Open Interest and Volume Dynamics
On 23 January 2026, Shriram Finance’s open interest (OI) in derivatives climbed sharply to 97,580 contracts, up 9,018 contracts or 10.18% from the previous day’s 88,562. This substantial increase in OI was accompanied by a daily volume of 56,659 contracts, reflecting heightened trading activity. The futures segment alone accounted for a notional value of approximately ₹1,48,371 lakhs, while options contributed a staggering ₹33,063.7 crores, culminating in a total derivatives value of ₹1,53,870 lakhs.
The underlying stock price closed at ₹1,007, just 1.93% shy of its 52-week high of ₹1,025.6, underscoring the bullish sentiment prevailing among traders. Notably, Shriram Finance outperformed its NBFC sector peers by 0.72% on the day, while the broader Sensex declined by 0.23%, highlighting the stock’s relative strength.
Technical and Market Positioning Insights
Technically, Shriram Finance is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a sustained uptrend. The rising delivery volume of 47.91 lakh shares on 22 January, which is 12.17% higher than the five-day average, indicates strong investor participation and conviction in the stock’s upward trajectory.
Liquidity remains robust, with the stock’s average traded value supporting trade sizes up to ₹15.96 crores comfortably, ensuring that institutional investors can execute sizeable positions without significant market impact.
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Market Cap and Mojo Ratings Reflect Confidence
Shriram Finance, a large-cap NBFC with a market capitalisation of ₹1,89,569 crores, has recently seen its Mojo Grade upgraded from Hold to Buy as of 15 December 2025. The current Mojo Score stands at a healthy 72.0, reflecting improved fundamentals and positive market outlook. The Market Cap Grade remains at 1, indicating the company’s strong standing among its peers.
Despite a marginal day change of -0.02%, the stock’s 1-day return of 0.13% outpaces the sector’s negative 0.69% and the Sensex’s decline, reinforcing its relative strength and attractiveness to investors.
Directional Bets and Derivatives Positioning
The surge in open interest coupled with rising volumes suggests that market participants are increasingly positioning for a bullish move in Shriram Finance. The elevated futures and options notional values indicate significant capital deployment, with traders likely anticipating further upside given the stock’s proximity to its 52-week high and strong technical setup.
Options data, with a notional value exceeding ₹33,000 crores, points to active call buying and possibly protective put writing, strategies consistent with a constructive outlook. The increase in OI alongside price appreciation typically signals fresh long positions rather than short covering, implying confidence in sustained gains.
Sectoral Context and Broader Market Implications
Within the NBFC sector, Shriram Finance’s outperformance is notable amid a generally subdued market environment. The sector’s 1-day return of -0.69% contrasts with Shriram Finance’s positive momentum, highlighting its leadership role. This divergence may attract further investor interest as market participants seek quality names with robust growth prospects and resilient fundamentals.
Given the company’s strong liquidity profile and institutional interest, the current derivatives activity could presage a breakout above the recent highs, potentially triggering further buying interest and volume expansion.
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Investor Takeaway and Outlook
The recent spike in open interest and volume in Shriram Finance’s derivatives market signals a growing consensus among traders and investors that the stock is poised for further appreciation. The combination of strong technical indicators, improved Mojo ratings, and robust liquidity supports a positive near-term outlook.
Investors should monitor the stock’s ability to breach its 52-week high decisively, as this could confirm the bullish momentum and attract additional buying interest. However, given the broader market volatility, prudent risk management remains essential.
Overall, Shriram Finance’s current market positioning and derivatives activity suggest that it remains a compelling candidate for investors seeking exposure to the NBFC sector’s growth potential.
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