Robust Call Option Volumes Highlight Investor Interest
On 18 March 2026, Reliance Industries Ltd (NSE: RELIANCE) emerged as one of the most actively traded stocks in the call options segment. The two most traded call strikes expiring on 30 March 2026 were at ₹1,400 and ₹1,440, with 6,459 and 4,453 contracts traded respectively. The turnover for the ₹1,400 strike call option was particularly significant at ₹795.75 lakhs, while the ₹1,440 strike call saw a turnover of ₹161.87 lakhs. Open interest figures further underscore sustained investor interest, standing at 21,923 contracts for the ₹1,400 strike and 17,931 contracts for the ₹1,440 strike.
The underlying stock price at the time was ₹1,407.10, placing the ₹1,400 strike call option slightly in-the-money and the ₹1,440 strike call just out-of-the-money. This concentration of activity near the current market price suggests traders are positioning for a potential upward move in the near term, betting on Reliance’s shares to breach these levels before expiry.
Technical and Fundamental Context
Reliance Industries has outperformed its oil sector peers marginally, gaining 0.74% on the day compared to the sector’s 0.53% and the Sensex’s 0.56%. The stock has recorded a three-day consecutive gain, delivering a cumulative return of 2.05% over this period. However, the trading range has remained narrow, with a daily price band of just ₹12.8, indicating limited volatility despite the bullish option activity.
From a moving averages perspective, Reliance’s share price currently trades above its 5-day and 20-day moving averages but remains below the 50-day, 100-day, and 200-day averages. This mixed technical picture suggests short-term strength amid longer-term resistance levels. Additionally, investor participation appears to be waning, with delivery volumes on 17 March falling by 26.94% compared to the five-day average, signalling some caution among long-term holders.
Mojo Score Downgrade Reflects Caution
Adding to the complexity, MarketsMOJO recently downgraded Reliance Industries’ mojo grade from Hold to Sell on 25 February 2026, assigning a mojo score of 47.0. This rating reflects concerns over the stock’s near-term prospects despite its large-cap status and dominant position in the oil sector. The downgrade may have prompted some investors to hedge their positions or adopt a more cautious stance, even as speculative call buying remains elevated.
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Investor Sentiment and Expiry Dynamics
The expiry date of 30 March 2026 is attracting significant attention, with traders actively positioning in call options at strike prices close to the current market value. The high open interest at ₹1,400 and ₹1,440 strikes indicates that many investors expect the stock to either hold above or move beyond these levels by expiry. This could be driven by expectations of positive developments in the oil sector or company-specific catalysts.
However, the relatively narrow trading range and falling delivery volumes suggest that while speculative interest is high, conviction among long-term investors may be subdued. This divergence between options market optimism and underlying stock behaviour is not uncommon ahead of expiry, as traders seek to capitalise on short-term price movements.
Liquidity and Market Capitalisation
Reliance Industries remains a highly liquid large-cap stock with a market capitalisation of ₹19,05,236.30 crores. The stock’s liquidity supports sizeable trade sizes, with the current average traded value allowing for transactions up to ₹60.32 crores without significant market impact. This liquidity is a key factor enabling the active options market and the substantial volumes seen in call contracts.
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Outlook and Strategic Considerations
For investors analysing Reliance Industries, the current surge in call option activity signals a degree of bullish sentiment in the near term. The concentration of trades at strikes close to the current price suggests expectations of moderate upside potential before the March expiry. However, the downgrade in mojo grade and mixed technical indicators counsel caution.
Investors should weigh the speculative nature of the options market against the fundamental and technical backdrop. The falling delivery volumes and the stock’s position below longer-term moving averages imply that sustained upward momentum may be challenging without fresh catalysts. Those considering exposure to Reliance should also monitor sector trends and global oil price movements, which remain key drivers of the company’s performance.
In summary, while the options market activity points to optimism, a balanced approach is advisable given the contrasting signals from the stock’s mojo rating and technicals. Reliance Industries remains a pivotal large-cap in the oil sector, but near-term trading may be characterised by volatility and selective positioning.
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