Adani Ports Sees Sharp Open Interest Surge Signalling Renewed Market Interest

Open Interest and Volume Dynamics

On 22 January 2026, Adani Ports recorded an open interest (OI) of 99,703 contracts in its derivatives, marking a substantial increase of 12,295 contracts or 14.07% compared to the previous OI of 87,408. This rise in OI is accompanied by a futures volume of 66,489 contracts, reflecting heightened trading activity. The futures value stood at ₹1,75,601.14 lakhs, while the options segment exhibited an even larger notional value of ₹27,486.32 crores, underscoring the stock’s liquidity and interest among derivatives traders.

The total combined value of futures and options contracts reached ₹1,77,929.43 lakhs, indicating robust participation in the derivatives market. The underlying stock price closed at ₹1,408, having touched an intraday high of ₹1,421.70, a 3.13% gain on the day. This price movement aligns with the sector’s performance, which also rose by 1.84%, while the broader Sensex gained a modest 0.22%.

Price and Moving Average Analysis

Adani Ports has been on a positive trajectory, registering gains for two consecutive days with a cumulative return of 2.84%. The stock’s price currently trades above its 200-day moving average, a long-term bullish indicator, though it remains below the 5-day, 20-day, 50-day, and 100-day moving averages. This mixed technical picture suggests short-term consolidation amid a longer-term uptrend.

Investor participation has notably increased, with delivery volumes on 21 January reaching 10.89 lakh shares, a 54.11% rise compared to the five-day average delivery volume. This surge in delivery volume indicates genuine buying interest rather than speculative trading, which often manifests as high volumes without corresponding delivery.

Market Positioning and Directional Bets

The sharp increase in open interest alongside rising volumes suggests that market participants are actively repositioning themselves in Adani Ports derivatives. The 14.07% jump in OI is significant, especially when paired with the stock’s upward price movement and improved delivery volumes. This combination typically indicates fresh buying interest rather than short covering.

Given the stock’s recent upgrade in Mojo Grade from Sell to Hold on 8 September 2025, with a current Mojo Score of 57.0, investors appear to be cautiously optimistic. The market cap grade remains at 1, reflecting its large-cap status with a market capitalisation of ₹3,23,452.82 crores, which supports liquidity and institutional interest.

Traders are likely positioning for a continuation of the recent rally, as evidenced by the futures and options notional values. The options market’s substantial value of over ₹27,486 crores points to active hedging and speculative strategies, possibly including directional bets on further upside or volatility plays around key price levels.

Liquidity and Trading Viability

Liquidity metrics reinforce the stock’s suitability for sizeable trades. The stock’s liquidity, based on 2% of the five-day average traded value, supports trade sizes up to ₹4.58 crores without significant market impact. This level of liquidity is attractive for institutional investors and large traders seeking to build or unwind positions efficiently.

Moreover, the stock’s performance today was in line with its sector, both gaining 1.84%, which suggests that Adani Ports is moving in tandem with broader transport infrastructure trends. This sector alignment may provide additional confidence to investors looking for exposure to infrastructure growth themes.

Outlook and Investor Considerations

While the recent open interest surge and price gains are encouraging, investors should remain mindful of the stock’s technical positioning below several short- and medium-term moving averages. This suggests potential resistance levels that could cap near-term upside.

However, the improved delivery volumes and rising investor participation indicate a strengthening base of genuine holders, which bodes well for sustained momentum. The upgrade in Mojo Grade to Hold from Sell reflects a more balanced risk-reward profile, with the stock no longer viewed as a sell but not yet a strong buy.

Investors should also consider sectoral trends in transport infrastructure, which remain supportive given ongoing economic growth and government initiatives to bolster logistics and port capacities. Adani Ports, as a large-cap leader in this space, stands to benefit from these tailwinds.

In summary, the derivatives market activity reveals a growing bullish sentiment, with increased open interest and volume signalling fresh directional bets. The stock’s liquidity and market cap support institutional involvement, while technical factors suggest cautious optimism. Investors may look to monitor further price action and volume trends to confirm the sustainability of this momentum.

Key Metrics at a Glance:

• Open Interest: 99,703 contracts (+14.07%)
• Futures Volume: 66,489 contracts
• Futures Value: ₹1,75,601.14 lakhs
• Options Value: ₹27,486.32 crores
• Underlying Price: ₹1,408
• Intraday High: ₹1,421.70 (+3.13%)
• Delivery Volume (21 Jan): 10.89 lakh shares (+54.11%)
• Mojo Score: 57.0 (Hold, upgraded from Sell on 8 Sep 2025)
• Market Cap: ₹3,23,452.82 crores (Large Cap)

Investors should weigh these factors carefully and consider their risk tolerance and investment horizon before making trading decisions.

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