Robust Call Option Volumes Signal Investor Interest
On 19 June 2026, Infosys recorded substantial call option volumes concentrated around strike prices ranging from ₹1,040 to ₹1,200, all expiring on 30 June 2026. The most actively traded call was at the ₹1,050 strike, with 10,612 contracts changing hands, generating a turnover of approximately ₹888.01 lakhs. Close behind was the ₹1,040 strike with 10,185 contracts traded and a turnover nearing ₹998.94 lakhs, indicating heightened investor focus near the current underlying price of ₹1,037.40.
Further out-of-the-money strikes such as ₹1,150 and ₹1,200 also saw robust activity, with 7,574 and 7,744 contracts traded respectively. The ₹1,150 strike had an open interest of 4,472 contracts, while the ₹1,200 strike maintained an open interest of 3,580 contracts. This breadth of call option interest across near and moderately out-of-the-money strikes suggests a spectrum of bullish bets, potentially anticipating a rebound or hedging against volatility.
Price Action and Technical Context
Infosys has been under pressure recently, with the stock falling 7.94% on the day and hitting a new 52-week low of ₹1,030. The stock has declined for two consecutive sessions, losing over 10.5% in that period, and opened sharply lower by 5.78% on 19 June. It has underperformed the IT - Software sector, which itself declined by 5.16%, and the broader Sensex, which fell by 0.80% on the same day.
Technically, Infosys is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a bearish trend. The weighted average price for the day was closer to the intraday low of ₹1,030, indicating selling pressure dominated the session. Despite this, the stock maintains a high dividend yield of 4.31%, which may provide some support to long-term investors.
Open Interest and Turnover Insights
Open interest data reveals that the ₹1,150 strike holds the highest open interest among the active call strikes at 4,472 contracts, followed by ₹1,050 with 4,552 contracts and ₹1,040 with 4,175 contracts. The elevated open interest at these strikes, combined with high turnover, suggests that traders are positioning for a potential recovery above the current price level by the end of June expiry.
However, the disparity between the underlying price and the higher strike prices indicates that many of these call options are out-of-the-money, reflecting either speculative bullish bets or hedging strategies against short positions. The significant volume at the ₹1,060 strike (6,258 contracts) and the ₹1,200 strike (7,744 contracts) further underscores this mixed sentiment.
Mojo Score and Analyst Ratings
Infosys currently holds a Mojo Score of 57.0 with a Mojo Grade of Hold, upgraded from a Sell rating on 13 April 2026. This upgrade reflects a modest improvement in the company’s fundamentals or market perception, though the grade remains cautious. The large-cap stock, with a market capitalisation of ₹4,57,354 crores, continues to be a key player in the Computers - Software & Consulting sector but faces near-term headwinds as reflected in its recent price action.
Sector and Market Context
The IT - Software sector has been under pressure, with a 1-day decline of 4.86%, amplifying the challenges faced by Infosys. Rising investor participation is evident from the delivery volume of 97.15 lakh shares on 18 June, which surged by 121.28% compared to the 5-day average delivery volume. This heightened activity may be indicative of increased trading interest, both from short-term traders and institutional investors seeking to capitalise on volatility.
Investor Implications and Outlook
The heavy call option activity at multiple strike prices ahead of the 30 June expiry suggests that investors are positioning for a potential turnaround in Infosys’s share price, despite the recent bearish momentum. The concentration of open interest and turnover near the ₹1,040-₹1,060 strikes indicates a key resistance zone that traders are watching closely.
Given the stock’s current technical weakness and sectoral headwinds, cautious investors may prefer to monitor price action around these levels before committing to fresh positions. The high dividend yield remains an attractive feature for income-focused investors, but the short-term outlook appears volatile.
Overall, the mixed signals from options market activity and fundamental ratings imply that while some market participants are optimistic about a near-term recovery, others remain wary of further downside risks. The expiry on 30 June will be a critical juncture to assess whether bullish momentum can materialise or if the downtrend will persist.
