Open Interest and Volume Dynamics
The latest data reveals that Waaree Energies’ open interest (OI) in futures and options contracts rose sharply from 28,290 to 34,468 contracts, an increase of 6,178 contracts or 21.84% on 17 Feb 2026. This surge in OI was accompanied by a total volume of 58,183 contracts traded, indicating robust participation from market participants. The futures segment alone accounted for a value of approximately ₹42,352.09 lakhs, while the options segment’s notional value stood at a staggering ₹26,720.25 crores, underscoring the scale of derivatives activity around this stock.
The underlying stock price closed at ₹2,933, having touched an intraday low of ₹2,923, down 4.26% on the day. Notably, the weighted average price of traded contracts clustered closer to the day’s low, suggesting that sellers dominated the session despite the rising open interest.
Price Performance and Moving Averages
Waaree Energies has been on a downward trajectory over the past two sessions, losing 6.05% cumulatively. This underperformance is more pronounced relative to its sector, which declined by only 0.20% on the same day, and the Sensex, which remained flat. The stock’s price currently trades above its 20-day and 50-day moving averages but remains below the 5-day, 100-day, and 200-day averages. This mixed technical picture indicates short-term weakness amid longer-term support levels.
Investor participation in the cash segment has also waned, with delivery volumes falling by 15.26% compared to the five-day average, signalling reduced conviction among long-term holders. However, liquidity remains adequate, with the stock’s traded value supporting sizeable trade sizes up to ₹4.44 crores without significant market impact.
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Market Positioning and Directional Bets
The sharp rise in open interest alongside a falling stock price suggests a complex market positioning scenario. Typically, an increase in OI with declining prices can indicate fresh short positions being built or long positions being unwound. However, the substantial volume and high notional values in options hint at active hedging and speculative strategies.
Given Waaree Energies’ Mojo Score of 78.0 and an upgraded Mojo Grade from Hold to Buy as of 9 Dec 2025, institutional investors may be positioning for a medium-term rebound despite short-term weakness. The stock’s mid-cap market capitalisation of ₹84,086.07 crores and its classification within the Other Electrical Equipment sector make it a key player in a segment poised for growth amid rising renewable energy adoption.
Options data, with a notional value exceeding ₹26,700 crores, points to significant interest in both calls and puts, reflecting divergent views on the stock’s near-term direction. Traders may be employing strategies such as protective puts or call spreads to manage risk amid volatility.
Technical and Fundamental Outlook
Technically, the stock’s position above the 20-day and 50-day moving averages provides some support, but the failure to hold above the 5-day and longer-term averages signals caution. The falling delivery volumes and recent price weakness suggest that short-term momentum is negative, but the underlying fundamentals remain intact, as reflected in the Mojo Buy rating and steady market cap grade of 2.
Investors should monitor whether the open interest continues to rise alongside price stabilisation or recovery, which would confirm renewed bullish sentiment. Conversely, a sustained decline in price with rising OI could indicate further downside risk as shorts gain control.
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Implications for Investors
For investors, the current scenario presents both opportunity and risk. The elevated open interest and volume suggest that the stock is under active scrutiny by traders, which can lead to increased volatility. The recent downgrade in short-term price momentum advises caution, but the upgraded Mojo Grade and solid fundamentals support a constructive medium-term outlook.
Investors with a higher risk appetite may consider accumulating on dips, especially if the stock price finds support near the 20-day moving average and open interest stabilises. Conversely, risk-averse participants might prefer to wait for clearer confirmation of trend reversal before increasing exposure.
Overall, Waaree Energies Ltd remains a stock to watch closely, as its derivatives market activity provides valuable clues on evolving market sentiment and potential directional bets.
Summary
In summary, Waaree Energies Ltd’s recent surge in open interest by 21.8% amid falling prices highlights a nuanced market positioning landscape. The stock’s underperformance relative to its sector and declining delivery volumes point to short-term weakness, while its upgraded Mojo Grade and strong fundamentals underpin a positive medium-term outlook. Traders and investors should carefully monitor derivatives activity and price action to gauge the prevailing sentiment and adjust their strategies accordingly.
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