Maruti Suzuki Sees Surge in Call Option Activity Ahead of February Expiry

Robust Call Option Volumes Highlight Investor Optimism

On 11 February 2026, Maruti Suzuki’s call options with strike prices of ₹15,300 and ₹15,500 emerged as the most actively traded contracts. The ₹15,300 strike call saw 10,860 contracts exchanged, generating a turnover of approximately ₹1409.95 lakhs, while the ₹15,500 strike call recorded 11,846 contracts traded with a turnover of ₹1029.36 lakhs. These figures underscore a significant appetite for call options at levels just above the stock’s current underlying value of ₹15,410.

Open interest data further corroborates this bullish positioning. The ₹15,500 strike call holds an open interest of 3,988 contracts, nearly double that of the ₹15,300 strike’s 2,272 contracts. This concentration of open interest at higher strike prices suggests that traders are positioning for a potential upward move in Maruti Suzuki’s share price over the coming weeks.

Stock Performance and Technical Context

Maruti Suzuki’s stock price has been on a modest upward trajectory, gaining 2.63% over the past two trading sessions. However, it marginally underperformed its sector by 0.51% on the day, with a 1.66% gain compared to the automobile sector’s 1.82% rise. The Sensex, by contrast, posted a more subdued 0.16% increase, indicating that Maruti Suzuki’s performance remains relatively robust within the broader market context.

Technically, the stock is trading above its 5-day, 20-day, and 200-day moving averages, signalling short- and long-term support. However, it remains below the 50-day and 100-day moving averages, suggesting some resistance at intermediate levels. This mixed technical picture may explain the cautious stance reflected in the recent downgrade from a Buy to a Hold rating on 12 January 2026, as per MarketsMOJO’s assessment.

Liquidity and Investor Participation Trends

Liquidity remains adequate for sizeable trades, with the stock’s average traded value over five days supporting transaction sizes up to ₹10.39 crores. However, delivery volumes have declined sharply, with a 40.8% drop in delivery volume on 10 February compared to the five-day average. This fall in investor participation could indicate some hesitation among long-term holders, even as short-term traders ramp up options activity.

Options Expiry and Strike Price Dynamics

The 24 February 2026 expiry date is attracting significant attention, with traders focusing on strike prices clustered around the current market price. The concentration of call option activity at ₹15,300 and ₹15,500 strikes suggests that market participants anticipate the stock to either hold steady or advance modestly in the near term.

Given the underlying value of ₹15,410, these strike prices represent out-of-the-money calls that would become profitable if the stock rallies beyond these levels before expiry. The substantial open interest at ₹15,500 indicates a strong conviction in a potential upside move, possibly driven by expectations of positive quarterly results or favourable industry developments.

Mojo Score and Rating Implications

Maruti Suzuki’s current Mojo Score stands at 62.0, reflecting a Hold grade, which was downgraded from Buy on 12 January 2026. The downgrade signals a more cautious outlook from MarketsMOJO analysts, who may be factoring in valuation concerns or sector headwinds. Despite this, the stock’s large market capitalisation of ₹4,81,041 crores and its liquidity profile continue to make it a key player in the automobile sector.

Investors should weigh the mixed signals from the options market and technical indicators against the fundamental outlook. While call option activity points to bullish sentiment, the Hold rating and falling delivery volumes suggest prudence is warranted.

Sectoral and Market Context

The automobile sector has shown resilience in early 2026, with the sector index rising 1.82% on the day of analysis. Maruti Suzuki’s performance, while slightly lagging the sector, remains strong relative to the broader market, as indicated by the Sensex’s modest 0.16% gain. This relative strength is important for investors considering sector rotation or thematic exposure.

However, the stock’s mixed technical signals and recent downgrade highlight the importance of monitoring upcoming earnings announcements and macroeconomic factors such as input cost inflation and regulatory changes, which could influence near-term price action.

Investor Takeaways

For investors and traders, the surge in call option volumes at strikes just above the current price suggests a cautiously optimistic outlook on Maruti Suzuki’s near-term prospects. The options market is pricing in a potential upside, but the Hold rating and declining delivery volumes counsel a measured approach.

Those considering exposure should balance the technical and options market signals with fundamental analysis and sector trends. The stock’s liquidity and large-cap status make it suitable for institutional and retail investors alike, but vigilance on market developments remains essential.

Conclusion

Maruti Suzuki India Ltd’s options market activity ahead of the 24 February expiry reveals a nuanced picture of investor sentiment. While call option volumes and open interest indicate bullish positioning, the downgrade to Hold and technical resistance levels suggest caution. Investors should monitor evolving market conditions and company fundamentals closely to capitalise on potential opportunities while managing risk effectively.

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