Bharti Airtel Sees Sharp Open Interest Surge Amid Bearish Price Action

Open Interest and Volume Dynamics

On 24 Feb 2026, Bharti Airtel's futures open interest expanded by 17,133 contracts, an 11.01% increase compared to the previous session. This rise in OI was accompanied by a futures volume of 1,04,120 contracts, indicating robust trading activity. The total futures value stood at approximately ₹1,94,290.6 lakhs, while options value was significantly higher at ₹78,709.5 crores, reflecting substantial derivatives market interest.

The underlying stock price closed at ₹1,941, having touched an intraday low of ₹1,921.8, down 3.78% from the previous close. Notably, the weighted average price of traded volumes skewed closer to the day's low, suggesting selling pressure dominated the session. The stock traded below all key moving averages—5-day, 20-day, 50-day, 100-day, and 200-day—indicating a bearish technical setup.

Market Positioning and Investor Sentiment

The increase in open interest amid falling prices typically points to fresh short positions being initiated or existing shorts being added to, signalling bearish sentiment among derivatives traders. However, the rising delivery volume of 24.01 lakh shares on 23 Feb, up 8.95% against the five-day average, suggests that long-term investors may be accumulating shares despite near-term weakness.

Bharti Airtel's market cap remains substantial at ₹10,98,881 crores, categorising it firmly as a large-cap stock within the Telecom - Services sector. The sector itself declined by 2.56% on the day, slightly outperforming the stock's 2.7% drop, while the Sensex fell 0.8%, highlighting the stock's relative underperformance.

Technical and Fundamental Assessment

Bharti Airtel's Mojo Score currently stands at 68.0, with a Mojo Grade of Hold, downgraded from Buy on 29 Dec 2025. This reflects a cautious stance given recent price weakness and technical deterioration. The stock's liquidity remains adequate, with a trade size capacity of approximately ₹17 crores based on 2% of the five-day average traded value, ensuring smooth execution for institutional investors.

From a technical perspective, the stock's position below all major moving averages signals a bearish trend, which may persist unless there is a significant reversal in volume and price action. The telecom sector's overall weakness adds to the headwinds, although Bharti Airtel's large market capitalisation and dominant market position provide some defensive qualities.

Directional Bets and Derivatives Market Implications

The surge in open interest alongside declining prices suggests that market participants are positioning for further downside or hedging existing long exposures. The substantial options market value indicates active participation in both calls and puts, with traders likely employing complex strategies to manage risk or speculate on volatility.

Given the stock's underperformance relative to the sector and benchmark indices, the derivatives activity may also reflect a rotation of capital towards other telecom names or sectors perceived as more resilient. Investors should monitor changes in open interest in the coming sessions to gauge whether the current bearish positioning intensifies or unwinds.

Outlook and Investor Considerations

Investors should approach Bharti Airtel with caution in the near term, given the current technical weakness and increased bearish positioning in derivatives. The downgrade from Buy to Hold by MarketsMOJO reflects this tempered outlook. However, the stock's strong fundamentals, large market cap, and rising delivery volumes indicate that long-term investors may view current levels as an opportunity to accumulate selectively.

Monitoring open interest trends, volume patterns, and price action over the next few sessions will be critical to discerning whether the recent surge in derivatives activity signals a sustained directional move or a short-term correction. Additionally, sectoral developments and broader market sentiment will continue to influence Bharti Airtel's trajectory.

In summary, the sharp increase in open interest amid a falling stock price highlights a complex interplay of hedging, speculative positioning, and investor sentiment shifts. Market participants should weigh these factors carefully when considering exposure to Bharti Airtel in their portfolios.

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