Open Interest and Volume Dynamics
The latest data reveals that Adani Energy Solutions’ open interest (OI) in derivatives climbed from 41,497 contracts to 46,114, marking an increase of 4,617 contracts or 11.13%. This expansion in OI is accompanied by a futures volume of 15,155 contracts, reflecting heightened trading activity. The futures value stands at approximately ₹63,715.68 lakhs, while the options segment commands a substantial ₹4,080.76 crores in notional value, culminating in a total derivatives market value of ₹64,107.16 lakhs.
Such a pronounced increase in open interest typically indicates fresh capital entering the market, either through new long or short positions. Given the stock’s underlying price at ₹1,011, this surge suggests that traders are actively positioning themselves for potential directional moves, despite the recent price dip.
Price Performance and Market Context
Adani Energy Solutions underperformed its sector by 1.1% on the day, with the stock declining 2.48% compared to the power sector’s 1.26% fall and the broader Sensex’s 0.94% drop. The stock touched an intraday low of ₹1,008, down 2.67%, breaking a three-day streak of gains. Notably, the price remains above its 20-day, 50-day, 100-day, and 200-day moving averages but has slipped below the 5-day moving average, signalling short-term weakness amid longer-term support.
Investor participation appears to be waning, with delivery volumes on 18 Feb falling sharply by 60.93% to 2 lakh shares compared to the five-day average. This decline in delivery volume suggests reduced conviction among long-term holders, potentially increasing volatility in the near term.
Market Positioning and Directional Bets
The surge in open interest alongside rising volumes points to a complex market positioning scenario. Traders may be hedging existing exposures or speculating on near-term price movements. The sizeable notional value in options indicates active call and put writing, which could reflect expectations of volatility or a range-bound market.
Given the stock’s recent price weakness and the mixed signals from moving averages, market participants might be positioning for a potential correction or consolidation phase. However, the sustained open interest growth also leaves room for a directional breakout if fresh catalysts emerge.
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Mojo Score and Analyst Ratings
Adani Energy Solutions currently holds a Mojo Score of 51.0, placing it in the ‘Hold’ category. This represents an upgrade from its previous ‘Sell’ rating as of 27 Jan 2026, reflecting improved but cautious sentiment. The company’s market capitalisation stands at a robust ₹1,21,329.55 crores, categorising it as a large-cap stock with a Market Cap Grade of 1, indicating strong market presence but limited upside potential in the near term.
The downgrade in short-term momentum, as evidenced by the price slipping below the 5-day moving average and falling delivery volumes, tempers enthusiasm. However, the stock’s position above longer-term moving averages suggests underlying strength that may support a rebound if market conditions improve.
Sector and Broader Market Comparison
Within the power sector, Adani Energy Solutions’ 1-day return of -2.48% underperformed the sector’s -1.26% and the Sensex’s -0.94%. This relative weakness could be attributed to profit booking after recent gains or sector-specific headwinds such as regulatory concerns or commodity price fluctuations impacting power generation costs.
Investors should also consider liquidity metrics; the stock’s traded value supports a trade size of approximately ₹2.27 crores based on 2% of the five-day average traded value, indicating sufficient liquidity for institutional participation without excessive price impact.
Implications for Investors
The sharp rise in open interest signals that derivatives traders are actively repositioning, possibly anticipating increased volatility or a directional move. The mixed technical signals and declining delivery volumes suggest caution, with investors advised to monitor price action closely around key moving averages and volume trends.
Given the stock’s large-cap status and recent rating upgrade, it remains a candidate for selective accumulation, particularly if broader market conditions stabilise. However, the current environment favours a balanced approach, recognising both the potential for upside and the risks of short-term correction.
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Conclusion
Adani Energy Solutions Ltd’s recent surge in open interest highlights a significant shift in market positioning within its derivatives segment. While the stock faces short-term headwinds, including a price dip and reduced delivery volumes, its large-cap stature and improved Mojo rating suggest underlying resilience. Investors should weigh these factors carefully, balancing the potential for volatility against the stock’s longer-term technical support and sector fundamentals.
Close monitoring of open interest trends, volume patterns, and price action will be essential to gauge the evolving market sentiment and identify opportune entry or exit points in this power sector heavyweight.
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