Maruti Suzuki India Ltd’s Mixed Week: -0.79% Price, Heavy Put Option Activity Signals Caution

23 February 2026: Positive Start Amid Market Gains

Maruti Suzuki began the week on a positive note, closing at Rs.15,067.70, up Rs.80.15 or 0.53%. This gain slightly outpaced the Sensex’s 0.39% rise to 36,817.86. The volume was moderate at 8,521 shares, reflecting steady investor interest. The stock’s performance aligned with a broadly positive market mood, supported by the automobile sector’s resilience. However, this initial optimism was tempered by subsequent developments.

24 February 2026: Heavy Put Option Activity Signals Bearish Sentiment

On 24 February, Maruti Suzuki witnessed a surge in put option trading, particularly at the ₹14,900 strike price, with 6,147 contracts traded generating a turnover of approximately ₹49.58 lakhs. The open interest stood at 1,449 contracts, indicating a significant build-up of bearish positions or hedges. The stock price declined by 0.95% to Rs.14,924.40, underperforming the Sensex’s 0.78% fall and the automobile sector’s 0.74% decline.

Technically, the stock traded below its short- and medium-term moving averages (5-day, 20-day, 50-day, and 100-day), though it remained above the 200-day moving average, suggesting a long-term bullish base amid short-term weakness. Delivery volumes dropped by 8.02% to 1.43 lakh shares, signalling reduced conviction among buyers. This combination of factors points to a cautious market stance, with investors seeking downside protection amid mixed signals.

25 February 2026: Open Interest Surges Amid Mixed Technical Signals

The derivatives market activity intensified on 25 February, with open interest rising sharply by 11.5% to 77,397 contracts from 69,414 the previous day. Futures volume was robust at 65,778 contracts, and the combined futures and options notional value reached approximately ₹53,919 lakhs. Despite this surge, the stock price gained a modest 0.91% to Rs.15,060.10, slightly underperforming the automobile sector’s 0.99% rise but outperforming the Sensex’s 0.41% advance.

Technically, the stock remained above its 20-day and 200-day moving averages, signalling medium- to long-term support, but continued to face resistance below the 5-day, 50-day, and 100-day averages. Delivery volumes increased by 9.7% to 1.79 lakh shares, indicating renewed investor participation. The divergence between strong derivatives activity and moderate price gains suggests a complex market positioning, with investors hedging or speculating amid uncertainty.

26 February 2026: Continued Gains on Moderate Volume

Maruti Suzuki extended its gains on 26 February, closing at Rs.15,213.05, up 1.02% on the day. The Sensex also advanced 0.19% to 36,748.49. Volume was healthy at 10,032 shares, though delivery volumes declined by 8.14% to 1.76 lakh shares, indicating some profit-taking or cautious trading. The stock’s technical setup remained mixed, with the price above the 200-day moving average but below several shorter-term averages, maintaining a consolidation pattern.

27 February 2026: Renewed Bearish Sentiment with Heavy Put Option Activity

The week concluded with a sharp reversal as Maruti Suzuki’s stock fell 2.26% to Rs.14,869.55, underperforming both the automobile sector’s 1.08% decline and the Sensex’s 1.16% drop. Put option activity surged again, with 2,825 contracts traded at the ₹15,000 strike price expiring on 30 March 2026, generating a turnover of approximately ₹45.36 crores. Open interest remained elevated at 2,335 contracts, signalling sustained bearish positioning or hedging.

Technically, the stock traded below all major moving averages except the 200-day, reflecting recent weakness and a cautious outlook. Delivery volumes declined, indicating waning investor conviction. The company’s mojo score remains at 62.0 with a Hold rating, downgraded from Buy earlier in January, reflecting tempered analyst expectations amid sector challenges.

Daily Price Comparison: Maruti Suzuki vs Sensex

Key Takeaways

Positive Signals: Maruti Suzuki maintained its position above the 200-day moving average throughout the week, indicating long-term support. The stock outperformed the Sensex marginally despite the weekly decline, reflecting relative resilience. Increased delivery volumes on 25 February suggest renewed investor interest amid mixed technical signals.

Cautionary Signals: Heavy put option activity on 24 and 27 February at strike prices near the current market level signals growing bearish sentiment and hedging. The stock’s trading below multiple short- and medium-term moving averages points to consolidation or short-term weakness. The mojo score downgrade to Hold and reduced delivery volumes on key days highlight tempered analyst and investor confidence. The sharp decline on the final trading day underscores vulnerability to sectoral and market headwinds.

Conclusion

Maruti Suzuki India Ltd’s week was characterised by a tug-of-war between cautious optimism and bearish hedging. While the stock showed resilience relative to the broader market and maintained long-term technical support, the surge in put option activity and mixed moving average signals suggest investors are bracing for potential near-term volatility. The downgrade to a Hold rating and subdued delivery volumes reinforce a prudent stance. Market participants should monitor open interest trends and price action closely as the 30 March expiry approaches, balancing the company’s strong market position against emerging risks in the automobile sector.

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