NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 15/12/2025

NIFTY combined futures signal long covering fatigue: -2.19% OI drop on -5% volume with flat price action screams profit booking from recent bulls, December leading the unwind while January sneaks in fresh shorts.

Premiums eroding across contracts: Both months saw sharp premium compression despite minor downside, telling us bulls are getting cheaper entry but conviction feels thin.

PCR spikes bearish across options: Weekly at 1.236, monthly 1.083—put buying dominates with max pain glued to 26,000, traders prepping defense or fresh shorts.

BANKNIFTY barely moves needle: Near-flat -0.07% combined OI drop shows light short covering, no fireworks—banks in wait-and-watch mode.

MIDCPNIFTY flips aggressive: +0.44% combined OI amid volume crash marks fresh shorts piling in, midcaps losing steam after last week’s heroics.

SENSEX tilts cautious: +1.24% combined OI hints at shorts nibbling, aligning with broader index hesitation.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26027.3 (-0.075%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.19%

Combined Fut Volume Change: -4.89%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 11% Previous 10%

NIFTY DECEMBER Future closed at: 26108.7 (-0.140%)

December Fut Premium 81.4 (Decreased by -17.05 points)

December Fut Open Interest Change: -2.62%

December Fut Volume Change: -5.76%

December Fut Open Interest Analysis: Long Covering

NIFTY JANUARY Future closed at: 26268.7 (-0.121%)

January Fut Premium 241.4 (Decreased by -12.05 points)

January Fut Open Interest Change: 1.45%

January Fut Volume Change: 8.98%

January Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (16/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.236 (Increased from 1.169)

Put-Call Ratio (Volume): 0.988

Max Pain Level: 26000

Maximum CALL Open Interest: 26200

Maximum PUT Open Interest: 25900

Highest CALL Addition: 26100

Highest PUT Addition: 25900

NIFTY Monthly Expiry (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.083 (Increased from 1.056)

Put-Call Ratio (Volume): 1.101

Max Pain Level: 26000

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26400

Highest PUT Addition: 25700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59461.8 (0.121%)

Combined = December + January + February

Combined Fut Open Interest Change: -0.07%

Combined Fut Volume Change: -8.73%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 12% Previous 12%

BANKNIFTY DECEMBER Future closed at: 59678 (0.034%)

December Fut Premium 216.2 (Decreased by -51.65 points)

December Fut Open Interest Change: -0.5%

December Fut Volume Change: -5.7%

December Fut Open Interest Analysis: Short Covering

BANKNIFTY JANUARY Future closed at: 59984.8 (0.039%)

January Fut Premium 523 (Decreased by -48.45 points)

January Fut Open Interest Change: 2.42%

January Fut Volume Change: -40.34%

January Fut Open Interest Analysis: Fresh Long

BANKNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.935 (Increased from 0.898)

Put-Call Ratio (Volume): 0.944

Max Pain Level: 59500

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59500

Highest CALL Addition: 59500

Highest PUT Addition: 59500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13862.6 (-0.328%)

Combined = December + January + February

Combined Fut Open Interest Change: 0.44%

Combined Fut Volume Change: -69.35%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 4% Previous 4%

MIDCPNIFTY DECEMBER Future closed at: 13907.75 (-0.480%)

December Fut Premium 45.15 (Decreased by -21.4 points)

December Fut Open Interest Change: 0.16%

December Fut Volume Change: -70.78%

December Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY JANUARY Future closed at: 13985.45 (-0.446%)

January Fut Premium 122.85 (Decreased by -16.95 points)

January Fut Open Interest Change: 8.08%

January Fut Volume Change: -32.53%

January Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.028 (Increased from 0.995)

Put-Call Ratio (Volume): 1.001

Max Pain Level: 13900

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13500

Highest CALL Addition: 14000

Highest PUT Addition: 13500

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 85,213.36 (-0.064%)

SENSEX Monthly Future closed at: 85,401.95 (-0.134%)

Premium: 188.59 (Decreased by -60.1 points)

Open Interest Change: 1.24%

Volume Change: -10.91%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (18/12/2025) Option Analysis

Put-Call Ratio (OI): 1.065 (Increased from 1.015)

Put-Call Ratio (Volume): 0.952

Max Pain Level: 85100

Maximum CALL OI: 87500

Maximum PUT OI: 85000

Highest CALL Addition: 87500

Highest PUT Addition: 85000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,468.32 Cr.
DIIs Net BUY: ₹ 1,792.25 Cr.

FII Derivatives Activity

FII Trading Stats	15.12.25	12.12.25	11.12.25
FII Cash (Provisional Data)	-1,468.32	-1,114.22	-2,020.94
Index Future Open Interest Long Ratio	10.63%	10.09%	11.45%
Index Future Volume Long Ratio	56.10%	42.40%	52.23%
Call Option Open Interest Long Ratio	49.77%	50.73%	48.46%
Call Option Volume Long Ratio	49.87%	50.37%	50.00%
Put Option Open Interest Long Ratio	59.13%	60.27%	62.40%
Put Option Volume Long Ratio	49.93%	49.89%	49.61%
Stock Future Open Interest Long Ratio	61.61%	61.91%	61.91%
Stock Future Volume Long Ratio	46.29%	50.81%	54.28%
Index Futures	Short Covering	Long Covering	Fresh Long
Index Options	Fresh Short	Fresh Long	Fresh Short
Nifty Futures	Short Covering	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Long	Fresh Short
BankNifty Futures	Fresh Long	Long Covering	Fresh Long
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Short	Long Covering
FinNifty Options	Fresh Long	Long Covering	Short Covering
MidcpNifty Futures	Long Covering	Long Covering	Fresh Long
MidcpNifty Options	Long Covering	Fresh Long	Fresh Long
NiftyNxt50 Futures	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Short
Stock Futures	Fresh Short	Fresh Long	Fresh Long
Stock Options	Fresh Short	Fresh Long	Fresh Long

Fresh Long: Net Buy with Increase in Open Interest
Fresh Short: Net Sell with Increase in Open Interest
Short Covering: Net Buy with Decrease in Open Interest
Long Covering: Net Sell with Decrease in Open Interest

NSE & BSE Option market Trends : Options Insights

SENSEX Weekly Expiry (18/12/2025)

The SENSEX index closed at 85213.36. The SENSEX weekly expiry for DECEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.065 against previous 1.015. The 85000PE option holds the maximum open interest, followed by the 87500CE and 82000PE options. Market participants have shown increased interest with significant open interest additions in the 87500CE option, with open interest additions also seen in the 85000PE and 85500CE options. On the other hand, open interest reductions were prominent in the 85300PE, 88000CE, and 79000PE options. Trading volume was highest in the 85000PE option, followed by the 85000CE and 85200CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85213.36	1.065	1.015	0.952
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,16,11,320	82,45,960	33,65,360
PUT:	1,23,63,360	83,65,740	39,97,620
Top CALL Open Interest:
Strike	OI	OI Change	Volume
87500	7,85,320	4,28,480	46,46,200
87000	6,56,740	1,72,040	52,97,200
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
87500	7,85,320	4,28,480	46,46,200
85500	6,19,860	2,89,820	1,67,86,220
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
88000	5,36,480	-62,700	33,90,720
87700	86,680	-16,820	6,46,740
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	5,57,280	1,66,020	2,28,61,480
85200	4,40,180	99,520	2,20,20,580
Top PUT Open Interest:
Strike	OI	OI Change	Volume
85000	8,47,940	3,26,000	2,95,42,800
82000	7,01,420	1,46,280	42,33,820
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
85000	8,47,940	3,26,000	2,95,42,800
84900	4,99,480	2,72,680	1,63,30,040
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85300	2,02,240	-68,440	97,74,840
79000	73,420	-61,060	8,53,500
Top PUT Volume:
Strike	OI	OI Change	Volume
85000	8,47,940	3,26,000	2,95,42,800
85200	3,89,800	48,640	1,79,46,720

NIFTY Weekly Expiry (16/12/2025)

The NIFTY index closed at 26027.3. The NIFTY weekly expiry for DECEMBER 16, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.236 against previous 1.169. The 25900PE option holds the maximum open interest, followed by the 26000PE and 26200CE options. Market participants have shown increased interest with significant open interest additions in the 25900PE option, with open interest additions also seen in the 25950PE and 26100CE options. On the other hand, open interest reductions were prominent in the 25000PE, 25200PE, and 27000CE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 25900PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	16-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,027.30	1.236	1.169	0.988
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,28,82,000	15,29,57,850	99,24,150
PUT:	20,12,96,625	17,88,60,000	2,24,36,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,200	1,42,36,875	45,62,700	45,71,083
26,100	1,35,63,225	51,95,925	75,75,168
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,100	1,35,63,225	51,95,925	75,75,168
26,200	1,42,36,875	45,62,700	45,71,083
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	79,80,150	-17,47,125	6,96,439
26,800	50,23,350	-16,36,275	8,32,873
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	1,09,71,150	22,03,350	1,12,39,104
26,100	1,35,63,225	51,95,925	75,75,168
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,900	1,75,73,175	60,82,575	86,15,541
26,000	1,58,67,150	27,31,425	1,01,61,669
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,900	1,75,73,175	60,82,575	86,15,541
25,950	1,26,24,975	57,52,950	77,89,589
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	90,17,475	-32,22,450	11,48,012
25,200	46,02,975	-18,17,700	10,89,534
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,58,67,150	27,31,425	1,01,61,669
25,900	1,75,73,175	60,82,575	86,15,541

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 26027.3. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.083 against previous 1.056. The 26000PE option holds the maximum open interest, followed by the 27000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25700PE option, with open interest additions also seen in the 26400CE and 25900PE options. On the other hand, open interest reductions were prominent in the 25800PE, 26500CE, and 29000CE options. Trading volume was highest in the 26000PE option, followed by the 26000CE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,027.30	1.083	1.056	1.101
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,92,95,675	5,87,27,650	5,68,025
PUT:	6,42,23,325	6,19,90,125	22,33,200
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	71,00,925	-54,025	55,415
26,000	70,15,000	3,06,925	1,18,685
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,400	35,63,775	4,10,625	50,670
26,000	70,15,000	3,06,925	1,18,685
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	52,07,100	-5,17,800	95,976
29,000	10,12,225	-1,18,450	4,076
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	70,15,000	3,06,925	1,18,685
26,500	52,07,100	-5,17,800	95,976
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	75,74,325	3,09,550	1,48,337
25,000	52,27,250	-11,875	35,958
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,700	34,74,450	13,09,200	71,095
25,900	20,07,300	3,25,050	83,113
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,800	27,95,325	-5,73,975	77,565
26,200	23,67,150	-84,825	23,323
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	75,74,325	3,09,550	1,48,337
25,900	20,07,300	3,25,050	83,113

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59461.8. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.935 against previous 0.898. The 59500PE option holds the maximum open interest, followed by the 59500CE and 59000PE options. Market participants have shown increased interest with significant open interest additions in the 59500PE option, with open interest additions also seen in the 59500CE and 59000PE options. On the other hand, open interest reductions were prominent in the 50000PE, 60000CE, and 58800CE options. Trading volume was highest in the 59500CE option, followed by the 59500PE and 59000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,461.80	0.935	0.898	0.944
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,59,49,210	1,53,48,820	6,00,390
PUT:	1,49,11,240	1,37,79,700	11,31,540
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	15,38,110	2,02,370	1,61,247
60,000	14,59,465	-39,235	1,14,075
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,500	15,38,110	2,02,370	1,61,247
60,500	6,05,885	80,080	53,588
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	14,59,465	-39,235	1,14,075
58,800	79,135	-31,360	5,357
Top CALL Volume:
Strike	OI	OI Change	Volume
59,500	15,38,110	2,02,370	1,61,247
60,000	14,59,465	-39,235	1,14,075
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	19,14,115	2,28,445	1,50,881
59,000	15,14,275	1,94,565	1,20,414
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,500	19,14,115	2,28,445	1,50,881
59,000	15,14,275	1,94,565	1,20,414
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
50,000	2,07,095	-50,785	11,874
56,900	33,810	-12,600	4,769
Top PUT Volume:
Strike	OI	OI Change	Volume
59,500	19,14,115	2,28,445	1,50,881
59,000	15,14,275	1,94,565	1,20,414

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13862.6. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.028 against previous 0.995. The 13500PE option holds the maximum open interest, followed by the 14500CE and 13000PE options. Market participants have shown increased interest with significant open interest additions in the 13500PE option, with open interest additions also seen in the 13000PE and 14000CE options. On the other hand, open interest reductions were prominent in the 68000CE, 68000PE, and 68500PE options. Trading volume was highest in the 13800PE option, followed by the 14000CE and 13900CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,862.60	1.028	0.995	1.001
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	90,14,040	91,58,240	-1,44,200
PUT:	92,67,300	91,11,900	1,55,400
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	9,49,480	-56,280	7,291
14,000	9,26,240	93,940	14,369
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	9,26,240	93,940	14,369
14,300	5,62,800	64,120	8,253
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	8,20,260	-85,400	2,474
14,525	6,440	-66,500	818
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	9,26,240	93,940	14,369
13,900	3,52,100	27,580	12,736
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,500	11,47,020	2,53,540	9,677
13,000	9,35,060	1,27,960	6,014
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,500	11,47,020	2,53,540	9,677
13,000	9,35,060	1,27,960	6,014
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,300	2,48,080	-1,23,480	7,368
13,900	3,26,340	-71,680	11,417
Top PUT Volume:
Strike	OI	OI Change	Volume
13,800	5,11,560	-71,400	16,257
13,900	3,26,340	-71,680	11,417

Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us

Open Interest Volume Analysis reads consolidation city: Long covering dominates NIFTY/BANKNIFTY combined books while MIDCPNIFTY shorts emerge—expect 25,900-26,100 range till expiry dust settles.

Actionable edge—play the range, skip directionals: Sell premium with 26,000 iron condors or strangles; nibble NIFTY calls on 25,900 dips with tight 25,800 stops—theta your friend this week.

Sector call: Light up BANKNIFTY for relative safety, fade MIDCPNIFTY shorts; watch PCR above 1.3 as short-squeeze warning.

Tomorrow trigger: Volume spike + OI unwind = upside leg; fresh shorts on flat price = 25,700 retest—size small, expiry volatility bites hard.

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