Reliance Industries Sees Robust Call Option Activity Ahead of February Expiry

Call Option Activity Highlights

Data from the options market reveals that the most actively traded call options for Reliance Industries are concentrated at the ₹1,420 and ₹1,430 strike prices, both expiring on 24 February 2026. The ₹1,420 strike saw 9,292 contracts traded, generating a turnover of ₹346.13 lakhs, while the ₹1,430 strike recorded 5,632 contracts with a turnover of ₹124.47 lakhs. Open interest remains robust at 6,134 and 6,759 contracts respectively, indicating sustained interest and potential accumulation at these levels.

The underlying stock price stood at ₹1,417.30 on 20 February 2026, placing these strike prices just above the current market value. This proximity suggests that traders are positioning for a breakout above these levels, anticipating upward momentum in the coming days.

Price and Volume Context

Reliance Industries’ stock performance on 20 February was largely in line with its sector peers, registering a modest gain of 0.52%, slightly outperforming the Oil sector’s 0.32% and the Sensex’s 0.07% returns. However, the stock has been trading within a narrow range of ₹10.4, reflecting a period of consolidation.

Technical indicators show the stock trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signalling a cautious market stance. Additionally, investor participation has waned, with delivery volumes on 19 February falling by 23.87% compared to the five-day average, suggesting reduced conviction among long-term holders.

Despite this, liquidity remains adequate, with the stock’s traded value supporting sizeable transactions up to ₹27.18 crores, ensuring that option traders can execute positions without significant slippage.

Mojo Score and Analyst Ratings

Reliance Industries currently holds a mojo score of 62.0, categorised as a Hold, following a downgrade from Buy on 6 January 2026. This adjustment reflects a tempered outlook amid mixed technical signals and sector headwinds. The company’s market capitalisation remains substantial at ₹19,17,280.19 crores, underscoring its status as a large-cap heavyweight within the Oil sector.

While the downgrade suggests caution, the active call option interest near the stock price indicates that traders are still optimistic about a near-term rally, possibly driven by upcoming corporate developments or broader market dynamics.

Expiry Patterns and Strike Price Concentration

The clustering of call option volume and open interest at the ₹1,420 and ₹1,430 strikes for the 24 February expiry is a classic sign of market participants hedging or speculating on a breakout above these resistance levels. The relatively high open interest at these strikes compared to others suggests that these price points are key battlegrounds for bulls and bears alike.

Given the underlying value of ₹1,417.30, a move beyond ₹1,430 would represent a meaningful upside, potentially triggering further buying interest. Conversely, failure to breach these levels could see profit-taking or a shift in sentiment towards neutral or bearish positions.

Sectoral and Market Comparison

Reliance’s performance and option activity should also be viewed in the context of the broader Oil sector and the Indian equity market. The Oil sector has shown modest gains recently, supported by stable crude prices and improving demand forecasts. Reliance’s slight outperformance relative to the sector and Sensex suggests it remains a preferred stock within the space, despite technical challenges.

Investors should monitor how Reliance’s option market activity evolves post-expiry, as it often provides early signals of directional bias ahead of quarterly results or macroeconomic announcements.

Investor Takeaway

For investors and traders, the current call option activity in Reliance Industries offers a nuanced picture. The concentration of open interest and volume at strikes just above the current market price signals a cautiously optimistic outlook. However, the downgrade to Hold and the stock’s position below key moving averages counsel prudence.

Those considering exposure through options should weigh the potential for a breakout against the risk of sideways or downward movement, especially given the recent decline in delivery volumes and the narrow trading range. Monitoring the evolution of open interest and price action in the coming days will be critical to gauge the sustainability of the bullish positioning.

Overall, Reliance remains a pivotal stock within the Oil sector, with its option market activity providing valuable insights into investor sentiment and potential price trajectories ahead of the 24 February expiry.

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