Maruti Suzuki Sees Heavy Call Option Activity Amid Bearish Price Momentum

Call Option Activity Highlights

Data from the options market reveals that Maruti Suzuki’s call options expiring on 24 February 2026 have attracted substantial volumes, particularly at strike prices ranging from ₹14,500 to ₹16,500. The most actively traded call option was at the ₹15,000 strike, with 8,370 contracts exchanged, generating a turnover of approximately ₹893.54 lakhs. This was closely followed by the ₹15,500 strike, which saw 8,409 contracts traded, amounting to a turnover of ₹407.71 lakhs.

Other notable strikes include ₹14,900 with 4,879 contracts and ₹16,500 with 4,908 contracts traded. Open interest figures further underscore the market’s interest, with the ₹15,000 strike holding the highest open interest at 4,987 contracts, followed by ₹16,500 at 4,262 contracts and ₹15,500 at 4,873 contracts. The underlying stock price stood at ₹14,431 on the day of analysis, indicating that traders are positioning for a potential upside beyond current levels.

Price Performance and Market Context

Maruti Suzuki’s stock has underperformed its sector and the broader market in recent sessions. On 29 January 2026, the share price declined by 2.73%, touching an intraday low of ₹14,353, a 3.52% drop from the previous close. The stock has been on a seven-day losing streak, cumulatively falling by 10.32%, while the Automobiles - Passenger Cars sector declined by 2.08% over the same period. The Sensex, by comparison, was down 0.48% on the day, highlighting the stock’s relative weakness.

Technical indicators show the stock trading above its 200-day moving average but below its 5-day, 20-day, 50-day, and 100-day moving averages, suggesting short- to medium-term bearish momentum despite longer-term support. Investor participation has notably increased, with delivery volumes surging to 6.74 lakh shares on 28 January, a 206.39% rise over the five-day average, indicating heightened interest amid the price decline.

Investor Sentiment and Rating Changes

Maruti Suzuki’s Mojo Score currently stands at 62.0, reflecting a Hold rating as of 12 January 2026, a downgrade from its previous Buy status. The downgrade reflects a reassessment of the company’s near-term growth prospects amid challenging market conditions and sectoral headwinds. The stock’s market capitalisation remains robust at ₹4,53,494.27 crores, categorising it firmly as a large-cap entity.

Despite the Hold rating, the active call option volumes suggest that a segment of investors remains optimistic about a rebound or a rally beyond the current price levels. The concentration of open interest and turnover at strikes above ₹15,000 indicates a bullish tilt in the derivatives market, possibly anticipating positive catalysts or a technical recovery in the coming weeks.

Expiry Patterns and Strategic Positioning

The expiry date of 24 February 2026 is attracting significant attention, with traders positioning themselves ahead of this key date. The clustering of call option activity at strikes between ₹14,500 and ₹16,500 suggests a wide range of expectations for the stock’s price movement. The highest open interest at ₹15,000 and ₹15,500 strikes implies that these levels are viewed as critical resistance points or targets by market participants.

Turnover figures reveal that while the ₹15,000 strike commands the largest trading volume and turnover, the ₹14,500 strike also commands notable interest with 3,848 contracts traded and a turnover of ₹830.17 lakhs. This indicates that some investors are hedging or speculating on moderate upside moves, while others are targeting more aggressive price gains reflected in the ₹16,500 strike activity.

Liquidity and Trading Viability

Maruti Suzuki’s stock liquidity remains strong, with a trading capacity of approximately ₹20.36 crores based on 2% of the five-day average traded value. This liquidity supports active trading in both the cash and derivatives segments, enabling investors to execute sizeable trades without significant market impact. The rising delivery volumes further reinforce the stock’s attractiveness for institutional and retail participants alike.

Outlook and Investor Considerations

While Maruti Suzuki’s recent price performance has been disappointing, the active call option interest suggests that investors are positioning for a potential turnaround. The stock’s current Hold rating and moderate Mojo Score reflect caution, but the derivatives market activity points to a belief in possible upside catalysts or technical rebounds in the near term.

Investors should weigh the risks of continued sectoral weakness and broader market volatility against the potential for recovery driven by improving demand, new model launches, or favourable policy developments. The concentration of open interest at strikes above the current price level indicates that market participants are monitoring the ₹15,000 to ₹16,500 range closely as key levels for directional moves.

Given the stock’s liquidity and active participation, Maruti Suzuki remains a viable candidate for strategic option plays, including bullish call spreads or outright call purchases, for those anticipating a rebound. However, the recent downgrade and price weakness counsel a measured approach, with attention to evolving market dynamics and company fundamentals.

Summary

Maruti Suzuki India Ltd’s derivatives market activity reveals a nuanced investor stance amid a challenging price environment. Heavy call option volumes and open interest at strikes above ₹15,000 highlight bullish positioning despite a Hold rating and recent price declines. The stock’s liquidity and rising delivery volumes support active trading, while expiry patterns suggest critical price levels are being closely watched. Investors should balance the potential for upside against ongoing sectoral pressures and market volatility when considering exposure to this large-cap automobile leader.

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