Robust Call Option Activity Highlights Investor Optimism
On 28 January 2026, MCX emerged as one of the most actively traded stocks in the options market, particularly on the call side. The February 24 expiry saw heavy call option volumes at the ₹2,600 and ₹2,700 strike prices, with 4,932 and 4,062 contracts traded respectively. The turnover for these strikes was substantial, amounting to ₹3,182.99 lakhs for the ₹2,600 strike and ₹1,647.65 lakhs for the ₹2,700 strike, underscoring strong investor interest in these levels.
Open interest figures further reinforce this bullish positioning, with 1,249 contracts open at the ₹2,600 strike and 1,290 at ₹2,700. These levels are notably above the current underlying stock price of ₹2,543, indicating that traders are positioning for a potential price rally beyond these strikes by expiry.
Price Action and Technical Strength Bolster Positive Sentiment
MCX’s price performance has been impressive, with the stock hitting a fresh 52-week high of ₹2,605 on the day. It outperformed its sector by 3.7% and the broader Sensex by 4.94%, delivering a 5.46% gain in a single session. The stock has recorded consecutive gains over the past two days, accumulating an 11.7% return during this period, reflecting sustained buying interest.
Technical indicators support this momentum. MCX is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a strong uptrend. The stock also opened with a gap-up of 2.89%, further confirming bullish investor sentiment. Notably, the weighted average price suggests that most volume traded closer to the day’s low, indicating strong support at lower levels during the session.
Rising Investor Participation and Liquidity
Investor participation has been on the rise, with delivery volumes reaching 21.46 lakh shares on 27 January, a 26.66% increase compared to the five-day average. This heightened activity points to genuine accumulation rather than speculative trading. Liquidity remains robust, with the stock capable of handling trade sizes up to ₹21.98 crore based on 2% of the five-day average traded value, making it attractive for institutional investors and traders alike.
Momentum just kicked in! This Small Cap from the Auto - Trucks sector entered our list with explosive short-term signals. Catch the wave while it's still building!
- - Fresh momentum detected
- - Explosive short-term signals
- - Early wave positioning
Fundamental Upgrades Reinforce Positive Outlook
Multi Commodity Exchange of India Ltd’s recent upgrade from a ‘Buy’ to a ‘Strong Buy’ rating by MarketsMOJO on 18 November 2025 has added further impetus to the stock’s bullish narrative. The company’s Mojo Score stands at a robust 82.0, reflecting strong fundamentals and favourable market positioning within the capital markets sector.
Despite a moderate Market Cap Grade of 2, MCX’s mid-cap status with a market capitalisation of ₹65,022.92 crore positions it well for growth, especially given its leadership in commodity derivatives trading. The upgrade signals improved earnings prospects, operational efficiencies, and a positive outlook on regulatory and market developments.
Options Expiry Patterns Suggest Strategic Positioning
The concentration of call option activity at the ₹2,600 and ₹2,700 strikes for the 24 February 2026 expiry indicates that traders are anticipating a sustained rally over the next month. The open interest build-up at these strikes suggests that investors are either buying calls outright or writing calls to hedge existing positions, both of which imply confidence in upward price movement.
Given the underlying price of ₹2,543, the ₹2,600 strike represents a modest 2.2% premium, while the ₹2,700 strike is about 6.2% above current levels. This range aligns with the stock’s recent volatility and technical momentum, making these strikes attractive targets for bullish traders seeking leveraged exposure.
Sector and Market Context
MCX’s outperformance relative to its capital markets sector and the broader Sensex highlights its relative strength. The sector recorded a 1.71% gain on the day, while Sensex advanced 0.52%, underscoring MCX’s leadership in the space. This outperformance is particularly notable given the cautious market environment, where investors are selectively favouring quality mid-cap stocks with strong growth prospects.
Curious about Multi Commodity Exchange of India Ltd from Capital Markets? Get the complete picture with our detailed research report covering fundamentals, technicals, peer analysis, and everything you need to decide!
- - Detailed research coverage
- - Technical + fundamental view
- - Decision-ready insights
Investor Takeaway
For investors and traders, the current landscape around Multi Commodity Exchange of India Ltd offers a compelling case for bullish positioning. The combination of strong call option activity, technical momentum, and fundamental upgrades provides a multi-dimensional confirmation of the stock’s potential upside.
However, as with all derivatives trading, investors should remain mindful of expiry dynamics and volatility risks. The February expiry window will be critical in determining whether the stock can sustain its rally beyond the ₹2,700 strike price. Monitoring open interest changes and volume patterns in the coming weeks will be essential for gauging market conviction.
Overall, MCX’s current profile as a mid-cap leader in the capital markets sector, backed by a strong Mojo Score and recent rating upgrade, makes it a stock to watch closely for both short-term trading opportunities and longer-term investment potential.
Upgrade at special rates, valid only for the next few days. Claim Your Special Rate →
