ONGC Sees Robust Call Option Activity as Bullish Sentiment Strengthens Ahead of January Expiry

Strong Call Option Volumes Concentrated Near Current Levels

The most active call options for ONGC are clustered around strike prices of ₹245 and ₹250, both expiring on 27 January 2026. The ₹245 strike call saw 5,010 contracts traded, generating a turnover of ₹464.43 lakhs, while the ₹250 strike call recorded 4,862 contracts with a turnover of ₹230.82 lakhs. Open interest remains robust at 4,252 and 4,838 contracts respectively, indicating sustained investor interest and potential for further price movement.

Given the underlying stock price of ₹246.95, these strike prices are near-the-money, suggesting traders are positioning for a moderate rally in the coming weeks. The concentration of activity at these levels reflects a consensus expectation that ONGC could breach the ₹250 mark before expiry, a psychologically significant level for market participants.

Technical and Fundamental Backdrop Supports Bullish Outlook

ONGC’s recent price action has been notably positive. The stock has gained 6.21% over the past four consecutive trading sessions, outperforming the oil sector by 0.66% on the latest trading day. It is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a strong uptrend and healthy investor sentiment.

Delivery volumes have surged, with 1.2 crore shares delivered on 13 January, marking a 106.28% increase compared to the five-day average. This rise in delivery volume underscores genuine buying interest rather than speculative intraday activity, which often precedes sustained price moves.

Additionally, ONGC offers a high dividend yield of 5.12% at current prices, enhancing its appeal to income-focused investors amid volatile markets. The stock’s liquidity is also commendable, with an average traded value sufficient to support sizeable trades up to ₹6.23 crore without significant price impact.

Mojo Score Upgrade Reflects Improving Fundamentals and Market Position

MarketsMOJO recently upgraded ONGC’s Mojo Grade from Hold to Buy on 13 January 2026, reflecting an improved overall score of 74.0. This upgrade is supported by the company’s strong market capitalisation of ₹3,06,770 crore, classified as a Large Cap with a Market Cap Grade of 1, indicating top-tier size and stability within the oil sector.

The upgrade also factors in ONGC’s resilient operational performance and favourable sector dynamics, including rising crude oil prices and government support for domestic energy producers. The company’s strategic initiatives to enhance exploration and production efficiency further bolster its growth prospects.

Expiry Dynamics and Investor Positioning

With the 27 January expiry approaching, the heightened call option activity suggests investors are positioning for a potential breakout. The open interest data reveals that traders are not only buying calls but also holding onto existing positions, which could amplify price movements as expiry nears.

Such positioning often precedes increased volatility, as market makers hedge their exposures and traders adjust their portfolios. The strike prices chosen indicate a consensus that ONGC’s price will remain buoyant or rise modestly, with the ₹250 level acting as a key resistance point to watch.

Sector and Market Context

ONGC’s outperformance relative to the oil sector and the broader Sensex, which declined marginally by 0.02% on the same day, highlights its defensive qualities amid mixed market conditions. The oil sector’s 0.36% gain was modest, but ONGC’s 0.98% daily return underscores its leadership within the segment.

Investors seeking exposure to energy amid global supply uncertainties and geopolitical tensions may find ONGC’s combination of dividend yield, liquidity, and technical strength compelling. The stock’s ability to sustain gains above key moving averages further supports a constructive medium-term outlook.

Investor Takeaway

For investors monitoring ONGC, the current call option activity provides a clear signal of bullish sentiment building ahead of the January expiry. The near-the-money strikes with high open interest and turnover suggest confidence in a price move above ₹245–₹250 in the short term.

Coupled with the recent upgrade in Mojo Grade and strong technical indicators, ONGC appears well-positioned to capitalise on favourable sector trends. However, investors should remain mindful of broader market volatility and crude price fluctuations that could impact the stock’s trajectory.

Given the stock’s liquidity and attractive dividend yield, it remains a compelling Large Cap option for both growth and income-oriented portfolios. Monitoring option expiry dynamics and volume patterns will be crucial for timing entry and exit points in the coming weeks.

Summary of Key Metrics

• Stock price: ₹246.95

• Most active call strikes: ₹245 (5,010 contracts), ₹250 (4,862 contracts)

• Turnover: ₹464.43 lakhs (₹245 strike), ₹230.82 lakhs (₹250 strike)

• Open interest: 4,252 (₹245 strike), 4,838 (₹250 strike)

• Mojo Score: 74.0 (Buy, upgraded from Hold)

• Market cap: ₹3,06,770 crore (Large Cap)

• Dividend yield: 5.12%

• Recent price gain: 6.21% over 4 days

• Delivery volume spike: +106.28% vs 5-day average

Investors should continue to track ONGC’s price action and option market developments closely as the January expiry approaches, as these will provide valuable clues on the stock’s near-term direction and risk-reward profile.

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