Syngene International Sees Sharp Open Interest Surge Amid Rising Market Momentum

Open Interest and Volume Dynamics

On 7 January 2026, Syngene International Ltd (SYNGENE) recorded an open interest (OI) of 16,339 contracts in its derivatives, up sharply from 12,116 contracts the previous session. This 4,223 contract increase represents a 34.85% rise in OI, a notable jump that often indicates fresh positions being established rather than existing ones being squared off.

Volume also remained robust at 26,495 contracts, supporting the OI expansion and reflecting active participation from traders. The futures segment alone accounted for a value of approximately ₹27,386.7 lakhs, while options contributed a substantial ₹15,661.63 crores in notional value, culminating in a total derivatives value of ₹30,504.1 lakhs. This liquidity backdrop confirms that the stock is attracting considerable interest from institutional and retail participants alike.

Price Performance and Moving Averages

Syngene’s underlying equity price closed at ₹659, having touched an intraday high of ₹678.95, a 3.55% gain on the day. The stock has outperformed its healthcare services sector by 0.3% and has recorded a 0.77% return over the past two consecutive trading sessions. Notably, the share price is trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a sustained bullish trend and positive technical momentum.

Investor participation has also intensified, with delivery volumes on 6 January rising to 2.41 lakh shares, a 76.6% increase compared to the five-day average delivery volume. This surge in delivery volume indicates genuine accumulation rather than speculative trading, reinforcing the bullish undertone in the stock’s price action.

Market Positioning and Directional Bets

The sharp rise in open interest alongside increasing volumes and positive price action suggests that market participants are positioning for an upward move in Syngene International Ltd. The increase in OI is typically interpreted as fresh long positions being added, especially when accompanied by rising prices, as is the case here.

Given the stock’s current momentum and technical strength, traders appear to be betting on continued gains in the near term. The futures value of ₹27,386.7 lakhs and the substantial options notional value indicate that both outright futures contracts and options strategies are being employed to capitalise on expected price appreciation.

However, it is important to note that the company’s Mojo Score remains low at 34.0, with a Mojo Grade of Sell, albeit upgraded from a previous Strong Sell rating on 8 December 2025. This suggests that while short-term technical signals are positive, fundamental concerns or valuation issues may still weigh on the stock’s medium-term outlook.

Syngene’s market capitalisation stands at ₹26,997 crore, categorising it as a small-cap stock within the healthcare services sector. The sector itself has delivered a 0.41% return on the day, outperforming the Sensex which declined by 0.31%, highlighting Syngene’s relative strength within its peer group.

Liquidity and Trading Considerations

Liquidity remains adequate for sizeable trades, with the stock’s average traded value over five days supporting a trade size of approximately ₹0.39 crore based on 2% of the average value. This ensures that institutional investors can enter or exit positions without significant market impact, a crucial factor for derivatives trading strategies.

Investors should also consider the delivery volume spike as a positive sign of genuine investor interest rather than speculative intraday activity. The combination of rising delivery volumes, expanding open interest, and price strength typically signals a healthy market environment for the stock.

Outlook and Investor Takeaways

While the derivatives market activity points to a bullish stance among traders, investors should weigh this against the company’s fundamental rating and sector dynamics. The recent upgrade from Strong Sell to Sell in the Mojo Grade indicates some improvement in underlying factors, but caution remains warranted given the modest Mojo Score of 34.0.

For investors with a higher risk appetite, the current technical setup and rising open interest may offer an opportunity to participate in potential upside moves. However, those prioritising fundamentals might prefer to monitor further developments or consider alternative healthcare services stocks with stronger ratings and higher Mojo Scores.

In summary, Syngene International Ltd’s derivatives market is signalling increased bullish positioning, supported by rising volumes, expanding open interest, and positive price momentum. This confluence of factors suggests that market participants are optimistic about the stock’s near-term prospects, although fundamental caution remains advisable.

Key Metrics Summary:

• Open Interest: 16,339 contracts (up 34.85%)


• Volume: 26,495 contracts


• Futures Value: ₹27,386.7 lakhs


• Options Notional Value: ₹15,661.63 crores


• Underlying Price: ₹659


• Intraday High: ₹678.95 (+3.55%)


• Mojo Score: 34.0 (Sell, upgraded from Strong Sell)


• Market Cap: ₹26,997 crore (Small Cap)


• Delivery Volume (6 Jan): 2.41 lakh shares (+76.6%)

Investors should continue to monitor open interest trends, volume patterns, and price action closely to gauge evolving market sentiment and adjust their positions accordingly.

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