Call Option Activity Highlights
On the expiry date of 30 Dec 2025, Reliance Industries Ltd witnessed substantial call option volumes, particularly at the ₹1,550 and ₹1,560 strike prices. The ₹1,560 strike led with 3,602 contracts traded, generating a turnover of ₹8.10 lakhs and an open interest of 5,543 contracts. Close behind, the ₹1,550 strike saw 3,548 contracts traded with a turnover of ₹37.79 lakhs and open interest standing at 3,491 contracts. The underlying stock price at the time was ₹1,551.4, placing these strikes effectively at-the-money and slightly out-of-the-money, indicating traders’ anticipation of upward price movement.
The concentration of open interest at these strikes suggests a strong bullish sentiment, as investors position themselves to benefit from potential gains beyond these levels. The relatively high turnover at ₹1,550 compared to ₹1,560 also points to active trading and liquidity in these options, facilitating strategic plays such as spreads or outright call buying.
Stock Price and Market Context
Reliance Industries closed the day just 1.84% shy of its 52-week high of ₹1,581.3, signalling resilience in the face of broader market fluctuations. The stock’s 1-day return of 0.38% outperformed the Sensex, which declined by 0.08%, and marginally surpassed the oil sector’s 0.24% gain. This relative strength is underpinned by the stock trading above its 20-day, 50-day, 100-day, and 200-day moving averages, although it remains slightly below the 5-day moving average, suggesting short-term consolidation.
Liquidity remains robust, with the stock’s traded value supporting sizeable trade sizes up to ₹22.92 crores based on 2% of the 5-day average traded value. However, investor participation has shown signs of moderation, with delivery volumes on 29 Dec falling by 39.35% compared to the 5-day average, indicating some cautiousness among long-term holders despite the bullish options activity.
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Mojo Score Upgrade and Market Implications
Reliance Industries’ Mojo Score currently stands at 70.0, reflecting a Buy rating, upgraded from Hold on 3 Nov 2025. This upgrade is supported by a Market Cap Grade of 1, underscoring the company’s dominant position in the oil sector and its large-cap status with a market capitalisation of ₹20,91,172 crores. The improved rating signals enhanced confidence in the stock’s fundamentals and technical outlook, which aligns with the bullish options positioning observed.
The upgrade likely factors in the company’s steady operational performance, strategic initiatives in energy transition, and resilient cash flows, which continue to attract institutional and retail interest. The call option activity complements this narrative, as traders appear to be positioning for further upside in the near term, possibly anticipating positive catalysts or sustained sectoral momentum.
Expiry Patterns and Investor Strategies
The expiry on 30 Dec 2025 has seen concentrated activity in call options close to the current market price, a common pattern when investors expect price appreciation but remain cautious about volatility. The open interest build-up at ₹1,560 strike price, higher than at ₹1,550, suggests a preference for slightly out-of-the-money calls, which offer leveraged upside potential with limited downside risk.
Such positioning may indicate expectations of a breakout beyond recent highs, supported by the stock’s proximity to its 52-week peak and positive sectoral trends. Traders might be employing strategies such as buying calls outright or constructing bull call spreads to capitalise on anticipated gains while managing premium costs.
Meanwhile, the relatively narrow trading range of ₹9.9 on the day points to consolidation, which often precedes a directional move. The interplay between technical support levels and option strike prices will be critical in determining the stock’s trajectory in the coming sessions.
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Balancing Bullish Sentiment with Market Realities
While the call option activity and Mojo upgrade paint a positive outlook, investors should remain mindful of broader market dynamics. The Sensex’s slight decline on the day and the fall in delivery volumes suggest some underlying caution. Additionally, the stock’s short-term dip below the 5-day moving average may indicate minor profit-taking or consolidation before the next leg up.
Sectoral factors such as crude oil price fluctuations, regulatory developments, and global economic conditions will continue to influence Reliance’s performance. Investors are advised to monitor these variables alongside technical signals and option market trends to make informed decisions.
Conclusion
Reliance Industries Ltd’s dominant presence in call option trading at expiry highlights strong bullish sentiment among market participants. The concentration of open interest and turnover at strikes near the current price, combined with an upgraded Mojo Grade and solid fundamentals, suggest confidence in the stock’s near-term upside potential. However, cautious investor participation and mixed technical signals warrant a balanced approach. Overall, Reliance remains a key stock to watch in the oil sector as it navigates evolving market conditions.
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