Open Interest and Volume Dynamics
Data from 19 February 2026 reveals that ONGC’s open interest in futures and options contracts rose sharply by 11.75%, climbing from 1,41,831 contracts to 1,58,496. This increase of 16,665 contracts is significant in the context of the stock’s liquidity and market cap, which stands at a robust ₹3,46,712.49 crores, categorising it as a large-cap heavyweight in the oil industry.
The volume traded on the derivatives front was recorded at 1,47,110 contracts, indicating strong participation from traders and institutional investors. The futures value stood at ₹1,91,424.35 lakhs, while the options segment contributed a substantial ₹73,799.47 crores in notional value, underscoring the depth and breadth of derivatives activity in ONGC.
Underlying these figures is the stock’s current price of ₹275, which recently touched a new 52-week high of ₹280.8, marking a 2.24% intraday gain. The stock has been on a two-day consecutive gain streak, delivering a cumulative return of 4.12%, outperforming the sector’s 0.32% and closely tracking the Sensex’s 0.42% rise on the same day.
Technical and Market Positioning Insights
ONGC’s price is trading comfortably above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a strong uptrend and positive momentum. The delivery volume on 19 February surged to 1.74 crore shares, a 72.9% increase compared to the five-day average, indicating rising investor conviction and accumulation.
The stock’s dividend yield remains attractive at 5.02%, adding to its appeal for income-focused investors amid volatile markets. Liquidity metrics suggest that ONGC can accommodate sizeable trades, with a trade size capacity of ₹11.84 crores based on 2% of the five-day average traded value, ensuring smooth execution for institutional players.
Our latest weekly pick is live! This Large Cap from Diamond & Gold Jewellery comes with clear entry and exit targets. See the detailed report with target price now!
- - Clear entry/exit targets
- - Target price revealed
- - Detailed report available
Implications of the Open Interest Surge
The sharp rise in open interest alongside increasing volumes typically indicates fresh capital entering the market, often reflecting new directional bets. In ONGC’s case, the 11.75% jump in OI suggests that traders are positioning for further upside, supported by the stock’s recent breakout above key resistance levels.
Market participants appear to be optimistic about the oil sector’s outlook, buoyed by stable crude prices and improving demand fundamentals globally. ONGC’s upgraded Mojo Grade from Hold to Buy on 5 February 2026, with a Mojo Score of 75.0, further reinforces the positive sentiment. This upgrade reflects improved fundamentals, technical strength, and favourable market positioning.
Moreover, the stock’s market cap grade of 1 highlights its status as a top-tier large-cap stock, attracting institutional interest and enhancing its appeal as a core portfolio holding. The combination of rising open interest, strong price momentum, and favourable technical indicators points to a sustained bullish bias in the near term.
Sector and Benchmark Comparison
While ONGC’s one-day return of 0.35% marginally outperformed the oil sector’s 0.32%, it closely tracked the Sensex’s 0.42% gain, indicating that the stock is moving in tandem with broader market trends. The oil sector has been relatively resilient amid recent macroeconomic uncertainties, supported by steady crude oil prices and government policies favouring energy security.
ONGC’s ability to maintain gains above all major moving averages and its rising delivery volumes suggest that the stock is consolidating its leadership position within the sector. Investors should monitor open interest trends closely, as sustained increases could signal further upside potential or heightened volatility depending on market developments.
Curious about Oil & Natural Gas Corporation Ltd. from Oil? 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
Investor Takeaways and Outlook
For investors, the current surge in open interest and volume in ONGC’s derivatives market signals heightened interest and potential for further price appreciation. The stock’s strong technical setup, combined with a high dividend yield of 5.02%, makes it an attractive proposition for both growth and income investors.
However, investors should remain vigilant to global crude price fluctuations and geopolitical developments that could impact the oil sector’s trajectory. The recent upgrade in ONGC’s Mojo Grade to Buy reflects a positive medium-term outlook, but market participants should consider risk management strategies given the inherent volatility in commodity-linked stocks.
In summary, ONGC’s derivatives market activity and price action suggest a bullish consensus among traders, supported by solid fundamentals and sector tailwinds. This positions the stock favourably for continued gains, provided broader market conditions remain stable.
Summary of Key Metrics:
- Open Interest: 1,58,496 contracts (up 11.75%)
- Volume: 1,47,110 contracts
- Futures Value: ₹1,91,424.35 lakhs
- Options Value: ₹73,799.47 crores
- Underlying Price: ₹275
- 52-Week High: ₹280.8
- Dividend Yield: 5.02%
- Market Cap: ₹3,46,712.49 crores
- Mojo Score: 75.0 (Buy, upgraded from Hold on 5 Feb 2026)
Investors tracking ONGC should continue to monitor open interest trends and volume patterns as key indicators of market sentiment and potential price direction.
Only Rs. 9,999 - Get MojoOne for 1 Year + 3 Months FREE (60% Off) Start Today
