Surge in Call Option Volumes and Open Interest
Data from the derivatives market reveals that Reliance Industries (NSE: RELIANCE) witnessed significant call option activity concentrated around strike prices close to its current underlying value of ₹1,324.20. The most actively traded call options were at the ₹1,330 strike, with 10,632 contracts changing hands, generating a turnover of ₹339.16 lakhs and an open interest of 5,843 contracts. This was closely followed by the ₹1,340 strike, which saw 8,540 contracts traded with a turnover of ₹165.68 lakhs and an open interest of 4,716 contracts.
Further bullish interest is evident at the ₹1,400 strike price, where 8,425 contracts were traded, supported by a robust open interest of 16,812 contracts, indicating strong positioning for a potential upside move beyond this level. The ₹1,350 strike also attracted considerable attention with 7,420 contracts traded and an open interest of 7,204 contracts.
Expiry Patterns and Market Sentiment
All these call options are set to expire on 28 April 2026, underscoring the immediacy of traders’ expectations for a price movement in Reliance Industries within the coming days. The concentration of open interest at strikes above the current market price suggests a predominantly bullish sentiment among options traders, who appear to be positioning for a rebound or upside breakout in the near term.
However, this optimism contrasts with the stock’s recent technical indicators. Reliance Industries is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signalling a persistent downtrend. The stock closed at ₹1,324.20, just 2.8% above its 52-week low of ₹1,290, reflecting underlying weakness in price momentum.
Stock Performance and Sector Context
On 27 April 2026, Reliance Industries recorded a modest day change of +1.04%, marginally outperforming its sector peers in the oil industry, which posted a 0.56% gain. The broader Sensex index advanced by 0.59% on the same day. Despite this slight uptick, the stock’s one-day return was negative at -0.17%, indicating mixed investor sentiment.
Investor participation has also shown signs of waning, with delivery volumes on 24 April falling by 1.39% against the five-day average, registering 82.74 lakh shares. Liquidity remains adequate, with the stock’s traded value supporting trade sizes up to ₹45.29 crores based on 2% of the five-day average turnover.
Mojo Score and Analyst Ratings
Reliance Industries currently holds a Mojo Score of 41.0, categorised as a Sell grade as of 25 February 2026, a downgrade from its previous Hold rating. This reflects a deterioration in the stock’s fundamental and technical quality metrics, signalling caution for investors. The downgrade aligns with the stock’s recent price weakness and technical underperformance.
Implications for Investors and Traders
The heavy call option activity at strikes above the current price suggests that derivatives traders are anticipating a potential recovery or positive catalyst in the short term. This could be driven by expectations of favourable developments in the oil sector or company-specific news. However, the stock’s technical indicators and fundamental grading counsel prudence, as the downtrend remains intact and investor participation is declining.
Investors should closely monitor the expiry on 28 April 2026 to gauge whether the bullish positioning in options translates into actual price appreciation. The elevated open interest at the ₹1,400 strike, in particular, could act as a key resistance level to watch. A sustained move above this strike price could validate the bullish sentiment, while failure to breach it may reinforce the current bearish trend.
Conclusion
Reliance Industries Ltd’s derivatives market activity ahead of the April expiry highlights a complex interplay between cautious optimism and underlying weakness. While call option volumes and open interest point to bullish bets, the stock’s technical and fundamental indicators remain subdued. This divergence underscores the importance of a balanced approach for investors, combining options market insights with traditional stock analysis to navigate the evolving landscape.
