NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/08/2025

The Open Interest Volume Analysis for 18th August 2025 shines a light on a new surge of optimism and risk-taking in the Indian market. Nifty August futures soared 1.14% to 24,966.80 on robust spot gains, but what stands out most is that open interest actually fell by 1.8% even as volume surged by over 75%. This signals heavy short covering—the rally is being driven by bears rushing to cover their positions rather than fresh big bets from the bulls. The premium expansion of nearly 37 points supports this, indicating there’s still some defensive hedging even as prices rally.

Weekly option data adds context: Put-Call Ratio (OI) slipped a touch to 0.87, but call writers are now most active at 25,000, suggesting the market expects consolidation or resistance at round-number levels. For the monthly expiry, the Put-Call Ratio (OI) is above 1 and max pain (the point of least “option pain” for sellers) stands at 25,000, with heavy open interest both at 25,000 calls and puts—a clear sign of a tug of war unfolding and traders preparing for an eventful expiry week.

BankNifty mirrors this unwind, rising 0.65% even as open interest drops over 6%, with a sharp fall in premium—a sure sign of more covering of short positions than new long commitments. FINNIFTY and MIDCPNIFTY post similar action: both up strongly for the day, but with falling open interest showing the rally is powered by bears stepping aside, not bulls coming in aggressive. SENSEX, too, reflects this pattern—a sharp rise, with big fall in open interest, and much higher volume. Across the board, the Open Interest Volume Analysis spotlights short covering rallies rather than a new bull trend, with liquidity still rushing back after a consolidation phase.

NSE & BSE F&O Market Signals

NIFTY AUGUST Future

NIFTY Spot closed at: 24,876.95 (1.00%)

NIFTY AUGUST Future closed at: 24,966.80 (1.14%)

Premium: 89.85 (Increased by 36.45 points)

Open Interest Change: -1.8%

Volume Change: 75.8%

NIFTY Weekly Expiry (21/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.874 (Decreased from 0.879)

Put-Call Ratio (Volume): 0.919

Max Pain Level: 24900

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 24000

Highest CALL Addition: 25000

Highest PUT Addition: 24800

NIFTY Monthly Expiry (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.084 (Increased from 0.967)

Put-Call Ratio (Volume): 0.948

Max Pain Level: 25000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 24800

BANKNIFTY AUGUST Future

BANKNIFTY Spot closed at: 55,734.90 (0.71%)

BANKNIFTY AUGUST Future closed at: 55,862.80 (0.65%)

Premium: 127.9 (Decreased by -34.05 points)

Open Interest Change: -6.4%

Volume Change: 99.2%

BANKNIFTY Monthly Expiry  (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.719 (Increased from 0.716)

Put-Call Ratio (Volume): 0.809

Max Pain Level: 56000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 59000

Highest PUT Addition: 56000

FINNIFTY AUGUST Future

FINNIFTY Spot closed at: 26,609.10 (1.05%)

FINNIFTY AUGUST Future closed at: 26,683.70 (1.06%)

Premium:  74.6 (Increased by 2.95 points)

Open Interest Change: -6.9%

Volume Change: 92.7%

FINNIFTY Monthly Expiry  (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.916 (Increased from 0.870)

Put-Call Ratio (Volume): 0.693

Max Pain Level: 26500

Maximum CALL Open Interest: 27900

Maximum PUT Open Interest: 26500

Highest CALL Addition: 27500

Highest PUT Addition: 26700

MIDCPNIFTY AUGUST Future

MIDCPNIFTY Spot closed at: 12,811.30 (1.36%)

MIDCPNIFTY AUGUST Future closed at: 12,872.15 (1.62%)

Premium: 60.85 (Increased by 33 points)

Open Interest Change: -5.7%

Volume Change: 117.1%

MIDCPNIFTY Monthly Expiry  (28/08/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.056 (Increased from 0.865)

Put-Call Ratio (Volume): 0.973

Max Pain Level: 12800

Maximum CALL Open Interest: 13000

Maximum PUT Open Interest: 12000

Highest CALL Addition: 12900

Highest PUT Addition: 12800

SENSEX Monthly Expiry (24/08/2025) Future

SENSEX Spot closed at: 81,273.75 (0.84%)

SENSEX Monthly Future closed at: 81,558.10 (0.92%)

Premium: 284.35 (Increased by 70.56 points)

Open Interest Change: -7.7%

Volume Change: 143.3%

SENSEX Weekly Expiry (19/08/2025) Option Analysis

Put-Call Ratio (OI): 0.901 (Increased from 0.886)

Put-Call Ratio (Volume): 0.993

Max Pain Level: 80600

Maximum CALL OI: 83000

Maximum PUT OI: 80000

Highest CALL Addition: 83000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 550.85 Cr
DIIs Net BUY: ₹ 4,103.81 Cr

FII Derivatives Activity

FII Trading Stats	18.08.25	14.08.25	13.08.25
FII Cash (Provisional Data)	550.85	-1,926.76	-3,644.43
Index Future Open Interest Long Ratio	9.73%	8.30%	8.66%
Index Future Volume Long Ratio	64.61%	49.61%	56.32%
Call Option Open Interest Long Ratio	47.97%	47.04%	46.96%
Call Option Volume Long Ratio	50.03%	49.85%	50.29%
Put Option Open Interest Long Ratio	66.80%	71.87%	60.21%
Put Option Volume Long Ratio	49.99%	50.09%	49.48%
Stock Future Open Interest Long Ratio	62.13%	61.72%	61.98%
Stock Future Volume Long Ratio	53.67%	47.74%	52.69%
Index Futures	Short Covering	Long Covering	Fresh Long
Index Options	Fresh Long	Long Covering	Fresh Short
Nifty Futures	Short Covering	Short Covering	Fresh Long
Nifty Options	Fresh Short	Long Covering	Fresh Short
BankNifty Futures	Fresh Long	Short Covering	Fresh Short
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Fresh Long	Long Covering	Fresh Long
FinNifty Options	Fresh Long	Fresh Long	Fresh Short
MidcpNifty Futures	Short Covering	Long Covering	Fresh Short
MidcpNifty Options	Fresh Long	Fresh Long	Short Covering
NiftyNxt50 Futures	Fresh Long	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Short	Long Covering	Short Covering
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Short	Fresh Long	Fresh Long

Fresh Long: increase in open interest and increase in price
Fresh Short: increase in open interest and decrease in price
Short Covering: decrease in open interest and increase in price
Long Covering: decrease in open interest and decrease in price

NSE & BSE Option market Trends : Options Insights

NIFTY Weekly Expiry (21/08/2025)

The NIFTY index closed at 24876.95. The NIFTY weekly expiry for AUGUST 21, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.874 against previous 0.879. The 25000CE option holds the maximum open interest, followed by the 26000CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 24800PE option, with open interest additions also seen in the 25000CE and 25200CE options. On the other hand, open interest reductions were prominent in the 24700CE, 24600CE, and 24800CE options. Trading volume was highest in the 25000CE option, followed by the 24900PE and 25000PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	21-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,876.95	0.874	0.879	0.919
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,98,68,975	5,88,23,250	6,10,45,725
PUT:	10,48,18,950	5,17,21,725	5,30,97,225
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,06,76,100	57,90,150	42,01,164
26,000	96,36,975	52,05,675	7,71,664
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,000	1,06,76,100	57,90,150	42,01,164
25,200	77,70,225	54,31,200	21,27,386
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,700	15,57,450	-19,81,650	2,27,426
24,600	12,97,425	-15,05,700	94,058
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	1,06,76,100	57,90,150	42,01,164
24,900	47,36,100	26,14,950	22,57,770
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	80,66,100	43,43,250	7,54,330
24,800	67,45,200	59,87,925	20,26,839
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,800	67,45,200	59,87,925	20,26,839
24,900	55,44,750	50,21,625	34,92,117
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,200	6,15,525	-4,98,525	75,661
23,300	9,38,550	-4,75,050	93,869
Top PUT Volume:
Strike	OI	OI Change	Volume
24,900	55,44,750	50,21,625	34,92,117
25,000	44,76,675	36,32,400	28,99,444

SENSEX Weekly Expiry (19/08/2025)

The SENSEX index closed at 81273.75. The SENSEX weekly expiry for AUGUST 19, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.901 against previous 0.886. The 83000CE option holds the maximum open interest, followed by the 82000CE and 80000PE options. Market participants have shown increased interest with significant open interest additions in the 83000CE option, with open interest additions also seen in the 82000CE and 80000PE options. On the other hand, open interest reductions were prominent in the 81000CE, 80700CE, and 80600CE options. Trading volume was highest in the 82000CE option, followed by the 81000PE and 81500PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	19-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81273.75	0.901	0.886	0.993
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,53,53,140	1,17,50,580	1,36,02,560
PUT:	2,28,38,920	1,04,05,280	1,24,33,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
83000	24,84,840	14,41,180	3,99,65,200
82000	17,54,260	12,37,560	9,00,21,320
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
83000	24,84,840	14,41,180	3,99,65,200
82000	17,54,260	12,37,560	9,00,21,320
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81000	3,07,380	-5,55,420	65,09,720
80700	77,740	-3,66,900	11,82,100
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	17,54,260	12,37,560	9,00,21,320
81500	12,17,360	7,71,320	6,73,87,940
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	16,81,780	11,76,940	3,27,24,600
80500	15,73,400	7,45,620	4,75,41,540
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	16,81,780	11,76,940	3,27,24,600
79500	14,73,960	11,59,780	1,48,50,320
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
76500	1,45,780	-2,99,120	17,94,260
78000	7,96,520	-1,40,620	86,97,420
Top PUT Volume:
Strike	OI	OI Change	Volume
81000	11,33,000	9,54,200	8,81,59,260
81500	8,90,640	8,43,020	7,67,90,020

NIFTY Monthly Expiry (28/08/2025)

The NIFTY index closed at 24876.95. The NIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.084 against previous 0.967. The 25000CE 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 24800PE option, with open interest additions also seen in the 25000PE and 26000CE options. On the other hand, open interest reductions were prominent in the 24700CE, 24500CE, and 24600CE options. Trading volume was highest in the 25000CE option, followed by the 25000PE and 25500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,876.95	1.084	0.967	0.948
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,60,08,075	4,56,45,525	3,62,550
PUT:	4,98,93,300	4,41,39,675	57,53,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	65,37,975	-2,90,025	2,87,264
25,500	47,25,150	-58,950	1,88,582
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	46,95,600	5,85,375	93,823
25,300	21,24,750	5,48,325	96,321
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,700	10,97,700	-11,31,375	47,849
24,500	13,89,675	-7,25,550	31,487
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	65,37,975	-2,90,025	2,87,264
25,500	47,25,150	-58,950	1,88,582
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	45,17,550	13,65,075	2,09,738
24,500	43,48,650	2,84,700	1,35,102
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,800	25,72,575	14,71,650	1,26,628
25,000	45,17,550	13,65,075	2,09,738
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	18,00,225	-2,13,675	62,986
24,300	14,15,100	-1,49,400	59,180
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	45,17,550	13,65,075	2,09,738
24,500	43,48,650	2,84,700	1,35,102

BANKNIFTY Monthly Expiry (28/08/2025)

The BANKNIFTY index closed at 55734.9. The BANKNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.719 against previous 0.716. The 57000CE option holds the maximum open interest, followed by the 56000CE and 57000PE options. Market participants have shown increased interest with significant open interest additions in the 56000PE option, with open interest additions also seen in the 55800PE and 59000CE options. On the other hand, open interest reductions were prominent in the 55500CE, 55000CE, and 55400CE options. Trading volume was highest in the 56000CE option, followed by the 56000PE and 57000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,734.90	0.719	0.716	0.809
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,94,12,295	1,88,00,915	6,11,380
PUT:	1,39,57,265	1,34,57,640	4,99,625
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	23,61,205	85,295	1,51,035
56,000	15,75,350	79,695	3,13,471
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,000	9,25,855	1,84,940	66,946
58,000	11,62,035	1,49,695	86,441
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,500	8,02,480	-3,53,885	93,479
55,000	2,67,715	-2,09,510	26,470
Top CALL Volume:
Strike	OI	OI Change	Volume
56,000	15,75,350	79,695	3,13,471
57,000	23,61,205	85,295	1,51,035
Top PUT Open Interest:
Strike	OI	OI Change	Volume
57,000	12,95,770	-17,290	13,653
56,000	10,40,235	2,04,050	2,24,877
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
56,000	10,40,235	2,04,050	2,24,877
55,800	3,31,135	1,93,095	1,07,414
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,500	4,11,390	-69,230	40,121
54,000	7,04,585	-63,350	72,887
Top PUT Volume:
Strike	OI	OI Change	Volume
56,000	10,40,235	2,04,050	2,24,877
55,000	9,88,610	29,890	1,27,849

FINNIFTY Monthly Expiry (28/08/2025)

The FINNIFTY index closed at 26609.1. The FINNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.916 against previous 0.870. The 27900CE option holds the maximum open interest, followed by the 27500CE and 26500PE options. Market participants have shown increased interest with significant open interest additions in the 27500CE option, with open interest additions also seen in the 26700PE and 25700PE options. On the other hand, open interest reductions were prominent in the 26000PE, 26500CE, and 26400CE options. Trading volume was highest in the 27000CE option, followed by the 26800CE and 26700CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,609.10	0.916	0.870	0.693
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,29,665	11,62,200	-1,32,535
PUT:	9,43,670	10,11,400	-67,730
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,900	1,19,860	6,435	2,600
27,500	1,07,705	31,785	6,808
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,500	1,07,705	31,785	6,808
26,900	20,475	20,410	1,831
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	83,720	-68,770	3,197
26,400	20,800	-43,485	1,617
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	88,465	-28,080	13,430
26,800	89,765	-11,570	8,177
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,500	90,805	13,000	5,981
25,000	88,855	20,735	898
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,700	34,060	22,360	5,323
25,700	25,220	20,865	716
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	72,410	-74,425	5,892
26,400	25,090	-39,130	2,228
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	90,805	13,000	5,981
26,000	72,410	-74,425	5,892

MIDCPNIFTY Monthly Expiry (28/08/2025)

The MIDCPNIFTY index closed at 12811.3. The MIDCPNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.056 against previous 0.865. The 12000PE option holds the maximum open interest, followed by the 13000CE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 12800PE option, with open interest additions also seen in the 11700PE and 12900CE options. On the other hand, open interest reductions were prominent in the 66000PE, 58000CE, and 58000CE options. Trading volume was highest in the 13000CE option, followed by the 12800PE and 12900CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,811.30	1.056	0.865	0.973
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	68,18,980	69,98,600	-1,79,620
PUT:	71,98,800	60,55,280	11,43,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	7,28,280	-1,36,500	29,418
13,500	6,84,320	32,060	14,023
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,900	5,12,400	1,51,060	21,137
12,800	5,14,920	1,09,760	20,509
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,700	2,37,720	-2,42,200	6,704
13,000	7,28,280	-1,36,500	29,418
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	7,28,280	-1,36,500	29,418
12,900	5,12,400	1,51,060	21,137
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	8,71,360	52,920	12,733
12,500	5,44,880	1,15,360	16,994
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,800	4,88,880	3,47,620	22,179
11,700	3,34,880	1,59,460	4,248
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,500	4,49,960	-84,000	3,556
12,650	1,36,920	-53,340	2,405
Top PUT Volume:
Strike	OI	OI Change	Volume
12,800	4,88,880	3,47,620	22,179
12,500	5,44,880	1,15,360	16,994

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

This session’s Open Interest Volume Analysis suggests the market rally is more about shorts unwinding than confident new bullish positions. For Nifty, the 25,000 mark is both a magnet and a battleground—traders should watch for range-bound volatility and sharp swings as both calls and puts dominate open interest near this level. Cautious traders can consider neutral or range-bound strategies like iron condors or straddles around 24,900–25,000, while momentum followers should wait for new open interest and volume adding up on further up-moves before chasing the breakout.

BankNifty and others show a similar picture: until we see open interest rising alongside another price jump, the sustainable uptrend is still not confirmed. For now, let the Open Interest Volume Analysis frame your trading—capitalize on volatility, keep stops tight, and stay nimble as expiry approaches, since another round of tug-of-war between bulls and bears is almost certain.

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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