Wed Feb 04 04:00:00 UTC 2026: ### TCS Call Option Surge Reflects Cautious Bullish Sentiment Ahead of Expiry

The Story:
Trading activity on February 3, 2026, revealed a surge in call option volumes for Tata Consultancy Services (TCS), specifically targeting the ₹3,300 strike price for the February 24, 2026 expiry. This heightened activity suggests market participants are positioning themselves for a potential rally beyond the current underlying price of ₹3,209.80. While technical indicators support a bullish outlook, a dip in delivery volumes signals some investor caution.

Key Points:

  • The most active call options for TCS are centered on the February 24, 2026 expiry, with the ₹3,300 strike price attracting the highest interest.
  • On February 3, 2026, 6,412 contracts were traded, generating a turnover of approximately ₹467.69 lakhs. Open interest remains substantial at 5,028 contracts.
  • TCS opened with a gap up of 5.69%, reaching an intraday high of ₹3,350, but closed with a modest gain of 1.31%, underperforming its sector.
  • Delivery volumes have declined by 20.4% against the 5-day average, with 16.46 lakh shares delivered on February 2, 2026.
  • The company’s Mojo Score has improved to 57.0, upgrading its Mojo Grade from Sell to Hold as of April 22, 2025.
  • TCS offers a dividend yield of 3.44%.

Key Takeaways:

  • The options market reveals a cautiously optimistic market stance on TCS.
  • Technical strength and sector tailwinds support potential gains in the near term.
  • Declining delivery volumes suggest some investors may be taking profits or awaiting clearer catalysts.
  • Investors should monitor evolving open interest and price action to gauge whether the bullish sentiment translates into sustained price appreciation.
  • A balanced approach to investment decisions is warranted given mixed signals from delivery volumes and relative sector performance.

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