Robust Price Performance and Market Positioning
On 14 Jan 2026, National Aluminium Company Ltd hit a new 52-week high of ₹368, marking a 2.97% intraday gain. This performance outpaced the broader non-ferrous metals sector, which rose by 2.06%, and the Sensex, which marginally declined by 0.09%. The stock has been on a consistent upward trajectory, delivering a 9.75% return over the past four consecutive trading days. This sustained rally has seen the share price comfortably trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a strong technical uptrend.
Despite the positive price action, investor participation has shown signs of moderation. Delivery volumes on 13 Jan dropped by 47.42% compared to the five-day average, totalling 50.77 lakh shares. However, liquidity remains adequate, with the stock supporting a trade size of approximately ₹19.12 crore based on 2% of the five-day average traded value. This balance of strong price gains and moderate volume suggests selective accumulation by informed investors.
Explosive Call Option Activity Ahead of Expiry
The most active call option for National Aluminium Company Ltd is the January 27, 2026 expiry series, with a strike price of ₹385. This strike is notably above the current underlying value of ₹366.20, indicating bullish positioning by option traders anticipating further upside. A total of 9,781 contracts were traded in this series, generating a turnover of ₹1734.90 lakh. Open interest stands at 2,025 contracts, reflecting sustained interest and potential build-up of long call positions.
The concentration of activity at the ₹385 strike price suggests that market participants expect the stock to breach this level within the next two weeks. Given the stock’s recent momentum and technical strength, this optimism appears well-founded. The expiry date being just under two weeks away adds urgency to these positions, with traders likely positioning for a breakout or continuation of the current rally.
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Fundamental Strength and Market Sentiment
National Aluminium Company Ltd operates within the non-ferrous metals industry, a sector that has been benefiting from improving global demand and supply constraints. The company’s market capitalisation stands at ₹66,853 crore, placing it comfortably in the mid-cap category. Its Mojo Score of 85.0 and an upgraded Mojo Grade of Strong Buy (upgraded from Buy on 11 Nov 2025) reflect robust fundamentals and positive analyst sentiment.
These ratings are supported by the company’s consistent earnings growth, operational efficiencies, and strategic positioning within the aluminium value chain. The upgrade to Strong Buy signals increased confidence in the stock’s medium to long-term prospects, which aligns with the bullish options activity observed in the near term.
Technical Indicators and Expiry Dynamics
From a technical perspective, the stock’s ability to sustain above all major moving averages is a strong bullish indicator. The 5-day moving average has acted as a reliable support level during the recent rally, while the 50-day and 200-day averages confirm the longer-term uptrend. The stock’s outperformance relative to its sector and the broader market further validates this momentum.
The expiry of call options on 27 Jan 2026 is a critical juncture. The high volume and open interest at the ₹385 strike price suggest that traders are positioning for a breakout above this level. Should the stock close above ₹385 by expiry, these call options would move into the money, potentially triggering further buying interest and a short squeeze in the underlying shares.
Conversely, if the stock fails to breach this strike, some profit-taking or consolidation could ensue. However, the current trend and market sentiment favour a bullish outcome, supported by strong fundamentals and technicals.
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Investor Implications and Outlook
For investors, the current scenario presents an attractive opportunity to capitalise on National Aluminium Company Ltd’s bullish momentum. The strong call option activity at the ₹385 strike price indicates that market participants expect the stock to continue its upward trajectory in the short term. This is supported by the company’s upgraded Mojo Grade, solid fundamentals, and technical strength.
However, investors should remain mindful of the inherent risks associated with options trading and market volatility. The falling delivery volumes suggest some caution among retail participants, which could lead to intermittent pullbacks. Monitoring open interest trends and price action around the expiry date will be crucial to gauge the sustainability of the rally.
Overall, National Aluminium Company Ltd’s combination of strong fundamentals, positive analyst upgrades, and robust technical indicators make it a compelling candidate for both equity and derivative market participants seeking exposure to the non-ferrous metals sector.
Summary
National Aluminium Company Ltd is currently experiencing heightened call option activity, particularly at the ₹385 strike price expiring on 27 Jan 2026. This reflects bullish market expectations supported by the stock’s recent 52-week high, consistent gains, and upgraded Mojo Grade of Strong Buy. While liquidity remains sufficient and technical indicators are favourable, investors should watch for volume trends and expiry dynamics to confirm the sustainability of the rally.
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