Call Option Activity Highlights
On 1 February 2026, Reliance Industries Ltd (NSE: RELIANCE) recorded an impressive 6,920 call option contracts traded for the 24 February expiry at the ₹1,400 strike price. This activity generated a turnover of ₹1226.224 lakhs, reflecting strong investor interest in bullish bets on the stock. The open interest at this strike stands at 10,751 contracts, indicating sustained commitment from market participants.
The underlying stock price closed at ₹1,404.30, slightly above the strike price, which suggests that traders are positioning for a potential upward move in the near term. This is further supported by the stock’s recent performance, which has seen a 1% gain over the past two days, outperforming the sector’s 0.40% and the Sensex’s 0.19% returns on the same day.
Technical and Market Context
Reliance Industries’ price currently trades above its 5-day moving average but remains below its 20-day, 50-day, 100-day, and 200-day moving averages. This mixed technical picture suggests short-term strength amid longer-term consolidation. However, falling investor participation, as evidenced by a 16.79% decline in delivery volume to 88.17 lakh shares on 30 January compared to the 5-day average, may temper enthusiasm.
Liquidity remains robust, with the stock’s traded value supporting a trade size of approximately ₹47.86 crore, ensuring that option positions can be entered and exited with relative ease. The company’s market capitalisation stands at a commanding ₹18,96,305 crore, categorising it as a large-cap stock with significant institutional interest.
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Mojo Score and Rating Update
MarketsMOJO assigns Reliance Industries a mojo score of 62.0, reflecting a Hold rating as of 6 January 2026, a downgrade from its previous Buy status. This adjustment reflects a more cautious stance given recent market dynamics and valuation considerations. The market cap grade remains at 1, underscoring the company’s dominant position in the oil sector.
Despite the Hold rating, the stock’s recent outperformance relative to the sector and benchmark indices indicates that investors remain optimistic about near-term prospects, as evidenced by the active call option positioning.
Expiry Patterns and Strike Price Significance
The 24 February 2026 expiry has attracted the highest call option volume at the ₹1,400 strike price, which is close to the current market price. This suggests that traders are betting on the stock maintaining or surpassing this level within the next three weeks. The open interest accumulation at this strike price further confirms that market participants are positioning for a potential breakout or sustained rally.
Such concentrated activity at a near-the-money strike price often signals bullish sentiment, as investors seek leveraged exposure to upside moves while limiting downside risk to the premium paid.
Sectoral and Broader Market Comparison
Reliance Industries’ performance today aligns closely with the oil sector’s overall movement, which gained 0.40%, slightly ahead of the Sensex’s 0.19% rise. This relative strength within the sector is notable given the recent volatility in global oil prices and geopolitical uncertainties impacting energy markets.
The company’s ability to maintain steady gains and attract significant options interest highlights its resilience and continued appeal among investors seeking exposure to India’s energy and petrochemical industries.
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Investor Implications and Outlook
The surge in call option activity at the ₹1,400 strike price ahead of the 24 February expiry reflects a cautiously optimistic market stance on Reliance Industries. While the mojo downgrade to Hold signals some reservations on valuation and momentum, the stock’s recent gains and active options positioning suggest that investors are anticipating positive catalysts or sustained strength in the near term.
Traders should monitor open interest trends and price movements closely, as a decisive move above the ₹1,400 level could trigger further bullish momentum. Conversely, any failure to hold this level may prompt profit-taking and a reassessment of risk.
Given the stock’s liquidity and large-cap status, Reliance Industries remains a key bellwether for the oil sector and broader market sentiment, making it essential for investors to stay informed on evolving option market dynamics and technical signals.
Summary
Reliance Industries Ltd’s dominant position in call options trading, particularly at the ₹1,400 strike price for the upcoming expiry, underscores a prevailing bullish sentiment despite a recent mojo rating downgrade. The stock’s steady gains, sector outperformance, and strong liquidity profile make it a focal point for investors seeking exposure to India’s oil sector. However, cautious monitoring of technical indicators and open interest is advised to navigate potential volatility in the weeks ahead.
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