Open Interest and Volume Dynamics
On 26 Feb 2026, Fortis Healthcare’s open interest (OI) in futures and options contracts rose sharply by 3,522 contracts, a 20.98% increase from the previous day’s 16,789 to 20,311. This notable expansion in OI was accompanied by a volume of 22,684 contracts, indicating strong trading interest and fresh positions being established rather than merely unwinding existing ones.
The futures segment alone accounted for a value of approximately ₹26,618 lakhs, while the options segment’s notional value was substantially higher at ₹14,639 crores, culminating in a total derivatives market value of ₹30,584 lakhs for Fortis. This scale of activity underscores the stock’s growing prominence among derivatives traders and institutional participants.
Price Performance and Technical Strength
Fortis Healthcare’s underlying stock price closed at ₹953, having touched an intraday high of ₹961.4, marking a 3.29% gain on the day. The stock has been on a positive trajectory for two consecutive sessions, delivering a cumulative return of 4.06%. This outperformance is particularly notable against the hospital sector’s modest 0.11% gain and the Sensex’s decline of 0.18% on the same day.
Technically, Fortis is trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling sustained bullish momentum. The rising delivery volume of 11.05 lakh shares on 25 Feb, which surged 116.75% above the five-day average, further confirms strong investor conviction and accumulation.
Market Positioning and Directional Bets
The sharp increase in open interest alongside rising volumes suggests that market participants are taking fresh directional bets on Fortis Healthcare. The combination of rising prices and expanding OI typically indicates that new long positions are being initiated, reflecting bullish sentiment. Conversely, if prices had declined with rising OI, it would have implied fresh short positions.
Given the stock’s recent upgrades and technical strength, investors appear to be positioning for further upside. However, it is important to note that Fortis’s Mojo Score currently stands at 51.0 with a Mojo Grade of Hold, downgraded from Buy on 13 Jan 2025. This suggests a cautious stance from rating agencies despite the positive price action, possibly reflecting valuation concerns or sector headwinds.
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Liquidity and Market Capitalisation Context
Fortis Healthcare is classified as a mid-cap stock with a market capitalisation of ₹71,834 crores. The stock’s liquidity profile is robust, with a traded value sufficient to support trade sizes of up to ₹2.21 crores based on 2% of the five-day average traded value. This liquidity ensures that institutional investors can enter or exit positions without significant price impact, which is crucial for sustained derivatives activity.
The stock’s day change of 2.43% and its ability to outperform the hospital sector by 2.51% on the day further highlight its relative strength within the healthcare space. This outperformance, coupled with the derivatives market activity, points to a growing consensus on Fortis’s near-term prospects.
Investor Sentiment and Rating Evolution
While the stock has demonstrated strong price momentum and increased investor participation, the downgrade in Mojo Grade from Buy to Hold on 13 Jan 2025 indicates a tempered outlook from analysts. The Mojo Score of 51.0 reflects a neutral stance, suggesting that while the stock has upside potential, risks remain that could temper gains.
Investors should weigh the positive technical signals and rising open interest against the cautious fundamental assessment. The hospital sector, while defensive, faces challenges such as regulatory changes and margin pressures, which may influence Fortis’s medium-term trajectory.
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Outlook and Strategic Considerations
Given the current market positioning, Fortis Healthcare appears poised for further gains in the near term, supported by strong technicals and rising open interest. However, investors should remain vigilant to sector-specific risks and valuation metrics. The stock’s ability to sustain above key moving averages and maintain elevated delivery volumes will be critical indicators of continued strength.
Market participants should also monitor the derivatives market closely for any sudden shifts in open interest or volume that could signal a change in sentiment. The current pattern suggests a bullish bias, but volatility in healthcare stocks can be influenced by policy announcements and earnings results.
In summary, Fortis Healthcare’s recent surge in open interest and volume reflects growing investor confidence and a potential directional bet on the stock’s upside. While the fundamental rating remains cautious, the technical and market data provide actionable insights for traders and investors seeking exposure to the hospital sector.
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