NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/07/2025

The Open Interest Volume Analysis for 18th July 2025 paints a stark picture of persistent selling pressure and risk aversion. Nifty July futures slid 0.57% to 25,032.30, with open interest drifting down by 0.6%. This signals that traders continued unwinding positions as the index dropped below 25,000 for the first time this series. The slight uptick in the futures premium—despite the sell-off—suggests hedging, not bullish bets, and weak long hands exiting. Option activity underscores the bearish mood: the weekly Put-Call Ratio (OI) tumbled to just 0.588, driven by aggressive call writing at 25,100, while new puts clustered south at 23,050, highlighting a growing fear of deeper cuts. Monthly figures offer no respite, with PCR slipping to 0.92 and max pain anchored at 25,200 as both calls and puts shift lower. It’s a similar story across the board: BankNifty, FINNIFTY, and MIDCPNIFTY all closed deep in the red, with BankNifty’s open interest surging 4.8%—fresh shorts, not bargain hunters, are in control.

NSE & BSE F&O Market Signals

NIFTY JULY Future

NIFTY Spot closed at: 24,968.40 (-0.57%)

NIFTY JULY Future closed at: 25,032.30 (-0.57%)

Premium: 63.9 (Increased by 0.75 points)

Open Interest Change: -0.6%

Volume Change: 31.8%

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

Put-Call Ratio (Open Interest): 0.588 (Decreased from 0.698)

Put-Call Ratio (Volume): 1.070

Max Pain Level: 25050

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25100

Highest PUT Addition: 23050

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

Put-Call Ratio (Open Interest): 0.920 (Decreased from 0.992)

Put-Call Ratio (Volume): 0.770

Max Pain Level: 25200

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25300

Highest PUT Addition: 24600

BANKNIFTY JULY Future

BANKNIFTY Spot closed at: 56,283.00 (-0.96%)

BANKNIFTY JULY Future closed at: 56,415.60 (-0.98%)

Premium: 132.6 (Decreased by -12 points)

Open Interest Change: 4.8%

Volume Change: 46.3%

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

Put-Call Ratio (Open Interest): 0.720 (Decreased from 0.792)

Put-Call Ratio (Volume): 0.874

Max Pain Level: 56500

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 56500

Highest PUT Addition: 52500

FINNIFTY JULY Future

FINNIFTY Spot closed at: 26,556.15 (-0.94%)

FINNIFTY JULY Future closed at: 26,608.00 (-1.00%)

Premium:  51.85 (Decreased by -15.2 points)

Open Interest Change: -8.0%

Volume Change: 213.0%

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

Put-Call Ratio (Open Interest): 0.719 (Decreased from 0.822)

Put-Call Ratio (Volume): 0.868

Max Pain Level: 26800

Maximum CALL Open Interest: 28000

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26700

Highest PUT Addition: 26300

MIDCPNIFTY JULY Future

MIDCPNIFTY Spot closed at: 13,171.00 (-0.71%)

MIDCPNIFTY JULY Future closed at: 13,202.50 (-0.64%)

Premium: 31.5 (Increased by 9.2 points)

Open Interest Change: -1.3%

Volume Change: 60.9%

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

Put-Call Ratio (Open Interest): 0.750 (Decreased from 0.790)

Put-Call Ratio (Volume): 0.885

Max Pain Level: 13300

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14000

Highest PUT Addition: 13000

SENSEX Weekly Expiry (22/07/2025) Future

SENSEX Spot closed at: 81,757.73 (-0.61%)

SENSEX Weekly Future closed at: 81,889.20 (-0.61%)

Premium: 131.47 (Increased by 0.71 points)

Open Interest Change: 19.9%

Volume Change: 13.7%

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

Put-Call Ratio (OI): 0.639 (Increased from 0.627)

Put-Call Ratio (Volume): 1.167

Max Pain Level: 82000

Maximum CALL OI: 84000

Maximum PUT OI: 79000

Highest CALL Addition: 82000

Highest PUT Addition: 79500

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 374.74 Cr
DIIs Net BUY: ₹ 2,103.51 Cr

FII Derivatives Activity

FII Trading Stats	18.07.25	17.07.25	16.07.25
FII Cash (Provisional Data)	374.74	-3,694.31	-1,858.15
Index Future Open Interest Long Ratio	15.02%	16.72%	18.21%
Index Future Volume Long Ratio	35.56%	33.12%	42.27%
Call Option Open Interest Long Ratio	50.01%	53.46%	50.35%
Call Option Volume Long Ratio	49.39%	50.10%	49.99%
Put Option Open Interest Long Ratio	63.82%	64.99%	59.09%
Put Option Volume Long Ratio	50.28%	50.31%	50.02%
Stock Future Open Interest Long Ratio	62.04%	62.28%	62.42%
Stock Future Volume Long Ratio	48.10%	48.74%	45.66%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Short	Short Covering	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Fresh Short	Short Covering	Fresh Short
BankNifty Futures	Fresh Short	Fresh Short	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Long Covering	Fresh Short	Fresh Long
FinNifty Options	Fresh Long	Fresh Long	Long Covering
MidcpNifty Futures	Fresh Short	Fresh Long	Fresh Long
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Short
NiftyNxt50 Futures	Short Covering	Short Covering	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Long
Stock Futures	Long Covering	Long Covering	Fresh Short
Stock Options	Fresh Short	Fresh Short	Fresh Long

NSE & BSE Option market Trends : Options Insights

NIFTY weekly Expiry (24/07/2025)

The NIFTY index closed at 24968.4. The NIFTY weekly expiry for JULY 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.588 against previous 0.698. The 26000CE option holds the maximum open interest, followed by the 25200CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 25100CE option, with open interest additions also seen in the 26500CE and 25000CE options. On the other hand, open interest reductions were prominent in the 25200PE, 25150PE, and 25100PE options. Trading volume was highest in the 25000PE option, followed by the 24900PE and 25000CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	24-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,968.40	0.588	0.698	1.070
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	13,21,48,875	7,25,64,975	5,95,83,900
PUT:	7,76,96,700	5,06,33,850	2,70,62,850
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	88,59,075	19,69,425	6,19,862
25,200	85,55,325	29,47,050	16,77,700
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,100	73,51,650	54,07,200	22,38,819
26,500	80,75,100	45,98,625	4,46,168
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	1,18,200	-3,975	1,038
23,100	9,525	-825	15
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	53,35,350	43,25,025	22,70,102
25,100	73,51,650	54,07,200	22,38,819
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	49,85,775	10,93,950	5,70,054
24,900	48,60,000	15,46,275	25,14,052
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,050	35,19,300	23,93,025	2,28,626
23,500	35,70,825	21,17,100	2,47,892
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	25,13,775	-9,09,075	5,47,424
25,150	6,53,175	-7,20,750	4,42,100
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	46,60,950	13,46,250	29,61,322
24,900	48,60,000	15,46,275	25,14,052

SENSEX weekly Expiry (22/07/2025)

The SENSEX index closed at 81757.73. The SENSEX weekly expiry for JULY 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.639 against previous 0.627. The 84000CE option holds the maximum open interest, followed by the 83000CE and 85000CE options. Market participants have shown increased interest with significant open interest additions in the 82000CE option, with open interest additions also seen in the 84000CE and 79500PE options. On the other hand, open interest reductions were prominent in the 82500PE, 80000PE, and 85000CE options. Trading volume was highest in the 81500PE option, followed by the 81700PE and 82000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81757.73	0.639	0.627	1.167
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,84,85,380	1,31,74,060	53,11,320
PUT:	1,18,09,700	82,55,329	35,54,371
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	14,70,860	6,51,100	1,19,08,020
83000	10,74,640	4,66,060	2,01,32,100
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82000	9,53,880	7,96,180	2,74,94,380
84000	14,70,860	6,51,100	1,19,08,020
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85000	10,66,980	-2,14,640	73,57,900
82500	10,33,660	-1,46,680	2,55,88,100
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	9,53,880	7,96,180	2,74,94,380
82500	10,33,660	-1,46,680	2,55,88,100
Top PUT Open Interest:
Strike	OI	OI Change	Volume
79000	9,81,060	4,01,020	75,93,180
79500	8,14,060	4,92,020	81,59,220
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
79500	8,14,060	4,92,020	81,59,220
79000	9,81,060	4,01,020	75,93,180
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82500	4,09,340	-3,14,120	35,67,180
80000	7,27,420	-2,28,620	1,51,14,600
Top PUT Volume:
Strike	OI	OI Change	Volume
81500	5,00,560	2,03,640	3,17,79,500
81700	4,61,160	3,46,540	2,92,10,420

NIFTY Monthly Expiry (31/07/2025)

The NIFTY index closed at 24968.4. The NIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.920 against previous 0.992. The 25500CE option holds the maximum open interest, followed by the 25000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 25300CE option, with open interest additions also seen in the 25000CE and 25200CE options. On the other hand, open interest reductions were prominent in the 23500PE, 25000PE, and 25700CE options. Trading volume was highest in the 25000PE option, followed by the 25500CE and 26000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,968.40	0.920	0.992	0.770
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,17,08,825	4,67,31,825	49,77,000
PUT:	4,75,92,975	4,63,50,150	12,42,825
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	58,85,400	4,77,075	1,41,149
26,000	52,68,525	-76,350	1,25,702
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,300	20,69,025	7,65,675	91,933
25,000	37,80,975	7,36,050	1,25,050
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	19,10,325	-3,16,875	65,654
26,100	5,71,350	-1,86,075	21,403
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	58,85,400	4,77,075	1,41,149
26,000	52,68,525	-76,350	1,25,702
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	53,98,425	-3,83,100	1,57,590
24,500	33,41,175	3,86,025	77,712
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,600	14,08,425	4,44,600	38,517
24,500	33,41,175	3,86,025	77,712
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	18,69,600	-4,45,875	35,623
25,000	53,98,425	-3,83,100	1,57,590
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	53,98,425	-3,83,100	1,57,590
24,800	22,93,500	-2,29,725	89,954

BANKNIFTY Monthly Expiry (31/07/2025)

The BANKNIFTY index closed at 56283. The BANKNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.720 against previous 0.792. 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 56500CE option, with open interest additions also seen in the 57000CE and 65000CE options. On the other hand, open interest reductions were prominent in the 57000PE, 56000PE, and 56800PE options. Trading volume was highest in the 56500PE option, followed by the 57000CE and 56000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,283.00	0.720	0.792	0.874
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,14,84,470	1,89,16,800	25,67,670
PUT:	1,54,67,445	1,49,87,254	4,80,191
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	19,70,710	3,99,035	1,71,303
56,000	14,19,880	56,945	48,445
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
56,500	8,40,490	5,39,385	1,56,750
57,000	19,70,710	3,99,035	1,71,303
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,500	5,69,835	-84,700	62,522
61,500	3,95,430	-48,790	20,705
Top CALL Volume:
Strike	OI	OI Change	Volume
57,000	19,70,710	3,99,035	1,71,303
56,500	8,40,490	5,39,385	1,56,750
Top PUT Open Interest:
Strike	OI	OI Change	Volume
56,000	22,62,470	-94,885	1,70,089
57,000	9,83,885	-2,01,810	67,837
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
52,500	4,17,445	1,48,680	21,394
56,500	8,51,550	1,40,070	1,88,439
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	9,83,885	-2,01,810	67,837
56,000	22,62,470	-94,885	1,70,089
Top PUT Volume:
Strike	OI	OI Change	Volume
56,500	8,51,550	1,40,070	1,88,439
56,000	22,62,470	-94,885	1,70,089

FINNIFTY Monthly Expiry (31/07/2025)

The FINNIFTY index closed at 26556.15. The FINNIFTY monthly expiry for JULY 31, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.719 against previous 0.822. The 28000CE option holds the maximum open interest, followed by the 27000CE and 28500CE options. Market participants have shown increased interest with significant open interest additions in the 26700CE option, with open interest additions also seen in the 28000CE and 26300PE options. On the other hand, open interest reductions were prominent in the 26500PE, 27200CE, and 25000PE options. Trading volume was highest in the 26500PE option, followed by the 28500CE and 26700CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,556.15	0.719	0.822	0.868
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	14,91,750	12,11,730	2,80,020
PUT:	10,71,850	9,95,930	75,920
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	1,86,550	59,930	4,163
27,000	1,55,090	25,415	4,516
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,700	99,060	86,060	4,673
28,000	1,86,550	59,930	4,163
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,200	49,725	-34,905	2,330
27,300	20,605	-5,850	778
Top CALL Volume:
Strike	OI	OI Change	Volume
28,500	1,15,310	3,705	4,714
26,700	99,060	86,060	4,673
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,500	95,225	-2,600	2,264
24,500	86,905	21,515	1,442
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,300	69,485	44,850	1,392
26,700	44,980	28,600	3,142
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	45,825	-37,050	5,470
25,000	62,140	-27,365	1,229
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	45,825	-37,050	5,470
26,000	59,995	12,480	4,343

MIDCPNIFTY Monthly Expiry (31/07/2025)

The MIDCPNIFTY index closed at 13171. The MIDCPNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.750 against previous 0.790. The 14000CE option holds the maximum open interest, followed by the 13000PE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 14000CE option, with open interest additions also seen in the 13300CE and 13500CE options. On the other hand, open interest reductions were prominent in the 68500CE, 69000PE, and 68500PE options. Trading volume was highest in the 13300CE option, followed by the 13200PE and 13000PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,171.00	0.750	0.790	0.885
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,04,15,160	1,00,07,060	4,08,100
PUT:	78,10,880	79,10,140	-99,260
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	14,57,820	1,75,000	8,074
13,500	11,31,620	1,39,300	15,180
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,000	14,57,820	1,75,000	8,074
13,300	8,14,380	1,53,300	21,140
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	8,78,080	-1,32,020	5,872
13,800	3,58,120	-1,23,760	7,353
Top CALL Volume:
Strike	OI	OI Change	Volume
13,300	8,14,380	1,53,300	21,140
13,500	11,31,620	1,39,300	15,180
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	13,76,060	69,020	16,518
13,300	4,76,700	-1,06,260	10,232
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,000	13,76,060	69,020	16,518
13,175	93,380	64,260	6,375
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,300	4,76,700	-1,06,260	10,232
13,400	1,94,880	-39,760	1,936
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	2,63,060	-15,400	21,091
13,000	13,76,060	69,020	16,518

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

This session’s Open Interest Volume Analysis signals that the market is mired in a sell-on-rise regime, with every recovery swiftly met by call writing and new short builds. For Nifty, keep a sharp eye on the 25,000–25,100 range—if this zone fails to hold, a slide toward 24,800 or even 24,600 is likely, as option writers pull their hedges further down. Any upside will face stiff resistance at 25,300–25,500 due to accumulated call OI, so nimble traders might consider iron condors or ratio spreads to capitalize on rangebound volatility. In BankNifty, the 56,000–56,500 band is now a hard-fought floor; breaches could quickly escalate into sharper unwinding. Across sectors, watch for defensive rotation: FINNIFTY’s heavy OI drop hints at an exit from financials, while MIDCPNIFTY’s lighter selling suggests midcaps might be the first to stabilize if sentiment shifts. As expiry nears, let this Open Interest Volume Analysis guide tactical positioning—stick to short-the-rally trades while the tape stays heavy, but be ready to pivot fast if a short squeeze emerges on any positive macro signal.

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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