Adani Ports Sees Sharp Open Interest Surge Signalling Renewed Market Interest

Open Interest and Volume Dynamics

On 23 Feb 2026, Adani Ports recorded an open interest (OI) of 90,752 contracts in its derivatives, marking an 11.02% increase from the previous day’s 81,747 contracts. This rise of 9,005 contracts is notable given the stock’s underlying value of ₹1,549 per share. The futures segment alone accounted for a value of approximately ₹91,388 lakhs, while the options segment exhibited a substantial notional value of ₹75,940 crores, culminating in a total derivatives value of ₹97,869 lakhs.

The volume traded stood at 1,13,676 contracts, indicating robust participation in the derivatives market. This volume-to-open interest ratio suggests fresh positions are being established rather than merely unwound, pointing to increased conviction among traders.

Price Performance and Technical Indicators

Adani Ports closed the day just 2.14% shy of its 52-week high of ₹1,583.9, touching an intraday peak of ₹1,564.5, a 3.51% gain from the previous close. This price action follows a three-day decline, signalling a potential trend reversal. The stock is trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – reinforcing the bullish technical setup.

Relative to its sector, the stock’s 1-day return of 2.49% closely mirrors the Transport Infrastructure sector’s gain of 2.57%, while outperforming the broader Sensex’s modest 0.38% rise. This relative strength highlights Adani Ports’ growing appeal amid sectoral tailwinds.

Market Positioning and Investor Behaviour

Despite the positive price and volume signals, investor participation in the cash segment appears subdued. Delivery volumes on 20 Feb 2026 fell by 42.86% to 5.68 lakh shares compared to the five-day average, indicating cautious accumulation or profit-booking by long-term holders. However, the stock’s liquidity remains adequate, with a trade size capacity of ₹5.43 crores based on 2% of the five-day average traded value, ensuring smooth execution for institutional investors.

The increase in open interest alongside rising prices typically suggests fresh long positions, reflecting bullish sentiment. This is further supported by the stock’s recent upgrade in Mojo Grade from Sell to Hold on 3 Feb 2026, with a current Mojo Score of 57.0, signalling improving fundamentals and market perception.

Implications of the Open Interest Surge

The 11% jump in open interest is a strong indicator of increased market participation and potential directional bets on Adani Ports. Traders appear to be positioning for a sustained upward move, supported by the stock’s proximity to its 52-week high and positive momentum signals. The futures and options data imply that both hedgers and speculators are actively engaged, possibly anticipating favourable developments in the transport infrastructure sector or company-specific catalysts.

Given the stock’s large market capitalisation of ₹3,57,932 crores, such a surge in derivatives activity is significant and may presage a breakout above recent resistance levels. The sector’s 1-day gain of 2.27% further corroborates a positive environment for port and logistics stocks, driven by improving trade volumes and infrastructure investments.

Risk Factors and Cautionary Notes

While the technical and derivatives data point to bullish sentiment, the sharp decline in delivery volumes suggests some investors remain cautious. This divergence may reflect profit-taking or uncertainty about near-term earnings or regulatory developments. Additionally, the Mojo Grade of Hold, despite the recent upgrade, indicates that the stock is not yet a clear buy, warranting careful monitoring of price action and volume trends.

Investors should also consider broader macroeconomic factors such as global trade dynamics, commodity price fluctuations, and government policy changes that could impact the transport infrastructure sector’s outlook.

Outlook and Investor Takeaways

Adani Ports’ recent surge in open interest and volume, coupled with a rebound in price and technical strength, suggests a positive near-term outlook. The stock’s ability to sustain levels above key moving averages and approach its 52-week high indicates growing investor confidence. However, the Hold rating and mixed signals from delivery volumes counsel prudence.

For investors, this environment presents an opportunity to monitor the stock closely for confirmation of a breakout or trend continuation. Those with a higher risk appetite may consider initiating positions with appropriate stop-loss levels, while conservative investors might await clearer signals or improved fundamentals.

Overall, the derivatives market activity in Adani Ports reflects a nuanced but optimistic stance, with participants positioning for potential upside while remaining mindful of sectoral and macroeconomic risks.

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