Key Events This Week
16 Feb: Stock opens at Rs.1,004.00, up 1.65%
17 Feb: Continued gains to Rs.1,030.00 (+2.59%) on strong volume
19 Feb: Sharp open interest surge by 21.04%, stock dips 2.72%
20 Feb: Further open interest rise of 16.96%, technical momentum signals bullish outlook despite 0.97% decline
Strong Start to the Week with Consecutive Gains
Adani Energy Solutions began the week on a positive note, opening at Rs.1,004.00 on 16 February 2026, marking a 1.65% increase from the previous Friday’s close of Rs.987.70. This upward momentum continued on 17 February, with the stock climbing 2.59% to Rs.1,030.00 on robust volume of 68,705 shares, signalling renewed investor interest. The Sensex also advanced during these sessions, but the stock outperformed the benchmark, reflecting sector-specific optimism.
On 18 February, the stock gained a further 0.54% to close at Rs.1,035.55, reaching the week’s peak price. This three-day rally was supported by steady volume and positive market sentiment, positioning the stock well above key moving averages and reinforcing a short-term bullish trend.
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Midweek Derivatives Surge and Price Correction
The positive price trend reversed on 19 February, when Adani Energy Solutions declined 2.72% to close at Rs.1,007.40. This drop coincided with a significant 21.04% surge in open interest in the stock’s derivatives segment, rising from 41,497 to 50,228 contracts. Futures volume was robust at 24,434 contracts, with a futures market value of approximately ₹1,14,077 lakhs and options market value at ₹5,402 crores, highlighting intense trading activity.
This divergence between rising derivatives interest and falling stock price suggests a complex market dynamic. The increase in open interest amid price weakness typically indicates fresh short positions or hedging activity rather than outright bullish accumulation. Delivery volumes also declined sharply by 60.93% to 2 lakh shares on 18 February, signalling waning investor conviction in the cash market.
Despite the price dip, the stock remained above its 20-day, 50-day, 100-day, and 200-day moving averages, indicating underlying medium- to long-term support. However, the fall below the 5-day moving average pointed to near-term selling pressure, reflecting a cautious stance among traders.
Further Open Interest Rise Amid Mixed Technical Signals
On 20 February, the stock closed at Rs.997.60, down 0.97%, continuing the short-term correction. Open interest surged again by 16.96%, from 41,365 to 48,381 contracts, accompanied by a futures volume of 35,900 contracts. The options segment exhibited an enormous notional value of ₹14,239.43 crores, underscoring the derivatives market’s prominence in shaping investor positioning.
Despite the price weakness, technical momentum indicators signalled a bullish outlook. Moving averages, Bollinger Bands, and monthly MACD suggested improving momentum, while volume-based indicators such as On-Balance Volume (OBV) showed accumulation. The stock’s MarketsMOJO score rose to 58.0 with a Hold rating, upgraded from Sell on 27 January 2026, reflecting a more favourable risk-reward profile.
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Weekly Price Performance vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-16 | Rs.1,004.00 | +1.65% | 36,787.89 | +0.70% |
| 2026-02-17 | Rs.1,030.00 | +2.59% | 36,904.38 | +0.32% |
| 2026-02-18 | Rs.1,035.55 | +0.54% | 37,062.35 | +0.43% |
| 2026-02-19 | Rs.1,007.40 | -2.72% | 36,523.88 | -1.45% |
| 2026-02-20 | Rs.997.60 | -0.97% | 36,674.32 | +0.41% |
Key Takeaways
Positive Signals: The stock outperformed the Sensex by 0.61% over the week, supported by strong early-week gains and a technical momentum shift towards a bullish trend. The MarketsMOJO upgrade to Hold and bullish volume indicators suggest improving fundamentals and investor interest. The stock remains above key moving averages, providing medium- to long-term support.
Cautionary Signals: The sharp surge in open interest amid price declines on 19 and 20 February indicates increased speculative activity and potential volatility. Declining delivery volumes and short-term price weakness below the 5-day moving average highlight near-term selling pressure. The mixed technical signals, including mildly bearish weekly MACD and KST indicators, suggest short-term fluctuations may persist.
Investors should monitor the evolving derivatives market closely, as the large options market value and rising open interest may presage significant directional moves. Maintaining disciplined risk management and watching for confirmation of trend direction through price and volume patterns will be essential in the coming sessions.
Conclusion
Adani Energy Solutions Ltd experienced a week of mixed price action characterised by early strength followed by a pullback amid heightened derivatives activity. The stock’s 1.00% weekly gain outpaced the Sensex’s 0.39% rise, reflecting relative resilience. The surge in open interest and technical momentum shifts signal a market in transition, balancing cautious optimism with speculative positioning.
While the stock’s fundamentals and medium-term technicals remain supportive, near-term volatility is likely as investors digest mixed signals from price action and derivatives markets. The Hold mojo grade and improving technical indicators suggest a cautiously optimistic outlook, but investors should remain vigilant to market developments and sector trends before making fresh commitments.
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