Robust Call Option Volumes Signal Investor Optimism
Data from the derivatives market reveals that Reliance Industries’ call options expiring on 30 June 2026 have attracted significant interest, with total contracts traded in the tens of thousands across key strike prices. The most actively traded call option was at the ₹1,400 strike, registering 12,928 contracts and an open interest of 22,648 contracts. This was closely followed by the ₹1,380 strike with 11,023 contracts traded and an open interest of 10,132 contracts.
Other notable strike prices include ₹1,370 with 9,502 contracts traded (open interest 7,573), ₹1,300 with 7,312 contracts traded (open interest 9,041), and ₹1,390 with 6,570 contracts traded (open interest 3,172). The underlying stock price stood at ₹1,336.8 at the time of reporting, indicating that investors are positioning for a potential upside beyond current levels.
Expiry Patterns and Turnover Highlight Market Focus
The turnover figures further underscore the intensity of trading interest. The ₹1,300 strike call option recorded the highest turnover at ₹1546.12 lakhs, reflecting substantial premium inflows. The ₹1,370 and ₹1,380 strikes followed with turnovers of ₹407.64 lakhs and ₹367.62 lakhs respectively, while the ₹1,400 strike saw ₹283.12 lakhs in turnover. The ₹1,390 strike, despite lower turnover at ₹185.93 lakhs, still commanded significant open interest, suggesting a diverse range of bullish bets clustered around the ₹1,370 to ₹1,400 range.
Stock Performance and Technical Context
Reliance Industries’ stock price has demonstrated resilience, gaining 2.33% on the day and outperforming the oil sector by 0.37%. The stock reversed a two-day decline, touching an intraday high of ₹1,344.9, a 2.7% increase from previous levels. Technical indicators show the price trading above its 5-day and 20-day moving averages, though it remains below the 50-day, 100-day, and 200-day averages, indicating a mixed medium-term trend.
Investor participation has also risen notably, with delivery volumes on 19 June reaching 1.46 crore shares, a 67.45% increase over the five-day average. Liquidity remains robust, supporting trade sizes of up to ₹49.56 crore based on 2% of the five-day average traded value, facilitating active market engagement.
Mojo Score and Analyst Sentiment
Despite the bullish option activity, Reliance Industries’ Mojo Score stands at 41.0 with a Mojo Grade of Sell, downgraded from Hold on 11 May 2026. This reflects caution from fundamental analysts who may be factoring in sectoral headwinds or valuation concerns. The company remains a large-cap leader in the oil industry with a market capitalisation of ₹18,11,465.13 crore, but the mixed signals from technical and fundamental perspectives suggest investors should weigh both the upside potential and risks carefully.
Implications for Investors
The concentration of call option activity at strike prices above the current market level indicates that traders are positioning for a rally in Reliance Industries shares in the near term. The expiry on 30 June 2026 is likely to be a focal point for volatility and price discovery. Investors should monitor open interest changes and volume spikes closely, as these can presage significant price moves.
However, the downgrade in Mojo Grade and the stock’s position relative to longer-term moving averages counsel prudence. While short-term momentum appears positive, medium-term investors may want to consider the broader market context and sector dynamics before increasing exposure.
Conclusion
Reliance Industries Ltd’s derivatives market activity ahead of the June expiry reveals a strong bullish bias among option traders, with heavy volumes and open interest clustered around ₹1,370 to ₹1,400 strike prices. The underlying stock’s recent outperformance and rising investor participation complement this optimism. Nonetheless, fundamental caution reflected in the Mojo Grade downgrade and mixed technical signals suggest a balanced approach is warranted. As expiry approaches, market participants will be closely watching for confirmation of the anticipated upward momentum or signs of resistance.
