Swiggy Ltd Sees Sharp Open Interest Surge Amid Mixed Market Signals

Open Interest and Volume Dynamics

On 10 Feb 2026, Swiggy Ltd's open interest in derivatives rose sharply by 3,760 contracts, a 10.88% increase from the previous day's 34,546 to 38,306. This rise in OI was accompanied by a robust volume of 46,685 contracts, indicating strong participation from traders and investors. The futures segment alone accounted for a value of approximately ₹41,099 lakhs, while options contributed a staggering ₹17,299 crores in notional value, underscoring the significant derivatives market interest in Swiggy.

The total derivatives value stood at ₹45,459 lakhs, reflecting a substantial liquidity pool and active trading interest. This surge in OI and volume suggests that market participants are either initiating new positions or rolling over existing ones, signalling a potential directional bias emerging in the stock.

Price Performance and Technical Context

Swiggy Ltd's stock price touched an intraday high of ₹350.95, marking a 5.17% increase on the day and outperforming the E-Retail sector's 0.79% gain and the Sensex's modest 0.37% rise. The stock has recorded gains for two consecutive sessions, delivering a cumulative return of 9.14% over this period. Notably, the price is trading above its 5-day and 20-day moving averages, signalling short-term bullish momentum, although it remains below the 50-day, 100-day, and 200-day averages, indicating that medium- to long-term trends are yet to confirm a sustained uptrend.

However, delivery volumes have declined by 30.92% compared to the 5-day average, with 46.96 lakh shares delivered on 9 Feb 2026. This falling investor participation in the cash segment contrasts with the rising derivatives activity, suggesting that speculative interest may be driving the recent price moves rather than fundamental buying.

Market Positioning and Directional Bets

The sharp increase in open interest alongside rising prices typically points to fresh long positions being established, reflecting bullish market sentiment. Given Swiggy Ltd's current Mojo Score of 29.0 and a Mojo Grade of Strong Sell—downgraded from Sell on 4 Dec 2025—this divergence between derivatives optimism and fundamental caution is noteworthy. The market cap grade of 2 indicates mid-cap status, which often entails higher volatility and sensitivity to market news and sentiment shifts.

Investors appear to be positioning for a potential rebound or short-term rally, as evidenced by the 10.88% OI increase and the stock’s outperformance relative to its sector. The futures and options data imply that traders are taking directional bets, possibly anticipating positive catalysts or technical breakouts. However, the underlying value of ₹350 suggests that the stock is approaching key resistance levels, which may test the conviction of these bullish positions.

Implications for Investors and Traders

The divergence between Swiggy Ltd’s strong derivatives activity and its fundamental rating suggests a complex market narrative. While the Mojo Grade remains a Strong Sell, the derivatives market is signalling increased speculative interest, possibly driven by short-term technical factors or expectations of near-term positive developments in the e-commerce sector.

Traders should note the stock’s liquidity profile, which supports sizeable trade sizes up to ₹7.82 crores based on 2% of the 5-day average traded value. This liquidity facilitates active participation by institutional and retail investors alike, potentially amplifying price swings.

Given the stock’s current positioning above short-term moving averages but below longer-term averages, investors should monitor for confirmation of trend reversals or breakdowns. The falling delivery volumes caution against relying solely on price momentum, highlighting the importance of a balanced approach that considers both derivatives positioning and cash market fundamentals.

Sector and Market Context

Swiggy Ltd operates within the highly competitive E-Retail and E-Commerce sector, which has been undergoing rapid transformation amid evolving consumer behaviour and technological advancements. The stock’s recent outperformance relative to its sector peers indicates selective strength, but the broader sector remains volatile due to regulatory changes and shifting market dynamics.

Investors should weigh Swiggy’s derivatives market signals against sector trends and macroeconomic factors, including consumer spending patterns and digital adoption rates. The Sensex’s modest gains on the day suggest a cautious overall market environment, reinforcing the need for prudent risk management when trading mid-cap stocks like Swiggy.

Conclusion: Navigating the Contrasts in Swiggy’s Market Signals

Swiggy Ltd’s recent surge in open interest and volume in the derivatives market highlights a growing speculative interest that contrasts with its fundamental rating of Strong Sell. The stock’s short-term price momentum and liquidity profile make it an attractive candidate for traders seeking to capitalise on volatility, but the underlying caution reflected in delivery volumes and longer-term moving averages advises prudence.

Investors should closely monitor upcoming corporate developments, sector trends, and broader market conditions to assess whether the current derivatives positioning will translate into sustained price appreciation or if it represents a transient speculative spike. Balancing technical signals with fundamental analysis remains crucial in navigating Swiggy’s evolving market landscape.

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