Adani Ports Sees Sharp Open Interest Surge Amid Mixed Market Signals

Open Interest and Volume Dynamics

On 18 February 2026, Adani Ports recorded an open interest (OI) of 93,374 contracts, up from 83,208 the previous day, marking an increase of 10,166 contracts or 12.22%. This rise in OI was accompanied by a volume of 53,938 contracts, indicating robust trading activity in the futures and options segments. The futures value stood at approximately ₹1,56,094 lakhs, while the options segment exhibited a substantial notional value of ₹24,065 crores, culminating in a total derivatives value exceeding ₹1,58,202 lakhs.

The underlying stock price closed at ₹1,525, hovering just 3.9% below its 52-week high of ₹1,583.9. However, the stock has experienced a two-day consecutive decline, shedding 2.67% over this period, slightly underperforming its sector which fell 1.79%, and the Sensex which declined 1.12% on the same day.

Market Positioning and Technical Indicators

Technically, Adani Ports remains above its 20-day, 50-day, 100-day, and 200-day moving averages, signalling a generally bullish medium to long-term trend. However, the stock is trading below its 5-day moving average, reflecting short-term weakness and possible profit booking. This divergence suggests that while institutional investors may retain confidence, short-term traders are cautious amid recent volatility.

Investor participation has notably waned, with delivery volumes on 18 February falling by 38.67% to 6.6 lakh shares compared to the five-day average. This decline in delivery volume points to reduced conviction among long-term holders, potentially indicating a wait-and-watch stance as the stock navigates near-term resistance levels.

Interpreting the Open Interest Surge

The sharp increase in open interest amid falling prices often signals that fresh positions are being established, rather than existing ones being squared off. In the case of Adani Ports, this could imply that traders are either building fresh short positions anticipating further downside or accumulating long positions expecting a rebound from current levels. Given the stock’s proximity to its 52-week high and the mixed technical signals, the market appears to be in a state of indecision.

Moreover, the sizeable notional value in options suggests active hedging and speculative activity. The elevated options value relative to futures indicates that market participants are employing complex strategies, possibly straddles or spreads, to capitalise on expected volatility or to protect existing positions.

Sector and Market Context

Adani Ports operates within the Transport Infrastructure sector, a segment that has shown resilience but faces headwinds from global trade uncertainties and fluctuating commodity prices. The stock’s market capitalisation stands at a substantial ₹3,50,800.81 crores, categorising it as a large-cap entity with a Mojo Score of 64.0 and a Mojo Grade upgraded to Hold from Sell as of 3 February 2026. This upgrade reflects improved fundamentals and a more balanced risk-reward profile, although the stock still carries some cautionary signals.

Comparatively, the stock’s one-day return of -1.82% slightly underperformed the sector’s -1.79% and the Sensex’s -1.12%, indicating that Adani Ports is moving broadly in line with market trends but with marginally higher volatility.

Liquidity and Trading Considerations

Liquidity remains adequate for sizeable trades, with the stock’s average traded value supporting transactions up to ₹5.97 crores based on 2% of the five-day average traded value. This level of liquidity ensures that institutional investors can enter or exit positions without significant market impact, which is crucial given the recent surge in derivatives activity.

However, the falling delivery volumes and short-term price weakness suggest that traders should exercise caution and monitor open interest trends closely for confirmation of directional bias.

Outlook and Investor Implications

Given the current data, investors should interpret the open interest surge as a sign of increased market engagement but not necessarily a clear directional signal. The mixed technical indicators, combined with falling delivery volumes, suggest that the market is weighing both bullish and bearish scenarios.

For long-term investors, the Hold rating and improved Mojo Grade indicate that the stock remains a viable portfolio component within the transport infrastructure space, supported by its large-cap status and sector fundamentals. However, short-term traders should remain vigilant for confirmation of trend direction, particularly watching for sustained increases in open interest accompanied by price movement either above the 5-day moving average for bullish confirmation or below key support levels for bearish conviction.

In summary, the derivatives market activity around Adani Ports reflects a nuanced positioning landscape, with participants hedging and speculating amid a backdrop of sectoral challenges and broader market volatility. Close monitoring of open interest trends, volume patterns, and price action will be essential for timely and informed investment decisions.

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