Oberoi Realty Sees Sharp Open Interest Surge Amid Bearish Momentum

Open Interest and Volume Dynamics

On 18 February 2026, Oberoi Realty’s open interest (OI) in futures and options contracts rose sharply to 31,041 contracts from the previous 28,052, marking an increase of 2,989 contracts or 10.66%. This expansion in OI is accompanied by a futures volume of 19,674 contracts, reflecting active participation in the derivatives market. The combined futures and options value stands at approximately ₹72,886.5 lakhs, with futures contributing ₹72,591.4 lakhs and options an overwhelming ₹3,27,81,64,561 lakhs, underscoring the substantial notional exposure in the stock’s derivatives.

Such a rise in open interest alongside elevated volumes typically indicates fresh positions being initiated rather than existing ones being squared off. In Oberoi Realty’s case, this suggests that traders are either building new directional bets or hedging existing exposures amid the stock’s recent price movements.

Price Performance and Market Context

Oberoi Realty has been under pressure, declining by 2.05% on the day, underperforming its Realty sector peers who fell 1.63%, and lagging the broader Sensex’s 1.12% drop. The stock has recorded a three-day consecutive fall, losing 3.41% cumulatively, with an intraday low of ₹1,509 on 18 February, down 2.1% from the previous close. Notably, the stock is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a sustained bearish trend.

Investor participation has risen markedly, with delivery volumes surging to 1.99 lakh shares on 18 February, a 77.83% increase over the five-day average delivery volume. This heightened delivery volume indicates that investors are increasingly taking or closing positions in the underlying stock, which may be influencing derivatives activity.

Market Positioning and Directional Implications

The surge in open interest amid falling prices and rising volumes points to a complex market stance. Typically, an increase in OI with declining prices suggests that fresh short positions are being established, reflecting bearish sentiment. However, the simultaneous rise in delivery volumes and the stock’s liquidity — with a trade size capacity of ₹0.83 crore based on 2% of the five-day average traded value — indicates that some investors may be accumulating shares at lower levels, possibly anticipating a reversal or value buying.

Oberoi Realty’s current Mojo Score of 37.0 and a Mojo Grade of Sell, downgraded from Hold on 5 January 2026, further corroborate the cautious stance. The downgrade reflects deteriorating fundamentals or technical weakness as assessed by MarketsMOJO’s proprietary analytics. The company’s market capitalisation stands at ₹55,578 crore, categorising it as a mid-cap stock within the Realty sector.

Given the stock’s underperformance relative to its sector and the broader market, alongside the derivatives activity, traders appear to be positioning for continued downside or volatility. The elevated open interest could also be indicative of hedging strategies by institutional investors seeking to protect existing long positions amid uncertain market conditions.

Technical Indicators and Moving Averages

Oberoi Realty’s trading below all major moving averages signals a bearish technical setup. The 5-day and 20-day averages reflect short-term momentum, while the 50-day, 100-day, and 200-day averages provide insight into medium and long-term trends. The stock’s failure to breach these resistance levels suggests persistent selling pressure and a lack of bullish conviction.

Investors and traders should closely monitor the open interest trends in conjunction with price action. A sustained increase in OI with stabilising or rising prices could signal a shift in sentiment, whereas continued OI growth with falling prices may confirm bearish bets.

Outlook and Investor Considerations

For investors, the current scenario presents a mixed picture. The open interest surge and volume patterns suggest active trading and potential volatility ahead. Oberoi Realty’s downgrade to a Sell rating by MarketsMOJO signals caution, especially given the stock’s technical weakness and recent price declines.

However, the increased delivery volumes and liquidity imply that some market participants may view current levels as attractive for accumulation, possibly anticipating a medium to long-term recovery in the Realty sector. The stock’s underlying value of ₹1,512 as of 18 February 2026 provides a reference point for valuation considerations.

Investors should weigh the risks of continued downside against the potential for a rebound, monitoring open interest trends, price action, and sector developments closely. Given the Realty sector’s sensitivity to macroeconomic factors such as interest rates, policy changes, and demand-supply dynamics, a cautious and well-informed approach is advisable.

Summary

Oberoi Realty Ltd’s derivatives market activity reveals a significant increase in open interest and volumes amid a bearish price trend and a recent downgrade to Sell. This combination points to active positioning by traders, likely favouring downside bets or hedging strategies. While the stock remains under pressure technically and fundamentally, rising delivery volumes and liquidity suggest some investor interest at current levels. Market participants should remain vigilant to evolving open interest and price patterns to gauge future directional moves effectively.

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