Adani Power Sees Sharp Open Interest Surge Amid Mixed Price Action

Open Interest and Volume Dynamics

On 24 Sep 2026, Adani Power’s open interest (OI) in derivatives rose sharply to 97,321 contracts from 87,663 the previous day, marking an increase of 9,658 contracts or 11.02%. This expansion in OI suggests fresh positions are being established rather than existing ones being squared off, indicating growing interest from traders and investors in the stock’s near-term prospects.

Volume data corroborates this trend, with futures volume recorded at 55,702 contracts. The futures value stood at ₹1,16,781.26 lakhs, while options value was substantially higher at ₹30,176.51 crores, reflecting active participation in both segments. The combined derivatives turnover reached ₹1,18,440.77 lakhs, underscoring robust liquidity and engagement in Adani Power’s derivatives market.

Price Performance and Market Context

Despite the surge in derivatives activity, Adani Power’s underlying stock price has shown weakness. The share price declined by 2.37% on the day, underperforming its sector which fell 1.50%, and the broader Sensex which dropped 1.52%. The stock has been on a two-day losing streak, cumulatively falling 3.39%, and opened with a gap down of 2.37% on 24 Sep 2026.

Intraday, the stock touched a low of ₹199.90, trading within a narrow range of just ₹0.05, signalling subdued price volatility despite increased derivatives activity. Notably, the stock price remains above its 200-day moving average but below its 5-day, 20-day, 50-day, and 100-day moving averages, indicating a mixed technical picture with short-term bearish momentum but longer-term support.

Investor Participation and Liquidity

Investor participation has been rising, as evidenced by delivery volumes. On 23 Sep 2026, delivery volume surged to 1.17 crore shares, a 114.14% increase compared to the five-day average delivery volume. This heightened participation suggests that investors are increasingly taking or holding positions in the stock, potentially anticipating a directional move.

Liquidity remains adequate for sizeable trades, with the stock’s traded value supporting a trade size of approximately ₹6.29 crores based on 2% of the five-day average traded value. This level of liquidity is favourable for institutional and retail investors alike, enabling efficient entry and exit without significant price impact.

Market Positioning and Directional Implications

The increase in open interest alongside rising volumes and delivery participation points to a complex market positioning scenario. The 11.02% jump in OI suggests that traders are actively building new positions, possibly anticipating a significant price movement. However, the concurrent price decline and underperformance relative to the sector and benchmark indices indicate a cautious or bearish sentiment prevailing in the short term.

Options market data, with an options value of ₹30,176.51 crores, highlights substantial hedging and speculative activity. The large options turnover may reflect investors’ attempts to manage risk or position for volatility, given the stock’s recent price weakness and technical signals.

Adani Power’s Mojo Score currently stands at 57.0, with a Mojo Grade of Hold, upgraded from Sell on 24 Aug 2026. This upgrade reflects an improvement in the company’s fundamental and technical outlook, though the rating remains cautious. The large-cap stock, with a market capitalisation of ₹3,85,578.19 crores, continues to attract investor attention but faces near-term headwinds as indicated by recent price action.

Technical and Fundamental Considerations

Technically, the stock’s position above the 200-day moving average provides a key support level, but the failure to sustain above shorter-term moving averages suggests resistance and potential consolidation or correction. The narrow intraday trading range on 24 Sep 2026 further indicates indecision among market participants.

Fundamentally, Adani Power operates in the power sector, a segment often influenced by regulatory developments, fuel costs, and demand-supply dynamics. The company’s large-cap status and improving Mojo Grade suggest underlying strength, but investors should remain vigilant to sectoral and macroeconomic factors that could impact performance.

Investor Takeaway

For investors and traders, the surge in open interest and volume in Adani Power’s derivatives market signals increased market focus and potential volatility ahead. While the stock’s recent price weakness and technical indicators counsel caution, the improved Mojo Grade and strong delivery volumes suggest that longer-term investors may find value in accumulating selectively.

Market participants should closely monitor open interest trends, price movements relative to key moving averages, and sector developments to gauge the sustainability of current positioning. The elevated options activity also warrants attention as it may presage upcoming volatility or directional shifts.

In summary, Adani Power Ltd’s derivatives market activity reflects a nuanced interplay of cautious bearishness and emerging interest, making it a stock to watch closely in the coming sessions.

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