A Closer Look at NSE & BSE F&O trends for 16 May 2025 – A Derivatives Deep Dive

On 16 May 2025, the NSE & BSE F&O trends exhibited significant signs of directional indecisiveness, despite the market showing only marginal spot movement. Sharp contractions in open interest across major indices like NIFTY and BANKNIFTY, along with heightened premiums in futures, reveal a tactical shift among traders. From a technical derivative analyst’s lens, today’s data paints a picture of caution ahead of the upcoming weekly expiries. Let’s decode what really unfolded in the NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, and SENSEX futures and options markets.

NSE & BSE F&O Trends

NIFTY MAY Future

NIFTY Spot closed at: 25,019.80 (-0.17%)

NIFTY MAY Future closed at: 25,078.70 (0.00%)

Premium: 58.9 (Increased by 42.3 points)

Open Interest Change: -1.8%

Volume Change: -66.6%

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

Put-Call Ratio (OI): 0.761 (Decreased from 1.043)

Put-Call Ratio (Volume): 0.924

Max Pain Level: 25000

Maximum CALL OI: 26000

Maximum PUT OI: 25000

Highest CALL Addition: 26800

Highest PUT Addition: 25000

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

Put-Call Ratio (OI): 1.210 (Decreased from 1.251)

Put-Call Ratio (Volume): 1.187

Max Pain Level: 24500

Maximum CALL OI: 25000

Maximum PUT OI: 24000

Highest CALL Addition: 26000

Highest PUT Addition: 25000

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,354.90 (0.00%)

BANKNIFTY MAY Future closed at: 55,503.20 (0.19%)

Premium: 148.3 (Increased by 104.3 points)

Open Interest Change: -6.6%

Volume Change: -54.8%

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

Put-Call Ratio (OI): 0.903 (Decreased from 0.937)

Put-Call Ratio (Volume): 0.923

Max Pain Level: 55000

Maximum CALL OI: 63000

Maximum PUT OI: 55000

Highest CALL Addition: 60000

Highest PUT Addition: 55300

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,474.60 (-0.03%)

FINNIFTY MAY Future closed at: 26,554.40 (0.16%)

Premium:  79.8 (Increased by 50.1 points)

Open Interest Change: 2.6%

Volume Change: -47.4%

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

Put-Call Ratio (OI): 0.736 (Decreased from 0.842)

Put-Call Ratio (Volume): 0.828

Max Pain Level: 26300

Maximum CALL OI: 29500

Maximum PUT OI: 26000

Highest CALL Addition: 27500

Highest PUT Addition: 26000

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,811.40 (0.55%)

MIDCPNIFTY MAY Future closed at: 12,847.90 (0.51%)

Premium: 36.5 (Decreased by -4.45 points)

Open Interest Change: -1.1%

Volume Change: -36.8%

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

Put-Call Ratio (OI): 1.054 (Decreased from 1.063)

Put-Call Ratio (Volume): 0.708

Max Pain Level: 12500

Maximum CALL OI: 13500

Maximum PUT OI: 12000

Highest CALL Addition: 13500

Highest PUT Addition: 12800

SENSEX Weekly Expiry (20/05/25) Future

SENSEX Spot closed at: 82,330.59 (-0.24%)

SENSEX Weekly Future closed at: 82,396.55 (-0.05%)

Premium: 65.96 (Increased by 156.65 points)

Open Interest Change: 18.7%

Volume Change: -22.4%

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

Put-Call Ratio (OI): 0.894 (Decreased from 1.101)

Put-Call Ratio (Volume): 0.960

Max Pain Level: 82200

Maximum CALL OI: 85000

Maximum PUT OI: 78000

Highest CALL Addition: 85000

Highest PUT Addition: 79000

fII & DII Cash Market Activity

FIIs Net Buy: ₹ 8,831.05 Cr
DIIs Net Buy: ₹ 5,187.09 Cr

FII Derivatives Activity

FII Trading Stats	16.05.25	15.05.25	14.05.25
FII Cash (Provisional Data)	8,831.05	5,392.94	931.8
Index Future Open Interest Long Ratio	42.37%	45.60%	38.27%
Index Future Volume Long Ratio	37.65%	63.18%	52.16%
Call Option Open Interest Long Ratio	56.75%	58.95%	54.62%
Call Option Volume Long Ratio	49.78%	50.20%	50.07%
Put Option Open Interest Long Ratio	56.17%	58.09%	54.23%
Put Option Volume Long Ratio	49.56%	49.90%	49.88%
Stock Future Open Interest Long Ratio	65.84%	66.07%	65.28%
Stock Future Volume Long Ratio	47.56%	56.20%	50.00%
Index Futures	Long Covering	Fresh Long	Fresh Long
Index Options	Fresh Short	Short Covering	Long Covering
Nifty Futures	Fresh Short	Fresh Long	Fresh Short
Nifty Options	Fresh Short	Short Covering	Short Covering
BankNifty Futures	Long Covering	Fresh Long	Fresh Long
BankNifty Options	Short Covering	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Long	Fresh Short
FinNifty Options	Fresh Short	Long Covering	Fresh Short
MidcpNifty Futures	Short Covering	Long Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Short Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Fresh Short	Fresh Long	Fresh Long
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 25019.8. The NIFTY weekly expiry for May 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.761 against previous 1.043. The 26000CE option holds the maximum open interest, followed by the 25500CE and 26800CE options. Market participants have shown increased interest with significant open interest additions in the 26800CE option, with open interest additions also seen in the 25500CE and 26000CE options. On the other hand, open interest reductions were prominent in the 23100PE, 22700PE, and 24400PE options. Trading volume was highest in the 25000PE option, followed by the 25000CE and 25100CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	22-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,019.80	0.761	1.043	0.924
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,59,02,800	7,37,13,600	5,21,89,200
PUT:	9,57,71,325	7,68,95,025	1,88,76,300
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,23,64,575	35,09,325	7,47,866
25,500	82,59,000	37,94,325	13,63,261
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,800	82,07,700	82,07,700	5,68,212
25,500	82,59,000	37,94,325	13,63,261
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,600	9,57,150	-1,62,000	16,715
24,500	10,28,175	-1,10,700	23,627
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	58,51,500	22,28,925	28,38,103
25,100	55,85,325	27,08,175	17,25,318
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	64,54,800	24,56,250	29,82,237
24,000	59,77,575	12,68,175	5,33,793
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	64,54,800	24,56,250	29,82,237
24,700	41,72,700	16,86,750	7,65,834
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,100	8,05,050	-11,47,800	1,47,502
22,700	8,62,650	-3,47,250	1,12,533
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	64,54,800	24,56,250	29,82,237
24,900	23,65,650	6,43,725	12,96,026

SENSEX Weekly Expiry (20/05/2025)

The SENSEX index closed at 82330.59. The SENSEX weekly expiry for May 20, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.894 against previous 1.101. The 85000CE option holds the maximum open interest, followed by the 86000CE and 78000PE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 90000CE and 85500CE options. On the other hand, open interest reductions were prominent in the 71500PE, 84800CE, and 82000CE options. Trading volume was highest in the 82500CE option, followed by the 82300PE and 82300CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	20-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82330.59	0.894	1.101	0.960
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,52,54,740	1,01,84,820	50,69,920
PUT:	1,36,32,480	1,12,17,109	24,15,371
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	14,71,080	6,42,480	1,17,78,380
86000	8,87,060	1,94,980	57,38,360
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85000	14,71,080	6,42,480	1,17,78,380
90000	3,65,880	3,65,880	27,36,240
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
84800	1,58,420	-83,020	26,90,080
82000	2,12,880	-77,540	46,73,800
Top CALL Volume:
Strike	OI	OI Change	Volume
82500	4,28,640	2,460	1,90,14,600
82300	2,29,340	1,82,380	1,81,56,840
Top PUT Open Interest:
Strike	OI	OI Change	Volume
78000	7,93,060	2,14,860	66,69,380
79000	6,97,220	2,28,520	68,14,440
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
79000	6,97,220	2,28,520	68,14,440
78000	7,93,060	2,14,860	66,69,380
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
71500	15,280	-2,23,860	5,76,640
78800	73,440	-66,160	11,88,800
Top PUT Volume:
Strike	OI	OI Change	Volume
82300	2,36,560	1,62,680	1,84,72,140
82000	4,06,740	-12,240	1,76,90,380

NIFTY Monthly Expiry (29/05/2025)

The NIFTY index closed at 25019.8. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.210 against previous 1.251. 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 25000PE option, with open interest additions also seen in the 24500PE and 26000CE options. On the other hand, open interest reductions were prominent in the 20500PE, 21000PE, and 24000PE options. Trading volume was highest in the 25000CE option, followed by the 25000PE and 25500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,019.80	1.210	1.251	1.187
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,91,43,375	4,73,75,700	17,67,675
PUT:	5,94,73,725	5,92,52,775	2,20,950
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	51,95,700	3,30,750	1,35,020
26,000	39,62,400	3,94,350	79,212
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	39,62,400	3,94,350	79,212
25,100	13,67,925	3,77,925	57,129
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	14,41,425	-2,40,825	52,092
24,300	6,31,950	-1,22,325	2,409
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	51,95,700	3,30,750	1,35,020
25,500	38,00,025	2,63,400	1,10,447
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	63,42,075	-3,71,625	69,595
24,500	49,67,025	4,95,375	85,752
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	39,88,800	5,74,725	1,23,262
24,500	49,67,025	4,95,375	85,752
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
20,500	24,96,525	-7,19,400	37,397
21,000	22,54,500	-5,65,425	32,263
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	39,88,800	5,74,725	1,23,262
24,500	49,67,025	4,95,375	85,752

BANKNIFTY Monthly Expiry (29/05/2025)

The BANKNIFTY index closed at 55354.9. 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 0.937. The 63000CE option holds the maximum open interest, followed by the 55000PE 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 55300PE and 55500CE options. On the other hand, open interest reductions were prominent in the 50000PE, 47000PE, and 51000PE options. Trading volume was highest in the 55500CE option, followed by the 55300CE and 55300PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,354.90	0.903	0.937	0.923
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,34,21,060	2,31,70,290	2,50,770
PUT:	2,11,53,780	2,17,00,599	-5,46,819
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	23,02,320	-41,370	59,552
60,000	16,14,060	1,43,760	41,176
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,000	16,14,060	1,43,760	41,176
55,500	12,35,760	71,970	1,91,438
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
62,500	3,85,410	-86,580	12,849
61,000	6,51,840	-48,210	21,768
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	12,35,760	71,970	1,91,438
55,300	3,44,670	28,230	1,63,603
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	19,55,430	53,040	1,37,868
50,000	13,95,510	-1,86,630	59,164
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,300	3,52,530	80,940	1,54,950
55,500	8,12,280	58,080	1,11,942
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
50,000	13,95,510	-1,86,630	59,164
47,000	3,49,980	-1,20,330	13,321
Top PUT Volume:
Strike	OI	OI Change	Volume
55,300	3,52,530	80,940	1,54,950
55,000	19,55,430	53,040	1,37,868

FINNIFTY Monthly Expiry (29/05/2025)

The FINNIFTY index closed at 26474.6. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.736 against previous 0.842. 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 27500CE option, with open interest additions also seen in the 28000CE and 26450CE options. On the other hand, open interest reductions were prominent in the 25500PE, 24000PE, and 26500PE options. Trading volume was highest in the 26500CE option, followed by the 26500PE and 27000CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,474.60	0.736	0.842	0.828
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,47,095	12,62,430	1,84,665
PUT:	10,65,090	10,62,815	2,275
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,500	1,93,180	21,125	1,792
27,000	1,66,400	2,990	3,507
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,500	98,410	45,305	2,806
28,000	76,440	29,575	1,921
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,200	41,275	-5,915	210
26,000	36,270	-2,730	85
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	1,03,740	15,600	5,716
27,000	1,66,400	2,990	3,507
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,42,285	22,100	2,432
25,500	65,000	-43,745	2,635
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,42,285	22,100	2,432
24,500	46,670	14,040	877
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	65,000	-43,745	2,635
24,000	47,580	-6,240	771
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	56,745	-6,175	4,050
25,500	65,000	-43,745	2,635

MIDCPNIFTY Monthly Expiry (29/05/2025)

The MIDCPNIFTY index closed at 12811.4. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.054 against previous 1.063. The 12000PE option holds the maximum open interest, followed by the 13500CE and 13000CE options. Market participants have shown increased interest with significant open interest additions in the 12800PE option, with open interest additions also seen in the 13500CE and 13300CE options. On the other hand, open interest reductions were prominent in the 65000CE, 66000CE, and 62000CE options. Trading volume was highest in the 13000CE option, followed by the 12800CE and 12800PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,811.40	1.054	1.063	0.708
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	66,19,680	62,24,640	3,95,040
PUT:	69,79,560	66,16,080	3,63,480
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	6,49,800	93,000	12,019
13,000	5,86,560	1,440	33,105
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,500	6,49,800	93,000	12,019
13,300	2,25,720	89,880	6,582
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,700	1,69,320	-57,240	5,226
12,750	54,600	-39,480	2,891
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	5,86,560	1,440	33,105
12,800	2,69,400	6,600	26,784
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	6,90,240	-17,280	7,831
11,000	5,24,040	-22,320	2,685
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,800	2,00,760	1,36,920	22,209
12,500	4,15,920	68,760	10,846
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,700	1,47,360	-55,920	1,550
12,650	54,360	-27,000	1,302
Top PUT Volume:
Strike	OI	OI Change	Volume
12,800	2,00,760	1,36,920	22,209
12,500	4,15,920	68,760	10,846

Conclusion: What Does This Mean for Traders?

The NIFTY derivatives landscape on 16 May 2025 reflects caution, with a mix of short-covering, declining open interest, and rising premiums across indices. While PUT support is visible in places like MIDCPNIFTY and FINNIFTY, the broader decline in PCR and OI hints that market participants are de-risking ahead of next week’s events or expiry. For short-term traders, volatility is expected, and levels like 25,000 on NIFTY and 55,000 on BANKNIFTY will be key to watch.

Stay hedged, stay agile — the market is whispering uncertainty.

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