DRREDDY BTST

IF you see put writing concentrated AT-THE-MONEY (not just below spot, but right at current spot price) — today DRREDDY 1,300 PE saw +1,077 fresh contracts written when spot was ₹1,328, making this essentially an at-the-money floor — THEN as a buyer, this is your highest-conviction bullish signal in the entire chain. Put writers at-the-money are taking on maximum risk: if the stock falls even ₹30, their short puts go deeply in-the-money. They only do this when they are extremely confident the stock will not fall. As a buyer, when you see put writing at spot rather than safely below it, the institutional conviction level is telling you something the price chart isn't yet showing. The closer the put writing is to the current spot, the stronger the bullish floor signal — and the tighter your stop-loss can be, because you know exactly where the institutional pain point is.