Adani Ports Sees Significant Open Interest Surge Amid Mixed Market Signals

Open Interest and Volume Dynamics

On 20 Feb 2026, Adani Ports recorded an open interest (OI) of 91,518 contracts, up from 81,372 the previous day, marking a substantial increase of 10,146 contracts or 12.47%. This rise in OI is significant in the context of derivatives trading, as it often reflects fresh capital entering the market or existing positions being augmented. The volume for the day stood at 40,689 contracts, indicating active trading but not an extraordinary spike relative to OI growth.

The futures value associated with these contracts was approximately ₹1,40,451 lakhs, while the options segment accounted for a massive ₹15,488.9 crores in notional value. The combined derivatives value reached ₹1,41,705 lakhs, underscoring the substantial financial exposure investors hold in this stock’s derivatives.

Price and Trend Context

Adani Ports closed at ₹1,523, just 3.68% shy of its 52-week high of ₹1,583.9, reflecting a resilient price performance. The stock gained 0.66% on the day, slightly underperforming the sector’s 0.88% rise but outperforming the Sensex’s 0.61% gain. Notably, the stock reversed its recent two-day decline, signalling renewed buying interest.

Technical indicators show the stock trading above its 20-day, 50-day, 100-day, and 200-day moving averages, though it remains below the 5-day moving average. This pattern suggests a medium-term bullish trend with some short-term consolidation or profit-taking.

Investor Participation and Liquidity

Despite the positive price action and OI surge, investor participation appears to be waning. Delivery volumes on 19 Feb fell sharply by 63.05% to 3.82 lakh shares compared to the five-day average, indicating reduced commitment from long-term holders or cautious profit booking. However, liquidity remains adequate for sizeable trades, with the stock’s average traded value supporting transactions up to ₹5.9 crores comfortably.

Market Positioning and Directional Bets

The surge in open interest alongside a moderate price increase suggests that market participants are positioning for a potential upward move in Adani Ports. The increase in OI without a corresponding spike in volume often indicates that existing traders are adding to their positions rather than new traders entering the market. This can be interpreted as confidence in the stock’s near-term prospects.

Given the stock’s proximity to its 52-week high and its strong presence above key moving averages, traders may be anticipating a breakout or sustained rally. The derivatives data imply that both futures and options players are actively engaged, with options notional value dwarfing futures, possibly reflecting hedging strategies or speculative calls.

However, the decline in delivery volumes signals some caution among long-term investors, possibly due to profit booking or uncertainty about the sustainability of the rally. This mixed participation highlights a nuanced market sentiment where short-term traders are more bullish than long-term holders.

Mojo Score and Analyst Ratings

Adani Ports currently holds a Mojo Score of 64.0, categorised as a Hold, upgraded from a Sell rating on 3 Feb 2026. This improvement reflects better market sentiment and technical strength but also suggests that the stock is not yet a clear Buy. The market cap grade remains at 1, indicating its status as a large-cap stock with significant institutional interest.

Investors should note that while the stock shows signs of strength, the Hold rating advises caution and suggests monitoring for confirmation of trend continuation before committing fresh capital.

Sector and Market Context

Within the transport infrastructure sector, Adani Ports remains a key player, supported by its large market capitalisation of ₹3,50,962 crores. The sector’s 1-day return of 0.88% slightly outpaced the stock’s 0.66%, indicating that while Adani Ports is performing well, some peers may be gaining more momentum.

The Sensex’s 0.61% gain on the same day provides a benchmark for overall market health, with Adani Ports outperforming the broader index. This relative strength is encouraging but should be weighed against the stock’s recent volatility and investor participation trends.

Implications for Investors

For investors and traders, the open interest surge in Adani Ports derivatives signals an active market with growing interest in the stock’s future direction. The data suggest a cautiously optimistic outlook, with potential for further gains if the stock breaks above its short-term moving averages and sustains volume support.

However, the decline in delivery volumes and the Hold Mojo Grade counsel prudence. Investors should consider monitoring the stock closely for confirmation of trend strength and watch for any shifts in sector dynamics or broader market conditions that could impact performance.

Overall, Adani Ports presents a compelling case for selective participation, particularly for those seeking exposure to transport infrastructure with a large-cap profile and improving technical indicators.

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