Strong Call Option Volumes Concentrated Near Current Market Levels
Data from the options market reveals that Reliance Industries (NSE: RELIANCE) has attracted substantial call option interest across several strike prices for the expiry on 26 May 2026. The underlying stock is currently trading at ₹1,467.10, with the most active call strikes clustered around this level and higher, indicating market expectations of further upside.
The 1,460 strike call options recorded 2,905 contracts traded, generating a turnover of ₹4.97 crores and an open interest of 3,791 contracts. Slightly higher, the 1,470 strike saw 3,431 contracts traded with a turnover of ₹5.01 crores and open interest standing at 2,590 contracts. These near-the-money strikes suggest traders are positioning for modest gains in the short term.
More notably, the 1,500 strike call options have seen the highest activity with 5,032 contracts traded, turnover reaching ₹40.15 crores, and open interest at 10,197 contracts. This elevated open interest at a strike approximately 33 points above the current price reflects a strong bullish bias, with investors anticipating a rally beyond this level before expiry.
Further out-of-the-money, the 1,600 strike call options also attracted significant attention, with 4,327 contracts traded, turnover of ₹5.02 crores, and open interest at 9,251 contracts. This suggests some market participants are targeting more aggressive upside scenarios, betting on a substantial price appreciation in the coming weeks.
Price Momentum and Technicals Support Bullish Positioning
Reliance Industries has outperformed its oil sector peers and the broader Sensex index in recent sessions. The stock gained 0.39% on 5 May 2026, compared to a sector decline of 0.10% and a Sensex drop of 0.41%. This relative strength is underpinned by a six-day consecutive gain streak, delivering a cumulative return of 10.75% over this period.
Technically, Reliance is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a sustained uptrend. The rising delivery volume of 1.88 crore shares on 4 May, up 1.18% from the five-day average, further confirms growing investor participation and confidence in the stock’s near-term prospects.
Market Cap and Mojo Score Reflect Moderate Outlook
Reliance Industries remains a large-cap heavyweight with a market capitalisation of ₹19,79,742 crore. Its Mojo Score currently stands at 62.0, categorised as a Hold, an improvement from a Sell rating as of 4 May 2026. This upgrade reflects a more balanced view of the stock’s fundamentals and technical momentum, though caution remains warranted given the oil sector’s inherent volatility.
Expiry Dynamics and Investor Implications
The concentration of call option open interest at strikes above the current market price suggests that traders are positioning for a potential breakout in the coming weeks. The May expiry often sees heightened activity as investors adjust their portfolios ahead of quarterly results and macroeconomic developments impacting the oil sector.
For investors, the elevated open interest and turnover in call options at 1,500 and 1,600 strikes indicate a consensus expectation of upward price movement. However, the relatively high premiums paid for these options also imply that traders are factoring in some volatility and are willing to pay for leveraged exposure to potential gains.
Comparative Sector Performance and Liquidity Considerations
Reliance’s outperformance relative to the oil sector and Sensex highlights its resilience amid mixed market conditions. The stock’s liquidity remains robust, with a five-day average traded value supporting trade sizes up to ₹91.41 crore, ensuring that institutional and retail investors can execute sizeable transactions without significant market impact.
This liquidity, combined with the strong option market activity, makes Reliance an attractive candidate for both directional bets and hedging strategies as expiry approaches.
Conclusion: Bullish Sentiment Tempered by Hold Rating
In summary, Reliance Industries is experiencing vigorous call option trading ahead of the 26 May expiry, with significant volumes and open interest concentrated at strikes above the current price. This activity, coupled with positive price momentum and technical strength, signals a bullish market stance.
Nevertheless, the Mojo Hold rating and the oil sector’s cyclical risks counsel measured optimism. Investors should monitor price action closely and consider option positioning as part of a broader risk-managed approach to capitalising on Reliance’s near-term upside potential.
