Adani Enterprises Sees Surge in Call Option Activity Amid Mixed Technical Signals

Robust Call Option Activity Highlights Bullish Positioning

On 1 Jan 2026, Adani Enterprises Ltd (stock code: 789039) recorded a remarkable surge in call option trading, with 6,430 contracts exchanged at the 2300 strike price for the expiry dated 27 Jan 2026. The turnover for these contracts reached ₹1043.7 lakhs, signalling strong investor interest in bullish bets despite the company’s recent downgrade in mojo grade. Open interest stands at 4,418 contracts, indicating sustained positions rather than short-term speculative trades.

The underlying stock price at ₹2267.1 is just below the strike price of 2300, suggesting that traders are anticipating a potential upward move in the near term. This positioning could reflect expectations of positive developments or a technical rebound, even as the stock remains under pressure from a fundamental perspective.

Price Performance and Technical Indicators

Adani Enterprises outperformed its diversified sector by 0.75% on the day, registering a 1.07% gain compared to the sector’s 0.53% and the Sensex’s modest 0.12% rise. The stock has been on a three-day consecutive gain streak, delivering a cumulative return of 2.94% over this period. Intraday, it touched a high of ₹2287.4, up 2.13%, reflecting strong buying interest.

From a technical standpoint, the stock is trading above its 5-day and 20-day moving averages, signalling short-term momentum. However, it remains below the 50-day, 100-day, and 200-day moving averages, indicating that medium- and long-term trends are still bearish. This mixed technical picture aligns with the cautious stance of many investors, who may be using call options to hedge or speculate on a potential recovery.

Investor Participation and Liquidity

Investor participation has notably increased, with delivery volumes on 31 Dec rising by 38.26% to 4.18 lakh shares compared to the five-day average. This surge in delivery volume suggests genuine accumulation rather than purely speculative trading. The stock’s liquidity is robust, with a trade size capacity of approximately ₹3.6 crore based on 2% of the five-day average traded value, making it accessible for institutional and retail investors alike.

Fundamental Challenges and Mojo Grade Downgrade

Despite the bullish option activity, MarketsMOJO downgraded Adani Enterprises Ltd from a Sell to a Strong Sell on 1 Dec 2025, reflecting deteriorating fundamentals. The company’s mojo score stands at a low 20.0, and its market cap grade is 1, underscoring concerns about valuation and growth prospects within the diversified sector. Investors should weigh these fundamental headwinds against the technical and options market optimism.

The downgrade suggests that while short-term price action may be buoyed by speculative interest or sector rotation, the underlying business metrics and quality grades remain weak. This divergence between options market sentiment and fundamental analysis is a critical consideration for risk-averse investors.

Expiry Patterns and Strike Price Concentration

The concentration of call option contracts at the 2300 strike price for the 27 Jan 2026 expiry is particularly noteworthy. This strike is slightly out-of-the-money relative to the current underlying price, indicating that traders expect the stock to breach this level within the next four weeks. The sizeable open interest at this strike price also points to a significant number of investors positioning for a potential breakout or hedging existing long positions.

Such expiry patterns often precede volatility spikes, as traders adjust their positions approaching expiry. The high turnover and open interest suggest that the 2300 strike will be a key price level to watch in the coming weeks.

Comparative Sector and Market Context

Within the diversified sector, Adani Enterprises’ recent outperformance contrasts with the broader market’s modest gains. The Sensex’s 0.12% rise on the day reflects a cautious market environment, with investors selectively favouring stocks showing technical strength or potential catalysts. Adani Enterprises’ large market capitalisation of ₹2,62,230 crore places it among the heavyweight stocks in the sector, making its price movements influential for sectoral indices.

However, the stock’s mixed technical signals and fundamental downgrade highlight the importance of a balanced approach. Investors should consider the broader economic and sectoral trends, including regulatory developments and commodity price fluctuations, which could impact the company’s diversified business segments.

Investor Takeaways and Outlook

The surge in call option activity at the 2300 strike price for Adani Enterprises Ltd signals a cautiously optimistic market stance, with traders positioning for a potential price recovery in the short term. However, the fundamental downgrade to Strong Sell and the company’s low mojo score counsel prudence.

Investors should monitor the stock’s ability to sustain gains above key moving averages and watch for developments that could alter its fundamental outlook. The expiry on 27 Jan 2026 will be a critical juncture, as option expiry dynamics may trigger increased volatility and price discovery.

Given the mixed signals, a balanced strategy incorporating both technical and fundamental analysis is advisable. Those with a higher risk appetite may consider call options as a leveraged play on a rebound, while more conservative investors might await clearer signs of fundamental improvement before increasing exposure.

Conclusion

Adani Enterprises Ltd’s prominent position in call options trading reflects a complex interplay of market optimism and fundamental caution. The stock’s recent outperformance and rising investor participation contrast with its downgraded mojo grade and challenging valuation metrics. As expiry approaches, the 2300 strike price will be a focal point for traders and investors alike, offering both opportunity and risk in equal measure.

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