Adani Ports Sees Surge in Call Option Activity Amid Bullish Market Sentiment

Robust Call Option Trading Highlights Investor Interest

The most active call options for Adani Ports are concentrated at the ₹1,500 strike price, with 7,688 contracts traded on 2 February 2026. This volume translates into a turnover of approximately ₹1832.47 lakhs, underscoring significant liquidity and investor engagement in the derivatives segment. Open interest stands at 2,137 contracts, indicating sustained interest and potential for further price movement as expiry approaches.

Notably, the underlying stock closed at ₹1,496.70, just 3.05% shy of its 52-week high of ₹1,549. This proximity to the peak price level, combined with the heavy call option activity, suggests that market participants are positioning for a possible breakout above the ₹1,500 mark in the near term.

Price Action and Technical Indicators Support Bullish Outlook

On the day of the option surge, Adani Ports opened with a gap up of 5.28% and touched an intraday high of ₹1,520, marking an 8.33% gain from the previous close. The stock has been on a two-day winning streak, delivering an 11.77% return over this period. It is trading above all key moving averages—5-day, 20-day, 50-day, 100-day, and 200-day—indicating strong upward momentum and technical strength.

However, the stock slightly underperformed its sector, which gained 7.37%, and lagged the broader Sensex return of 2.56% on the same day. This relative underperformance may reflect sector rotation or profit-taking by some investors despite the overall positive trend.

Market Cap and Rating Dynamics

Adani Ports is classified as a large-cap stock with a market capitalisation of ₹3,46,861.04 crores. Despite its size and sector leadership, the company’s Mojo Score currently stands at 47.0, with a Mojo Grade of Sell, downgraded from Hold on 2 February 2026. This downgrade reflects concerns over valuation, quality grades, or other fundamental metrics assessed by MarketsMOJO’s proprietary model.

The Market Cap Grade is rated at 1, indicating a relatively low score in this parameter. This rating downgrade contrasts with the bullish option market activity, suggesting that while derivatives traders are optimistic about near-term price gains, fundamental analysts remain cautious.

Expiry Patterns and Investor Positioning

The 24 February 2026 expiry date is attracting the bulk of call option interest, with the ₹1,500 strike price emerging as the focal point. This strike is effectively at-the-money, given the underlying price of ₹1,496.70, making it a critical level for traders betting on a breakout or sustained rally.

Open interest data reveals that traders are not only initiating new positions but also maintaining existing ones, which could lead to increased volatility as expiry nears. The high turnover and contract volume suggest that institutional investors and hedge funds may be actively hedging or speculating on directional moves in Adani Ports.

Sector Context and Liquidity Considerations

Within the transport infrastructure sector, Adani Ports remains a key player, though its recent performance has been mixed. The stock’s delivery volume on 2 February was 12.26 lakhs, down 30.74% from the five-day average, indicating a decline in investor participation despite price gains. This divergence may signal cautious optimism or selective profit booking by retail investors.

Liquidity remains adequate, with the stock’s traded value supporting trade sizes up to ₹8.59 crores based on 2% of the five-day average traded value. This level of liquidity is favourable for both institutional and retail traders looking to enter or exit positions without significant market impact.

Balancing Bullish Sentiment with Fundamental Caution

The divergence between the bullish call option activity and the recent downgrade to a Sell rating highlights the nuanced outlook for Adani Ports. While technical indicators and derivatives market positioning point to potential upside, fundamental concerns remain, possibly related to valuation pressures or sector-specific risks.

Investors should weigh the strong momentum and near-term bullish signals against the broader market context and the company’s fundamental scores. The stock’s proximity to its 52-week high and the concentration of call options at the ₹1,500 strike suggest that a breakout could trigger further gains, but downside risks cannot be ignored given the current Mojo Grade and market cap assessment.

Outlook and Strategic Considerations

As expiry approaches, monitoring open interest changes and price action around the ₹1,500 level will be critical. A sustained move above this strike could validate the bullish positioning and attract additional buying interest. Conversely, failure to breach this level may lead to profit-taking and increased volatility.

Given the stock’s large-cap status and sector leadership, it remains a key bellwether for transport infrastructure trends in India. Traders and investors should remain vigilant to shifts in market sentiment, liquidity patterns, and fundamental updates that could influence the stock’s trajectory in the coming weeks.

Summary

Adani Ports & Special Economic Zone Ltd is currently at a crossroads, with heavy call option activity signalling bullish expectations amid a fundamental downgrade. The ₹1,500 strike price for the 24 February 2026 expiry is a critical level to watch, supported by strong price momentum and technical indicators. However, cautious investor participation and a Sell Mojo Grade suggest that risks remain. Market participants should carefully balance these factors when considering positions in this transport infrastructure heavyweight.

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