Key Events This Week
2 Feb: Heavy call option activity amid bearish technicals
3 Feb: Intraday high of Rs 15,258.75 with 3.41% surge
3 Feb: Robust call and put option volumes signal mixed market views
4 Feb: Valuation shifts to fair from attractive, signalling caution
6 Feb: Week closes at Rs 15,001.40, slightly down from midweek highs
2 February: Heavy Call Option Activity Amid Bearish Technicals
Maruti Suzuki emerged as the most active stock in call options trading on 2 February, with 8,401 contracts at the ₹15,000 strike expiring on 24 February. This activity, generating a turnover of ₹3.83 crores, indicated bullish sentiment in the derivatives market despite the stock trading below all major moving averages. The underlying share price closed at Rs 14,387.05, down 1.47%, underperforming the Sensex’s 1.03% decline. The stock’s technical landscape remained challenging, with resistance levels ahead, but the elevated open interest suggested anticipation of a rebound or volatility in the near term.
3 February: Intraday High and Mixed Derivatives Signals
On 3 February, Maruti Suzuki demonstrated strong intraday momentum, surging 3.41% to an intraday high of Rs 15,258.75. The stock opened with a 4.28% gap up and outperformed both the Automobiles - Passenger Cars sector and the Sensex. Despite this, the stock’s technical position was mixed, trading above its 5-day and 200-day moving averages but below medium-term averages. Concurrently, the derivatives market showed robust call option volumes at ₹15,000 and ₹15,500 strikes, alongside heavy put option activity at the ₹14,000 strike. This combination reflected a market balancing bullish expectations with hedging or bearish positioning, highlighting investor caution amid recent gains.
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4 February: Valuation Shifts Signal Caution Amid Market Volatility
Maruti Suzuki’s valuation grade was downgraded from 'attractive' to 'fair' as of early 2026, reflecting a more cautious stance amid evolving market conditions. The company’s P/E ratio stood at 31.12 and P/BV at 4.66, both elevated relative to peers and historical averages. Compared to competitors like Mahindra & Mahindra and Tata Motors Passenger Vehicles, Maruti Suzuki’s valuation appeared less compelling. Despite robust return metrics—ROCE at 14.26% and ROE at 14.82%—the high PEG ratio of 11.60 suggested that earnings growth expectations may not fully justify the premium price. The stock closed at Rs 15,077.50, up 2.73% on the day, but year-to-date performance remained negative at -11.52%, underperforming the Sensex.
5-6 February: Profit-Taking and Volume Surge Close the Week
Following the midweek rally, Maruti Suzuki experienced modest declines on 5 and 6 February, closing at Rs 15,051.20 (-0.17%) and Rs 15,001.40 (-0.33%) respectively. The stock’s volume surged on 6 February to 28,173, indicating increased trading activity amid profit-taking. The Sensex showed mixed movement, closing slightly up on 6 February. The stock’s weekly performance nevertheless outpaced the benchmark, closing the week 2.74% higher than the previous Friday’s close of Rs 14,601.55. The mixed price action and active derivatives positioning suggest investors remain watchful of near-term catalysts and technical levels.
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Daily Price Performance: Maruti Suzuki vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-02 | Rs.14,387.05 | -1.47% | 35,814.09 | -1.03% |
| 2026-02-03 | Rs.14,779.60 | +2.73% | 36,755.96 | +2.63% |
| 2026-02-04 | Rs.15,077.50 | +2.02% | 36,890.21 | +0.37% |
| 2026-02-05 | Rs.15,051.20 | -0.17% | 36,695.11 | -0.53% |
| 2026-02-06 | Rs.15,001.40 | -0.33% | 36,730.20 | +0.10% |
Key Takeaways
Positive Signals: Maruti Suzuki outperformed the Sensex by 1.23% over the week, supported by strong intraday rallies and active call option interest at key strike prices. The stock’s technical support above the 5-day and 200-day moving averages suggests underlying resilience. Robust liquidity and sizeable market capitalisation underpin trading viability.
Cautionary Signals: Despite gains, the stock remains below several medium-term moving averages, indicating resistance ahead. Heavy put option volumes at the ₹14,000 strike highlight investor hedging and bearish sentiment. The downgrade to a Hold rating and shift to a fair valuation grade reflect concerns over premium multiples and sector headwinds. Delivery volumes showed signs of decline, suggesting cautious investor participation.
Conclusion
Maruti Suzuki India Ltd’s week was characterised by mixed momentum, with a 2.74% gain outperforming the Sensex’s 1.51% rise. The stock’s active derivatives market, featuring both heavy call and put option activity, underscores a market balancing optimism with caution. Valuation shifts and technical resistance suggest that while the stock has demonstrated short-term strength, investors remain watchful of potential volatility and sector challenges. The Hold rating and fair valuation grade reinforce a measured stance, with the stock’s trajectory likely to depend on upcoming earnings, sector developments, and broader market trends.
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