Open Interest and Volume Dynamics
On 29 Jan 2026, MCX recorded an open interest of 43,860 contracts, marking a substantial increase of 4,031 contracts or 10.12% compared to the previous OI of 39,829. This rise in OI is accompanied by a volume of 39,390 contracts, indicating strong trading activity and fresh positions being established rather than merely existing contracts rolling over.
The futures value stood at ₹90,676.53 lakhs, while the options segment exhibited an enormous notional value of approximately ₹58,316.39 crores, culminating in a total derivatives value of ₹1,11,323.30 lakhs. The underlying stock price closed at ₹2,660, reinforcing the bullish sentiment.
Price Performance and Technical Strength
MCX has been on a remarkable upward trajectory, gaining 17.13% over the last three consecutive trading sessions. The stock opened with a gap-up of 2.2% and touched an intraday high of ₹2,705, a 4.32% rise on the day, marking a fresh 52-week high. This outperformance is notable against the sector’s 1-day return of -0.52% and the Sensex’s decline of -0.56%, underscoring MCX’s relative strength.
Technically, MCX is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signalling a strong bullish trend. The rising delivery volume of 30.53 lakh shares on 28 Jan, up 72.44% from the 5-day average, further confirms increasing investor participation and conviction.
Market Positioning and Directional Bets
The surge in open interest alongside rising volumes suggests that market participants are actively building positions, likely anticipating further upside in MCX. The 10.12% increase in OI is a clear indication of fresh long positions being added rather than short covering, which typically accompanies price rallies.
Given the stock’s strong fundamentals and technical momentum, traders appear to be positioning for continued gains. The elevated futures and options notional values reflect significant liquidity and interest from institutional and retail investors alike, making MCX a focal point in the capital markets derivatives space.
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Fundamental and Market Cap Insights
MCX, operating in the capital markets industry, holds a market capitalisation of ₹67,955.33 crores, categorised as a mid-cap stock. The company’s Mojo Score has recently improved to 82.0, earning it a Strong Buy grade as of 18 Nov 2025, upgraded from a Buy rating. This upgrade reflects enhanced financial metrics, operational efficiency, and positive market outlook.
The market cap grade of 2 indicates a solid mid-cap standing with ample liquidity, supported by a 5-day average traded value sufficient to accommodate trade sizes up to ₹25.82 crores without significant price impact. This liquidity is crucial for institutional investors looking to build or unwind sizeable positions.
Implications for Investors and Traders
The combination of rising open interest, strong volume, and price appreciation suggests that MCX is attracting bullish bets from market participants. Investors should note the sustained upward momentum and the stock’s ability to outperform both its sector and the broader market indices.
However, as with any derivative-driven rally, caution is warranted. The elevated open interest and large notional values in options imply that volatility could increase, especially around key technical levels or macroeconomic events. Traders should monitor OI changes closely to gauge shifts in market sentiment and potential reversals.
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Outlook and Conclusion
Multi Commodity Exchange of India Ltd’s recent surge in open interest and volume, coupled with its strong price performance, signals a robust bullish trend in the derivatives market. The stock’s upgrade to a Strong Buy by MarketsMOJO and its impressive Mojo Score of 82.0 further reinforce the positive outlook.
Investors and traders should consider MCX as a key player in the capital markets sector with favourable technical and fundamental attributes. While the momentum appears sustainable in the near term, prudent risk management remains essential given the inherent volatility in derivatives trading.
Overall, MCX’s current market positioning and investor enthusiasm suggest that it remains a compelling opportunity for those seeking exposure to India’s growing commodities and capital markets ecosystem.
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