Wipro Ltd Sees Significant Surge in Open Interest Amid Volatile Trading

Open Interest and Volume Dynamics

On 3 February 2026, Wipro Ltd. (NSE: WIPRO) recorded an open interest (OI) of 74,224 contracts in its derivatives, up from 64,923 contracts the previous day. This increase of 9,301 contracts represents a substantial 14.33% rise, indicating fresh positions being established or existing ones being rolled over. The accompanying volume stood at 65,218 contracts, reflecting active trading interest, though slightly below the OI figure, which often points to a build-up of positions rather than mere churn.

The futures value traded was approximately ₹1,02,273 lakhs, while the options segment saw a massive notional value of ₹39,216 crores, culminating in a total derivatives turnover exceeding ₹1,08,247 lakhs. Such figures underscore the significant liquidity and investor focus on Wipro’s derivatives, especially given its large-cap status with a market capitalisation of ₹2,59,300 crores.

Price Action and Volatility Context

Wipro’s underlying 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. Despite this strong opening, the weighted average price suggests that more volume traded closer to the lower end of the day’s range, hinting at some profit-taking or cautious positioning by market participants. The stock’s intraday volatility was elevated at 5.25%, reflecting heightened uncertainty and active trading.

Over the past three trading sessions, Wipro has gained 2.97%, yet it underperformed its sector by 0.94% today and lagged behind the Sensex’s 2.64% gain. The stock currently trades above its 5-day moving average but remains below its 20-day, 50-day, 100-day, and 200-day averages, indicating a mixed technical picture with short-term strength but longer-term resistance.

Investor Participation and Delivery Volumes

Interestingly, delivery volumes on 2 February stood at 76.37 lakh shares, marking a 9.02% decline against the 5-day average delivery volume. This drop in investor participation at the delivery level, despite rising derivatives activity, suggests that much of the recent interest is speculative or hedging in nature rather than driven by long-term accumulation.

Wipro’s dividend yield remains attractive at 4.54%, which could provide some defensive appeal amid the current volatility. The stock’s liquidity is robust, with the ability to handle trade sizes of approximately ₹6.79 crores based on 2% of the 5-day average traded value, ensuring ease of entry and exit for institutional and retail investors alike.

Market Positioning and Directional Bets

The sharp rise in open interest alongside a gap-up opening and high volatility suggests that traders are positioning for a directional move in Wipro’s stock. The increase in OI by over 9,300 contracts indicates fresh capital flowing into the derivatives market, possibly reflecting bullish sentiment given the recent price gains and gap-up start.

However, the fact that the weighted average price is closer to the day’s low and that delivery volumes have declined implies some caution among longer-term investors. This divergence between derivatives activity and cash market participation often signals that short-term traders and institutional participants are actively hedging or speculating, while retail or fundamental investors remain on the sidelines.

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 tempered outlook amid mixed technical and fundamental signals. The Market Cap Grade is 1, indicating its large-cap stature but also suggesting limited upside from a valuation perspective at present.

Comparative Sector and Benchmark Analysis

Within the Computers - Software & Consulting sector, Wipro’s 1-day return of 0.47% trails the sector’s 1.57% gain and the broader Sensex’s 2.64% advance. This relative underperformance, despite strong derivatives activity, may indicate that investors are selectively rotating capital within the sector or favouring other names with stronger momentum or fundamentals.

Given the sector’s overall positive trend, Wipro’s mixed signals warrant a cautious approach. Investors should monitor whether the open interest surge translates into sustained price appreciation or if it represents short-term speculative positioning that could unwind quickly.

Implications for Investors and Traders

The recent surge in open interest and derivatives turnover in Wipro Ltd. highlights a growing interest in the stock’s near-term prospects. Traders appear to be positioning for continued volatility and potential upside, as evidenced by the gap-up opening and elevated intraday swings.

Nonetheless, the decline in delivery volumes and the stock’s relative underperformance versus sector and benchmark indices suggest that caution is warranted. Investors should closely monitor whether the increased open interest is accompanied by sustained price momentum or if it signals a short-term speculative spike that could reverse.

Given Wipro’s current Mojo Grade of Hold and the downgrade from Buy earlier this year, a balanced approach is advisable. Those with a higher risk appetite may consider tactical exposure through derivatives, while long-term investors might await clearer confirmation of trend direction before increasing allocations.

Technical and Fundamental Outlook

Technically, Wipro’s position above the 5-day moving average but below longer-term averages indicates a stock in consolidation with potential for breakout if momentum sustains. The high dividend yield of 4.54% adds an income cushion, which may appeal to value-oriented investors amid market volatility.

Fundamentally, Wipro remains a large-cap leader in the Computers - Software & Consulting sector, but its recent downgrade in Mojo Grade reflects concerns over growth prospects or valuation pressures. Market participants should weigh these factors alongside the evolving derivatives market activity to make informed decisions.

Conclusion

Wipro Ltd.’s derivatives market activity has intensified with a significant open interest increase, signalling heightened trader interest and potential directional bets. While the stock has shown short-term gains and volatility, mixed signals from volume patterns and delivery participation counsel prudence. Investors and traders should monitor developments closely, balancing the opportunities presented by active derivatives positioning against the underlying fundamental and technical context.

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