Open Interest and Volume Dynamics
On 29 Jan 2026, MCX recorded an open interest of 44,442 contracts, marking an 11.58% increase from the previous OI of 39,829. This rise of 4,613 contracts is accompanied by a substantial volume of 51,426 contracts traded, indicating active participation from both institutional and retail investors. The futures value stood at ₹1,19,776.84 lakhs, while the options segment exhibited an enormous notional value of approximately ₹75,978.5 crores, culminating in a total derivatives value of ₹1,46,072.72 lakhs.
The underlying stock price closed at ₹2,664, with the day’s high touching ₹2,705, a 4.32% intraday gain. Notably, the stock opened with a gap-up of 2.2% and has been on a three-day consecutive gain streak, delivering a robust 17.18% return over this period. This price action, coupled with rising OI, suggests that market participants are positioning for further upside.
Market Positioning and Directional Bets
The surge in open interest alongside rising prices typically indicates fresh long positions being established, reflecting bullish sentiment. The fact that MCX is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — further reinforces the positive technical outlook. The delivery volume on 28 Jan surged by 72.44% to 30.53 lakh shares compared to the five-day average, signalling strong investor conviction and accumulation.
Given the capital markets sector’s overall subdued performance, with the sector index down 0.49% and the Sensex marginally lower by 0.20% on the same day, MCX’s outperformance by 3.66% is noteworthy. This divergence highlights the stock’s relative strength and potential as a sector leader.
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Mojo Score Upgrade and Market Capitalisation
Reflecting the positive momentum, 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 underscores the company’s improving fundamentals, technical strength, and favourable market positioning. MCX’s market capitalisation stands at ₹68,235.82 crores, categorising it as a mid-cap stock with ample liquidity and institutional interest.
The stock’s liquidity profile supports sizeable trade sizes, with a 2% threshold of the five-day average traded value allowing for transactions up to ₹25.82 crores without significant market impact. This liquidity is crucial for derivatives traders and institutional investors seeking to build or unwind positions efficiently.
Technical and Sectoral Context
MCX’s price action is supported by strong technical indicators. The stock’s consistent gains over the past three sessions and its ability to sustain above multiple moving averages indicate a well-established uptrend. The new 52-week high of ₹2,705 achieved today is a psychological and technical milestone that often attracts momentum traders and breakout buyers.
Within the capital markets sector, MCX’s outperformance is significant given the sector’s overall weakness. This relative strength may be attributed to the company’s dominant position in commodity derivatives trading, steady revenue growth, and improving market sentiment towards commodities amid global economic uncertainties.
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Implications for Investors and Traders
The sharp increase in open interest combined with rising prices and volumes suggests that market participants are positioning for continued upside in MCX. This scenario is often indicative of fresh long bets rather than short covering, signalling confidence in the stock’s near-term prospects.
Investors should note the strong delivery volumes and the stock’s ability to outperform both its sector and the broader market indices. These factors, alongside the Mojo Grade upgrade, provide a compelling case for accumulation, especially for those seeking exposure to the capital markets sector’s growth potential.
However, as with all derivatives activity, heightened open interest can also lead to increased volatility. Traders should monitor key support levels around the moving averages and watch for any sudden shifts in volume or price action that may indicate profit booking or a change in market sentiment.
Conclusion
Multi Commodity Exchange of India Ltd’s recent surge in open interest and volume, coupled with strong price performance and a Mojo Grade upgrade to Strong Buy, positions the stock favourably for further gains. The company’s robust fundamentals, sector leadership, and technical strength make it an attractive proposition for investors and traders alike. While the broader capital markets sector remains subdued, MCX’s outperformance highlights its resilience and potential as a key beneficiary of rising commodity derivatives activity in India.
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