Does a high volume in F&O trading impact the underlying prices of the derivatives?

No, High volume only indicates there are large number of trader ate sticked to a particular strike. 

Nothing related to its underlying asset.

As per my knowledge, 
Derivatives price depends on underlying asset price. Along with that other factors like greeks, Expiry, Dividends, etc also make an impact on F&O prices.

The high volume will help traders from huge fluctuations in price movements and freak trades.

Traders' participation creates volume, Volume doesn't generate trades.

Thank you