Call Option Surge at 1430 Strike Price
On the expiry date of 24 Feb 2026, Reliance Industries saw 3,878 call option contracts traded at the 1430 strike price, generating a turnover of ₹31.61 lakhs. The open interest stood at 4,939 contracts, indicating sustained interest in this strike level. The underlying stock price was ₹1,418.7, just shy of the strike price, suggesting that traders were positioning for a potential upward move beyond this level.
This level of call option activity is notable given the stock’s recent price behaviour. The 1430 strike is slightly out-of-the-money, implying that market participants anticipate a rally or at least a test of this resistance in the near term. However, the stock’s performance on the day contrasted with this optimism.
Price Performance and Technical Indicators
Reliance Industries closed the day with a decline of 0.65%, underperforming its oil sector peers who fell by 0.15%, and the Sensex which dropped 0.89%. This marks a reversal after two consecutive days of gains, with the stock trading within a narrow range of ₹7. Notably, the stock is trading below all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a bearish technical setup.
Investor participation remains robust, with delivery volumes on 23 Feb reaching 37.14 lakh shares, a 22.69% increase over the five-day average. This heightened activity suggests that while short-term price action is weak, there is still considerable interest in the stock from long-term holders or institutional investors.
Market Capitalisation and Mojo Ratings
Reliance Industries commands a large-cap market capitalisation of ₹19,32,301 crore, underscoring its dominant position in the oil sector. The company’s Mojo Score currently stands at 62.0, with a Mojo Grade of Hold, downgraded from Buy on 6 Jan 2026. This downgrade reflects a cautious stance by analysts, likely influenced by recent price weakness and technical deterioration.
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Interpreting the Call Option Activity
The heavy call option volume at the 1430 strike price suggests that traders are positioning for a potential upside breakout, despite the stock’s current bearish technical posture. This divergence between derivatives market optimism and spot price weakness is not uncommon in large-cap stocks where institutional investors may be accumulating positions ahead of anticipated catalysts.
Open interest of 4,939 contracts at this strike price is significant, indicating that many traders have not yet closed their positions and remain committed to the bullish thesis. However, the stock’s inability to breach the 1430 level on the expiry date may lead to some profit-taking or position adjustments in the coming sessions.
Liquidity and Trading Dynamics
Reliance Industries remains highly liquid, with a five-day average traded value supporting trade sizes up to ₹26.52 crore comfortably. This liquidity facilitates active options trading and allows institutional players to execute sizeable trades without significant price impact.
The rising delivery volume also points to increased investor conviction, which could provide a foundation for a rebound if broader market conditions improve. However, the current trend reversal and trading below all major moving averages warrant caution for short-term traders.
Sector and Market Context
The oil sector has experienced mixed performance recently, with Reliance Industries underperforming its peers marginally. The Sensex’s sharper decline of 0.89% on the day indicates broader market weakness, which may be weighing on the stock’s price despite the bullish options positioning.
Investors should monitor upcoming sectoral developments, crude oil price movements, and company-specific news that could influence Reliance’s trajectory. The stock’s large market cap and strategic importance in the oil sector mean it often leads sectoral trends.
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Outlook and Investor Takeaways
While the call option activity at the 1430 strike price signals bullish sentiment among derivatives traders, the underlying stock’s technical weakness and recent downgrade to a Hold rating suggest a cautious approach. Investors should weigh the potential for a rebound against the risk of further downside, especially given the stock’s failure to sustain gains above key moving averages.
Long-term investors may find value in the rising delivery volumes and the company’s dominant market position, but short-term traders should monitor price action closely around the 1430 level and broader market cues.
Overall, Reliance Industries remains a pivotal stock in the oil sector, with active options market participation reflecting diverse investor views on its near-term prospects.
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