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

Open Interest and Volume Dynamics

The latest data reveals that Adani Energy Solutions’ open interest (OI) rose sharply from 42,330 to 50,075 contracts, an increase of 7,745 contracts or 18.3% on a day-to-day basis. This surge in OI was accompanied by a volume of 21,694 contracts, indicating robust trading activity in the derivatives market. The futures segment alone accounted for a value of approximately ₹98,059 lakhs, while the options segment exhibited an overwhelming notional value of ₹4,931 crores, underscoring the substantial interest in both instruments.

The underlying stock price closed at ₹1,005, showing a modest gain of 0.56% on the day, slightly outperforming the power sector’s 0.44% rise and the Sensex’s 0.33% advance. This price movement, coupled with the open interest expansion, suggests that market participants are positioning for potential directional moves, possibly anticipating further upside or hedging against volatility.

Market Positioning and Trend Analysis

Adani Energy Solutions has demonstrated a trend reversal after two consecutive days of decline, with the stock gaining momentum and trading above its 20-day, 50-day, 100-day, and 200-day moving averages. However, it remains below the 5-day moving average, indicating short-term consolidation or cautious optimism among traders. The delivery volume on 20 Feb surged to 13.76 lakh shares, a remarkable 180.95% increase compared to the five-day average delivery volume, signalling rising investor participation and confidence in the stock’s prospects.

Liquidity remains adequate, with the stock’s traded value supporting a trade size of approximately ₹2.7 crore based on 2% of the five-day average traded value. This liquidity profile favours institutional and retail investors alike, enabling sizeable positions without significant market impact.

Implications of the Open Interest Surge

The 18.3% increase in open interest is a critical indicator of growing market interest and can be interpreted as a sign of strengthening conviction among traders. Typically, rising OI alongside rising prices suggests fresh buying interest and the initiation of new long positions. Conversely, if prices were falling with rising OI, it would indicate fresh short positions. In this case, the stock’s modest price appreciation combined with the OI surge points towards a bullish bias in the derivatives market.

Moreover, the substantial notional value in options contracts highlights active hedging and speculative strategies. The large options value relative to futures suggests that traders are employing complex strategies such as spreads, straddles, or protective puts to manage risk or capitalise on expected volatility. This nuanced positioning reflects a sophisticated market approach rather than simple directional bets.

Mojo Score and Analyst Ratings

Adani Energy Solutions currently holds a Mojo Score of 58.0, categorised as a ‘Hold’ rating, an upgrade from its previous ‘Sell’ grade as of 27 Jan 2026. This improvement reflects better market sentiment and fundamental reassessment. Despite the upgrade, the stock’s market cap grade remains at 1, indicating it is a large-cap entity with substantial market presence but moderate growth expectations relative to peers.

Investors should note that while the stock shows signs of recovery and increased investor interest, the ‘Hold’ rating advises caution and suggests monitoring for confirmation of sustained momentum before committing fresh capital.

Sector and Market Context

The power sector, to which Adani Energy Solutions belongs, has been gradually recovering, supported by improving demand fundamentals and government initiatives promoting renewable energy and infrastructure development. The stock’s performance in line with the sector’s 0.44% gain indicates it is participating in the broader sectoral uptrend, though not outperforming significantly.

Compared to the Sensex’s 0.33% rise, Adani Energy Solutions’ 0.56% gain is a modest outperformance, signalling relative strength. However, investors should weigh this against the stock’s recent volatility and the evolving derivatives market positioning to gauge risk-reward dynamics effectively.

Investor Takeaways and Outlook

The recent surge in open interest and volume in Adani Energy Solutions’ derivatives market signals a renewed investor focus and potential for increased price volatility. Traders appear to be positioning for a directional move, likely bullish given the price trend and technical indicators. However, the stock’s position below the short-term 5-day moving average suggests some near-term resistance or profit-taking.

Investors should monitor the evolution of open interest alongside price action in the coming sessions to confirm the sustainability of this momentum. A continued rise in OI with price appreciation would reinforce a bullish outlook, while a divergence could warn of a potential correction or consolidation phase.

Given the stock’s ‘Hold’ rating and moderate Mojo Score, a cautious approach is advisable, balancing participation with risk management. The power sector’s improving fundamentals provide a supportive backdrop, but stock-specific factors and derivatives market dynamics will be key determinants of near-term performance.

Summary of Key Metrics:

• Open Interest: 50,075 contracts (up 18.3%)
• Volume: 21,694 contracts
• Futures Value: ₹98,059 lakhs
• Options Value: ₹4,931 crores
• Underlying Price: ₹1,005
• 1-Day Return: 0.63% (vs Sector 0.44%, Sensex 0.33%)
• Mojo Score: 58.0 (Hold, upgraded from Sell)
• Market Cap: ₹1,20,650.82 crore (Large Cap)

Overall, the derivatives market activity in Adani Energy Solutions reflects growing investor engagement and a cautiously optimistic outlook, supported by improving technicals and sectoral tailwinds.

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