NSE & BSE F&O Insights: Muted Momentum with a Side of Volatility | May 2, 2025

On May 2, 2025, the NIFTY market delivered mixed signals with the spot closing slightly higher at 24,346.70 while the May Futures slipped marginally, narrowing the premium to just 54 points. Today’s NSE & BSE F&O Insights are particularly crucial as traders reposition ahead of the weekly expiry. The dramatic drop in the Put-Call Ratio (OI) to 0.695 indicates a bearish tone creeping into the options chain, with notable additions on the 24,000 PUT and 25,000 CALL strikes. Max Pain holding firm at 24,350 reinforces the critical support zone. Let’s dive deep into the derivatives data and decode what it really means for the broader trend.

Derivative Trends | NSE & BSE

NIFTY MAY Future

NIFTY Spot closed at: 24,346.70 (0.05%)

NIFTY MAY Future closed at: 24,400.70 (-0.07%)

Premium: 54 (Decreased by -30.2 points)

Open Interest Change: -3.1%

Volume Change: 130.2%

NIFTY Weekly Expiry (8/05/2025) Option Analysis

Put-Call Ratio (OI): 0.695 (Decreased from 0.984)

Put-Call Ratio (Volume): 0.878

Max Pain Level: 24350

Maximum CALL OI: 26000

Maximum PUT OI: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 24000

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

Put-Call Ratio (OI): 1.367 (Decreased from 1.398)

Put-Call Ratio (Volume): 1.087

Max Pain Level: 24000

Maximum CALL OI: 25000

Maximum PUT OI: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 24000

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,115.35 (0.05%)

BANKNIFTY MAY Future closed at: 55,209.80 (-0.06%)

Premium: 94.45 (Decreased by -60.2 points)

Open Interest Change: -1.9%

Volume Change: 53.4%

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

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

Put-Call Ratio (Volume): 0.932

Max Pain Level: 54700

Maximum CALL OI: 63000

Maximum PUT OI: 53000

Highest CALL Addition: 60000

Highest PUT Addition: 53500

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,151.75 (0.15%)

FINNIFTY MAY Future closed at: 26,193.10 (-0.01%)

Premium:  41.35 (Decreased by -42.1 points)

Open Interest Change: -0.6%

Volume Change: 58.8%

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

Put-Call Ratio (OI): 0.734 (Decreased from 0.952)

Put-Call Ratio (Volume): 0.510

Max Pain Level: 26200

Maximum CALL OI: 27000

Maximum PUT OI: 26000

Highest CALL Addition: 27000

Highest PUT Addition: 24000

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 11,977.00 (-0.81%)

MIDCPNIFTY MAY Future closed at: 11,996.90 (-0.64%)

Premium: 19.9 (Increased by 20.5 points)

Open Interest Change: -0.8%

Volume Change: 37.0%

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

Put-Call Ratio (OI): 0.984 (Decreased from 0.994)

Put-Call Ratio (Volume): 0.956

Max Pain Level: 12100

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 13500

Highest PUT Addition: 12000

SENSEX Weekly Expiry (6.05.25) Future

SENSEX Spot closed at: 80,501.99 (0.32%)

SENSEX Weekly Future closed at: 80,403.50 (0.19%)

Discount: -98.49 (Decreased by -107.45 points)

Open Interest Change: -14.0%

Volume Change: 114.0%

SENSEX Weekly Expiry (6/05/2025) Option Analysis

Put-Call Ratio (OI): 0.708 (Decreased from 0.809)

Put-Call Ratio (Volume): 0.867

Max Pain Level: 80500

Maximum CALL OI: 83000

Maximum PUT OI: 75000

Highest CALL Addition: 82000

Highest PUT Addition: 65600

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 2,769.81 Cr
DIIs Net Buy: ₹ 3,290.49 Cr

FII Derivatives Activity

FII Trading Stats	2.04.25	30.04.25	29.04.25
FII Cash (Provisional Data)	2,769.81	50.57	2,385.61
Index Future Open Interest Long Ratio	47.37%	46.88%	44.30%
Index Future Volume Long Ratio	51.33%	60.39%	56.54%
Call Option Open Interest Long Ratio	53.21%	62.90%	49.36%
Call Option Volume Long Ratio	49.09%	50.32%	49.53%
Put Option Open Interest Long Ratio	51.65%	55.17%	48.43%
Put Option Volume Long Ratio	49.65%	50.19%	49.94%
Stock Future Open Interest Long Ratio	64.85%	64.92%	64.67%
Stock Future Volume Long Ratio	49.93%	53.01%	49.68%
Index Futures	Fresh Long	Fresh Long	Fresh Long
Index Options	Fresh Short	Short Covering	Fresh Short
Nifty Futures	Fresh Long	Fresh Long	Fresh Long
Nifty Options	Fresh Short	Short Covering	Fresh Short
BankNifty Futures	Long Covering	Short Covering	Fresh Short
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Short	Long Covering
FinNifty Options	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Futures	Short Covering	Short Covering	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Long
NiftyNxt50 Futures	Long Covering	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Long Covering	Fresh Long
Stock Futures	Fresh Long	Fresh Long	Fresh Short
Stock Options	Fresh Short	Fresh Long	Fresh Short

NSE & BSE Options Analysis | Options Insights

NIFTY Weekly Expiry (8.05.2025)

The NIFTY index closed at 24346.7. The NIFTY weekly expiry for MAY 8, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.695 against previous 0.984. The 26000CE option holds the maximum open interest, followed by the 25000CE and 26100CE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 24500CE and 26000CE options. On the other hand, open interest reductions were prominent in the 22600PE, 22100PE, and 22800PE options. Trading volume was highest in the 24500CE option, followed by the 24300PE and 24600CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	08-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,346.70	0.695	0.984	0.878
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	13,69,75,800	7,03,28,475	6,66,47,325
PUT:	9,51,54,600	6,91,93,500	2,59,61,100
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,03,61,850	46,23,300	7,84,897
25,000	1,00,36,950	52,78,875	24,89,999
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	1,00,36,950	52,78,875	24,89,999
24,500	73,64,775	47,11,800	30,66,719
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	21,46,425	-97,425	1,12,726
24,100	3,52,425	-81,525	78,442
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	73,64,775	47,11,800	30,66,719
24,600	55,35,600	31,34,925	25,13,975
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	68,01,750	22,59,375	21,39,531
22,000	59,68,275	9,44,400	4,61,239
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	68,01,750	22,59,375	21,39,531
24,300	47,81,175	18,03,150	26,68,462
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,600	5,74,125	-7,14,900	2,01,287
22,100	6,18,900	-4,82,325	1,45,608
Top PUT Volume:
Strike	OI	OI Change	Volume
24,300	47,81,175	18,03,150	26,68,462
24,400	37,16,850	13,25,475	24,22,829

SENSEX Weekly Expiry (6.05.2025)

The SENSEX index closed at 80501.99. The SENSEX weekly expiry for May 6, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.708 against previous 0.809. The 83000CE option holds the maximum open interest, followed by the 84000CE and 82500CE options. Market participants have shown increased interest with significant open interest additions in the 82000CE option, with open interest additions also seen in the 83000CE and 85000CE options. On the other hand, open interest reductions were prominent in the 72000PE, 69000PE, and 79000CE options. Trading volume was highest in the 82000CE option, followed by the 81000CE and 80000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	06-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
80501.99	0.708	0.809	0.867
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,58,90,560	75,88,429	83,02,131
PUT:	1,12,56,780	61,38,240	51,18,540
Top CALL Open Interest:
Strike	OI	OI Change	Volume
83000	11,63,080	4,48,420	2,62,88,560
84000	9,59,460	3,79,600	98,48,760
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82000	9,11,100	5,42,140	3,62,69,700
83000	11,63,080	4,48,420	2,62,88,560
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
79000	20,700	-8,640	70,780
79500	32,120	-5,400	1,87,840
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	9,11,100	5,42,140	3,62,69,700
81000	4,91,760	2,84,440	3,09,11,620
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	9,31,760	3,00,000	75,26,280
78000	5,15,540	1,14,900	1,48,39,860
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
65600	4,59,520	3,02,480	20,42,880
73500	3,36,740	3,00,820	30,89,660
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
72000	1,61,460	-1,20,680	25,51,560
69000	29,600	-10,380	3,94,920
Top PUT Volume:
Strike	OI	OI Change	Volume
80000	4,40,880	1,26,240	2,78,97,060
80500	2,86,720	1,40,480	2,46,63,640

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 24346.7. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.367 against previous 1.398. The 24000PE 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 24000PE option, with open interest additions also seen in the 25000CE and 24600CE options. On the other hand, open interest reductions were prominent in the 23500PE, 25500CE, and 24000CE options. Trading volume was highest in the 25000CE option, followed by the 24000PE and 24500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,346.70	1.367	1.398	1.087
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,43,94,325	3,34,58,700	9,35,625
PUT:	4,70,21,400	4,67,75,250	2,46,150
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	40,43,625	5,46,975	1,11,387
24,500	39,71,775	-16,500	90,456
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	40,43,625	5,46,975	1,11,387
24,600	6,04,875	2,30,550	28,215
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	23,31,075	-1,88,475	73,305
24,000	30,51,000	-1,65,525	21,113
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	40,43,625	5,46,975	1,11,387
24,500	39,71,775	-16,500	90,456
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	59,14,200	5,58,300	1,01,736
23,000	43,06,875	-7,275	58,155
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	59,14,200	5,58,300	1,01,736
24,100	8,52,075	90,300	20,103
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	33,56,025	-1,91,325	62,964
24,200	11,10,450	-1,43,775	30,246
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	59,14,200	5,58,300	1,01,736
24,500	24,47,550	-63,825	82,813

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 55115.35. 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 0.903. 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 60000CE option, with open interest additions also seen in the 53500PE and 59500CE options. On the other hand, open interest reductions were prominent in the 57000CE, 62000CE, and 52500PE options. Trading volume was highest in the 55000PE option, followed by the 55500CE and 55500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,115.35	0.903	0.903	0.932
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,94,23,200	1,89,46,119	4,77,081
PUT:	1,75,38,510	1,71,17,370	4,21,140
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	22,10,940	-8,910	64,395
60,000	14,58,390	1,31,100	1,03,253
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,000	14,58,390	1,31,100	1,03,253
59,500	3,52,740	73,590	40,371
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	7,98,990	-63,570	1,24,072
62,000	4,11,840	-51,360	33,464
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	10,65,000	11,010	1,56,528
56,000	8,43,420	36,480	1,24,343
Top PUT Open Interest:
Strike	OI	OI Change	Volume
53,000	16,62,480	31,170	1,05,391
54,000	11,57,970	44,550	1,09,770
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,500	9,29,190	84,930	50,587
55,100	1,41,660	47,100	66,044
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
52,500	3,57,630	-48,540	44,332
44,000	56,160	-18,390	5,244
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	9,43,050	25,080	1,77,610
55,500	8,70,180	6,870	1,29,472

FINNIFTY Monthly Expiry (29.05.2025)

The FINNIFTY index closed at 26151.75. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.734 against previous 0.952. The 27000CE option holds the maximum open interest, followed by the 29500CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 29500CE and 26300CE options. On the other hand, open interest reductions were prominent in the 25000PE, 26000CE, and 23000PE options. Trading volume was highest in the 27000CE option, followed by the 26500CE and 26300CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,151.75	0.734	0.952	0.510
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,54,005	6,91,730	2,62,275
PUT:	7,00,505	6,58,580	41,925
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,92,790	1,35,330	15,175
29,500	1,42,090	19,630	2,440
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	1,92,790	1,35,330	15,175
29,500	1,42,090	19,630	2,440
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	58,565	-7,280	801
26,200	36,985	-1,755	2,063
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,92,790	1,35,330	15,175
26,500	53,105	5,720	2,966
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,17,520	910	2,537
25,500	61,425	7,865	842
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	28,795	8,450	778
25,500	61,425	7,865	842
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	59,800	-11,700	1,636
23,000	41,795	-2,405	1,123
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,17,520	910	2,537
26,200	34,645	3,835	1,916

MIDCPNIFTY Monthly Expiry (29.05.2025)

The MIDCPNIFTY index closed at 11977. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.984 against previous 0.994. 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 13500CE and 13000CE options. On the other hand, open interest reductions were prominent in the 66000CE, 66000CE, and 64000CE options. Trading volume was highest in the 12000PE option, followed by the 12200CE and 12500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,977.00	0.984	0.994	0.956
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	33,60,360	31,09,440	2,50,920
PUT:	33,06,120	30,90,480	2,15,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	4,31,520	63,480	8,998
13,500	3,01,920	67,080	2,963
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,500	3,01,920	67,080	2,963
13,000	4,31,520	63,480	8,998
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,800	2,57,640	-16,440	7,611
12,300	1,44,840	-13,440	5,090
Top CALL Volume:
Strike	OI	OI Change	Volume
12,200	1,93,680	-8,400	11,015
12,500	2,35,200	20,040	10,343
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	5,44,680	71,520	20,801
11,500	3,61,680	16,680	8,467
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,000	5,44,680	71,520	20,801
11,000	3,40,680	38,400	6,689
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,200	1,47,960	-55,440	7,358
12,300	1,05,360	-26,040	1,535
Top PUT Volume:
Strike	OI	OI Change	Volume
12,000	5,44,680	71,520	20,801
11,500	3,61,680	16,680	8,467

Conclusion: Muted Momentum | Bulls are Losing Grip

Today’s NIFTY options insights paint a mixed-to-bearish picture ahead of the weekly expiry. Across indices, declining Put-Call Ratios, shrinking premiums, and unwinding open interest signal uncertainty and profit booking. While volumes are rising, indicating activity, the data leans more toward defensive positioning rather than bullish confidence. Rising volume in a range-bound market indicates distribution; traders should stay nimble, track Max Pain and Open Interest clusters closely, and consider risk-defined strategies amid rising caution. 24,000 in NIFTY should be considered absolute floor for this weekly expiry; any break of which should start panic selling.

Check Previous Day’s Nifty Indices F&O Analysis

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