Wipro Ltd Sees Significant Open Interest Surge Amid Volatile Trading

Open Interest and Volume Dynamics

On 3 February 2026, Wipro’s open interest (OI) in derivatives rose sharply by 8,367 contracts, a 12.89% increase from the previous figure of 64,923 to 73,290. This substantial rise in OI, coupled with a trading volume of 59,744 contracts, indicates fresh positions being established rather than existing ones being squared off. The futures value stood at ₹94,601.22 lakhs, while the options segment exhibited an enormous notional value of approximately ₹35,883.47 crores, culminating in a total derivatives value exceeding ₹1,00,150 lakhs. Such figures underscore the stock’s prominence in the derivatives market and the growing interest among traders.

Price Action and Volatility Context

Wipro’s underlying price closed at ₹243, having opened with a gap up of 6.98%, reaching an intraday high of ₹259.89, marking a 7.26% rise. However, the weighted average price suggests that most volume traded closer to the lower end of the day’s range, hinting at profit-taking or cautious positioning near the highs. The stock exhibited high intraday volatility of 5.16%, reflecting active trading and uncertainty among participants. Despite this, the stock underperformed its sector by 1.28% and lagged behind the Sensex’s 2.80% gain on the same day.

Market Positioning and Moving Averages

Technically, Wipro’s price remains above its 5-day moving average but below its 20-day, 50-day, 100-day, and 200-day averages, indicating a short-term positive momentum amid longer-term resistance. This mixed technical picture may explain the cautious investor stance, with some participants betting on a near-term rebound while others remain wary of broader downtrends. The stock has recorded gains over the past three consecutive days, delivering a cumulative return of 2.62%, which may have encouraged speculative activity in the derivatives market.

Investor Participation and Liquidity

Delivery volume on 2 February was 76.37 lakh shares, down 9.02% from the five-day average, signalling a slight decline in long-term investor participation. However, liquidity remains robust, with the stock’s average traded value supporting trade sizes up to ₹6.79 crore comfortably. The stock’s dividend yield of 4.54% at current prices adds an attractive income component for investors, potentially balancing speculative interest with fundamental appeal.

Directional Bets and Derivatives Market Sentiment

The surge in open interest alongside elevated volumes suggests that market participants are actively repositioning, possibly anticipating a directional move. The increase in OI by nearly 13% is significant in the context of Wipro’s recent price action and volatility. Traders may be establishing bullish positions, given the stock’s three-day gain streak and gap-up opening, or alternatively, some could be hedging against potential pullbacks given the stock’s failure to surpass longer-term moving averages.

Options market data, with a notional value exceeding ₹35,883 crores, points to substantial activity in calls and puts, though detailed strike-wise data would be necessary to ascertain the precise directional bias. The large open interest increase in futures contracts, however, typically signals fresh directional bets rather than mere hedging. This dynamic is crucial for investors and traders seeking to gauge market sentiment and potential price trajectories.

Mojo Score and Analyst Ratings

Wipro currently holds a Mojo Score of 58.0, categorised as a Hold, reflecting a tempered outlook from the previous Buy rating downgraded on 19 January 2026. The downgrade suggests that while the company maintains solid fundamentals, near-term catalysts may be limited or offset by sectoral headwinds. The Market Cap Grade is 1, indicating a large-cap status with stable market presence but limited immediate upside according to the scoring model.

Sector and Market Comparison

Within the Computers - Software & Consulting sector, Wipro’s 0.50% one-day return trails the sector’s 1.68% gain and the broader Sensex’s 2.80% advance, highlighting relative underperformance despite the derivatives market enthusiasm. This divergence may reflect sector rotation or profit booking in Wipro amid broader market optimism. Investors should weigh these factors carefully when considering exposure to Wipro versus other sector peers.

Implications for Investors and Traders

The pronounced increase in open interest and volume in Wipro’s derivatives signals a pivotal moment for the stock’s near-term outlook. Investors should monitor whether the fresh positions translate into sustained price momentum or if volatility persists, potentially leading to choppy trading. The mixed technical signals and recent rating downgrade counsel a balanced approach, combining fundamental analysis with close attention to market positioning.

For traders, the derivatives market activity offers opportunities to capitalise on directional moves or hedge existing exposures. The high dividend yield of 4.54% also provides a cushion for longer-term investors, supporting the stock’s appeal despite short-term fluctuations.

Conclusion

Wipro Ltd.’s recent surge in open interest and active derivatives trading reflect a market in flux, with participants recalibrating positions amid volatile price action. While the stock shows signs of short-term strength, broader technical resistance and sector underperformance suggest caution. Investors and traders alike should remain vigilant, leveraging detailed market data and fundamental insights to navigate the evolving landscape.

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