Multi Commodity Exchange Sees Surge in Call Option Activity Amid Bullish Momentum

Robust Call Option Activity Highlights Investor Optimism

The most active call options for MCX are concentrated around the 27 January 2026 expiry, with the 2300 strike price contract attracting the highest volume. On this expiry date, 4,542 contracts were traded, generating a turnover of ₹2,037.94 lakhs. Open interest stands at 1,719 contracts, underscoring sustained investor interest and positioning ahead of the expiry.

MCX’s underlying stock price currently trades at ₹2,305, slightly above the 2300 strike, indicating that the call options are near-the-money and attractive for bullish bets. The high volume and turnover in these contracts suggest that traders are anticipating further upside, positioning themselves to benefit from potential price appreciation in the coming weeks.

Price Action and Technical Strength Reinforce Positive Outlook

On 7 January 2026, MCX stock touched a new 52-week high of ₹2,315, marking a 3.07% intraday gain. The stock outperformed its Capital Markets sector by 3.38% and the broader Sensex by 2.92%, reflecting strong relative strength. Over the past two trading sessions, MCX has delivered a cumulative return of 5.14%, signalling sustained buying interest.

Technically, the stock is trading comfortably above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — which is a classic indication of a bullish trend. This alignment of moving averages often attracts momentum traders and institutional investors, further supporting the stock’s upward momentum.

Investor participation has also risen notably, with delivery volumes on 6 January reaching 10.31 lakh shares, a 67.13% increase compared to the five-day average. This surge in delivery volume suggests genuine accumulation rather than speculative trading, reinforcing confidence in the stock’s fundamentals and near-term prospects.

Fundamental Strength and Market Capitalisation Context

MCX operates within the Capital Markets industry and sector, with a market capitalisation of ₹57,332 crore, classifying it as a mid-cap stock. The company’s Mojo Score currently stands at 77.0, reflecting a favourable overall assessment. Although the Mojo Grade was recently downgraded from Strong Buy to Buy on 18 November 2025, the rating remains positive, signalling confidence in the company’s growth prospects despite a slight moderation in enthusiasm.

The market cap grade of 2 indicates a solid mid-cap standing, which often appeals to investors seeking a blend of growth potential and relative stability. The recent price appreciation and strong option activity suggest that market participants are factoring in positive earnings outlooks and sector tailwinds.

Liquidity and Trading Dynamics Support Active Participation

Liquidity metrics for MCX are robust, with the stock’s traded value supporting a trade size of approximately ₹10.64 crore based on 2% of the five-day average traded value. This level of liquidity facilitates active participation by institutional and retail investors alike, enabling sizeable positions to be taken without significant price impact.

The day’s return of 2.80% for MCX contrasts sharply with the sector’s decline of 0.46% and the Sensex’s marginal fall of 0.12%, highlighting the stock’s outperformance in a mixed market environment. This divergence often attracts further speculative and directional trading, as evidenced by the surge in call option volumes.

Expiry Patterns and Strike Price Concentration

The concentration of call option activity at the 2300 strike price for the 27 January 2026 expiry is particularly noteworthy. This strike is closely aligned with the current underlying price, making it a focal point for traders betting on continued upside. The open interest of 1,719 contracts at this strike suggests that many positions remain open, potentially leading to increased volatility as expiry approaches.

Such positioning often reflects a consensus expectation that the stock will maintain or exceed this level in the near term. Traders utilising these call options may be employing strategies ranging from outright bullish bets to more complex spreads designed to capitalise on anticipated price movements.

Balancing Bullish Sentiment with Market Realities

While the surge in call option activity and the stock’s technical strength point to a bullish outlook, investors should remain mindful of broader market conditions and sector-specific risks. The Capital Markets sector can be sensitive to regulatory changes, interest rate fluctuations, and macroeconomic developments that may impact trading volumes and revenues.

Moreover, the recent downgrade from Strong Buy to Buy in the Mojo Grade suggests a cautious recalibration of expectations, possibly reflecting valuation concerns or near-term uncertainties. Investors should weigh these factors alongside the evident positive momentum and liquidity before committing significant capital.

Outlook and Strategic Considerations for Investors

Given the current market dynamics, MCX presents an attractive opportunity for investors seeking exposure to a mid-cap Capital Markets stock with strong technical momentum and active derivatives participation. The high open interest and turnover in call options at the 2300 strike for January expiry indicate that market participants expect the stock to sustain or surpass current levels in the short term.

Investors may consider monitoring option chain data closely for shifts in open interest and volume that could signal changes in sentiment or impending volatility. Additionally, tracking delivery volumes and moving average trends will provide further confirmation of the stock’s underlying strength.

Overall, MCX’s blend of fundamental solidity, technical robustness, and active options market activity makes it a compelling candidate for inclusion in portfolios targeting growth within the Capital Markets sector.

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