including global IT spending trends and currency fluctuations.
Overall, HCL Technologies continues to be a compelling large-cap stock with a blend of growth potential and income generation, supported by technical strength and active options market positioning.
Conclusion
The surge in call option trading for HCL Technologies Ltd highlights the stock’s bullish sentiment among traders and investors alike. With a strong fundamental base, technical momentum, and active investor participation, the company is well-positioned to capitalise on upcoming market catalysts. As expiry approaches on 27 January 2026, market watchers will closely track price movements and option market dynamics to gauge the sustainability of this positive trend.
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