Open Interest and Volume Dynamics
On 23 Jan 2026, Fortis Healthcare's open interest (OI) in derivatives rose sharply by 3,529 contracts, a 13.61% increase from the previous day's 25,928 to 29,457 contracts. This uptick in OI was accompanied by a volume of 27,608 contracts, indicating robust trading activity. The futures segment alone accounted for a value of approximately ₹65,394 lakhs, while the options segment's value was substantially higher at ₹11,850.79 crores, culminating in a total derivatives value of ₹66,344.88 lakhs.
The underlying stock price closed at ₹847, having touched an intraday high of ₹864.45, up 2.73% on the day. This price movement followed five consecutive days of decline, marking a potential trend reversal. The stock outperformed its hospital sector peers by 1.42% and delivered a 0.89% return compared to the sector's negative 0.27% and the Sensex's 0.75% decline.
Market Positioning and Investor Sentiment
The surge in open interest alongside rising volume suggests that market participants are actively repositioning themselves. The increase in delivery volume to 16.41 lakh shares on 22 Jan, a 16.37% rise over the five-day average, further confirms heightened investor participation. Despite the stock trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, the recent price bounce and volume spike may indicate early signs of accumulation by institutional investors.
Fortis Healthcare's market capitalisation stands at ₹64,088.40 crores, categorising it as a mid-cap stock within the hospital sector. The company’s Mojo Score currently sits at 65.0, with a Mojo Grade of Hold, downgraded from Buy on 13 Jan 2025. This reflects a cautious stance by analysts, balancing the recent positive price action against longer-term technical resistance and sector headwinds.
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Interpreting the Derivatives Activity
The 13.61% rise in open interest, coupled with strong volume, often signals fresh capital entering the market or existing participants increasing their exposure. In Fortis Healthcare’s case, the derivatives data suggests a growing conviction among traders about a potential upward move. The futures value of ₹65,394 lakhs indicates significant long or short positions being established, while the options value, exceeding ₹11,850 crores, points to active hedging and speculative strategies.
Given the stock’s recent price rebound after a prolonged decline, the derivatives activity may reflect directional bets favouring a recovery. However, the fact that the stock remains below all major moving averages tempers enthusiasm, implying that any rally could face resistance near these technical levels.
Sector and Market Context
The hospital sector has experienced mixed performance recently, with Fortis Healthcare’s outperformance standing out amid broader sector weakness. The Sensex’s 0.75% decline on the same day underscores the stock’s relative strength. This divergence may attract investors seeking defensive plays in healthcare amid volatile market conditions.
Liquidity metrics also support active trading in Fortis Healthcare. The stock’s liquidity, based on 2% of the five-day average traded value, allows for trade sizes up to ₹4.18 crores without significant market impact. This level of liquidity is favourable for institutional investors looking to build or unwind sizeable positions.
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Outlook and Investor Considerations
While the recent surge in open interest and volume signals renewed interest in Fortis Healthcare, investors should weigh this against the stock’s technical challenges and sector dynamics. The Mojo Grade downgrade to Hold suggests that analysts are awaiting clearer confirmation of a sustained uptrend before upgrading their stance.
Investors should monitor whether the stock can break above its key moving averages, which would validate the bullish positioning seen in derivatives. Additionally, tracking changes in open interest in the coming sessions will be crucial to confirm if the current surge represents genuine accumulation or short-covering.
Given the hospital sector’s defensive qualities and Fortis Healthcare’s market capitalisation of ₹64,088.40 crores, the stock remains a significant player. However, cautious optimism is warranted until technical and fundamental signals align more decisively.
Summary
Fortis Healthcare Ltd’s derivatives market activity on 23 Jan 2026 reveals a meaningful increase in open interest and volume, coinciding with a price rebound after a five-day decline. The stock outperformed its sector and the broader market, attracting heightened investor participation. Despite this, the stock remains below key moving averages, and its Mojo Grade has been downgraded to Hold, reflecting a balanced outlook. Investors should watch for sustained technical breakouts and continued derivatives activity to confirm a potential trend reversal.
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