Adani Enterprises Declines 3.83%: Bearish Options Activity and Price Pressure Shape Week

Monday, 9 February 2026: Positive Start Amid Broader Market Gains

Adani Enterprises began the week on a positive note, closing at Rs.2,249.80, up 1.04% from the previous Friday’s close of Rs.2,226.55. This gain was in line with the Sensex, which also rose 1.04% to 37,113.23. The stock’s volume was robust at 117,188 shares, reflecting active investor interest. The positive momentum was supported by the broader market rally, with the Sensex gaining 383 points. However, this initial optimism was short-lived as the week progressed.

Tuesday, 10 February 2026: Heavy Put Option Activity Signals Bearish Sentiment

On 10 February, Adani Enterprises witnessed significant put option trading ahead of the 24 February expiry, indicating increased bearish positioning among investors. The stock declined 0.99% to Rs.2,227.55, underperforming the Sensex which gained 0.25%. Put options at strike prices of Rs.2,100 and Rs.2,200 saw heavy volumes of 6,265 and 8,303 contracts respectively, with turnovers exceeding ₹2,000 lakhs combined. This surge in put activity near the current market price suggested that traders were hedging against potential downside or speculating on a decline.

The stock’s intraday low touched Rs.2,171, down 3.52%, signalling selling pressure throughout the session. Despite trading above its short-term moving averages, the stock remained below its longer-term 100-day and 200-day averages, reflecting mixed technical signals. The increased delivery volumes on the previous day further indicated heightened investor participation, possibly signalling distribution.

Wednesday, 11 February 2026: Minor Recovery Amid Lower Volumes

The stock marginally recovered on 11 February, gaining 0.31% to close at Rs.2,234.40. This modest uptick contrasted with the Sensex’s 0.13% gain, reflecting a cautious market mood. However, volumes dropped sharply to 45,878 shares, indicating reduced trading interest. The stock remained above its 20-day moving average but still faced resistance from longer-term averages. This sideways movement suggested consolidation following the previous day’s bearish signals.

Thursday, 12 February 2026: Renewed Selling Pressure Amid Market Weakness

Adani Enterprises succumbed to renewed selling pressure on 12 February, falling 1.02% to Rs.2,211.70. The broader market also weakened, with the Sensex declining 0.56%. The stock’s volume increased to 73,221 shares, signalling a return of investor activity. Technical indicators showed the stock slipping below its 5-day moving average, reinforcing the short-term downtrend. The decline reflected growing investor caution ahead of the upcoming options expiry and amid mixed sectoral cues.

Friday, 13 February 2026: Intraday Low and Sharp Decline Amid Price Pressure

The week ended on a weak note as Adani Enterprises hit an intraday low of Rs.2,143.65, down 3.08%, before closing at Rs.2,141.35, a 3.18% drop on the day. This decline outpaced the Sensex’s 1.40% fall, underscoring the stock’s relative weakness. Despite the broader diversified sector falling 3.64%, the stock marginally outperformed its peers on the day. The stock’s position below its 5-day, 50-day, 100-day, and 200-day moving averages highlighted sustained technical challenges.

The consecutive two-day decline of over 4% contrasted with the Sensex’s smaller losses, signalling underperformance in the near term. The downgrade in the Mojo Grade to ‘Sell’ reflected reassessed market sentiment and the stock’s subdued momentum. Investors faced a cautious environment with the stock’s inability to sustain gains amid broader market pressures.

Weekly Price Performance: Adani Enterprises vs Sensex

Key Takeaways

Bearish Options Activity: The surge in put option volumes on 10 February at strikes near Rs.2,100 and Rs.2,200 indicated growing investor caution and hedging against downside risk. This bearish positioning preceded the stock’s subsequent declines.

Technical Weakness: The stock’s failure to hold above key moving averages, especially the 50-day and 200-day, combined with consecutive daily losses, signals medium-term downward momentum. The intraday low on 13 February at Rs.2,143.65 underscored this pressure.

Relative Underperformance: Over the week, Adani Enterprises declined 3.83%, significantly more than the Sensex’s 0.54% fall, reflecting sector-specific or company-specific challenges amid broader market volatility.

Mojo Grade and Market Sentiment: The current Mojo Score of 37.0 and a ‘Sell’ grade reflect tempered investor confidence despite a recent upgrade from ‘Strong Sell’. The downgrade on 13 February highlights ongoing concerns about the stock’s near-term outlook.

Conclusion

Adani Enterprises Ltd’s week was marked by a clear shift from early optimism to pronounced selling pressure, driven by heavy put option activity and technical vulnerabilities. The stock’s 3.83% weekly decline, outpacing the Sensex, reflects investor caution amid uncertain market conditions. The intraday lows and multiple moving average breaches suggest that the stock faces near-term challenges in regaining momentum. Market participants should continue to monitor option market trends and technical indicators closely as the 24 February expiry approaches. The current environment calls for prudent risk management given the stock’s large-cap status but evident downside risks.

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