NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 25/07/2025

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Open Interest Volume Analysis

The Open Interest Volume Analysis for 25th July 2025 signals a decisive turn for Indian indices as expiry approaches, with bears clearly in the driver’s seat. Nifty July futures retreated sharply by nearly 1% to 24,850.40, accompanied by a 1.6% drop in open interest—a sign that traders are not just booking profits but pulling back their participation altogether. The premium collapsed by nearly 20 points, reflecting the lack of appetite for holding risky long positions into the weekend.

Option data amplifies the caution: the monthly Put-Call Ratio (OI) for Nifty tanked to a notably bearish 0.575, as call writers swarmed the 25,000 strike and put support marched down to 24,700—making 25,000 the next battleground for expiry fate. Across the desk, BankNifty, FINNIFTY, and MIDCPNIFTY all echoed this tone, each notching solid declines in both price and open interest, further underlining that risk-off sentiment is ruling the derivative landscape.
Derivative Insights

Nifty:
Fresh shorts are getting unwound and risk appetite is drying up.
Strongest call OI and additions are at 25,000, forming an immediate ceiling.
PCR (OI) below 0.6 is deeply bearish; any selloff below 24,800 could snowball, targeting 24,700 and below.

BankNifty:

Spot and futures both slid nearly 1% and OI fell nearly 3%.
PCR (OI) at 0.67 and highest call OI at 57,000 paint a clear picture of sellers dominating the upper hand; look for expiry pinning near 56,800 to 57,000.

Financials & Midcaps:

FINNIFTY and MIDCPNIFTY both endured pronounced weakness, with FINNIFTY OI down over 6% and MIDCPNIFTY premiums sharply lower.
PCR (OI) for FINNIFTY tumbled below 0.73, signaling a withdrawal of bullish bets.
MIDCPNIFTY’s OI actually rose as price fell, a textbook sign of fresh short buildup.

SENSEX:

Despite a hefty price and OI jump, heavy call writing at 83,500/84,000 and dropping PCR (OI) signal any upside will be capped by expiry hedges.

Actionable Takeaways

Nifty traders: Focus on protective or bearish strategies. Vertical put spreads or shorting at resistance (around 25,000) may be optimal if spot closes below 24,800.

BankNifty: Watch for expiry gravitation to the 56,800–57,000 band—but rallies toward 57,000 or higher should be met with caution and tight stops.

FINNIFTY & MIDCPNIFTY: Only aggressive bottom-fishing should be attempted near max pain or if strong reversal signs appear; otherwise, trend-following shorts may offer better risk-reward.

SENSEX: Expiry watch on 81,700–82,000 for settlement; aggressive upside is likely to encounter stiff opposition from option sellers.

NSE & BSE F&O Market Signals

NIFTY JUNE Future

NIFTY Spot closed at: 24,837.00 (-0.90%)

NIFTY JULY Future closed at: 24,850.40 (-0.98%)

Premium: 13.4 (Decreased by -19.9 points)

Open Interest Change: -1.6%

Volume Change: 10.3%

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

Put-Call Ratio (Open Interest): 0.575 (Decreased from 0.757)

Put-Call Ratio (Volume): 1.077

Max Pain Level: 25000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 24700

BANKNIFTY JULY Future

BANKNIFTY Spot closed at: 56,528.90 (-0.94%)

BANKNIFTY JULY Future closed at: 56,585.80 (-0.93%)

Premium: 56.9 (Increased by 5.35 points)

Open Interest Change: -2.8%

Volume Change: 46.1%

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

Put-Call Ratio (Open Interest): 0.674 (Decreased from 0.839)

Put-Call Ratio (Volume): 1.070

Max Pain Level: 56800

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 57000

Highest PUT Addition: 56200

FINNIFTY JULY Future

FINNIFTY Spot closed at: 26,808.00 (-0.88%)

FINNIFTY JULY Future closed at: 26,824.60 (-0.94%)

Premium:  16.6 (Decreased by -15.7 points)

Open Interest Change: -6.2%

Volume Change: 82.4%

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

Put-Call Ratio (Open Interest): 0.727 (Decreased from 0.836)

Put-Call Ratio (Volume): 1.127

Max Pain Level: 26900

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 27000

Highest PUT Addition: 26800

MIDCPNIFTY JULY Future

MIDCPNIFTY Spot closed at: 12,925.90 (-1.39%)

MIDCPNIFTY JULY Future closed at: 12,948.95 (-1.45%)

Premium: 23.05 (Decreased by -9.2 points)

Open Interest Change: 1.2%

Volume Change: 0.5%

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

Put-Call Ratio (Open Interest): 0.556 (Decreased from 0.692)

Put-Call Ratio (Volume): 0.771

Max Pain Level: 13075

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12500

Highest CALL Addition: 13000

Highest PUT Addition: 12800

SENSEX Weekly Expiry (29/07/2025) Future

SENSEX Spot closed at: 81,463.09 (-0.88%)

SENSEX Weekly Future closed at: 81,530.70 (-0.91%)

Premium: 67.61 (Decreased by -28.02 points)

Open Interest Change: 8.0%

Volume Change: 28.5%

SENSEX Weekly Expiry (29/07/2025) Option Analysis

Put-Call Ratio (OI): 0.546 (Decreased from 0.674)

Put-Call Ratio (Volume): 1.187

Max Pain Level: 81700

Maximum CALL OI: 84000

Maximum PUT OI: 81500

Highest CALL Addition: 83500

Highest PUT Addition: 81500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,979.96 Cr
DIIs Net BUY: ₹ 2,138.59 Cr

FII Derivatives Activity

FII Trading Stats25.07.2524.07.2523.07.25
FII Cash (Provisional Data)-1,979.96-2,133.69-4,209.11
Index Future Open Interest Long Ratio14.29%14.83%15.33%
Index Future Volume Long Ratio39.04%50.02%59.09%
Call Option Open Interest Long Ratio48.42%52.07%50.98%
Call Option Volume Long Ratio49.34%49.80%50.34%
Put Option Open Interest Long Ratio63.25%63.39%57.17%
Put Option Volume Long Ratio50.43%50.11%49.55%
Stock Future Open Interest Long Ratio61.55%61.92%61.98%
Stock Future Volume Long Ratio47.62%48.54%51.69%
    
Index FuturesFresh ShortShort CoveringFresh Long
Index OptionsFresh ShortLong CoveringFresh Short
    
Nifty FuturesFresh ShortShort CoveringFresh Long
Nifty OptionsFresh ShortLong CoveringFresh Short
    
BankNifty FuturesFresh ShortLong CoveringShort Covering
BankNifty OptionsFresh ShortFresh ShortFresh Short
    
FinNifty FuturesFresh LongLong CoveringFresh Long
FinNifty OptionsShort CoveringFresh ShortFresh Short
    
MidcpNifty FuturesFresh ShortLong CoveringFresh Short
MidcpNifty OptionsFresh LongFresh ShortFresh Long
    
NiftyNxt50 FuturesFresh ShortShort CoveringFresh Short
NiftyNxt50 OptionsFresh ShortFresh ShortFresh Long
    
Stock FuturesLong CoveringLong CoveringFresh Long
Stock OptionsShort CoveringFresh LongFresh Long

SENSEX weekly Expiry (29/07/2025)

The SENSEX index closed at 81463.09. The SENSEX weekly expiry for JULY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.546 against previous 0.674. The 84000CE option holds the maximum open interest, followed by the 85000CE and 83500CE options. Market participants have shown increased interest with significant open interest additions in the 83500CE option, with open interest additions also seen in the 82000CE and 81500CE options. On the other hand, open interest reductions were prominent in the 82100PE, 82000PE, and 82200PE options. Trading volume was highest in the 81500PE option, followed by the 81000PE and 82000CE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:29-07-2025
Index SpotPCR OIPrev PCR OIPCR VOL
81463.090.5460.6741.187
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  2,19,57,120    1,27,29,829           92,27,291
PUT:  1,19,92,980        85,83,680           34,09,300
Top CALL Open Interest:
StrikeOIOI ChangeVolume
84000      12,91,720          4,97,000        1,29,49,600
85000      12,74,740          4,83,460           90,45,320
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
83500      12,50,680          7,64,020        1,25,04,740
82000      10,12,580          7,25,660        3,47,28,500
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
86500        1,24,120        -1,38,380           20,93,960
84100        1,35,040            -77,860           19,14,760
Top CALL Volume:
StrikeOIOI ChangeVolume
82000      10,12,580          7,25,660        3,47,28,500
81800        4,45,200          4,26,880        2,37,54,160
Top PUT Open Interest:
StrikeOIOI ChangeVolume
81500        9,76,480          6,13,440        5,24,66,400
80000        8,17,060          1,39,080        1,86,16,680
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
81500        9,76,480          6,13,440        5,24,66,400
81000        6,69,320          2,91,500        4,08,07,540
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
82100            55,900        -2,49,700           38,76,100
82000        2,80,780        -2,16,560        1,56,61,160
Top PUT Volume:
StrikeOIOI ChangeVolume
81500        9,76,480          6,13,440        5,24,66,400
81000        6,69,320          2,91,500        4,08,07,540

NIFTY Monthly Expiry (31/07/2025)

The NIFTY index closed at 24837. The NIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.575 against previous 0.757. The 25000CE option holds the maximum open interest, followed by the 26000CE and 25200CE options. Market participants have shown increased interest with significant open interest additions in the 25000CE option, with open interest additions also seen in the 24900CE and 25200CE options. On the other hand, open interest reductions were prominent in the 25000PE, 25100PE, and 25200PE options. Trading volume was highest in the 24800PE option, followed by the 24900PE and 25000CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:31-07-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         24,837.00                0.575                  0.757               1.077
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 19,08,40,500   11,76,01,125   7,32,39,375
 PUT: 10,97,40,900      8,90,72,700   2,06,68,200
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               25,000    1,45,44,975         95,48,025       27,74,857
               26,000    1,31,56,200         12,25,725         8,34,557
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               25,000    1,45,44,975         95,48,025       27,74,857
               24,900       64,61,925         58,53,225       22,82,490
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,200          3,18,000              -79,275             30,426
               23,000          5,33,550              -43,875                   993
 Top CALL Volume:
 Strike OI OI Change Volume
               25,000    1,45,44,975         95,48,025       27,74,857
               24,900       64,61,925         58,53,225       22,82,490
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               24,000       82,64,175              -82,950         6,47,194
               24,500       63,38,850         10,81,050       14,18,420
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               24,700       54,56,625         29,51,850       18,55,506
               24,600       42,71,475         18,26,550       12,85,691
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,000       62,70,825        -14,00,925       17,83,720
               25,100       30,68,700          -8,88,675         4,25,659
 Top PUT Volume: 
 Strike OI OI Change Volume
               24,800       51,54,450            3,57,375       32,86,764
               24,900       38,10,375            7,04,175       32,73,552

BANKNIFTY Monthly Expiry (31/07/2025)

The BANKNIFTY index closed at 56528.9. The BANKNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.674 against previous 0.839. The 57000CE option holds the maximum open interest, followed by the 60000CE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 57000CE option, with open interest additions also seen in the 56500CE and 56800CE options. On the other hand, open interest reductions were prominent in the 57000PE, 58300CE, and 46000PE options. Trading volume was highest in the 57000CE option, followed by the 56500PE and 57000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:31-07-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         56,528.90                0.674                  0.839               1.070
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    2,39,69,015      2,03,93,809       35,75,206
 PUT:    1,61,53,305      1,71,16,575       -9,63,270
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               57,000       20,47,010            4,84,575         4,82,408
               60,000       15,52,950              -90,300             87,978
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               57,000       20,47,010            4,84,575         4,82,408
               56,500          6,76,410            3,66,030         2,31,543
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               58,300          1,84,590          -3,14,160             82,518
               60,500          3,49,510          -2,19,695             33,677
 Top CALL Volume:
 Strike OI OI Change Volume
               57,000       20,47,010            4,84,575         4,82,408
               56,500          6,76,410            3,66,030         2,31,543
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               56,000       12,34,590          -1,12,770         3,06,720
               55,000       10,72,120              -88,830         1,59,781
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,200          3,37,260            1,30,305         1,16,437
               55,400          1,96,595               98,350             53,688
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               57,000       10,16,540          -3,32,920         3,94,872
               46,000          6,38,645          -2,34,080             31,788
 Top PUT Volume: 
 Strike OI OI Change Volume
               56,500          8,04,405              -25,690         4,28,676
               57,000       10,16,540          -3,32,920         3,94,872

FINNIFTY Monthly Expiry (31/07/2025)

The FINNIFTY index closed at 26808. The FINNIFTY monthly expiry for JULY 31, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.727 against previous 0.836. The 27000CE option holds the maximum open interest, followed by the 28000CE and 27500CE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 26900CE and 27500CE options. On the other hand, open interest reductions were prominent in the 27000PE, 28000CE, and 27200CE options. Trading volume was highest in the 26800PE option, followed by the 27000CE and 26700PE options, indicating active trading in these strikes.

FINNIFTY Monthly Expiry:31-07-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         26,808.00                0.727                  0.836               1.127
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       24,97,560         18,91,695         6,05,865
 PUT:       18,15,320         15,81,970         2,33,350
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000          3,01,925            2,22,690             42,704
               28,000          2,68,775              -41,470             10,579
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,000          3,01,925            2,22,690             42,704
               26,900          1,06,340               83,265             14,314
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               28,000          2,68,775              -41,470             10,579
               27,200          1,01,530              -31,135             11,983
 Top CALL Volume:
 Strike OI OI Change Volume
               27,000          3,01,925            2,22,690             42,704
               27,100             90,220               11,830             17,461
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               26,000          1,67,635              -13,910             10,848
               26,800          1,09,785               51,220             52,022
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               26,800          1,09,785               51,220             52,022
               26,700          1,02,505               47,580             18,021
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               27,000          1,04,195              -56,290             14,020
               27,100             43,095              -17,030               4,062
 Top PUT Volume:   
 Strike OI OI Change Volume
               26,800          1,09,785               51,220             52,022
               26,700          1,02,505               47,580             18,021

MIDCPNIFTY Monthly Expiry (31/07/2025)

The MIDCPNIFTY index closed at 12925.9. The MIDCPNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.556 against previous 0.692. The 13500CE option holds the maximum open interest, followed by the 13300CE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 13000CE option, with open interest additions also seen in the 13100CE and 12800PE options. On the other hand, open interest reductions were prominent in the 69000CE, 68500PE, and 68500PE options. Trading volume was highest in the 13100CE option, followed by the 13000PE and 13200CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:31-07-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         12,925.90                0.556                  0.692               0.771
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    2,01,49,500      1,57,58,680       43,90,820
 PUT:    1,11,98,320      1,09,11,880         2,86,440
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               13,500       18,48,560               62,300             37,139
               13,300       17,49,440            4,87,340             51,271
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,000       14,09,940         10,44,680             55,789
               13,100       10,57,560            6,36,440             81,961
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,500          6,57,580          -1,49,240               5,852
               14,000       17,06,880              -88,200             27,501
 Top CALL Volume:
 Strike OI OI Change Volume
               13,100       10,57,560            6,36,440             81,961
               13,200       15,45,460            3,25,920             57,455
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               12,500       10,46,360               45,360             24,050
               13,000          9,48,080          -4,56,260             80,242
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               12,800          9,05,520            5,46,420             35,654
               12,750          2,41,920            1,92,080               6,386
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,000          9,48,080          -4,56,260             80,242
               13,200          4,58,220          -3,67,360             10,867
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,000          9,48,080          -4,56,260             80,242
               12,900          6,19,500               41,860             55,375

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 sellers are dictating the pace and expiry gravity is shifting lower across the board. Nifty’s 25,000 is now a psychological and technical pivot: lose it, and the floodgates could open to 24,700 or even 24,500. For the prudent trader, range-bound or bearish spreads and cautious intraday plays are the setups of choice until reversal signals emerge. BankNifty, FINNIFTY, and MIDCPNIFTY face similar expiry-linked hurdles, with heavy call OI capping upside while puts retreat to lower strikes. Unless buyers step in with strong demand, this Open Interest Volume Analysis will continue to favor shorts and hedges, offering clarity amidst expiry volatility. Stay nimble, keep stops tight, and let data—not emotion—drive trading decisions in the days ahead.

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

Disclaimer

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