Nifty Gains 1.32% as Futures Premium Expands; FII Buying Supports Market

The Indian stock market continued its upward momentum, with Nifty 50 closing at 23,658.35, up by 1.32%. The bullish sentiment was mirrored in the derivatives market, where Nifty March Futures settled at 23,699.35, posting a 1.37% gain and maintaining a 41-point premium over the spot price.

Derivatives Market Insights

Nifty futures premium expanded by 21.15 points, indicating strengthening bullish sentiment.

Combined Nifty Futures Open Interest (March, April & May) increased by 2%, suggesting fresh long positions.

Nifty futures trading volume surged by 25.3%, showing increased participation from market players.

Nifty March PCR: 1.170 (up from 1.093) – Indicates strengthening bullish sentiment.

Nifty April PCR: 1.400 (unchanged) – Stable positioning in the April contracts.

Nifty May PCR: 1.566 (up from 1.458) – More bullish bets in long-term contracts.

Total PCR (all expiries): 1.220 (up from 1.147) – A rise in total PCR further signals bullish sentiment.

Institutional Activity in Cash Markets: FIIs & DIIs

In the cash market, Foreign Institutional Investors (FIIs) were net buyers, infusing ₹3,055.76 Cr, while Domestic Institutional Investors (DIIs) also made net purchases worth ₹98.54 Cr, providing stability to the market.

FII Derivative Positioning

FII Index Future Open Interest Long Ratio rose to 32.13% (from 31.79%) – Suggesting an increase in long positions.

FII Index Future Volume Long Ratio fell to 50.83% (from 63.47%) – Signaling some unwinding of existing long positions.

FII Call Option Open Interest Long Ratio declined to 53.34% (from 55.78%) – Reflecting reduced aggressive bullish positioning.

FII Put Option Open Interest Long Ratio dropped to 52.02% (from 54.23%) – A lower put open interest suggests less hedging activity.

FII Trading Stats	24.03.25	21.03.25	20.03.25
FII Cash (Provisional Data)	3,055.76	7,470.36	3239.14
Index Future Open Interest Long Ratio	32.13%	31.79%	29.68%
Index Future Volume Long Ratio	50.83%	63.47%	63.82%
Call Option Open Interest Long Ratio	53.34%	55.78%	57.94%
Call Option Volume Long Ratio	49.69%	49.85%	49.34%
Put Option Open Interest Long Ratio	52.02%	54.23%	57.47%
Put Option Volume Long Ratio	49.63%	49.54%	49.16%
Stock Future Open Interest Long Ratio	65.06%	64.93%	64.85%
Stock Future Volume Long Ratio	50.16%	51.10%	52.88%
Index Futures	Fresh Long	Short Covering	Short Covering
Index Options	Fresh Short	Fresh Short	Long Covering
Nifty Futures	Fresh Long	Short Covering	Fresh Long
Nifty Options	Fresh Short	Fresh Short	Long Covering
BankNifty Futures	Fresh Short	Fresh Long	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Long	Long Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Long Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Short Covering	Short Covering
NiftyNxt50 Options	Long Covering	Long Covering	Short Covering
Stock Futures	Fresh Long	Fresh Long	Fresh Long
Stock Options	Fresh Long	Fresh Short	Fresh Short

Major Indices | Options Insights

SENSEX Monthly Expiry (25.03.2025)

The SENSEX index closed at 77984.38. The SENSEX Monthly expiry for March 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.102 against previous 1.122. The 80000CE option holds the maximum open interest, followed by the 79000CE and 75000PE options. Market participants have shown increased interest with significant open interest additions in the 80000CE option, with open interest additions also seen in the 78000PE and 77500PE options. On the other hand, open interest reductions were prominent in the 78500CE, 72500PE, and 77000CE options. Trading volume was highest in the 78500CE option, followed by the 78000CE and 79000CE options, indicating active trading in these strikes.

SENSEX	Monthly	Expiry:	25-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77984.38	1.102	1.122	0.816
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,86,81,280	1,46,18,160	40,63,120
PUT:	2,05,82,580	1,63,98,429	41,84,151
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	16,59,720	9,38,460	2,24,00,620
79000	13,08,480	3,01,240	4,87,76,720
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
80000	16,59,720	9,38,460	2,24,00,620
81000	9,69,180	4,95,020	79,08,780
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
78500	6,95,920	-4,56,440	5,91,61,760
77000	2,74,740	-3,13,620	34,11,900
Top CALL Volume:
Strike	OI	OI Change	Volume
78500	6,95,920	-4,56,440	5,91,61,760
78000	7,55,900	-1,29,540	5,91,07,700
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	12,69,220	63,720	1,32,88,240
76000	12,63,320	4,33,620	2,34,31,980
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
78000	5,84,380	5,70,880	2,37,07,560
77500	5,59,520	5,30,180	3,92,22,280
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
72500	4,49,640	-3,21,400	32,72,320
71000	2,32,500	-1,91,620	20,05,800
Top PUT Volume:
Strike	OI	OI Change	Volume
77000	7,57,160	4,28,980	4,29,18,220
77500	5,59,520	5,30,180	3,92,22,280

NIFTY Monthly Expiry (27.03.2025)

The NIFTY index closed at 23658.35. The NIFTY Monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.170 against previous 1.093. The 22500PE option holds the maximum open interest, followed by the 23000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 23500PE option, with open interest additions also seen in the 23600PE and 23300PE options. On the other hand, open interest reductions were prominent in the 23600CE, 23500CE, and 23400CE options. Trading volume was highest in the 24000CE option, followed by the 23600CE and 23700CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,658.35	1.170	1.093	0.800
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,71,57,550	16,22,24,100	49,33,450
PUT:	19,55,88,650	17,73,52,550	1,82,36,100
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,07,42,475	27,46,875	6,62,244
24,500	1,02,42,825	36,23,925	10,94,182
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,500	1,02,42,825	36,23,925	10,94,182
24,200	81,35,175	28,23,825	14,77,303
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,600	37,06,425	-47,14,425	27,07,513
23,500	35,20,800	-34,71,750	21,26,207
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	99,76,475	-17,61,575	28,12,755
23,600	37,06,425	-47,14,425	27,07,513
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,500	1,43,32,425	31,23,675	8,15,439
23,000	1,18,16,025	-11,22,750	14,09,172
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	82,97,250	62,54,400	25,27,224
23,600	50,73,525	46,63,275	18,40,440
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	96,92,150	-28,43,450	5,69,926
22,300	29,70,075	-24,96,450	3,96,904
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	82,97,250	62,54,400	25,27,224
23,600	50,73,525	46,63,275	18,40,440

BANKNIFTY Monthly Expiry (27.03.2025)

The BANKNIFTY index closed at 51704.95. The BANKNIFTY Monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.294 against previous 1.268. The 49000PE option holds the maximum open interest, followed by the 50000PE and 48000PE options. Market participants have shown increased interest with significant open interest additions in the 51000PE option, with open interest additions also seen in the 54000CE and 51500PE options. On the other hand, open interest reductions were prominent in the 51000CE, 47500PE, and 50500CE options. Trading volume was highest in the 52000CE option, followed by the 51500CE and 53000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
51,704.95	1.294	1.268	0.717
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,83,52,430	2,51,61,450	31,90,980
PUT:	3,66,90,690	3,19,07,694	47,82,996
Top CALL Open Interest:
Strike	OI	OI Change	Volume
53,000	16,39,140	2,03,160	8,55,551
54,000	15,11,190	8,86,410	4,49,115
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,000	15,11,190	8,86,410	4,49,115
55,000	10,21,320	6,54,180	1,36,625
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
51,000	6,31,665	-6,08,145	5,70,227
50,500	5,25,690	-4,45,230	1,06,944
Top CALL Volume:
Strike	OI	OI Change	Volume
52,000	13,88,130	-3,87,690	11,63,691
51,500	8,70,390	-1,74,750	9,50,808
Top PUT Open Interest:
Strike	OI	OI Change	Volume
49,000	26,24,460	81,960	4,28,809
50,000	20,64,720	5,26,800	5,98,571
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
51,000	13,87,815	11,31,450	6,96,331
51,500	9,02,910	8,67,360	5,58,585
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
47,500	9,64,710	-5,17,110	2,03,136
46,500	5,79,015	-2,61,390	1,09,221
Top PUT Volume:
Strike	OI	OI Change	Volume
51,000	13,87,815	11,31,450	6,96,331
50,000	20,64,720	5,26,800	5,98,571

FINNIFTY Monthly Expiry (27.03.2025)

The FINNIFTY index closed at 25057.55. The FINNIFTY Monthly expiry for March 27, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 1.096 against previous 1.152. The 24800CE option holds the maximum open interest, followed by the 24000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24800PE option, with open interest additions also seen in the 25000PE and 25200CE options. On the other hand, open interest reductions were prominent in the 24600CE, 23500PE, and 24700CE options. Trading volume was highest in the 25000CE option, followed by the 25200CE and 25100CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,057.55	1.096	1.152	0.692
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	45,79,380	36,00,740	9,78,640
PUT:	50,20,145	41,49,600	8,70,545
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,800	3,10,245	-38,740	29,275
25,000	2,83,920	90,090	80,155
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,200	2,34,325	1,45,990	67,613
25,300	1,69,975	1,32,795	41,775
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,600	1,17,065	-1,53,660	7,782
24,700	1,04,585	-74,750	11,355
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	2,83,920	90,090	80,155
25,200	2,34,325	1,45,990	67,613
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	2,94,450	1,45,210	43,414
24,800	2,40,045	2,35,950	29,940
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,800	2,40,045	2,35,950	29,940
25,000	1,97,600	1,97,080	36,535
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	2,11,965	-85,995	23,345
23,800	88,660	-61,880	10,834
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	2,94,450	1,45,210	43,414
25,000	1,97,600	1,97,080	36,535

MIDCPNIFTY Monthly Expiry (27.03.2025)

The MIDCPNIFTY index closed at 11699.5. The MIDCPNIFTY Monthly expiry for March 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.175 against previous 1.195. The 11300PE option holds the maximum open interest, followed by the 11000PE and 12000CE options. Market participants have shown increased interest with significant open interest additions in the 11850CE option, with open interest additions also seen in the 11700PE and 11450PE options. On the other hand, open interest reductions were prominent in the 61000CE, 62000CE, and 60000PE options. Trading volume was highest in the 12000CE option, followed by the 11700CE and 11800CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	27-03-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,699.50	1.175	1.195	0.767
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,42,60,680	1,33,61,280	8,99,400
PUT:	1,67,56,680	1,59,61,080	7,95,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	11,56,800	-3,54,000	1,60,967
11,800	7,90,680	-1,57,200	1,07,382
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,850	7,80,120	6,30,360	42,280
12,200	6,49,680	3,55,680	49,610
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	11,56,800	-3,54,000	1,60,967
11,600	3,47,640	-2,57,400	52,377
Top CALL Volume:
Strike	OI	OI Change	Volume
12,000	11,56,800	-3,54,000	1,60,967
11,700	6,48,960	-2,47,800	1,07,499
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,300	14,23,080	1,01,160	51,458
11,000	12,63,120	-98,160	52,112
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,700	5,87,160	5,40,240	54,679
11,450	7,84,920	5,30,640	25,377
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,100	6,87,480	-5,61,240	41,014
10,700	5,20,440	-2,77,440	15,893
Top PUT Volume:
Strike	OI	OI Change	Volume
11,600	6,06,240	4,69,440	64,774
11,500	8,36,160	3,38,520	62,507

Market Outlook: Bullish Momentum with Caution at Higher Levels

The expanding Nifty futures premium and rising open interest signal strong bullish sentiment in the market. The steady increase in Put-Call Ratios (PCR) across expiries further reinforces optimism, as traders continue to build positions in out-of-the-money (OTM) put options, expecting limited downside risk.

However, some caution is warranted due to the following factors:

FII Index Future Volume Long Ratio Drop: Despite an increase in FIIs’ Open Interest Long Ratio, the decline in long volume ratio suggests that institutional investors might be reducing aggressive long positions. This could indicate profit booking at higher levels.

Decline in FII Call Option Open Interest Long Ratio: A lower percentage of long positions in call options suggests some hesitation in expecting an immediate sharp rally.

Resistance at Higher Levels: Call Option activity suggests Resistance has shifted to 24,200–24,500 before Expiry. On the other hand; 23,500 – 23,600 – 23,000 – 22,500 should act as Supports.

DII Participation Remains Weak: While DIIs were net buyers, their activity remains subdued compared to previous sessions. Sustained DII support is crucial for continued market stability.

Key Levels to Watch: 23,500 – A break below this level could trigger short-term weakness.

Conclusion: The overall trend remains bullish, but traders should remain cautious of profit booking at higher levels.

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FII / FPI trading activity in Capital Market Segment