Open Interest and Volume Dynamics
On 7 January 2026, Apollo Hospitals recorded an open interest (OI) of 45,304 contracts in its derivatives, marking an 11.74% increase from the previous OI of 40,545. This rise of 4,759 contracts is notable given the stock's underlying value of ₹7,429. The volume traded stood at 75,393 contracts, indicating robust trading activity in futures and options. The futures segment alone accounted for a value of approximately ₹47,054.19 lakhs, while the options segment's value was substantially higher at ₹66,684.52 crores, culminating in a total derivatives value of ₹55,532.21 lakhs.
This surge in open interest, coupled with elevated volumes, suggests that market participants are actively positioning themselves in anticipation of directional moves. The increase in OI typically indicates fresh capital entering the market rather than existing positions being squared off, which often precedes significant price movements.
Price Performance and Moving Averages
Apollo Hospitals has demonstrated resilience in price action, outperforming its hospital sector peers by 1.1% on the day. The stock has gained 4.81% over the last two consecutive trading sessions, reflecting sustained buying interest. Its current price is above the 5-day, 20-day, 50-day, and 200-day moving averages, though it remains slightly below the 100-day moving average, indicating a medium-term consolidation phase.
Such positioning relative to moving averages often signals a positive trend with some resistance overhead. The stock’s 1-day return of 0.96% contrasts favourably with the sector’s marginal decline of 0.08% and the Sensex’s fall of 0.31%, underscoring its relative strength in a subdued market environment.
Investor Participation and Liquidity
Investor participation has notably increased, with delivery volumes on 6 January reaching 2.93 lakh shares, a 51.81% rise compared to the 5-day average delivery volume. This surge in delivery volume indicates genuine accumulation rather than speculative trading, which bodes well for the stock’s medium-term prospects.
Liquidity remains adequate for sizeable trades, with the stock’s average traded value supporting trade sizes up to ₹4.67 crores based on 2% of the 5-day average traded value. This liquidity profile ensures that institutional investors can enter or exit positions without significant price impact, further enhancing the stock’s attractiveness.
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Market Positioning and Directional Bets
The sharp rise in open interest alongside increasing volumes points to a growing conviction among traders and investors about the stock’s future direction. Given the positive price momentum and improving fundamentals, it is plausible that market participants are taking bullish positions through futures and call options.
Options data, with an extraordinarily high notional value of ₹66,684.52 crores, suggests significant activity in call options, which typically reflect expectations of upward price movement. The futures value of ₹47,054.19 lakhs also indicates strong participation in outright directional bets.
Such positioning is consistent with Apollo Hospitals’ recent upgrade in its Mojo Grade from Hold to Buy as of 1 January 2026, reflecting improved fundamentals and positive outlook. The company’s Mojo Score of 71.0 further supports this bullish stance, indicating solid financial health and growth prospects within the hospital sector.
Sector and Market Context
Within the hospital industry, Apollo Hospitals stands as a large-cap leader with a market capitalisation of ₹1,06,918 crores. Its outperformance relative to the sector and broader Sensex index highlights its defensive qualities amid market volatility. The hospital sector often benefits from steady demand and resilient earnings, which may be attracting investors seeking stability and growth.
However, the stock’s position below the 100-day moving average suggests some caution is warranted, as medium-term resistance levels could temper gains. Investors should monitor open interest trends and volume patterns closely for confirmation of sustained bullish momentum.
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Outlook and Investor Takeaways
The recent surge in open interest and volume in Apollo Hospitals’ derivatives market signals a growing bullish sentiment among investors. The stock’s strong relative performance, rising delivery volumes, and improved Mojo Grade to Buy reinforce the positive outlook.
Investors should consider the stock’s liquidity and the robustness of its price action above key moving averages as favourable indicators. Nonetheless, the proximity to the 100-day moving average resistance warrants cautious optimism, with close attention to further open interest developments and price confirmation.
Overall, Apollo Hospitals Enterprise Ltd. appears well-positioned to capitalise on sector growth trends and investor confidence, making it a compelling candidate for inclusion in portfolios seeking exposure to the healthcare space.
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