Open Interest and Volume Dynamics
On 20 Apr 2026, Adani Power’s open interest in futures and options contracts rose sharply to 42,851 from the previous 37,975, an increase of 4,876 contracts or 12.84%. This expansion in OI was accompanied by a robust volume of 49,549 contracts traded, underscoring active participation from both institutional and retail traders. The futures value stood at ₹62,058.92 lakhs, while the options segment exhibited a substantial notional value of ₹30,605.02 crores, culminating in a total derivatives market value of approximately ₹72,892.03 lakhs.
The rising OI alongside strong volume typically indicates fresh positions being initiated rather than existing ones being squared off, suggesting that market participants are positioning for further price movement. Given the stock’s recent outperformance—gaining 3.53% on the day and outperforming the power sector by 1.74%—this surge in derivatives activity points to increased confidence in the stock’s upward trajectory.
Price Momentum and Technical Strength
Adani Power’s price action has been notably bullish, with the stock trading above all key moving averages—5-day, 20-day, 50-day, 100-day, and 200-day—indicating a strong uptrend across multiple timeframes. The stock’s intraday high of ₹207.5 marks a new 52-week peak, reinforcing the positive technical outlook. Additionally, delivery volumes have surged, with a 43.36% increase in delivery volume to 2.69 crore shares on 17 Apr compared to the five-day average, signalling genuine investor participation rather than speculative intraday trading.
This combination of rising prices, expanding open interest, and increasing delivery volumes suggests that the rally is supported by fundamental buying interest and not merely short-term speculative flows.
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Market Positioning and Directional Bets
The surge in open interest, coupled with the stock’s strong price performance, indicates that market participants are increasingly adopting bullish stances. The 12.84% rise in OI suggests fresh long positions are being built, likely anticipating further upside in Adani Power’s shares. This is consistent with the stock’s upgrade in mojo grade from Sell to Hold on 16 Mar 2026, reflecting improved market sentiment and fundamental outlook.
Investors appear to be capitalising on the stock’s liquidity, which comfortably supports trade sizes of up to ₹28.11 crores based on 2% of the five-day average traded value. This liquidity ensures that large institutional trades can be executed without significant price impact, encouraging further accumulation.
Notably, the underlying value of ₹205 per share aligns closely with the current market price, indicating that derivatives activity is well anchored to the spot market. The consistent gains over 12 consecutive sessions, delivering a 36.46% return, reinforce the conviction among traders and investors that the stock is poised for continued strength.
Sector and Market Context
Adani Power’s outperformance relative to the power sector (1.74% vs. sector’s 1.59%) and the broader Sensex (which declined 0.25% on the same day) highlights its relative strength amid mixed market conditions. As a large-cap company with a market capitalisation of ₹3,89,647 crores, it remains a key bellwether for the power sector’s health and investor appetite.
The power sector has been under focus due to evolving energy policies and infrastructure investments, and Adani Power’s improving mojo score of 50.0 and mojo grade of Hold reflect a stabilising outlook. While the previous grade was Sell, the recent upgrade signals that the company’s fundamentals and market positioning have improved sufficiently to warrant cautious optimism.
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Implications for Investors
For investors, the sharp rise in open interest and sustained price momentum in Adani Power suggests a favourable risk-reward profile in the near term. The stock’s ability to maintain gains above key moving averages and the steady increase in delivery volumes indicate genuine accumulation rather than speculative froth.
However, the mojo grade of Hold and a mojo score of 50.0 counsel a measured approach. While the stock has improved from a Sell rating, it has yet to achieve a Strong Buy or Buy status, signalling that investors should monitor developments closely and consider their exposure in line with broader portfolio strategies.
Given the stock’s large-cap status and liquidity, it remains an attractive option for institutional investors seeking exposure to the power sector’s growth story, especially amid India’s ongoing energy transition and infrastructure expansion.
Conclusion
Adani Power Ltd’s recent surge in open interest and volume in the derivatives market reflects a clear shift in market positioning towards bullishness. Supported by strong price momentum, rising delivery volumes, and improved mojo ratings, the stock is demonstrating resilience and investor confidence. While caution remains prudent given the Hold rating, the current market signals suggest that Adani Power is well placed to capitalise on sectoral tailwinds and deliver steady returns for investors willing to engage with its evolving story.
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