Open Interest and Volume Dynamics
On 1 January 2026, Adani Energy Solutions recorded an open interest (OI) of 33,284 contracts, up 3,119 contracts or 10.34% from the previous OI of 30,165. This increase in OI is accompanied by a substantial volume of 27,477 contracts traded, indicating heightened activity in the stock’s futures and options market. The futures value stood at approximately ₹25,027.24 lakhs, while the options segment exhibited an enormous notional value of ₹17,685.29 crores, underscoring the scale of derivatives trading interest.
The total derivatives value traded was ₹29,657.41 lakhs, reflecting strong liquidity and investor engagement. The underlying stock price, at ₹1,056, has been on an upward trajectory, supported by the stock trading above all major moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a sustained bullish trend.
Price Performance and Market Positioning
Adani Energy Solutions has outperformed its sector peers, delivering a 2.67% gain on the day compared to the power sector’s 1.61% and the Sensex’s marginal 0.04% rise. The stock has recorded gains for three consecutive sessions, accumulating a 5.72% return over this period. Intraday, it touched a high of Rs 1,061.7, marking a 3.34% increase from the previous close.
Investor participation has also intensified, with delivery volumes rising to 3.42 lakh shares on 31 December 2025, a 26.9% increase over the five-day average delivery volume. This suggests that market participants are not merely trading for short-term gains but are increasingly holding positions, reflecting confidence in the stock’s medium-term prospects.
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Implications of the Open Interest Surge
The 10.34% rise in open interest alongside strong volume suggests fresh capital inflows and increased speculative interest. Typically, rising OI with rising prices indicates new long positions being established, which is a bullish signal. This is corroborated by the stock’s recent price strength and its outperformance relative to the sector and benchmark indices.
However, the derivatives market’s large notional value, especially in options, points to complex positioning strategies. Traders may be employing a mix of directional bets and hedging strategies, given the stock’s elevated price levels and recent volatility. The substantial options value hints at active call and put writing, which could imply expectations of continued price movement or a potential volatility spike.
Mojo Score and Market Cap Considerations
Despite the positive price action and derivatives activity, Adani Energy Solutions carries a Mojo Score of 36.0 with a Mojo Grade of Sell, downgraded from Strong Sell on 7 October 2025. This rating reflects concerns over valuation metrics, risk factors, or sector headwinds that may temper enthusiasm among cautious investors. The company’s market capitalisation stands at a robust ₹1,25,480 crore, categorising it as a large-cap stock with significant institutional interest and liquidity.
Its Market Cap Grade is 1, indicating the highest tier in market capitalisation, which generally supports stable trading volumes and investor confidence. Yet, the downgrade in Mojo Grade suggests that while momentum is positive, underlying fundamentals or risk-reward profiles warrant careful scrutiny.
Technical and Sentiment Analysis
Technically, the stock’s position above all key moving averages signals a strong uptrend, which is likely to attract momentum traders and technical investors. The rising delivery volumes reinforce the notion of genuine buying interest rather than speculative short-term trading. The stock’s liquidity, sufficient to handle trade sizes of approximately ₹1.4 crore based on 2% of the five-day average traded value, further supports active participation by institutional players.
Market sentiment appears cautiously optimistic, with the derivatives market positioning hinting at a tilt towards bullish bets, albeit with some hedging. Investors should monitor open interest changes closely in the coming sessions to gauge whether the trend sustains or if profit-taking and volatility emerge.
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Outlook and Investor Takeaways
Adani Energy Solutions’ recent surge in open interest and volume, coupled with its price breakout to a new 52-week high, suggests a positive near-term outlook driven by strong market participation. The stock’s ability to sustain gains above key moving averages and rising delivery volumes indicates healthy demand from both retail and institutional investors.
Nevertheless, the downgrade in Mojo Grade to Sell signals that investors should remain vigilant about valuation risks and sector-specific challenges. The derivatives market activity points to a mix of directional bullish bets and cautious hedging, reflecting a nuanced market view.
For investors, this environment calls for a balanced approach: recognising the momentum and liquidity advantages while carefully monitoring open interest trends and broader market cues. Those with a higher risk appetite may consider tactical exposure, whereas conservative investors might await clearer confirmation of sustained fundamental improvement.
Overall, Adani Energy Solutions remains a key stock to watch within the power sector, with its derivatives market activity providing valuable insights into evolving market sentiment and positioning.
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