F&O Market Dynamics Reveal Hidden Opportunities For 23/05/2025

The F&O market dynamics on 23rd May 2025 delivered a bullish twist as Nifty futures surged 0.92% to 24,879.90, defying premium contraction (-15.75 points) and open interest stability. BankNifty futures mirrored this strength, climbing 0.78% to 55,495.60, while its PCR (OI) spiked to 0.858—signaling strategic put accumulation. Nifty’s monthly PCR (OI) jumped to 1.021, its highest in weeks, revealing aggressive hedging at 24,800 PUTs and call writers retreating to 26,800 strikes. With max pain at 24,700 and spot closing above 24,850, this rally masks a tug-of-war between cautious bulls and bears. Let’s decode the derivative signals shaping May’s expiry battleground.

NSE BSE Index F&O Market Dynamics

NIFTY MAY Future

NIFTY Spot closed at: 24,853.15 (0.99%)

NIFTY MAY Future closed at: 24,879.90 (0.92%)

Premium: 26.75 (Decreased by -15.75 points)

Open Interest Change: -0.2%

Volume Change: -15.8%

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

Put-Call Ratio (OI): 1.021 (Increased from 0.830)

Put-Call Ratio (Volume): 0.790

Max Pain Level: 24700

Maximum CALL OI: 26000

Maximum PUT OI: 24000

Highest CALL Addition: 26800

Highest PUT Addition: 24800

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,398.25 (0.83%)

BANKNIFTY MAY Future closed at: 55,495.60 (0.78%)

Premium: 97.35 (Decreased by -29.75 points)

Open Interest Change: -2.2%

Volume Change: 22.4%

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

Put-Call Ratio (OI): 0.858 (Increased from 0.732)

Put-Call Ratio (Volume): 0.775

Max Pain Level: 55000

Maximum CALL OI: 63000

Maximum PUT OI: 55000

Highest CALL Addition: 57500

Highest PUT Addition: 53500

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,485.40 (0.99%)

FINNIFTY MAY Future closed at: 26,551.50 (1.00%)

Premium:  66.1 (Increased by 2.25 points)

Open Interest Change: -1.7%

Volume Change: 8.2%

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

Put-Call Ratio (OI): 0.878 (Increased from 0.617)

Put-Call Ratio (Volume): 0.957

Max Pain Level: 26350

Maximum CALL OI: 27000

Maximum PUT OI: 26000

Highest CALL Addition: 27500

Highest PUT Addition: 25000

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,592.20 (0.95%)

MIDCPNIFTY MAY Future closed at: 12,621.90 (0.88%)

Premium: 29.7 (Decreased by -7.85 points)

Open Interest Change: -4.7%

Volume Change: -17.8%

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

Put-Call Ratio (OI): 0.959 (Increased from 0.847)

Put-Call Ratio (Volume): 0.912

Max Pain Level: 12500

Maximum CALL OI: 13500

Maximum PUT OI: 12000

Highest CALL Addition: 13800

Highest PUT Addition: 11900

SENSEX Weekly Expiry (27.05.25) Future

SENSEX Spot closed at: 81,721.08 (0.95%)

SENSEX Weekly Future closed at: 81,761.55 (0.88%)

Premium: 40.47 (Decreased by -57.99 points)

Open Interest Change: -14.2%

Volume Change: -12.7%

SENSEX Weekly Expiry (27/05/2025) Option Analysis

Put-Call Ratio (OI): 0.983 (Increased from 0.644)

Put-Call Ratio (Volume): 0.765

Max Pain Level: 81600

Maximum CALL OI: 85000

Maximum PUT OI: 78000

Highest CALL Addition: 84000

Highest PUT Addition: 78000

fII & DII Cash Market Activity

FIIs Net Sell: ₹ 1,794.59 Cr
DIIs Net Buy: ₹ 299.78 Cr

FII Derivatives Activity

FII Trading Stats	23.05.25	22.05.25	21.05.25
FII Cash (Provisional Data)	1,794.59	-5,045.36	2,201.79
Index Future Open Interest Long Ratio	32.99%	31.94%	37.43%
Index Future Volume Long Ratio	50.87%	35.23%	51.48%
Call Option Open Interest Long Ratio	60.34%	58.01%	59.83%
Call Option Volume Long Ratio	50.71%	49.69%	50.53%
Put Option Open Interest Long Ratio	59.60%	60.01%	59.17%
Put Option Volume Long Ratio	50.16%	49.67%	50.48%
Stock Future Open Interest Long Ratio	64.89%	64.55%	65.07%
Stock Future Volume Long Ratio	52.43%	46.12%	52.13%
Index Futures	Fresh Long	Fresh Short	Fresh Long
Index Options	Fresh Long	Long Covering	Short Covering
Nifty Futures	Fresh Short	Fresh Short	Short Covering
Nifty Options	Fresh Long	Long Covering	Short Covering
BankNifty Futures	Short Covering	Fresh Short	Fresh Long
BankNifty Options	Fresh Long	Short Covering	Long Covering
FinNifty Futures	Fresh Long	Fresh Long	Fresh Short
FinNifty Options	Fresh Long	Fresh Short	Short Covering
MidcpNifty Futures	Long Covering	Long Covering	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Short	Short Covering
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Long
NiftyNxt50 Options	Fresh Long	Fresh Short	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Long
Stock Options	Fresh Long	Fresh Short	Fresh Short

NSE BSE Index Derivatives Trend | Options Insights

SENSEX Weekly Expiry (27/05/2025)

The SENSEX index closed at 81721.08. The SENSEX weekly expiry for May 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.983 against previous 0.644. The 85000CE option holds the maximum open interest, followed by the 84000CE and 78000PE options. Market participants have shown increased interest with significant open interest additions in the 78000PE option, with open interest additions also seen in the 84000CE and 81500PE options. On the other hand, open interest reductions were prominent in the 81000CE, 76000PE, and 80900CE options. Trading volume was highest in the 82000CE option, followed by the 84000CE and 83000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	27-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81721.08	0.983	0.644	0.765
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,42,99,060	1,24,73,189	18,25,871
PUT:	1,40,50,660	80,38,420	60,12,240
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	13,14,200	81,560	1,07,52,640
84000	11,80,720	4,36,900	2,07,45,260
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	11,80,720	4,36,900	2,07,45,260
84500	8,47,020	1,53,220	1,07,81,460
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81000	2,68,800	-1,93,420	52,95,720
80900	59,520	-1,05,800	18,95,240
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	5,64,960	1,32,980	2,29,05,860
84000	11,80,720	4,36,900	2,07,45,260
Top PUT Open Interest:
Strike	OI	OI Change	Volume
78000	11,23,660	6,17,440	73,80,680
81000	8,83,320	3,29,760	1,91,70,060
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
78000	11,23,660	6,17,440	73,80,680
81500	4,67,680	3,77,160	1,50,45,580
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
76000	3,81,160	-1,21,860	27,82,520
75000	1,94,480	-1,03,300	19,53,980
Top PUT Volume:
Strike	OI	OI Change	Volume
81000	8,83,320	3,29,760	1,91,70,060
81500	4,67,680	3,77,160	1,50,45,580

NIFTY Monthly Expiry (29/05/2025)

The NIFTY index closed at 24853.15. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.021 against previous 0.830. The 26000CE option holds the maximum open interest, followed by the 24000PE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 24800PE option, with open interest additions also seen in the 24900PE and 23500PE options. On the other hand, open interest reductions were prominent in the 24600CE, 25000CE, and 24700CE options. Trading volume was highest in the 25000CE option, followed by the 24900CE and 24800PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,853.15	1.021	0.830	0.790
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,27,60,475	12,16,42,650	2,11,17,825
PUT:	14,57,09,625	10,10,14,725	4,46,94,900
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,30,77,525	21,50,175	8,16,190
26,500	85,23,300	3,01,350	4,50,327
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,800	81,20,550	25,77,225	4,85,094
25,800	55,55,250	25,36,875	5,82,361
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,600	23,78,250	-20,46,450	4,38,484
25,000	77,26,950	-9,68,625	22,21,219
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	77,26,950	-9,68,625	22,21,219
24,900	48,27,825	21,35,100	18,59,587
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	97,55,250	15,79,275	8,20,539
23,000	96,79,425	19,85,550	4,13,104
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,800	56,36,475	33,34,800	17,38,920
24,900	35,39,850	26,96,700	11,56,817
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
21,500	19,64,775	-4,41,975	61,698
23,100	12,03,825	-2,03,850	1,39,849
Top PUT Volume:
Strike	OI	OI Change	Volume
24,800	56,36,475	33,34,800	17,38,920
24,700	51,01,125	19,19,700	14,32,527

BANKNIFTY Monthly Expiry (29/05/2025)

The BANKNIFTY index closed at 55398.25. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.858 against previous 0.732. 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 53500PE option, with open interest additions also seen in the 51500PE and 57500CE options. On the other hand, open interest reductions were prominent in the 49500PE, 55000CE, and 56000CE options. Trading volume was highest in the 55000PE option, followed by the 55500CE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,398.25	0.858	0.732	0.775
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,68,65,270	2,71,80,450	-3,15,180
PUT:	2,30,40,060	1,98,84,879	31,55,181
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	21,82,140	17,130	86,233
60,000	16,62,780	-1,99,710	96,388
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,500	9,89,700	3,32,790	1,87,749
58,500	10,65,990	1,76,490	1,41,966
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,000	8,93,970	-2,82,120	3,61,815
56,000	12,66,420	-2,72,520	3,65,006
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	13,11,300	-60,990	4,04,828
56,000	12,66,420	-2,72,520	3,65,006
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	17,02,680	2,49,150	4,43,205
54,000	14,28,780	2,12,160	2,41,317
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,500	9,83,190	3,98,610	1,42,603
51,500	8,14,530	3,60,780	89,619
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
49,500	1,70,700	-3,13,770	38,385
50,500	3,80,010	-1,62,540	54,788
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	17,02,680	2,49,150	4,43,205
54,000	14,28,780	2,12,160	2,41,317

FINNIFTY Monthly Expiry (29/05/2025)

The FINNIFTY index closed at 26485.4. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.878 against previous 0.617. 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 25000PE option, with open interest additions also seen in the 26200PE and 26350PE options. On the other hand, open interest reductions were prominent in the 27000CE, 26150CE, and 26350CE options. Trading volume was highest in the 26000PE option, followed by the 26500CE and 27000CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,485.40	0.878	0.617	0.957
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	21,45,195	18,86,300	2,58,895
PUT:	18,83,050	11,64,670	7,18,380
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,92,140	-33,150	13,626
29,500	1,65,100	-7,670	1,641
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,500	1,27,660	50,505	10,791
27,900	51,480	39,260	1,937
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	1,92,140	-33,150	13,626
26,150	7,800	-26,065	1,399
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	1,27,920	21,320	16,519
27,000	1,92,140	-33,150	13,626
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,52,685	53,300	20,667
25,000	1,48,200	80,860	7,599
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	1,48,200	80,860	7,599
26,200	1,08,615	66,105	11,664
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,150	20,410	-10,335	3,808
27,000	2,340	-1,300	88
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,52,685	53,300	20,667
26,200	1,08,615	66,105	11,664

MIDCPNIFTY Monthly Expiry (29/05/2025)

The MIDCPNIFTY index closed at 12592.2. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.959 against previous 0.847. The 13500CE option holds the maximum open interest, followed by the 12000PE and 13000CE options. Market participants have shown increased interest with significant open interest additions in the 11900PE option, with open interest additions also seen in the 12500PE and 12000PE options. On the other hand, open interest reductions were prominent in the 64000PE, 66500CE, and 67400CE options. Trading volume was highest in the 12600CE option, followed by the 12500PE and 12700CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,592.20	0.959	0.847	0.912
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	91,31,160	92,58,600	-1,27,440
PUT:	87,52,800	78,37,920	9,14,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	10,17,960	-44,520	10,289
13,000	8,67,360	-60,000	28,409
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,800	5,16,120	1,16,760	2,990
13,900	1,47,600	84,240	1,843
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	2,37,960	-65,040	825
13,000	8,67,360	-60,000	28,409
Top CALL Volume:
Strike	OI	OI Change	Volume
12,600	3,84,120	12,600	45,296
12,700	3,17,280	-11,880	29,945
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	9,03,000	1,68,480	28,439
11,500	6,37,080	15,120	8,014
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,900	4,75,080	3,11,040	12,077
12,500	6,10,200	1,84,080	33,527
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,700	3,06,360	-1,64,760	12,524
12,300	3,12,720	-78,120	13,179
Top PUT Volume:
Strike	OI	OI Change	Volume
12,500	6,10,200	1,84,080	33,527
12,000	9,03,000	1,68,480	28,439

Conclusion: What’s the Smart Play in This F&O Market Sentiment Shift?

The F&O market dynamics for 23rd May 2025 highlight a market in transition, where bullish momentum is being met with strategic caution. Nifty’s jump in Put-Call Ratio (OI) to 1.021 and max pain at 24,700 indicate robust put writing and strong support just below current levels, suggesting that bulls are actively defending their ground as expiry approaches. However, the heavy call open interest at 26,000 and fresh additions at 26,800 signal that upside remains capped unless a decisive breakout occurs.

BankNifty’s rising PCR (OI) and max pain at 55,000, combined with significant call buildup at 63,000 and new puts at 53,500, point to a tightly contested range. This reflects a market where traders are hedging aggressively, preparing for potential swings in either direction.

Meanwhile, FINNIFTY and MIDCPNIFTY are also showing improved sentiment with rising PCRs, but declining open interest and volume suggest traders are booking profits and reducing risk ahead of expiry. SENSEX’s strong PCR recovery and max pain at 81,600 further reinforce the theme of cautious optimism.

In this environment, traders should closely monitor key support and resistance levels—especially Nifty’s 24,700 and BankNifty’s 55,000—for directional cues. Adapting strategies to the evolving F&O market dynamics, with a focus on PCR trends and max pain zones, will be essential for navigating the volatility and uncovering profitable opportunities as May expiry draws near.

Check Previous Day’s Nifty Indices F&O Analysis

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