Call Option Activity Highlights
Among the most actively traded call options on the National Stock Exchange, Adani Ports & Special Economic Zone’s December 30, 2025 expiry call options at the ₹1,540 strike price have recorded substantial volumes. A total of 9,753 contracts changed hands, generating a turnover of approximately ₹1601.98 lakhs. The open interest for these contracts stands at 2,279, indicating a considerable number of outstanding positions that have yet to be squared off or exercised.
This level of activity in call options suggests that market participants are positioning themselves for potential upward price movements or hedging existing exposures. The strike price of ₹1,540 is slightly above the current underlying stock value of ₹1,525.80, signalling a moderately bullish sentiment among option traders who anticipate the stock price may reach or surpass this level by expiry.
Price Performance and Technical Context
On the cash market front, Adani Ports & Special Economic Zone has been trading in line with its sector peers, with a day-on-day price change of 0.73%, closely mirroring the transport infrastructure sector’s 0.72% gain. The Sensex, by comparison, remained largely flat with a marginal decline of 0.01% on the same day.
The stock recently touched a new 52-week high of ₹1,534.30, underscoring a positive price momentum. Over the past three consecutive trading sessions, the stock has delivered cumulative returns of 2.48%, reflecting steady investor interest. Furthermore, the stock is trading above its key moving averages — including the 5-day, 20-day, 50-day, 100-day, and 200-day averages — which often serves as a technical indicator of sustained upward momentum.
However, it is noteworthy that investor participation, as measured by delivery volume, has shown a decline. On 27 November, the delivery volume was recorded at 3.58 lakh shares, representing a 67.42% reduction compared to the five-day average delivery volume. This drop may indicate a temporary pause or cautious stance among long-term investors despite the price gains.
Liquidity and Market Capitalisation
Adani Ports & Special Economic Zone is classified as a large-cap stock with a market capitalisation of approximately ₹3,26,397 crores. The stock’s liquidity profile supports trading sizes up to ₹6.24 crores based on 2% of the five-day average traded value, making it accessible for institutional and retail investors alike.
The combination of high liquidity and active options trading provides a conducive environment for market participants to implement various trading strategies, including directional bets and hedging.
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Expiry Patterns and Market Positioning
The December 30 expiry date for the most active call options aligns with the typical monthly expiry cycle, which often sees heightened trading volumes as traders adjust or close positions ahead of contract settlement. The concentration of activity at the ₹1,540 strike price, just above the current market price, suggests that traders are positioning for a potential breakout or sustained rally in the near term.
Open interest figures reinforce this view, as a sizeable number of contracts remain open, indicating ongoing interest and potential for price movement to influence option valuations. The turnover of over ₹1,600 lakhs in call options alone highlights the significant capital flow directed towards bullish option strategies.
Sectoral Context and Comparative Performance
Within the transport infrastructure sector, Adani Ports & Special Economic Zone’s performance is consistent with sector trends, which have shown resilience amid broader market fluctuations. The sector’s 0.72% gain on the day reflects steady demand for infrastructure services and logistics, which are critical to economic activity.
Adani Ports’ ability to maintain trading above all major moving averages indicates a technical strength relative to peers. This positioning may attract further interest from traders seeking exposure to infrastructure growth themes.
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Investor Considerations and Outlook
While the call option activity and price momentum suggest a degree of bullishness, the decline in delivery volume signals that some investors may be adopting a wait-and-watch approach. This mixed participation could reflect uncertainty about near-term catalysts or broader market conditions.
Investors and traders should monitor upcoming corporate announcements, sector developments, and macroeconomic indicators that could influence transport infrastructure demand. The option market data provides a useful barometer of sentiment but should be considered alongside fundamental and technical analyses.
Given the stock’s large-cap status and liquidity, it remains a key component of the transport infrastructure sector, attracting diverse market participants ranging from long-term investors to short-term traders.
Summary
Adani Ports & Special Economic Zone’s recent activity in call options, particularly at the ₹1,540 strike price expiring on 30 December 2025, highlights a notable interest in bullish positioning. The stock’s price performance, including a new 52-week high and trading above key moving averages, supports this stance. However, the decline in delivery volumes suggests some caution among investors.
Overall, the stock’s derivatives market activity and steady price gains reflect a balanced outlook within the transport infrastructure sector, with market participants closely watching for developments that could influence future trends.
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