Adani Ports Sees Surge in Call Option Activity Ahead of Expiry

Robust Call Option Volumes Highlight Investor Confidence

On 23 February 2026, Adani Ports recorded the highest call option volume among its peers, with 6,931 contracts traded at the ₹1,560 strike price expiring the very next day. This surge in activity generated a turnover of approximately ₹346.67 lakhs, underscoring the substantial capital flow into bullish derivative positions. The open interest at this strike stands at 1,832 contracts, indicating sustained investor interest beyond intraday speculation.

The underlying stock price closed at ₹1,553.7, just 2.21% shy of its 52-week high of ₹1,583.9, reinforcing the rationale behind the call buying. Market participants appear to be positioning for a potential breakout or at least a consolidation near these elevated levels, supported by technical momentum.

Price and Trend Analysis Support Positive Outlook

Adani Ports has demonstrated resilience after a brief three-day decline, reversing course with a 2.73% gain on the day, closely mirroring the sector’s 2.76% advance and outperforming the broader Sensex, which rose 0.64%. The stock’s intraday high of ₹1,550 marked a 2.55% increase, signalling renewed buying interest.

Technically, the stock is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — a classic indicator of sustained upward momentum. This technical strength is complemented by a sector gain of 2.79% in port stocks, suggesting a favourable industry backdrop.

However, it is worth noting a decline in investor participation, with delivery volumes falling by 42.86% on 20 February to 5.68 lakh shares compared to the five-day average. This dip in delivery volume may indicate cautiousness among long-term holders despite the bullish derivatives activity.

Mojo Score Upgrade Reflects Improving Fundamentals

MarketsMOJO has upgraded Adani Ports’ Mojo Grade from Sell to Hold as of 3 February 2026, reflecting an improved Mojo Score of 57.0. This upgrade signals a stabilisation in the company’s financial and operational metrics, although the stock remains in a cautious zone rather than a definitive buy recommendation.

The company’s market capitalisation stands at a robust ₹3,47,909 crore, categorising it as a large-cap stock with significant institutional interest. Despite the Hold rating, the stock’s recent price action and option market activity suggest that investors are increasingly optimistic about its near-term prospects.

Expiry Patterns and Strike Price Concentration

The concentration of call option trades at the ₹1,560 strike price, just above the current market price, indicates a strategic positioning by traders anticipating a modest upside. The expiry date of 24 February 2026, being the immediate next day, adds urgency to these positions, often associated with short-term directional bets or hedging strategies.

Open interest data corroborates this view, with a sizeable number of contracts still outstanding, suggesting that traders are not merely closing positions but maintaining exposure to potential gains. This pattern is consistent with a bullish sentiment prevailing in the transport infrastructure sector, buoyed by improving economic activity and trade volumes.

Sectoral Context and Comparative Performance

The transport infrastructure sector, particularly port operators, has been gaining traction amid rising trade volumes and government initiatives to enhance logistics efficiency. Adani Ports, as a market leader, benefits from these tailwinds, reflected in its stock price outperforming the Sensex and aligning closely with sector gains.

Liquidity metrics further support the stock’s attractiveness for active traders. With a daily traded value sufficient to accommodate trades worth ₹5.43 crore based on 2% of the five-day average, the stock offers ample liquidity for both institutional and retail participants.

Investor Takeaway: Balancing Optimism with Caution

While the surge in call option volumes and the stock’s technical strength point to a bullish near-term outlook for Adani Ports, investors should weigh these factors against the recent decline in delivery volumes and the Hold rating from MarketsMOJO. The stock’s proximity to its 52-week high suggests limited upside from current levels, and any adverse sectoral or macroeconomic developments could temper gains.

For traders, the active call option interest at the ₹1,560 strike price expiring imminently offers opportunities for short-term directional plays, but also entails heightened risk given the expiry timeline. Long-term investors may prefer to monitor fundamental developments and sectoral trends before increasing exposure.

Overall, Adani Ports remains a key player in the transport infrastructure space with improving momentum, but a measured approach is advisable given mixed signals from volume participation and rating upgrades.

Only Rs. 9,999 - Get MojoOne for 1 Year + 3 Months FREE (60% Off) Start Today