Adani Ports Sees Significant Open Interest Surge Amid Positive Market Momentum

Open Interest and Volume Dynamics

On 23 Feb 2026, Adani Ports recorded an open interest of 92,747 contracts, up by 11,000 contracts or 13.46% from the previous day’s 81,747. This substantial increase in OI was accompanied by a volume of 1,27,907 contracts, indicating robust trading activity in the derivatives market. The futures value stood at ₹1,24,586.35 lakhs, while the options value was significantly higher at ₹83,188.08 crores, culminating in a total derivatives value of ₹1,31,592.98 lakhs.

The rise in open interest alongside strong volume typically reflects fresh positions being initiated rather than existing ones being squared off. This pattern often points to increased conviction among traders, either in anticipation of a directional move or hedging strategies.

Price Performance and Technical Indicators

Adani Ports closed at ₹1,549, just 2.27% shy of its 52-week high of ₹1,583.90. The stock rebounded after three consecutive days of decline, touching an intraday high of ₹1,564.50, a gain of 3.51% on the day. It outperformed the Sensex, which rose by 0.40%, and marginally outpaced its sector’s 2.39% gain, closing with a 2.53% return.

Technically, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, signalling a strong uptrend and positive momentum. This technical strength, combined with the surge in open interest, suggests that market participants are positioning for further upside.

Market Positioning and Investor Behaviour

Despite the positive price action, delivery volumes have declined sharply. On 20 Feb 2026, delivery volume was 5.68 lakh shares, down 42.86% compared to the five-day average. This drop in investor participation at the delivery level indicates that the recent rally may be driven more by short-term traders and institutional participants in the derivatives market rather than long-term investors.

Liquidity remains adequate, with the stock’s average traded value supporting trade sizes of up to ₹5.43 crores based on 2% of the five-day average traded value. This liquidity facilitates active participation from large traders and hedge funds, further reinforcing the significance of the open interest surge.

Mojo Score Upgrade and Market Capitalisation

Adani Ports currently holds a Mojo Score of 57.0, reflecting a 'Hold' rating, upgraded from a previous 'Sell' grade on 3 Feb 2026. This upgrade signals improving fundamentals and technical outlook, though the stock remains in a cautious zone for investors. The company’s market capitalisation stands at a commanding ₹3,57,932 crores, categorising it as a large-cap stock within the transport infrastructure sector.

The sector itself has been gaining traction, with port stocks collectively rising by 2.42% on the day, supported by positive macroeconomic factors such as increased trade volumes and government infrastructure initiatives.

Directional Bets and Potential Market Implications

The surge in open interest, coupled with rising prices and volume, suggests that traders are positioning for a sustained upward move in Adani Ports. The increase in futures and options activity indicates a mix of directional bets and hedging strategies, with market participants likely anticipating continued sectoral growth and company-specific catalysts.

However, the decline in delivery volumes tempers enthusiasm, implying that the rally may be more speculative or short-term in nature. Investors should monitor whether delivery volumes recover, signalling stronger conviction from long-term holders.

Given the stock’s proximity to its 52-week high and positive technical signals, a breakout above ₹1,583.90 could trigger further buying interest. Conversely, any failure to sustain current levels might lead to profit-taking, especially given the recent volatility.

Conclusion: Balanced Outlook for Investors

Adani Ports & Special Economic Zone Ltd is currently exhibiting signs of renewed strength, as evidenced by the sharp increase in open interest and positive price momentum. The upgrade in Mojo Grade to 'Hold' from 'Sell' reflects improving fundamentals and technical positioning, making the stock an interesting proposition for investors seeking exposure to the transport infrastructure sector.

Nevertheless, the decline in delivery volumes and the stock’s proximity to its 52-week high warrant caution. Investors should closely monitor market participation trends and price action in the coming sessions to gauge the sustainability of the current rally.

For those considering exposure, it is prudent to weigh the stock’s improving outlook against sectoral dynamics and alternative investment opportunities within the infrastructure space.

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