Call Option Activity Highlights
On 31 Dec 2025, Reliance Industries Ltd (NSE: RELIANCE) recorded substantial call option volumes, particularly for contracts expiring on 27 Jan 2026. The strike price of ₹1,600 saw the highest number of contracts traded at 11,174, generating a turnover of ₹749.22 lakhs and an open interest of 8,036 contracts. This level is notably close to the underlying stock price of ₹1,565.50, indicating strong speculative interest in upward price movement.
Another significant strike price was ₹1,560, with 6,882 contracts traded, turnover of ₹1,012.69 lakhs, and open interest standing at 3,413 contracts. The concentration of activity around these strikes suggests investors are positioning for a potential rally beyond the current price, which is just 0.96% shy of its 52-week high of ₹1,581.30.
Technical and Market Context
Reliance Industries has demonstrated resilience in recent sessions, rebounding after two consecutive days of decline. The stock currently trades above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – reinforcing a bullish technical setup. Despite underperforming its sector by 0.54% on the day, the broader Oil Exploration and Refining sector gained 2.28%, reflecting sector-wide optimism.
Investor participation has also surged, with delivery volumes reaching 51.4 lakh shares on 30 Dec, a 36.9% increase compared to the five-day average. This heightened liquidity supports the active options market, enabling sizeable trades with an estimated tradable value of ₹21.86 crore based on 2% of the five-day average traded value.
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Fundamental and Rating Upgrades
Reliance Industries currently holds a Market Cap Grade of 1, reflecting its status as a large-cap leader with a market capitalisation exceeding ₹21.19 lakh crore. The company’s Mojo Score stands at a robust 70.0, with a recent upgrade from Hold to Buy on 3 Nov 2025, signalling improved fundamentals and positive outlook from MarketsMOJO analysts.
This upgrade aligns with the stock’s technical strength and the bullish sentiment evident in the options market. The company’s diversified oil business, combined with strategic investments in refining and petrochemicals, underpins its growth prospects amid a recovering global energy demand environment.
Expiry Patterns and Investor Positioning
The concentration of call option activity at the ₹1,560 and ₹1,600 strike prices for the 27 Jan 2026 expiry suggests investors are betting on a price appreciation of approximately 2.2% to 4.3% from the current underlying value. Open interest data corroborates this, with the higher strike price exhibiting more than double the open interest compared to the lower strike, indicating a preference for more optimistic price targets.
Such positioning is typical ahead of quarterly results or macroeconomic events that could influence oil prices and refining margins. The active call buying also implies hedging strategies by institutional investors or traders anticipating a bullish breakout in the near term.
Comparative Sector and Market Performance
While Reliance Industries’ one-day return was 1.71%, it slightly lagged the Oil sector’s gain of 2.36%. The broader Sensex rose by 0.68% on the same day, underscoring the sector’s outperformance relative to the market. This divergence may reflect selective buying in oil-related stocks, with Reliance maintaining steady gains supported by its strong fundamentals and market positioning.
Given the stock’s proximity to its 52-week high and the sustained investor interest in call options, the outlook remains constructive. However, investors should monitor sector dynamics and global oil price movements, which could influence near-term volatility.
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Outlook and Investor Considerations
Reliance Industries’ active call option market and recent upgrade to a Buy rating reflect a growing consensus on the stock’s potential for further appreciation. The company’s leadership in the oil sector, combined with its strategic initiatives in refining and petrochemicals, positions it favourably to capitalise on improving energy demand and pricing trends.
Investors should weigh the bullish signals from options activity against broader market conditions and sector-specific risks, including crude oil price fluctuations and regulatory developments. The stock’s liquidity and strong delivery volumes provide a conducive environment for both short-term traders and long-term investors to participate.
Overall, Reliance Industries remains a key large-cap stock to watch, with its options market activity offering valuable insights into market expectations and positioning ahead of the January expiry.
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