Adani Ports Sees Sharp Open Interest Surge Amid Price Decline and Elevated Volatility

Open Interest and Volume Dynamics

On 23 Jan 2026, Adani Ports recorded an open interest (OI) of 1,03,869 contracts, up from 87,541 the previous day, marking an increase of 16,328 contracts or 18.65%. This rise in OI was accompanied by a volume of 1,43,955 contracts, indicating robust trading activity. The futures value stood at ₹2,25,832.12 lakhs, while the options segment exhibited an enormous notional value of approximately ₹71,678.22 crores, underscoring the stock’s prominence in the derivatives market.

The total derivatives value traded aggregated to ₹2,32,579.67 lakhs, reflecting strong liquidity and investor interest. Notably, the underlying stock price closed at ₹1,343, down 5.77% on the day, underperforming the broader Sensex which declined by 0.91%. The sector index for transport infrastructure also fell by 5.33%, indicating sector-wide pressure.

Price Action and Moving Averages

Adani Ports’ price action on the day was characterised by a sharp reversal after two consecutive days of gains. The stock touched an intraday low of ₹1,332.20, with the weighted average price skewed towards the lower end of the day’s range, signalling selling pressure. The stock is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — highlighting a bearish technical setup and a potential downtrend continuation.

Delivery volumes rose to 8.71 lakh shares on 22 Jan, a 3.01% increase over the five-day average, indicating rising investor participation despite the price weakness. The stock’s liquidity remains adequate for sizeable trades, with a 2% threshold of the five-day average traded value supporting trade sizes up to ₹4.83 crores.

Market Positioning and Directional Bets

The sharp increase in open interest amid falling prices suggests that new positions are being established rather than existing ones being closed. This pattern often indicates that traders are taking fresh directional bets, possibly anticipating further downside or hedging existing exposures. The fact that the stock is trading below all major moving averages reinforces the bearish sentiment.

However, the rising delivery volumes imply that some investors may be accumulating shares at lower levels, expecting a potential rebound or long-term value. The divergence between derivatives activity and spot market behaviour points to a complex interplay of short-term speculative trading and longer-term investment strategies.

Mojo Score and Analyst Ratings

Adani Ports currently holds a Mojo Score of 57.0, categorised as a ‘Hold’ rating, upgraded from a ‘Sell’ on 8 Sep 2025. This reflects a cautious stance by analysts, recognising the stock’s large-cap status with a market capitalisation of ₹3,06,887.35 crores but also acknowledging recent volatility and sector headwinds. The market cap grade is 1, indicating the company’s significant scale within the transport infrastructure sector.

Given the stock’s recent underperformance relative to the sector and broader market, investors are advised to monitor open interest trends closely as a barometer of market sentiment and potential price direction.

Sector and Broader Market Context

The transport infrastructure sector has been under pressure, with the sector index falling 5.33% on the day. Adani Ports’ 5.77% decline slightly outpaced the sector, signalling company-specific factors or heightened sensitivity to broader economic concerns. The Sensex’s modest 0.91% drop contrasts with the sharper sector and stock moves, highlighting sector-specific volatility.

Investors should consider macroeconomic factors such as trade volumes, port activity, and government infrastructure spending, which directly impact Adani Ports’ operational outlook. The derivatives market activity may be reflecting expectations of near-term challenges or opportunities arising from these factors.

Implications for Investors

The surge in open interest combined with a price decline and increased volume suggests that traders are positioning for heightened volatility in Adani Ports. This could be driven by expectations of near-term earnings announcements, regulatory developments, or macroeconomic data impacting the transport infrastructure sector.

Investors should weigh the technical signals against fundamental factors such as port throughput, government policy on infrastructure, and global trade trends. The current ‘Hold’ rating and Mojo Score indicate a neutral stance, recommending caution until clearer directional cues emerge.

For those with a higher risk appetite, the derivatives market activity may offer opportunities to capitalise on short-term price swings through options or futures strategies. Conversely, long-term investors might consider the recent price weakness as a potential entry point, provided they are comfortable with sector cyclicality and company fundamentals.

Conclusion

Adani Ports & Special Economic Zone Ltd’s derivatives market activity on 23 Jan 2026 reveals a notable increase in open interest amid a declining stock price and sector weakness. This combination points to active repositioning by market participants, with a tilt towards bearish sentiment but also signs of investor interest at lower price levels.

While the stock remains below key moving averages and faces short-term headwinds, its large-cap stature and strategic importance in India’s transport infrastructure sector warrant close monitoring. Investors should remain vigilant to evolving open interest trends and broader market developments to navigate potential volatility effectively.

Key Metrics Summary:

• Open Interest: 1,03,869 contracts (+18.65%)


• Volume: 1,43,955 contracts


• Futures Value: ₹2,25,832.12 lakhs


• Options Value: ₹71,678.22 crores


• Stock Price: ₹1,343 (-5.77%)


• Mojo Score: 57.0 (Hold, upgraded from Sell)


• Market Cap: ₹3,06,887.35 crores (Large Cap)


• Sector Return: -5.33%, Sensex Return: -0.91%

Upgrade at special rates, valid only for the next few days. Claim Your Special Rate →