Open Interest and Volume Dynamics
On 29 Dec 2025, Adani Energy Solutions (symbol: ADANIENSOL) recorded an open interest (OI) of 40,584 contracts, up from 36,062 the previous day, marking a substantial increase of 4,522 contracts or 12.54%. This rise in OI is accompanied by a futures volume of 23,807 contracts, reflecting active participation in the derivatives market. The futures value stood at approximately ₹89,272 lakhs, while the options segment exhibited a significantly larger notional value of ₹7,381.87 crores, underscoring the extensive hedging and speculative interest in the stock.
The total derivatives value traded was ₹89,729 lakhs, with the underlying stock price at ₹999. Despite this robust derivatives activity, the stock underperformed its sector by 0.6% and declined by 1.63% on the day, indicating a divergence between derivatives positioning and spot market performance.
Market Positioning and Investor Behaviour
The increase in open interest alongside a falling stock price suggests that market participants may be building fresh positions, possibly anticipating further volatility or directional moves. The stock has reversed after two consecutive days of gains, yet it remains trading above its key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling an underlying bullish trend in the medium to long term.
However, investor participation in the cash segment appears to be waning. Delivery volumes on 26 Dec fell by 34.24% compared to the five-day average, with only 3.84 lakh shares delivered. This decline in delivery volume points to reduced conviction among long-term investors, potentially increasing the influence of short-term traders and derivatives players on price action.
Liquidity remains adequate, with the stock’s average traded value supporting trade sizes up to ₹2.08 crore, ensuring that institutional and retail investors can transact without significant market impact.
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Directional Bets and Derivatives Sentiment
The surge in open interest, particularly in futures contracts, often signals fresh directional bets. Given the stock’s recent price decline of 1.63% against a sector drop of 1.10% and a Sensex fall of 0.41%, traders may be positioning for further downside or hedging existing long exposure. The elevated options notional value suggests active use of options strategies, possibly straddles or protective puts, to manage risk amid uncertainty.
Adani Energy Solutions’ Mojo Score currently stands at 36.0, with a Mojo Grade of Sell, upgraded from a previous Strong Sell on 7 Oct 2025. This upgrade reflects some improvement in fundamentals or market perception but still indicates caution. The company’s market cap is sizeable at ₹1,19,857.98 crore, categorising it as a large-cap stock within the power sector.
Technical indicators show the stock trading above all major moving averages, which typically supports a bullish outlook. However, the recent price reversal and falling delivery volumes suggest that short-term momentum may be weakening, and traders should watch for confirmation of trend direction in coming sessions.
Sector and Market Context
The power sector has experienced mixed performance recently, with some stocks showing resilience while others face headwinds from regulatory changes and fluctuating demand. Adani Energy Solutions’ underperformance relative to its sector peers on the day highlights the challenges it faces, despite strong derivatives market interest.
Investors should consider the broader macroeconomic environment, including energy demand forecasts and government policies, which could influence the stock’s trajectory. The derivatives market activity suggests that sophisticated investors are actively managing exposure, possibly anticipating sector volatility in the near term.
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Investor Takeaway
Adani Energy Solutions’ recent open interest surge in derivatives markets signals increased speculative and hedging activity, reflecting a complex interplay of bullish medium-term technicals and short-term caution. The stock’s trading above key moving averages suggests underlying strength, but the price dip and reduced delivery volumes caution investors to monitor developments closely.
Given the current Mojo Grade of Sell and the sizeable market cap, investors should weigh the stock’s fundamentals against sector dynamics and derivatives positioning before committing fresh capital. The derivatives market data indicates that some participants may be positioning for volatility or a directional move, making it essential to stay alert to evolving price action and volume trends.
Overall, while the derivatives surge points to active market interest, the mixed signals from price and volume metrics advise a measured approach, favouring risk management and selective exposure in this power sector stock.
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