One 97 Communications Ltd Sees Heavy Call Option Activity Amid Volatile Trading

Intraday Volatility and Price Movements

The stock underperformed its Financial Technology sector by 6.52% on the day, closing with a 7.19% loss compared to the sector’s modest 0.69% decline and the Sensex’s 0.23% drop. One 97 Communications Ltd’s share price fluctuated widely, touching an intraday high of ₹1303.8, a 3.44% gain from the previous close, before plunging to a low of ₹1134.5, down 10%. This wide range of ₹169.3 and an intraday volatility of 9.26% underscore the heightened uncertainty among investors.

The weighted average price of traded shares leaned closer to the day’s low, indicating that despite the brief rally, selling pressure dominated as the session progressed. The stock’s price remains above its 200-day moving average, a long-term bullish indicator, but below its shorter-term averages (5, 20, 50, and 100 days), suggesting recent weakness and a potential consolidation phase.

Call Option Activity Highlights Bullish Sentiment

Amid this volatility, the most active call options were concentrated at the 1300 strike price, expiring on 27 Jan 2026. A total of 17,188 contracts changed hands, generating a turnover of ₹705.31 lakhs. Open interest stood at 1,345 contracts, signalling sustained interest in this strike level. The underlying stock price at ₹1172.4 was notably below the strike, implying that traders are positioning for a significant upside move within the next four trading days.

This surge in call option volume, especially at a strike price above the current market value, often reflects speculative bullish bets or hedging strategies by institutional investors. The high turnover and open interest suggest that market participants are either anticipating a positive catalyst or are positioning for a technical rebound after the recent sell-off.

Market Cap and Mojo Score Indicate Cautious Outlook

One 97 Communications Ltd is classified as a mid-cap company with a market capitalisation of ₹83,104 crores. Its current Mojo Score stands at 62.0, with a Mojo Grade of Hold, downgraded from Buy on 24 Dec 2025. This adjustment reflects a more cautious stance by analysts, likely influenced by the recent price volatility and sector headwinds. The company’s Market Cap Grade is 2, indicating moderate size and liquidity relative to its peers.

Investor participation has also waned, with delivery volume on 22 Jan falling by 25.72% against the five-day average, signalling reduced conviction among long-term holders. However, liquidity remains adequate, with the stock capable of handling trade sizes up to ₹8.02 crores based on 2% of the five-day average traded value.

Expiry Patterns and Investor Positioning

The 27 Jan 2026 expiry date is critical as it falls within the current earnings season and broader market revaluation period. The concentration of call options at the 1300 strike price, which is approximately 11% above the current underlying price, suggests that investors are betting on a sharp recovery or positive news flow in the coming days.

Open interest data indicates that while some traders may be initiating fresh bullish positions, others could be rolling over existing contracts to maintain exposure. The relatively high turnover compared to open interest also points to active trading and possible short-term speculative activity rather than purely hedging.

Sector and Peer Comparison

Within the Financial Technology sector, One 97 Communications Ltd’s performance has lagged behind peers, which have generally seen more stable price action. The sector’s 1-day return of -0.69% contrasts sharply with the company’s -7.19%, highlighting company-specific challenges or profit-taking pressures. This divergence may be influencing the cautious Mojo Grade downgrade and the Hold recommendation.

Investors should weigh the potential for a rebound indicated by call option activity against the backdrop of recent underperformance and volatility. The stock’s ability to sustain above its 200-day moving average offers some technical support, but the short-term trend remains uncertain.

Investor Takeaway and Outlook

One 97 Communications Ltd’s recent trading session has been marked by heightened volatility and a notable divergence between price action and options market sentiment. The heavy call option activity at the 1300 strike price ahead of the 27 Jan expiry suggests that some investors remain optimistic about a near-term recovery despite the stock’s underperformance.

However, the downgrade to a Hold rating and the decline in delivery volumes indicate caution among longer-term investors. The stock’s technical position—above the 200-day moving average but below shorter-term averages—reflects a market in flux, balancing between support and resistance levels.

For investors considering exposure, it is crucial to monitor upcoming earnings announcements, sector developments, and broader market trends. The options market activity may provide early signals of a turnaround, but the underlying fundamentals and technical indicators warrant careful analysis before committing fresh capital.

Summary of Key Metrics:

• Stock Price Range (23 Jan 2026): ₹1134.5 - ₹1303.8


• Intraday Volatility: 9.26%


• Call Option Strike Price: ₹1300


• Call Option Contracts Traded: 17,188


• Call Option Turnover: ₹705.31 lakhs


• Open Interest at Strike: 1,345 contracts


• Mojo Score: 62.0 (Hold, downgraded from Buy)


• Market Cap: ₹83,104 crores (Mid Cap)

Investors should remain vigilant and consider both the technical signals from the options market and the fundamental outlook before making decisions on One 97 Communications Ltd.

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