Open Interest and Volume Dynamics
On 25 Feb 2026, Angel One Ltd's open interest in derivatives rose sharply by 2,202 contracts, a 14.95% increase from the previous OI of 14,725 to 16,927. This surge in OI was accompanied by a futures volume of 14,285 contracts, reflecting robust trading activity. The combined futures and options value stood at approximately ₹15,838 lakhs, with futures contributing ₹13,939 lakhs and options an overwhelming ₹7,845.91 crores, underscoring the significant derivatives interest in the stock.
The underlying stock price closed at ₹2,461, registering a 1.08% gain on the day, outperforming its sector by 0.35% and the Sensex by 0.86 basis points. Notably, the stock reversed a four-day losing streak, suggesting a potential short-term recovery. However, the weighted average price indicates that more volume was traded near the day's low, hinting at cautious buying and possible resistance at higher levels.
Technical and Market Positioning Insights
Despite the positive price action, Angel One Ltd remains below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a prevailing bearish trend. The delivery volume on 24 Feb surged to 2.64 lakh shares, a 45.81% increase over the five-day average, indicating rising investor participation and possibly accumulation by long-term holders.
Liquidity metrics suggest the stock is sufficiently liquid for sizeable trades, with a 2% threshold of the five-day average traded value allowing for transactions up to ₹3.72 crore without significant market impact. This liquidity supports active derivatives trading and may attract institutional interest.
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Mojo Score and Analyst Sentiment
Angel One Ltd currently holds a mojo score of 47.0, categorised as a 'Sell' grade, a downgrade from its previous 'Hold' rating on 27 Jan 2026. This shift reflects deteriorating fundamentals or technical outlooks as assessed by MarketsMOJO's proprietary analytics. The market cap grade stands at 3, indicating a small-cap status with moderate liquidity and volatility considerations.
The downgrade suggests caution for investors, especially given the stock's position below all major moving averages and the mixed signals from volume and price action. While the recent OI surge points to increased speculative interest, it may also reflect directional bets that could amplify volatility in the near term.
Interpreting the Open Interest Surge
The 14.95% rise in open interest, coupled with a 1.08% price increase, typically indicates fresh buying interest or new long positions being established. However, the fact that the weighted average price was closer to the low of the day suggests that some of this activity may be defensive or hedging in nature rather than outright bullish conviction.
Options market data, with an options value exceeding ₹7,845 crores, points to significant hedging or speculative strategies at play. The large notional value in options could be driving volatility and influencing futures positioning. Traders may be positioning for a directional move, but the mixed technical backdrop advises prudence.
Sector and Market Context
Within the capital markets sector, Angel One Ltd's 0.29% one-day return outpaced the sector's marginal decline of 0.04%, indicating relative strength. The broader Sensex gained 0.22%, reflecting a generally positive market environment. This relative outperformance may attract short-term traders looking to capitalise on momentum, but the downgrade and technical weaknesses temper enthusiasm.
Investor participation, as evidenced by the 45.81% rise in delivery volume, suggests that some market participants are accumulating shares, possibly anticipating a turnaround or valuing the stock at current levels. However, the overall market positioning remains cautious given the prevailing downtrend.
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Investor Takeaways and Outlook
Angel One Ltd's recent open interest surge signals increased market attention and potential directional bets in the derivatives segment. While the stock's modest price gain and rising delivery volumes hint at some accumulation, the technical indicators and mojo downgrade counsel caution.
Investors should closely monitor the stock's ability to break above key moving averages and sustain higher volumes near the upper price range to confirm a genuine trend reversal. The large options market activity also warrants attention, as it may presage heightened volatility or strategic hedging.
Given the current data, Angel One Ltd appears to be at a crossroads, with speculative interest rising but fundamental and technical challenges persisting. A balanced approach, incorporating risk management and peer comparison, is advisable for market participants considering exposure to this capital markets stock.
Summary of Key Metrics:
- Open Interest: 16,927 contracts (up 14.95%)
- Futures Volume: 14,285 contracts
- Futures Value: ₹13,939 lakhs
- Options Value: ₹7,845.91 crores
- Underlying Price: ₹2,461
- Mojo Score: 47.0 (Sell, downgraded from Hold)
- Market Cap: ₹22,430.03 crores (Small Cap)
- Delivery Volume (24 Feb): 2.64 lakh shares (+45.81%)
- Liquidity for trade size: ₹3.72 crore
Market participants should weigh these factors carefully when assessing Angel One Ltd's near-term prospects and derivative positioning.
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