Derivatives Insights: NIFTY Options Data Signals Bearish Shift Due to Macro Uncertainty | April 30, 2025

In today’s trading session on April 30, 2025, the spotlight was firmly on NIFTY Options Data, which displayed intriguing signs of Bearish repositioning . Despite a flat close in NIFTY and broader indices, options positioning revealed sharp activity around 24300–24500 levels, signaling a potential inflection zone. Rising PCRs in select indices and declining premiums in NIFTY Futures paint a mixed, but insightful, picture for derivative traders planning their next move.

Derivative Trends | NSE

NIFTY MAY Future

NIFTY Spot closed at: 24,334.20 (-0.01%)

NIFTY MAY Future closed at: 24,418.40 (-0.03%)

Premium: 84.2 (Decreased by -5.15 points)

Open Interest Change: 2.1%

Volume Change: -12.2%

NIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 1.398 (Decreased from 1.407)

Put-Call Ratio (Volume): 1.285

Max Pain Level: 24000

Maximum CALL OI: 24500

Maximum PUT OI: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 24000

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,087.15 (-0.55%)

BANKNIFTY MAY Future closed at: 55,241.80 (-0.48%)

Premium: 154.65 (Increased by 36.3 points)

Open Interest Change: -2.9%

Volume Change: -22.0%

BANKNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.903 (Decreased from 0.910)

Put-Call Ratio (Volume): 1.068

Max Pain Level: 54600

Maximum CALL OI: 63000

Maximum PUT OI: 53000

Highest CALL Addition: 63000

Highest PUT Addition: 47500

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,113.55 (-0.31%)

FINNIFTY MAY Future closed at: 26,197.00 (-0.20%)

Premium:  83.45 (Increased by 27.5 points)

Open Interest Change: 4.8%

Volume Change: -35.6%

FINNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.952 (Increased from 0.934)

Put-Call Ratio (Volume): 0.964

Max Pain Level: 26200

Maximum CALL OI: 29500

Maximum PUT OI: 26000

Highest CALL Addition: 29500

Highest PUT Addition: 26600

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,075.30 (-0.98%)

MIDCPNIFTY MAY Future closed at: 12,074.70 (-1.03%)

Discount: -0.6 (Decreased by -5.8 points)

Open Interest Change: -2.4%

Volume Change: 34.4%

MIDCPNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.994 (Increased from 0.834)

Put-Call Ratio (Volume): 0.964

Max Pain Level: 12150

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 12100

Highest PUT Addition: 12000

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 50.57 Cr
DIIs Net Buy: ₹ 1,792.15 Cr

FII Derivatives Activity

FII Trading Stats	30.04.25	29.04.25	28.04.25
FII Cash (Provisional Data)	50.57	2,385.61	2,474.10
Index Future Open Interest Long Ratio	46.88%	44.30%	42.33%
Index Future Volume Long Ratio	60.39%	56.54%	64.44%
Call Option Open Interest Long Ratio	62.90%	49.36%	52.16%
Call Option Volume Long Ratio	50.32%	49.53%	50.07%
Put Option Open Interest Long Ratio	55.17%	48.43%	48.73%
Put Option Volume Long Ratio	50.19%	49.94%	49.70%
Stock Future Open Interest Long Ratio	64.92%	64.67%	64.81%
Stock Future Volume Long Ratio	53.01%	49.68%	56.14%
Index Futures	Fresh Long	Fresh Long	Fresh Long
Index Options	Short Covering	Fresh Short	Fresh Short
Nifty Futures	Fresh Long	Fresh Long	Fresh Long
Nifty Options	Short Covering	Fresh Short	Fresh Short
BankNifty Futures	Short Covering	Fresh Short	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Long Covering	Long Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Long
MidcpNifty Futures	Short Covering	Fresh Short	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Long Covering	Fresh Long	Short Covering
NiftyNxt50 Options	Long Covering	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Long	Fresh Short	Fresh Short

NSE Options Analysis | Options Insights

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 24334.2. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.398 against previous 1.407. The 24000PE 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 24000PE option, with open interest additions also seen in the 25000CE and 25500CE options. On the other hand, open interest reductions were prominent in the 25400CE, 24250PE, and 24100CE options. Trading volume was highest in the 25000CE option, followed by the 24000PE and 23500PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,334.20	1.398	1.407	1.285
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,34,58,700	3,13,36,725	21,21,975
PUT:	4,67,75,250	4,40,82,375	26,92,875
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	39,88,275	10,125	39,575
25,000	34,96,650	4,80,975	47,927
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	34,96,650	4,80,975	47,927
25,500	25,19,550	3,66,750	26,407
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	5,86,200	-30,450	6,189
24,100	6,81,750	-23,325	1,714
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	34,96,650	4,80,975	47,927
24,500	39,88,275	10,125	39,575
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	53,55,900	4,89,825	46,187
23,000	43,14,150	2,54,400	39,277
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	53,55,900	4,89,825	46,187
23,500	35,47,350	3,23,400	42,981
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,250	1,04,100	-27,600	1,875
22,800	4,37,100	-19,500	4,411
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	53,55,900	4,89,825	46,187
23,500	35,47,350	3,23,400	42,981

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 55087.15. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.903 against previous 0.910. The 63000CE option holds the maximum open interest, followed by the 53000PE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 63000CE option, with open interest additions also seen in the 60000CE and 47500PE options. On the other hand, open interest reductions were prominent in the 55700CE, 54000PE, and 55600CE options. Trading volume was highest in the 55000PE option, followed by the 55200PE and 57000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,087.15	0.903	0.910	1.068
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,89,49,110	1,78,32,429	11,16,681
PUT:	1,71,17,370	1,62,22,230	8,95,140
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	22,19,850	4,04,760	73,555
60,000	13,27,290	2,08,530	71,792
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
63,000	22,19,850	4,04,760	73,555
60,000	13,27,290	2,08,530	71,792
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,700	1,48,200	-58,890	22,101
55,600	1,64,460	-53,730	33,327
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	8,62,560	53,430	1,05,663
55,500	10,53,990	-35,880	92,982
Top PUT Open Interest:
Strike	OI	OI Change	Volume
53,000	16,31,310	39,660	89,357
54,000	11,13,420	-56,460	83,434
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
47,500	2,37,420	1,29,060	15,414
51,000	8,02,710	78,060	45,348
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
54,000	11,13,420	-56,460	83,434
55,600	72,810	-36,360	16,556
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	9,17,970	18,360	1,45,582
55,200	1,66,380	14,100	1,09,672

FINNIFTY Monthly Expiry (29.05.2025)

The FINNIFTY index closed at 26113.55. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.952 against previous 0.934. The 29500CE option holds the maximum open interest, followed by the 26000PE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 29500CE option, with open interest additions also seen in the 26600PE and 25000PE options. On the other hand, open interest reductions were prominent in the 27000CE, 26400CE, and 26250CE options. Trading volume was highest in the 26000PE option, followed by the 29500CE and 26200CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,113.55	0.952	0.934	0.964
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,91,730	5,79,215	1,12,515
PUT:	6,58,580	5,41,060	1,17,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,500	1,22,460	54,990	2,799
26,000	65,845	8,580	606
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
29,500	1,22,460	54,990	2,799
26,100	20,475	10,920	1,765
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	57,460	-6,500	1,606
26,400	31,460	-2,925	615
Top CALL Volume:
Strike	OI	OI Change	Volume
29,500	1,22,460	54,990	2,799
26,200	38,740	10,010	2,415
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,16,610	9,165	2,914
25,000	71,500	16,705	1,942
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,600	25,870	20,150	621
25,000	71,500	16,705	1,942
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,050	12,740	-975	336
26,450	3,770	-780	68
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,16,610	9,165	2,914
26,100	26,260	12,350	2,358

MIDCPNIFTY Monthly Expiry (29.05.2025)

The MIDCPNIFTY index closed at 12075.3. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.994 against previous 0.834. The 12000PE option holds the maximum open interest, followed by the 13000CE and 11500PE options. Market participants have shown increased interest with significant open interest additions in the 12000PE option, with open interest additions also seen in the 12100CE and 11500PE options. On the other hand, open interest reductions were prominent in the 66000CE, 56800PE, and 56800CE options. Trading volume was highest in the 12200CE option, followed by the 12200PE and 12000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,075.30	0.994	0.834	0.964
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	31,09,440	28,67,760	2,41,680
PUT:	30,90,480	23,92,200	6,98,280
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	3,68,040	12,120	5,566
12,800	2,74,080	-27,720	7,235
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,100	1,90,680	1,20,000	7,073
13,500	2,34,840	64,080	1,807
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,300	1,58,280	-43,920	5,408
13,200	1,41,600	-29,640	3,193
Top CALL Volume:
Strike	OI	OI Change	Volume
12,200	2,02,080	19,680	11,634
12,800	2,74,080	-27,720	7,235
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	4,73,160	1,80,240	10,881
11,500	3,45,000	78,960	6,547
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,000	4,73,160	1,80,240	10,881
11,500	3,45,000	78,960	6,547
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,225	19,680	-3,840	1,183
12,300	1,31,400	-3,120	1,597
Top PUT Volume:
Strike	OI	OI Change	Volume
12,200	2,03,400	41,640	11,302
12,000	4,73,160	1,80,240	10,881

Final Thoughts – Is the Market Setting Up for a Breakout or Breakdown?

The NSE Derivative Data for April 30, 2025, indicates a market in waiting. While spot prices are showing consolidation, derivatives data is signaling a buildup of bearish directional bets. Both Max-Pain level and high PUT Open Interest addition at 24,000 suggesting strong support for NIFTY. Maximum Open Interest at 24,500 CALL suggesting resistance. Suggested range in NIFTY within 24,500 – 24,000 levels. High CALL Open Interest addition in BANKNIFTY suggesting potential headwind with supports at 53,000 – 47,500 zones. PCR drop across the board suggesting either start of a consolidation phase or a bear pull-back.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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