Waaree Energies Sees Robust Call Option Activity Amid Bullish Market Sentiment

Robust Call Option Volumes Highlight Investor Confidence

On 26 February 2026, Waaree Energies Ltd (stock code: 10039440) recorded exceptional activity in its call options, particularly at the ₹2,800 and ₹3,000 strike prices expiring on 30 March 2026. The ₹2,800 strike saw 3,091 contracts traded, generating a turnover of ₹696.28 lakhs, while the ₹3,000 strike witnessed 2,900 contracts traded with a turnover of ₹311.45 lakhs. Open interest figures remain elevated at 4,297 and 4,096 contracts respectively, underscoring sustained investor interest in these higher strike levels.

These strike prices are notably above the underlying stock’s current market value of ₹2,722.10, indicating a strong bullish sentiment among options traders who anticipate upward price movement in the near term. The concentration of open interest at these strikes suggests that market participants are positioning for a potential rally, betting on Waaree Energies surpassing these levels by the March expiry.

Price Performance and Technical Context

Despite the bullish options activity, Waaree Energies’ spot price performance remains somewhat mixed. The stock touched an intraday high of ₹2,764.50 on 26 February 2026, marking a 2.07% gain for the day, yet it continues to trade below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. This technical backdrop suggests that while short-term momentum is positive, the stock has yet to break decisively above key resistance levels.

Investor participation has surged markedly, with delivery volumes on 25 February reaching 28.51 lakh shares — a staggering 548.61% increase over the five-day average delivery volume. This spike in delivery volume indicates genuine accumulation rather than speculative trading, reinforcing the bullish narrative.

Market Capitalisation and Sectoral Comparison

Waaree Energies commands a market capitalisation of approximately ₹78,195.18 crore, placing it firmly in the mid-cap category within the Other Electrical Equipment sector. Its one-day return of 0.37% on 26 February 2026 was slightly below the sector’s 0.80% gain but outpaced the Sensex’s 0.24% rise, reflecting relative resilience amid broader market movements.

The company’s Mojo Score has recently improved to 78.0, earning it a Buy grade as of 9 December 2025, an upgrade from its previous Hold rating. This upgrade reflects enhanced financial metrics, operational performance, and positive trend assessments, which likely contribute to the growing bullish sentiment in the options market.

Expiry Patterns and Implications for Investors

The 30 March 2026 expiry date is attracting the bulk of call option activity, suggesting that traders are focusing on a medium-term horizon for potential price appreciation. The high open interest at the ₹2,800 and ₹3,000 strikes indicates that these levels are viewed as key milestones for the stock’s trajectory over the next month.

Options traders often use call options at strike prices above the current market price to leverage bullish views with limited capital outlay. The substantial turnover and open interest at these strikes imply that investors are willing to pay a premium for upside exposure, reflecting confidence in Waaree Energies’ growth prospects and sectoral tailwinds.

Fundamental Strengths Supporting Bullish Outlook

Waaree Energies operates in the Other Electrical Equipment industry, a sector benefiting from increasing demand for renewable energy solutions and electrical infrastructure upgrades. The company’s mid-cap status and sizeable market capitalisation of over ₹78,000 crore provide it with the scale and resources to capitalise on these trends.

The recent upgrade in Mojo Grade to Buy, with a score of 78.0, highlights improved financial health and operational efficiency. This rating upgrade, effective from 9 December 2025, signals that the company has strengthened its fundamentals, which may underpin the positive sentiment seen in the options market.

Risks and Considerations

While the call option activity and fundamental upgrades paint a bullish picture, investors should remain cautious given the stock’s current position below all major moving averages. This technical resistance could pose challenges to sustained upward momentum in the near term.

Additionally, the sector’s performance and broader market conditions will influence Waaree Energies’ trajectory. The stock’s one-day return of 0.37% lagged the sector’s 0.80% gain on 26 February 2026, indicating some relative weakness that warrants monitoring.

Outlook and Investor Takeaways

Waaree Energies’ pronounced call option activity at strike prices well above the current market level reflects a strong bullish consensus among traders. The elevated open interest and turnover at the ₹2,800 and ₹3,000 strikes expiring in March 2026 suggest that investors are positioning for a meaningful price rally in the coming weeks.

Fundamental improvements, including the Mojo Grade upgrade to Buy and robust delivery volumes, provide additional support for this positive outlook. However, the stock’s technical challenges, trading below all major moving averages, indicate that investors should watch for confirmation of a sustained breakout before committing significant capital.

Given the liquidity profile, with an average traded value supporting sizeable trade sizes of approximately ₹23.56 crore, Waaree Energies remains accessible for both institutional and retail investors seeking exposure to the electrical equipment sector’s growth story.

In summary, the combination of strong call option interest, improving fundamentals, and rising investor participation positions Waaree Energies as a compelling mid-cap stock to monitor closely in the weeks ahead.

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