What the Derivatives Data Reveals About NSE F&O Trends on 8 May 2025

In NSE F&O Trends analysis for 8 May 2025, the derivatives landscape paints a cautious yet revealing picture of underlying market sentiment. Despite broader market weakness, particularly visible in the NIFTY and MIDCPNIFTY futures slipping into discount zones, option data shows an interesting tug-of-war between aggressive call writers and selective put additions. While volumes remained mixed, declining open interest across most indices suggests short unwinding and reduced conviction from bulls, even as some segments like FINNIFTY and BANKNIFTY saw localized buildup. This data-rich session offers key takeaways for traders tracking market direction via the lens of futures and options behavior.

NSE F&O Trends

NIFTY MAY Future

NIFTY Spot closed at: 24,273.80 (-0.58%)

NIFTY MAY Future closed at: 24,271.90 (-0.77%)

Discount: -1.9 (Decreased by -48.9 points)

Open Interest Change: -2.9%

Volume Change: 13.7%

NIFTY Weekly Expiry (15/05/2025) Option Analysis

Put-Call Ratio (OI): 0.877 (Increased from 0.799)

Put-Call Ratio (Volume): 1.147

Max Pain Level: 24350

Maximum CALL OI: 26000

Maximum PUT OI: 22000

Highest CALL Addition: 26000

Highest PUT Addition: 22000

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

Put-Call Ratio (OI): 1.236 (Decreased from 1.343)

Put-Call Ratio (Volume): 1.373

Max Pain Level: 24200

Maximum CALL OI: 25000

Maximum PUT OI: 24000

Highest CALL Addition: 24800

Highest PUT Addition: 23000

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 54,365.65 (-0.45%)

BANKNIFTY MAY Future closed at: 54,288.60 (-0.70%)

Discount: -77.05 (Decreased by -137.15 points)

Open Interest Change: 0.5%

Volume Change: -10.1%

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

Put-Call Ratio (OI): 0.800 (Decreased from 0.831)

Put-Call Ratio (Volume): 0.973

Max Pain Level: 54500

Maximum CALL OI: 63000

Maximum PUT OI: 54000

Highest CALL Addition: 54000

Highest PUT Addition: 54000

FINNIFTY MAY Future

FINNIFTY Spot closed at: 25,980.65 (-0.71%)

FINNIFTY MAY Future closed at: 25,964.90 (-0.89%)

Discount:  -15.75 (Decreased by -48.4 points)

Open Interest Change: -0.5%

Volume Change: 1.4%

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

Put-Call Ratio (OI): 0.693 (Decreased from 0.761)

Put-Call Ratio (Volume): 1.126

Max Pain Level: 26200

Maximum CALL OI: 29500

Maximum PUT OI: 26000

Highest CALL Addition: 26200

Highest PUT Addition: 26200

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 11,983.40 (-1.92%)

MIDCPNIFTY MAY Future closed at: 11,980.35 (-2.20%)

Discount: -3.05 (Decreased by -35.2 points)

Open Interest Change: -3.5%

Volume Change: -8.3%

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

Put-Call Ratio (OI): 1.049 (Decreased from 1.085)

Put-Call Ratio (Volume): 1.107

Max Pain Level: 12100

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 12300

Highest PUT Addition: 11000

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 2,007.96 Cr
DIIs Net Sell: ₹ 596.25 Cr

FII Derivatives Activity

FII Trading Stats	8.05.25	7.05.25	6.05.25
FII Cash (Provisional Data)	2,007.96	2,585.86	3,794.52
Index Future Open Interest Long Ratio	52.17%	50.14%	49.23%
Index Future Volume Long Ratio	55.11%	53.70%	53.88%
Call Option Open Interest Long Ratio	64.38%	50.98%	51.28%
Call Option Volume Long Ratio	50.82%	49.95%	50.42%
Put Option Open Interest Long Ratio	61.19%	49.56%	50.18%
Put Option Volume Long Ratio	50.88%	49.89%	50.81%
Stock Future Open Interest Long Ratio	65.24%	65.50%	65.14%
Stock Future Volume Long Ratio	48.84%	53.36%	49.65%
Index Futures	Fresh Long	Short Covering	Fresh Long
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Fresh Long	Long Covering	Fresh Long
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Fresh Short	Fresh Long	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Short	Short Covering
FinNifty Options	Fresh Long	Fresh Long	Short Covering
MidcpNifty Futures	Long Covering	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Long
NiftyNxt50 Futures	Short Covering	Fresh Short	Long Covering
NiftyNxt50 Options	Long Covering	Fresh Long	Long Covering
Stock Futures	Long Covering	Fresh Long	Short Covering
Stock Options	Fresh Long	Fresh Long	Fresh Short

NSE F&O Trends | Options Insights

NIFTY Weekly Expiry (15.05.2025)

The NIFTY index closed at 24273.8. The NIFTY weekly expiry for May 15, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.877 against previous 0.799. The 26000CE option holds the maximum open interest, followed by the 26200CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 22000PE and 26200CE options. On the other hand, open interest reductions were prominent in the 24500PE, 23550PE, and 23700PE options. Trading volume was highest in the 24400PE option, followed by the 24400CE and 24000PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	15-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,273.80	0.877	0.799	1.147
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,63,04,550	4,07,33,250	3,55,71,300
PUT:	6,68,85,075	3,25,40,025	3,43,45,050
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	76,78,425	39,76,200	2,55,818
26,200	55,85,775	31,80,750	1,92,963
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	76,78,425	39,76,200	2,55,818
26,200	55,85,775	31,80,750	1,92,963
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,650	5,39,775	-6,075	42,306
25,750	5,45,925	-5,250	43,088
Top CALL Volume:
Strike	OI	OI Change	Volume
24,400	34,10,175	16,02,600	3,69,519
25,000	46,14,375	26,17,650	3,10,406
Top PUT Open Interest:
Strike	OI	OI Change	Volume
22,000	44,51,775	32,86,050	2,84,418
20,650	41,74,125	28,92,900	1,44,613
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
22,000	44,51,775	32,86,050	2,84,418
20,650	41,74,125	28,92,900	1,44,613
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	14,37,750	-5,38,200	1,78,465
23,550	3,49,875	-2,87,325	31,354
Top PUT Volume:
Strike	OI	OI Change	Volume
24,400	26,44,725	2,94,825	4,07,252
24,000	39,26,475	17,03,250	3,37,922

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 24273.8. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.236 against previous 1.343. The 24000PE option holds the maximum open interest, followed by the 25000CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 24800CE option, with open interest additions also seen in the 25000CE and 24900CE options. On the other hand, open interest reductions were prominent in the 22000PE, 26000CE, and 23500PE options. Trading volume was highest in the 24000PE option, followed by the 25000CE and 23000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,273.80	1.236	1.343	1.373
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,22,84,175	3,80,56,125	42,28,050
PUT:	5,22,44,850	5,10,91,275	11,53,575
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	49,45,125	8,42,175	75,369
24,500	46,19,025	3,04,650	69,667
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,800	21,16,875	13,72,950	50,038
25,000	49,45,125	8,42,175	75,369
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	22,02,075	-2,29,725	37,212
26,100	10,03,350	-1,11,675	9,483
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	49,45,125	8,42,175	75,369
24,500	46,19,025	3,04,650	69,667
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	69,52,350	68,175	84,465
23,000	46,20,450	3,92,775	71,953
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,000	46,20,450	3,92,775	71,953
23,100	5,48,325	3,63,825	12,285
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	29,95,275	-2,56,125	49,524
23,500	33,97,875	-2,27,025	53,994
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	69,52,350	68,175	84,465
23,000	46,20,450	3,92,775	71,953

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 54365.65. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.800 against previous 0.831. The 63000CE option holds the maximum open interest, followed by the 54000PE and 53000PE options. Market participants have shown increased interest with significant open interest additions in the 54000PE option, with open interest additions also seen in the 54000CE and 47000PE options. On the other hand, open interest reductions were prominent in the 53500PE, 53500CE, and 52000PE options. Trading volume was highest in the 55000CE option, followed by the 54000PE and 54500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,365.65	0.800	0.831	0.973
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,27,37,270	2,22,14,379	5,22,891
PUT:	1,81,89,000	1,84,63,140	-2,74,140
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	30,15,840	36,750	1,42,331
60,000	12,30,390	-32,190	73,691
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,000	8,69,310	1,82,220	31,673
56,000	9,65,790	92,040	1,43,290
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
53,500	5,76,720	-1,26,300	8,200
58,500	4,22,430	-97,530	57,448
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	9,89,220	-43,470	1,71,513
56,000	9,65,790	92,040	1,43,290
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	18,19,410	3,58,110	1,71,366
53,000	13,24,770	-11,760	1,08,361
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,000	18,19,410	3,58,110	1,71,366
47,000	5,60,970	1,50,960	42,934
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,500	5,73,480	-4,84,290	88,321
52,000	8,60,520	-1,11,720	91,606
Top PUT Volume:
Strike	OI	OI Change	Volume
54,000	18,19,410	3,58,110	1,71,366
54,500	5,70,090	-53,580	1,47,744

FINNIFTY Monthly Expiry (29.05.2025)

The FINNIFTY index closed at 25980.65. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.693 against previous 0.761. The 29500CE option holds the maximum open interest, followed by the 27000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26200CE option, with open interest additions also seen in the 27500CE and 26000CE options. On the other hand, open interest reductions were prominent in the 23000PE, 25500PE, and 29000CE options. Trading volume was highest in the 26000PE option, followed by the 26200CE and 26200PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,980.65	0.693	0.761	1.126
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,45,040	10,25,700	1,19,340
PUT:	7,93,520	7,80,975	12,545
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,500	1,67,245	5,395	1,237
27,000	1,52,555	9,880	2,706
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,200	64,220	23,790	3,603
27,500	76,570	21,060	1,778
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
29,000	36,725	-4,095	569
26,050	9,490	-2,470	306
Top CALL Volume:
Strike	OI	OI Change	Volume
26,200	64,220	23,790	3,603
27,000	1,52,555	9,880	2,706
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,26,945	-455	3,990
25,000	64,220	3,900	2,656
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,200	50,505	9,945	3,553
22,000	14,820	8,840	356
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	33,930	-15,925	1,876
25,500	56,420	-4,290	1,500
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,26,945	-455	3,990
26,200	50,505	9,945	3,553

MIDCPNIFTY Monthly Expiry (29.05.2025)

The MIDCPNIFTY index closed at 11983.4. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.049 against previous 1.085. The 12000PE option holds the maximum open interest, followed by the 11000PE and 11500PE options. Market participants have shown increased interest with significant open interest additions in the 11000PE option, with open interest additions also seen in the 10000PE and 10500PE options. On the other hand, open interest reductions were prominent in the 67000CE, 65500CE, and 65500PE options. Trading volume was highest in the 12000PE option, followed by the 12200PE and 12200CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,983.40	1.049	1.085	1.107
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	45,53,520	44,05,440	1,48,080
PUT:	47,78,400	47,79,240	-840
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	3,93,480	12,600	9,761
13,500	3,43,080	-30,840	3,773
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,300	2,54,520	49,920	14,100
12,400	1,22,400	35,040	6,391
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,800	1,93,560	-54,360	1,583
13,500	3,43,080	-30,840	3,773
Top CALL Volume:
Strike	OI	OI Change	Volume
12,200	3,14,640	33,480	16,597
12,300	2,54,520	49,920	14,100
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	5,63,520	-1,30,440	24,703
11,000	5,13,120	1,53,600	8,823
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,000	5,13,120	1,53,600	8,823
10,000	2,81,520	1,15,680	4,549
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	5,63,520	-1,30,440	24,703
11,500	4,29,960	-1,05,840	11,529
Top PUT Volume:
Strike	OI	OI Change	Volume
12,000	5,63,520	-1,30,440	24,703
12,200	2,15,520	-75,720	16,898

Conclusion: What’s the Verdict from Today’s F&O Data?

The 8 May 2025 derivatives action reveals a market in recalibration mode. With NIFTY futures now at a discount and open interest falling, short unwinding seems to be the theme, signaling hesitation at higher levels. A similar tone in MIDCPNIFTY reinforces broader market caution. Meanwhile, FINNIFTY’s balanced OI with matched highest additions at 26200 could hint at a battleground level for upcoming sessions. On the options front, rising PCR (volume) vs declining PCR (OI) suggests intraday bullishness but positional uncertainty.

Last-Hour Selling Pushes Indices into Discount: Is a Deeper Pullback on the Cards

Yesterday’s last-hour selling pressure dragged all major indices—NIFTY, BANKNIFTY, and FINNIFTY futures—into discount territory, signaling some clear short-term nervousness. Interestingly, despite the Max Pain levels sticking around the 24,350–24,200 zone for both weekly and monthly NIFTY expiries, the options data is hinting at the potential for a deeper pullback, possibly towards the 23,000–22,000 range. The heavy CALL open interest at 24,800–25,000 levels is acting like a near-term ceiling, making it tough for the index to climb higher. And while the weekly Put-Call Ratio (PCR) ticked up from 0.799 to 0.877, the drop in monthly PCR from 1.343 to 1.236 leans more toward a bearish undertone.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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