One 97 Communications Ltd Sees Sharp Open Interest Surge Amidst Mixed Market Signals

Open Interest and Volume Dynamics

On 23 Feb 2026, One 97 Communications Ltd recorded an open interest of 59,307 contracts in its derivatives, marking a 10.28% increase from the previous figure of 53,780. This rise of 5,527 contracts is significant, especially when coupled with a trading volume of 70,248 contracts, indicating robust participation in futures and options trading. The futures segment alone accounted for a value of approximately ₹1,75,985.5 lakhs, while the options segment's notional value soared to ₹42,827.04 crores, underscoring the scale of derivatives activity linked to the stock.

The underlying stock price closed at ₹1,168, having touched an intraday high of ₹1,179.5, a 2.27% gain on the day. This price movement, combined with the surge in open interest, suggests that market participants are actively positioning themselves ahead of anticipated volatility or directional moves.

Market Positioning and Directional Bets

The increase in open interest alongside rising prices typically signals fresh buying interest, as new long positions are established. However, the scenario for One 97 Communications Ltd is nuanced. While the stock has gained 2.09% over the past two consecutive sessions and outperformed the Financial Technology sector by 1.19% on the day, delivery volumes have sharply declined. The delivery volume on 20 Feb was 4.15 lakh shares, down by 80.95% compared to the five-day average, indicating reduced investor participation in actual stock ownership despite active derivatives trading.

This divergence suggests that traders may be favouring leveraged exposure through futures and options rather than outright equity positions, possibly due to uncertainty or a desire to hedge existing holdings. The stock’s price remains above its 5-day, 20-day, and 200-day moving averages but below the 50-day and 100-day averages, reflecting a mixed technical outlook that could be contributing to cautious positioning.

Mojo Score and Market Capitalisation Context

One 97 Communications Ltd currently holds a Mojo Score of 68.0 with a Mojo Grade of Hold, downgraded from Buy on 24 Dec 2025. This reflects a tempered outlook from MarketsMOJO analysts, who have noted the stock’s mixed technical signals and recent volatility. The company’s market capitalisation stands at ₹74,808.74 crores, categorising it as a mid-cap stock within the Financial Technology sector.

Despite the downgrade, the stock’s liquidity remains adequate, with a trade size capacity of ₹7.96 crores based on 2% of the five-day average traded value. This liquidity supports active derivatives trading and allows institutional and retail participants to execute sizeable trades without significant market impact.

Comparative Performance and Sectoral Trends

On the day of analysis, One 97 Communications Ltd delivered a 1.38% return, outperforming the Financial Technology sector’s 0.24% gain and the Sensex’s 0.44% rise. This relative strength highlights the stock’s appeal despite broader market headwinds and sectoral pressures. However, the falling delivery volumes hint at a cautious stance among long-term investors, who may be awaiting clearer directional cues before committing capital.

The derivatives market activity, particularly the surge in open interest, may be driven by speculative bets or hedging strategies as traders anticipate potential catalysts such as earnings announcements, regulatory developments, or macroeconomic shifts impacting the fintech space.

Implications for Investors and Traders

The surge in open interest combined with rising prices and subdued delivery volumes suggests a market environment where short-term traders and institutional participants are actively repositioning. The derivatives market is signalling increased interest in leveraged exposure, possibly reflecting expectations of volatility or directional moves in the near term.

Investors should note the stock’s current technical positioning: while it remains above short-term and long-term moving averages (5-day, 20-day, 200-day), it is still trading below the 50-day and 100-day averages, indicating resistance levels that may cap upside momentum. The downgrade to a Hold rating by MarketsMOJO further advises caution, suggesting that while the stock is not unattractive, it may not currently offer compelling upside relative to risk.

Given the stock’s mid-cap status and liquidity profile, it remains accessible for both retail and institutional investors. However, the sharp decline in delivery volumes signals that many investors are hesitant to take outright ownership, preferring instead to engage through derivatives instruments.

Outlook and Strategic Considerations

Looking ahead, market participants should monitor upcoming corporate announcements, sectoral developments, and broader macroeconomic indicators that could influence One 97 Communications Ltd’s price trajectory. The derivatives market activity suggests that traders are positioning for potential volatility, which could present trading opportunities for nimble investors.

Long-term investors may wish to await clearer confirmation of trend direction before increasing exposure, while short-term traders could capitalise on the heightened activity in futures and options to implement tactical strategies.

Overall, the recent open interest surge in One 97 Communications Ltd’s derivatives market highlights a dynamic and evolving market sentiment, balancing optimism with caution amid a complex fintech landscape.

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