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Index F&O Market Trends Before May Expiry for 26/05/2025: Holding 25,000 Is The Key
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The Index F&O market trends on 26th May 2025 took a decisive turn as Nifty futures breached the 25,000 milestone, closing at 25,035.90 (+0.63%) despite a -9.4% open interest drop. BankNifty futures echoed this strength, rising 0.34% to 55,687.00, while its PCR (OI) inched up to 0.838, reflecting cautious put accumulation. Nifty’s monthly max pain shifted to 24,850, with aggressive put writing at 25,000 and call writers retreating from 26,000 strikes. With premiums rising and volumes thinning ahead of Thursday’s expiry, today’s F&O market trends reveal a battle between bullish momentum and profit-booking pressures. Let’s dissect the derivative signals shaping this high-stakes week.
NSE BSE Index F&O Market Trends
NIFTY MAY Future
NIFTY Spot closed at: 25,001.15 (0.60%)
NIFTY MAY Future closed at: 25,035.90 (0.63%)
Premium: 34.75 (Increased by 8 points)
Open Interest Change: -9.4%
Volume Change: -21.5%
NIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 1.010 (Decreased from 1.021)
Put-Call Ratio (Volume): 0.961
Max Pain Level: 24850
Maximum CALL OI: 26000
Maximum PUT OI: 24000
Highest CALL Addition: 25000
Highest PUT Addition: 25000
BANKNIFTY MAY Future
BANKNIFTY Spot closed at: 55,572.00 (0.31%)
BANKNIFTY MAY Future closed at: 55,687.00 (0.34%)
Premium: 115 (Increased by 17.65 points)
Open Interest Change: -13.0%
Volume Change: 2.2%
BANKNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.838 (Increased from 0.818)
Put-Call Ratio (Volume): 1.013
Max Pain Level: 55200
Maximum CALL OI: 63000
Maximum PUT OI: 55000
Highest CALL Addition: 56000
Highest PUT Addition: 55500
FINNIFTY MAY Future
FINNIFTY Spot closed at: 26,591.90 (0.40%)
FINNIFTY MAY Future closed at: 26,645.00 (0.35%)
Premium: 53.1 (Decreased by -13 points)
Open Interest Change: -10.2%
Volume Change: 44.2%
FINNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.891 (Increased from 0.878)
Put-Call Ratio (Volume): 0.937
Max Pain Level: 26450
Maximum CALL OI: 29500
Maximum PUT OI: 26000
Highest CALL Addition: 26700
Highest PUT Addition: 26700
MIDCPNIFTY MAY Future
MIDCPNIFTY Spot closed at: 12,653.95 (0.49%)
MIDCPNIFTY MAY Future closed at: 12,684.90 (0.50%)
Premium: 30.95 (Increased by 1.25 points)
Open Interest Change: -17.3%
Volume Change: 16.8%
MIDCPNIFTY Monthly Expiry (29/05/2025) Option Analysis
Put-Call Ratio (OI): 0.958 (Decreased from 0.959)
Put-Call Ratio (Volume): 1.018
Max Pain Level: 12525
Maximum CALL OI: 13500
Maximum PUT OI: 12000
Highest CALL Addition: 12700
Highest PUT Addition: 12100
SENSEX Weekly Expiry (27/05/25) Future
SENSEX Spot closed at: 82,176.45 (0.56%)
SENSEX Weekly Future closed at: 82,250.10 (0.60%)
Premium: 73.65 (Increased by 33.18 points)
Open Interest Change: -6.8%
Volume Change: 1.3%
SENSEX Weekly Expiry (27/05/2025) Option Analysis
Put-Call Ratio (OI): 0.931 (Decreased from 0.979)
Put-Call Ratio (Volume): 1.050
Max Pain Level: 82000
Maximum CALL OI: 84000
Maximum PUT OI: 80000
Highest CALL Addition: 84000
Highest PUT Addition: 80000
FII & DII Cash Market Activity
FIIs Net Buy: ₹ 135.98 Cr
DIIs Net Buy: ₹ 1,745.72 Cr
FII Derivatives Activity
| FII Trading Stats | 26.05.25 | 23.05.25 | 22.05.25 |
| FII Cash (Provisional Data) | 135.98 | 1,794.59 | -5,045.36 |
| Index Future Open Interest Long Ratio | 34.74% | 32.99% | 31.94% |
| Index Future Volume Long Ratio | 51.96% | 50.87% | 35.23% |
| Call Option Open Interest Long Ratio | 63.73% | 60.34% | 58.01% |
| Call Option Volume Long Ratio | 51.27% | 50.71% | 49.69% |
| Put Option Open Interest Long Ratio | 62.89% | 59.60% | 60.01% |
| Put Option Volume Long Ratio | 51.21% | 50.16% | 49.67% |
| Stock Future Open Interest Long Ratio | 64.98% | 64.89% | 64.55% |
| Stock Future Volume Long Ratio | 50.18% | 52.43% | 46.12% |
| Index Futures | Fresh Long | Fresh Long | Fresh Short |
| Index Options | Fresh Long | Fresh Long | Long Covering |
| Nifty Futures | Fresh Long | Fresh Short | Fresh Short |
| Nifty Options | Fresh Long | Fresh Long | Long Covering |
| BankNifty Futures | Long Covering | Short Covering | Fresh Short |
| BankNifty Options | Fresh Long | Fresh Long | Short Covering |
| FinNifty Futures | Fresh Long | Fresh Long | Fresh Long |
| FinNifty Options | Fresh Long | Fresh Long | Fresh Short |
| MidcpNifty Futures | Short Covering | Long Covering | Long Covering |
| MidcpNifty Options | Short Covering | Fresh Long | Fresh Short |
| NiftyNxt50 Futures | Fresh Short | Fresh Short | Short Covering |
| NiftyNxt50 Options | Fresh Long | Fresh Long | Fresh Short |
| Stock Futures | Fresh Long | Fresh Long | Long Covering |
| Stock Options | Fresh Long | Fresh Long | Fresh Short |
NSE BSE Index F&O Market Trends | Options Insights
SENSEX Weekly Expiry (27/05/2025)
The SENSEX index closed at 82176.45. The SENSEX weekly expiry for April 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.931 against previous 0.979. The 84000CE option holds the maximum open interest, followed by the 85000CE and 84500CE options. Market participants have shown increased interest with significant open interest additions in the 80000PE option, with open interest additions also seen in the 84000CE and 79000PE options. On the other hand, open interest reductions were prominent in the 77000PE, 78000PE, and 76500PE options. Trading volume was highest in the 84000CE option, followed by the 80000PE and 81000PE options, indicating active trading in these strikes.
| SENSEX | Weekly | Expiry: | 27-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 82176.45 | 0.931 | 0.979 | 1.050 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 1,96,24,360 | 1,42,99,060 | 53,25,300 |
| PUT: | 1,82,71,140 | 1,40,00,729 | 42,70,411 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 17,41,440 | 5,60,720 | 4,34,83,180 |
| 85000 | 14,78,240 | 1,64,040 | 1,53,03,800 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 17,41,440 | 5,60,720 | 4,34,83,180 |
| 84500 | 13,70,240 | 5,23,220 | 2,21,55,000 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 81500 | 1,80,980 | -97,080 | 14,16,220 |
| 81800 | 1,65,020 | -91,220 | 19,91,760 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 84000 | 17,41,440 | 5,60,720 | 4,34,83,180 |
| 83500 | 7,12,380 | 2,59,520 | 3,38,53,020 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 11,96,660 | 7,29,960 | 3,67,69,640 |
| 79000 | 11,29,520 | 5,34,460 | 1,44,56,560 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 11,96,660 | 7,29,960 | 3,67,69,640 |
| 79000 | 11,29,520 | 5,34,460 | 1,44,56,560 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 77000 | 3,48,600 | -2,96,340 | 39,03,780 |
| 78000 | 8,65,940 | -2,57,720 | 91,38,860 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 80000 | 11,96,660 | 7,29,960 | 3,67,69,640 |
| 81000 | 9,01,120 | 17,800 | 3,45,99,660 |
NIFTY Monthly Expiry (29/05/2025)
The NIFTY index closed at 25001.15. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.010 against previous 1.021. The 26000CE option holds the maximum open interest, followed by the 24000PE and 26800CE options. Market participants have shown increased interest with significant open interest additions in the 25000PE option, with open interest additions also seen in the 24000PE and 25000CE options. On the other hand, open interest reductions were prominent in the 24900CE, 24800CE, and 22500PE options. Trading volume was highest in the 25000CE option, followed by the 25000PE and 25100CE options, indicating active trading in these strikes.
| NIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 25,001.15 | 1.010 | 1.021 | 0.961 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 15,90,90,750 | 14,27,60,475 | 1,63,30,275 |
| PUT: | 16,07,46,675 | 14,57,09,625 | 1,50,37,050 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,43,81,700 | 13,04,175 | 8,37,565 |
| 26,800 | 1,06,62,825 | 25,42,275 | 4,63,907 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,04,02,200 | 26,75,250 | 24,04,394 |
| 26,800 | 1,06,62,825 | 25,42,275 | 4,63,907 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 24,900 | 32,79,900 | -15,47,925 | 6,11,530 |
| 24,800 | 32,58,450 | -13,45,875 | 2,22,640 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,04,02,200 | 26,75,250 | 24,04,394 |
| 25,100 | 43,87,050 | 13,92,450 | 16,11,763 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 24,000 | 1,24,44,975 | 26,89,725 | 9,60,578 |
| 24,500 | 99,35,475 | 7,52,400 | 11,99,774 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 84,30,450 | 43,25,850 | 23,29,564 |
| 24,000 | 1,24,44,975 | 26,89,725 | 9,60,578 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 22,500 | 43,24,650 | -11,94,000 | 1,77,961 |
| 23,500 | 64,99,275 | -11,34,825 | 4,34,215 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 84,30,450 | 43,25,850 | 23,29,564 |
| 24,900 | 41,29,650 | 5,89,800 | 12,39,395 |
BANKNIFTY Monthly Expiry (29/05/2025)
The BANKNIFTY index closed at 55572. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.838 against previous 0.818. The 63000CE option holds the maximum open interest, followed by the 55000PE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 55500PE option, with open interest additions also seen in the 52000PE and 56000CE options. On the other hand, open interest reductions were prominent in the 50000PE, 60000CE, and 51500PE options. Trading volume was highest in the 55500PE option, followed by the 56000CE and 55500CE options, indicating active trading in these strikes.
| BANKNIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 55,572.00 | 0.838 | 0.818 | 1.013 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 2,76,37,770 | 2,68,65,270 | 7,72,500 |
| PUT: | 2,31,50,730 | 2,19,74,289 | 11,76,441 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 63,000 | 20,01,600 | -1,80,540 | 57,987 |
| 58,000 | 15,96,120 | 1,75,650 | 2,41,129 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 15,36,690 | 2,70,270 | 4,19,399 |
| 59,000 | 15,51,840 | 2,20,350 | 1,50,439 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 60,000 | 14,32,800 | -2,29,980 | 65,742 |
| 63,000 | 20,01,600 | -1,80,540 | 57,987 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 56,000 | 15,36,690 | 2,70,270 | 4,19,399 |
| 55,500 | 13,39,200 | 27,900 | 4,01,603 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 55,000 | 16,51,770 | -50,910 | 2,99,054 |
| 55,500 | 14,04,600 | 4,28,730 | 4,23,883 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 55,500 | 14,04,600 | 4,28,730 | 4,23,883 |
| 52,000 | 13,23,210 | 3,42,570 | 2,32,162 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 50,000 | 8,15,580 | -2,50,200 | 58,336 |
| 51,500 | 5,96,010 | -2,18,520 | 94,334 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 55,500 | 14,04,600 | 4,28,730 | 4,23,883 |
| 55,000 | 16,51,770 | -50,910 | 2,99,054 |
FINNIFTY Monthly Expiry (29/05/2025)
The FINNIFTY index closed at 26591.9. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.891 against previous 0.878. 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 26700CE option, with open interest additions also seen in the 26700PE and 26600PE options. On the other hand, open interest reductions were prominent in the 26400CE, 27000CE, and 25000PE options. Trading volume was highest in the 27000CE option, followed by the 27500CE and 26500PE options, indicating active trading in these strikes.
| FINNIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 26,591.90 | 0.891 | 0.878 | 0.937 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 21,80,100 | 21,45,195 | 34,905 |
| PUT: | 19,43,045 | 18,83,050 | 59,995 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 29,500 | 1,66,595 | 1,495 | 893 |
| 27,000 | 1,62,825 | -29,315 | 15,592 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,700 | 85,995 | 50,830 | 10,734 |
| 27,250 | 25,545 | 19,110 | 1,496 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 26,400 | 43,225 | -41,730 | 2,278 |
| 27,000 | 1,62,825 | -29,315 | 15,592 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 27,000 | 1,62,825 | -29,315 | 15,592 |
| 27,500 | 1,07,185 | -20,475 | 14,407 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 26,000 | 1,31,365 | -21,320 | 13,560 |
| 25,000 | 1,20,575 | -27,625 | 6,466 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 26,700 | 51,090 | 41,925 | 5,841 |
| 26,600 | 69,095 | 38,285 | 9,689 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 25,000 | 1,20,575 | -27,625 | 6,466 |
| 25,500 | 82,225 | -23,140 | 7,831 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 26,500 | 97,565 | 4,030 | 14,080 |
| 26,000 | 1,31,365 | -21,320 | 13,560 |
MIDCPNIFTY Monthly Expiry (29/05/2025)
The MIDCPNIFTY index closed at 12653.95. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.958 against previous 0.959. 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 12100PE option, with open interest additions also seen in the 12700PE and 12700CE options. On the other hand, open interest reductions were prominent in the 67000CE, 69700CE, and 69700CE options. Trading volume was highest in the 12700CE option, followed by the 13000CE and 12600PE options, indicating active trading in these strikes.
| MIDCPNIFTY | Monthly | Expiry: | 29-05-2025 |
| Index Spot | PCR OI | Prev PCR OI | PCR VOL |
| 12,653.95 | 0.958 | 0.959 | 1.018 |
| Total Open Interest Change in all CALLs & PUTs: | |||
| Current | Prior | Net Ch | |
| CALL: | 91,79,280 | 91,31,160 | 48,120 |
| PUT: | 87,89,880 | 87,52,800 | 37,080 |
| Top CALL Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 13,500 | 9,77,400 | -40,560 | 10,004 |
| 13,000 | 8,41,080 | -26,280 | 25,740 |
| Top CALL Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 12,700 | 4,82,400 | 1,65,120 | 31,406 |
| 12,650 | 1,38,120 | 61,200 | 19,341 |
| Top CALL Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 12,500 | 3,41,880 | -1,25,880 | 5,537 |
| 13,200 | 3,71,760 | -80,280 | 13,502 |
| Top CALL Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,700 | 4,82,400 | 1,65,120 | 31,406 |
| 13,000 | 8,41,080 | -26,280 | 25,740 |
| Top PUT Open Interest: | |||
| Strike | OI | OI Change | Volume |
| 12,000 | 8,42,520 | -60,480 | 22,469 |
| 11,000 | 5,17,920 | -42,120 | 1,476 |
| Top PUT Open Interest addition: | |||
| Strike | OI | OI Change | Volume |
| 12,100 | 5,06,520 | 2,75,520 | 10,426 |
| 12,700 | 3,34,320 | 2,00,640 | 16,603 |
| Top PUT Open Interest reduction: | |||
| Strike | OI | OI Change | Volume |
| 11,900 | 1,46,880 | -3,28,200 | 11,444 |
| 11,500 | 4,86,600 | -1,50,480 | 7,023 |
| Top PUT Volume: | |||
| Strike | OI | OI Change | Volume |
| 12,600 | 4,48,320 | -7,680 | 22,675 |
| 12,000 | 8,42,520 | -60,480 | 22,469 |
Conclusion: What’s the Smart Play in This F&O Market Sentiment Shift?
The 26th May F&O data reveals a market at a crossroads: Nifty’s close above 25,000 and max pain at 24,850 highlight a fierce tug-of-war, with both 25,000 CALL and PUT strikes seeing aggressive additions. However, the 26,000 call wall and dwindling open interest warn of bullish exhaustion. BankNifty’s range-bound action (55,500–56,000) and rising PCR (0.838) signal a bullish bias in financials, with critical support at 55,000. Notably, sectoral divergence dominates—BankNifty and FINNIFTY’s rising PCRs contrast with Nifty and Sensex’s declines, suggesting money is rotating into financial stocks while the broader market treads cautiously.
Traders should brace for volatility: Nifty’s 25,000–24,500 zone and BankNifty’s 55,500–55,000 range are key battlegrounds. The data urges a sector-specific approach—capitalize on financials’ momentum via bullish spreads in BankNifty (55,500–56,000) while hedging Nifty positions with 24,800–25,000 put options. With expiry nearing, tracking PCR swings, max pain shifts, and premium trends will be vital to decode this split-market reality and seize tactical opportunities.
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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