Positive Turnaround | NIFTY Futures and Options Analysis Signals Short Covering Pressure | 11/04/2025

Tariff War & Global Volatility Trigger Derivatives Short Covering

Despite persistent concerns from the ongoing U.S.–China tariff war and sustained global volatility, Indian equity markets staged a strong recovery, surprising many after recent weakness. Today’s NIFTY Futures and Options Analysis reflects a bullish undertone, with rising spot prices, improved put-call ratios, and strong put writing, especially near Max Pain levels. While foreign investors remained net sellers, aggressive domestic institutional buying offset the pressure and drove broader market strength.

NSE & BSE F&O Analysis

NIFTY April Future

NIFTY Spot closed at: 22,828.55 (1.92%)

NIFTY April Future closed at: 22,917.65 (1.95%)

Premium: 89.1 (Increased by 8.6 points)

Open Interest Change: -1.9%

Volume Change: 33.2%

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

Put-Call Ratio (OI): 0.805 (Increased from 0.743)

Put-Call Ratio (Volume): 0.849

Max Pain Level: 22750

Maximum CALL OI: 25400

Maximum PUT OI: 20400

Highest CALL Addition: 24500

Highest PUT Addition: 20400

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

Put-Call Ratio (OI): 1.115 (Increased from 1.068)

Put-Call Ratio (Volume): 0.886

Max Pain Level: 23000

Maximum CALL OI: 23500

Maximum PUT OI: 21000

Highest CALL Addition: 22900

Highest PUT Addition: 22800

BANKNIFTY April Future

BANKNIFTY Spot closed at: 51,002.35 (1.52%)

BANKNIFTY April Future closed at: 51,162.05 (1.37%)

Premium: 159.7 (Decreased by -68.75 points)

Open Interest Change: 2.5%

Volume Change: -13.8%

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

Put-Call Ratio (OI): 0.862 (Increased from 0.738)

Put-Call Ratio (Volume): 0.888

Max Pain Level: 51000

Maximum CALL OI: 59000

Maximum PUT OI: 50000

Highest CALL Addition: 51200

Highest PUT Addition: 51000

FINNIFTY April Future

FINNIFTY Spot closed at: 24,555.55 (1.75%)

FINNIFTY April Future closed at: 24,636.30 (1.65%)

Premium:  80.75 (Decreased by -22.8 points)

Open Interest Change: -3.8%

Volume Change: 27.3%

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

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

Put-Call Ratio (Volume): 0.756

Max Pain Level: 24600

Maximum CALL OI: 25500

Maximum PUT OI: 24000

Highest CALL Addition: 26800

Highest PUT Addition: 24500

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at: 11,226.30 (1.86%)

MIDCPNIFTY April Future closed at: 11,243.45 (1.93%)

Premium: 17.15 (Increased by 8.1 points)

Open Interest Change: -1.0%

Volume Change: -9.5%

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

Put-Call Ratio (OI): 0.892 (Increased from 0.851)

Put-Call Ratio (Volume): 0.903

Max Pain Level: 11225

Maximum CALL OI: 12000

Maximum PUT OI: 10500

Highest CALL Addition: 12000

Highest PUT Addition: 11200

SENSEX Weekly Future (15/04/2025)

SENSEX Spot closed at: 75,157.26 (1.77%)

SENSEX Weekly Future closed at: 75,210.35 (1.69%)

Premium: 53.09 (Decreased by -63.56 points)

Open Interest Change: -1.8%

Volume Change: 50.2%

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

Put-Call Ratio (OI): 0.886 (Increased from 0.871)

Put-Call Ratio (Volume): 1.001

Max Pain Level: 73900

Maximum CALL OI: 80000

Maximum PUT OI: 70000

Highest CALL Addition: 80000

Highest PUT Addition: 70000

FII & DII Cash Market Activity:

FIIs Net Sell: ₹2,519.03 Cr

DIIs Net Buy: ₹3,759.27 Cr

FII Derivatives Activity

FII Trading Stats	11.04.25	9.04.25	8.04.25
FII Cash (Provisional Data)	-2,519.03	-4,358.02	-4,994.24
Index Future Open Interest Long Ratio	25.36%	21.59%	24.27%
Index Future Volume Long Ratio	63.14%	44.70%	48.77%
Call Option Open Interest Long Ratio	64.64%	64.14%	64.70%
Call Option Volume Long Ratio	50.94%	49.11%	50.83%
Put Option Open Interest Long Ratio	67.96%	67.36%	67.53%
Put Option Volume Long Ratio	50.75%	49.10%	51.18%
Stock Future Open Interest Long Ratio	64.11%	63.55%	63.77%
Stock Future Volume Long Ratio	56.06%	48.37%	49.48%
Index Futures	Fresh Long	Long Covering	Long Covering
Index Options	Fresh Long	Long Covering	Fresh Long
Nifty Futures	Fresh Long	Long Covering	Long Covering
Nifty Options	Fresh Long	Long Covering	Fresh Long
BankNifty Futures	Fresh Long	Short Covering	Short Covering
BankNifty Options	Fresh Long	Fresh Long	Fresh Long
FinNifty Futures	Fresh Short	Fresh Long	Fresh Long
FinNifty Options	Short Covering	Fresh Long	Long Covering
MidcpNifty Futures	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Long
NiftyNxt50 Futures	Fresh Long	Long Covering	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Short
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE & SENSEX F&O Analysis | Options Insights

NIFTY Weekly Expiry (17.04.2025)

The NIFTY index closed at 22828.55. The NIFTY weekly expiry for April 17, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.805 against previous 0.743. The 20400PE option holds the maximum open interest, followed by the 25400CE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 20400PE option, with open interest additions also seen in the 24500CE and 25000CE options. On the other hand, open interest reductions were prominent in the 22500CE, 20500PE, and 22400CE options. Trading volume was highest in the 22800PE option, followed by the 23000CE and 22800CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	17-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,828.55	0.805	0.743	0.849
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,77,01,400	8,59,78,425	3,17,22,975
PUT:	9,47,84,175	6,38,58,600	3,09,25,575
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,400	1,48,26,675	27,26,400	8,50,362
24,500	99,83,700	44,79,150	6,11,292
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,500	99,83,700	44,79,150	6,11,292
25,000	76,82,550	36,84,675	6,08,486
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
22,500	19,98,000	-10,52,700	1,34,710
22,400	15,33,225	-8,12,400	59,829
Top CALL Volume:
Strike	OI	OI Change	Volume
23,000	39,61,275	1,16,100	17,86,703
22,800	24,12,900	11,58,225	14,32,047
Top PUT Open Interest:
Strike	OI	OI Change	Volume
20,400	1,65,16,725	84,20,175	8,45,152
20,700	64,83,600	59,325	2,74,813
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
20,400	1,65,16,725	84,20,175	8,45,152
22,800	25,54,200	22,73,700	18,69,895
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
20,500	50,58,375	-9,43,050	4,26,530
22,400	24,73,425	-4,32,900	6,47,043
Top PUT Volume:
Strike	OI	OI Change	Volume
22,800	25,54,200	22,73,700	18,69,895
22,500	39,68,625	11,10,750	10,91,502

SENSEX Weekly Expiry (15.04.2025)

The SENSEX index closed at 75157.26. The SENSEX weekly expiry for April 15, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.886 against previous 0.871. The 80000CE option holds the maximum open interest, followed by the 79000CE and 70000PE options. Market participants have shown increased interest with significant open interest additions in the 70000PE option, with open interest additions also seen in the 80000CE and 79000CE options. On the other hand, open interest reductions were prominent in the 65600PE, 66000PE, and 74000CE options. Trading volume was highest in the 75000PE option, followed by the 77000CE and 76000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	15-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
75157.26	0.886	0.871	1.001
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,41,53,620	92,07,080	49,46,540
PUT:	1,25,38,360	80,15,609	45,22,751
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	11,67,440	5,13,400	66,35,920
79000	11,07,760	3,82,420	99,09,100
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
80000	11,67,440	5,13,400	66,35,920
79000	11,07,760	3,82,420	99,09,100
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
74000	1,51,800	-1,74,020	8,03,800
73900	65,780	-1,07,540	2,82,740
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	6,63,140	1,61,460	2,46,72,080
76000	5,20,540	90,560	2,45,96,320
Top PUT Open Interest:
Strike	OI	OI Change	Volume
70000	10,24,380	5,27,900	1,01,57,060
69000	7,02,260	-30,840	64,49,120
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
70000	10,24,380	5,27,900	1,01,57,060
73000	5,39,400	3,50,040	1,77,98,200
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
65600	3,36,580	-3,95,420	43,38,820
66000	2,62,920	-2,73,140	34,23,160
Top PUT Volume:
Strike	OI	OI Change	Volume
75000	3,73,520	3,40,440	2,64,34,040
74000	3,36,240	56,060	1,97,11,700

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 22828.55. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.115 against previous 1.068. The 23500CE option holds the maximum open interest, followed by the 21000PE and 24000CE options. Market participants have shown increased interest with significant open interest additions in the 22800PE option, with open interest additions also seen in the 22900PE and 23000PE options. On the other hand, open interest reductions were prominent in the 23000CE, 22500CE, and 24500CE options. Trading volume was highest in the 23000CE option, followed by the 23500CE and 24000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
22,828.55	1.115	1.068	0.886
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,94,07,600	5,02,72,350	-8,64,750
PUT:	5,50,71,600	5,36,68,875	14,02,725
Top CALL Open Interest:
Strike	OI	OI Change	Volume
23,500	49,26,225	3,17,025	1,57,997
24,000	40,04,175	1,99,425	1,37,637
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
22,900	9,04,650	3,18,450	57,712
23,500	49,26,225	3,17,025	1,57,997
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	30,65,700	-11,42,250	1,83,416
22,500	23,46,900	-6,04,500	45,282
Top CALL Volume:
Strike	OI	OI Change	Volume
23,000	30,65,700	-11,42,250	1,83,416
23,500	49,26,225	3,17,025	1,57,997
Top PUT Open Interest:
Strike	OI	OI Change	Volume
21,000	47,63,100	99,600	93,537
23,500	38,90,475	62,475	29,420
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,800	10,92,900	4,86,750	92,931
22,900	7,89,750	4,53,975	59,269
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	37,45,425	-2,38,650	1,26,680
20,500	33,22,050	-1,78,050	59,262
Top PUT Volume:
Strike	OI	OI Change	Volume
22,000	37,45,425	-2,38,650	1,26,680
22,500	38,63,400	-1,30,875	1,22,755

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 51002.35. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.862 against previous 0.738. The 59000CE option holds the maximum open interest, followed by the 53000CE and 54000CE options. Market participants have shown increased interest with significant open interest additions in the 51000PE option, with open interest additions also seen in the 45000PE and 40500PE options. On the other hand, open interest reductions were prominent in the 52000CE, 50500CE, and 54500CE options. Trading volume was highest in the 51000CE option, followed by the 51000PE and 52000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
51,002.35	0.862	0.738	0.888
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,13,48,510	2,40,62,340	-27,13,830
PUT:	1,84,03,470	1,77,49,179	6,54,291
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	20,72,280	-1,83,930	1,09,100
53,000	14,26,290	-1,79,310	1,55,696
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
51,200	2,25,960	88,560	1,07,243
51,100	2,20,350	78,030	1,02,039
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
52,000	11,91,210	-3,63,810	2,05,194
50,500	4,81,170	-2,17,320	54,584
Top CALL Volume:
Strike	OI	OI Change	Volume
51,000	8,91,540	-1,63,890	2,97,468
52,000	11,91,210	-3,63,810	2,05,194
Top PUT Open Interest:
Strike	OI	OI Change	Volume
50,000	11,35,530	-2,580	1,66,013
49,000	8,89,200	76,290	1,30,060
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
51,000	8,56,950	2,12,790	2,70,837
45,000	7,17,180	1,70,610	89,907
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
47,000	6,55,740	-1,46,190	98,783
49,500	4,32,330	-62,730	65,033
Top PUT Volume:
Strike	OI	OI Change	Volume
51,000	8,56,950	2,12,790	2,70,837
50,000	11,35,530	-2,580	1,66,013

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 24555.55. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.789 against previous 0.781. The 25500CE option holds the maximum open interest, followed by the 28000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 24500PE option, with open interest additions also seen in the 26800CE and 25200CE options. On the other hand, open interest reductions were prominent in the 24200CE, 25500CE, and 25000CE options. Trading volume was highest in the 25000CE option, followed by the 25500CE and 26000CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,555.55	0.789	0.781	0.756
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,14,115	16,55,355	58,760
PUT:	13,52,455	12,92,980	59,475
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	2,16,970	-26,325	5,642
28,000	1,62,695	20,865	2,106
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,800	31,005	25,285	916
25,200	47,970	25,155	1,223
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	28,015	-31,135	1,379
25,500	2,16,970	-26,325	5,642
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	1,21,485	-10,140	6,500
25,500	2,16,970	-26,325	5,642
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,37,475	-4,550	3,882
22,500	1,19,730	2,925	1,270
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	79,495	35,230	5,406
22,000	80,470	15,405	2,841
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,800	33,735	-9,880	814
23,000	49,270	-9,750	2,705
Top PUT Volume:
Strike	OI	OI Change	Volume
24,500	79,495	35,230	5,406
24,000	1,37,475	-4,550	3,882

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 11226.3. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.892 against previous 0.851. The 12000CE option holds the maximum open interest, followed by the 10500PE and 12500CE options. Market participants have shown increased interest with significant open interest additions in the 11200PE option, with open interest additions also seen in the 12000CE and 11200CE options. On the other hand, open interest reductions were prominent in the 51500PE, 61700CE, and 61700CE options. Trading volume was highest in the 11200PE option, followed by the 11500CE and 11000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,226.30	0.892	0.851	0.903
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	72,32,760	74,46,720	-2,13,960
PUT:	64,50,600	63,38,160	1,12,440
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,000	7,85,400	83,520	15,557
12,500	5,45,280	-90,120	5,852
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,000	7,85,400	83,520	15,557
11,200	2,73,240	73,680	17,527
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,000	2,94,720	-1,52,640	4,757
11,100	1,73,040	-1,13,400	4,939
Top CALL Volume:
Strike	OI	OI Change	Volume
11,500	4,78,560	2,760	18,576
11,200	2,73,240	73,680	17,527
Top PUT Open Interest:
Strike	OI	OI Change	Volume
10,500	6,07,440	-28,320	13,710
11,000	5,32,920	-1,44,240	17,563
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,200	4,03,080	2,35,800	18,852
10,700	1,91,160	45,600	5,038
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,000	5,32,920	-1,44,240	17,563
9,500	1,78,920	-55,320	3,344
Top PUT Volume:
Strike	OI	OI Change	Volume
11,200	4,03,080	2,35,800	18,852
11,000	5,32,920	-1,44,240	17,563

Conclusion: Neutral Outlook Amid Global Trade Tensions and Domestic Market Signals​

Despite recent volatility, the Indian equity markets exhibit a cautiously optimistic stance. The NIFTY April Futures closed at 22,917.65, marking a 1.95% increase, with a premium of 89.1 points. Open Interest decreased by 1.9%, while volume surged by 33.2%, indicating short-covering market sentiment.​

In the options segment, significant put writing at the 22,800 strike in NIFTY monthly contracts suggests traders are establishing a support level around this mark. The maximum Put Open Interest at 21,000 further indicates that market participants do not anticipate the index falling below this level in the near term. Conversely, substantial Call Open Interest at 22,900 and 23,500 points to potential resistance levels, highlighting areas where upward momentum may face challenges.​

Foreign Institutional Investors (FIIs) have initiated fresh long positions in index futures, reflecting renewed confidence in the market’s upward trajectory. This development, coupled with the observed options activity, underscores a neutral to slightly bullish outlook among institutional players.​

In summary, while global trade uncertainties continue to pose risks, domestic market indicators and strategic international negotiations contribute to a neutral market outlook. Investors are advised to remain vigilant, monitor key support and resistance levels, and stay informed about ongoing trade developments that may impact market dynamics.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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