NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 17/07/2025

The Open Interest Volume Analysis for 17th July 2025 paints a clear picture of increasing caution as markets drift sideways-to-lower across all major indices. Nifty July futures slipped 0.28% to close at 25,174.60, accompanied by a tepid 0.7% rise in open interest and a notable 29-point jump in futures premium. This dynamic suggests new short positions are being built with traders hedging downside risk, especially as spot price slid below 25,150. On the options front, the weekly Put-Call Ratio (OI) dropped to 0.698—a stark signal of aggressive call writing, mainly at the 26,000 and 25,500 strikes, while put writers gravitate to 24,900. Max pain continues to magnetize around 25,200, keeping the weekly expiry in a tightly coiled range. The monthly chain tells a similar story: PCR (OI) just below 1 and heavy call additions at 26,000, reflecting little conviction for a sustained bounce just yet.

BankNifty and the broader market echoed this defensive stance. BankNifty futures lost 0.5% even as open interest inched up and the premium spiked, showing a blend of short additions and hedging. The monthly BankNifty PCR (OI) sank to 0.792, with significant call buildup at 57,000. In FINNIFTY, despite a red close and OI decline, there was a slight upturn in PCR (OI) and strong put writing at 25,500, hinting at some bottom-fishing in financials. MIDCPNIFTY, however, continued to see OI and PCR dip, with weakness in midcaps confirmed by waning support at 13,300. SENSEX futures told a risk-off story too: a 16% OI build with sharply lower PCR (OI) and large additions at 82,500 calls and 80,000 puts, cementing a broad trading range for the week ahead.

NSE & BSE F&O Market Signals

NIFTY JULY Future

NIFTY Spot closed at: 25,111.45 (-0.40%)

NIFTY JULY Future closed at: 25,174.60 (-0.28%)

Premium: 63.15 (Increased by 29.4 points)

Open Interest Change: 0.7%

Volume Change: 15.7%

NIFTY Weekly Expiry (24/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.698 (Decreased from 0.825)

Put-Call Ratio (Volume): 0.864

Max Pain Level: 25200

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 26000

Highest PUT Addition: 24900

NIFTY Monthly Expiry (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.992 (Decreased from 1.035)

Put-Call Ratio (Volume): 0.848

Max Pain Level: 25200

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 23500

BANKNIFTY JULY Future

BANKNIFTY Spot closed at: 56,828.80 (-0.59%)

BANKNIFTY JULY Future closed at: 56,973.40 (-0.51%)

Premium: 144.6 (Increased by 48.35 points)

Open Interest Change: 0.1%

Volume Change: 26.4%

BANKNIFTY Monthly Expiry  (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.792 (Decreased from 0.868)

Put-Call Ratio (Volume): 0.874

Max Pain Level: 56800

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 57000

Highest PUT Addition: 53000

FINNIFTY JULY Future

FINNIFTY Spot closed at: 26,809.45 (-0.40%)

FINNIFTY JULY Future closed at: 26,876.50 (-0.35%)

Premium:  67.05 (Increased by 13.35 points)

Open Interest Change: -0.2%

Volume Change: -33.7%

FINNIFTY Monthly Expiry  (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.822 (Increased from 0.801)

Put-Call Ratio (Volume): 1.000

Max Pain Level: 27000

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 27200

Highest PUT Addition: 25500

MIDCPNIFTY JULY Future

MIDCPNIFTY Spot closed at: 13,264.75 (-0.44%)

MIDCPNIFTY JULY Future closed at: 13,287.05 (-0.46%)

Premium: 22.3 (Decreased by -2.3 points)

Open Interest Change: -0.6%

Volume Change: -21.9%

MIDCPNIFTY Monthly Expiry  (31/07/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.790 (Decreased from 0.830)

Put-Call Ratio (Volume): 0.918

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13300

Highest PUT Addition: 13000

SENSEX Weekly Expiry (22/07/2025) Future

SENSEX Spot closed at: 82,259.24 (-0.45%)

SENSEX Weekly Future closed at: 82,390.00 (-0.36%)

Premium: 130.76 (Increased by 80.64 points)

Open Interest Change: 16.1%

Volume Change: 32.7%

SENSEX Weekly Expiry (22/07/2025) Option Analysis

Put-Call Ratio (OI): 0.627 (Decreased from 0.918)

Put-Call Ratio (Volume): 0.967

Max Pain Level: 82500

Maximum CALL OI: 85000

Maximum PUT OI: 80000

Highest CALL Addition: 82500

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,694.31 Cr
DIIs Net BUY: ₹ 2,820.77 Cr

FII Derivatives Activity

FII Trading Stats	17.07.25	16.07.25	15.07.25
FII Cash (Provisional Data)	–3,694.31	–1,858.15	120.47
Index Future Open Interest Long Ratio	16.72%	18.21%	18.67%
Index Future Volume Long Ratio	33.12%	42.27%	48.54%
Call Option Open Interest Long Ratio	53.46%	50.35%	50.42%
Call Option Volume Long Ratio	50.10%	49.99%	50.27%
Put Option Open Interest Long Ratio	64.99%	59.09%	59.71%
Put Option Volume Long Ratio	50.31%	50.02%	50.01%
Stock Future Open Interest Long Ratio	62.28%	62.42%	62.88%
Stock Future Volume Long Ratio	48.74%	45.66%	50.29%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Short Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Fresh Short	Short Covering	Fresh Short
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Short	Fresh Long	Fresh Short
FinNifty Options	Fresh Long	Long Covering	Fresh Long
MidcpNifty Futures	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Futures	Short Covering	Fresh Short	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Long Covering	Fresh Short	Fresh Long
Stock Options	Fresh Short	Fresh Long	Fresh Short

NSE & BSE Option market Trends : Options Insights

NIFTY weekly Expiry (24/07/2025)

The NIFTY index closed at 25111.45. The NIFTY weekly expiry for JULY 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.698 against previous 0.825. The 26000CE option holds the maximum open interest, followed by the 25200CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 25200CE and 25500CE options. On the other hand, open interest reductions were prominent in the 24100PE, 26400CE, and 25050PE options. Trading volume was highest in the 25200CE option, followed by the 25200PE and 25000PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	24-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,111.45	0.698	0.825	0.864
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,25,64,975	3,95,91,525	3,29,73,450
PUT:	5,06,33,850	3,26,46,225	1,79,87,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	68,89,650	40,61,175	2,36,470
25,200	56,08,275	32,05,650	4,84,035
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	68,89,650	40,61,175	2,36,470
25,200	56,08,275	32,05,650	4,84,035
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	13,77,000	-87,450	53,575
26,700	13,02,000	-46,725	31,903
Top CALL Volume:
Strike	OI	OI Change	Volume
25,200	56,08,275	32,05,650	4,84,035
25,500	55,69,125	27,61,800	3,26,345
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	38,91,825	13,79,550	1,27,419
25,200	34,22,850	13,04,400	4,07,297
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,900	33,13,725	18,61,875	1,98,809
25,100	26,61,075	14,88,525	2,85,194
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,100	10,10,700	-12,34,950	1,33,044
25,050	8,29,200	-51,075	1,08,988
Top PUT Volume:
Strike	OI	OI Change	Volume
25,200	34,22,850	13,04,400	4,07,297
25,000	33,14,700	5,16,150	3,37,412

SENSEX weekly Expiry (22/07/2025)

The SENSEX index closed at 82259.24. The SENSEX weekly expiry for JULY 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.627 against previous 0.918. The 85000CE option holds the maximum open interest, followed by the 82500CE and 80000PE options. Market participants have shown increased interest with significant open interest additions in the 82500CE option, with open interest additions also seen in the 85000CE and 84000CE options. On the other hand, open interest reductions were prominent in the 82700PE, 82600PE, and 82800PE options. Trading volume was highest in the 82500PE option, followed by the 82500CE and 82600PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82259.24	0.627	0.918	0.967
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,31,74,060	64,02,189	67,71,871
PUT:	82,55,320	58,78,960	23,76,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	12,81,620	6,23,760	55,83,340
82500	11,80,340	7,58,860	1,21,48,640
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82500	11,80,340	7,58,860	1,21,48,640
85000	12,81,620	6,23,760	55,83,340
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
89100	2,360	-8,840	51,980
85400	84,040	-7,960	5,64,880
Top CALL Volume:
Strike	OI	OI Change	Volume
82500	11,80,340	7,58,860	1,21,48,640
82600	4,23,840	2,72,740	85,77,220
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	9,56,040	3,76,100	47,56,920
82500	7,23,460	2,02,020	1,40,54,400
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	9,56,040	3,76,100	47,56,920
79000	5,80,040	2,58,340	27,39,880
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82700	99,420	-94,260	53,40,140
82600	1,20,900	-71,500	88,81,300
Top PUT Volume:
Strike	OI	OI Change	Volume
82500	7,23,460	2,02,020	1,40,54,400
82600	1,20,900	-71,500	88,81,300

NIFTY Monthly Expiry (31/07/2025)

The NIFTY index closed at 25111.45. The NIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.992 against previous 1.035. The 25000PE option holds the maximum open interest, followed by the 25500CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 25200CE and 23500PE options. On the other hand, open interest reductions were prominent in the 27000CE, 24800PE, and 26100CE options. Trading volume was highest in the 25500CE option, followed by the 25200CE and 25000PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,111.45	0.992	1.035	0.848
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,67,31,825	4,42,44,150	24,87,675
PUT:	4,63,50,150	4,57,82,475	5,67,675
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	54,08,325	2,43,750	89,933
26,000	53,44,875	4,86,300	61,875
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	53,44,875	4,86,300	61,875
25,200	22,59,825	4,82,775	79,251
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	17,91,075	-1,59,000	14,158
26,100	7,57,425	-1,45,425	17,985
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	54,08,325	2,43,750	89,933
25,200	22,59,825	4,82,775	79,251
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	57,81,525	-67,875	77,511
24,500	29,55,150	-1,18,425	40,806
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	23,15,475	3,46,500	18,465
25,200	20,53,200	2,72,175	73,492
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,800	25,23,225	-1,51,200	54,231
25,500	25,76,925	-1,35,750	21,080
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	57,81,525	-67,875	77,511
25,200	20,53,200	2,72,175	73,492

BANKNIFTY Monthly Expiry (31/07/2025)

The BANKNIFTY index closed at 56828.8. The BANKNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.792 against previous 0.868. The 56000PE option holds the maximum open interest, followed by the 57000CE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 57000CE option, with open interest additions also seen in the 57200CE and 57500CE options. On the other hand, open interest reductions were prominent in the 57200PE, 64000CE, and 57000PE options. Trading volume was highest in the 57000CE option, followed by the 57000PE and 57100PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,828.80	0.792	0.868	0.874
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,89,16,800	1,73,67,595	15,49,205
PUT:	1,49,87,315	1,50,78,954	-91,639
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	15,71,675	3,60,115	1,91,441
56,000	13,62,935	-7,280	7,774
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,000	15,71,675	3,60,115	1,91,441
57,200	6,70,110	1,54,735	83,675
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
64,000	1,51,795	-81,025	13,382
59,700	77,140	-44,905	6,575
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	15,71,675	3,60,115	1,91,441
57,100	4,19,650	1,02,690	84,505
Top PUT Open Interest:
Strike	OI	OI Change	Volume
56,000	23,57,355	42,770	71,207
57,000	11,85,695	-69,825	1,88,876
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,000	8,21,870	94,605	30,697
56,000	23,57,355	42,770	71,207
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,200	2,20,255	-94,850	61,378
57,000	11,85,695	-69,825	1,88,876
Top PUT Volume:
Strike	OI	OI Change	Volume
57,000	11,85,695	-69,825	1,88,876
57,100	1,66,810	-47,320	87,177

FINNIFTY Monthly Expiry (31/07/2025)

The FINNIFTY index closed at 26809.45. The FINNIFTY monthly expiry for JULY 31, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.822 against previous 0.801. The 27000CE option holds the maximum open interest, followed by the 28000CE and 28500CE options. Market participants have shown increased interest with significant open interest additions in the 27200CE option, with open interest additions also seen in the 25500PE and 27000CE options. On the other hand, open interest reductions were prominent in the 27500CE, 26950PE, and 26950CE options. Trading volume was highest in the 27500CE option, followed by the 26900PE and 26900CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,809.45	0.822	0.801	1.000
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	12,11,730	10,96,615	1,15,115
PUT:	9,95,930	8,78,735	1,17,195
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,29,675	22,555	2,645
28,000	1,26,620	-1,105	923
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,200	84,630	31,330	1,571
27,000	1,29,675	22,555	2,645
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,500	93,470	-11,310	3,668
26,950	13,520	-4,160	904
Top CALL Volume:
Strike	OI	OI Change	Volume
27,500	93,470	-11,310	3,668
26,900	48,230	5,720	3,243
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	97,825	22,945	1,556
27,000	91,585	21,905	1,802
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	97,825	22,945	1,556
26,500	82,875	22,295	2,101
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,950	14,170	-9,750	978
26,700	16,380	-1,885	923
Top PUT Volume:
Strike	OI	OI Change	Volume
26,900	55,770	14,300	3,666
26,850	25,545	15,665	2,135

MIDCPNIFTY Monthly Expiry (31/07/2025)

The MIDCPNIFTY index closed at 13264.75. The MIDCPNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.790 against previous 0.830. The 13000PE option holds the maximum open interest, followed by the 14000CE and 14500CE options. Market participants have shown increased interest with significant open interest additions in the 13000PE option, with open interest additions also seen in the 13300CE and 13300PE options. On the other hand, open interest reductions were prominent in the 69000CE, 70000CE, and 68700PE options. Trading volume was highest in the 13300PE option, followed by the 13300CE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,264.75	0.790	0.830	0.918
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,00,07,060	88,85,520	11,21,540
PUT:	79,10,140	73,77,020	5,33,120
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	12,82,820	35,140	6,647
14,500	10,10,100	26,460	4,655
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,300	6,61,080	3,16,960	18,740
14,800	3,24,800	1,22,640	2,673
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,100	1,04,020	-50,820	1,185
13,800	4,81,880	-10,360	5,225
Top CALL Volume:
Strike	OI	OI Change	Volume
13,300	6,61,080	3,16,960	18,740
13,500	9,92,320	1,13,680	12,155
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	13,07,040	3,23,120	10,458
13,300	5,82,960	1,96,420	25,737
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,000	13,07,040	3,23,120	10,458
13,300	5,82,960	1,96,420	25,737
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,500	2,70,060	-42,000	822
12,700	1,87,320	-34,580	2,355
Top PUT Volume:
Strike	OI	OI Change	Volume
13,300	5,82,960	1,96,420	25,737
13,000	13,07,040	3,23,120	10,458

Conclusion: What the NSE & BSE Indices Futures and Options Open Interest Volume Analysis Tells Us

This session’s Open Interest Volume Analysis makes it clear that the market is stuck in a range, weighed down by heavy call writing and lackluster participation from the bulls. For Nifty, the 25,200 zone remains ground zero—if the index can defend this level and attract short covering, a technical bounce toward 25,400–25,500 is possible, but resistance at 26,000 remains formidable due to stacked call OI. Any breach below 25,100–25,050 could accelerate selling pressure toward 24,900, where put writers have set a last defensive line.

For traders, the actionable play is to focus on range-bound and volatility strategies: short straddles or strangles around 25,200 for those ready to ride out sideways moves, or iron condors collecting premium from both sides. Only a convincing close above 25,400 should trigger momentum longs, while a breakdown below 25,100 warrants fast reaction on the short side. BankNifty’s pivot is at 56,800–57,000; sector rotation and put writing at lower strikes suggest holding if support holds, but also caution if these levels give way. Watch for fresh cues from global markets—until then, let this Open Interest Volume Analysis guide tactical trades and risk management as the market continues to chop within a well-defined band.

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

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