Strong Call Option Volumes Highlight Investor Optimism
Data from the derivatives market shows Reliance Industries Ltd (stock code 605152) as the most active stock in call options trading, with three key strike prices drawing substantial volumes. The underlying stock closed at ₹1,458.10 on 4 February 2026, just shy of the 1,460 and 1,450 strike prices where the highest call option contracts were traded.
The 1,450 strike price call options led the pack with 6,501 contracts traded, generating a turnover of ₹922.82 lakhs and an open interest of 6,481 contracts. Close behind, the 1,500 strike price calls saw 5,996 contracts traded, with a turnover of ₹315.09 lakhs and a notably higher open interest of 12,341 contracts. The 1,460 strike price calls also attracted significant attention, with 5,573 contracts traded and a turnover of ₹672.10 lakhs, alongside an open interest of 3,938 contracts.
This clustering of activity near and slightly above the current stock price suggests that traders are positioning for a potential upward move in Reliance’s share price before the February expiry. The elevated open interest at the 1,500 strike price, in particular, indicates a strong speculative or hedging interest in the stock reaching or surpassing this level within the next three weeks.
Stock Performance and Technical Indicators
Reliance Industries has been on a steady upward trajectory, gaining 8.23% over the past three trading sessions. The stock’s price currently trades above its 5-day, 20-day, and 200-day moving averages, signalling short- and long-term bullish momentum. However, it remains below the 50-day and 100-day moving averages, indicating some resistance at intermediate levels.
Investor participation has also risen markedly, with delivery volumes on 3 February reaching 1.59 crore shares, a 41.91% increase compared to the five-day average. This heightened liquidity supports the active options market and suggests growing conviction among market participants.
Despite these positive technical signals, Reliance’s Mojo Score has recently been downgraded from a Buy to a Hold rating as of 6 January 2026, with a current score of 62.0. The downgrade reflects a more cautious outlook amid sectoral headwinds and valuation considerations, though the stock remains a large-cap heavyweight with a market capitalisation of ₹19,74,251.89 crore.
Strong fundamentals, steady climb upward! This Large Cap from Telecommunication sector earned its Reliable Performer badge through consistent execution. Safety meets solid returns here!
- - Reliable Performer certified
- - Consistent execution proven
- - Large Cap safety pick
Expiry Patterns and Market Implications
The 24 February 2026 expiry date is attracting the bulk of call option activity, with traders evidently positioning for a near-term price move. The concentration of open interest at the 1,500 strike price, which is approximately 2.9% above the current underlying value, suggests that market participants are anticipating a moderate rally in Reliance’s shares within the next three weeks.
Open interest levels are a critical indicator of market sentiment, and the sizeable open interest of 12,341 contracts at the 1,500 strike price points to a strong bullish bias. This could be driven by institutional investors hedging existing positions or speculative traders betting on positive catalysts such as favourable oil prices, strategic business developments, or robust quarterly earnings expected in the near future.
Meanwhile, the 1,450 and 1,460 strike prices also show healthy open interest and turnover, indicating layered positioning across strike prices just below and above the current market price. This spread of activity may reflect a strategy to capitalise on incremental gains while managing risk exposure.
Sectoral Context and Comparative Performance
Reliance Industries operates within the oil sector, which has seen mixed performance amid fluctuating crude prices and evolving energy policies. On the day of reporting, Reliance’s stock gained 1.52%, closely tracking the sector’s 1.68% rise and outperforming the broader Sensex index, which advanced 0.23%.
The company’s large-cap status and liquidity profile make it a preferred choice for both retail and institutional investors seeking exposure to the oil sector. With a market cap grade of 1, Reliance is among the most liquid and sizeable stocks in the Indian market, supporting active trading in both cash and derivatives segments.
Considering Reliance Industries Ltd? Wait! SwitchER has found potentially better options in Oil and beyond. Compare this large-cap with top-rated alternatives now!
- - Better options discovered
- - Oil + beyond scope
- - Top-rated alternatives ready
Investor Takeaways and Outlook
While the recent downgrade to a Hold rating by MarketsMOJO signals a more cautious stance, the active call option market suggests that investors remain optimistic about Reliance Industries’ near-term prospects. The stock’s technical positioning above key short- and long-term moving averages, combined with rising delivery volumes, supports this view.
Investors should monitor the stock’s ability to breach resistance levels around the 50-day and 100-day moving averages, which currently cap upside momentum. Additionally, the expiry of February options will be a critical juncture, as it may reveal whether the bullish sentiment in the derivatives market translates into sustained price gains.
Given Reliance’s dominant position in the oil sector and its large-cap liquidity, it remains a key stock for market participants seeking exposure to energy and infrastructure themes. However, prudent investors should weigh the current valuation and sectoral risks against the potential for moderate upside indicated by the options market.
Summary of Key Metrics
• Underlying stock price: ₹1,458.10 (4 Feb 2026)
• Most active call strikes: ₹1,450, ₹1,460, ₹1,500
• Highest open interest: 12,341 contracts at ₹1,500 strike
• Turnover in call options: ₹1,910 lakhs+ combined
• Mojo Score: 62.0 (Hold, downgraded from Buy on 6 Jan 2026)
• Market cap: ₹19,74,251.89 crore (Large Cap)
• 3-day gain: 8.23%
• Delivery volume increase: +41.91% vs 5-day average
In conclusion, Reliance Industries Ltd’s derivatives market activity reveals a nuanced picture of cautious optimism. The strong call option volumes and open interest near current price levels underscore a bullish tilt, while the Hold rating and technical resistance levels counsel measured expectations. Investors should continue to track both the options expiry dynamics and broader sectoral developments to gauge the stock’s trajectory in the weeks ahead.
Upgrade at special rates, valid only for the next few days. Claim Your Special Rate →
