Surge in Call Option Volumes Reflects Investor Optimism
The call option for MCX with a strike price of ₹12,000 and expiry on 27 January 2026 recorded an impressive 3,639 contracts traded, generating a turnover of ₹5.52 crores. Open interest stands at 2,599 contracts, underscoring sustained investor interest in this strike level. This activity is particularly notable given the underlying stock’s current market price of ₹11,121, just 0.88% shy of its 52-week high of ₹11,219.
Such concentrated call buying at a strike price above the current market value indicates a strong bullish positioning, with traders anticipating a rally beyond the ₹12,000 mark in the coming weeks. The expiry date in late January 2026 provides ample time for the stock to realise this potential, aligning with broader market optimism.
Underlying Stock Performance Supports Positive Outlook
MCX’s stock price has demonstrated resilience, outperforming its sector by 1.7% on the latest trading day and registering a 2.21% gain compared to the sector’s 0.43% and Sensex’s 0.17% returns. After two consecutive days of decline, the stock reversed course, touching an intraday high of ₹11,149, a 2.39% increase from the previous close. This rebound is supported by the stock trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a sustained uptrend.
Investor participation has also surged, with delivery volumes on 30 December reaching 2.81 lakh shares, nearly doubling the five-day average delivery volume by 99.56%. This heightened liquidity, with an average traded value sufficient to support trades worth ₹10.23 crores, ensures that the stock remains accessible for both institutional and retail investors.
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Mojo Score and Ratings Affirm Positive Sentiment
Multi Commodity Exchange of India Ltd holds a Mojo Score of 77.0, categorised as a Buy rating, reflecting strong fundamentals and positive technical indicators. This is a slight moderation from its previous Strong Buy grade, which was revised on 18 November 2025. The company’s market capitalisation stands at ₹56,761.18 crores, placing it comfortably in the mid-cap segment with a Market Cap Grade of 2.
The downgrade from Strong Buy to Buy does not diminish the stock’s appeal but rather suggests a more measured optimism as valuations approach near-term resistance levels. Investors should note that the stock remains well-positioned within the capital markets sector, which continues to benefit from increased trading volumes and heightened market participation.
Options Expiry Patterns and Strategic Implications
The concentration of call option activity at the ₹12,000 strike price for the January 2026 expiry is a key indicator of market expectations. This strike is approximately 7.9% above the current underlying price, signalling that traders are betting on a meaningful price appreciation over the next month. The open interest of 2,599 contracts further confirms that this is not a fleeting speculative move but a sustained positioning by market participants.
Such activity often precedes significant price movements, as option writers and buyers adjust their hedges and exposures. The liquidity in both the options and underlying stock markets supports efficient price discovery, reducing the risk of abrupt volatility spikes.
Sectoral and Market Context
Within the capital markets sector, MCX’s outperformance is noteworthy. The sector’s 1-day return of 0.43% pales in comparison to MCX’s 2.21% gain, highlighting the stock’s leadership role. This is particularly relevant as the broader Sensex index posted a modest 0.17% increase, indicating that MCX is outperforming both its sector and the wider market.
Given the company’s pivotal role in commodity derivatives trading in India, its performance often serves as a barometer for investor sentiment in the commodities space. The current bullish momentum in MCX options and stock price may reflect expectations of increased commodity market activity in the coming months, driven by global supply-demand dynamics and domestic economic factors.
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Investor Takeaway and Outlook
For investors, the current call option activity in MCX offers a clear signal of bullish sentiment, supported by strong technicals and improving fundamentals. The stock’s proximity to its 52-week high, combined with rising delivery volumes and sustained liquidity, suggests that the upside momentum could continue into early 2026.
However, the recent downgrade from Strong Buy to Buy advises caution, indicating that while the stock remains attractive, valuations may be nearing a short-term peak. Investors should monitor the January expiry closely, as the strike price of ₹12,000 will act as a critical resistance level. A decisive breakout above this level could trigger further gains, while failure to breach it may lead to consolidation or profit-taking.
Overall, Multi Commodity Exchange of India Ltd remains a compelling mid-cap stock within the capital markets sector, with options market activity providing valuable insights into investor expectations and potential price trajectories.
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