Angel One Ltd Sees Sharp Open Interest Surge Amid Bearish Price Action

Open Interest and Volume Dynamics

On 26 Feb 2026, Angel One Ltd’s open interest rose sharply from 17,120 contracts to 19,287 contracts, an absolute increase of 2,167 contracts. This 12.66% jump in OI was accompanied by a total volume of 21,739 contracts, indicating robust trading activity in the derivatives market. The futures segment alone accounted for a value of approximately ₹19,959.7 lakhs, while options contributed a staggering ₹12,161.3 crores in notional value, culminating in a combined derivatives turnover of ₹22,958.7 lakhs.

The underlying stock price closed at ₹242, having touched an intraday high of ₹254.9 (+2.37%) and a low of ₹241.4 (-3.05%). Notably, the weighted average price skewed closer to the day’s low, suggesting that the bulk of trading volume occurred near the lower price range, a potential bearish indicator.

Market Positioning and Sentiment

The surge in open interest alongside increased volume typically signals fresh capital entering the market, often reflecting new directional bets. However, Angel One’s price action and moving averages paint a cautious picture. The stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, underscoring a sustained downtrend. This technical backdrop, combined with a 2.90% decline on the day and underperformance relative to the capital markets sector (-2.47%) and Sensex (-0.10%), suggests that the increased OI may be driven by bearish positioning rather than bullish accumulation.

Further supporting this view is the delivery volume spike recorded on 25 Feb 2026, which rose by 92.17% to 3.56 lakh shares compared to the 5-day average. This heightened investor participation in delivery volumes indicates that long-term holders might be offloading shares, reinforcing the negative sentiment.

Implications of the Open Interest Surge

The 12.66% increase in open interest, coupled with a volume of 21,739 contracts, suggests that traders are actively repositioning in Angel One’s derivatives. Given the stock’s current downtrend and underperformance, it is plausible that the surge reflects increased short positions or protective put buying rather than outright bullish bets.

Angel One’s Mojo Score of 41.0 and a recent downgrade from Hold to Sell on 27 Jan 2026 further corroborate the cautious stance. The downgrade reflects deteriorating fundamentals or technical outlook, which may be influencing derivatives traders to hedge or speculate on downside moves.

Liquidity remains adequate, with the stock’s traded value supporting a trade size of approximately ₹3.71 crores based on 2% of the 5-day average traded value. This liquidity facilitates active derivatives trading and allows institutional players to take sizeable positions without excessive market impact.

Technical and Sectoral Context

Angel One operates within the capital markets sector, which itself has been experiencing mixed performance. On the day in question, the sector declined by 0.52%, underperforming the Sensex’s modest 0.10% fall. Angel One’s sharper 2.41% single-day loss highlights its vulnerability relative to peers.

Technically, the stock’s failure to sustain above key moving averages signals persistent selling pressure. The rising delivery volumes indicate that investors may be reducing exposure, potentially anticipating further downside or volatility ahead.

Investor Takeaways and Outlook

For investors and traders, the recent surge in Angel One’s derivatives open interest is a critical signal to monitor. The combination of rising OI, increased volume near the day’s lows, and technical weakness suggests that market participants are positioning for potential downside or increased volatility.

Given the Mojo Grade downgrade to Sell and the stock’s underperformance relative to sector and benchmark indices, a cautious approach is warranted. Investors should consider the broader capital markets environment, liquidity conditions, and technical indicators before initiating fresh positions.

Those holding long positions may want to evaluate risk management strategies, including protective options or stop-loss orders, while traders could explore short-term opportunities arising from heightened volatility and directional bets evident in the derivatives market.

Overall, Angel One Ltd’s recent market activity underscores the importance of integrating derivatives data with price action and fundamental assessments to gain a comprehensive view of market sentiment and potential price trajectories.

Company and Market Profile

Angel One Ltd is classified as a small-cap company with a market capitalisation of approximately ₹22,531 crores. Operating in the capital markets industry, it plays a pivotal role in broking and financial services. The company’s recent performance metrics and market positioning reflect the challenges faced by the sector amid evolving economic conditions and investor sentiment.

Summary of Key Metrics (26 Feb 2026)

• Open Interest: 19,287 contracts (up 12.66% from previous 17,120)
• Volume: 21,739 contracts
• Futures Value: ₹19,959.7 lakhs
• Options Value: ₹12,161.3 crores
• Underlying Price: ₹242
• Day’s High/Low: ₹254.9 / ₹241.4
• Mojo Score: 41.0 (Sell, downgraded from Hold on 27 Jan 2026)
• Market Cap: ₹22,531 crores (Small Cap)
• Day Change: -2.90%

Investors should continue to track open interest trends and volume patterns in Angel One’s derivatives to gauge evolving market sentiment and potential directional shifts.

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