Options Watchlist – 31st October 2025

🧭 Daily Options Watchlist – 31st October 2025

🔭 STWP Options Insights | Open Interest & Volume Expansion Tracker

By STWP (Trainer / Mentor – Mumbai)

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🧭 Overview

This watchlist focuses on derivative structures exhibiting strong participation and notable OI-Volume synergy during the session on 31st October 2025.

The purpose is to identify active market zones where institutional or momentum flows are visibly shaping directional bias.

These are not trade calls — rather, data-backed setups to observe for traders who apply structure and patience in their process.

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📊 Watchlist Highlights

1️⃣ Dr. Reddy’s Laboratories (NSE: DRREDDY)

💰 Strike: ₹1200 | LTP: ₹29.70 | 📊 OI Chg%: +6427.66% | Volume Chg%: +12106% | IV: 19.99

Setup Insight: Massive OI expansion with heavy short exposure indicates aggressive Short Build Up.

Despite muted volatility, the participation surge implies institutional positioning around ₹1200 resistance.

🎯 Market Bias: Bearish | Structure Context: credit-oriented setups (bear call spread, call writing).

⚠️ Watch for volatility pickup if price fails to hold ₹1180.

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2️⃣ Policybazaar (NSE: POLICYBZR)

💰 Strike: ₹1840 | LTP: ₹63.85 | 📈 Day Chg%: +121.7% | 📊 OI Chg%: +900% | IV: 29.12

Setup Insight: Sharp price and volume expansion with strong OI addition — classic Long Build Up structure.

Momentum bias is shifting positive with option deltas expanding.

🎯 Market Bias: Bullish | Setup Context: aligns with debit call structures or long verticals.

🧩 Sustained activity near ₹1840–₹1860 could extend momentum.

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3️⃣ Cipla (NSE: CIPLA)

💰 Strike: ₹1550 | LTP: ₹36.10 | 📈 OI Chg%: +852% | Volume Chg%: +5994% | IV: 22.74

Setup Insight: Strong accumulation of OTM calls after a corrective phase signals early trend re-entry.

OI and volume confirm renewed directional buying interest.

🎯 Market Bias: Bullish | Structure Context: controlled debit exposure (call spreads).

🧩 Healthy IV behaviour supports trending continuation.

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4️⃣ Bharat Heavy Electricals Ltd. (NSE: BHEL)

💰 Strike: ₹255 | LTP: ₹4.50 | 📉 Day Chg%: –66.17% | OI Chg%: +942.68% | IV: 28.15

Setup Insight: Significant Short Build Up in puts suggests near-term downside hedging.

Volume bursts indicate defensive positioning post a strong price run-up.

🎯 Market Bias: Bearish | Structure Context: IV-based neutral to bearish play (credit spreads).

🧩 Volatility expansion remains the key driver here.

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5️⃣ Oil India (NSE: OIL)

💰 Strike: ₹430 | LTP: ₹15.65 | 📈 Day Chg%: +62.18% | 📊 OI Chg%: +338.6% | IV: 25.99

Setup Insight: Sustained Long Build Up as both price and OI expand.

Clear sign of trend continuation in a momentum-friendly structure.

🎯 Market Bias: Bullish | Setup Context: directional debit exposure (bull call spread).

🧩 Volume stability across multiple strikes validates institutional follow-through.

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6️⃣ Bharat Dynamics Ltd. (NSE: BDL)

💰 Strike: ₹1540 | LTP: ₹59.55 | 📈 Day Chg%: +23.42% | 📊 OI Chg%: +123.85% | IV: 38.33

Setup Insight: Active Long Build Up in ATM calls supported by rising IV and strong theta resilience.

Momentum is healthy, but IV elevation calls for measured sizing.

🎯 Market Bias: Bullish | Structure Context: debit call spread or directional follow-up.

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7️⃣ Larsen & Toubro (NSE: LT)

💰 Strike: ₹4000 | LTP: ₹101.20 | 📈 Day Chg%: +23.79% | 📊 OI Chg%: –48.25% | IV: 17.69

Setup Insight: Strong Short Covering after an extended consolidation.

Volume expansion combined with OI drop signals reversal momentum.

🎯 Market Bias: Bullish | Setup Context: breakout structure confirmation zone.

🧩 Keep focus on ₹4050+ close for sustained continuation.

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8️⃣ BEL (NSE: BEL)

💰 Strike: ₹430 | LTP: ₹10.60 | 📈 Day Chg%: +68.25% | 📊 OI Chg%: +31.97% | IV: 25.95

Setup Insight: Strong call-side activity with rising IV and price expansion signals a Long Build Up.

🎯 Market Bias: Bullish | Structure Context: directional call structure; spreads recommended over naked exposure.

🧩 Volume confirmation across 420–440 strikes reinforces trend bias.

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9️⃣ Sammaan Capital (NSE: SAMMAANCAP)

💰 Strike: ₹190 | LTP: ₹7.80 | 📈 Day Chg%: +31.09% | 📊 OI Chg%: +25.91% | IV: 41.07

Setup Insight: Persistent Long Build Up across near-term calls — indicative of early breakout formation.

🎯 Market Bias: Bullish | Setup Context: directional bias suitable for debit exposure.

🧩 High IV warrants strategic entry confirmation.

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🔟 TCS (NSE: TCS)

💰 Strike: ₹3100 | LTP: ₹47.20 | 📈 Day Chg%: +9.01% | 📊 OI Chg%: +9.18% | IV: 18.77

Setup Insight: Consistent OI and price increase shows Long Build Up, reflecting institutional positioning ahead of possible trend continuation.

🎯 Market Bias: Bullish | Structure Context: debit-friendly long calls or verticals.

🧩 Lower IV keeps reward-to-risk favorable.

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💡 Learning Note

Understanding the relationship between OI and price movement remains fundamental in interpreting derivative data:

📈 Long Build Up: Price ↑ + OI ↑ → bullish continuation.

📉 Short Build Up: Price ↓ + OI ↑ → bearish formation.

🔄 Short Covering: Price ↑ + OI ↓ → reversal signal.

💤 Long Unwinding: Price ↓ + OI ↓ → profit booking / exhaustion.

Focus on structure validation through price confirmation before engaging.

Patience in observing data transitions often reveals better trade locations than speed of entry.

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📘 STWP Summary View

The 31st October session showcased broad participation in large-cap and mid-cap names, with a visible bullish bias in POLICYBZR, OIL, TCS, and BEL.

Defensive sectors like pharma (CIPLA, DRREDDY) display contrasting setups — ideal for divergent structure observation.

Overall, volatility remained measured, making debit-style participation structurally favorable for disciplined option traders.

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⚠️ Disclosure & Disclaimer

This content is for educational purposes only and does not constitute investment advice or trading recommendation.

Options trading involves significant risk. Please consult a SEBI-registered financial advisor before taking any market exposure.

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