A Deep Dive into NIFTY Derivatives Data – April 16, 2025

The derivatives landscape for April 16, 2025, presents a fascinating blend of cautious optimism and profit booking, as seen through the lens of NIFTY derivatives data. With NIFTY April Futures closing at a marginal discount of -3.7, paired with a 2.2% drop in Open Interest (OI) and a steep 20% fall in volume, it signals that traders are winding down their bullish bets, possibly booking profits near resistance also continuing Short-Covering from FIIs. Despite this, Put-Call Ratios (OI) for both weekly (0.860) and monthly (1.045) options suggest a slightly balanced sentiment, while Max Pain levels remain at 23,300. Heavy PUT writing at 23,400-23,000 zones and CALL writing at 23,450 highlights immediate range above which fresh momentum to start towards 25,500. Bank-Nifty continued with Short-Covering with Put writing at 53,000 level. FINNIFTY witnessed robust Long Built-up with expected range within 25,850-24,500.

NSE & BSE F&O Analysis

NIFTY Derivatives Data | April Future

NIFTY Spot closed at: 23,437.20 (0.47%)

NIFTY April Future closed at: 23,433.50 (0.40%)

Discount: -3.7 (Decreased by -16.05 points)

Open Interest Change: -2.2%

Volume Change: -20.0%

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

Put-Call Ratio (OI): 0.860 (Increased from 0.809)

Put-Call Ratio (Volume): 0.810

Max Pain Level: 23300

Maximum CALL OI: 24000

Maximum PUT OI: 23000

Highest CALL Addition: 23450

Highest PUT Addition: 23400

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

Put-Call Ratio (OI): 1.045 (Decreased from 1.057)

Put-Call Ratio (Volume): 0.887

Max Pain Level: 23300

Maximum CALL OI: 25500

Maximum PUT OI: 23000

Highest CALL Addition: 25500

Highest PUT Addition: 23000

BANKNIFTY April Future

BANKNIFTY Spot closed at: 53,117.75 (1.41%)

BANKNIFTY April Future closed at: 53,082.80 (1.33%)

Discount: -34.95 (Decreased by -39.05 points)

Open Interest Change: -1.1%

Volume Change: -13.5%

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

Put-Call Ratio (OI): 1.137 (Increased from 1.019)

Put-Call Ratio (Volume): 0.900

Max Pain Level: 52000

Maximum CALL OI: 59000

Maximum PUT OI: 50000

Highest CALL Addition: 53100

Highest PUT Addition: 53000

FINNIFTY April Future

FINNIFTY Spot closed at: 25,492.10 (0.84%)

FINNIFTY April Future closed at: 25,486.90 (0.85%)

Discount:  -5.2 (Increased by 2.95 points)

Open Interest Change: 8.3%

Volume Change: 9.7%

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

Put-Call Ratio (OI): 0.954 (Decreased from 0.973)

Put-Call Ratio (Volume): 0.730

Max Pain Level: 25000

Maximum CALL OI: 28000

Maximum PUT OI: 25000

Highest CALL Addition: 25850

Highest PUT Addition: 24500

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at: 11,566.90 (0.23%)

MIDCPNIFTY April Future closed at: 11,565.80 (-0.01%)

Discount: -1.1 (Decreased by -27 points)

Open Interest Change: -1.6%

Volume Change: -7.1%

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

Put-Call Ratio (OI): 0.841 (Decreased from 0.898)

Put-Call Ratio (Volume): 0.800

Max Pain Level: 11500

Maximum CALL OI: 12500

Maximum PUT OI: 11500

Highest CALL Addition: 11600

Highest PUT Addition: 11500

SENSEX Weekly Expiry (22.04.25) Future

SENSEX Spot closed at: 77,044.29 (0.40%)

SENSEX Weekly Future closed at: 76,966.95 (0.30%)

Discount: -77.34 (Decreased by -82.9 points)

Open Interest Change: 52.0%

Volume Change: 27.0%

SENSEX Weekly Expiry (22/04/2025) Option Analysis

Put-Call Ratio (OI): 1.081 (Increased from 0.921)

Put-Call Ratio (Volume): 0.931

Max Pain Level: 76800

Maximum CALL OI: 80000

Maximum PUT OI: 70000

Highest CALL Addition: 84000

Highest PUT Addition: 74000

FII & DII Cash Market Activity:

FIIs Net Buy: ₹3,936.42 Cr
DIIs Net Sell: ₹2,512.77 Cr

FII Derivatives Activity

FII Trading Stats	16.04.25	15.04.25	11.04.25
FII Cash (Provisional Data)	3,936.42	6,065.78	-2,519.03
Index Future Open Interest Long Ratio	28.31%	28.15%	25.36%
Index Future Volume Long Ratio	51.56%	62.50%	63.14%
Call Option Open Interest Long Ratio	59.71%	56.16%	64.64%
Call Option Volume Long Ratio	50.54%	47.96%	50.94%
Put Option Open Interest Long Ratio	61.38%	57.88%	67.96%
Put Option Volume Long Ratio	50.46%	47.59%	50.75%
Stock Future Open Interest Long Ratio	64.46%	64.72%	64.11%
Stock Future Volume Long Ratio	48.55%	54.57%	56.06%
Index Futures	Short Covering	Short Covering	Fresh Long
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Fresh Short	Short Covering	Fresh Long
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Short Covering	Fresh Long	Fresh Long
BankNifty Options	Fresh Short	Long Covering	Fresh Long
FinNifty Futures	Fresh Long	Fresh Short	Fresh Short
FinNifty Options	Fresh Short	Fresh Short	Short Covering
MidcpNifty Futures	Long Covering	Short Covering	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Long
NiftyNxt50 Futures	Fresh Short	Fresh Short	Fresh Long
NiftyNxt50 Options	Fresh Short	Fresh Short	Fresh Long
Stock Futures	Fresh Short	Fresh Long	Fresh Long
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE F&O Analysis | Options Insights

NIFTY Weekly Expiry (17.04.2025)

The NIFTY index closed at 23437.2. The NIFTY weekly expiry for April 17, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.860 against previous 0.809. The 24000CE option holds the maximum open interest, followed by the 23000PE and 24500CE options. Market participants have shown increased interest with significant open interest additions in the 23400PE option, with open interest additions also seen in the 23450CE and 24300CE options. On the other hand, open interest reductions were prominent in the 23300CE, 25400CE, and 22000PE options. Trading volume was highest in the 23300PE option, followed by the 23300CE and 23400CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	17-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,437.20	0.860	0.809	0.810
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,32,01,625	15,20,09,325	-88,07,700
PUT:	12,31,87,650	12,30,03,825	1,83,825
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,000	1,10,40,675	1,61,400	20,53,275
24,500	89,40,525	-16,27,350	8,21,083
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
23,450	47,07,075	21,53,100	29,92,868
24,300	51,25,800	14,05,500	6,91,872
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,300	46,93,725	-33,52,875	62,13,980
25,400	69,60,900	-31,67,625	4,05,717
Top CALL Volume:
Strike	OI	OI Change	Volume
23,300	46,93,725	-33,52,875	62,13,980
23,400	60,14,325	-10,27,200	54,76,911
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	94,06,350	10,31,175	30,70,222
23,300	85,54,350	-11,50,350	62,83,647
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,400	45,74,400	25,75,800	26,18,002
22,600	35,76,525	11,78,475	7,41,865
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	56,60,175	-19,11,300	7,36,174
20,400	67,19,550	-13,83,375	5,04,145
Top PUT Volume:
Strike	OI	OI Change	Volume
23,300	85,54,350	-11,50,350	62,83,647
23,200	55,75,650	-56,100	34,85,907

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 23437.2. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.045 against previous 1.057. The 25500CE option holds the maximum open interest, followed by the 24000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 25500CE option, with open interest additions also seen in the 23000PE and 23300PE options. On the other hand, open interest reductions were prominent in the 23400CE, 21500CE, and 22500CE options. Trading volume was highest in the 24000CE option, followed by the 23300PE and 23500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,437.20	1.045	1.057	0.887
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,27,74,675	5,84,34,150	1,43,40,525
PUT:	7,60,17,300	6,17,49,525	1,42,67,775
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	74,68,725	27,33,825	1,24,855
24,000	59,39,625	9,85,050	2,74,305
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	74,68,725	27,33,825	1,24,855
25,000	49,69,800	15,60,150	1,39,357
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,400	25,95,375	-2,91,075	1,97,289
21,500	3,64,950	-1,38,750	2,254
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	59,39,625	9,85,050	2,74,305
23,500	55,98,300	-21,825	2,51,948
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,000	56,73,975	16,36,350	2,44,618
21,000	54,96,375	5,78,175	96,170
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	56,73,975	16,36,350	2,44,618
23,300	34,88,550	15,71,700	2,72,615
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,700	4,35,825	-1,02,975	24,502
24,500	5,71,875	-70,050	1,876
Top PUT Volume:
Strike	OI	OI Change	Volume
23,300	34,88,550	15,71,700	2,72,615
23,000	56,73,975	16,36,350	2,44,618

SENSEX Weekly Expiry (22.04.2025)

The SENSEX index closed at 77044.29. The SENSEX weekly expiry for April 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.081 against previous 0.921. The 80000CE option holds the maximum open interest, followed by the 70000PE and 74000PE options. Market participants have shown increased interest with significant open interest additions in the 84000CE option, with open interest additions also seen in the 74000PE and 80000CE options. On the other hand, open interest reductions were prominent in the 76700CE, 74000CE, and 74000CE options. Trading volume was highest in the 77000CE option, followed by the 76800CE and 76700PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
77044.29	1.081	0.921	0.931
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	45,46,620	19,09,100	26,37,520
PUT:	49,14,140	17,57,449	31,56,691
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	4,71,300	2,08,860	49,17,740
84000	2,72,100	2,72,100	12,71,200
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	2,72,100	2,72,100	12,71,200
80000	4,71,300	2,08,860	49,17,740
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
76700	76,460	-19,200	59,00,900
74000	52,200	-220	2,700
Top CALL Volume:
Strike	OI	OI Change	Volume
77000	2,59,000	1,53,120	84,57,060
76800	89,240	560	64,02,020
Top PUT Open Interest:
Strike	OI	OI Change	Volume
70000	3,86,720	1,35,600	20,23,980
74000	3,31,940	2,18,700	27,20,800
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
74000	3,31,940	2,18,700	27,20,800
77000	2,34,100	1,76,320	38,37,720
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
81000	–	–	–
81000	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
76700	1,37,900	9,340	59,93,760
76600	1,13,340	91,000	56,11,480

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 53117.75. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.137 against previous 1.019. The 59000CE option holds the maximum open interest, followed by the 55000CE and 53000CE options. Market participants have shown increased interest with significant open interest additions in the 53000PE option, with open interest additions also seen in the 52500PE and 52000PE options. On the other hand, open interest reductions were prominent in the 52500CE, 59000CE, and 54000CE options. Trading volume was highest in the 53000CE option, followed by the 54000CE and 52500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
53,117.75	1.137	1.019	0.900
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,13,95,490	2,14,67,019	-71,529
PUT:	2,43,29,730	2,18,81,190	24,48,540
Top CALL Open Interest:
Strike	OI	OI Change	Volume
59,000	15,55,800	-2,62,530	64,629
55,000	14,82,360	1,16,250	2,75,372
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
53,100	2,71,590	1,86,870	1,43,246
52,800	2,89,740	1,75,440	2,94,109
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
52,500	5,72,220	-2,82,750	3,02,807
59,000	15,55,800	-2,62,530	64,629
Top CALL Volume:
Strike	OI	OI Change	Volume
53,000	14,33,880	1,09,140	4,87,530
54,000	12,53,580	-1,90,110	3,22,874
Top PUT Open Interest:
Strike	OI	OI Change	Volume
50,000	14,21,280	19,800	1,94,659
51,000	13,39,590	2,34,480	1,95,390
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,000	10,30,380	6,02,820	2,25,254
52,500	8,68,290	4,00,350	3,09,804
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
42,000	2,62,350	-1,35,600	23,259
51,200	1,49,730	-1,32,360	35,100
Top PUT Volume:
Strike	OI	OI Change	Volume
52,500	8,68,290	4,00,350	3,09,804
52,700	3,03,030	2,58,930	2,55,930

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 25492.1. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.954 against previous 0.973. The 28000CE option holds the maximum open interest, followed by the 25000PE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25850CE option, with open interest additions also seen in the 24500PE and 28000CE options. On the other hand, open interest reductions were prominent in the 24000PE, 25200CE, and 22500PE options. Trading volume was highest in the 26000CE option, followed by the 25500CE and 25300CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,492.10	0.954	0.973	0.730
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	23,80,885	19,15,745	4,65,140
PUT:	22,71,880	18,64,135	4,07,745
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	2,66,305	58,435	5,438
26,500	1,83,820	39,260	8,749
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,850	75,465	73,970	1,629
28,000	2,66,305	58,435	5,438
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	27,885	-22,880	3,122
27,000	99,970	-9,945	3,237
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	1,74,980	-3,120	16,430
25,500	1,43,260	25,545	15,742
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	2,35,365	39,455	10,858
24,000	1,70,300	-43,225	5,553
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	1,56,520	73,515	8,438
25,400	56,225	48,035	7,064
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	1,70,300	-43,225	5,553
22,500	52,780	-11,895	2,399
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	2,35,365	39,455	10,858
25,200	66,950	16,120	10,320

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 11566.9. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.841 against previous 0.898. The 12500CE option holds the maximum open interest, followed by the 11600CE and 12000CE options. Market participants have shown increased interest with significant open interest additions in the 11600CE option, with open interest additions also seen in the 12500CE and 11500PE options. On the other hand, open interest reductions were prominent in the 63000CE, 51500PE, and 50500CE options. Trading volume was highest in the 11600CE option, followed by the 11800CE and 11500PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,566.90	0.841	0.898	0.800
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	87,98,400	74,69,520	13,28,880
PUT:	73,96,800	67,09,200	6,87,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,500	9,67,440	2,68,080	11,931
11,600	8,85,720	2,95,440	39,031
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,600	8,85,720	2,95,440	39,031
12,500	9,67,440	2,68,080	11,931
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,000	2,16,000	-39,840	729
11,700	2,50,200	-32,160	15,836
Top CALL Volume:
Strike	OI	OI Change	Volume
11,600	8,85,720	2,95,440	39,031
11,800	3,62,520	1,34,040	35,097
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,500	6,89,280	2,67,480	30,530
10,500	5,46,120	21,600	9,588
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,500	6,89,280	2,67,480	30,530
11,600	5,40,960	2,35,920	17,726
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,300	1,46,160	-64,320	2,796
9,300	2,31,120	-49,680	3,165
Top PUT Volume:
Strike	OI	OI Change	Volume
11,500	6,89,280	2,67,480	30,530
11,000	5,06,400	74,400	21,071

Conclusion | Neutral-to-Cautiously Bullish:

From a derivatives standpoint, today’s market reflects a state of controlled optimism laced with strategic caution. The NIFTY Futures premium has turned into a slight discount, signaling reduced speculative appetite. Simultaneously, the max pain remaining stagnant at 23300, despite sharp additions at strikes like 23400 (PUTs) and 23450 (CALLs), shows consolidation ahead of a breakout.

In BANKNIFTY, strong put writing at 53000 and elevated OI in calls at 53100 mark this zone as a potential battleground. Meanwhile, FINNIFTY and MIDCPNIFTY show emerging trends of accumulation and support retesting.

Perhaps the most striking detail comes from SENSEX derivatives, where a 52% jump in open interest signals strong institutional interest—likely driven by FIIs who pumped in ₹3,936 Cr even as DIIs booked profits.

FINNIFTY’s rising OI (+8.3%) and volume (+9.7%) with matching Max Pain at 25,000 suggests some aggressive Bullish positioning.

This session’s NIFTY Futures and Options Analysis suggests the market is coiling for a directional move, with bulls holding a slight edge—but the resistance at higher levels must be watched closely.

Overall, the F&O data paints a neutral-to-cautiously bullish picture, with markets likely to trade in defined bands unless a breakout is triggered by macro data or institutional flows.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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