Open Interest and Volume Dynamics
Data from 20 Feb 2026 reveals that ONGC’s open interest in derivatives rose sharply by 19,484 contracts, a 13.74% increase from the previous OI of 141,831 to 161,315. This notable expansion in OI was accompanied by a volume of 161,493 contracts, indicating strong trading activity and fresh positions being established rather than merely unwinding existing ones.
The futures value stood at ₹2,23,723.38 lakhs, while the options segment showed an enormous notional value of ₹79,602.05 crores, cumulatively amounting to ₹2,32,882.21 lakhs in total derivatives value. Such elevated figures underscore the stock’s liquidity and the active participation of institutional and retail traders alike.
Price Action and Technical Strength
ONGC’s price performance complements the derivatives activity. The stock has gained 4.23% over the last two consecutive trading sessions, with an intraday high of Rs 280.8 marking a fresh 52-week peak. It is trading comfortably above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a sustained uptrend and strong technical momentum.
Delivery volumes have surged as well, with 1.74 crore shares delivered on 19 Feb, a 72.9% increase over the five-day average delivery volume. This rise in delivery volume suggests genuine accumulation by investors, reinforcing the bullish narrative.
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Market Positioning and Directional Bets
The surge in open interest alongside rising volumes and price gains suggests that market participants are positioning for further upside in ONGC. The increase in OI is typically interpreted as fresh money entering the market, which in this context points to bullish bets on the stock’s near-term trajectory.
Given the underlying value of Rs 276 and the stock’s recent high of Rs 280.8, traders appear confident in ONGC’s ability to sustain gains amid favourable oil sector dynamics. The company’s large-cap status, with a market capitalisation of ₹3,47,278.61 crores, and a strong Mojo Score of 75.0 (upgraded from Hold to Buy on 5 Feb 2026) further bolster investor confidence.
Additionally, ONGC offers a high dividend yield of 5.02%, making it attractive not only for capital appreciation but also for income-focused investors. The stock’s liquidity, supporting trade sizes up to ₹11.84 crores based on 2% of the five-day average traded value, ensures ease of entry and exit for large institutional players.
Sector and Benchmark Comparison
ONGC’s one-day return of 0.51% is closely aligned with the oil sector’s 0.58% gain and the Sensex’s 0.62% rise, indicating that the stock is moving in tandem with broader market and sector trends. However, the derivatives activity and technical strength suggest ONGC may outperform in the near term as fresh positions accumulate.
The oil sector continues to benefit from global supply constraints and rising crude prices, factors that underpin ONGC’s positive outlook. The company’s operational scale and government backing provide additional stability amid volatile commodity cycles.
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Implications for Investors
For investors, the combination of rising open interest, strong volume, and technical breakout signals a favourable entry point in ONGC. The upgrade in Mojo Grade from Hold to Buy reflects improved fundamentals and market sentiment, supported by solid financial metrics and sector tailwinds.
However, investors should remain mindful of global oil price volatility and geopolitical risks that could impact the sector. Monitoring derivatives activity remains crucial as it provides real-time insight into market positioning and potential shifts in sentiment.
Overall, ONGC’s current market behaviour suggests a constructive outlook, with the stock well poised to capitalise on the ongoing recovery in the oil industry and sustained investor interest.
Summary
In summary, ONGC’s sharp increase in open interest by 13.74%, coupled with rising volumes and a new 52-week high, indicates strong bullish positioning among traders. The stock’s technical strength, improved Mojo Score, and attractive dividend yield further enhance its appeal. As the oil sector continues to gain momentum, ONGC stands out as a large-cap stock with promising upside potential supported by robust market participation and favourable fundamentals.
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