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

Open Interest and Volume Dynamics

On 25 Feb 2026, Angel One’s open interest in derivatives rose sharply to 16,824 contracts from 14,725 the previous day, an increase of 2,099 contracts or 14.25%. This rise in OI was accompanied by a futures volume of 12,023 contracts, indicating robust trading activity. The futures value stood at ₹11,850.40 lakhs, while the options segment exhibited an enormous notional value of approximately ₹6,610.91 crores, underscoring the significant interest in the stock’s derivatives.

The total derivatives value aggregated to ₹13,447.87 lakhs, reflecting a substantial capital flow into Angel One’s contracts. The underlying stock price was ₹2,422, trading below all major moving averages (5-day, 20-day, 50-day, 100-day, and 200-day), signalling a bearish technical setup.

Price Performance and Market Sentiment

Angel One has been on a downward trajectory, losing 6.23% over the past five consecutive trading sessions. The stock underperformed its sector by 1.17% on the day, with a marginal decline of 0.38% compared to the sector’s 0.05% gain and Sensex’s 0.18% rise. The weighted average price of traded contracts skewed closer to the day’s low, suggesting selling pressure and cautious investor sentiment.

Delivery volumes surged to 2.64 lakh shares on 24 Feb, a 45.81% increase over the five-day average, indicating rising investor participation despite the bearish trend. Liquidity remains adequate, with the stock supporting a trade size of ₹3.72 crores based on 2% of the five-day average traded value, facilitating sizeable positions in both cash and derivatives markets.

Interpreting the Open Interest Surge

The 14.25% increase in open interest is a critical indicator of fresh positions being established in Angel One’s derivatives. Typically, rising OI alongside falling prices suggests that new short positions are being added, reflecting bearish market sentiment. This is consistent with the stock’s five-day losing streak and its trading below all key moving averages.

Moreover, the substantial notional value in options contracts points to active hedging and speculative activity. The elevated options value, exceeding ₹6,610 crores, implies that traders are positioning for significant price movements, possibly anticipating further downside or volatility in the near term.

Market Positioning and Directional Bets

Given the data, it appears that market participants are increasingly bearish on Angel One. The combination of rising open interest, heavy volume near the day’s lows, and a decline in price suggests that traders are betting on continued weakness. This is further supported by the Mojo Score of 47.0 and a downgrade in Mojo Grade from Hold to Sell on 27 Jan 2026, reflecting deteriorating fundamentals and technical outlook.

Investors should note that the stock’s market capitalisation stands at ₹22,280.03 crores, categorising it as a small cap within the capital markets sector. The Market Cap Grade of 3 indicates moderate liquidity and market interest, but the recent negative momentum and technical signals warrant caution.

Broader Sector and Benchmark Comparison

Angel One’s underperformance relative to its sector and the Sensex highlights the stock-specific challenges it faces. While the broader capital markets sector and benchmark indices have shown modest gains, Angel One’s persistent decline and rising bearish derivatives activity suggest company-specific headwinds or profit-taking by institutional investors.

Investors should monitor upcoming quarterly results, regulatory developments, and sectoral trends that could influence the stock’s trajectory. The current derivatives positioning implies that traders are bracing for further downside or increased volatility, making it imperative to assess risk carefully.

Investor Takeaways and Outlook

Angel One’s recent surge in open interest amid declining prices signals a market consensus leaning towards bearishness. The stock’s technical weakness, combined with increased delivery volumes, suggests that while some investors are exiting or reducing exposure, others may be positioning for further downside through derivatives.

Given the downgrade to a Sell rating and a Mojo Score below 50, investors should exercise caution and consider risk management strategies. The stock’s liquidity supports active trading, but the prevailing market sentiment and technical indicators point to a challenging near-term outlook.

For those holding Angel One, monitoring open interest trends, volume spikes, and price action will be crucial to gauge shifts in market positioning. New investors might prefer to explore alternatives with stronger fundamentals and more favourable technical setups within the capital markets sector.

Conclusion

The significant increase in Angel One’s derivatives open interest, coupled with its underperformance and bearish technical signals, highlights a market environment where traders are increasingly positioning for downside risk. While delivery volumes indicate sustained investor interest, the overall sentiment remains cautious to negative. Investors should remain vigilant and consider portfolio diversification to mitigate potential volatility.

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