Adani Energy Solutions Sees Sharp Open Interest Surge Amid Rising Market Activity

Open Interest and Volume Dynamics

On 23 February 2026, Adani Energy Solutions Ltd (symbol: ADANIENSOL) recorded an open interest (OI) of 47,804 contracts, marking a substantial increase of 5,474 contracts or 12.93% compared to the previous OI of 42,330. This rise in OI is accompanied by a futures volume of 15,847 contracts, reflecting heightened trading activity in the derivatives market. The futures value stood at approximately ₹67,340.5 lakhs, while the options segment exhibited an enormous notional value of ₹4,026.37 crores, culminating in a total derivatives value of ₹67,666.8 lakhs.

The underlying stock price closed at ₹1,001, with a day-on-day gain of 0.54%, slightly outperforming the sector return of 0.39% and the Sensex’s 0.38% rise. This marginal outperformance, coupled with the surge in OI, indicates growing bullish sentiment among traders and investors.

Technical and Trend Analysis

Adani Energy Solutions has demonstrated a trend reversal after two consecutive days of decline, gaining momentum on the latest trading session. The stock price currently trades above its 20-day, 50-day, 100-day, and 200-day moving averages, signalling a sustained uptrend over the medium to long term. However, it remains below the 5-day moving average, suggesting some short-term consolidation or profit booking.

Investor participation has notably increased, with delivery volumes reaching 13.76 lakh shares on 20 February 2026, a remarkable 180.95% rise compared to the five-day average delivery volume. This surge in delivery volume underscores genuine buying interest rather than speculative trading, which often accompanies open interest spikes.

Market Positioning and Directional Bets

The sharp increase in open interest alongside rising volumes typically reflects fresh positions being established rather than existing ones being squared off. In the context of Adani Energy Solutions, this suggests that market participants are positioning for a potential upward move, supported by the stock’s technical strength and improving fundamentals.

Given the stock’s large-cap status with a market capitalisation of ₹1,20,278 crores and a Mojo Score of 58.0, upgraded from a previous Sell rating to a Hold on 27 January 2026, the market appears to be reassessing its outlook. The improved Mojo Grade indicates a more balanced risk-reward profile, encouraging cautious accumulation by investors.

Liquidity and Trading Considerations

Liquidity remains robust for Adani Energy Solutions, with the stock’s traded value comfortably supporting trade sizes up to ₹2.7 crores based on 2% of the five-day average traded value. This level of liquidity is favourable for institutional investors and traders seeking to build or unwind sizeable positions without significant market impact.

The stock’s one-day return of 0.49% marginally outpaces the sector and benchmark indices, reinforcing its relative strength. Investors should note that the stock’s market cap grade is rated 1, indicating a large-cap classification, which typically entails lower volatility and more stable price movements compared to mid or small caps.

Implications for Investors and Traders

The combination of rising open interest, increasing delivery volumes, and a positive shift in technical indicators suggests that Adani Energy Solutions is attracting renewed interest from both retail and institutional participants. The stock’s upgrade from Sell to Hold by MarketsMOJO on 27 January 2026 further supports a cautious but constructive outlook.

Market participants should monitor the stock’s price action relative to its short-term moving averages, particularly the 5-day average, to gauge near-term momentum. A sustained move above this level could confirm the resumption of the uptrend and invite further buying interest.

Conversely, any failure to hold above key support levels or a decline in open interest could signal profit-taking or a pause in the rally. Given the stock’s sector affiliation with Power, investors should also consider broader sectoral trends and regulatory developments that may impact performance.

Conclusion: A Watchful Eye on Momentum and Positioning

Adani Energy Solutions Ltd’s recent surge in open interest and volume signals a renewed interest in the stock’s derivatives, reflecting evolving market positioning and potential directional bets favouring an upward trajectory. The stock’s technical setup, combined with improved investor participation and a Mojo Grade upgrade, suggests a cautiously optimistic outlook.

Investors and traders should remain vigilant to price movements around key moving averages and monitor open interest trends for confirmation of sustained momentum. Given the stock’s large-cap status and sector dynamics, it remains a noteworthy candidate for inclusion in diversified portfolios seeking exposure to the power sector’s growth potential.

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