Key Events This Week
23 Mar: Intraday low hit amid price pressure; sharp 6.38% decline
23 Mar: Open interest surges 15.9% signalling active derivatives positioning
24 Mar: Mixed technical signals emerge amid price momentum shift
27 Mar: Intraday low of Rs.953.1 amid renewed price pressure
27 Mar: Technical momentum shifts bullish despite price volatility
23 March: Sharp Intraday Low and Open Interest Surge Amid Market Weakness
Adani Energy Solutions Ltd opened the week under significant pressure, closing at Rs.948.00, down 6.13% on the day. The stock touched an intraday low of Rs.942.8, marking a 6.64% drop from the previous close. This decline was notably steeper than the Sensex’s 3.13% fall and the Power sector’s 2.97% decline, highlighting the stock’s vulnerability amid sectoral and market-wide weakness.
Simultaneously, the derivatives market saw a sharp 15.9% rise in open interest, climbing from 39,339 to 45,604 contracts. This surge, alongside a total volume of 36,590 contracts and a combined turnover exceeding ₹90,000 lakhs, indicated heightened trading activity and possible directional bets despite the falling share price. The futures segment alone accounted for ₹87,458 lakhs in value, while options notional value reached ₹15,506 crores, underscoring significant hedging and speculative interest.
Technically, the stock traded above its 200-day moving average but below shorter-term averages, signalling long-term support amid short-term selling pressure. The Mojo Score remained steady at 58.0 with a Hold rating, upgraded from Sell earlier in January, reflecting cautious optimism despite the volatile price action.
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24 March: Mixed Technical Signals Amid Price Momentum Shift
On 24 March, the stock rebounded modestly to close at Rs.967.90, gaining 2.10%, in line with the Sensex’s 1.95% rise. Despite this recovery, technical indicators painted a complex picture. The Moving Average Convergence Divergence (MACD) was mildly bearish on a weekly basis but mildly bullish monthly, while the Relative Strength Index (RSI) remained neutral, suggesting neither overbought nor oversold conditions.
Bollinger Bands indicated bearish tendencies weekly but mild bullishness monthly, reflecting short-term volatility amid longer-term consolidation. The Know Sure Thing (KST) oscillator showed mild bearishness weekly but mild bullishness monthly, reinforcing the mixed momentum signals. The stock traded within a range of Rs.936.80 to Rs.1,000.90, remaining below its 52-week high of Rs.1,067.30 but well above its 52-week low of Rs.745.45.
Year-to-date, the stock was down 7.89%, outperforming the Sensex’s 14.70% decline, while its one-year gain of 14.02% contrasted with the Sensex’s 25.50% rise over three years. These figures highlight the stock’s relative resilience despite recent volatility.
25 March: Continued Recovery with Volume Dips
Adani Energy Solutions Ltd extended its gains on 25 March, closing at Rs.988.30, up 2.11%. However, this rally was accompanied by a sharp drop in volume to just 87,598 shares, indicating cautious participation. The Sensex also advanced by 1.93%, closing at 33,645.89, supporting a broader market recovery.
The stock’s price action suggested a tentative shift towards bullish momentum, supported by technical indicators such as the MACD turning firmly bullish on a weekly basis and daily moving averages beginning to align positively. Yet, the low volume raised questions about the sustainability of this rebound.
27 March: Intraday Low and Technical Momentum Shift Amid Market Recovery
Trading resumed on 27 March with the stock closing at Rs.956.40, down 3.23% from the previous close. The share price hit an intraday low of Rs.953.1, marking a 3.56% drop from the prior session’s close. This decline interrupted the short-term upward trend established midweek and reflected renewed selling pressure amid a broadly negative market backdrop.
Despite the price setback, technical momentum showed signs of improvement. The MACD was bullish weekly and mildly bullish monthly, while moving averages suggested a strengthening uptrend. The Relative Strength Index remained neutral, and Bollinger Bands indicated mild bullishness, signalling contained volatility and potential for further gains.
On-balance volume (OBV) was mildly bearish weekly but bullish monthly, indicating some divergence between short-term selling and longer-term accumulation. The stock’s Mojo Score remained at 58.0 with a Hold rating, consistent with the mixed technical and fundamental outlook.
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| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-03-23 | Rs.948.00 | -6.13% | 32,377.87 | -3.13% |
| 2026-03-24 | Rs.967.90 | +2.10% | 33,009.57 | +1.95% |
| 2026-03-25 | Rs.988.30 | +2.11% | 33,645.89 | +1.93% |
| 2026-03-27 | Rs.956.40 | -3.23% | 32,935.19 | -2.11% |
Key Takeaways
Volatility and Price Pressure: The stock faced significant intraday lows on 23 and 27 March, with declines of 6.38% and 3.41% respectively, reflecting persistent selling pressure amid a bearish market and sectoral weakness.
Derivatives Market Activity: A sharp 15.9% surge in open interest on 23 March highlighted active positioning and potential directional bets, despite the underlying price decline, indicating complex market sentiment.
Mixed Technical Signals: The week saw a transition from bearish to mildly bullish momentum, with MACD and moving averages signalling improving trends, though oscillators like KST and OBV showed short-term caution.
Relative Performance: While the stock underperformed the Sensex over the week (-5.30% vs -1.46%), it demonstrated relative resilience over longer horizons, including a 14.02% gain over one year and an extraordinary 2,690.35% return over ten years.
Mojo Score and Rating: The consistent Mojo Score of 58.0 and Hold rating reflect a neutral stance, balancing the stock’s long-term strength against near-term volatility and sectoral challenges.
Conclusion
Adani Energy Solutions Ltd’s week was marked by pronounced volatility, with sharp intraday declines and rebounds amid a broadly weak market and power sector headwinds. The surge in derivatives open interest and mixed technical indicators underscore a complex trading environment where short-term caution coexists with longer-term optimism. Despite underperforming the Sensex this week, the stock’s historical resilience and improving technical momentum suggest that investors should monitor developments closely. The Hold rating and Mojo Score of 58.0 encapsulate this balanced outlook, signalling neither strong conviction for a rally nor a decisive bearish trend at present.
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