Robust Price Performance and Market Positioning
MCX has outperformed its sector peers with a 1-day return of 2.58%, compared to the sector’s marginal decline of 0.01% and the broader Sensex’s fall of 0.48%. The stock has been on a three-day consecutive gain streak, delivering an impressive 17.18% return over this period. It opened today’s session with a gap-up of 2.2%, reaching an intraday high of Rs. 2705, marking a fresh 52-week peak.
Trading above all key moving averages—5-day, 20-day, 50-day, 100-day, and 200-day—MCX’s technical setup remains strongly bullish. This upward momentum is further supported by a surge in delivery volume, which rose by 72.44% to 30.53 lakh shares on 28 Jan, signalling rising investor conviction and participation in the stock.
Call Option Activity Highlights Bullish Outlook
The most active call option for MCX is the 24-Feb-2026 expiry with a strike price of Rs. 2700. This option saw 3,973 contracts traded, generating a turnover of approximately Rs. 2711.82 lakhs. Open interest stands at 1,515 contracts, indicating sustained interest and potential accumulation at this strike level. The underlying stock price at Rs. 2665 is just below the strike, suggesting traders are positioning for a breakout above Rs. 2700 in the near term.
This heightened call option activity reflects a strong bullish bias among market participants, who appear confident in MCX’s ability to maintain its upward trajectory. The strike price chosen aligns closely with the stock’s recent highs, indicating expectations of further price appreciation beyond current levels.
Fundamental Strength and Market Capitalisation
MCX operates within the capital markets industry and holds a mid-cap market capitalisation of Rs. 67,827.83 crores. The company’s Mojo Score has recently improved to 82.0, earning it a “Strong Buy” grade as of 18 Nov 2025, an upgrade from its previous “Buy” rating. This reflects enhanced confidence in the company’s fundamentals, growth prospects, and overall market positioning.
Despite a market cap grade of 2, which suggests moderate size relative to peers, MCX’s consistent price gains and liquidity profile make it an attractive option for both institutional and retail investors. The stock’s liquidity supports trade sizes up to Rs. 25.82 crores based on 2% of the 5-day average traded value, ensuring ease of entry and exit for large positions.
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Expiry Patterns and Investor Sentiment
The February 24, 2026 expiry date for the most active call options suggests that investors are looking at a medium-term horizon for gains. The concentration of open interest at the Rs. 2700 strike price indicates a consensus expectation that MCX will breach this level within the next month. This is consistent with the stock’s recent price action and technical indicators.
Such positioning often precedes significant price moves, as traders hedge or speculate on anticipated events or earnings announcements. Given MCX’s sector and recent upgrades, the market appears to be pricing in positive developments, possibly linked to increased commodity trading volumes or regulatory tailwinds.
Comparative Sector and Market Analysis
Within the capital markets sector, MCX’s outperformance is notable. While the sector index remains flat, MCX’s gains highlight its relative strength and leadership. This is further validated by its upgraded Mojo Grade, which now stands at “Strong Buy,” reflecting improved fundamentals and technical momentum compared to peers.
Investors looking for exposure to the capital markets space may find MCX’s combination of liquidity, strong option market activity, and positive price trends compelling. The stock’s ability to sustain gains above key moving averages and its rising delivery volumes underscore a healthy demand base.
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Outlook and Investor Considerations
Given the current market dynamics, MCX appears well-positioned for further gains. The strong call option activity at near-the-money strikes, combined with the stock’s technical strength and upgraded fundamental rating, suggests that investors are increasingly confident in its prospects.
However, investors should remain mindful of broader market volatility and sector-specific risks, including regulatory changes and commodity price fluctuations that could impact trading volumes. Monitoring open interest trends and expiry patterns will be crucial to gauge evolving market sentiment.
Overall, MCX’s recent performance and option market signals provide a compelling case for bullish positioning, making it a stock to watch closely in the capital markets space.
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