Reliance Industries Sees Robust Call Option Activity Ahead of March Expiry

Robust Call Option Volumes Signal Bullish Positioning

Data from the options market shows that Reliance Industries Ltd (NSE: RELIANCE) has experienced significant call option activity concentrated around strike prices close to its current underlying value of ₹1,414.20. The most actively traded call options expiring on 30 March 2026 include strikes at ₹1,380, ₹1,410, ₹1,440, ₹1,450, and ₹1,500. Among these, the ₹1,500 strike saw the highest number of contracts traded at 7,282, with an open interest of 8,920 contracts, indicating strong speculative interest in the stock reaching or surpassing this level within the expiry period.

Other notable strikes include ₹1,410 with 6,045 contracts traded and ₹1,450 with 6,385 contracts, both showing substantial turnover and open interest. The ₹1,380 strike, despite being below the current price, recorded 5,486 contracts traded, suggesting some traders are hedging or rolling positions. The ₹1,440 strike also attracted 5,287 contracts, reinforcing the clustering of activity around the current market price.

Turnover and Open Interest Reflect Market Confidence

The turnover figures for these call options are equally telling. The ₹1,380 strike generated the highest turnover at ₹1437.06 lakhs, followed by ₹1,410 at ₹1058.48 lakhs. The ₹1,440 and ₹1,450 strikes each recorded turnover around ₹550 lakhs, while the ₹1,500 strike, despite the highest contract volume, had a comparatively lower turnover of ₹242.13 lakhs, possibly reflecting lower premiums at that strike price.

Open interest data further corroborates the bullish stance, with the ₹1,500 strike holding the largest open interest of 8,920 contracts, indicating that traders are positioning for a potential rally beyond this level. The ₹1,440 and ₹1,450 strikes also maintain significant open interest at 7,403 and 4,866 contracts respectively, suggesting sustained interest in these price points.

Stock Performance and Technical Context

Reliance Industries has outperformed its sector by 0.82% on the day, registering a 1.77% gain compared to the Oil sector’s 0.84% and the Sensex’s decline of 0.37%. The stock has been on a two-day consecutive gain streak, delivering a 5.34% return over this period. Intraday, it touched a high of ₹1,419.50, up 2.17%, signalling positive momentum.

Technically, the stock is trading 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 or resistance. Rising investor participation is evident from a 35.38% increase in delivery volume on 5 March 2026, reaching 1.36 crore shares, indicating growing conviction among buyers.

Liquidity remains robust, with the stock’s traded value supporting sizeable trade sizes up to ₹64.98 crores, ensuring ease of entry and exit for institutional and retail investors alike.

Mojo Grade Downgrade and Market Cap Considerations

Despite the bullish options activity, MarketsMOJO has downgraded Reliance Industries’ mojo grade from Hold to Sell as of 25 February 2026, reflecting concerns over valuation and near-term fundamentals. The company’s mojo score stands at 47.0, with a market cap grade of 1, indicating it is a large-cap stock with limited upside from a fundamental perspective according to the proprietary scoring system.

This downgrade suggests that while traders are positioning for a short-term rally, longer-term investors should exercise caution and consider the broader fundamental context. The stock’s large market capitalisation of ₹18,80,743 crores underscores its significance in the Oil sector but also implies that substantial price appreciation may require strong sectoral tailwinds or company-specific catalysts.

Expiry Patterns and Strategic Implications

The concentration of call option activity around the 30 March 2026 expiry date highlights the importance of this timeframe for market participants. The clustering of strike prices between ₹1,380 and ₹1,500 suggests that traders are anticipating a potential breakout or sustained upward movement within the next three weeks.

Given the underlying price of ₹1,414.20, the heavy open interest at the ₹1,500 strike price is particularly noteworthy. It implies that a significant number of traders expect the stock to breach this psychologically important level, which could trigger further buying interest and momentum.

However, the relatively lower turnover at the ₹1,500 strike compared to lower strikes may indicate that some positions are still speculative or hedged, with traders balancing risk and reward as expiry approaches.

Investor Takeaway and Outlook

The surge in call option volumes and open interest around key strike prices for Reliance Industries Ltd ahead of the March expiry reflects a predominantly bullish sentiment among traders. This optimism is supported by recent price gains and increased delivery volumes, signalling rising investor participation.

Nevertheless, the downgrade in mojo grade to Sell and the stock’s position below several longer-term moving averages caution investors to weigh short-term momentum against fundamental risks. The large-cap nature of Reliance means that significant price moves require strong sectoral or company-specific developments.

For investors considering exposure through options, the current activity suggests opportunities to capitalise on potential upside in the near term, particularly around the ₹1,440 to ₹1,500 strike range. However, prudent risk management remains essential given the mixed technical signals and fundamental outlook.

Overall, Reliance Industries continues to command significant attention in the options market, making it a key stock to watch as expiry approaches and market dynamics evolve.

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