Turning Complex Derivative Data into Clear Market Insights
What Are the NSE BSE Index Derivatives Trend Signals For 22/05/2025 Telling Us?
Table of Contents
The NSE BSE Index Derivatives Trend on 22nd May 2025 paints a picture of caution and potential downside risk, as both Nifty and BankNifty futures closed in the red with rising premiums and falling open interest. Nifty May Futures settled at 24,652.20 (-0.72%), with spot at 24,609.70 (-0.82%), while open interest dropped by 3.4%. This signals long unwinding, where traders are closing bullish bets amid price declines. The premium expansion (up 23.75 points) suggests nervousness, possibly due to short covering or volatility ahead of expiry.
Options data further confirms the shift in sentiment. Nifty’s Put-Call Ratio (OI) dropped sharply to 0.830, reflecting aggressive call writing and a lack of confidence among put writers. Max pain remains at 24,600, indicating a battle around this strike for expiry. Heavy call open interest at 26,000 and strong put support at 24,000 create a tight range unless a strong reversal emerges.
BankNifty futures mirrored this caution, closing at 55,068.40 (-0.13%) with a significant premium jump and a 1.3% OI decline. The PCR (OI) for BankNifty also slipped to 0.733, reinforcing bearish undertones. Max pain at 55,000 and the highest call buildup at 58,500 suggest traders are positioning for limited upside, while put support at 54,700 is being tested.
How Should You Navigate This F&O Market Sentiment?
With FINNIFTY and MIDCPNIFTY also showing falling prices, rising premiums, and declining PCRs, the overall derivatives landscape is risk-off. SENSEX futures, despite a premium spike, echo this caution with max pain at 81,000 and a declining PCR. The options crowd is clearly hedging for further volatility, and suggests a sideways-to-down bias unless key resistance levels are reclaimed.
NSE BSE Index Derivatives Trend
NIFTY MAY Future
NIFTY Spot closed at: 24,609.70 (-0.82%)
NIFTY MAY Future closed at: 24,652.20 (-0.72%)
Premium: 42.5 (Increased by 23.75 points)
Open Interest Change: -3.4%
Volume Change: 9.3%
NIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.830 (Decreased from 0.982)
Put-Call Ratio (Volume): 0.827
Max Pain Level: 24600
Maximum CALL OI: 26000
Maximum PUT OI: 24000
Highest CALL Addition: 26500
Highest PUT Addition: 23000
BANKNIFTY MAY Future
BANKNIFTY Spot closed at: 54,941.30 (-0.24%)
BANKNIFTY MAY Future closed at: 55,068.40 (-0.13%)
Premium: 127.1 (Increased by 60.2 points)
Open Interest Change: -1.3%
Volume Change: -27.3%
BANKNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.733 (Decreased from 0.760)
Put-Call Ratio (Volume): 0.897
Max Pain Level: 55000
Maximum CALL OI: 63000
Maximum PUT OI: 55000
Highest CALL Addition: 58500
Highest PUT Addition: 54700
FINNIFTY MAY Future
FINNIFTY Spot closed at: 26,225.95 (-0.43%)
FINNIFTY MAY Future closed at: 26,289.80 (-0.30%)
Premium: 63.85 (Increased by 35.9 points)
Open Interest Change: 1.2%
Volume Change: -34.2%
FINNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.617 (Decreased from 0.710)
Put-Call Ratio (Volume): 0.784
Max Pain Level: 26300
Maximum CALL OI: 27000
Maximum PUT OI: 26000
Highest CALL Addition: 27200
Highest PUT Addition: 25200
MIDCPNIFTY MAY Future
MIDCPNIFTY Spot closed at: 12,473.90 (-1.16%)
MIDCPNIFTY MAY Future closed at: 12,511.45 (-1.09%)
Premium: 37.55 (Increased by 8.6 points)
Open Interest Change: -1.4%
Volume Change: 18.5%
MIDCPNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.847 (Decreased from 0.920)
Put-Call Ratio (Volume): 0.803
Max Pain Level: 12500
Maximum CALL OI: 13500
Maximum PUT OI: 12000
Highest CALL Addition: 13300
Highest PUT Addition: 11700
SENSEX Weekly Expiry (27/05/2025) Future
SENSEX Spot closed at: 80,951.99 (-0.79%)
SENSEX Weekly Future closed at: 81,050.45 (-0.71%)
Premium: 98.46 (Increased by 63.94 points)
Open Interest Change: 27.7%
Volume Change: 15.1%
SENSEX Weekly Expiry (27/05/2025) Option Analysis
Put-Call Ratio (OI): 0.639 (Decreased from 0.660)
Put-Call Ratio (Volume): 0.944
Max Pain Level: 81000
Maximum CALL OI: 85000
Maximum PUT OI: 81000
Highest CALL Addition: 85000
Highest PUT Addition: 76000
fII & DII Cash Market Activity
FIIs Net Sell: ₹ 5,045.36 Cr
DIIs Net Buy: ₹ 3,715.00 Cr
FII Derivatives Activity
| FII Trading Stats | 22.05.25 | 21.05.25 | 20.05.25 |
| FII Cash (Provisional Data) | -5,045.36 | 2,201.79 | -10,016.10 |
| Index Future Open Interest Long Ratio | 31.94% | 37.43% | 37.04% |
| Index Future Volume Long Ratio | 35.23% | 51.48% | 33.68% |
| Call Option Open Interest Long Ratio | 58.01% | 59.83% | 55.50% |
| Call Option Volume Long Ratio | 49.69% | 50.53% | 50.11% |
| Put Option Open Interest Long Ratio | 60.01% | 59.17% | 56.86% |
| Put Option Volume Long Ratio | 49.67% | 50.48% | 50.16% |
| Stock Future Open Interest Long Ratio | 64.55% | 65.07% | 64.91% |
| Stock Future Volume Long Ratio | 46.12% | 52.13% | 45.79% |
| Index Futures | Fresh Short | Fresh Long | Long Covering |
| Index Options | Long Covering | Short Covering | Fresh Long |
| Nifty Futures | Fresh Short | Short Covering | Long Covering |
| Nifty Options | Long Covering | Short Covering | Fresh Long |
| BankNifty Futures | Fresh Short | Fresh Long | Long Covering |
| BankNifty Options | Short Covering | Long Covering | Fresh Long |
| FinNifty Futures | Fresh Long | Fresh Short | Fresh Long |
| FinNifty Options | Fresh Short | Short Covering | Short Covering |
| MidcpNifty Futures | Long Covering | Fresh Short | Short Covering |
| MidcpNifty Options | Fresh Short | Short Covering | Long Covering |
| NiftyNxt50 Futures | Short Covering | Fresh Long | Short Covering |
| NiftyNxt50 Options | Fresh Short | Fresh Long | Long Covering |
| Stock Futures | Long Covering | Fresh Long | Long Covering |
| Stock Options | Fresh Short | Fresh Short | Fresh Short |
NSE BSE Index Derivatives Trend | Options Insights
SENSEX Weekly Expiry (27/05/2025)
The SENSEX index closed at 80951.99. The SENSEX weekly expiry for April 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.639 against previous 0.660. The 85000CE option holds the maximum open interest, followed by the 86000CE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 84000CE and 84500CE options. On the other hand, open interest reductions were prominent in the 81500PE, 75500PE, and 81400PE options. Trading volume was highest in the 81000PE option, followed by the 81000CE and 80800PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 27-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 80951.99 | 0.639 | 0.660 | 0.944 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,25,82,360 | 61,97,289 | 63,85,071 |
| PUT: | 80,38,420 | 40,91,920 | 39,46,500 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 85000 | 12,32,640 | 7,06,940 | 58,77,880 |
| 86000 | 7,76,140 | 3,21,180 | 34,70,780 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 85000 | 12,32,640 | 7,06,940 | 58,77,880 |
| 84000 | 7,43,820 | 5,09,260 | 46,58,800 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 89000 | 2,32,220 | -38,380 | 11,15,560 |
| 85800 | 35,660 | -32,360 | 4,25,740 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 81000 | 4,62,220 | 4,06,680 | 79,63,560 |
| 85000 | 12,32,640 | 7,06,940 | 58,77,880 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 81000 | 5,53,560 | 3,59,960 | 83,43,620 |
| 78000 | 5,06,220 | 2,60,180 | 35,72,040 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 76000 | 5,03,020 | 3,73,640 | 25,03,000 |
| 81000 | 5,53,560 | 3,59,960 | 83,43,620 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 81500 | 90,520 | -82,100 | 15,54,320 |
| 75500 | 1,49,280 | -51,440 | 19,77,240 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 81000 | 5,53,560 | 3,59,960 | 83,43,620 |
| 80800 | 1,56,860 | 1,25,300 | 62,54,500 |
NIFTY Monthly Expiry (29/05/2025)
The NIFTY index closed at 24609.7. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.830 against previous 0.982. The 26000CE option holds the maximum open interest, followed by the 25000CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 26500CE option, with open interest additions also seen in the 26000CE and 26800CE options. On the other hand, open interest reductions were prominent in the 24800PE, 25100PE, and 24900PE options. Trading volume was highest in the 25000CE option, followed by the 24500PE and 24600PE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 24,609.70 | 0.830 | 0.982 | 0.827 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 12,16,42,650 | 7,69,02,525 | 4,47,40,125 |
| PUT: | 10,10,14,725 | 7,55,20,800 | 2,54,93,925 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,09,27,350 | 41,54,475 | 3,08,627 |
| 25,000 | 86,95,575 | 17,44,050 | 5,62,684 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 82,21,950 | 46,13,550 | 2,57,460 |
| 26,000 | 1,09,27,350 | 41,54,475 | 3,08,627 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 21,500 | 1,60,125 | -64,725 | 914 |
| 22,000 | 6,29,625 | -19,875 | 546 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 86,95,575 | 17,44,050 | 5,62,684 |
| 24,600 | 44,24,700 | 34,59,825 | 4,34,716 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 81,75,975 | 14,91,000 | 3,67,142 |
| 23,000 | 76,93,875 | 22,56,075 | 2,11,267 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 23,000 | 76,93,875 | 22,56,075 | 2,11,267 |
| 24,600 | 43,78,875 | 20,38,950 | 4,62,103 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,800 | 23,01,675 | -6,15,075 | 1,22,674 |
| 25,100 | 9,50,700 | -2,52,075 | 15,069 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 24,500 | 67,76,100 | 9,52,875 | 5,10,283 |
| 24,600 | 43,78,875 | 20,38,950 | 4,62,103 |
BANKNIFTY Monthly Expiry (29/05/2025)
The BANKNIFTY index closed at 54941.3. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.733 against previous 0.760. The 63000CE option holds the maximum open interest, followed by the 60000CE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 58500CE option, with open interest additions also seen in the 55000CE and 56000CE options. On the other hand, open interest reductions were prominent in the 40500PE, 60000CE, and 55000PE options. Trading volume was highest in the 55000CE option, followed by the 55000PE and 54800PE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 54,941.30 | 0.733 | 0.760 | 0.897 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,71,80,450 | 2,71,09,269 | 71,181 |
| PUT: | 1,99,31,250 | 2,06,05,770 | -6,74,520 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 63,000 | 21,65,010 | -1,08,510 | 92,677 |
| 60,000 | 18,62,490 | -2,56,170 | 92,049 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 58,500 | 8,89,500 | 2,71,980 | 96,410 |
| 55,000 | 11,76,090 | 1,96,020 | 2,81,029 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 18,62,490 | -2,56,170 | 92,049 |
| 60,500 | 5,42,880 | -1,78,200 | 26,046 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 11,76,090 | 1,96,020 | 2,81,029 |
| 54,800 | 2,56,380 | 1,22,520 | 1,83,643 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 14,53,530 | -2,37,030 | 2,68,760 |
| 54,000 | 12,16,620 | 25,620 | 1,90,474 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 54,700 | 2,68,170 | 86,370 | 2,03,006 |
| 54,800 | 2,91,660 | 75,750 | 2,49,146 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 40,500 | 8,59,950 | -3,16,140 | 34,488 |
| 55,000 | 14,53,530 | -2,37,030 | 2,68,760 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 14,53,530 | -2,37,030 | 2,68,760 |
| 54,800 | 2,91,660 | 75,750 | 2,49,146 |
FINNIFTY Monthly Expiry (29/05/2025)
The FINNIFTY index closed at 26225.95. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.617 against previous 0.710. The 27000CE option holds the maximum open interest, followed by the 29500CE and 28000CE options. Market participants have shown increased interest with significant open interest additions in the 27200CE option, with open interest additions also seen in the 27000CE and 28000CE options. On the other hand, open interest reductions were prominent in the 29000CE, 26200PE, and 26500PE options. Trading volume was highest in the 26200PE option, followed by the 26200CE and 26000PE options, indicating active trading in these strikes.
| FINNIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,225.95 | 0.617 | 0.710 | 0.784 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 18,86,300 | 15,77,550 | 3,08,750 |
| PUT: | 11,64,670 | 11,20,795 | 43,875 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 2,25,290 | 35,490 | 6,787 |
| 29,500 | 1,72,770 | 1,495 | 2,423 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 27,200 | 73,060 | 54,145 | 1,845 |
| 27,000 | 2,25,290 | 35,490 | 6,787 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 29,000 | 47,385 | -17,225 | 804 |
| 26,600 | 48,425 | -3,250 | 1,840 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,200 | 51,610 | 10,985 | 9,840 |
| 26,500 | 1,06,600 | 7,800 | 7,937 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 99,385 | -715 | 8,132 |
| 26,300 | 82,940 | 65 | 5,394 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,200 | 29,510 | 23,855 | 597 |
| 26,150 | 30,745 | 16,055 | 3,082 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,200 | 42,510 | -12,090 | 10,176 |
| 26,500 | 43,355 | -11,505 | 693 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,200 | 42,510 | -12,090 | 10,176 |
| 26,000 | 99,385 | -715 | 8,132 |
MIDCPNIFTY Monthly Expiry (29/05/2025)
The MIDCPNIFTY index closed at 12473.9. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.847 against previous 0.920. The 13500CE option holds the maximum open interest, followed by the 13000CE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 11700PE option, with open interest additions also seen in the 13300CE and 12500CE options. On the other hand, open interest reductions were prominent in the 68000CE, 65500PE, and 66000PE options. Trading volume was highest in the 12500PE option, followed by the 12500CE and 12700CE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 12,473.90 | 0.847 | 0.920 | 0.803 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 92,58,600 | 79,36,920 | 13,21,680 |
| PUT: | 78,37,920 | 73,03,920 | 5,34,000 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 10,62,480 | 1,01,160 | 15,354 |
| 13,000 | 9,27,360 | 1,98,600 | 23,120 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 13,300 | 4,49,880 | 2,36,520 | 12,820 |
| 12,500 | 4,93,680 | 2,05,920 | 28,708 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 13,700 | 1,36,680 | -37,680 | 3,884 |
| 12,000 | 3,03,000 | -36,120 | 803 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 4,93,680 | 2,05,920 | 28,708 |
| 12,700 | 3,29,160 | 77,280 | 26,459 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 12,000 | 7,34,520 | 20,880 | 21,905 |
| 11,500 | 6,21,960 | 1,80,000 | 7,324 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 11,700 | 4,71,120 | 2,94,960 | 8,455 |
| 11,500 | 6,21,960 | 1,80,000 | 7,324 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,600 | 3,04,200 | -1,30,680 | 11,183 |
| 12,700 | 1,40,040 | -42,000 | 3,522 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 4,26,120 | 29,640 | 35,305 |
| 12,000 | 7,34,520 | 20,880 | 21,905 |
Conclusion: What’s the Smart Play in This F&O Market Sentiment Shift?
The F&O market sentiment for 22/05/2025 is flashing a warning: declining open interest and falling PCRs all signal that traders are unwinding bullish bets and bracing for volatility. Nifty’s 24,600 and BankNifty’s 54,700 are the battlegrounds to watch—any decisive break below could open the floodgates for further selling. Until the indices reclaim resistance levels (Nifty above 26,000/26,500, BankNifty above 58,500/63,000), traders should remain cautious, use tight stop-losses, and consider hedging strategies to weather the storm. In this environment, discipline and a keen eye on F&O market sentiment will be your edge.
Check Previous Day’s Nifty Indices F&O Analysis
FII / FPI trading activity in Capital Market Segment
NSE Derivatives Raw Data
BSE Derivatives Raw Data
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