Multi Commodity Exchange Sees Surge in Call Option Activity Ahead of Year-End Expiry

Robust Call Option Activity Highlights Investor Optimism

The call options for MCX with a strike price of ₹11,000 expiring on 30 Dec 2025 witnessed a remarkable 3,710 contracts traded, generating a turnover of ₹71.00 lakhs. Open interest stood at 2,081 contracts, indicating sustained interest and potential accumulation ahead of expiry. The underlying stock closed at ₹10,897, just 2.87% shy of its 52-week high of ₹11,219, underscoring the proximity to a key resistance level that traders are closely monitoring.

This surge in call option activity suggests that investors are anticipating a rebound or continuation of the uptrend in MCX’s share price, despite the stock having recorded a modest decline of 0.34% on the day and a 1.32% drop over the past two sessions. The active expiry date and strike price concentration point to a strategic bullish stance, with traders likely expecting the stock to surpass the ₹11,000 mark in the short term.

Price and Volume Trends Support Bullish Outlook

MCX’s price action reveals a nuanced picture. The stock is trading comfortably above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signalling a strong medium- to long-term uptrend. However, investor participation has shown signs of moderation, with delivery volume on 29 Dec falling by 18.51% compared to the five-day average, registering at 1.28 lakh shares. This dip in delivery volume may indicate some profit-booking or cautious positioning ahead of expiry.

Liquidity remains robust, with the stock’s traded value supporting trade sizes up to ₹10.88 crore based on 2% of the five-day average traded value. This level of liquidity ensures that option traders can execute sizeable positions without significant market impact, further encouraging active participation in derivatives.

Sector and Market Context

MCX operates within the Capital Markets industry and sector, where it holds a mid-cap market capitalisation of approximately ₹55,781 crore. On 30 Dec 2025, the stock’s one-day return of -0.38% slightly underperformed the sector’s decline of -0.21% and the broader Sensex’s marginal fall of -0.08%. This relative underperformance over the short term contrasts with the bullish sentiment reflected in the options market, suggesting that derivatives traders may be anticipating a turnaround or a positive catalyst in the near future.

The company’s Mojo Score currently stands at 77.0, with a Mojo Grade of Buy, recently downgraded from Strong Buy on 18 Nov 2025. This adjustment reflects a more cautious but still positive outlook based on fundamental and technical factors. The market cap grade of 2 indicates a solid mid-cap standing, balancing growth potential with established market presence.

Expiry Patterns and Strike Price Concentration

The concentration of call option contracts at the ₹11,000 strike price, which is slightly above the current underlying value, is a classic indicator of bullish positioning. Traders are effectively betting on the stock’s ability to breach this level by expiry, which could trigger further upside momentum. The expiry date of 30 Dec 2025 aligns with the end of the calendar year, a period often marked by portfolio rebalancing and strategic positioning for the new year.

Open interest of 2,081 contracts at this strike price confirms that this is not merely speculative volume but represents a meaningful build-up of positions. This open interest level also suggests that traders are prepared to hold through expiry, potentially leading to increased volatility and price movement as the date approaches.

Implications for Investors and Traders

For investors, the active call option trading in MCX signals an opportunity to capitalise on anticipated price appreciation. The stock’s proximity to its 52-week high and strong moving average support levels provide technical validation for bullish bets. However, the recent two-day price decline and reduced delivery volumes counsel prudence, as short-term profit-taking or market uncertainty may temper gains.

Options traders should monitor open interest changes and volume trends closely, as shifts could indicate evolving market sentiment. The liquidity profile of MCX supports both large and small trades, making it accessible for a range of market participants. Additionally, the expiry date’s timing near year-end may amplify price action due to institutional adjustments.

Outlook and Conclusion

Multi Commodity Exchange of India Ltd’s active call option market activity reflects a cautiously optimistic outlook among investors and traders. While the stock has experienced a slight pullback in recent sessions, the concentration of call contracts at the ₹11,000 strike price and expiry on 30 Dec 2025 indicates expectations of a rebound or sustained upward momentum.

The company’s solid fundamentals, as reflected in its Mojo Score and Buy rating, combined with technical support from multiple moving averages, provide a strong foundation for potential gains. However, investors should remain mindful of short-term volatility risks, especially given the reduced delivery volumes and recent price softness.

Overall, the derivatives market’s positioning suggests that MCX remains a key stock to watch in the Capital Markets sector, with the potential for meaningful price movements as expiry approaches and new catalysts emerge in the coming weeks.

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