Reliance Industries Sees Surge in Call Option Activity Ahead of January Expiry

Call Option Activity Highlights

Data from the derivatives market reveals that Reliance Industries’ call options expiring on 27 January 2026 have attracted substantial volumes, particularly at strike prices close to the underlying stock price of ₹1,586.90. The most actively traded call option was at the ₹1,600 strike, with 9,795 contracts changing hands, generating a turnover of ₹11.90 crores and an open interest of 10,246 contracts. This strike price sits just above the current market price, indicating traders are positioning for a moderate upside move.

Other notable strikes include ₹1,580, where 5,460 contracts were traded with a turnover of ₹9.14 crores and open interest of 3,635 contracts, and ₹1,590, which saw 3,946 contracts traded with ₹5.80 crores turnover and 2,148 open interest. The ₹1,620 strike also recorded meaningful activity with 2,667 contracts traded and ₹2.15 crores turnover, alongside an open interest of 2,834 contracts.

The concentration of call option volumes and open interest around the ₹1,580 to ₹1,620 range suggests a consensus expectation among market participants that Reliance’s share price will either hold steady or advance modestly in the coming weeks.

Underlying Stock Performance and Technical Context

Reliance Industries has been on a positive trajectory, recently hitting a new 52-week high of ₹1,592.50. The stock outperformed its sector by 0.39% on the day, delivering a 1.03% gain compared to the oil sector’s 0.68% and the broader Sensex’s 0.15% rise. Over the last two trading sessions, Reliance has gained 3.2%, signalling sustained buying interest.

Technically, the stock is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — reinforcing its bullish momentum. However, delivery volumes have declined slightly by 3.57% against the five-day average, which may indicate some caution among long-term holders despite the positive price action.

Liquidity remains robust, with the stock’s traded value supporting sizeable trade sizes up to ₹20.73 crores based on 2% of the five-day average traded value, ensuring smooth execution for institutional and retail investors alike.

Mojo Score Upgrade Reflects Positive Outlook

MarketsMOJO has upgraded Reliance Industries’ Mojo Grade from Hold to Buy as of 3 November 2025, reflecting improved fundamentals and technical strength. The company holds a Mojo Score of 70.0, indicating a favourable investment profile supported by strong earnings potential and market positioning. Despite a Market Cap Grade of 1, which denotes its large-cap status with stable valuation metrics, the upgrade signals growing confidence in the stock’s near-term appreciation potential.

Reliance’s dominant position in the oil sector, combined with its diversified business model spanning refining, petrochemicals, retail, and digital services, continues to underpin its robust financial health. The stock’s recent outperformance relative to the sector and Sensex further validates the positive sentiment among investors.

Expiry Patterns and Investor Positioning

The expiry date of 27 January 2026 is attracting heightened attention, with call option open interest peaking at the ₹1,600 strike. This suggests that traders are betting on the stock maintaining or surpassing this level by expiry. The open interest of 10,246 contracts at this strike is particularly significant, as it represents a sizeable pool of outstanding positions that could influence price dynamics through hedging and unwinding activity.

Moreover, the substantial turnover of ₹11.90 crores at the ₹1,600 strike indicates active participation from both institutional and retail traders, signalling conviction in the stock’s upside potential. The clustering of open interest and volume around strikes slightly above the current price is a classic hallmark of bullish sentiment, as investors seek to capitalise on anticipated gains while limiting downside risk.

Sector and Market Context

Within the oil sector, Reliance Industries stands out as a large-cap leader with a market capitalisation exceeding ₹21 lakh crores. Its recent gains have outpaced sector peers, reflecting both company-specific catalysts and broader market tailwinds such as improving crude oil prices and favourable refining margins.

While the sector has seen mixed investor participation, Reliance’s ability to sustain gains above key moving averages and maintain strong liquidity levels positions it well for continued momentum. The stock’s relative strength compared to the Sensex and sector indices further highlights its appeal as a core holding for investors seeking exposure to India’s energy and industrial growth story.

Investor Takeaway

Reliance Industries’ active call option market activity, combined with its recent price strength and upgraded Mojo Grade, presents a compelling case for bullish investors. The concentration of open interest and turnover at strikes just above the current price level suggests that market participants are positioning for a measured rally in the near term.

However, investors should remain mindful of the slight dip in delivery volumes, which may indicate some profit-taking or cautious sentiment among longer-term holders. Monitoring open interest changes and price action as the 27 January expiry approaches will be critical to gauge whether the bullish momentum sustains or faces resistance.

Overall, Reliance Industries remains a key stock to watch within the oil sector, offering a blend of growth potential and market leadership that continues to attract active trading interest in both the cash and derivatives segments.

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