Punjab National Bank Sees Sharp Open Interest Surge Amid Bullish Momentum

Open Interest and Volume Dynamics

On 19 Jan 2026, Punjab National Bank’s open interest (OI) in derivatives rose sharply by 6,455 contracts, marking an 11.94% increase from the previous OI of 54,059 to 60,514. This substantial rise in OI was accompanied by a volume of 74,592 contracts, indicating robust trading activity. The futures value stood at ₹1,07,336.73 lakhs, while the options segment exhibited an enormous notional value of approximately ₹70,128.46 crores, culminating in a total derivatives value of ₹1,19,203.00 lakhs.

This spike in open interest, coupled with elevated volumes, often reflects fresh capital entering the market or existing participants increasing their exposure. In PNB’s case, the data suggests that traders are positioning for a sustained move, likely bullish given the concurrent price trends.

Price Performance and Technical Indicators

Punjab National Bank’s underlying stock price has been on a steady ascent, hitting a new 52-week high of ₹135.15 during intraday trading, representing a 2.11% gain on the day. The stock has outperformed its sector by 1.49% and the broader Sensex by 1.67% on the same day, underscoring its relative strength. Over the past six consecutive trading sessions, PNB has delivered an impressive 8.92% return, reflecting sustained buying interest.

Technically, the stock is trading above all major moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — which is a strong bullish signal. The rising delivery volume, which surged by 102.71% to 1.63 crore shares on 16 Jan compared to the five-day average, further confirms heightened investor participation and conviction.

Market Positioning and Directional Bets

The surge in open interest alongside rising prices and volumes suggests that market participants are increasingly bullish on Punjab National Bank. The increase in OI by nearly 12% indicates that new long positions are being established rather than existing positions being squared off. This is a critical distinction, as rising OI with rising prices typically signals fresh buying interest and confidence in further upside potential.

Moreover, the futures and options data reveal that traders are actively engaging in both segments, with the options market showing a massive notional value, which could imply hedging activity or speculative directional bets. The underlying value of ₹133 per share, close to the recent highs, supports the view that investors are optimistic about the bank’s near-term prospects.

Fundamental and Sector Context

Punjab National Bank, a large-cap public sector bank with a market capitalisation of ₹1,53,431 crores, has recently seen its Mojo Grade upgraded from Sell to Hold as of 11 Sep 2025, reflecting improving fundamentals and market sentiment. The current Mojo Score of 65.0 aligns with a Hold rating, suggesting cautious optimism among analysts.

Within the public sector banking industry, PNB’s recent outperformance relative to its sector peers and the broader market is noteworthy. The bank’s ability to sustain gains above key moving averages and maintain strong delivery volumes indicates robust investor confidence, possibly driven by improving asset quality, better earnings visibility, or favourable macroeconomic factors.

Liquidity and Trading Considerations

Liquidity remains adequate for sizeable trades, with the stock’s traded value supporting a trade size of approximately ₹5.97 crores based on 2% of the five-day average traded value. This ensures that institutional and retail investors can enter or exit positions without significant price impact, which is crucial for maintaining orderly price discovery amid rising open interest.

Outlook and Investor Implications

Given the current data, Punjab National Bank appears to be in a phase of constructive accumulation, with derivatives market activity reinforcing the bullish technical setup. Investors should monitor the open interest trends closely, as sustained increases alongside price appreciation often precede further upward momentum.

However, the Hold rating and moderate Mojo Score suggest that while the stock is showing strength, caution is warranted. Market participants should consider broader sector dynamics, macroeconomic developments, and quarterly earnings updates before making significant allocation decisions.

In summary, the surge in open interest and volume in PNB’s derivatives signals growing confidence and directional bets favouring an upside trajectory. This aligns with the stock’s recent price performance and technical indicators, making it a key name to watch in the public sector banking space.

Summary of Key Metrics:

• Open Interest increased by 11.94% to 60,514 contracts


• Volume at 74,592 contracts on 19 Jan 2026


• New 52-week high of ₹135.15 reached


• 6-day consecutive gains totalling 8.92% returns


• Mojo Grade upgraded from Sell to Hold on 11 Sep 2025


• Market cap: ₹1,53,431 crores (Large Cap)


• Delivery volume surged 102.71% to 1.63 crore shares