Robust Call Option Activity Signals Bullish Positioning
Data from the derivatives market reveals that the most actively traded call options for One 97 Communications Ltd are concentrated at the ₹1,200 strike price, expiring on 24 February 2026. A total of 7,782 contracts changed hands, generating a turnover of approximately ₹1117.67 lakhs. Open interest stands at 4,463 contracts, indicating sustained investor interest and potential for further price movement in the underlying equity.
The underlying stock price currently hovers around ₹1,193.20, just shy of the key strike price, suggesting that traders are positioning for a breakout above this level in the near term. This activity reflects a strategic bullish stance, as market participants anticipate upward momentum in the fintech giant’s shares.
Stock Performance Outpaces Sector and Benchmarks
On 18 February 2026, One 97 Communications Ltd outperformed its sector by 1.18%, registering a 1.73% gain on the day. Over the past two trading sessions, the stock has delivered a cumulative return of 5.86%, underscoring a positive trend. This performance contrasts favourably with the broader Financial Technology sector’s 0.54% gain and the Sensex’s marginal 0.03% increase on the same day.
Technical indicators further support this bullish outlook. The stock is trading above its 5-day, 20-day, and 200-day moving averages, though it remains below the 50-day and 100-day averages. This pattern suggests short-term strength with room for medium-term consolidation or breakout.
Investor participation has also intensified, with delivery volumes reaching 28.59 lakhs on 17 February, a 62.39% increase compared to the five-day average. Such rising delivery volumes indicate genuine buying interest rather than speculative trading, reinforcing the positive sentiment around the stock.
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Mojo Score and Rating Reflect Cautious Optimism
One 97 Communications Ltd currently holds a Mojo Score of 68.0, placing it in the 'Hold' category, a downgrade from its previous 'Buy' rating as of 24 December 2025. This adjustment reflects a more cautious stance by analysts, likely influenced by valuation concerns and competitive pressures within the fintech space.
The company’s market capitalisation stands at ₹76,344.33 crores, categorising it as a mid-cap stock. Its Market Cap Grade is 2, indicating moderate size and liquidity. Despite the rating downgrade, the stock’s recent outperformance and strong option market activity suggest that investors remain optimistic about its near-term prospects.
Expiry Patterns and Strike Price Concentration
The concentration of call option contracts at the ₹1,200 strike price for the 24 February expiry is particularly noteworthy. This strike is close to the current market price, making it a critical level for traders to watch. The high open interest at this strike suggests that many investors expect the stock to breach this level, potentially triggering further buying interest and price appreciation.
Such expiry patterns often lead to increased volatility as traders adjust their positions in the days leading up to expiry. The sizeable turnover of over ₹1117 lakhs in call options indicates active hedging and speculative activity, which could amplify price movements in the underlying equity.
Liquidity and Trading Viability
Liquidity remains a strong point for One 97 Communications Ltd, with the stock’s traded value supporting trade sizes up to ₹8.59 crores based on 2% of the five-day average traded value. This level of liquidity is favourable for institutional investors and traders seeking to execute sizeable orders without significant market impact.
The rising delivery volumes and consistent gains over recent sessions further enhance the stock’s attractiveness for both short-term traders and long-term investors looking to capitalise on fintech sector growth.
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Outlook and Investor Considerations
While the recent surge in call option activity and stock performance points to bullish sentiment, investors should weigh this against the recent downgrade in the company’s Mojo Grade and the broader fintech sector challenges. Competitive dynamics, regulatory developments, and macroeconomic factors could influence the stock’s trajectory in the coming months.
Nonetheless, the strong open interest and turnover in near-the-money call options suggest that market participants are positioning for a potential upside breakout. Traders may consider monitoring the ₹1,200 strike price closely, as a sustained move above this level could trigger further momentum.
Given the stock’s liquidity and rising investor participation, One 97 Communications Ltd remains a key name to watch within the fintech space, especially as expiry approaches and volatility potentially increases.
Summary
In summary, One 97 Communications Ltd is experiencing heightened call option activity ahead of the 24 February 2026 expiry, with significant contracts traded at the ₹1,200 strike price. The underlying stock’s recent outperformance, rising delivery volumes, and technical positioning support a cautiously optimistic outlook. However, the recent rating downgrade advises prudence. Investors should balance these factors when considering exposure to this fintech heavyweight.
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