Reliance Industries Sees Heavy Put Option Activity Ahead of March Expiry

Concentration of Put Option Trades at Key Strike Prices

Data from the latest derivatives market reveals that Reliance Industries Ltd (NSE: RELIANCE) has witnessed significant put option activity clustered around strike prices ranging from ₹1,300 to ₹1,400. The underlying stock closed at ₹1,391.80 on 12 March 2026, making these strikes particularly relevant for traders positioning themselves ahead of the expiry on 30 March 2026.

The most actively traded put option was at the ₹1,380 strike, with 6,678 contracts changing hands, generating a turnover of ₹955.62 lakhs and an open interest of 4,406 contracts. Close behind was the ₹1,400 strike, which saw 4,149 contracts traded, turnover of ₹748.27 lakhs, and the highest open interest among these strikes at 6,238 contracts. The ₹1,390 strike also attracted notable activity with 3,043 contracts traded and turnover exceeding ₹482 lakhs.

Lower strike prices such as ₹1,350 and ₹1,300 also recorded substantial volumes, with 1,889 and 2,132 contracts traded respectively. Their open interest figures stood at 5,081 and 4,892 contracts, indicating sustained interest in downside protection or speculative bearish bets at these levels.

Bearish Positioning and Hedging Strategies

The surge in put option volumes and open interest at strikes close to the current market price suggests a growing bearish sentiment among market participants. Investors may be employing these options either as a hedge against potential declines in Reliance’s share price or as outright bearish bets anticipating a correction.

Reliance’s Mojo Score currently stands at 41.0 with a Mojo Grade of Sell, downgraded from Hold on 25 February 2026. This downgrade reflects deteriorating fundamentals or market outlook, which could be influencing the increased put option activity. The company’s Market Cap Grade remains at 1, underscoring its large-cap status but also signalling limited upside in the near term according to MarketsMOJO’s assessment.

Despite a modest day change of +0.35%, the stock has underperformed its own moving averages, trading below its 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical weakness aligns with the heightened put buying, as traders seek protection or profit from potential declines.

Market Context and Sector Performance

Reliance Industries operates within the oil sector, a segment currently facing mixed headwinds due to fluctuating crude prices and global economic uncertainties. On 12 March 2026, Reliance outperformed its sector by 0.58%, posting a 1-day return of 0.12% compared to the sector’s negative 0.13% and the broader Sensex’s decline of 1.10%. However, this relative outperformance masks underlying weakness as the stock remains below all key moving averages, signalling a lack of sustained bullish momentum.

Investor participation has also waned, with delivery volumes on 11 March falling by 13.94% against the 5-day average, indicating reduced conviction among long-term holders. Liquidity remains adequate, with the stock supporting trade sizes up to ₹65.3 crores based on 2% of the 5-day average traded value, allowing for smooth execution of large option trades.

Expiry Patterns and Open Interest Implications

The expiry date of 30 March 2026 is a critical juncture for option traders. The concentration of open interest at the ₹1,400 and ₹1,350 strikes suggests these levels may act as key support or resistance zones in the coming weeks. The elevated open interest at these strikes also implies that a significant number of traders are positioned to benefit from price movements around these levels, either through exercising options or unwinding positions.

Open interest of 6,238 contracts at ₹1,400 and 5,081 contracts at ₹1,350 represent substantial commitments, reflecting both speculative and hedging interests. Should the stock price breach these levels decisively, it could trigger sharp moves as option writers adjust their hedges and traders close or roll positions.

Investor Takeaways and Outlook

For investors and traders, the heavy put option activity in Reliance Industries signals caution. The stock’s downgrade to a Sell grade by MarketsMOJO, combined with technical weakness and subdued investor participation, suggests that downside risks are being actively priced in by the market.

Those holding long positions may consider protective strategies such as buying puts or tightening stop-loss levels to mitigate potential losses. Conversely, bearish traders might view the current option market dynamics as an opportunity to capitalise on expected volatility or declines.

It is also prudent to monitor the evolving open interest and volume patterns as expiry approaches, as these can provide clues on market sentiment shifts and potential price inflection points.

Given Reliance’s large-cap stature and significant market influence, developments in its option market often have broader implications for the oil sector and the overall market sentiment.

Summary of Key Metrics for Reliance Industries Ltd (as of 12 Mar 2026)

Market Capitalisation: ₹18,82,502 crores (Large Cap)
Mojo Score: 41.0 (Sell, downgraded from Hold on 25 Feb 2026)
Underlying Price: ₹1,391.80
Most Active Put Strike Prices: ₹1,380, ₹1,400, ₹1,350, ₹1,300
Highest Open Interest: 6,238 contracts at ₹1,400 strike
1-Day Return: +0.12% (outperforming sector and Sensex)
Trading Below All Major Moving Averages
Delivery Volume Decline: -13.94% vs 5-day average

In conclusion, the pronounced put option activity in Reliance Industries Ltd ahead of the March expiry highlights a cautious market stance. Investors should weigh these signals carefully within the broader context of sectoral trends and company fundamentals before making portfolio decisions.

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