Fortis Healthcare Sees Sharp Open Interest Surge Amid Mixed Market Signals

Open Interest and Volume Dynamics

On 11 Feb 2026, Fortis Healthcare’s open interest (OI) in derivatives climbed sharply to 26,110 contracts from 22,183 the previous session, marking an increase of 3,927 contracts or 17.7%. This rise in OI was accompanied by a robust trading volume of 50,020 contracts, underscoring active participation in the stock’s futures and options market. The futures segment alone accounted for a value of approximately ₹28,161 lakhs, while the options segment’s notional value was substantially higher at ₹33,711.62 crores, culminating in a combined derivatives market value of ₹34,522.76 lakhs.

The underlying stock price closed at ₹915, having touched an intraday high of ₹930.9, representing a 4.38% rise on the day. However, the stock underperformed its sector, the Hospital & Healthcare Services index, which gained 3.24%, with Fortis lagging by 0.7% relative to the sector benchmark. Notably, the stock has been on a three-day consecutive gain streak, delivering a cumulative return of 7.02% during this period.

Market Positioning and Moving Averages

Technically, Fortis Healthcare’s price remains above its 5-day, 20-day, 50-day, and 200-day moving averages, signalling short- to long-term bullish momentum. However, it trades below its 100-day moving average, indicating some resistance at intermediate-term levels. This mixed technical picture suggests that while short-term traders are optimistic, medium-term investors may be cautious, awaiting confirmation of a sustained uptrend.

Interestingly, delivery volumes have declined sharply, with a 24.08% drop in delivery volume to 6.13 lakh shares on 10 Feb compared to the 5-day average. This decline in investor participation in the cash segment contrasts with the surge in derivatives activity, implying that speculative interest is driving much of the recent price action rather than long-term accumulation.

Interpreting the Open Interest Surge

The 17.7% increase in open interest is a significant development, especially when coupled with rising volumes. This pattern often indicates fresh positions being established rather than existing ones being squared off. In Fortis Healthcare’s case, the surge suggests that traders are actively taking directional bets, possibly anticipating further price appreciation given the recent three-day rally.

However, the divergence between the derivatives market enthusiasm and the falling delivery volumes in the cash market points to a speculative tilt. Institutional investors and long-term holders appear to be less active, while short-term traders and hedge funds may be leveraging futures and options to capitalise on volatility or directional moves.

Valuation and Market Capitalisation Context

Fortis Healthcare is classified as a mid-cap stock with a market capitalisation of ₹68,928 crores. Its Mojo Score currently stands at 65.0, reflecting a Hold rating, which was downgraded from Buy on 13 Jan 2025. The Market Cap Grade is 2, indicating moderate liquidity and market interest. Despite the recent price gains, the Hold rating suggests that the stock’s valuation and fundamentals warrant cautious optimism rather than aggressive buying.

Sector and Benchmark Comparisons

Within the Hospital & Healthcare Services sector, which has gained 3.24% on the day, Fortis Healthcare’s 2.75% return trails the sector average by 0.63 percentage points. The broader Sensex index posted a modest 0.11% gain, highlighting that the healthcare sector is outperforming the general market. Fortis’s relative underperformance within a strong sector environment may reflect profit-taking or selective investor preference for other healthcare stocks.

Liquidity and Trading Considerations

Liquidity remains adequate for Fortis Healthcare, with the stock’s traded value supporting a trade size of approximately ₹2.12 crores based on 2% of the 5-day average traded value. This level of liquidity facilitates active trading in both cash and derivatives markets, enabling institutional and retail participants to enter and exit positions with relative ease.

Potential Directional Bets and Outlook

The surge in open interest and volume suggests that market participants are positioning for a directional move in Fortis Healthcare’s stock price. Given the recent upward momentum and the stock’s technical positioning above key moving averages, the bias appears to be moderately bullish in the short term.

Nevertheless, the Hold rating and the stock’s failure to outperform its sector on the day caution against excessive optimism. Investors should monitor whether the stock can sustain gains above the 100-day moving average, which currently acts as a resistance level. A decisive breakout above this threshold could attract further buying interest and validate the bullish positioning in derivatives.

Conversely, a failure to breach this resistance or a reversal in open interest trends could signal profit-booking or a shift towards more cautious sentiment. The decline in delivery volumes also suggests that long-term conviction remains subdued, which may limit the stock’s upside potential in the near term.

Conclusion

Fortis Healthcare’s recent open interest surge in derivatives highlights a growing speculative interest and evolving market positioning. While the stock has shown resilience with a three-day gain and remains technically supported, its relative underperformance within a strong sector and falling delivery volumes indicate a nuanced outlook. Investors should weigh the bullish signals from derivatives activity against the Hold rating and technical resistance levels before making fresh commitments.

Careful monitoring of open interest trends, volume patterns, and price action around key moving averages will be essential to gauge the sustainability of the current momentum and to identify potential entry or exit points.

Upgrade at special rates, valid only for the next few days. Claim Your Special Rate →