Open Interest and Volume Dynamics
On 29 Jan 2026, MCX recorded an open interest of 44,278 contracts, marking an 11.17% increase from the previous day’s 39,829 contracts. This rise of 4,449 contracts in OI is accompanied by a robust trading volume of 46,197 contracts, underscoring active market participation. The futures segment alone accounted for a value of approximately ₹1,07,378 lakhs, while the options segment’s notional value stood at a staggering ₹68,231 crores, culminating in a total derivatives value of ₹1,31,307 lakhs.
The underlying stock price has also demonstrated strength, opening with a gap-up of 2.2% and touching an intraday high of Rs 2,705, a 4.32% gain on the day. This price action, combined with rising OI, suggests fresh capital inflows and increased conviction among traders.
Market Positioning and Directional Bets
The surge in open interest alongside rising prices typically indicates that new long positions are being established, reflecting bullish sentiment. MCX’s stock has gained 17.44% over the past three consecutive trading sessions, significantly outperforming the Capital Markets sector, which declined by 0.32%, and the Sensex, which fell by 0.27% on the same day.
Further supporting this bullish stance, the stock is trading above all key moving averages—5-day, 20-day, 50-day, 100-day, and 200-day—signalling a strong uptrend. The delivery volume on 28 Jan surged to 30.53 lakh shares, a 72.44% increase over the five-day average, indicating rising investor participation and confidence in the stock’s prospects.
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Mojo Score Upgrade Reflects Strong Buy Sentiment
Reflecting the positive market developments, MarketsMOJO has upgraded MCX’s Mojo Grade from Buy to Strong Buy as of 18 Nov 2025, with a robust Mojo Score of 82.0. This upgrade is supported by the company’s solid fundamentals, sector leadership, and improving technical indicators. The stock’s market capitalisation stands at ₹68,235.82 crores, categorising it as a mid-cap with sufficient liquidity to support sizeable trades, evidenced by a 2% average traded value allowing trade sizes up to ₹25.82 crores.
Sector and Market Context
Within the Capital Markets industry, MCX’s outperformance is notable given the broader sector’s muted performance. The stock’s 3.20% one-day return contrasts sharply with the sector’s decline of 0.32% and the Sensex’s marginal fall of 0.27%. This divergence highlights MCX’s relative strength and potential as a market leader in derivatives trading infrastructure.
Investors should note that the increase in open interest is not merely a function of speculative activity but is supported by rising delivery volumes, indicating genuine accumulation rather than short-term trading. This bodes well for sustained price appreciation in the near term.
Technical and Fundamental Outlook
Technically, MCX’s price momentum is reinforced by its position above all major moving averages, a classic indicator of a bullish trend. The stock’s new 52-week high at Rs 2,705 further confirms the strength of the uptrend. The gap-up opening and intraday highs suggest strong buying interest from institutional and retail investors alike.
Fundamentally, MCX remains a key player in India’s commodity derivatives market, benefiting from increased volumes and volatility in commodity prices. The company’s ability to maintain high liquidity and market depth supports its competitive positioning. The recent upgrade to Strong Buy by MarketsMOJO reflects confidence in MCX’s earnings growth and market share expansion prospects.
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Investor Implications and Risks
For investors, the current surge in open interest combined with strong price action presents an attractive entry point into MCX. The stock’s liquidity profile and consistent delivery volume growth reduce concerns over volatility and price manipulation. However, investors should remain mindful of broader market risks, including regulatory changes in commodity markets and global commodity price fluctuations that could impact volumes and earnings.
Moreover, while the technical indicators are favourable, any sudden reversal in open interest or volume patterns should be closely monitored as potential early warning signs of profit-taking or market repositioning.
Conclusion
Multi Commodity Exchange of India Ltd’s recent open interest surge and accompanying volume expansion signal a strong bullish market positioning. Supported by a new 52-week high, upgraded Mojo Grade to Strong Buy, and robust fundamentals, MCX stands out as a compelling mid-cap stock within the Capital Markets sector. Investors seeking exposure to India’s commodity derivatives space may find MCX’s current momentum and market leadership an appealing proposition, provided they remain vigilant to evolving market dynamics.
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