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

Robust Call Option Volumes at Near-the-Money Strikes

Data from the derivatives market reveals that Reliance Industries’ call options expiring on 30 March 2026 have attracted significant interest, particularly at strike prices close to the current underlying value of ₹1,377.80. The most actively traded call option was at the ₹1,400 strike, with 8,344 contracts changing hands, generating a turnover of ₹1007.96 lakhs and an open interest of 7,139 contracts. This strike is slightly out-of-the-money, indicating traders are positioning for a potential rally beyond the current price level.

Other notable strikes include ₹1,380, which saw 4,968 contracts traded with a turnover of ₹838.10 lakhs and an open interest of 4,642, and ₹1,360, where 3,129 contracts were traded with a turnover of ₹696.20 lakhs and open interest of 2,438. The ₹1,370 strike also recorded substantial activity with 3,403 contracts traded and turnover of ₹662.05 lakhs. These figures underscore a concentrated bullish bias clustered around the near-the-money strikes, suggesting traders anticipate upward momentum in Reliance’s share price over the coming weeks.

Underlying Price Action and Sector Context

Reliance Industries’ stock price has shown signs of recovery after a three-day consecutive decline, touching an intraday high of ₹1,378.90 on 5 March 2026, marking a 2.52% gain for the day. This performance aligns with the broader Oil Exploration and Refinery sector, which advanced by 2.44% on the same day. However, the stock remains below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating that despite the short-term bounce, the medium to long-term trend remains under pressure.

Investor participation has notably increased, with delivery volumes on 4 March rising to 2.17 crore shares, a 213.97% surge compared to the five-day average. This heightened liquidity supports the active options trading observed and suggests that market participants are positioning ahead of the expiry with conviction.

Mojo Grade Downgrade and Market Cap Considerations

Despite the bullish options activity, Reliance Industries’ Mojo Score currently stands at 47.0 with a Mojo Grade of Sell, downgraded from Hold on 25 February 2026. This downgrade reflects a cautious stance based on the company’s recent financial metrics and trend assessments. The stock’s market capitalisation remains substantial at ₹18,58,007.98 crore, categorising it firmly as a large-cap entity, but its Market Cap Grade is rated at 1, indicating limited upside from a valuation perspective.

The downgrade suggests that while short-term speculative interest is evident in the options market, fundamental concerns persist. Investors should weigh the technical optimism against the broader fundamental outlook before making directional bets.

Expiry Patterns and Open Interest Insights

The expiry on 30 March 2026 is shaping up as a critical juncture for Reliance’s options traders. The open interest concentration at the ₹1,400 strike price, the highest among the call options, signals a strong resistance level that market participants expect the stock to challenge or surpass. The substantial open interest at ₹1,380 and ₹1,360 strikes further supports a scenario where the stock could trade in a range between these levels before expiry.

Such clustering of open interest often leads to heightened volatility as traders adjust positions to hedge or capitalise on anticipated price moves. The turnover figures, exceeding ₹1,000 lakhs at the ₹1,400 strike alone, highlight the liquidity and active participation in these contracts.

Comparative Performance and Sectoral Dynamics

Reliance’s 1-day return of 2.08% trails slightly behind the Oil sector’s 2.62% gain but outperforms the Sensex’s 0.53% rise on the same day. This relative performance indicates that while Reliance is benefiting from sector tailwinds, it is not leading the charge. The oil sector’s recent strength is driven by improving crude prices and refining margins, factors that could support Reliance’s earnings in the near term.

However, the stock’s position below all major moving averages suggests that the rally may be corrective rather than a sustained uptrend. Traders utilising options appear to be positioning for a short-term bounce rather than a fundamental turnaround.

Investor Takeaway and Outlook

The surge in call option volumes and open interest at strikes above the current market price indicates a predominantly bullish sentiment among derivatives traders for Reliance Industries in the near term. The concentration of activity around ₹1,380 to ₹1,400 strikes suggests expectations of a price recovery or breakout by the March expiry.

However, the fundamental downgrade to a Sell grade and the stock’s position below key moving averages counsel caution. Investors should consider the broader market context, sector dynamics, and the company’s valuation before committing to directional trades. The increased delivery volumes and liquidity provide a conducive environment for active trading, but the risk of volatility remains elevated as expiry approaches.

For those looking to capitalise on the current momentum, monitoring open interest changes and strike price concentrations will be crucial to gauge market sentiment shifts. Meanwhile, a balanced approach that incorporates both technical signals and fundamental assessments is advisable.

Summary of Key Metrics:

• Underlying Price (5 Mar 2026): ₹1,377.80
• Most Active Call Strike: ₹1,400 (8,344 contracts, ₹1007.96 lakhs turnover, 7,139 OI)
• Other Active Strikes: ₹1,380, ₹1,370, ₹1,360
• Mojo Score: 47.0 (Sell, downgraded from Hold on 25 Feb 2026)
• Market Cap: ₹18,58,007.98 crore (Large Cap)
• Sector Performance (Oil Exploration/Refineries): +2.44%
• Reliance 1D Return: +2.08%
• Sensex 1D Return: +0.53%

As expiry day nears, Reliance Industries remains a focal point for options traders seeking to leverage potential price movements in the oil sector giant. The interplay between technical positioning and fundamental outlook will determine the stock’s trajectory in the weeks ahead.

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