Adani Ports Sees Sharp Open Interest Surge Signalling Renewed Market Interest

Open Interest and Volume Dynamics

The recent increase in open interest for Adani Ports is notable both in absolute and relative terms. The addition of 14,259 contracts represents a substantial 17.44% rise, indicating fresh capital entering the derivatives market. This is supported by a futures value of approximately ₹1,75,637 lakhs and an options value exceeding ₹9,61,238 crores, underscoring the scale of trading activity. The total derivatives value stands at ₹1,83,519.76 lakhs, reflecting strong market participation.

Volume patterns reveal that the stock traded 1,52,191 contracts, which is a healthy figure relative to its liquidity profile. Despite a recent decline in delivery volume by 42.86% compared to the five-day average, the derivatives market activity suggests that traders are increasingly favouring non-delivery based speculative or hedging strategies. This divergence between cash market participation and derivatives activity often precedes directional moves.

Price Action and Technical Context

Adani Ports closed at ₹1,543, just 2.09% shy of its 52-week high of ₹1,583.90, signalling strong price momentum. The stock reversed a three-day losing streak, gaining 2.86% on the day, outperforming the Sensex’s 0.44% rise and slightly edging past the Transport Infrastructure sector’s 2.74% gain. Intraday, the stock touched a high of ₹1,564.50, up 3.51%, reinforcing bullish sentiment.

Technically, the stock is trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – which is a classic indicator of an uptrend. This alignment of moving averages often attracts momentum traders and institutional buyers, further supporting the price advance. The sector itself gained 2.82%, indicating a favourable industry backdrop.

Market Positioning and Directional Bets

The surge in open interest alongside rising prices typically points to fresh long positions being established rather than short covering. This suggests that market participants are positioning for further upside in Adani Ports. The derivatives data imply that traders are confident in the stock’s near-term prospects, possibly anticipating positive developments in the transport infrastructure space or broader economic tailwinds.

Given the stock’s large market capitalisation of ₹3,58,219.56 crores and a Mojo Score of 57.0 with a Hold grade (upgraded from Sell on 3 Feb 2026), the market appears to be reassessing its outlook. The upgrade reflects improved fundamentals or sentiment, which aligns with the observed derivatives activity. However, the market cap grade remains at 1, indicating that while the stock is large, it may not yet be a top-tier market cap performer.

Implications for Investors and Traders

For investors, the rising open interest coupled with price strength suggests that Adani Ports is attracting renewed interest as a transport infrastructure play. The stock’s liquidity, with a trade size capacity of ₹5.43 crores based on 2% of the five-day average traded value, supports active participation by institutional and retail traders alike.

However, the recent fall in delivery volume to 5.68 lakh shares on 20 Feb 2026, down 42.86% from the five-day average, indicates some caution among long-term holders or profit-taking. This divergence between cash market delivery and derivatives activity could imply that short-term traders are more optimistic than long-term investors, warranting close monitoring of price and volume trends in the coming sessions.

Sectoral and Broader Market Context

The transport infrastructure sector has shown resilience, with the port segment gaining 2.82% on the day. Adani Ports’ outperformance relative to the sector and Sensex highlights its leadership position. The stock’s proximity to its 52-week high and sustained technical strength may attract momentum flows, especially if macroeconomic indicators remain supportive.

Investors should also consider the broader economic environment, including trade volumes, government infrastructure spending, and global supply chain dynamics, all of which can influence port activity and, by extension, Adani Ports’ earnings prospects.

Outlook and Conclusion

Adani Ports & Special Economic Zone Ltd is currently exhibiting signs of renewed bullishness in the derivatives market, supported by a meaningful increase in open interest and strong price momentum. The stock’s technical positioning above all major moving averages and its proximity to a 52-week high reinforce the positive outlook.

While delivery volumes have declined recently, the surge in futures and options activity suggests that traders are positioning for further gains. Investors should remain vigilant to any shifts in volume patterns or sectoral developments that could impact the stock’s trajectory.

Given the Hold rating with an improved Mojo Grade from Sell, the stock appears poised for cautious optimism. Market participants may consider monitoring open interest trends and price action closely to capitalise on potential directional moves in this key transport infrastructure player.

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