Explosive Moves in NSE & BSE F&O Trends – Insights You Can’t Miss (15 May 2025)

On 15th May 2025, the NSE & BSE F&O Trends showcased an explosive rally, but the underlying data reveals some cautious undercurrents. Despite a strong surge in spot prices, premiums shrank sharply and option chains suggest strategic hedging ahead of upcoming expiries. This NIFTY and BANKNIFTY futures analysis deciphers whether today’s bullishness signals a sustainable breakout or a trap in disguise. As we examine futures OI changes, option writing zones, and PCR shifts, the sentiment appears mixed—with clear signs of repositioning and guarded optimism.

NSE & BSE F&O Trends

NIFTY MAY Future

NIFTY MAY Future

NIFTY Spot closed at: 25,062.10 (1.60%)

NIFTY MAY Future closed at: 25,078.70 (1.47%)

Premium: 16.6 (Decreased by -32.4 points)

Open Interest Change: 4.8%

Volume Change: 112.1%

NIFTY Weekly Expiry (22/05/2025) Option Analysis

Put-Call Ratio (OI): 0.996 (Increased from 0.745)

Put-Call Ratio (Volume): 0.867

Max Pain Level: 24900

Maximum CALL OI: 25100

Maximum PUT OI: 25050

Highest CALL Addition: 25100

Highest PUT Addition: 25050

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

Put-Call Ratio (OI): 1.251 (Increased from 1.171)

Put-Call Ratio (Volume): 0.965

Max Pain Level: 24500

Maximum CALL OI: 25000

Maximum PUT OI: 24000

Highest CALL Addition: 26500

Highest PUT Addition: 24500

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,355.60 (1.01%)

BANKNIFTY MAY Future closed at: 55,399.60 (0.89%)

Premium: 44 (Decreased by -64.7 points)

Open Interest Change: 2.9%

Volume Change: 36.9%

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

Put-Call Ratio (OI): 0.937 (Increased from 0.819)

Put-Call Ratio (Volume): 0.921

Max Pain Level: 55000

Maximum CALL OI: 63000

Maximum PUT OI: 55000

Highest CALL Addition: 55400

Highest PUT Addition: 50000

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,482.80 (1.29%)

FINNIFTY MAY Future closed at: 26,512.50 (1.16%)

Premium:  29.7 (Decreased by -32.15 points)

Open Interest Change: -1.1%

Volume Change: 37.5%

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

Put-Call Ratio (OI): 0.842 (Increased from 0.698)

Put-Call Ratio (Volume): 0.824

Max Pain Level: 26300

Maximum CALL OI: 29500

Maximum PUT OI: 26000

Highest CALL Addition: 29000

Highest PUT Addition: 25500

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,741.35 (0.67%)

MIDCPNIFTY MAY Future closed at: 12,782.30 (0.70%)

Premium: 40.95 (Increased by 3.35 points)

Open Interest Change: -1.0%

Volume Change: 2.3%

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

Put-Call Ratio (OI): 1.063 (Decreased from 1.076)

Put-Call Ratio (Volume): 0.871

Max Pain Level: 12400

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 14000

Highest PUT Addition: 12600

SENSEX Weekly Expiry (20.05.25) Future

SENSEX Spot closed at: 82,530.74 (1.48%)

SENSEX Weekly Future closed at: 82,440.05 (1.31%)

Discount: -90.69 (Decreased by -136.03 points)

Open Interest Change: -28.9%

Volume Change: 28.5%

SENSEX Weekly Expiry (20/05/2025) Option Analysis

Put-Call Ratio (OI): 1.101 (Increased from 0.452)

Put-Call Ratio (Volume): 0.863

Max Pain Level: 81300

Maximum CALL OI: 85000

Maximum PUT OI: 77000

Highest CALL Addition: 86000

Highest PUT Addition: 80000

fII & DII Cash Market Activity

FIIs Net Buy: ₹ 5,392.94 Cr
DIIs Net Sell: ₹ 1,668.47 Cr

FII Derivatives Activity

FII Trading Stats	15.05.25	14.05.25	13.05.25
FII Cash (Provisional Data)	5,392.94	931.8	-476.86
Index Future Open Interest Long Ratio	45.60%	38.27%	37.54%
Index Future Volume Long Ratio	63.18%	52.16%	28.48%
Call Option Open Interest Long Ratio	58.95%	54.62%	54.10%
Call Option Volume Long Ratio	50.20%	50.07%	49.49%
Put Option Open Interest Long Ratio	58.09%	54.23%	54.87%
Put Option Volume Long Ratio	49.90%	49.88%	49.92%
Stock Future Open Interest Long Ratio	66.07%	65.28%	65.29%
Stock Future Volume Long Ratio	56.20%	50.00%	42.71%
Index Futures	Fresh Long	Fresh Long	Long Covering
Index Options	Short Covering	Long Covering	Fresh Short
Nifty Futures	Fresh Long	Fresh Short	Long Covering
Nifty Options	Short Covering	Short Covering	Fresh Short
BankNifty Futures	Fresh Long	Fresh Long	Long Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Short	Fresh Short
FinNifty Options	Long Covering	Fresh Short	Fresh Short
MidcpNifty Futures	Long Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Futures	Short Covering	Short Covering	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Short	Fresh Long
Stock Futures	Fresh Long	Fresh Long	Long Covering
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE & bSE F&O Trends | Options Insights

NIFTY Weekly Expiry (22.05.2025)

The NIFTY index closed at 25062.1. The NIFTY weekly expiry for May 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.996 against previous 0.745. The 25050PE option holds the maximum open interest, followed by the 25100CE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 25050PE option, with open interest additions also seen in the 25000PE and 25100CE options. On the other hand, open interest reductions were prominent in the 25000CE, 25500CE, and 24000PE options. Trading volume was highest in the 25100CE option, followed by the 25000CE and 25200CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	15-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,062.10	0.996	0.745	0.867
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,58,34,725	19,25,93,025	-1,67,58,300
PUT:	17,50,85,325	14,35,67,550	3,15,17,775
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,100	1,61,00,025	98,94,075	2,05,30,214
25,200	98,30,625	11,07,450	1,23,07,757
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,100	1,61,00,025	98,94,075	2,05,30,214
25,050	81,44,700	51,14,400	1,15,25,386
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	62,65,200	-84,15,825	1,34,61,816
25,500	83,50,500	-61,19,700	35,97,211
Top CALL Volume:
Strike	OI	OI Change	Volume
25,100	1,61,00,025	98,94,075	2,05,30,214
25,000	62,65,200	-84,15,825	1,34,61,816
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,050	1,99,51,275	1,98,55,275	1,15,16,532
25,000	1,22,52,000	1,13,94,375	84,46,247
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,050	1,99,51,275	1,98,55,275	1,15,16,532
25,000	1,22,52,000	1,13,94,375	84,46,247
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	78,69,000	-44,10,075	33,14,146
23,500	39,90,900	-40,71,675	7,26,934
Top PUT Volume:
Strike	OI	OI Change	Volume
25,050	1,99,51,275	1,98,55,275	1,15,16,532
24,500	85,30,350	5,08,725	1,12,76,226

SENSEX Weekly Expiry (20.05.2025)

The SENSEX index closed at 82530.74. The SENSEX weekly expiry for May 20, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.101 against previous 0.452. The 85000CE option holds the maximum open interest, followed by the 84000CE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 80000PE option, with open interest additions also seen in the 77000PE and 78000PE options. On the other hand, open interest reductions were prominent in the 89000CE, 88500CE, and 81500CE options. Trading volume was highest in the 81000PE option, followed by the 85000CE and 84000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	20-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82530.74	1.101	0.452	0.863
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,01,84,820	77,08,340	24,76,480
PUT:	1,12,17,400	34,82,309	77,35,091
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	8,28,600	2,83,200	95,59,560
84000	6,96,300	2,95,080	84,86,700
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
86000	6,92,080	3,34,640	56,54,220
84000	6,96,300	2,95,080	84,86,700
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
89000	1,36,940	-1,39,960	18,96,240
88500	83,620	-93,640	8,85,620
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	8,28,600	2,83,200	95,59,560
84000	6,96,300	2,95,080	84,86,700
Top PUT Open Interest:
Strike	OI	OI Change	Volume
77000	5,97,840	4,09,760	52,24,100
78000	5,78,200	3,93,360	46,92,480
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	5,46,700	4,12,260	62,88,800
77000	5,97,840	4,09,760	52,24,100
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
67000	3,000	-1,800	31,020
66800	3,060	-300	3,680
Top PUT Volume:
Strike	OI	OI Change	Volume
81000	4,70,420	3,18,200	1,12,44,700
81500	3,33,580	2,02,240	66,41,780

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 25062.1. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.251 against previous 1.171. The 24000PE option holds the maximum open interest, followed by the 25000CE and 24500PE options. Market participants have shown increased interest with significant open interest additions in the 24500PE option, with open interest additions also seen in the 25000PE and 25100PE options. On the other hand, open interest reductions were prominent in the 25000CE, 24800CE, and 24500CE options. Trading volume was highest in the 25000CE option, followed by the 24500PE and 25500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,062.10	1.251	1.171	0.965
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,73,75,700	4,73,47,500	28,200
PUT:	5,92,52,775	5,54,24,625	38,28,150
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	48,64,950	-5,33,025	2,44,954
26,000	35,68,050	1,48,050	1,10,538
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	9,66,675	6,41,850	34,953
25,100	9,90,000	4,86,300	59,665
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	48,64,950	-5,33,025	2,44,954
24,800	14,36,550	-5,15,025	97,210
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	48,64,950	-5,33,025	2,44,954
25,500	35,36,625	-54,075	1,77,071
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	67,13,700	1,82,100	1,66,787
24,500	44,71,650	11,96,925	1,89,505
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	44,71,650	11,96,925	1,89,505
25,000	34,14,075	9,24,300	1,24,772
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,500	25,62,225	-2,20,125	26,255
23,000	39,44,550	-1,63,950	55,331
Top PUT Volume:
Strike	OI	OI Change	Volume
24,500	44,71,650	11,96,925	1,89,505
24,000	67,13,700	1,82,100	1,66,787

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 55355.6. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.937 against previous 0.819. The 63000CE option holds the maximum open interest, followed by the 55000PE and 50000PE options. Market participants have shown increased interest with significant open interest additions in the 50000PE option, with open interest additions also seen in the 54000PE and 55000PE options. On the other hand, open interest reductions were prominent in the 60000CE, 40500PE, and 55000CE options. Trading volume was highest in the 55000CE option, followed by the 55000PE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,355.60	0.937	0.819	0.921
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,31,70,290	2,49,22,569	-17,52,279
PUT:	2,17,00,950	2,04,24,030	12,76,920
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	23,43,690	-82,830	43,020
60,000	14,70,300	-2,81,760	90,658
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,400	3,38,310	75,360	76,291
59,200	1,07,670	63,060	8,005
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,000	14,70,300	-2,81,760	90,658
55,000	9,31,260	-1,98,540	2,62,781
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	9,31,260	-1,98,540	2,62,781
56,000	11,74,620	-32,460	1,82,335
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	19,02,390	1,45,860	2,10,836
50,000	15,82,140	1,83,060	81,289
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,000	15,82,140	1,83,060	81,289
54,000	12,44,670	1,65,240	1,46,644
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
40,500	12,59,940	-2,47,440	60,892
47,000	4,70,310	-1,09,440	19,660
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	19,02,390	1,45,860	2,10,836
54,500	5,95,410	78,690	1,71,936

FINNIFTY Monthly Expiry (29.05.2025)

The FINNIFTY index closed at 26482.8. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.842 against previous 0.698. 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 25500PE option, with open interest additions also seen in the 26500PE and 29000CE options. On the other hand, open interest reductions were prominent in the 27000CE, 26300CE, and 26200CE options. Trading volume was highest in the 27000CE option, followed by the 26000PE and 26500CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,482.80	0.842	0.698	0.824
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,62,430	13,60,970	-98,540
PUT:	10,62,815	9,49,780	1,13,035
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,500	1,72,055	-2,795	1,394
27,000	1,63,410	-29,055	7,099
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
29,000	87,945	13,910	762
26,000	39,000	5,070	2,034
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	1,63,410	-29,055	7,099
26,300	41,730	-17,940	2,352
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,63,410	-29,055	7,099
26,500	88,140	-11,245	4,675
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,20,185	4,030	6,731
25,500	1,08,745	43,030	2,958
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	1,08,745	43,030	2,958
26,500	62,920	29,250	1,925
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	42,510	-2,600	607
22,000	19,110	-2,145	243
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,20,185	4,030	6,731
26,100	33,930	390	3,003

MIDCPNIFTY Monthly Expiry (29.05.2025)

The MIDCPNIFTY index closed at 12741.35. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.063 against previous 1.076. The 12000PE option holds the maximum open interest, followed by the 13000CE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 12600PE option, with open interest additions also seen in the 14000CE and 12700PE options. On the other hand, open interest reductions were prominent in the 67000CE, 65600CE, and 65500CE options. Trading volume was highest in the 12700CE option, followed by the 13000CE and 12700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,741.35	1.063	1.076	0.871
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	62,24,640	60,03,840	2,20,800
PUT:	66,16,080	64,60,200	1,55,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	5,85,120	-60,360	21,020
13,500	5,56,800	18,240	7,815
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	1,92,600	1,00,560	2,429
12,750	94,080	70,560	3,647
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,500	2,86,080	-67,320	3,610
13,000	5,85,120	-60,360	21,020
Top CALL Volume:
Strike	OI	OI Change	Volume
12,700	2,26,560	26,280	21,021
13,000	5,85,120	-60,360	21,020
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	7,07,520	-46,800	10,428
11,000	5,46,360	-14,760	4,849
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,600	3,78,720	1,04,760	10,229
12,700	2,18,040	1,00,320	16,764
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	7,07,520	-46,800	10,428
12,625	32,520	-33,240	2,671
Top PUT Volume:
Strike	OI	OI Change	Volume
12,700	2,18,040	1,00,320	16,764
12,000	7,07,520	-46,800	10,428

Conclusion: Cautious Optimism Dominates Despite the F&O Surge

Despite today’s strong gains in NIFTY and BANKNIFTY futures, the F&O landscape reflects cautious optimism rather than euphoria. Falling premiums across major indices along with a surge in Open Interest suggest subdued confidence in immediate follow-through. Option chains are showing tighter ranges and rising PCRs — indicative of a hedged bullish view. Max-Pain level for Nifty monthly expiry stayed at 24,500 suggesting a possible pullback. Though the SENSEX spot closed at 82,530.74; the Max-Pain level for weekly expiry stayed at 81,300 with highest PUT Open Interest was at 77,000 also suggests cautious undertone. Contraction in FINNIFTY future premium along with reduction in Open Interest also points to profit-booking. Traders should remain nimble, focus on range-based strategies, and keep an eye on max pain zones and OI shifts to time entries better during this high-volatility phase.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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