Open Interest and Volume Dynamics
On 11 Feb 2026, Fortis Healthcare’s open interest (OI) in derivatives rose sharply by 4,003 contracts, an 18.05% increase from the previous day’s 22,183 to 26,186. This notable expansion in OI was accompanied by a robust volume of 59,788 contracts, indicating strong participation from traders and investors. The futures segment alone accounted for a value of approximately ₹34,270.45 lakhs, while options contributed a staggering ₹40,297.35 crores, culminating in a total derivatives value of ₹41,949.41 lakhs.
The underlying stock price closed at ₹921, having touched an intraday high of ₹930.90, up 4.38% on the day. This price action aligns with the open interest surge, suggesting that market participants are positioning for further upside in Fortis Healthcare’s shares.
Price Performance and Moving Averages
Fortis Healthcare has been on a three-day consecutive gain streak, delivering a cumulative return of 7.29%. The stock’s current price is trading above its 5-day, 20-day, 50-day, and 200-day moving averages, signalling a strong short- to long-term bullish trend. However, it remains slightly below the 100-day moving average, indicating some resistance at that level which traders will be watching closely.
In comparison, the Hospital & Healthcare Services sector has gained 3.06% on the same day, while the Sensex showed marginal movement with a 0.02% increase. Fortis’s 3.11% day change outperformed both benchmarks, reinforcing its relative strength within the sector.
Investor Participation and Liquidity Considerations
Despite the positive price and derivatives activity, delivery volume on 10 Feb fell by 24.08% to 6.13 lakh shares compared to the 5-day average, indicating a decline in long-term investor participation. This divergence between derivatives activity and delivery volumes may reflect speculative positioning rather than sustained accumulation by institutional investors.
Liquidity remains adequate for sizeable trades, with the stock’s average traded value supporting a trade size of approximately ₹2.12 crore based on 2% of the 5-day average. This liquidity profile favours active traders and institutional players looking to build or unwind positions efficiently.
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Market Positioning and Directional Bets
The surge in open interest alongside rising prices and volumes suggests that market participants are increasingly bullish on Fortis Healthcare. The 18.05% jump in OI indicates fresh positions being added rather than existing ones being squared off, which typically points to directional bets on further price appreciation.
Options data, with an extraordinarily high notional value, implies that traders are actively using derivatives to hedge or leverage their exposure. The combination of futures and options activity reflects a complex market positioning where both directional and volatility plays may be in effect.
Given Fortis Healthcare’s current Mojo Score of 65.0 and a Mojo Grade downgraded from Buy to Hold as of 13 Jan 2025, the market appears to be cautiously optimistic. The downgrade reflects some concerns over valuation or near-term fundamentals, but the recent price momentum and derivatives activity suggest renewed confidence among traders.
Sectoral and Market Context
Fortis Healthcare operates within the hospital industry, a sector that has shown resilience and steady growth amid evolving healthcare demands. The mid-cap company, with a market capitalisation of ₹68,928 crore, is well positioned to benefit from increasing healthcare penetration and infrastructure expansion in India.
The hospital sector’s 3.06% gain on the day, coupled with Fortis’s outperformance, highlights the stock’s leadership within its peer group. However, the falling delivery volumes caution that the rally may be driven more by short-term traders than long-term investors.
Technical Outlook and Investor Implications
Technically, Fortis Healthcare’s price action above multiple moving averages supports a bullish outlook, but the resistance near the 100-day moving average will be a critical level to watch. A sustained breakout above this level could trigger further buying interest and validate the recent surge in open interest.
Investors should monitor the evolving derivatives positioning closely, as a sharp increase in open interest combined with rising prices often precedes significant moves. However, the Hold rating and moderate Mojo Score suggest a balanced approach, weighing potential upside against valuation and sector risks.
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Conclusion
Fortis Healthcare’s recent open interest surge in derivatives, combined with strong volume and price gains, signals a renewed bullish sentiment among market participants. While the stock’s Hold rating and falling delivery volumes suggest some caution, the technical setup and sectoral outperformance provide a compelling case for continued upside potential.
Investors and traders should closely monitor the stock’s ability to breach the 100-day moving average and watch for sustained increases in open interest as confirmation of a robust upward trend. Given the stock’s liquidity and active derivatives market, Fortis Healthcare remains a key name to watch in the hospital sector for the near term.
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