Market Mayhem: NIFTY Options Data Reflects Mounting Global Pressure | 9/04/25

Tariff War & Global Volatility Trigger Derivatives Shake-Up

In today’s NIFTY Options Data update, Indian markets reflected the weight of rising global uncertainty. Renewed trade tensions between the U.S. and China, along with escalating tariff war rhetoric, added pressure to global equities. The Indian indices were no exception, with NIFTY, BANKNIFTY, and FINNIFTY slipping amid significant FII selling and weak participation. While Put-Call Ratios remain elevated and Max Pain levels hint at potential Resistance zones, falling volumes and open interest suggest a cautious stance by market participants.

NSE & BSE F&O Analysis

NIFTY April Future

NIFTY Spot closed at: 22,399.15 (-0.61%)

NIFTY April Future closed at: 22,479.65 (-0.67%)

Premium: 80.5 (Decreased by -14 points)

Open Interest Change: -2.0%

Volume Change: -41.9%

NIFTY Weekly Expiry (17/04/2025) Option Analysis

Put-Call Ratio (OI): 0.743 (Increased from 0.708)

Put-Call Ratio (Volume): 0.753

Max Pain Level: 22500

Maximum CALL OI: 25400

Maximum PUT OI: 20400

Highest CALL Addition: 25400

Highest PUT Addition: 20400

NIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 1.068 (Increased from 1.060)

Put-Call Ratio (Volume): 0.882

Max Pain Level: 23000

Maximum CALL OI: 23500

Maximum PUT OI: 21000

Highest CALL Addition: 23000

Highest PUT Addition: 22400

BANKNIFTY April Future

BANKNIFTY Spot closed at: 50,240.15 (-0.54%)

BANKNIFTY April Future closed at: 50,468.60 (-0.59%)

Premium: 228.45 (Decreased by -28.75 points)

Open Interest Change: -0.9%

Volume Change: -1.1%

BANKNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.738 (Decreased from 0.778)

Put-Call Ratio (Volume): 0.937

Max Pain Level: 50700

Maximum CALL OI: 59000

Maximum PUT OI: 50000

Highest CALL Addition: 59000

Highest PUT Addition: 41000

FINNIFTY April Future

FINNIFTY Spot closed at: 24,132.65 (-0.69%)

FINNIFTY April Future closed at: 24,236.20 (-0.83%)

Premium:  103.55 (Decreased by -35 points)

Open Interest Change: -4.5%

Volume Change: -33.3%

FINNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.781 (Decreased from 0.789)

Put-Call Ratio (Volume): 0.844

Max Pain Level: 24550

Maximum CALL OI: 25500

Maximum PUT OI: 24000

Highest CALL Addition: 25500

Highest PUT Addition: 22500

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at: 11,021.60 (-0.18%)

MIDCPNIFTY April Future closed at: 11,030.65 (-0.29%)

Premium: 9.05 (Decreased by -11.4 points)

Open Interest Change: 3.4%

Volume Change: -10.1%

MIDCPNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.851 (Increased from 0.848)

Put-Call Ratio (Volume): 0.971

Max Pain Level: 11200

Maximum CALL OI: 12000

Maximum PUT OI: 11000

Highest CALL Addition: 11000

Highest PUT Addition: 11000

SENSEX Weekly Future (15/04/2025)

SENSEX Spot closed at: 73,847.15 (-0.51%)

SENSEX Weekly Future closed at: 73,963.80 (-0.61%)

Premium: 116.65 (Decreased by -72.57 points)

Open Interest Change: 1.5%

Volume Change: -26.1%

SENSEX Weekly Expiry (15/04/2025) Option Analysis

Put-Call Ratio (OI): 0.871 (Increased from 0.766)

Put-Call Ratio (Volume): 0.984

Max Pain Level: 74000

Maximum CALL OI: 78000

Maximum PUT OI: 69000

Highest CALL Addition: 78000

Highest PUT Addition: 65600

FII & DII Cash Market Activity:

FIIs Net Sell: ₹4,358.02 Cr

DIIs Net Sell: ₹2,976.66 Cr

FII Derivatives Activity

FII Trading Stats	9.04.25	8.04.25	7.04.25
FII Cash (Provisional Data)	-4,358.02	-4,994.24	-9,040.01
Index Future Open Interest Long Ratio	21.59%	24.27%	25.14%
Index Future Volume Long Ratio	44.70%	48.77%	42.31%
Call Option Open Interest Long Ratio	64.14%	64.70%	60.55%
Call Option Volume Long Ratio	49.11%	50.83%	50.29%
Put Option Open Interest Long Ratio	67.36%	67.53%	63.98%
Put Option Volume Long Ratio	49.10%	51.18%	50.44%
Stock Future Open Interest Long Ratio	63.55%	63.77%	63.82%
Stock Future Volume Long Ratio	48.37%	49.48%	52.25%
Index Futures	Long Covering	Long Covering	Fresh Short
Index Options	Long Covering	Fresh Long	Fresh Long
Nifty Futures	Long Covering	Long Covering	Fresh Short
Nifty Options	Long Covering	Fresh Long	Fresh Long
BankNifty Futures	Short Covering	Short Covering	Long Covering
BankNifty Options	Fresh Long	Fresh Long	Fresh Long
FinNifty Futures	Fresh Long	Fresh Long	Long Covering
FinNifty Options	Fresh Long	Long Covering	Fresh Short
MidcpNifty Futures	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Long
NiftyNxt50 Futures	Long Covering	Long Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Long Covering	Fresh Short	Short Covering
Stock Options	Fresh Short	Fresh Short	Fresh Long

NSE & SENSEX F&O Analysis | Options Insights

NIFTY Weekly Expiry (17.04.2025)

The NIFTY index closed at 22399.15. The NIFTY weekly expiry for April 17, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.743 against previous 0.708. The 25400CE option holds the maximum open interest, followed by the 20400PE and 20700PE options. Market participants have shown increased interest with significant open interest additions in the 25400CE option, with open interest additions also seen in the 20400PE and 20700PE options. On the other hand, open interest reductions were prominent in the 23100PE, 22600PE, and 23300PE options. Trading volume was highest in the 20400PE option, followed by the 25400CE and 24000CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	17-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,399.15	0.743	0.708	0.753
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,59,78,425	3,15,82,500	5,43,95,925
PUT:	6,38,58,600	2,23,50,225	4,15,08,375
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,400	1,21,00,275	99,59,550	3,62,224
24,000	60,69,450	30,53,550	3,19,721
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,400	1,21,00,275	99,59,550	3,62,224
24,000	60,69,450	30,53,550	3,19,721
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
21,300	15,975	-7,800	254
21,800	1,21,500	-6,075	1,529
Top CALL Volume:
Strike	OI	OI Change	Volume
25,400	1,21,00,275	99,59,550	3,62,224
24,000	60,69,450	30,53,550	3,19,721
Top PUT Open Interest:
Strike	OI	OI Change	Volume
20,400	80,96,550	67,53,300	4,24,750
20,700	64,24,275	49,45,350	2,38,737
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
20,400	80,96,550	67,53,300	4,24,750
20,700	64,24,275	49,45,350	2,38,737
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,100	1,14,600	-1,77,975	5,269
22,600	6,59,625	-12,525	44,477
Top PUT Volume:
Strike	OI	OI Change	Volume
20,400	80,96,550	67,53,300	4,24,750
20,500	60,01,425	49,41,075	3,18,784

SENSEX Weekly Expiry (15.04.2025)

The SENSEX index closed at 73847.15. The SENSEX weekly expiry for April 15, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.871 against previous 0.766. The 78000CE option holds the maximum open interest, followed by the 69000PE and 65600PE options. Market participants have shown increased interest with significant open interest additions in the 65600PE option, with open interest additions also seen in the 69000PE and 78000CE options. On the other hand, open interest reductions were prominent in the 74300PE, 72500CE, and 73000CE options. Trading volume was highest in the 74000CE option, followed by the 68000PE and 74000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	15-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
73847.15	0.871	0.766	0.984
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	92,07,080	20,23,080	71,84,000
PUT:	80,15,900	15,49,529	64,66,371
Top CALL Open Interest:
Strike	OI	OI Change	Volume
78000	8,24,380	6,28,320	45,20,020
79000	7,25,340	5,53,260	43,74,520
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
78000	8,24,380	6,28,320	45,20,020
79000	7,25,340	5,53,260	43,74,520
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
72500	22,100	-1,000	45,340
73000	46,360	-540	1,31,540
Top CALL Volume:
Strike	OI	OI Change	Volume
74000	3,25,820	2,25,440	62,70,440
78000	8,24,380	6,28,320	45,20,020
Top PUT Open Interest:
Strike	OI	OI Change	Volume
69000	7,33,100	6,54,180	44,99,900
65600	7,32,000	7,13,720	33,99,300
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
65600	7,32,000	7,13,720	33,99,300
69000	7,33,100	6,54,180	44,99,900
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
74300	16,440	-8,060	3,79,080
75600	2,740	-240	2,840
Top PUT Volume:
Strike	OI	OI Change	Volume
68000	6,33,960	4,21,260	56,27,000
74000	2,80,180	1,88,260	54,47,500

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 22399.15. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.068 against previous 1.060. The 21000PE option holds the maximum open interest, followed by the 23500CE and 23000CE options. Market participants have shown increased interest with significant open interest additions in the 22400PE option, with open interest additions also seen in the 23000CE and 22400CE options. On the other hand, open interest reductions were prominent in the 22600PE, 22700CE, and 24500CE options. Trading volume was highest in the 22500PE option, followed by the 22500CE and 23000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,399.15	1.068	1.060	0.882
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,02,72,350	4,71,30,675	31,41,675
PUT:	5,36,68,875	4,99,66,800	37,02,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
23,500	46,09,200	5,03,625	77,644
23,000	42,07,950	6,19,200	79,835
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,000	42,07,950	6,19,200	79,835
22,400	8,87,175	5,78,625	39,470
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,700	8,42,625	-1,78,500	19,941
24,500	22,12,050	-85,425	36,087
Top CALL Volume:
Strike	OI	OI Change	Volume
22,500	29,51,400	2,70,525	1,00,083
23,000	42,07,950	6,19,200	79,835
Top PUT Open Interest:
Strike	OI	OI Change	Volume
21,000	46,63,500	5,43,675	56,375
22,500	39,94,275	3,89,925	1,08,389
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,400	13,21,950	6,98,250	52,024
21,000	46,63,500	5,43,675	56,375
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,600	7,21,575	-1,87,275	19,548
24,000	15,22,350	-82,650	2,566
Top PUT Volume:
Strike	OI	OI Change	Volume
22,500	39,94,275	3,89,925	1,08,389
22,000	39,84,075	86,100	71,481

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 50240.15. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.738 against previous 0.778. The 59000CE option holds the maximum open interest, followed by the 53000CE and 52000CE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 52000CE and 50500CE options. On the other hand, open interest reductions were prominent in the 46000PE, 54200CE, and 50700PE options. Trading volume was highest in the 50000PE option, followed by the 50500CE and 52000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
50,240.15	0.738	0.778	0.937
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,40,62,340	2,15,77,890	24,84,450
PUT:	1,77,53,610	1,67,82,879	9,70,731
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	22,56,210	2,82,270	1,15,041
53,000	16,05,600	1,94,580	1,44,769
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,000	22,56,210	2,82,270	1,15,041
52,000	15,55,020	2,02,650	1,86,734
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
54,200	51,600	-82,470	13,092
54,400	45,930	-32,550	13,031
Top CALL Volume:
Strike	OI	OI Change	Volume
50,500	6,98,490	1,99,230	2,16,443
52,000	15,55,020	2,02,650	1,86,734
Top PUT Open Interest:
Strike	OI	OI Change	Volume
50,000	11,38,110	1,34,160	2,47,469
49,000	8,12,910	11,970	1,40,327
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
41,000	5,66,280	1,65,000	61,437
42,000	6,72,480	1,60,380	54,332
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
46,000	4,86,780	-1,30,440	84,335
50,700	1,02,690	-56,160	33,357
Top PUT Volume:
Strike	OI	OI Change	Volume
50,000	11,38,110	1,34,160	2,47,469
50,500	6,59,370	-28,230	1,77,526

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 24132.65. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.781 against previous 0.789. The 25500CE option holds the maximum open interest, followed by the 24000PE and 28000CE options. Market participants have shown increased interest with significant open interest additions in the 25500CE option, with open interest additions also seen in the 22500PE and 24200CE options. On the other hand, open interest reductions were prominent in the 27000CE, 23200PE, and 25600CE options. Trading volume was highest in the 25500CE option, followed by the 25000CE and 24000PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,132.65	0.781	0.789	0.844
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	16,55,355	13,60,060	2,95,295
PUT:	12,92,980	10,73,280	2,19,700
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	2,43,295	1,20,835	6,328
28,000	1,41,830	5,135	1,081
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	2,43,295	1,20,835	6,328
24,200	59,150	37,245	3,837
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	62,920	-10,270	737
25,600	8,645	-7,345	480
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	2,43,295	1,20,835	6,328
25,000	1,31,625	21,775	5,445
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,42,025	1,235	4,885
22,500	1,16,805	1,02,570	2,304
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,500	1,16,805	1,02,570	2,304
24,300	44,785	23,465	3,796
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,200	11,700	-7,865	523
23,500	33,670	-6,305	1,515
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	1,42,025	1,235	4,885
24,200	63,245	2,730	4,058

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 11021.6. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.851 against previous 0.848. The 12000CE option holds the maximum open interest, followed by the 11000PE and 10500PE options. Market participants have shown increased interest with significant open interest additions in the 11000CE option, with open interest additions also seen in the 11000PE and 10500PE options. On the other hand, open interest reductions were prominent in the 51500PE, 57200PE, and 57200PE options. Trading volume was highest in the 11000CE option, followed by the 11000PE and 10900PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,021.60	0.851	0.848	0.971
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	74,46,720	68,83,920	5,62,800
PUT:	63,38,160	58,39,920	4,98,240
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	7,01,880	26,040	7,630
12,500	6,35,400	-41,400	2,829
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,000	4,47,360	1,65,360	20,026
11,100	2,86,440	96,600	9,597
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,500	6,35,400	-41,400	2,829
12,300	1,22,040	-26,400	1,492
Top CALL Volume:
Strike	OI	OI Change	Volume
11,000	4,47,360	1,65,360	20,026
11,500	4,75,800	18,960	10,995
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,000	6,77,160	1,65,120	19,386
10,500	6,35,760	1,05,720	11,699
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,000	6,77,160	1,65,120	19,386
10,500	6,35,760	1,05,720	11,699
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,000	4,31,400	-84,120	7,816
11,050	35,040	-29,760	2,902
Top PUT Volume:
Strike	OI	OI Change	Volume
11,000	6,77,160	1,65,120	19,386
10,900	2,14,200	74,760	13,774

Conclusion: All Eyes on Tariff War

Today’s market action paints a picture of uncertainty and caution. Rejection of Max Pain levels (NIFTY Weekly Expiry level at 22,500), denotes the uncertainty of the holiday shortened week, amplified by continued FII selling, falling volumes, and weak open interest. Rising trade war concerns and global volatility are adding fuel to the fire. Nifty options open interest data suggesting a range of 24,000 on the upside and 20,700 on the downside. Break of either of these levels should make path for fresh momentum. Call open interest additions were higher; although volume was higher on the Put side shows “Bearish” under-current.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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