NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 29/07/2025

The Open Interest Volume Analysis for 29th July 2025 presents a mixed but cautiously optimistic market tone as the July monthly expiry looms large. Nifty July futures nudged up 0.52% to 24,838.80 despite a steep 18.5% drop in open interest, signaling that while some longs are exiting, fresh buying interest has re-emerged to support prices near the 24,850 max pain level. The Put-Call Ratio (OI) notably rebound to 0.71 from very depressed levels, reflecting increased put writing and call unwinding around the 24,800–25,000 strikes that are likely to govern expiry price action.

BankNifty showed a similar trend with modest futures gains (0.27%) but an equally sharp decline in open interest (-17.6%), coupled with a stable max pain of 56,400 and a slightly declining PCR (OI). Meanwhile, FINNIFTY and MIDCPNIFTY also posted gains with falling open interest, suggesting short covering along with profit taking on the sidelines. Overall, the derivatives market indicates that despite volatility and heavy position adjustments, the indices remain anchored near prominent max pain zones with expiry dynamics shaping near-term price movements.

NSE & BSE F&O Market Signals

NIFTY JULY Future

NIFTY Spot closed at: 24,821.10 (0.57%)

NIFTY JULY Future closed at: 24,838.80 (0.52%)

Premium: 17.7 (Decreased by -11.6 points)

Open Interest Change: -18.5%

Volume Change: 18.6%

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

Put-Call Ratio (Open Interest): 0.710 (Increased from 0.511)

Put-Call Ratio (Volume): 0.844

Max Pain Level: 24850

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25800

Highest PUT Addition: 24800

BANKNIFTY JULY Future

BANKNIFTY Spot closed at: 56,222.00 (0.24%)

BANKNIFTY JULY Future closed at: 56,331.80 (0.27%)

Premium: 109.8 (Increased by 15.7 points)

Open Interest Change: -17.6%

Volume Change: 2.5%

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

Put-Call Ratio (Open Interest): 0.590 (Decreased from 0.596)

Put-Call Ratio (Volume): 0.748

Max Pain Level: 56400

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 57500

Highest PUT Addition: 56300

FINNIFTY JULY Future

FINNIFTY Spot closed at: 26,700.70 (0.32%)

FINNIFTY JULY Future closed at: 26,749.40 (0.34%)

Premium:  48.7 (Increased by 4 points)

Open Interest Change: -14.8%

Volume Change: 29.4%

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

Put-Call Ratio (Open Interest): 0.617 (Decreased from 0.694)

Put-Call Ratio (Volume): 0.710

Max Pain Level: 26700

Maximum CALL Open Interest: 27500

Maximum PUT Open Interest: 25800

Highest CALL Addition: 27600

Highest PUT Addition: 25800

MIDCPNIFTY JULY Future

MIDCPNIFTY Spot closed at: 13,033.70 (1.04%)

MIDCPNIFTY JULY Future closed at: 13,057.30 (1.05%)

Premium: 23.6 (Increased by 1.15 points)

Open Interest Change: -33.6%

Volume Change: -6.0%

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

Put-Call Ratio (Open Interest): 0.764 (Increased from 0.571)

Put-Call Ratio (Volume): 0.802

Max Pain Level: 13050

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13500

Highest PUT Addition: 13000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 4,636.60 Cr
DIIs Net BUY: ₹ 6,146.82 Cr

FII Derivatives Activity

FII Trading Stats	29.07.25	28.07.25	25.07.25
FII Cash (Provisional Data)	-4,636.60	-6,082.47	-1,979.96
Index Future Open Interest Long Ratio	13.33%	14.61%	14.29%
Index Future Volume Long Ratio	47.26%	45.10%	39.04%
Call Option Open Interest Long Ratio	48.62%	45.98%	48.42%
Call Option Volume Long Ratio	50.53%	49.55%	49.34%
Put Option Open Interest Long Ratio	60.38%	62.95%	63.25%
Put Option Volume Long Ratio	49.58%	50.07%	50.43%
Stock Future Open Interest Long Ratio	62.28%	61.84%	61.55%
Stock Future Volume Long Ratio	50.69%	50.40%	47.62%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Long Covering	Fresh Short	Fresh Short
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Fresh Long	Fresh Short	Fresh Short
BankNifty Options	Long Covering	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Fresh Short	Fresh Long
FinNifty Options	Fresh Short	Fresh Long	Short Covering
MidcpNifty Futures	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Long
NiftyNxt50 Futures	Fresh Short	Short Covering	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Fresh Long	Short Covering	Long Covering
Stock Options	Short Covering	Short Covering	Short Covering

NSE Option market Trends : Options Insights

NIFTY Monthly Expiry (31/07/2025)

The NIFTY index closed at 24821.1. The NIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.710 against previous 0.511. The 25000CE option holds the maximum open interest, followed by the 26000CE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 24800PE option, with open interest additions also seen in the 24000PE and 24700PE options. On the other hand, open interest reductions were prominent in the 24800CE, 25900CE, and 25600CE options. Trading volume was highest in the 24700PE option, followed by the 24700CE and 24800CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,821.10	0.710	0.511	0.844
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	19,59,73,950	22,47,99,150	-2,88,25,200
PUT:	13,91,15,550	11,47,75,800	2,43,39,750
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,40,96,925	-17,28,225	19,31,501
26,000	1,26,50,250	-17,56,650	5,91,975
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,800	74,89,950	20,07,450	4,95,110
25,150	44,65,050	2,50,725	7,86,634
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,800	80,74,125	-30,79,050	35,13,076
25,900	36,76,200	-20,21,625	2,86,330
Top CALL Volume:
Strike	OI	OI Change	Volume
24,700	34,47,075	-12,85,950	37,37,468
24,800	80,74,125	-30,79,050	35,13,076
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	1,21,18,575	37,28,550	8,19,694
24,800	88,33,200	43,91,100	20,14,878
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,800	88,33,200	43,91,100	20,14,878
24,000	1,21,18,575	37,28,550	8,19,694
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	39,78,675	-8,31,975	2,25,390
25,100	19,34,625	-7,91,025	50,519
Top PUT Volume:
Strike	OI	OI Change	Volume
24,700	85,54,500	34,86,675	37,50,054
24,600	75,58,425	15,78,150	28,21,920

BANKNIFTY Monthly Expiry (31/07/2025)

The BANKNIFTY index closed at 56222. The BANKNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.590 against previous 0.596. The 57000CE option holds the maximum open interest, followed by the 57500CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 57500CE option, with open interest additions also seen in the 56300CE and 56300PE options. On the other hand, open interest reductions were prominent in the 53000PE, 57000PE, and 57400CE options. Trading volume was highest in the 56000PE option, followed by the 56000CE and 56500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
56,222.00	0.590	0.596	0.748
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,69,05,935	2,66,01,155	3,04,780
PUT:	1,58,77,190	1,58,44,264	32,926
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	23,15,390	-87,990	3,09,409
57,500	18,70,260	3,48,215	1,90,590
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,500	18,70,260	3,48,215	1,90,590
56,300	6,44,560	2,84,165	2,78,916
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,400	3,99,455	-1,62,330	88,436
58,000	14,58,135	-1,23,340	2,12,474
Top CALL Volume:
Strike	OI	OI Change	Volume
56,000	6,92,580	30,345	5,17,954
56,500	10,70,615	-29,470	4,00,354
Top PUT Open Interest:
Strike	OI	OI Change	Volume
56,000	13,09,280	1,07,870	6,49,657
55,000	11,44,570	1,25,020	1,89,991
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,300	5,63,885	2,20,885	1,72,036
55,000	11,44,570	1,25,020	1,89,991
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	6,81,835	-1,66,040	49,928
57,000	6,72,805	-1,64,255	30,281
Top PUT Volume:
Strike	OI	OI Change	Volume
56,000	13,09,280	1,07,870	6,49,657
56,100	3,90,040	1,23,550	3,43,031

FINNIFTY Monthly Expiry (31/07/2025)

The FINNIFTY index closed at 26700.7. The FINNIFTY monthly expiry for JULY 31, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.617 against previous 0.694. The 27500CE option holds the maximum open interest, followed by the 27000CE and 27300CE options. Market participants have shown increased interest with significant open interest additions in the 27600CE option, with open interest additions also seen in the 26700CE and 25800PE options. On the other hand, open interest reductions were prominent in the 27900CE, 26000PE, and 26850CE options. Trading volume was highest in the 26800CE option, followed by the 26600PE and 26700CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,700.70	0.617	0.694	0.710
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	35,76,950	30,31,730	5,45,220
PUT:	22,05,320	21,03,140	1,02,180
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,500	3,27,210	33,020	17,643
27,000	2,79,890	31,655	19,624
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,600	1,96,950	1,36,305	12,195
26,700	1,89,215	89,375	24,714
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,900	25,870	-61,295	3,984
26,850	61,880	-43,940	9,199
Top CALL Volume:
Strike	OI	OI Change	Volume
26,800	1,73,810	22,555	36,060
26,700	1,89,215	89,375	24,714
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,800	1,82,195	78,845	6,620
26,700	1,38,710	11,310	17,103
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,800	1,82,195	78,845	6,620
26,650	78,585	48,945	14,210
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	1,14,595	-57,915	10,163
26,500	1,05,820	-32,305	23,890
Top PUT Volume:
Strike	OI	OI Change	Volume
26,600	1,12,385	26,065	33,840
26,500	1,05,820	-32,305	23,890

MIDCPNIFTY Monthly Expiry (31/07/2025)

The MIDCPNIFTY index closed at 13033.7. The MIDCPNIFTY monthly expiry for JULY 31, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.764 against previous 0.571. 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 13000PE option, with open interest additions also seen in the 13500CE and 13400CE options. On the other hand, open interest reductions were prominent in the 70000CE, 69000CE, and 67800CE options. Trading volume was highest in the 13000CE option, followed by the 12900PE and 13100CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	31-07-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,033.70	0.764	0.571	0.802
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,86,23,080	2,03,43,960	-17,20,880
PUT:	1,42,31,700	1,16,10,340	26,21,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	24,94,660	3,86,960	51,210
13,300	14,52,500	-1,37,060	47,124
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,500	24,94,660	3,86,960	51,210
13,400	11,42,260	3,15,140	34,149
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	10,67,360	-6,48,620	1,55,732
13,100	7,92,400	-3,19,480	1,03,027
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	10,67,360	-6,48,620	1,55,732
13,100	7,92,400	-3,19,480	1,03,027
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	13,55,760	6,16,980	93,938
12,500	11,93,360	98,140	31,141
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,000	13,55,760	6,16,980	93,938
12,850	5,44,880	2,73,140	39,337
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,300	3,98,440	-31,780	9,174
13,300	2,35,200	-29,540	667
Top PUT Volume:
Strike	OI	OI Change	Volume
12,900	10,78,560	2,66,840	1,15,721
13,000	13,55,760	6,16,980	93,938

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

Today’s Open Interest Volume Analysis reveals a market carefully balancing between expiry-driven positioning and tentative short-term bullishness. Nifty’s max pain at 24,850 continues to attract settlements, reinforced by the convergence of call and put open interest right around this level. The sharp drop in open interest across indices hints at position squaring, but the underlying modest price gains and rising PCR (OI) in Nifty suggest traders are cautiously rebuilding protective floors.

BankNifty and FINNIFTY maintain similar max pain alignment while showing signs of hedging and short covering rather than fresh directional bets. For traders, this environment favors range-based strategies targeting the 24,800–25,000 zone for Nifty, with swift reaction plays around breakouts or breakdowns from these expiry pivots. Watch for volatility spikes near max pain strikes and consider options strategies like iron condors or calendar spreads to capitalize on the compressed ranges. As expiry day approaches, keeping an eye on evolving open interest and volume trends will be key to navigating the last leg of this options cycle effectively.

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