One 97 Communications Ltd Sees Significant Open Interest Surge Amid Price Pressure

Open Interest and Volume Dynamics

On 25 Sep 2026, One 97 Communications Ltd (symbol: PAYTM) recorded an open interest (OI) of 72,828 contracts, up from 64,756 the previous session, marking an increase of 8,072 contracts or 12.47%. This rise in OI was accompanied by a robust trading volume of 1,04,456 contracts, indicating strong participation in the derivatives market. The futures segment alone accounted for a value of approximately ₹1,08,892.5 lakhs, while options contributed an astronomical ₹12,00,08,68,972 lakhs, culminating in a total derivatives value of ₹1,21,535.7 lakhs.

The underlying stock price closed at ₹1,679, having opened with a gap down of 3.44% and touched an intraday low of ₹1,674.8, reflecting a day of selling pressure. Notably, the weighted average price of traded volumes skewed closer to the day’s low, suggesting that the bulk of trading activity occurred near the lower price range, reinforcing bearish sentiment.

Price Performance and Technical Context

Over the past three consecutive sessions, PAYTM has declined by 7.66%, underperforming its Financial Technology sector by 3.32% and the broader Sensex, which marginally rose by 0.09% on the same day. The stock’s current price remains above its 50-day, 100-day, and 200-day moving averages, indicating a longer-term uptrend, but it trades below the 5-day and 20-day moving averages, signalling short-term weakness and potential consolidation or correction.

Investor participation has been on the rise, with delivery volumes reaching 19.64 lakh shares on 24 Sep, a 17.76% increase compared to the five-day average. This heightened delivery volume suggests that despite price declines, investors are actively accumulating or repositioning their holdings.

Market Positioning and Directional Bets

The surge in open interest alongside rising volumes typically indicates fresh capital entering the market, either through new long positions or short covering. Given the stock’s recent price weakness and the concentration of volume near the lows, it is plausible that market participants are positioning for a potential rebound or hedging against further downside risks.

Futures and options data reveal that traders are actively engaging in strategies that could benefit from volatility or directional shifts. The substantial options value points to increased interest in hedging or speculative plays, possibly through protective puts or call spreads. This activity aligns with the stock’s mid-cap status and the fintech sector’s inherent volatility amid evolving regulatory and competitive landscapes.

Mojo Score Upgrade and Market Implications

One 97 Communications Ltd’s Mojo Score currently stands at 70.0, reflecting a Buy rating, an upgrade from Hold as of 31 Aug 2026. This improvement underscores growing confidence in the company’s fundamentals and growth prospects within the fintech sector. The mid-cap classification with a market capitalisation of ₹1,07,347.41 crores positions PAYTM as a significant player with ample liquidity, evidenced by its ability to handle trade sizes up to ₹12.53 crores based on recent average traded values.

Despite the recent price dip of 3.58% on the day, the stock’s technical and fundamental indicators suggest that the current weakness may be a short-term correction within a broader positive trend. The rising open interest and volume patterns support this view, indicating that institutional and retail investors are actively recalibrating their positions in anticipation of future moves.

Sector and Benchmark Comparison

Compared to the Financial Technology sector’s marginal decline of 0.12% and the Sensex’s slight gain, PAYTM’s sharper fall highlights sector-specific pressures or company-specific news impacting sentiment. However, the stock’s ability to maintain levels above key moving averages and the increased delivery volumes suggest resilience relative to peers.

Investors should monitor upcoming earnings, regulatory developments, and competitive dynamics, as these factors will likely influence the stock’s trajectory and derivatives market activity in the near term.

Investor Takeaway and Outlook

The recent surge in open interest for One 97 Communications Ltd’s derivatives, coupled with elevated volumes and a modest price correction, signals a complex interplay of market forces. While short-term bearishness is evident, the underlying technical strength and upgraded Mojo Grade to Buy suggest that investors are positioning for a potential recovery or volatility-driven opportunities.

Market participants should remain vigilant to shifts in open interest trends and volume patterns, as these often presage directional moves. The stock’s liquidity and active derivatives market provide ample scope for strategic trading, whether through outright directional bets or hedging strategies.

Given the fintech sector’s dynamic environment, ongoing monitoring of regulatory updates, competitive positioning, and earnings performance will be crucial for informed decision-making. One 97 Communications Ltd’s current market behaviour reflects a transitional phase where cautious optimism is balanced against near-term risks.

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