Robust Call Option Volumes Highlight Market Interest
On 16 March 2026, Reliance Industries Ltd (stock code 605152) recorded substantial call option volumes, particularly for contracts expiring on 30 March 2026. The most actively traded call options were at strike prices of ₹1400, ₹1380, and ₹1500, with 6,085, 3,590, and 2,565 contracts traded respectively. This activity generated turnovers of ₹640.14 lakhs, ₹566.14 lakhs, and ₹38.60 lakhs correspondingly, reflecting strong investor engagement in these strike bands.
The underlying stock price stood at ₹1384.0, positioning the ₹1380 and ₹1400 strike calls close to the money, while the ₹1500 strike calls represent a more bullish stance, anticipating a price rally above current levels. Open interest data further corroborates this trend, with 17,672 contracts open at ₹1400, 6,861 at ₹1380, and 18,345 at ₹1500, indicating sustained interest and potential positioning for upward price movement.
Mojo Grade Downgrade and Market Context
Despite the bullish option positioning, MarketsMOJO downgraded Reliance Industries Ltd from Hold to Sell on 25 February 2026, assigning a Mojo Score of 41.0. This downgrade reflects concerns over the company’s near-term fundamentals and valuation metrics. The large-cap oil stock, with a market capitalisation of ₹18,68,293 crores, has been under pressure, trading below all key moving averages including the 5-day, 20-day, 50-day, 100-day, and 200-day marks.
Investor participation has also waned, with delivery volumes falling by 8.69% against the 5-day average, registering 93.07 lakh shares on 13 March 2026. This decline in delivery volume suggests reduced conviction among long-term holders, despite the stock outperforming its sector by 0.94% on the day and delivering a modest 0.38% return, slightly below the Sensex’s 0.49% gain.
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Expiry Patterns and Strike Price Concentration
The concentration of call option activity around the 30 March 2026 expiry date suggests that traders are positioning for a near-term directional move. The clustering of open interest at the ₹1500 strike price, which is approximately 8.3% above the current underlying price, indicates a segment of the market is betting on a significant upside rally within the next two weeks.
Meanwhile, the heavy turnover and open interest at the ₹1380 and ₹1400 strikes, which are near the current market price, imply hedging strategies or speculative plays on moderate price appreciation. The disparity between the high open interest at ₹1500 and the stock’s current trading below all major moving averages highlights a divergence between technical bearishness and option market optimism.
Liquidity and Trading Viability
Reliance Industries Ltd remains a highly liquid stock, with a 5-day average traded value supporting trade sizes up to ₹61.59 crores based on 2% of average volume. This liquidity facilitates active options trading and allows institutional and retail investors to execute sizeable positions without significant market impact.
However, the falling delivery volumes and the downgrade to a Sell rating by MarketsMOJO caution investors to weigh the risks carefully. The current Mojo Grade downgrade reflects deteriorating fundamentals or valuation concerns that may limit upside potential despite the bullish option positioning.
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Investor Implications and Outlook
The mixed signals from the options market and fundamental ratings suggest a nuanced outlook for Reliance Industries Ltd. The heavy call option activity at strike prices above the current market level indicates that some investors remain bullish on the stock’s near-term prospects, possibly anticipating positive catalysts or a sector rebound.
Conversely, the downgrade to a Sell rating and the stock’s underperformance relative to its moving averages highlight caution. Investors should consider the potential for volatility around the expiry date and monitor developments in the oil sector and broader market conditions.
For traders, the active options market offers opportunities to capitalise on directional moves or hedge existing positions. For long-term investors, the current Mojo Grade downgrade and declining delivery volumes warrant a careful reassessment of portfolio exposure to Reliance Industries Ltd.
Summary
Reliance Industries Ltd’s options market activity ahead of the 30 March 2026 expiry reveals significant interest in call options at strike prices near and above the current underlying price of ₹1384.0. Despite this, the company’s recent downgrade to a Sell rating by MarketsMOJO and its trading below key moving averages suggest underlying fundamental challenges. Investors and traders should balance the bullish option positioning with the broader bearish technical and fundamental signals when making decisions.
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