Adani Power Ltd Sees Significant Open Interest Surge Amid Rising Market Activity

Open Interest and Volume Dynamics

On 25 Sep 2026, Adani Power Ltd (symbol: ADANIPOWER) recorded an open interest (OI) of 1,05,777 contracts in its derivatives segment, marking a substantial increase of 15,804 contracts or 17.57% compared to the previous OI of 89,973. This surge in OI was accompanied by a trading volume of 77,768 contracts, indicating robust activity and fresh positions being established by market participants.

The futures segment alone accounted for a value of approximately ₹2,30,515.59 lakhs, while the options segment's notional value stood at an impressive ₹33,605.88 crores. The combined derivatives value thus reached ₹2,32,865.72 lakhs, underscoring the significant liquidity and interest in Adani Power’s contracts.

Price Performance and Technical Context

Adani Power’s underlying share price closed at ₹201, registering a 1.44% gain on the day. This outperformance was notable against the power sector’s modest 0.04% rise and the Sensex’s decline of 0.11%. The stock reversed a two-day losing streak, trading within a narrow intraday range of just ₹0.11, suggesting consolidation after recent volatility.

From a technical standpoint, the stock remains above its 200-day moving average, a long-term bullish indicator, but continues to trade below its 5-day, 20-day, 50-day, and 100-day moving averages. This mixed technical picture points to a stock in a transitional phase, with short-term momentum yet to fully align with the longer-term trend.

Investor Participation and Liquidity

Delivery volumes on 24 Sep surged to 1.11 crore shares, a 63.19% increase over the five-day average delivery volume, signalling rising investor conviction and participation in the stock. The stock’s liquidity remains robust, with a trade size capacity of ₹7.29 crores based on 2% of the five-day average traded value, making it accessible for institutional and retail traders alike.

Market Positioning and Directional Bets

The sharp increase in open interest alongside rising volumes suggests that traders are actively repositioning in Adani Power’s derivatives. The 17.57% jump in OI indicates fresh long and/or short positions being taken, reflecting a divergence of views on the stock’s near-term direction.

Given the stock’s recent price rebound after a brief decline, some market participants may be betting on a sustained recovery, supported by the stock’s large-cap status and improving mojo grade. Adani Power’s mojo score has improved to 57.0, upgrading its mojo grade from Sell to Hold as of 24 Aug 2026, signalling a cautious but more positive outlook from the analytics perspective.

However, the stock’s trading below key short- and medium-term moving averages tempers enthusiasm, suggesting that while investor interest is rising, conviction for a strong breakout remains tentative. This scenario often leads to increased volatility as market participants test support and resistance levels.

Valuation and Sector Context

Adani Power operates within the power sector, a segment that has shown modest gains recently. The company’s market capitalisation stands at a substantial ₹3,90,245.08 crores, categorising it firmly as a large-cap stock. This scale provides it with relative stability and institutional interest compared to smaller peers.

Its mojo grade of Hold reflects a balanced view, acknowledging both the stock’s potential and the risks inherent in the current market environment. Investors should weigh the recent surge in derivatives activity against the broader sector trends and the stock’s technical setup before making directional bets.

Implications for Investors

The recent surge in open interest and volume in Adani Power’s derivatives signals a phase of active repositioning by traders, which could presage increased price volatility in the near term. Investors should monitor whether the rising OI is driven predominantly by fresh longs, indicating bullish sentiment, or by shorts, which would suggest caution.

Given the stock’s improved mojo grade and large-cap stature, it remains a key name within the power sector for portfolio consideration. However, the mixed technical signals and narrow trading range highlight the need for careful entry points and risk management.

Market participants would be well advised to track delivery volumes and moving average crossovers closely, as these will provide further clues on the sustainability of the current price action and the validity of the directional bets being placed in the derivatives market.

Conclusion

Adani Power Ltd’s derivatives market activity has intensified markedly, with a 17.57% increase in open interest and strong volume participation reflecting renewed investor focus. While the stock has outperformed its sector and the Sensex on the day, technical indicators remain mixed, suggesting a cautious stance.

The upgrade in mojo grade from Sell to Hold and the large-cap status provide a foundation for potential upside, but investors should remain vigilant to evolving market signals. The interplay of rising open interest, delivery volumes, and price action will be critical in determining the stock’s trajectory in the coming weeks.

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