Multi Commodity Exchange of India Sees Robust Call Option Activity Ahead of Year-End Expiry

Call Option Trading Highlights

On the 26th of December 2025, MCX recorded the highest volume of call option contracts traded for the expiry dated 30 December 2025. The strike price of ₹11,000 attracted 9,663 contracts, reflecting a substantial turnover of approximately ₹906.63 lakhs. Open interest at this strike stood at 3,762 contracts, indicating sustained interest and positioning by traders as the expiry date approaches.

The underlying value of MCX at ₹10,902 suggests that the ₹11,000 strike is positioned just above the current market price, signalling a moderately optimistic outlook among option buyers who anticipate the stock to reach or surpass this level by expiry.

Price Performance and Market Context

MCX’s stock price reached a new 52-week and all-time high of ₹10,966 on the day, underscoring the momentum behind the capital markets sector player. The stock outperformed its sector by 0.92% and posted a daily return of 0.84%, contrasting with the sector’s decline of 0.13% and the Sensex’s fall of 0.19% on the same day. This relative strength is further supported by the stock trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — which often signals a sustained upward trend.

However, investor participation as measured by delivery volume showed a decline, with 99.03 thousand shares delivered on 24 December, down by 36.76% compared to the five-day average. This suggests a cautious approach by some long-term holders despite the bullish option activity.

Liquidity remains adequate for sizeable trades, with the stock’s average traded value supporting a trade size of approximately ₹10.39 crores based on 2% of the five-day average traded value. This liquidity profile facilitates active participation from institutional and retail investors alike.

Implications of Strike Price and Expiry Patterns

The concentration of call option contracts at the ₹11,000 strike price, slightly above the current market price, indicates a strategic positioning by traders anticipating a near-term price appreciation. The expiry date of 30 December 2025 is the last trading day of the calendar year, often associated with portfolio adjustments and speculative positioning ahead of the new year.

Open interest figures reinforce this view, as the sizeable number of outstanding contracts suggests that traders are maintaining their bullish bets rather than closing positions. This could reflect confidence in the stock’s ability to sustain or extend gains beyond the current levels.

Market Capitalisation and Sectoral Positioning

MCX is classified as a mid-cap stock with a market capitalisation of approximately ₹55,260 crores. Operating within the capital markets industry and sector, the company’s performance is often influenced by broader market trends and investor sentiment towards financial services.

The stock’s outperformance relative to its sector and benchmark indices on the day highlights its resilience and potential appeal as a trading vehicle in volatile market conditions. The capital markets sector itself has experienced mixed performance recently, making MCX’s relative strength noteworthy.

Technical Indicators and Moving Averages

Trading above all major moving averages — including short-term (5-day, 20-day) and long-term (50-day, 100-day, 200-day) averages — typically signals a strong technical setup. This alignment suggests that the stock’s price momentum is supported across multiple timeframes, which may encourage further buying interest from technical traders and algorithmic strategies.

Such technical positioning often correlates with increased option activity, as traders seek to capitalise on anticipated price moves using leverage and defined risk instruments like call options.

Investor Sentiment and Delivery Volumes

Despite the bullish signals from option market activity and price momentum, delivery volumes have shown a decline in recent sessions. The delivery volume of 99.03 thousand shares on 24 December was 36.76% lower than the five-day average, indicating some hesitation among long-term investors to commit fully at current levels.

This divergence between derivative market optimism and physical shareholding patterns may reflect a cautious stance amid year-end uncertainties or profit-booking by certain investors.

Outlook and Considerations

Multi Commodity Exchange of India’s active call option trading, combined with its technical strength and market capitalisation, positions it as a key stock to watch in the capital markets sector. The concentration of call options at the ₹11,000 strike price ahead of the 30 December expiry suggests that market participants are anticipating a positive price movement in the near term.

However, the decline in delivery volumes and the broader market environment should be monitored closely, as these factors may influence the sustainability of the current momentum.

Investors and traders may find value in analysing the evolving open interest and price action in the days leading up to expiry to gauge the conviction behind these positions.

Summary

In summary, Multi Commodity Exchange of India Ltd is exhibiting strong call option activity with a significant number of contracts traded at a strike price just above the current market level. The stock’s price performance, technical indicators, and market capitalisation underpin a cautiously optimistic market stance. While delivery volumes suggest some restraint among long-term holders, the options market activity points to a bullish sentiment heading into the year-end expiry.

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