Open Interest and Volume Dynamics
On 25 Feb 2026, NATIONALUM's open interest (OI) in derivatives rose sharply by 2,934 contracts, a 13.28% increase from the previous day's 22,093 to 25,027. This notable expansion in OI was accompanied by a robust volume of 30,370 contracts, indicating strong participation from traders and investors. The futures segment alone accounted for a value of approximately ₹81,263 lakhs, while options contributed an overwhelming ₹33,995.79 crores, culminating in a total derivatives value of ₹91,097.39 lakhs. Such elevated activity suggests that market participants are positioning aggressively, possibly anticipating further price movements.
Price Performance and Technical Positioning
The underlying stock price closed at ₹357, having touched an intraday high of ₹360.8, marking a 5.19% gain on the day. NATIONALUM outperformed its sector by 2.46% and the Sensex by 4.06%, with a one-day return of 4.20% compared to the sector’s 1.90% and Sensex’s 0.22%. The stock has been on a two-day consecutive gain streak, delivering a cumulative return of 5.56% over this period. Technically, the price remains above its 5-day, 50-day, 100-day, and 200-day moving averages, though it is slightly below the 20-day moving average, indicating a short-term consolidation phase amid a longer-term uptrend.
Investor Participation and Liquidity
Investor interest is further evidenced by a 20.51% rise in delivery volume to 29.7 lakh shares on 24 Feb 2026, compared to the five-day average. This surge in delivery volume underscores genuine buying interest rather than speculative trading. The stock’s liquidity remains healthy, with a trade size capacity of ₹4.13 crores based on 2% of the five-day average traded value, making it accessible for institutional and retail investors alike.
Strong fundamentals, steady climb upward! This Large Cap from Telecommunication sector earned its Reliable Performer badge through consistent execution. Safety meets solid returns here!
- - Reliable Performer certified
- - Consistent execution proven
- - Large Cap safety pick
Market Positioning and Directional Bets
The surge in open interest alongside rising volumes typically signals fresh money entering the market, often reflecting directional bets. In NATIONALUM’s case, the 13.28% increase in OI suggests that traders are building positions expecting further upside. The stock’s recent outperformance relative to the non-ferrous metals sector and the broader market supports this bullish stance.
Options market data reveals a substantial notional value, indicating active hedging and speculative strategies. The large option value of ₹33,995.79 crores points to significant open interest in calls and puts, which may be used by market participants to express nuanced views on volatility and price direction. The futures value of ₹81,263 lakhs further confirms strong commitment in the underlying asset.
Fundamental and Technical Outlook
National Aluminium Company Ltd holds a Market Capitalisation of ₹65,090 crores, categorising it as a mid-cap stock within the non-ferrous metals industry. The company currently carries a Mojo Score of 72.0, with a Mojo Grade of Buy, recently downgraded from Strong Buy on 23 Feb 2026. This adjustment reflects a cautious but positive outlook, balancing the stock’s solid fundamentals against near-term market volatility.
The stock offers a healthy dividend yield of 3.2%, enhancing its appeal to income-focused investors. Its technical positioning above key moving averages supports the medium to long-term bullish trend, while the slight dip below the 20-day moving average suggests a potential short-term consolidation or minor correction before further gains.
Sector and Market Context
The non-ferrous metals sector has shown resilience amid global commodity price fluctuations, with aluminium prices stabilising due to supply constraints and steady demand from industrial sectors. NATIONALUM’s recent performance outpacing its sector peers by 2.46% indicates company-specific strengths, possibly linked to operational efficiencies or favourable contract wins.
Compared to the Sensex’s modest 0.22% gain on the same day, NATIONALUM’s 4.20% return highlights its relative strength and attractiveness to investors seeking exposure to metals with growth potential. The rising open interest and volume patterns in derivatives further reinforce the market’s positive sentiment towards the stock.
Curious about National Aluminium Company Ltd from Non - Ferrous Metals? 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
Implications for Investors
For investors, the sharp rise in open interest combined with strong volume and price appreciation signals a favourable entry point, especially given the stock’s solid fundamentals and dividend yield. The recent downgrade from Strong Buy to Buy by MarketsMOJO on 23 Feb 2026 suggests a tempered optimism, advising investors to monitor short-term volatility while recognising the stock’s medium-term growth potential.
Market participants should also consider the liquidity profile, which supports sizeable trades without significant price impact, making NATIONALUM suitable for both retail and institutional portfolios. The ongoing bullish momentum, supported by rising delivery volumes, indicates genuine accumulation rather than speculative froth.
Conclusion
National Aluminium Company Ltd’s recent surge in derivatives open interest and volume reflects a clear shift in market positioning towards a bullish outlook. Supported by strong price performance, improving investor participation, and solid fundamentals, the stock remains an attractive proposition within the non-ferrous metals sector. While short-term consolidation may occur, the overall trend favours further appreciation, making NATIONALUM a key stock to watch for investors seeking exposure to aluminium and related metals.
Limited Period Only. Start at Rs. 9,999 - Get MojoOne for 1 Year + 3 Months FREE (60% Off) Get 71% Off →
