Adani Power Limited Option Chain Analysis
| CE OI | Chg | Vol | IV | LTP | Strike | LTP | IV | Vol | Chg | PE OI |
|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | —% | ₹— | 80 | ₹— | 20.3% | — | — | — |
| — | — | — | —% | ₹— | 85 | ₹— | 19.0% | — | — | — |
| — | — | — | —% | ₹— | 90 | ₹— | 17.7% | — | — | — |
| — | — | — | —% | ₹— | 95 | ₹— | 16.6% | — | — | — |
| — | — | — | —% | ₹— | 100 | ₹— | 15.4% | — | — | — |
| — | — | — | —% | ₹— | 105 | ₹— | 14.3% | — | — | — |
| — | — | — | —% | ₹— | 110 | ₹— | 13.3% | — | — | — |
| — | — | — | —% | ₹— | 112.5 | ₹— | 12.8% | — | — | — |
| — | — | — | —% | ₹— | 115 | ₹— | 12.3% | — | — | — |
| — | — | — | —% | ₹— | 117.5 | ₹— | 11.9% | — | — | — |
| — | — | — | —% | ₹— | 120 | ₹— | 11.4% | — | — | — |
| — | — | — | —% | ₹— | 122.5 | ₹— | 10.9% | — | — | — |
| — | — | — | —% | ₹27.01 | 125 | ₹0.03 | —% | 7K | 0 | 25K |
| — | — | — | —% | ₹— | 127.5 | ₹— | 10.1% | — | — | — |
| 14K | 0 | — | —% | ₹68.62 | 130 | ₹0.05 | —% | 11K | -7K | 1.1 L |
| — | — | — | —% | ₹— | 132.5 | ₹— | 9.2% | — | — | — |
| 2.9 L | 0 | — | —% | ₹65.15 | 135 | ₹0.07 | —% | — | 0 | 71K |
| — | — | — | —% | ₹16.91 | 137.5 | ₹3.21 | —% | — | — | — |
| 2.0 L | 0 | — | —% | ₹64.48 | 140 | ₹0.09 | —% | 7K | 0 | 6.5 L |
| 4K | 0 | — | —% | ₹55.80 | 142.5 | ₹4.81 | —% | — | — | — |
| 2.4 L | 0 | — | —% | ₹55.01 | 145 | ₹0.06 | —% | 4K | 0 | 2.1 L |
| 1.6 L | 0 | — | —% | ₹54.87 | 147.5 | ₹0.06 | —% | — | 0 | 36K |
| 1.7 L | 0 | — | —% | ₹55.21 | 150 | ₹0.10 | —% | 21K | -11K | 8.3 L |
| 11K | 0 | — | —% | ₹38.50 | 152.5 | ₹0.10 | 87.0% | — | 0 | 85K |
| 2.9 L | 0 | — | —% | ₹43.10 | 155 | ₹0.17 | 89.1% | — | 0 | 3.1 L |
| 1.3 L | 0 | — | —% | ₹48.95 | 157.5 | ₹0.05 | 71.3% | — | 0 | 75K |
| 8.3 L | 0 | 28K | —% | ₹43.50 | 160 | ₹0.15 | 82.5% | 46K | -43K | 12.4 L |
| 99K | 0 | — | 100.7% | ₹39.46 | 162.5 | ₹0.22 | 83.2% | 39K | +28K | 1.1 L |
| 4.0 L | 0 | — | —% | ₹34.55 | 165 | ₹0.20 | 76.2% | 75K | +7K | 4.7 L |
| 1.4 L | 0 | — | 139.8% | ₹37.25 | 167.5 | ₹0.33 | 74.0% | — | 0 | 1.6 L |
| 15.1 L | 0 | 28K | —% | ₹34.15 | 170 | ₹0.30 | 72.3% | 6.2 L | -96K | 15.6 L |
| 96K | 0 | — | —% | ₹26.47 | 172.5 | ₹0.45 | 78.0% | 4K | 0 | 2.0 L |
| 14.2 L | 0 | — | —% | ₹25.20 | 175 | ₹0.40 | 66.4% | 8.3 L | +2.5 L | 20.7 L |
| 1.5 L | 0 | — | 87.6% | ₹25.67 | 177.5 | ₹1.00 | 77.1% | — | 0 | 2.0 L |
| 33.2 L | -1.5 L | 2.3 L | 41.3% | ₹24.20 | 180ATM | ₹0.63 | 61.7% | 16.9 L | +32K | 29.5 L |
| 2.9 L | -7K | 14K | 49.2% | ₹21.01 | 182.5 | ₹0.94 | 62.5% | 92K | -11K | 3.2 L |
| 8.2 L | -53K | 1.6 L | 55.1% | ₹19.00 | 185 | ₹1.33 | 63.5% | 7.2 L | +43K | 30.1 L |
| 1.3 L | 0 | — | 69.8% | ₹16.46 | 187.5 | ₹1.74 | 65.3% | 99K | +11K | 3.2 L |
| 9.4 L | -1.1 L | 5.5 L | 57.6% | ₹15.00 | 190 | ₹2.34 | 64.4% | 24.4 L | +2.3 L | 18.9 L |
| 2.3 L | +14K | 50K | 58.5% | ₹13.40 | 192.5 | ₹3.08 | 64.3% | 92K | -25K | 2.1 L |
| 22.8 L | -1.9 L | 8.4 L | 62.7% | ₹11.80 | 195 | ₹3.96 | 65.9% | 20.7 L | +4.4 L | 16.2 L |
| 1.8 L | -46K | 2.9 L | 62.5% | ₹10.24 | 197.5 | ₹4.94 | 65.6% | 2.3 L | -14K | 2.8 L |
| 22.2 L | -2.4 L | 54.6 L | 64.4% | ₹9.08 | 200 | ₹6.15 | 68.3% | 67.8 L | +5.5 L | 22.9 L |
| 5.8 L | +39K | 23.4 L | 65.3% | ₹7.94 | 202.5 | ₹7.40 | 68.7% | 6.7 L | +4K | 2.4 L |
| 33.4 L | +7.0 L | 1.14 Cr | 64.0% | ₹6.62 | 205 | ₹8.74 | 67.5% | 31.9 L | +21K | 9.1 L |
| 11.8 L | +5.7 L | 31.2 L | 65.2% | ₹5.60 | 207.5 | ₹10.30 | 69.3% | 50K | +18K | 21K |
| 43.7 L | +5.6 L | 1.04 Cr | 64.2% | ₹4.66 | 210 | ₹11.85 | 68.6% | 3.6 L | +50K | 2.7 L |
| 2.4 L | +32K | 5.0 L | 66.1% | ₹4.12 | 212.5 | ₹42.82 | 315.4% | — | — | — |
| 13.0 L | +2.3 L | 26.0 L | 65.4% | ₹3.35 | 215 | ₹15.47 | 70.2% | 57K | +18K | 36K |
| 2.6 L | +21K | 2.2 L | 65.1% | ₹2.69 | 217.5 | ₹44.75 | 304.1% | — | — | — |
| 24.1 L | +3.8 L | 60.4 L | 65.7% | ₹2.19 | 220 | ₹19.00 | 70.0% | 53K | +11K | 36K |
| — | — | — | 2.2% | ₹— | 222.5 | ₹— | —% | — | — | — |
| 25.1 L | +8.4 L | 58.2 L | 65.5% | ₹1.40 | 225 | ₹23.80 | 38.4% | — | +4K | 4K |
| — | — | — | 2.7% | ₹— | 227.5 | ₹— | —% | — | — | — |
| — | — | — | 2.9% | ₹— | 230 | ₹— | —% | — | — | — |
| — | — | — | 3.2% | ₹— | 232.5 | ₹— | —% | — | — | — |
| — | — | — | 3.4% | ₹— | 235 | ₹— | —% | — | — | — |
| — | — | — | 3.6% | ₹— | 237.5 | ₹— | —% | — | — | — |
| — | — | — | 3.9% | ₹— | 240 | ₹— | —% | — | — | — |
| — | — | — | 4.1% | ₹— | 242.5 | ₹— | —% | — | — | — |
| — | — | — | 4.3% | ₹— | 245 | ₹— | —% | — | — | — |
| — | — | — | 4.8% | ₹— | 250 | ₹— | —% | — | — | — |
| — | — | — | 5.2% | ₹— | 255 | ₹— | —% | — | — | — |
| — | — | — | 5.7% | ₹— | 260 | ₹— | —% | — | — | — |
| — | — | — | 6.1% | ₹— | 265 | ₹— | —% | — | — | — |
| — | — | — | 6.5% | ₹— | 270 | ₹— | —% | — | — | — |
| — | — | — | 6.9% | ₹— | 275 | ₹— | —% | — | — | — |
Bold CE OI = highest call writing (resistance). Bold PE OI = highest put writing (support). ATM = at-the-money.
Key Strike Levels
Resistance clusters sharply at ₹225, where highest call OI dominates, while immediate support holds at ₹200, backed by substantial put open interest. The next major downside cushion appears at ₹195, with secondary support at ₹175. Given spot at ₹203.23, the implied range hinges on the ₹200–₹225 corridor ahead of expiry.
OI Buildup Activity
Fresh long calls flood into ₹225 (+8.38 lakh), signaling aggressive bullish bets above spot, while ₹205 and ₹207.5 see heavy long buildup (+6.96 lakh and +5.72 lakh), suggesting call writers face mounting pressure near-term. On the put side, ₹200 attracts strong long put initiation (+5.47 lakh), with additional support building at ₹195 (+4.33 lakh), indicating writers are defending the floor. Bearish conviction emerges at lower strikes, but near-term covering may cap downside before ₹195.
Volatility Read
ATM IV holds at elevated 64.4%, reflecting sustained premium in options pricing, while bearish skew shows put demand outpacing calls at key downside levels. Elevated IV favors sellers, though directional bias leans short as skew highlights hedging against downside.
Strategy Implication
Bias tilts bearish with defensive longs at ₹195–₹200 and aggressive calls stacked at ₹225, positioning writers for range-bound resistance.