Open Interest and Volume Dynamics
On 23 Feb 2026, Marico’s open interest in derivatives rose sharply by 6,200 contracts, a 17.9% increase from the previous figure of 34,630 to 40,830. This substantial uptick in OI was accompanied by a futures volume of 17,911 contracts, indicating robust trading activity. The combined futures and options value stood at approximately ₹115.38 crores, underscoring the sizeable capital flow in the stock’s derivatives market.
The underlying stock price closed at ₹796, just 0.4% shy of its 52-week high of ₹800, signalling strong price momentum. Marico has outperformed its sector by 0.26% on the day, with a 1-day return of 0.98% compared to the sector’s 0.88% and the Sensex’s 0.44%. The stock has also recorded gains over the last two consecutive sessions, delivering a cumulative return of 2.13% during this period.
Technical Positioning and Moving Averages
Technically, Marico is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — which is a bullish indicator reflecting sustained upward momentum. The rising delivery volume of 10.25 lakh shares on 20 Feb, a 28.44% increase over the 5-day average delivery volume, further confirms growing investor participation and confidence in the stock.
Liquidity remains healthy, with the stock’s traded value supporting a trade size of approximately ₹2.33 crores based on 2% of the 5-day average traded value, making it accessible for institutional and retail investors alike.
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Market Positioning and Directional Bets
The surge in open interest alongside rising volumes typically signals fresh positions being taken rather than existing ones being squared off. In Marico’s case, the increase in OI by nearly 18% suggests that traders are building new bets, likely anticipating further upside given the stock’s proximity to its 52-week high and positive price action.
Options market data reveals an options value of over ₹5,579 crores, indicating significant hedging and speculative activity. The futures value of ₹115 crores, while smaller in comparison, complements this picture of active derivatives trading. The combined data points to a market consensus leaning towards bullishness, with participants possibly positioning for continued gains in the edible oil sector, which has shown resilience amid inflationary pressures and shifting consumer preferences.
Mojo Score Upgrade and Analyst Sentiment
Marico’s mojo score has improved to 67.0, with its mojo grade upgraded from Sell to Hold as of 9 Dec 2025. This upgrade reflects a reassessment of the company’s fundamentals and technical outlook, signalling a more neutral to cautiously optimistic stance by analysts. The market cap grade remains modest at 2, consistent with its mid-cap status and reflecting moderate liquidity and institutional interest.
While the mojo grade is Hold, the recent price action and derivatives activity suggest that investors are increasingly willing to back the stock, possibly anticipating a re-rating or sector tailwinds. The edible oil industry continues to benefit from steady demand growth, product innovation, and expanding distribution networks, factors that could underpin Marico’s medium-term prospects.
Sector and Broader Market Context
Marico’s outperformance relative to the edible oil sector and the broader Sensex index highlights its relative strength. The sector’s 1-day return of 0.88% and Sensex’s 0.44% gain on the same day underscore that Marico is capturing investor attention more effectively than many peers. This relative strength is often a precursor to sustained rallies, especially when supported by strong derivatives market positioning.
Investors should note that the edible oil sector is subject to commodity price volatility, regulatory changes, and supply chain dynamics. However, Marico’s diversified product portfolio and brand equity provide a buffer against sector headwinds, making it a preferred pick for investors seeking exposure to this space.
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Investor Takeaway and Outlook
The recent surge in open interest and volume in Marico’s derivatives market, combined with its strong price momentum and mojo grade upgrade, suggests a cautiously optimistic outlook. Market participants appear to be positioning for further gains, supported by solid fundamentals and sector tailwinds.
However, investors should remain mindful of potential volatility arising from commodity price fluctuations and macroeconomic factors impacting the edible oil industry. The Hold mojo grade indicates that while the stock is not a strong buy at present, it remains a viable candidate for accumulation on dips, especially for those seeking exposure to a resilient mid-cap with improving technicals.
Continued monitoring of open interest trends, volume patterns, and price action will be crucial to gauge the sustainability of the current bullish sentiment. Should the stock break decisively above its 52-week high with sustained volume, it could attract further institutional interest and trigger a re-rating.
Summary
Marico Ltd.’s derivatives market activity reveals a significant increase in open interest and volume, signalling renewed investor interest and potential directional bets favouring an upside. The stock’s technical strength, mojo grade upgrade, and relative outperformance within the edible oil sector provide a solid foundation for cautious optimism. Investors should weigh these factors alongside sector risks and broader market conditions when considering Marico for their portfolios.
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