Adani Enterprises Sees Surge in Call Option Activity Amid Bullish Sentiment

Robust Call Option Volumes Highlight Investor Interest

On 3 February 2026, Adani Enterprises Ltd emerged as one of the most actively traded stocks in the call options segment. The February 24 expiry contracts saw substantial volumes, particularly at the ₹2,200 and ₹2,300 strike prices. The ₹2,200 strike call recorded 11,841 contracts traded, generating a turnover of approximately ₹3,294.08 lakhs, while the ₹2,300 strike call saw 6,652 contracts exchanged, with turnover near ₹1,158.67 lakhs. These figures underscore a strong speculative interest in the stock's potential upside over the coming weeks.

Open interest data further corroborates this bullish sentiment. The ₹2,200 strike call holds an open interest of 3,117 contracts, while the ₹2,300 strike call maintains 1,658 contracts outstanding. Given the underlying stock price at ₹2,178.70, these strike prices represent out-of-the-money and near-the-money positions, suggesting traders are positioning for a rally beyond current levels.

Stock Performance Outpaces Sector and Market Benchmarks

Adani Enterprises Ltd has demonstrated notable price strength recently. The stock has gained for two consecutive days, delivering a cumulative return of 13.44% during this period. On 3 February 2026, it opened with a gap-up of 7.75% and touched an intraday high of ₹2,222.40, marking an 11.38% increase from the previous close. This performance outpaced the Diversified sector’s gain of 4.49% and the Sensex’s 2.56% rise on the same day.

Technical indicators reveal the stock is trading above its 5-day, 20-day, and 50-day moving averages, signalling short- to medium-term bullish momentum. However, it remains below the 100-day and 200-day moving averages, indicating that longer-term trends have yet to confirm a sustained uptrend. The weighted average price of traded volumes skewed closer to the day’s low, suggesting some profit-taking or cautious buying at elevated levels.

Liquidity remains adequate for sizeable trades, with the stock’s daily traded value supporting transactions up to ₹6.54 crores based on 2% of the 5-day average traded value. However, delivery volumes have declined sharply by 48.76% compared to the 5-day average, signalling reduced investor participation in holding shares, which may temper the rally’s sustainability.

Mojo Score and Ratings Reflect Caution Despite Positive Price Action

Despite the recent bullish price action and call option interest, Adani Enterprises Ltd carries a Mojo Score of 20.0, categorised as a Strong Sell by MarketsMOJO as of 1 December 2025. This represents a downgrade from its previous Sell rating, reflecting deteriorating fundamentals or risk factors that warrant caution. The company’s market capitalisation stands at a substantial ₹2,53,342.67 crores, classifying it as a large-cap stock within the diversified sector.

The divergence between the technical optimism and fundamental caution suggests that while traders are betting on a short-term rebound, longer-term investors remain wary. This split positioning is common in volatile large-cap stocks where market sentiment can shift rapidly based on news flow, regulatory developments, or sectoral dynamics.

Expiry Patterns and Strike Price Concentration Indicate Near-Term Bullishness

The concentration of call option activity in the 24 February 2026 expiry cycle highlights a near-term horizon for bullish bets. The ₹2,200 strike price, just above the current underlying price, has attracted the highest volume and open interest, indicating that traders expect the stock to breach this level within the next three weeks. The ₹2,300 strike, further out-of-the-money, also commands significant interest, suggesting some participants anticipate a more aggressive rally.

Such positioning often precedes key corporate events, earnings announcements, or sectoral catalysts that could drive price volatility. Investors should monitor upcoming developments closely, as these could validate or invalidate the bullish expectations embedded in the options market.

Sectoral Context and Comparative Performance

The diversified sector has gained 4.49% on the day, with Adani Enterprises Ltd outperforming by nearly double that margin. This relative strength is notable given the sector’s broad exposure to multiple industries and economic cycles. However, the stock’s falling delivery volumes and mixed moving average signals suggest that the rally may be driven more by speculative trading than by sustained institutional accumulation.

Investors should weigh the stock’s strong liquidity and active options market against its fundamental risks and the strong sell rating. A balanced approach may involve monitoring open interest trends and price action around the ₹2,200 and ₹2,300 strike prices to gauge the conviction behind the bullish bets.

Investor Takeaway: Navigating Bullish Options Activity Amid Fundamental Caution

Adani Enterprises Ltd’s recent surge in call option volumes and price gains presents an intriguing scenario for investors. The active positioning at strike prices above the current market level signals optimism for a near-term rally, supported by strong liquidity and outperformance relative to sector and benchmark indices.

However, the company’s downgrade to a Strong Sell rating and falling delivery volumes highlight underlying risks that cannot be ignored. Investors should consider the possibility that the options market’s bullishness may be speculative or short-lived, especially given the stock’s position below longer-term moving averages.

Careful monitoring of open interest changes, price momentum, and upcoming corporate developments will be essential for those looking to capitalise on this volatility. Diversification and risk management remain paramount in navigating the mixed signals from Adani Enterprises Ltd’s current market behaviour.

Summary of Key Metrics:

• Underlying stock price: ₹2,178.70
• Most active call strikes: ₹2,200 (11,841 contracts), ₹2,300 (6,652 contracts)
• Open interest: 3,117 (₹2,200 strike), 1,658 (₹2,300 strike)
• Turnover: ₹3,294.08 lakhs (₹2,200 strike), ₹1,158.67 lakhs (₹2,300 strike)
• Stock 1-day return: 10.00%
• Sector 1-day return: 5.37%
• Sensex 1-day return: 2.56%
• Mojo Score: 20.0 (Strong Sell)
• Market cap: ₹2,53,342.67 crores (Large Cap)

Investors should balance the technical signals from the options market with the fundamental outlook and sector dynamics before making allocation decisions.

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