One 97 Communications Ltd Sees Sharp Open Interest Surge Amid Positive Price Momentum

Open Interest and Volume Dynamics

On 25 Jun 2026, PAYTM's open interest rose sharply to 55,873 contracts from the previous 48,154, marking an increase of 7,719 contracts or 16.03%. This rise in OI was accompanied by a volume of 59,613 contracts, indicating strong participation in the derivatives market. The futures segment alone accounted for a value of approximately ₹1,59,810.7 lakhs, while the options segment's notional value was substantially higher at ₹32,503.88 crores, reflecting the stock's active options trading environment.

The total derivatives value stood at ₹1,63,146.3 lakhs, underscoring the significant liquidity and interest in PAYTM's contracts. The underlying stock price closed at ₹1,122, having touched an intraday high of ₹1,128.8, up 3.82% on the day, outperforming its sector by 3.84% and the Sensex by 3.03%.

Price and Trend Analysis

After enduring five consecutive days of decline, PAYTM reversed course with a strong gain, signalling a potential trend reversal. The stock's price currently trades above its 5-day, 20-day, 50-day, and 100-day moving averages, though it remains below the 200-day moving average, indicating medium-term resistance. This technical setup suggests that while short- and medium-term momentum is positive, longer-term investors may remain cautious.

However, delivery volumes tell a more nuanced story. On 24 Jun, delivery volume fell by 28.49% to 5.24 lakh shares compared to the five-day average, indicating a decline in investor participation at the cash level despite the derivatives activity. This divergence between derivatives interest and cash market participation often points to speculative positioning rather than broad-based accumulation.

Market Positioning and Directional Bets

The surge in open interest alongside rising volumes and a price uptick suggests that market participants are positioning for a bullish move in PAYTM. The increase in OI typically indicates fresh money entering the market rather than short-covering, especially when accompanied by rising prices. This implies that traders are likely taking long positions in futures and call options, anticipating further upside.

Given the stock's mid-cap status with a market capitalisation of ₹71,909.85 crores, it remains a popular target for both institutional and retail traders seeking exposure to the rapidly evolving fintech sector. However, the MarketsMOJO Mojo Score of 42.0 and a recent downgrade from Hold to Sell on 8 Apr 2026 reflect underlying concerns about valuation and near-term fundamentals.

Investors should note that while the derivatives market shows optimism, the fundamental grade and mid-cap classification suggest a cautious approach. The stock's liquidity supports sizeable trades, with a 2% threshold of the five-day average traded value allowing for trade sizes up to ₹4.65 crores without significant market impact.

Comparative Sector and Market Performance

PAYTM's outperformance relative to its Financial Technology sector, which declined by 0.32% on the day, and the broader Sensex gain of 0.25%, highlights its relative strength. This divergence may be driven by company-specific developments or renewed investor confidence in its growth prospects. Nevertheless, the broader fintech sector remains volatile amid regulatory scrutiny and competitive pressures.

Implications for Investors

The recent derivatives activity in PAYTM signals a potential inflection point. The 16.03% jump in open interest, combined with a 3.44% day change in price, suggests that traders are increasingly confident in a near-term rally. However, the downgrade to a Sell rating by MarketsMOJO and the modest Mojo Score of 42.0 counsel prudence.

Investors should monitor whether the rising open interest sustains alongside improving delivery volumes and fundamental catalysts such as earnings upgrades or strategic announcements. A sustained increase in delivery volumes would confirm genuine investor conviction beyond speculative derivatives positioning.

Furthermore, the stock’s position relative to its 200-day moving average will be a critical technical level to watch. A breakout above this long-term resistance could validate the bullish sentiment, while failure to breach it may result in consolidation or renewed selling pressure.

Conclusion

One 97 Communications Ltd’s derivatives market activity reveals a clear uptick in bullish sentiment, with a notable surge in open interest and volume supporting a positive price reversal. While this suggests directional bets favouring an upside move, investors should balance this with the company’s current fundamental assessment and sector dynamics. The interplay between technical momentum and fundamental quality will determine PAYTM’s trajectory in the coming weeks.

Given the stock’s mid-cap status and liquidity profile, it remains an attractive trading candidate for those seeking exposure to fintech innovation, albeit with a cautious eye on valuation and broader market conditions.

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