Wipro Ltd Sees Significant Open Interest Surge Amid Mixed Market Signals

Open Interest and Volume Dynamics

On 3 February 2026, Wipro Ltd. (NSE: WIPRO) recorded an open interest (OI) of 72,044 contracts in its derivatives, marking a substantial increase of 7,121 contracts or 10.97% compared to the previous day’s OI of 64,923. This rise in OI, coupled with a trading volume of 54,387 contracts, indicates a fresh influx of positions rather than mere unwinding of existing ones.

The futures segment alone accounted for a value of approximately ₹86,092.5 lakhs, while the options segment’s notional value stood at an impressive ₹32,712.8 crores, culminating in a total derivatives value of ₹91,170.3 lakhs. Such elevated figures underscore the growing interest in Wipro’s price movements among institutional and retail traders alike.

Price Action and Volatility Insights

Wipro’s stock price opened with a gap-up of 6.98%, reaching an intraday high of ₹259.89, a 7.26% increase from the previous close. However, the weighted average price suggests that most volume traded closer to the lower end of the day’s range, hinting at some profit-taking or resistance near the highs. The stock exhibited high intraday volatility of 5.05%, reflecting active trading and uncertainty among market participants.

Despite these gains, Wipro underperformed its sector by 1.29% and lagged behind the Sensex’s 2.79% rise on the same day. The stock has been on a three-day winning streak, delivering a cumulative return of 2.96%, yet it remains below its 20-day, 50-day, 100-day, and 200-day moving averages, signalling that the broader trend remains under pressure.

Investor Participation and Liquidity Considerations

Delivery volumes on 2 February stood at 76.37 lakh shares, down 9.02% from the five-day average, suggesting a slight dip in long-term investor participation. Nonetheless, the stock remains sufficiently liquid, with a trade size capacity of ₹6.79 crore based on 2% of the five-day average traded value, facilitating sizeable transactions without significant market impact.

Wipro’s current dividend yield of 4.54% adds an attractive income component for investors, particularly in a volatile market environment.

Market Positioning and Directional Bets

The surge in open interest alongside rising volumes typically signals new directional bets being placed. In Wipro’s case, the 10.97% increase in OI suggests that traders are either initiating fresh long positions anticipating further upside or establishing protective shorts amid volatility.

Given the stock’s recent gap-up and intraday volatility, it is plausible that speculative traders are positioning for a near-term rebound, while some institutional players may be hedging existing exposures. The fact that the weighted average price skewed towards the lower end of the day’s range indicates profit-booking pressure, tempering the bullish momentum.

Wipro’s Mojo Score currently stands at 58.0 with a Mojo Grade of Hold, downgraded from Buy on 19 January 2026. This reflects a cautious stance by analysts, balancing the company’s large-cap status and steady dividend yield against recent price underperformance and technical resistance levels.

With a market capitalisation of ₹2,59,300 crore, Wipro remains a heavyweight in the Computers - Software & Consulting sector. However, the stock’s underperformance relative to its sector and the broader Sensex suggests that investors are selectively rotating capital within the technology space.

Technical and Fundamental Outlook

Technically, Wipro’s position above its 5-day moving average but below longer-term averages indicates a short-term recovery within a broader downtrend. The high volatility and volume patterns imply that the stock is at a critical juncture, where sustained buying interest could propel it higher, while failure to break key resistance levels may invite further selling pressure.

Fundamentally, Wipro’s attractive dividend yield and large-cap stability provide a defensive cushion for investors amid market uncertainties. However, the downgrade in Mojo Grade to Hold signals that earnings growth or sectoral headwinds may be limiting near-term upside potential.

Implications for Investors

For investors and traders, the recent open interest surge in Wipro’s derivatives market signals an active repositioning phase. Those bullish on the stock may view the increased OI and volume as confirmation of renewed interest, especially given the stock’s attractive dividend yield and large-cap credentials.

Conversely, the underperformance relative to sector peers and the Sensex, combined with the downgrade to Hold, counsel caution. Investors should monitor whether Wipro can sustain gains above key moving averages and manage volatility effectively.

Given the mixed signals, a balanced approach involving selective exposure with defined risk parameters may be prudent. Watching open interest trends alongside price action in coming sessions will be critical to gauge the prevailing market sentiment and directional conviction.

Conclusion

Wipro Ltd.’s derivatives market activity reveals a significant uptick in open interest and volume, reflecting heightened trader engagement amid volatile price movements. While the stock has shown short-term strength with a three-day gain and a gap-up opening, it faces resistance from broader technical levels and sectoral underperformance.

The downgrade in Mojo Grade to Hold underscores a cautious outlook, balancing the company’s stable fundamentals against near-term uncertainties. Investors should closely monitor evolving open interest patterns and price behaviour to discern whether Wipro is poised for a sustained recovery or further consolidation.

In this dynamic environment, understanding the nuances of market positioning and derivative flows can provide valuable insights for making informed investment decisions in Wipro and the broader Computers - Software & Consulting sector.

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