Adani Ports & Special Economic Zone Sees Robust Call Option Activity Ahead of December Expiry

Call Option Trading Highlights

Data from the derivatives segment reveals that the most actively traded call options for Adani Ports & Special Economic Zone are concentrated at the strike price of ₹1,520, with 6,440 contracts changing hands. This activity generated a turnover of approximately ₹928.1 lakhs, indicating substantial liquidity and investor engagement in this strike level. The open interest at this strike stands at 2,938 contracts, reflecting a considerable build-up of positions as the expiry date approaches.

The underlying stock price at the time of this activity was ₹1,510, placing the ₹1,520 strike price call options slightly out-of-the-money. This suggests that market participants are positioning for a potential upward movement in the stock price over the coming weeks, anticipating a rally that could push the price beyond this strike level by expiry.

Stock Price Performance and Technical Context

Adani Ports & Special Economic Zone’s stock price is currently trading just 2.39% below its 52-week high of ₹1,549, signalling a strong price level relative to its recent historical peak. The stock has outperformed its sector by 0.26% on the day of analysis and has recorded gains over the last two consecutive trading sessions, delivering a cumulative return of 2.18% during this period.

Technical indicators further support the bullish sentiment, with the stock price positioned above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. This alignment across multiple timeframes often reflects sustained buying interest and a positive trend momentum.

However, it is notable that investor participation, as measured by delivery volume, has declined. On 9 December, the delivery volume was recorded at 6.25 lakh shares, which is 28.75% lower than the five-day average delivery volume. This reduction in delivery volume may indicate a cautious stance among some investors despite the price strength.

Liquidity metrics suggest that the stock is sufficiently liquid to support sizeable trades, with the average traded value over five days allowing for trade sizes up to ₹4.46 crores based on a 2% threshold. This level of liquidity is important for institutional investors and traders looking to execute large orders without significant market impact.

Market Capitalisation and Sector Positioning

Adani Ports & Special Economic Zone is classified as a large-cap stock with a market capitalisation of approximately ₹3,28,039 crores. It operates within the transport infrastructure industry, a sector that plays a critical role in India’s economic development and logistics framework. The company’s scale and sectoral relevance contribute to its prominence among investors and traders alike.

Comparative Returns and Benchmark Analysis

On the day under review, the stock delivered a one-day return of 0.94%, outperforming the transport infrastructure sector’s return of 0.52% and the broader Sensex index’s gain of 0.31%. This relative strength underscores the stock’s appeal amid broader market movements and sector dynamics.

The stock’s recent upward trajectory and its positioning near the 52-week high may be factors influencing the increased call option activity. Investors appear to be adopting a bullish stance, possibly anticipating continued momentum or positive developments within the company or sector.

Expiry Patterns and Investor Sentiment

The concentration of call option trades at the ₹1,520 strike price with expiry on 30 December 2025 suggests that market participants are focusing on the near-term horizon for potential price movements. The open interest data indicates that these positions are not merely speculative but may represent strategic hedging or directional bets aligned with anticipated market catalysts.

Such expiry patterns often reflect investor sentiment and expectations, with the December expiry serving as a key date for position adjustments and profit realisation. The volume and open interest figures highlight that Adani Ports & Special Economic Zone is a preferred stock for options traders seeking exposure to the transport infrastructure sector’s prospects.

Outlook and Considerations for Investors

While the call option activity and price trends suggest a bullish market stance on Adani Ports & Special Economic Zone, investors should consider the broader market context and sector-specific factors. The transport infrastructure industry is subject to regulatory developments, economic cycles, and capital expenditure trends that can influence stock performance.

Moreover, the decline in delivery volume despite price gains may indicate some caution among long-term investors, highlighting the importance of monitoring volume alongside price movements for a comprehensive view of market sentiment.

Given the stock’s liquidity and active options market, it remains a key instrument for traders and investors seeking exposure to India’s infrastructure growth story. The December expiry will be a critical juncture for assessing whether the bullish positioning materialises into sustained price appreciation.

Summary

Adani Ports & Special Economic Zone’s recent market activity, characterised by strong call option volumes at the ₹1,520 strike price and a stock price near its 52-week high, reflects a positive investor outlook ahead of the December expiry. The stock’s performance relative to sector and benchmark indices, combined with technical indicators, supports this sentiment. However, the mixed signals from delivery volumes suggest a nuanced market perspective that investors should carefully analyse.

Overall, the stock remains a significant player in the transport infrastructure sector, attracting considerable attention in both cash and derivatives markets as the year-end approaches.

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