Call Option Activity Highlights
The most active call options for National Aluminium Company Ltd are concentrated around the 340 strike price, with expiry set for 27 January 2026. On this expiry date, a substantial 2,911 contracts were traded, generating a turnover of ₹4.93 crores. The open interest stands at 1,616 contracts, reflecting sustained interest and positioning ahead of the expiry.
Given the underlying stock price of ₹317.20, the 340 strike calls indicate a moderately bullish outlook, with traders anticipating a potential upside of nearly 7% over the next month. This optimism is further supported by the stock’s recent price action and technical indicators.
Price Performance and Technical Strength
National Aluminium Company Ltd has recently hit a new 52-week high of ₹319.85, marking a significant milestone for the stock. It has outperformed its sector by 0.32% today and has recorded a consecutive two-day gain, delivering a cumulative return of 5.23% over this period. The stock is trading comfortably above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signalling a strong upward trend and positive momentum.
Investor participation has also risen sharply, with delivery volumes reaching 98.77 lakh shares on 30 December, a 47.79% increase compared to the five-day average. This surge in delivery volume suggests genuine buying interest rather than speculative trading, reinforcing the bullish narrative.
Fundamental Strength and Market Position
National Aluminium Company Ltd operates in the Non-Ferrous Metals sector and is classified as a mid-cap stock with a market capitalisation of ₹58,166 crore. The company boasts a high Mojo Score of 85.0, reflecting strong fundamentals and favourable market positioning. Its Mojo Grade was recently upgraded from Buy to Strong Buy on 11 November 2025, underscoring improved investor confidence and outlook.
Despite a modest market cap grade of 2, the stock’s liquidity remains robust, with the ability to handle trade sizes of up to ₹10.28 crore based on 2% of the five-day average traded value. Additionally, the stock offers a healthy dividend yield of 3.32%, adding to its appeal for income-focused investors.
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Market Context and Sector Comparison
In the broader market context, National Aluminium Company Ltd’s one-day return of 0.27% outpaces the Sensex gain of 0.17% and significantly exceeds the Non-Ferrous Metals sector’s decline of 0.19%. This relative strength highlights the company’s resilience amid sector headwinds and positions it favourably for further gains.
The Non-Ferrous Metals sector has faced volatility due to fluctuating commodity prices and global demand uncertainties. However, National Aluminium’s strong operational metrics and strategic initiatives have helped it maintain momentum, attracting both institutional and retail investors.
Options Market Sentiment and Expiry Outlook
The concentration of call option activity at the 340 strike price with a sizeable open interest suggests that traders are positioning for a breakout above current levels. The January 2026 expiry provides a near-term horizon for this anticipated move, with the options market pricing in a potential rally driven by positive earnings prospects and favourable macroeconomic factors.
Open interest data indicates that the 340 strike calls are the preferred choice among traders, reflecting confidence in the stock’s ability to surpass this level. This positioning is consistent with the recent upgrade to a Strong Buy rating and the company’s improving fundamentals.
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Investor Takeaway and Strategic Implications
For investors, the combination of strong call option activity, technical strength, and fundamental upgrades presents a compelling case to consider National Aluminium Company Ltd as a core portfolio holding. The stock’s ability to outperform its sector and maintain upward momentum despite broader market fluctuations is a positive indicator of its resilience and growth potential.
However, investors should remain mindful of commodity price volatility and global economic factors that could impact the Non-Ferrous Metals sector. Monitoring open interest trends and expiry patterns in the options market can provide valuable insights into evolving market sentiment and potential price movements.
Overall, the current market signals suggest that National Aluminium Company Ltd is well positioned for further appreciation, supported by strong investor interest and favourable technical and fundamental factors.
Summary
National Aluminium Company Ltd’s recent surge in call option trading, coupled with its new 52-week high and upgraded Mojo Grade to Strong Buy, underscores a bullish outlook among market participants. The stock’s solid fundamentals, rising delivery volumes, and technical momentum reinforce its appeal amid sector challenges. With the 340 strike call options attracting significant open interest ahead of the January 2026 expiry, investors are signalling confidence in the stock’s near-term upside potential.
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