Reliance Industries Sees Robust Call Option Activity Amid Bullish Market Signals

Strong Call Option Activity Highlights Investor Confidence

On 9 January 2026, Reliance Industries Ltd (NSE: RELIANCE) recorded a remarkable surge in call option trading volumes. The 1500 strike price call options expiring on 27 January 2026 saw 5,911 contracts traded, generating a turnover of ₹56.78 crores. Open interest at this strike stands at 12,860 contracts, underscoring sustained investor interest and potential accumulation ahead of the expiry date.

The underlying stock closed at ₹1,475.60, just shy of the 1500 strike, indicating that traders are betting on a near-term upside. This level is psychologically significant and aligns with technical resistance zones observed in recent price action.

Price and Trend Analysis: Signs of a Reversal

Reliance’s stock price has shown resilience after a four-day consecutive decline, gaining 0.18% on the day, slightly underperforming the Oil sector’s 0.29% gain but outperforming the Sensex, which fell 0.19%. The stock trades above its 100-day and 200-day moving averages, signalling a long-term bullish bias, although it remains below the shorter-term 5-day, 20-day, and 50-day averages, reflecting some near-term consolidation.

Investor participation has notably increased, with delivery volumes on 8 January reaching 1.3 crore shares, an 84.68% rise compared to the five-day average. This heightened activity suggests that institutional investors may be accumulating shares, supporting the bullish sentiment implied by the options market.

Liquidity and Market Capitalisation Support Active Trading

Reliance Industries commands a market capitalisation of approximately ₹19.94 lakh crore, categorising it as a large-cap heavyweight in the Oil sector. The stock’s liquidity is robust, with an average traded value sufficient to support trade sizes up to ₹45.72 crore without significant price impact. This liquidity underpins the active options trading and allows for efficient price discovery in both the cash and derivatives markets.

Mojo Score and Rating Update Reflect Cautious Optimism

MarketsMOJO assigns Reliance Industries a Mojo Score of 62.0, with a current Mojo Grade of Hold, downgraded from Buy on 6 January 2026. This adjustment reflects a more cautious stance amid recent volatility and mixed technical signals. The Market Cap Grade remains at 1, indicating the company’s dominant position in the market.

Despite the downgrade, the stock’s fundamentals remain solid, supported by its diversified business model and leadership in the oil sector. The options market activity, however, suggests that traders are positioning for a potential rebound, possibly anticipating positive catalysts or sector tailwinds in the coming weeks.

Expiry Patterns and Strike Price Concentration

The concentration of call option contracts at the 1500 strike price for the 27 January expiry is particularly noteworthy. This strike is just above the current market price, indicating a moderately bullish outlook among traders who expect the stock to breach this level within the next three weeks. The sizeable open interest at this strike also implies that many investors are either hedging existing positions or speculating on a breakout.

Such positioning often precedes increased volatility as expiry approaches, with traders adjusting their holdings based on price movements and news flow. The active participation in these call options could lead to a gamma squeeze scenario, potentially accelerating upward price momentum if the stock moves closer to or above the strike price.

Sector Context and Comparative Performance

Within the Oil sector, Reliance Industries remains a bellwether stock. Its performance today, aligned with sector gains, contrasts with the broader market’s modest decline, highlighting its defensive qualities amid market uncertainty. The sector’s positive momentum is supported by improving crude oil prices and expectations of stable demand growth globally.

Investors should monitor sector developments closely, as any shifts in oil prices or regulatory changes could materially impact Reliance’s stock trajectory and options market dynamics.

Investor Takeaway: Balancing Bullish Positioning with Caution

Reliance Industries’ active call option trading and improving delivery volumes signal a cautiously optimistic market stance. While the stock’s technical indicators present a mixed picture, the options market’s bullish positioning near the 1500 strike price expiry suggests that investors are anticipating a positive near-term price movement.

However, the recent downgrade to a Hold rating by MarketsMOJO advises prudence. Investors should weigh the potential for upside against sector risks and broader market volatility. Monitoring open interest trends and expiry dynamics will be crucial for those looking to capitalise on the evolving options landscape.

In summary, Reliance Industries remains a key stock to watch in the Oil sector, with its derivatives activity providing valuable insights into market expectations and sentiment.

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