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

Call Option Trading Overview

On 20 March 2026, Reliance Industries Ltd (NSE: RELIANCE) recorded substantial call option activity, with the highest number of contracts traded clustered around strike prices ranging from ₹1,400 to ₹1,450. The underlying stock closed at ₹1,410.10, just below the key strike levels attracting investor interest. The most active strike was ₹1,400, with 10,256 contracts traded, generating a turnover of ₹1191.23 lakhs and an open interest of 21,474 contracts. This was closely followed by the ₹1,420 strike, which saw 7,573 contracts traded and an open interest of 15,426 contracts, reflecting strong speculative positioning.

Other notable strikes included ₹1,430 with 6,515 contracts and ₹1,410 with 6,352 contracts traded. The ₹1,450 strike, slightly out-of-the-money, also attracted 5,156 contracts, indicating some anticipation of a rally beyond current levels. The total turnover across these strikes underscores a robust appetite for call options, with combined turnover exceeding ₹2,400 lakhs.

Market Context and Stock Performance

Reliance Industries, a large-cap heavyweight in the oil sector with a market capitalisation of ₹18,74,721 crores, has seen its Mojo Grade downgraded from Hold to Sell as of 25 February 2026, reflecting some caution among analysts. The Mojo Score currently stands at 47.0, signalling a moderate risk profile. Despite this, the stock has gained 2.21% on the day, outperforming the Sensex’s 1.08% rise and closely tracking the Oil Exploration/Refineries sector’s 2.07% gain.

Intraday, the stock touched a high of ₹1,413.80, maintaining levels above its 5-day and 20-day moving averages but still below the longer-term 50-day, 100-day, and 200-day averages. This mixed technical picture suggests a consolidation phase, with investors closely watching for directional cues ahead of the expiry.

Investor Participation and Liquidity

Delivery volumes on 19 March 2026 stood at 76.21 lakh shares, marking a 13.53% decline against the five-day average, indicating a slight drop in investor participation. However, liquidity remains adequate, with the stock’s traded value supporting trade sizes up to ₹50.25 crores based on 2% of the five-day average traded value. This liquidity profile supports active options trading and allows for efficient price discovery in the derivatives market.

Implications of Call Option Concentration

The concentration of call option volumes near the ₹1,400 to ₹1,450 strikes suggests that market participants are positioning for a moderate upside in Reliance Industries’ share price over the next ten days. The open interest data corroborates this, with the highest open interest at the ₹1,400 strike, indicating that many traders are either hedging existing positions or speculating on a price recovery above this level.

Given the underlying price of ₹1,410.10, the strikes at ₹1,410 and ₹1,420 are effectively at-the-money or slightly out-of-the-money, which typically attract the most liquidity and speculative interest. The sizeable turnover at these strikes, particularly ₹1,420 with ₹483.91 lakhs, reflects a bullish tilt among options traders, who may be anticipating a breakout above recent resistance levels.

Sectoral and Broader Market Influence

The oil sector’s recent gains have provided a supportive backdrop for Reliance Industries. The Oil Exploration/Refineries sector’s 2.07% rise on the day aligns with the stock’s 2.21% gain, suggesting that positive sectoral momentum is influencing investor sentiment. However, the stock’s performance relative to its moving averages indicates that while short-term momentum is positive, longer-term trends remain under pressure.

Investors should also note the slight decline in delivery volumes, which may point to cautious participation amid mixed technical signals. The downgrade in Mojo Grade to Sell further tempers enthusiasm, signalling that fundamental concerns persist despite the near-term bullish positioning in options markets.

Outlook and Investor Considerations

While the call option activity signals a bullish stance among traders, investors should weigh this against the fundamental downgrade and mixed technical indicators. The stock’s current trading range between ₹1,400 and ₹1,450 will be critical to monitor in the coming days, especially as the 30 March expiry approaches.

Given the large open interest and turnover in call options, a breakout above ₹1,450 could trigger further upside momentum. Conversely, failure to sustain above the ₹1,400 level may lead to profit-taking and increased volatility. Investors are advised to consider these dynamics carefully and align their strategies with their risk tolerance and investment horizon.

Reliance Industries remains a pivotal stock within the oil sector and the broader market, and its options market activity provides valuable insights into prevailing market sentiment and expectations.

Summary of Key Metrics

• Underlying stock price: ₹1,410.10
• Most active call strike: ₹1,400 (10,256 contracts, ₹1191.23 lakhs turnover)
• Other active strikes: ₹1,420, ₹1,430, ₹1,410, ₹1,450
• Open interest highest at ₹1,400 strike (21,474 contracts)
• Mojo Grade: Sell (downgraded from Hold on 25 Feb 2026)
• Sector performance: Oil Exploration/Refineries +2.07%
• Stock 1-day return: +2.21% (outperforming Sensex +1.08%)
• Delivery volume: 76.21 lakh shares (down 13.53% vs 5-day average)
• Market cap: ₹18,74,721 crores (Large Cap)

Investors tracking Reliance Industries should continue to monitor both the options market activity and fundamental developments to gauge the stock’s trajectory in the weeks ahead.

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