NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 16/12/2025

NIFTY combined futures loaded with fresh shorts: +2.21% OI surge on +8% volume with sharp price drop confirms bears piling in aggressively across December (+1.69%) and January (+5.76%)—no mercy after relief rally.

Premiums mixed but conviction bearish: December steady, January expanding slightly, yet “price down, OI up, volume up” is pure short buildup textbook.

PCR flips bullish across options: Weekly plunges to 0.676, monthly 1.044—call dominance returns with max pain at 25,900-26,000, big money potentially defending.

BANKNIFTY shorts explode: Massive +8.59% combined OI blast on +24% volume roar, banking sector leading downside conviction—December +9.8% is brutal.

MIDCPNIFTY mixed relief: -2.13% combined OI drop shows long covering on rising volume, January shorts emerging—midcaps cracking under pressure.

SENSEX light covering: Near-flat OI with volume dip suggests exhausted shorts, not fresh bulls—aligns with broad bear reload.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25860.1 (-0.642%)

Combined = December + January + February

Combined Fut Open Interest Change: 2.21%

Combined Fut Volume Change: 8.00%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 11% Previous 11%

NIFTY DECEMBER Future closed at: 25940.7 (-0.643%)

December Fut Premium 80.6 (Decreased by -0.8 points)

December Fut Open Interest Change: 1.69%

December Fut Volume Change: 7.49%

December Fut Open Interest Analysis: Fresh Short

NIFTY JANUARY Future closed at: 26112.9 (-0.593%)

January Fut Premium 252.8 (Increased by 11.4 points)

January Fut Open Interest Change: 5.76%

January Fut Volume Change: 9.36%

January Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (23/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.676 (Decreased from 0.967)

Put-Call Ratio (Volume): 0.798

Max Pain Level: 25900

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 25000

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

Put-Call Ratio (Open Interest): 1.044 (Decreased from 1.083)

Put-Call Ratio (Volume): 1.013

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26000

Highest PUT Addition: 25600

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59034.6 (-0.718%)

Combined = December + January + February

Combined Fut Open Interest Change: 8.59%

Combined Fut Volume Change: 24.36%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 11% Previous 12%

BANKNIFTY DECEMBER Future closed at: 59287.8 (-0.654%)

December Fut Premium 253.2 (Increased by 37 points)

December Fut Open Interest Change: 9.8%

December Fut Volume Change: 24.9%

December Fut Open Interest Analysis: Fresh Short

BANKNIFTY JANUARY Future closed at: 59619.2 (-0.609%)

January Fut Premium 584.6 (Increased by 61.6 points)

January Fut Open Interest Change: 1.09%

January Fut Volume Change: 18.47%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.747 (Decreased from 0.935)

Put-Call Ratio (Volume): 0.947

Max Pain Level: 59300

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59500

Highest CALL Addition: 60000

Highest PUT Addition: 58600

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13748 (-0.827%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.13%

Combined Fut Volume Change: 32.78%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 5% Previous 4%

MIDCPNIFTY DECEMBER Future closed at: 13776.85 (-0.941%)

December Fut Premium 28.85 (Decreased by -16.3 points)

December Fut Open Interest Change: -2.84%

December Fut Volume Change: 30.57%

December Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JANUARY Future closed at: 13856.1 (-0.925%)

January Fut Premium 108.1 (Decreased by -14.75 points)

January Fut Open Interest Change: 14.69%

January Fut Volume Change: 58.96%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.914 (Decreased from 1.028)

Put-Call Ratio (Volume): 0.862

Max Pain Level: 13825

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13500

Highest CALL Addition: 14500

Highest PUT Addition: 13200

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 84,679.86 (-0.626%)

SENSEX Monthly Future closed at: 84,924.45 (-0.559%)

Premium: 244.59 (Increased by 56 points)

Open Interest Change: -0.08%

Volume Change: -15.68%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.623 (Decreased from 1.065)

Put-Call Ratio (Volume): 0.995

Max Pain Level: 84800

Maximum CALL OI: 87000

Maximum PUT OI: 84000

Highest CALL Addition: 87000

Highest PUT Addition: 84000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,381.92 Cr.
DIIs Net BUY: ₹ 1,077.48 Cr.

FII Derivatives Activity

FII Trading Stats	16.12.25	15.12.25	12.12.25
FII Cash (Provisional Data)	-2,381.92	-1,468.32	-1,114.22
Index Future Open Interest Long Ratio	9.06%	10.63%	10.09%
Index Future Volume Long Ratio	32.89%	56.10%	42.40%
Call Option Open Interest Long Ratio	48.41%	49.77%	50.73%
Call Option Volume Long Ratio	49.89%	49.87%	50.37%
Put Option Open Interest Long Ratio	66.44%	59.13%	60.27%
Put Option Volume Long Ratio	50.34%	49.93%	49.89%
Stock Future Open Interest Long Ratio	61.27%	61.61%	61.91%
Stock Future Volume Long Ratio	46.21%	46.29%	50.81%
Index Futures	Fresh Short	Short Covering	Long Covering
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Fresh Short	Short Covering	Fresh Short
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Fresh Short	Fresh Long	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Short Covering	Fresh Short	Fresh Short
FinNifty Options	Fresh Short	Fresh Long	Long Covering
MidcpNifty Futures	Fresh Short	Long Covering	Long Covering
MidcpNifty Options	Short Covering	Long Covering	Fresh Long
NiftyNxt50 Futures	Short Covering	Fresh Long	Fresh Long
NiftyNxt50 Options	Short Covering	Fresh Short	Fresh Long
Stock Futures	Long Covering	Fresh Short	Fresh Long
Stock Options	Fresh Short	Fresh Short	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 84679.86. The SENSEX weekly expiry for DECEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.623 against previous 1.065. The 87000CE option holds the maximum open interest, followed by the 85000CE and 85500CE options. Market participants have shown increased interest with significant open interest additions in the 87000CE option, with open interest additions also seen in the 85000CE and 85500CE options. On the other hand, open interest reductions were prominent in the 85200PE, 84900PE, and 85100PE options. Trading volume was highest in the 84800PE option, followed by the 85000CE and 84800CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84679.86	0.623	1.065	0.995
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,71,30,900	1,16,11,320	1,55,19,580
PUT:	1,68,94,360	1,23,63,360	45,31,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
87000	19,66,040	13,09,300	88,13,660
85000	17,99,100	12,41,820	2,67,04,340
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
87000	19,66,040	13,09,300	88,13,660
85000	17,99,100	12,41,820	2,67,04,340
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
87600	1,74,780	-1,03,540	13,72,020
86800	2,29,060	-36,680	17,45,000
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	17,99,100	12,41,820	2,67,04,340
84800	9,26,900	8,20,000	2,21,11,900
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84000	13,31,460	8,33,560	1,51,11,860
83000	12,42,000	5,98,800	72,21,660
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
84000	13,31,460	8,33,560	1,51,11,860
83000	12,42,000	5,98,800	72,21,660
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85200	1,05,220	-2,84,580	51,02,680
84900	2,43,480	-2,56,000	1,87,89,300
Top PUT Volume:
Strike	OI	OI Change	Volume
84800	5,19,100	71,600	2,81,38,120
85000	6,40,140	-2,07,800	2,16,69,580

NIFTY Weekly Expiry (23/12/2025)

The NIFTY index closed at 25860.1. The NIFTY weekly expiry for DECEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.676 against previous 0.967. The 27000CE option holds the maximum open interest, followed by the 26000CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 27000CE and 25900CE options. On the other hand, open interest reductions were prominent in the 26050PE, 26400PE, and 26150PE options. Trading volume was highest in the 25900PE option, followed by the 26000CE and 25900CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,860.10	0.676	0.967	0.798
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,79,53,625	3,77,49,375	5,02,04,250
PUT:	5,94,51,075	3,65,08,425	2,29,42,650
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	80,61,900	41,87,925	2,39,403
26,000	76,60,125	47,73,150	5,51,079
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	76,60,125	47,73,150	5,51,079
27,000	80,61,900	41,87,925	2,39,403
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	3,375	-450	6
–	–	–	–
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	76,60,125	47,73,150	5,51,079
25,900	49,76,100	40,82,400	4,79,360
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	51,18,375	23,84,625	1,56,213
25,500	46,98,450	16,65,150	2,21,469
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	51,18,375	23,84,625	1,56,213
24,000	29,70,150	18,17,325	72,581
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,050	3,52,500	-1,82,100	51,931
26,400	1,43,025	-30,825	5,769
Top PUT Volume:
Strike	OI	OI Change	Volume
25,900	36,36,225	17,67,225	5,90,825
25,800	30,83,250	7,49,400	3,59,547

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 25860.1. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.044 against previous 1.083. The 26000CE option holds the maximum open interest, followed by the 26000PE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 25600PE and 25900CE options. On the other hand, open interest reductions were prominent in the 25700PE, 26400CE, and 25800PE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 25800PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,860.10	1.044	1.083	1.013
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,13,62,325	5,92,95,675	20,66,650
PUT:	6,40,34,275	6,42,23,325	-1,89,050
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	83,21,700	13,06,700	1,53,004
27,000	70,25,800	-75,125	48,370
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	83,21,700	13,06,700	1,53,004
25,900	17,61,375	6,25,950	65,678
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	28,86,975	-6,76,800	75,134
26,450	2,34,225	-2,97,525	14,523
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	83,21,700	13,06,700	1,53,004
26,500	50,09,100	-1,98,000	99,972
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	79,98,375	4,24,050	1,47,222
25,000	52,15,525	-11,725	40,622
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,600	25,16,850	10,39,425	56,786
26,000	79,98,375	4,24,050	1,47,222
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	23,75,775	-10,98,675	1,11,383
25,800	22,92,150	-5,03,175	1,13,709
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	79,98,375	4,24,050	1,47,222
25,800	22,92,150	-5,03,175	1,13,709

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59034.6. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.747 against previous 0.935. The 59500CE option holds the maximum open interest, followed by the 60000CE and 59500PE options. Market participants have shown increased interest with significant open interest additions in the 60000CE option, with open interest additions also seen in the 59500CE and 59300CE options. On the other hand, open interest reductions were prominent in the 59500PE, 59000PE, and 57500PE options. Trading volume was highest in the 59000PE option, followed by the 59500CE and 59000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,034.60	0.747	0.935	0.947
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,91,51,465	1,59,49,210	32,02,255
PUT:	1,43,09,985	1,49,11,240	-6,01,255
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	18,16,010	2,77,900	1,41,449
60,000	17,83,285	3,23,820	92,447
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,000	17,83,285	3,23,820	92,447
59,500	18,16,010	2,77,900	1,41,449
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,500	6,47,570	-52,885	8,094
58,000	1,69,785	-52,115	5,201
Top CALL Volume:
Strike	OI	OI Change	Volume
59,500	18,16,010	2,77,900	1,41,449
59,000	9,74,435	1,90,365	1,09,629
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,500	16,80,280	-2,33,835	99,243
59,000	13,31,400	-1,82,875	1,71,857
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,600	2,83,675	1,61,665	24,427
58,000	10,29,385	97,580	58,655
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	16,80,280	-2,33,835	99,243
59,000	13,31,400	-1,82,875	1,71,857
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	13,31,400	-1,82,875	1,71,857
59,200	2,72,055	-75,635	1,00,849

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13748. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.914 against previous 1.028. The 14500CE option holds the maximum open interest, followed by the 13500PE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 14500CE option, with open interest additions also seen in the 14200CE and 14300CE options. On the other hand, open interest reductions were prominent in the 68700CE, 67000PE, and 69000CE options. Trading volume was highest in the 13800PE option, followed by the 13800CE and 14000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,748.00	0.914	1.028	0.862
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	98,10,360	90,14,040	7,96,320
PUT:	89,62,940	92,67,300	-3,04,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	11,58,360	2,08,880	11,860
14,000	9,69,500	43,260	14,388
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,500	11,58,360	2,08,880	11,860
14,200	7,74,760	1,20,820	10,978
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
15,000	6,90,620	-1,29,640	3,299
14,550	1,42,240	-58,100	667
Top CALL Volume:
Strike	OI	OI Change	Volume
13,800	4,94,480	92,540	17,374
14,000	9,69,500	43,260	14,388
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,500	11,31,900	-15,120	9,758
13,000	9,18,400	-16,660	6,833
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,200	4,95,180	57,820	4,807
13,750	1,00,520	52,080	10,626
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,900	2,22,880	-1,03,460	4,261
13,800	4,59,060	-52,500	21,200
Top PUT Volume:
Strike	OI	OI Change	Volume
13,800	4,59,060	-52,500	21,200
13,700	4,43,380	25,060	12,421

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

Open Interest Volume Analysis verdict: Bears back in charge: Heavy short buildup dominates NIFTY/BANKNIFTY combined books while MIDCPNIFTY covers—downside momentum building fast.

Actionable trades—short bias rules: Fade bounces to 26,000 with 26,100 stops; buy puts or short strangles targeting 25,700—BANKNIFTY offers best short alpha.

Skip midcaps, watch PCR divergence: Rising call OI could trap shorts near max pain, but volume confirms bears—stay light ahead of holidays.

Tomorrow’s pivot: OI unwind + volume fade = bounce to 26,000; sustained shorts = 25,500 test—scale in, no FOMO in this setup.

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

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