NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/12/2025

Markets barely budged lower today with NIFTY off just 0.01% on solid volume pickup, and this Open Interest Volume Analysis across combined futures captures the post-expiry unwind perfectly—longs booking profits while fresh shorts lurk in longer-dated contracts.

Opening (Bullet Points)
NIFTY combined futures exhale with long covering: -1.45% OI drop on +39% volume surge shows bulls trimming recent gains aggressively, December leading at -2.26% while January piles fresh shorts (+3.68%).

Premiums bleeding fast across board: Sharp time decay in both contracts despite flat price, classic sign of longs paying the theta tax during consolidation.

PCR mixed but puts gaining ground: Weekly ticks up to 0.677, monthly 1.018—max pain steady at 25,850-26,000 as traders balance call defense with put protection.

BANKNIFTY deep long unwind: -2.55% combined OI plunge on rising volume marks aggressive profit-taking, January shorts adding to the caution.

FINNIFTY hints fresh longs: Slight +0.1% combined OI amid volume crash suggests tentative bull rotation, January leading with +10.29%.

MIDCPNIFTY short relief: -1.4% combined OI drop on volume explosion shows covering, breadth improving slightly.

SENSEX heavy covering: -6% OI shed aligns with broad unwind, volume doubling confirms real money exiting.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25815.55 (-0.012%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.45%

Combined Fut Volume Change: 39.44%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 12% Previous 12%

NIFTY DECEMBER Future closed at: 25880.6 (-0.066%)

December Fut Premium 65.05 (Decreased by -14.2 points)

December Fut Open Interest Change: -2.26%

December Fut Volume Change: 41.69%

December Fut Open Interest Analysis: Long Covering

NIFTY JANUARY Future closed at: 26049.1 (-0.049%)

January Fut Premium 233.55 (Decreased by -9.7 points)

January Fut Open Interest Change: 3.68%

January Fut Volume Change: 18.53%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.677 (Increased from 0.585)

Put-Call Ratio (Volume): 0.917

Max Pain Level: 25850

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26600

Highest PUT Addition: 25600

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

Put-Call Ratio (Open Interest): 1.018 (Increased from 0.983)

Put-Call Ratio (Volume): 0.849

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26300

Highest PUT Addition: 25800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58912.85 (-0.024%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.55%

Combined Fut Volume Change: 20.99%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 13% Previous 12%

BANKNIFTY DECEMBER Future closed at: 59074.2 (-0.123%)

December Fut Premium 161.35 (Decreased by -58.7 points)

December Fut Open Interest Change: -4.0%

December Fut Volume Change: 26.8%

December Fut Open Interest Analysis: Long Covering

BANKNIFTY JANUARY Future closed at: 59458.6 (-0.063%)

January Fut Premium 545.75 (Decreased by -23.7 points)

January Fut Open Interest Change: 10.22%

January Fut Volume Change: -11.12%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.693 (Decreased from 0.720)

Put-Call Ratio (Volume): 0.900

Max Pain Level: 59100

Maximum CALL Open Interest: 59500

Maximum PUT Open Interest: 59000

Highest CALL Addition: 62000

Highest PUT Addition: 55500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13745.15 (0.680%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.40%

Combined Fut Volume Change: 69.81%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 6% Previous 5%

MIDCPNIFTY DECEMBER Future closed at: 13777.4 (0.667%)

December Fut Premium 32.25 (Decreased by -1.5 points)

December Fut Open Interest Change: -2.13%

December Fut Volume Change: 60.19%

December Fut Open Interest Analysis: Short Covering

MIDCPNIFTY JANUARY Future closed at: 13850.35 (0.597%)

January Fut Premium 105.2 (Decreased by -10.65 points)

January Fut Open Interest Change: 12.72%

January Fut Volume Change: 167.12%

January Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.925 (Increased from 0.860)

Put-Call Ratio (Volume): 0.897

Max Pain Level: 13800

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13600

Highest PUT Addition: 13700

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 84,481.81 (-0.092%)

SENSEX Monthly Future closed at: 84,621.60 (-0.164%)

Premium: 139.79 (Decreased by -61.21 points)

Open Interest Change: -6.00%

Volume Change: 103.16%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (24/12/2025) Option Analysis

Put-Call Ratio (OI): 0.748 (Increased from 0.648)

Put-Call Ratio (Volume): 0.977

Max Pain Level: 84500

Maximum CALL OI: 85000

Maximum PUT OI: 84500

Highest CALL Addition: 84500

Highest PUT Addition: 84500

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 595.78 Cr.
DIIs Net BUY: ₹ 2,700.36 Cr.

FII Derivatives Activity

FII Trading Stats	18.12.25	17.12.25	16.12.25
FII Cash (Provisional Data)	595.78	1,171.71	-2,381.92
Index Future Open Interest Long Ratio	8.17%	8.16%	9.06%
Index Future Volume Long Ratio	48.11%	32.08%	32.89%
Call Option Open Interest Long Ratio	48.16%	47.79%	48.41%
Call Option Volume Long Ratio	50.05%	49.76%	49.89%
Put Option Open Interest Long Ratio	63.01%	64.19%	66.44%
Put Option Volume Long Ratio	49.86%	49.92%	50.34%
Stock Future Open Interest Long Ratio	61.25%	61.10%	61.27%
Stock Future Volume Long Ratio	52.05%	48.84%	46.21%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Short	Fresh Short	Short Covering
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Fresh Short	Short Covering
BankNifty Futures	Short Covering	Long Covering	Fresh Short
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Short Covering	Fresh Short	Short Covering
FinNifty Options	Long Covering	Short Covering	Fresh Short
MidcpNifty Futures	Fresh Long	Short Covering	Fresh Short
MidcpNifty Options	Long Covering	Long Covering	Short Covering
NiftyNxt50 Futures	Fresh Long	Long Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Short Covering
Stock Futures	Fresh Long	Fresh Short	Long Covering
Stock Options	Fresh Short	Fresh Long	Fresh Short

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 84481.81. The SENSEX weekly expiry for DECEMBER 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.748 against previous 0.648. The 85000CE option holds the maximum open interest, followed by the 84500CE and 87000CE options. Market participants have shown increased interest with significant open interest additions in the 84500CE option, with open interest additions also seen in the 84500PE and 81500PE options. On the other hand, open interest reductions were prominent in the 76700PE, 85400PE, and 85300PE options. Trading volume was highest in the 84500PE option, followed by the 85000CE and 84500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	24-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84481.81	0.748	0.648	0.977
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	49,17,740	22,37,640	26,80,100
PUT:	36,80,360	14,50,560	22,29,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	4,05,200	1,21,740	27,99,380
84500	3,40,600	2,33,920	23,20,020
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84500	3,40,600	2,33,920	23,20,020
87500	2,61,640	1,97,000	8,47,160
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
87800	3,280	-160	6,300
82800	300	-80	480
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	4,05,200	1,21,740	27,99,380
84500	3,40,600	2,33,920	23,20,020
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84500	3,23,840	2,06,620	29,17,200
84000	2,74,600	1,52,240	21,08,820
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
84500	3,23,840	2,06,620	29,17,200
81500	2,25,700	2,02,520	5,75,860
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
76700	360	-500	1,680
85400	4,200	-480	30,380
Top PUT Volume:
Strike	OI	OI Change	Volume
84500	3,23,840	2,06,620	29,17,200
84000	2,74,600	1,52,240	21,08,820

NIFTY Weekly Expiry (23/12/2025)

The NIFTY index closed at 25815.55. The NIFTY weekly expiry for DECEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.677 against previous 0.585. The 26000CE option holds the maximum open interest, followed by the 27000CE and 25900CE options. Market participants have shown increased interest with significant open interest additions in the 25600PE option, with open interest additions also seen in the 25700PE and 26600CE options. On the other hand, open interest reductions were prominent in the 27000CE, 25350PE, and 26150CE options. Trading volume was highest in the 25800PE option, followed by the 25900CE and 25800CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,815.55	0.677	0.585	0.917
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,26,30,000	15,38,11,950	88,18,050
PUT:	11,01,04,575	8,99,03,250	2,02,01,325
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,27,78,350	-2,79,150	23,84,351
27,000	1,05,66,375	-18,29,850	5,72,037
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,600	75,24,825	20,10,600	7,94,266
25,800	59,62,650	13,57,275	30,37,586
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	1,05,66,375	-18,29,850	5,72,037
26,150	36,06,975	-10,01,925	7,60,269
Top CALL Volume:
Strike	OI	OI Change	Volume
25,900	1,03,28,775	2,55,075	31,12,904
25,800	59,62,650	13,57,275	30,37,586
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	74,18,325	9,62,325	10,27,492
25,000	73,96,950	8,75,700	5,64,767
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,600	65,80,425	30,07,200	12,61,699
25,700	65,47,725	20,20,050	21,98,125
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,350	19,70,250	-10,92,450	3,13,906
25,900	36,90,150	-8,03,700	22,82,762
Top PUT Volume:
Strike	OI	OI Change	Volume
25,800	66,99,900	6,05,400	41,33,382
25,750	37,25,250	11,42,625	22,88,738

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 25815.55. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.018 against previous 0.983. 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 26300CE option, with open interest additions also seen in the 25800PE and 24800PE options. On the other hand, open interest reductions were prominent in the 27000CE, 26000CE, and 26100CE options. Trading volume was highest in the 26000CE option, followed by the 25800PE and 26100CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,815.55	1.018	0.983	0.849
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,49,56,975	6,62,52,875	-12,95,900
PUT:	6,60,94,450	6,51,33,150	9,61,300
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	86,96,300	-4,55,600	2,42,257
27,000	56,11,375	-11,36,625	67,724
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,300	38,56,350	6,63,450	1,31,271
25,900	26,41,800	2,59,725	1,24,864
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	56,11,375	-11,36,625	67,724
26,000	86,96,300	-4,55,600	2,42,257
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	86,96,300	-4,55,600	2,42,257
26,100	35,44,050	-3,87,375	1,47,011
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	74,01,500	-3,51,450	1,43,521
25,000	53,00,375	1,77,375	68,229
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,800	29,84,550	5,20,350	1,80,024
24,800	13,96,125	3,40,800	30,053
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	74,01,500	-3,51,450	1,43,521
25,600	23,34,600	-3,43,050	81,428
Top PUT Volume:
Strike	OI	OI Change	Volume
25,800	29,84,550	5,20,350	1,80,024
26,000	74,01,500	-3,51,450	1,43,521

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 58912.85. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.693 against previous 0.720. The 59500CE option holds the maximum open interest, followed by the 60000CE and 59000PE options. Market participants have shown increased interest with significant open interest additions in the 62000CE option, with open interest additions also seen in the 62500CE and 67000CE options. On the other hand, open interest reductions were prominent in the 59500PE, 58000PE, and 57500PE options. Trading volume was highest in the 59000PE option, followed by the 59000CE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,912.85	0.693	0.720	0.900
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,03,19,065	1,98,12,475	5,06,590
PUT:	1,40,85,495	1,42,73,960	-1,88,465
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,500	18,32,845	-13,335	1,44,861
60,000	17,90,915	7,280	1,01,970
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
62,000	9,97,675	1,75,525	51,886
62,500	5,95,070	1,34,715	35,133
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,600	5,64,620	-47,425	38,748
59,400	3,74,500	-46,725	46,882
Top CALL Volume:
Strike	OI	OI Change	Volume
59,000	11,88,915	-11,200	2,10,574
59,500	18,32,845	-13,335	1,44,861
Top PUT Open Interest:
Strike	OI	OI Change	Volume
59,000	12,83,520	-39,620	2,59,302
59,500	12,59,300	-2,20,920	82,299
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,500	3,65,650	83,275	17,559
58,700	2,22,145	62,055	55,140
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	12,59,300	-2,20,920	82,299
58,000	10,08,420	-1,02,340	74,452
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	12,83,520	-39,620	2,59,302
58,900	2,63,515	12,565	1,05,598

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13745.15. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.925 against previous 0.860. The 14000CE option holds the maximum open interest, followed by the 13000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13700PE option, with open interest additions also seen in the 13100PE and 13000PE options. On the other hand, open interest reductions were prominent in the 70000CE, 68500PE, and 68500PE options. Trading volume was highest in the 13800CE option, followed by the 13700CE and 13700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,745.15	0.925	0.860	0.897
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,02,02,920	1,05,88,900	-3,85,980
PUT:	94,38,940	91,07,140	3,31,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	11,32,040	-11,200	20,498
14,500	10,16,260	-50,400	6,118
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,600	1,95,720	36,540	8,205
13,800	6,49,460	26,880	26,438
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,400	5,38,580	-60,200	5,555
14,200	7,77,420	-58,800	9,612
Top CALL Volume:
Strike	OI	OI Change	Volume
13,800	6,49,460	26,880	26,438
13,700	4,00,960	-35,000	24,950
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	10,60,640	1,22,780	9,820
13,500	10,17,380	1,540	17,616
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,700	4,75,020	1,32,020	20,784
13,100	6,27,060	1,30,620	5,992
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,800	3,17,940	-2,00,340	13,119
12,800	2,79,860	-1,11,860	4,199
Top PUT Volume:
Strike	OI	OI Change	Volume
13,700	4,75,020	1,32,020	20,784
13,600	6,61,920	54,600	19,004

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

Open Interest Volume Analysis reads range trading resumption: Long covering dominates combined books across NIFTY/BANKNIFTY while selective longs emerge—25,800-26,100 likely holds through holidays.

Actionable plays—theta gang wins: Sell 26,000 straddles or iron flies; nibble FINNIFTY/MIDCPNIFTY calls on 25,800 dips with 25,700 stops—avoid directional bets.

Sector lean: Fade BANKNIFTY weakness, chase FINNIFTY rotation; midcaps offer relative value if volume holds.

Friday trigger: Fresh OI buildup downside = 25,600 test; continued covering + volume = squeeze to 26,200—position light, thin holiday flows amplify everything.

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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