Key Events This Week
Jan 27: Stock edges up 0.32% amid positive market momentum
Jan 29: Q3 FY26 results announced; profit streak continues but valuation concerns linger
Jan 30: Heavy call option activity and sharp open interest surge amid bearish price action
Jan 30: Week closes at Rs.1,137.00 (-0.33%)
Jan 27: Modest Gains Amid Positive Market Sentiment
On 27 January 2026, One 97 Communications Ltd opened the week on a positive note, closing at Rs.1,144.35, up 0.32% from the previous close of Rs.1,140.75. This gain was slightly below the Sensex’s 0.50% rise to 35,786.84, indicating a cautious but optimistic start. The stock traded on a volume of 196,789 shares, reflecting steady investor interest as the broader market showed strength.
Jan 28: Strong Rally Pushes Stock to Weekly High
The stock surged 2.88% on 28 January, reaching a weekly high of Rs.1,177.30. This outpaced the Sensex’s 1.12% gain to 36,188.16, signalling robust buying interest. However, volume declined to 135,318 shares, suggesting selective participation. The rally was likely driven by anticipation ahead of the company’s quarterly results and positive sector momentum.
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Jan 29: Q3 FY26 Results Extend Profit Streak Amid Valuation Concerns
One 97 Communications Ltd announced its Q3 FY26 results on 29 January, continuing its profit streak. Despite this positive earnings momentum, valuation concerns persisted among investors. The stock closed lower at Rs.1,168.70, down 0.73%, underperforming the Sensex’s modest 0.22% gain to 36,266.59. Trading volume further declined to 114,485 shares, reflecting some profit-taking and cautious positioning ahead of further market developments.
Jan 30: Heavy Call Option Activity and Open Interest Surge Amid Bearish Price Action
The final trading day of the week saw a sharp reversal in the stock’s fortunes. One 97 Communications Ltd closed at Rs.1,137.00, down 2.71%, marking a two-day cumulative decline of 3.79%. This underperformance was notable against the Sensex’s slight 0.22% fall to 36,185.03. Volume surged to 241,050 shares, indicating heightened trading activity amid bearish sentiment.
Despite the price weakness, the derivatives market revealed a complex picture. The stock emerged as the most active in call options trading, with 4,197 contracts exchanged at the ₹1,200 strike price expiring on 24 February 2026. The turnover for these contracts was approximately ₹802.7 lakhs, and open interest stood at 3,834 contracts. Concurrently, open interest in the derivatives segment surged 15.2% to 46,592 contracts, signalling increased market participation and shifting investor positioning.
This surge in call option activity amid falling prices suggests a blend of cautious optimism and hedging strategies. While some traders appear to be speculating on a rebound above the current price, others may be initiating fresh short positions or unwinding longs, as indicated by the sharp open interest increase and price decline. The stock remains above its 200-day moving average but trades below shorter-term averages, reflecting mixed technical signals.
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Daily Price Comparison: One 97 Communications Ltd vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-27 | Rs.1,144.35 | +0.32% | 35,786.84 | +0.50% |
| 2026-01-28 | Rs.1,177.30 | +2.88% | 36,188.16 | +1.12% |
| 2026-01-29 | Rs.1,168.70 | -0.73% | 36,266.59 | +0.22% |
| 2026-01-30 | Rs.1,137.00 | -2.71% | 36,185.03 | -0.22% |
Key Takeaways
Positive Signals: The stock demonstrated resilience by maintaining levels above its 200-day moving average despite short-term weakness. The continuation of profit in Q3 FY26 underscores operational strength. Heavy call option activity at the ₹1,200 strike price suggests some market participants anticipate a potential rebound or are hedging positions.
Cautionary Signals: The stock underperformed the Sensex by 1.95% over the week, closing lower amid declining volumes and bearish price action in the final sessions. The sharp 15.2% surge in open interest amid falling prices typically indicates fresh short positions or unwinding of longs, reflecting market uncertainty. The downgrade to a Hold rating and the stock trading below multiple short- and medium-term moving averages temper near-term optimism.
Conclusion
One 97 Communications Ltd’s week was characterised by a blend of steady earnings performance and heightened derivatives market activity against a backdrop of price weakness. While the stock showed early-week strength, the latter part of the week saw increased selling pressure and cautious positioning by investors. The surge in call option volumes and open interest highlights a complex market outlook, with both bullish speculation and bearish hedging at play.
Investors should monitor the stock’s ability to reclaim key moving averages and watch for shifts in derivatives open interest as indicators of potential directional moves. The Hold rating and recent downgrade reflect a prudent stance amid sector volatility and valuation concerns. Overall, the week’s developments suggest a cautious approach as the stock navigates near-term challenges while maintaining longer-term support levels.
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