One 97 Communications Ltd Sees Sharp Open Interest Surge Amid Bullish Market Signals

Open Interest and Volume Dynamics

On 18 August 2026, One 97 Communications Ltd (symbol: PAYTM) recorded an open interest (OI) of 84,079 contracts in its derivatives, marking an 11.87% increase from the previous day’s 75,155 contracts. This rise of 8,924 contracts is significant, indicating fresh positions being established or existing ones being rolled over. The volume for the day stood at 1,29,633 contracts, underscoring robust trading activity in the futures and options segments.

The futures value traded was ₹73,155.48 lakhs, while the options segment saw an astronomical notional value of approximately ₹1,44,781.98 crores. The combined derivatives turnover amounted to ₹89,658.40 lakhs, reflecting strong liquidity and active participation from institutional and retail investors alike.

Price Action and Technical Context

PAYTM closed at ₹1,592, just 4.18% shy of its 52-week high of ₹1,657.60, signalling a strong near-term bullish bias. The stock outperformed its Financial Technology sector by 3.39% and the Sensex by over 3.4% on the day, closing with a gain of 3.04%. Notably, the stock reversed a three-day losing streak, opening with a gap-up of 2.86% and touching an intraday high of ₹1,591.90, a 2.95% rise from the previous close.

Despite this positive momentum, the stock traded within a narrow range of ₹1.6, suggesting some consolidation after recent gains. It remains above its 20-day, 50-day, 100-day, and 200-day moving averages, though slightly below the 5-day moving average, indicating short-term profit booking or cautious positioning by traders.

Investor Participation and Liquidity Considerations

Interestingly, delivery volumes fell sharply by 40.59% compared to the 5-day average, with only 11.45 lakh shares delivered on 18 August. This decline in investor participation at the delivery level contrasts with the surge in derivatives activity, hinting at a shift towards speculative or hedging strategies rather than outright accumulation.

Liquidity remains ample, with the stock’s traded value supporting sizeable trades up to ₹10.33 crores based on 2% of the 5-day average traded value. This ensures that institutional players can manoeuvre positions without significant market impact, further encouraging active derivatives trading.

Market Positioning and Directional Bets

The sharp increase in open interest alongside rising volumes suggests that traders are positioning for a directional move in PAYTM’s stock price. Given the stock’s proximity to its 52-week high and recent trend reversal, the bias appears to be bullish. The derivatives market activity indicates that participants are either initiating fresh long positions or rolling over existing ones to benefit from anticipated upside.

Options data, with a notional value exceeding ₹1.44 lakh crores, points to significant hedging and speculative interest. The elevated open interest could also reflect increased call option writing or buying, which typically signals expectations of upward price movement. Conversely, put option activity remains subdued, reinforcing the positive sentiment.

Mojo Score Upgrade and Analyst Sentiment

One 97 Communications Ltd holds a Mojo Score of 70.0, categorised as a Buy, upgraded from Hold on 5 August 2026. This upgrade reflects improved fundamentals and technical outlook, supported by the stock’s mid-cap market capitalisation of ₹1,00,985 crores and its leadership position in the Financial Technology sector.

The stock’s recent outperformance relative to its sector and benchmark indices further validates this positive stance. Analysts highlight the company’s robust growth prospects, expanding digital payments ecosystem, and strategic initiatives as key drivers underpinning the bullish view.

Implications for Investors

For investors, the surge in open interest and volume in PAYTM’s derivatives signals heightened market interest and potential volatility ahead. The stock’s technical positioning near its 52-week high, combined with strong sectoral tailwinds, suggests that upward momentum could continue in the near term.

However, the narrowing intraday trading range and falling delivery volumes caution against excessive exuberance. Investors should monitor changes in open interest alongside price movements to gauge whether fresh buying or profit-taking dominates. The liquidity profile supports active trading, but prudent risk management remains essential given the stock’s mid-cap status and inherent volatility in fintech stocks.

Outlook and Conclusion

One 97 Communications Ltd’s recent derivatives market activity highlights a clear shift in market sentiment towards a more bullish outlook. The 11.87% rise in open interest, coupled with strong volume and price gains, suggests that investors are positioning for further upside in the fintech giant’s shares.

While the stock remains close to its 52-week high, the technical indicators and upgraded Mojo Grade support the case for continued strength. Investors should remain vigilant for any signs of profit-taking or volatility but can consider the current environment favourable for accumulation or tactical exposure.

Overall, the combination of robust derivatives activity, positive price action, and improved analyst ratings positions One 97 Communications Ltd as a compelling mid-cap fintech stock to watch in the coming weeks.

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