Adani Ports Sees Significant Open Interest Surge Amid Derivatives Activity

Open Interest and Volume Dynamics

On 20 Feb 2026, Adani Ports recorded an open interest of 93,533 contracts, up from 81,372 contracts the previous day, marking an absolute increase of 12,161 contracts. This 14.94% jump in OI is substantial, especially when considered alongside the daily traded volume of 52,107 contracts. The futures segment alone accounted for a value of approximately ₹1,75,124 lakhs, while the options segment’s notional value stood at a staggering ₹20,344 crore, culminating in a total derivatives market value of ₹1,76,797 lakhs for the stock.

The underlying stock price closed at ₹1,515, just 4.35% shy of its 52-week high of ₹1,583.9, signalling strong price support. The stock’s 1-day return was a modest 0.19%, mirroring the sector’s performance but lagging slightly behind the Sensex’s 0.42% gain. Notably, the stock has reversed its recent two-day decline, suggesting a potential shift in momentum.

Market Positioning and Technical Context

Adani Ports currently trades above its 20-day, 50-day, 100-day, and 200-day moving averages, indicating a sustained medium- to long-term uptrend. However, it remains below its 5-day moving average, which may reflect short-term consolidation or profit booking. The delivery volume on 19 Feb was 3.82 lakh shares, a sharp decline of 63.05% compared to the five-day average, pointing to reduced investor participation in the cash segment despite active derivatives trading.

This divergence between falling delivery volumes and rising open interest in derivatives suggests that traders are increasingly relying on futures and options to express their views, possibly favouring leveraged directional bets or hedging strategies over outright stock ownership.

Implications of the Open Interest Surge

The near 15% increase in open interest is a strong indicator of fresh capital entering the derivatives market for Adani Ports. Such a rise often precedes significant price moves, as it reflects new positions being established rather than existing ones being squared off. Given the stock’s proximity to its 52-week high and recent trend reversal, this could imply bullish sentiment among traders.

However, the fact that the stock remains below its 5-day moving average tempers this optimism, suggesting some short-term caution. The reduced delivery volumes further imply that retail or long-term investors may be hesitant, while institutional or professional traders are actively positioning through derivatives.

Directional Bets and Potential Strategies

Analysing the futures and options data, the substantial notional value in options (₹20,344 crore) compared to futures (₹1,75,124 lakhs) indicates significant activity in option contracts. This could mean traders are employing strategies such as buying calls or protective puts, or engaging in spreads to capitalise on expected volatility or directional moves.

Given the stock’s large-cap status with a market capitalisation of ₹3,49,326.28 crore and a Mojo Score of 64.0, upgraded recently from a Sell to a Hold rating on 3 Feb 2026, the market appears to be reassessing its outlook. The Mojo Grade improvement reflects better fundamentals or technicals, encouraging cautious accumulation.

Liquidity remains adequate, with the stock capable of handling trade sizes up to ₹5.9 crore based on 2% of the five-day average traded value, ensuring that institutional players can execute sizeable positions without excessive market impact.

Sector and Market Context

Adani Ports operates within the Transport Infrastructure sector, which has shown steady performance with a 1-day return of 0.19%, matching the stock’s daily gain. The Sensex outperformed slightly with a 0.42% rise, reflecting broader market strength. The stock’s ability to maintain levels above key moving averages suggests resilience amid sectoral trends.

Investors should note that while the stock is close to its 52-week high, the recent dip in delivery volumes signals a cautious stance among long-term holders. This divergence between derivatives activity and cash market participation is a hallmark of evolving market sentiment, often preceding volatility or trend shifts.

Outlook and Investor Considerations

With the Mojo Grade upgraded to Hold from Sell, and a Mojo Score of 64.0, Adani Ports is positioned as a stock warranting close attention. The surge in open interest and active options trading suggest that market participants are positioning for a directional move, likely bullish but with some short-term uncertainty.

Investors should monitor the stock’s ability to break decisively above its 5-day moving average and watch for changes in delivery volumes as a gauge of retail participation. The liquidity profile supports institutional involvement, which could drive sharper price movements.

Overall, the derivatives market activity signals a renewed interest in Adani Ports, reflecting a blend of cautious optimism and strategic positioning ahead of potential catalysts in the transport infrastructure space.

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