Disclaimer: This content is for educational purposes only, based on data as of 1 PM IST on April 3, 2025. This is not financial advice. Trading involves risks. Always do your own analysis and manage risk before trading.
Welcome to this today’s F&O Insights! This edition dives into new stock expiries launched for 24 April 2025, offering a fresh view on trader sentiment across key stocks.
Section 1: Understanding Stock Activity Through OI Changes
Here’s what’s moving in key stocks based on price changes and Open Interest (OI) shifts.
| Underlying | Price | Change | Call OI Chg | Put OI Chg | Call Explanation | Put Explanation |
|---|---|---|---|---|---|---|
| ULTRACEMCO | 11,488.05 | 2.11% | 601 | 1332 | Long Buildup | Long Buildup |
| HCLTECH | 1,473.60 | -3.53% | 1029469 | 2023717 | Short Buildup | Short Buildup |
| ICICIBANK | 1,330.70 | -0.04% | 2661 | 1297 | Short Buildup | Short Buildup |
| RELIANCE | 1,250.25 | -0.07% | 3320 | 1362 | Short Buildup | Short Buildup |
| TCS | 3,406.05 | -3.89% | 13391 | 5168 | Short Buildup | Short Buildup |
| BAJFINANCE | 8,582.55 | -1.00% | 5593 | 2117 | Short Buildup | Short Buildup |
| SUNPHARMA | 1,771.00 | 3.35% | 11090 | 3001 | Long Buildup | Long Buildup |
| NTPC | 359.20 | 2.12% | 4455 | 1016 | Long Buildup | Long Buildup |
| HDFC Bank | 1792.05 | -0.27% | 959 | 1226 | Short Buildup | Short Buildup |
What Do These Terms Mean?
- Long Buildup: OI rises with price moving favorably—up for calls (bullish) or down for puts (bearish). Traders are buying options, expecting that direction.
- Example: SUNPHARMA’s calls and puts show Long Buildup with a 3.35% gain—bullish bets!
- Short Buildup: OI rises, but price moves against buyers—down for calls (bearish) or up for puts (bullish). Suggests option selling.
- Example: TCS’s calls show Short Buildup with a 3.89% drop—call writers expect no rally.
- Short Covering: OI drops with price rising (for calls) or falling (for puts). Short sellers buy back options, fueling the move.
- Long Unwinding: OI drops with price falling (for calls) or rising (for puts). Long holders exit, signaling doubt.
Quick Take: Massive OI shifts (e.g., HCLTECH’s 1M+ calls) with Short Buildup signal heavy bearish pressure—watch for key levels!
Section 2: Spotlight on High-Activity Options
These options show significant trading volume relative to OI, highlighting strikes traders are targeting.
| Contract | Volume/OI Ratio | Explanation | VOLUME | OI | IV |
|---|---|---|---|---|---|
| HCLTECH 23400 CE 24 Apr 2025 | 29.60 | Short Buildup (Bearish) | 4308855 | 145588 | 6.47 |
| HCLTECH 23250 CE 24 Apr 2025 | 28.40 | Short Buildup (Bearish) | 9533132 | 335707 | 1.48 |
| HCLTECH 23050 PE 24 Apr 2025 | 26.52 | Short Buildup (Bullish) | 1902244 | 71716 | 10.14 |
| HCLTECH 23300 PE 24 Apr 2025 | 25.38 | Short Buildup (Bullish) | 6902503 | 271931 | 5.31 |
| SUNPHARMA 1800 PE 24 Apr 2025 | 5.01 | Short Buildup (Bullish) | 5320 | 1062 | 21.99 |
| SUNPHARMA 1900 CE 24 Apr 2025 | 4.46 | Long Buildup (Bullish) | 5480 | 1230 | 19.53 |
| BAJFINANCE 8600 PE 24 Apr 2025 | 4.81 | Long Buildup (Bearish) | 7792 | 1621 | 28.8 |
| BAJFINANCE 8000 PE 24 Apr 2025 | 4.63 | Long Buildup (Bearish) | 10251 | 2213 | 30.71 |
| BAJFINANCE 8700 CE 24 Apr 2025 | 3.87 | Short Buildup (Bearish) | 7566 | 1957 | 27.65 |
| TCS 3450 PE 24 Apr 2025 | 3.78 | Long Buildup (Bearish) | 3986 | 1054 | 29.07 |
| TCS 3300 PE 24 Apr 2025 | 3.00 | Short Covering (Bearish) | 6771 | 2258 | 29.29 |
| TCS 3450 CE 24 Apr 2025 | 2.47 | Short Buildup (Bearish) | 3013 | 1220 | 26.49 |
| ULTRACEMCO 11500 CE 24 Apr 2025 | 3.63 | Short Covering (Bullish) | 4153 | 1144 | 21.76 |
| ULTRACEMCO 12000 CE 24 Apr 2025 | 2.124730022 | Short Covering (Bullish) | 3935 | 1852 | 22.24 |
| HDFCBANK 1780 CE 24 Apr 2025 | 3.23 | Long Unwinding (Bearish) | 3861 | 1194 | 17.87 |
| NTPC 360 CE 24 Apr 2025 | 2.92 | Long Buildup (Bullish) | 7059 | 2416 | 21.78 |
| NTPC 350 PE 24 Apr 2025 | 2.071969697 | Short Buildup (Bullish) | 2188 | 1056 | 25.19 |
| ICICIBANK 1330 CE 24 Apr 2025 | 2.87 | Short Buildup (Bearish) | 4303 | 1498 | 20.67 |
| RELIANCE 1240 CE 24 Apr 2025 | 2.61 | Short Buildup (Bearish) | 3626 | 1389 | 19.47 |
How to Understand Volume/OI Ratio
- What It Is: Compares today’s trading volume to existing OI. A higher ratio means more new trades.
- What It Suggests:
- Above 2: Notable interest—traders see this strike as key (e.g., NTPC’s 2.92 at 360 CE).
- Above 5: Strong activity, often tied to big expectations (e.g., HCLTECH’s 29.60 at 23400 CE).
- Below 1: Quiet—positions are likely being held or closed.
- Why It Matters: High ratios highlight “hot” strikes—potential support or resistance zones.
Final Thoughts
F&O data reveals the market’s split—OI shifts show bearish IT and bullish cement/pharma, while high Volume/OI Ratios (like HCLTECH’s 29.60) spotlight key action. Pair these clues with charts to navigate the mix!
Happy trading—see you next time!
Disclaimer: This content is for educational purposes only, based on data as of 1 PM IST on April 3, 2025. This is not financial advice. Trading involves risks. Always do your own analysis and manage risk before trading.