Open Interest and Volume Dynamics
On 17 February 2026, Wipro’s open interest (OI) in derivatives rose sharply from 1,29,327 contracts to 1,43,700 contracts, an increase of 14,373 contracts or 11.11%. This expansion in OI was accompanied by a substantial volume of 1,01,845 contracts traded, indicating active participation from market participants. The futures value stood at ₹1,70,271.45 lakhs, while the options segment exhibited an enormous notional value of approximately ₹49,796.67 crores, underscoring the scale of derivative activity linked to Wipro.
The total combined value of futures and options contracts reached ₹1,76,510.90 lakhs, reflecting a robust derivatives market presence for the stock. This surge in open interest, coupled with high volumes, often suggests fresh directional bets or increased hedging activity by institutional and retail traders.
Price Action and Technical Context
Wipro’s share price closed at ₹210 on 17 February 2026, hovering just 0.88% above its 52-week low of ₹209.01. The stock underperformed its sector by 0.75% and declined 2.46% on the day, touching an intraday low of ₹210.26, which was also close to the weighted average price where most volume was concentrated. Notably, Wipro is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a sustained bearish trend.
Investor participation has risen markedly, with delivery volumes on 17 February reaching 1.44 crore shares, a 47.55% increase over the five-day average delivery volume. This heightened delivery volume suggests that despite the price weakness, investors are either accumulating or liquidating positions with conviction, adding complexity to the market narrative.
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Market Positioning and Directional Bets
The surge in open interest alongside declining prices suggests a complex interplay of market forces. Typically, rising OI with falling prices indicates that fresh short positions are being initiated, reflecting bearish sentiment. However, the increased delivery volumes hint at some investors possibly accumulating shares at lower levels, anticipating a potential rebound or value play given Wipro’s attractive dividend yield of 5.1%.
Wipro’s Mojo Score currently stands at 47.0 with a Mojo Grade of Sell, downgraded from Hold on 17 February 2026. This downgrade reflects deteriorating fundamentals or technical outlook as assessed by MarketsMOJO’s proprietary analytics. The company’s market cap grade remains at 1, indicating its large-cap status but also signalling limited upside potential under current conditions.
Compared to the broader Sensex, which was nearly flat with a marginal decline of 0.02%, and the sector’s 1.58% drop, Wipro’s 2.26% one-day return underlines its relative weakness. This underperformance, combined with the derivative market activity, suggests that traders are positioning for further downside or volatility in the near term.
Liquidity and Trading Considerations
Liquidity remains adequate for Wipro, with the stock’s traded value supporting trade sizes up to ₹11.36 crores based on 2% of the five-day average traded value. This ensures that institutional investors can execute sizeable trades without significant market impact, which is crucial given the active derivative interest.
From a technical perspective, the stock’s failure to hold above key moving averages and its proximity to 52-week lows may attract short sellers and cautious investors alike. The combination of high open interest and volume near the lows often precedes either a sharp directional move or a period of consolidation as market participants reassess valuations and outlooks.
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Implications for Investors and Traders
For investors, the current scenario presents a cautious outlook. The elevated open interest and volume in derivatives, combined with a negative price trend and a Sell rating, suggest that the market consensus is tilted towards further downside or at best sideways movement in the near term. However, Wipro’s high dividend yield may provide some cushion for long-term holders seeking income stability.
Traders should closely monitor changes in open interest and volume patterns for signs of a potential reversal or acceleration in trend. A sustained increase in open interest with rising prices could signal a shift towards bullish positioning, while continued OI growth with falling prices may confirm bearish bets.
Given the stock’s liquidity and active derivatives market, sophisticated strategies such as spreads or hedged positions could be employed to manage risk amid volatility. Additionally, tracking sectoral trends and broader market cues will be essential, as Wipro’s performance is often correlated with the overall IT and software consulting sector dynamics.
Conclusion
Wipro Ltd.’s recent surge in open interest and trading volumes in the derivatives market highlights a period of heightened activity and repositioning by market participants. The stock’s underperformance relative to its sector and proximity to 52-week lows, coupled with a downgrade to a Sell rating, signals a cautious near-term outlook. Investors and traders should remain vigilant, balancing the potential for dividend income against the risks of further price weakness and market volatility.
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