Open Interest and Volume Dynamics
On 23 January 2026, HCL Technologies (HCLTECH) recorded an open interest (OI) of 95,468 contracts in its derivatives market, marking a substantial increase of 9,026 contracts or 10.44% compared to the previous OI of 86,442. This rise in OI is accompanied by a daily volume of 58,580 contracts, indicating robust trading activity and heightened investor interest.
The futures segment alone accounted for a value of approximately ₹1,15,371 lakhs, while the options segment’s notional value stood at a staggering ₹23,669.82 crores. The combined derivatives value reached ₹1,16,879.5 lakhs, underscoring the significant capital flow into HCL Technologies’ derivatives instruments.
Such a pronounced increase in open interest, alongside strong volume, typically reflects fresh positions being established rather than existing ones being squared off. This suggests that market participants are actively positioning themselves for anticipated price movements in the stock.
Price Performance and Technical Indicators
HCL Technologies has outperformed its sector by 0.33% on the day, registering a 0.38% gain compared to the sector’s marginal decline of 0.03% and the Sensex’s sharper fall of 0.91%. The stock has also recorded gains over the past two consecutive sessions, delivering a cumulative return of 1.56% during this period.
Technically, HCL Technologies is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a strong bullish trend. This technical strength is likely encouraging traders to increase their exposure through derivatives, anticipating further upside momentum.
However, it is noteworthy that delivery volume on 22 January fell by 19.32% to 11.37 lakh shares compared to the five-day average, indicating a slight dip in investor participation in the cash segment. This divergence between derivatives activity and delivery volumes may imply that short-term traders and institutional participants are driving the recent surge in open interest rather than retail investors.
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Market Positioning and Directional Bets
The surge in open interest, coupled with rising futures and options values, points to a growing consensus among traders that HCL Technologies is poised for further gains. The underlying value of the stock stands at ₹1,712, and the derivatives market activity suggests that participants are increasingly bullish on the stock’s near-term trajectory.
Given the stock’s strong fundamentals and technical momentum, market participants appear to be taking directional bets, likely through call options and futures contracts, to capitalise on expected upside moves. The increase in open interest by over 10% in a single session is a clear indication of fresh capital entering the market with a positive outlook.
Moreover, HCL Technologies’ current dividend yield of 3.18% adds to its appeal, providing income-oriented investors with an additional incentive to hold the stock amid volatile market conditions.
Liquidity remains adequate, with the stock’s trading volume supporting trade sizes up to ₹7.49 crores based on 2% of the five-day average traded value. This ensures that institutional investors can execute sizeable trades without significant market impact.
Fundamental and Market Cap Insights
HCL Technologies operates within the Computers - Software & Consulting industry and is classified as a large-cap stock with a market capitalisation of ₹4,63,901.05 crores. The company’s strong market position and consistent earnings growth underpin its robust mojo score of 80.0, which recently upgraded its mojo grade from Buy to Strong Buy on 12 January 2026.
This upgrade reflects improved financial metrics, operational efficiency, and positive market sentiment, further reinforcing the bullish stance observed in the derivatives market.
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Implications for Investors
The recent open interest surge in HCL Technologies’ derivatives market signals a strong conviction among traders about the stock’s upward potential. Investors should note the alignment of technical strength, improving mojo grade, and healthy dividend yield as positive indicators supporting a bullish outlook.
However, the decline in delivery volumes suggests caution, as retail participation appears subdued. This divergence may lead to increased volatility in the short term, driven primarily by speculative activity in the derivatives segment.
Long-term investors may view the current market positioning as an opportunity to accumulate shares, while traders could consider leveraging options and futures to capitalise on anticipated price movements. Monitoring open interest trends alongside price action will be crucial to gauge the sustainability of this momentum.
Overall, HCL Technologies remains a compelling stock within the software and consulting sector, backed by strong fundamentals and active market interest, making it a key focus for investors and traders alike in the current market environment.
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