Multi Commodity Exchange of India Sees Robust Call Option Activity Ahead of December Expiry

Strong Call Option Volumes Signal Investor Interest

Data from the derivatives segment reveals that call options with strike prices of ₹10,800 and ₹11,000 for the 30 December 2025 expiry have been the most actively traded contracts for MCX. Specifically, the ₹10,800 strike call saw 4,099 contracts traded, generating a turnover of approximately ₹1126.8 lakhs, while the ₹11,000 strike call recorded 4,225 contracts traded with a turnover of ₹818.8 lakhs. These figures underscore a heightened level of investor engagement in the stock’s options ahead of the expiry date.

Open interest figures further reinforce this trend. The ₹11,000 strike call option holds an open interest of 3,697 contracts, significantly higher than the 1,200 contracts open for the ₹10,800 strike. This concentration of open interest at the higher strike price indicates a market expectation that MCX’s underlying price could approach or surpass this level by the expiry date.

Underlying Price and Market Context

As of the latest data, MCX’s underlying stock price stands at ₹10,370. This places the ₹10,800 and ₹11,000 strike calls out-of-the-money but within a reachable range, given the stock’s recent performance. Notably, MCX hit a new 52-week and all-time high of ₹10,429 on the day of reporting, reflecting positive momentum in the capital markets sector.

The stock has outperformed its sector by 0.89% on the day, with a one-day return of 1.05% compared to the sector’s 0.55% and the Sensex’s 0.11%. Over the past four consecutive trading sessions, MCX has delivered a cumulative return of 7.51%, signalling sustained buying interest and upward price movement.

Technical Indicators Support Bullish Positioning

MCX is currently trading above its key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical positioning often suggests a positive trend and can encourage further investor participation. Supporting this, delivery volume on 26 November reached 2.37 lakh shares, representing a 57.61% increase compared to the five-day average delivery volume. Such rising investor participation is a key factor in the stock’s liquidity and price stability.

Liquidity and Market Capitalisation

With a market capitalisation of approximately ₹52,992.41 crores, MCX is classified as a mid-cap stock within the capital markets industry. The stock’s liquidity is sufficient to support sizeable trades, with the average traded value over five days allowing for trade sizes up to ₹10.39 crores based on 2% of the average value. This level of liquidity is favourable for both institutional and retail investors looking to enter or exit positions without significant price impact.

Expiry Patterns and Investor Sentiment

The December 2025 expiry is drawing particular focus, with the call options at ₹10,800 and ₹11,000 strikes dominating activity. The concentration of open interest and turnover at these strikes suggests that investors are positioning for a potential upward move in MCX’s stock price over the coming weeks. This is consistent with the stock’s recent price trajectory and technical indicators.

Options traders often use call options to express bullish views, and the volume and open interest data for MCX imply a growing confidence in the stock’s near-term prospects. The relatively high open interest at the ₹11,000 strike, which is approximately 6% above the current underlying price, indicates that market participants are anticipating a possible rally beyond recent highs.

Comparative Performance and Sector Context

Within the capital markets sector, MCX’s performance stands out. Its one-day return of 1.05% surpasses the sector average of 0.55%, while the Sensex’s marginal gain of 0.11% highlights MCX’s relative strength. This outperformance is supported by the stock’s ability to maintain levels above all major moving averages, a technical factor that often attracts momentum-driven investors.

Investor participation metrics, such as the delivery volume increase, further illustrate a growing conviction in the stock’s prospects. This is an important consideration for market participants analysing liquidity and price stability ahead of the December expiry.

Outlook and Considerations for Investors

While the call option activity and price trends indicate a bullish stance among market participants, investors should consider the broader market environment and sector dynamics. MCX’s position as a mid-cap stock in the capital markets sector means it is subject to both sector-specific and macroeconomic influences.

The stock’s ability to sustain gains above key moving averages and maintain rising delivery volumes suggests a healthy demand base. However, option traders should remain mindful of volatility and the potential for price corrections, especially as the December expiry approaches.

Overall, the data points to a market environment where MCX is attracting significant attention from options traders, with a clear preference for call options at strike prices slightly above the current market level. This positioning reflects expectations of continued price appreciation in the near term.

Summary

Multi Commodity Exchange of India Ltd is currently experiencing robust call option trading activity, particularly for the December 2025 expiry at ₹10,800 and ₹11,000 strike prices. The underlying stock price near ₹10,370, combined with recent highs and strong technical indicators, supports the bullish sentiment evident in the derivatives market. Increased delivery volumes and liquidity further enhance the stock’s appeal to investors. As the expiry date approaches, market participants will be closely monitoring price movements and option open interest to gauge the sustainability of this momentum.

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