Cracking the Index Option Chain Analysis: Why Traders Are Playing It Safe – 28 May 2025

The Index Option Chain Analysis for 28 May 2025 signals a sharp de-risking move ahead of the monthly expiry. Most indices showed negligible price changes, but what caught a derivative analyst’s eye was the massive unwinding of open interest and steep drop in volumes across NIFTY, BANKNIFTY, FINNIFTY, and MIDCPNIFTY futures. Combined with falling premiums and weakening Put-Call Ratios, the market is clearly in risk-off mode, positioning defensively before expiry. Let’s dissect what smart money is hinting at behind this cautious action.

NSE & BSE Index F&O Market Insights

NIFTY MAY Future

NIFTY Spot closed at: 24,752.45 (-0.30%)

NIFTY MAY Future closed at: 24,762.50 (-0.40%)

Premium: 10.05 (Decreased by -26.35 points)

Open Interest Change: -22.8%

Volume Change: -46.3%

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

Put-Call Ratio (OI): 0.661 (Decreased from 0.749)

Put-Call Ratio (Volume): 0.894

Max Pain Level: 24800

Maximum CALL OI: 26000

Maximum PUT OI: 24000

Highest CALL Addition: 25500

Highest PUT Addition: 24750

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 55,417.00 (0.12%)

BANKNIFTY MAY Future closed at: 55,445.60 (-0.05%)

Premium: 28.6 (Decreased by -91.2 points)

Open Interest Change: -25.8%

Volume Change: -45.5%

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

Put-Call Ratio (OI): 0.797 (Decreased from 0.821)

Put-Call Ratio (Volume): 0.854

Max Pain Level: 55300

Maximum CALL OI: 57000

Maximum PUT OI: 55000

Highest CALL Addition: 57000

Highest PUT Addition: 55400

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,451.85 (0.12%)

FINNIFTY MAY Future closed at: 26,466.40 (-0.05%)

Premium:  14.55 (Decreased by -44.95 points)

Open Interest Change: -15.0%

Volume Change: -61.5%

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

Put-Call Ratio (OI): 0.804 (Decreased from 0.852)

Put-Call Ratio (Volume): 0.810

Max Pain Level: 26400

Maximum CALL OI: 27000

Maximum PUT OI: 26000

Highest CALL Addition: 27500

Highest PUT Addition: 25800

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,595.35 (-0.18%)

MIDCPNIFTY MAY Future closed at: 12,624.75 (-0.28%)

Premium: 29.4 (Decreased by -11.95 points)

Open Interest Change: -52.3%

Volume Change: 41.4%

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

Put-Call Ratio (OI): 0.820 (Decreased from 0.904)

Put-Call Ratio (Volume): 0.927

Max Pain Level: 12600

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 13000

Highest PUT Addition: 12350

SENSEX Weekly Expiry (03/06/2025) Future

SENSEX Spot closed at: 81,312.32 (-0.29%)

SENSEX Weekly Future closed at: 81,409.60 (-0.26%)

Premium: 97.28 (Increased by 30.86 points)

Open Interest Change: 8.4%

Volume Change: -64.5%

SENSEX Weekly Expiry (03/06/2025) Option Analysis

Put-Call Ratio (OI): 0.600 (Decreased from 0.824)

Put-Call Ratio (Volume): 0.846

Max Pain Level: 81500

Maximum CALL OI: 81500

Maximum PUT OI: 81500

Highest CALL Addition: 85000

Highest PUT Addition: 78000

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 4,662.92 Cr
DIIs Net Buy: ₹ 7,911.99 Cr

FII Derivatives Activity

FII Trading Stats	28.05.25	27.05.25	26.05.25
FII Cash (Provisional Data)	4,662.92	348.45	135.98
Index Future Open Interest Long Ratio	28.81%	31.35%	34.74%
Index Future Volume Long Ratio	43.91%	44.46%	51.96%
Call Option Open Interest Long Ratio	54.22%	61.72%	63.73%
Call Option Volume Long Ratio	48.34%	50.14%	51.27%
Put Option Open Interest Long Ratio	55.36%	64.33%	62.89%
Put Option Volume Long Ratio	48.05%	50.63%	51.21%
Stock Future Open Interest Long Ratio	64.05%	64.56%	64.98%
Stock Future Volume Long Ratio	49.00%	49.63%	50.18%
Index Futures	Fresh Short	Fresh Short	Fresh Long
Index Options	Long Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Long
Nifty Options	Long Covering	Fresh Long	Fresh Long
BankNifty Futures	Fresh Short	Long Covering	Long Covering
BankNifty Options	Long Covering	Fresh Long	Fresh Long
FinNifty Futures	Short Covering	Fresh Short	Fresh Long
FinNifty Options	Short Covering	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Short	Long Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Long	Short Covering
NiftyNxt50 Futures	Long Covering	Long Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Long Covering	Fresh Long
Stock Futures	Long Covering	Fresh Short	Fresh Long
Stock Options	Long Covering	Fresh Long	Fresh Long

NSE & BSE Index Option Chain Analysis

SENSEX Weekly Expiry (03/06/2025)

The SENSEX index closed at 81312.32. The SENSEX weekly expiry for June 03, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.600 against previous 0.824. The 81500CE option holds the maximum open interest, followed by the 85000CE and 81500PE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 86000CE and 87000CE options. On the other hand, open interest reductions were prominent in the 70000PE, 82000PE, and 79000CE options. Trading volume was highest in the 81500CE option, followed by the 85000CE and 78000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	03-06-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81312.32	0.600	0.824	0.846
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	64,60,020	22,38,789	42,21,231
PUT:	38,76,680	18,44,260	20,32,420
Top CALL Open Interest:
Strike	OI	OI Change	Volume
81500	5,47,480	1,67,280	49,07,220
85000	4,63,140	2,73,480	44,34,160
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85000	4,63,140	2,73,480	44,34,160
86000	3,58,540	2,45,940	35,43,960
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
79000	48,140	-7,760	38,160
79500	3,820	-640	1,200
Top CALL Volume:
Strike	OI	OI Change	Volume
81500	5,47,480	1,67,280	49,07,220
85000	4,63,140	2,73,480	44,34,160
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81500	4,06,420	50,060	38,26,760
78000	3,51,100	1,93,160	42,16,600
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
78000	3,51,100	1,93,160	42,16,600
75000	2,31,300	1,83,840	13,75,620
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
70000	97,300	-1,78,680	9,81,400
82000	72,180	-13,340	3,35,700
Top PUT Volume:
Strike	OI	OI Change	Volume
78000	3,51,100	1,93,160	42,16,600
81500	4,06,420	50,060	38,26,760

NIFTY Monthly Expiry (29/05/2025)

The NIFTY index closed at 24752.45. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.661 against previous 0.749. The 26000CE option holds the maximum open interest, followed by the 25500CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 25500CE option, with open interest additions also seen in the 24750PE and 24800CE options. On the other hand, open interest reductions were prominent in the 23000PE, 24200PE, and 26500CE options. Trading volume was highest in the 24800CE option, followed by the 24800PE and 25000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,752.45	0.661	0.749	0.894
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	21,38,63,925	21,04,36,950	34,26,975
PUT:	14,12,82,825	15,76,73,475	-1,63,90,650
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	2,05,86,525	20,50,950	13,93,016
25,500	1,28,27,475	30,31,800	19,28,861
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	1,28,27,475	30,31,800	19,28,861
24,800	97,72,200	24,09,450	37,03,576
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	84,45,900	-33,91,650	3,80,525
26,200	59,67,600	-30,75,300	4,34,699
Top CALL Volume:
Strike	OI	OI Change	Volume
24,800	97,72,200	24,09,450	37,03,576
25,000	1,27,72,950	22,875	28,65,020
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,15,82,625	-75,975	14,75,573
24,500	77,03,250	-9,38,400	26,37,022
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,750	42,30,675	24,20,400	24,04,215
24,650	19,77,450	9,22,950	12,47,127
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,000	51,22,875	-43,25,475	3,62,689
24,200	49,13,775	-35,42,175	12,01,878
Top PUT Volume:
Strike	OI	OI Change	Volume
24,800	74,15,850	5,89,575	34,36,139
24,700	54,92,025	6,89,025	26,53,497

BANKNIFTY Monthly Expiry (29/05/2025)

The BANKNIFTY index closed at 55417. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.797 against previous 0.821. The 57000CE option holds the maximum open interest, followed by the 56000CE and 63000CE options. Market participants have shown increased interest with significant open interest additions in the 57000CE option, with open interest additions also seen in the 55400PE and 55400CE options. On the other hand, open interest reductions were prominent in the 53000PE, 63000CE, and 60000CE options. Trading volume was highest in the 56000CE option, followed by the 55500CE and 55000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,417.00	0.797	0.821	0.854
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,78,10,720	2,92,76,259	-14,65,539
PUT:	2,21,78,760	2,40,22,020	-18,43,260
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	17,43,120	2,42,880	7,03,992
56,000	16,63,320	-49,350	8,63,721
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,000	17,43,120	2,42,880	7,03,992
55,400	5,79,810	1,57,560	6,74,063
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
63,000	16,20,180	-4,15,260	1,32,700
60,000	8,97,840	-3,47,460	1,13,279
Top CALL Volume:
Strike	OI	OI Change	Volume
56,000	16,63,320	-49,350	8,63,721
55,500	15,12,960	-50,910	8,26,254
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	14,22,600	-1,29,300	8,12,459
54,000	13,41,330	-12,270	7,54,701
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,400	5,77,470	1,73,700	5,91,176
55,300	5,34,150	1,52,880	5,46,194
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	11,41,200	-5,67,600	2,73,102
52,000	9,39,930	-2,97,060	1,40,634
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	14,22,600	-1,29,300	8,12,459
54,000	13,41,330	-12,270	7,54,701

FINNIFTY Monthly Expiry (29/05/2025)

The FINNIFTY index closed at 26451.85. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.804 against previous 0.852. The 26000PE option holds the maximum open interest, followed by the 27000CE and 27500CE options. Market participants have shown increased interest with significant open interest additions in the 25800PE option, with open interest additions also seen in the 26000PE and 27500CE options. On the other hand, open interest reductions were prominent in the 25400PE, 29500CE, and 25000PE options. Trading volume was highest in the 26500CE option, followed by the 26400PE and 27000CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,451.85	0.804	0.852	0.810
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	26,36,270	23,10,425	3,25,845
PUT:	21,19,130	19,67,615	1,51,515
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,71,535	22,685	26,593
27,500	1,70,690	50,440	22,523
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,500	1,70,690	50,440	22,523
26,900	73,580	43,160	11,280
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
29,500	1,06,015	-40,885	2,469
28,300	15,210	-14,885	520
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	1,56,390	35,620	43,321
27,000	1,71,535	22,685	26,593
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,75,890	54,535	24,224
26,400	1,45,080	50,440	31,411
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,800	1,25,710	71,240	9,918
26,000	1,75,890	54,535	24,224
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	53,170	-58,305	8,266
25,000	65,325	-25,805	5,122
Top PUT Volume:
Strike	OI	OI Change	Volume
26,400	1,45,080	50,440	31,411
26,500	79,170	-5,005	24,550

MIDCPNIFTY Monthly Expiry (29/05/2025)

The MIDCPNIFTY index closed at 12595.35. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.820 against previous 0.904. The 13000CE option holds the maximum open interest, followed by the 12000PE and 12800CE options. Market participants have shown increased interest with significant open interest additions in the 13000CE option, with open interest additions also seen in the 12600CE and 12800CE options. On the other hand, open interest reductions were prominent in the 69900CE, 65000PE, and 66500PE options. Trading volume was highest in the 12700CE option, followed by the 12800CE and 12700PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,595.35	0.820	0.904	0.927
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,15,81,800	96,47,040	19,34,760
PUT:	94,96,320	87,25,440	7,70,880
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	14,37,960	4,62,600	1,07,115
12,800	9,02,040	3,27,360	1,35,382
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,000	14,37,960	4,62,600	1,07,115
12,600	8,52,600	3,49,560	64,006
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,050	1,26,960	-2,70,480	27,197
13,300	3,32,400	-2,00,280	23,862
Top CALL Volume:
Strike	OI	OI Change	Volume
12,700	5,95,680	2,35,800	1,65,897
12,800	9,02,040	3,27,360	1,35,382
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	9,24,000	1,32,240	40,933
12,600	7,74,480	2,69,160	1,26,830
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,350	4,46,400	2,84,880	27,114
12,600	7,74,480	2,69,160	1,26,830
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,150	95,880	-2,62,440	13,925
11,800	2,19,240	-2,05,200	9,951
Top PUT Volume:
Strike	OI	OI Change	Volume
12,700	4,28,280	2,44,440	1,30,110
12,600	7,74,480	2,69,160	1,26,830

Conclusion: What the Index Derivatives Trend Today Tells Us Before Expiry

The Index Option Chain Analysis today on 28 May 2025 highlights a market dominated by caution and driven by expiry management rather than fresh direction. Heavy Open Interest unwinding in NIFTY, BANKNIFTY, FINNIFTY, and MIDCPNIFTY points to trader fatigue or fear of uncertainty. SENSEX stands out with some long-side bets, but it lacks volume conviction.

NIFTY witnessed low conviction on both sides and reduced participation, NIFTY could be setting up for a volatile expiry day swing, with 24,750 acting as a pivot. Next support at 24,650 and resistances at 24,800 – 25,500 zones.

BANKNIFTY looks trapped in a narrow expiry band between 56,000–55,300. Market participants seem hesitant to take directional risks.

FINNIFTY is expected to oscillate around 26,400 till expiry unless triggered by institutional flows or macro shocks. Next support at 25,800.

The consistent drop in Put-Call Ratios across all indices reflects a lack of bullish appetite. The stage is now set for a low-volume, high-volatility expiry — a playground for intraday option scalpers and short gamma traders.

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

Disclaimer

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