NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 25/08/2025

The Open Interest Volume Analysis for 25th August 2025 indicates a market moving cautiously into the final days before expiry, with signs of short and long covering helping to stabilize prices after recent volatility. Nifty August futures rose 0.37% to 24,989.70 on a 22% decline in open interest and a 10-point drop in premium, signaling that bears are covering their shorts while bulls remain guarded. The weekly Put-Call Ratio (OI) climbed from 0.61 to 0.77, reflecting renewed put writing near 25,000—the established max pain level which continues to anchor price action. Call open interest remains concentrated at 25,000 and 25,550 strikes, creating a resistance band just above spot, while put interest around 25,000 suggests balanced hedging on both sides.

BankNifty showed almost no price change but saw a 10.9% drop in open interest and small premium shrinkage—clear signs of long covering rather than fresh longs, as heavy call and put open interest clusters center near 57,000 and 55,000 respectively, providing a range before expiry. FINNIFTY and MIDCPNIFTY futures mirrored the cautious tone: modest price changes with falling open interest, indicating traders are locking profits and squaring positions. The Put-Call Ratios for these indices also correspond with a more defensive posture. SENSEX, while up 0.4%, experienced a 36% drop in open interest and premium, signaling significant unwinding ahead of the monthly expiry, with max pain steady near 81,700.

NSE & BSE F&O Market Signals

NIFTY AUGUST Future

NIFTY Spot closed at: 24,967.75 (0.39%)

NIFTY AUGUST Future closed at: 24,989.70 (0.37%)

Premium: 21.95 (Decreased by -6.15 points)

Open Interest Change: -22.0%

Volume Change: 35.0%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 0.773 (Increased from 0.610)

Put-Call Ratio (Volume): 0.870

Max Pain Level: 25000

Maximum CALL Open Interest: 25000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25550

Highest PUT Addition: 25000

BANKNIFTY AUGUST Future

BANKNIFTY Spot closed at: 55,139.30 (-0.02%)

BANKNIFTY AUGUST Future closed at: 55,258.80 (-0.02%)

Premium: 119.5 (Decreased by -1.7 points)

Open Interest Change: -10.9%

Volume Change: -37.5%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.494 (Decreased from 0.522)

Put-Call Ratio (Volume): 0.833

Max Pain Level: 55500

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 55000

Highest CALL Addition: 55500

Highest PUT Addition: 55000

FINNIFTY AUGUST Future

FINNIFTY Spot closed at: 26,306.90 (-0.04%)

FINNIFTY AUGUST Future closed at: 26,364.80 (-0.05%)

Premium:  57.9 (Decreased by -2.55 points)

Open Interest Change: -5.2%

Volume Change: -24.7%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.756 (Increased from 0.674)

Put-Call Ratio (Volume): 0.981

Max Pain Level: 26400

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26500

Highest CALL Addition: 26700

Highest PUT Addition: 26250

MIDCPNIFTY AUGUST Future

MIDCPNIFTY Spot closed at: 12,953.35 (0.14%)

MIDCPNIFTY AUGUST Future closed at: 12,969.20 (0.18%)

Premium: 15.85 (Increased by 5.75 points)

Open Interest Change: -34.8%

Volume Change: 55.1%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.005 (Decreased from 1.030)

Put-Call Ratio (Volume): 1.000

Max Pain Level: 12950

Maximum CALL Open Interest: 13000

Maximum PUT Open Interest: 12800

Highest CALL Addition: 13050

Highest PUT Addition: 12650

SENSEX Monthly Expiry (24/08/2025) Future

SENSEX Spot closed at: 81,635.91 (0.40%)

SENSEX Monthly Future closed at: 81,685.05 (0.34%)

Premium: 49.14 (Decreased by -53.26 points)

Open Interest Change: -36.2%

Volume Change: -7.1%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (26/08/2025) Option Analysis

Put-Call Ratio (OI): 0.935 (Increased from 0.637)

Put-Call Ratio (Volume): 0.988

Max Pain Level: 81700

Maximum CALL OI: 82500

Maximum PUT OI: 81500

Highest CALL Addition: 82500

Highest PUT Addition: 81500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,466.24 Cr
DIIs Net BUY: ₹ 3,176.69 Cr

FII Derivatives Activity

FII Trading Stats	25.08.25	22.08.25	21.08.25
FII Cash (Provisional Data)	-2,466.24	-1,622.52	1,246.51
Index Future Open Interest Long Ratio	13.42%	10.70%	10.46%
Index Future Volume Long Ratio	50.47%	46.25%	56.67%
Call Option Open Interest Long Ratio	47.21%	46.38%	48.69%
Call Option Volume Long Ratio	50.14%	49.35%	49.88%
Put Option Open Interest Long Ratio	65.62%	69.35%	70.94%
Put Option Volume Long Ratio	49.61%	50.48%	50.17%
Stock Future Open Interest Long Ratio	61.93%	61.85%	62.12%
Stock Future Volume Long Ratio	50.17%	49.63%	48.73%
Index Futures	Fresh Long	Fresh Short	Short Covering
Index Options	Fresh Short	Fresh Short	Short Covering
Nifty Futures	Fresh Short	Fresh Short	Short Covering
Nifty Options	Fresh Short	Fresh Long	Short Covering
BankNifty Futures	Short Covering	Fresh Short	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Long Covering	Fresh Short
FinNifty Options	Fresh Long	Fresh Short	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Short	Fresh Short
MidcpNifty Options	Long Covering	Fresh Short	Fresh Short
NiftyNxt50 Futures	Long Covering	Short Covering	Long Covering
NiftyNxt50 Options	Fresh Short	Fresh Short	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Short
Stock Options	Short Covering	Short Covering	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

SENSEX Weekly Expiry (26/08/2025)

The SENSEX index closed at 81635.91. The SENSEX weekly expiry for AUGUST 26, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.935 against previous 0.637. The 82500CE option holds the maximum open interest, followed by the 82000CE and 83000CE options. Market participants have shown increased interest with significant open interest additions in the 81500PE option, with open interest additions also seen in the 81600PE and 81000PE options. On the other hand, open interest reductions were prominent in the 85000CE, 79000PE, and 81500CE options. Trading volume was highest in the 81500PE option, followed by the 82000CE and 81600PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	26-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81635.91	0.935	0.637	0.988
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,40,38,880	2,08,64,880	31,74,000
PUT:	2,24,75,420	1,32,80,780	91,94,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
82500	16,95,460	6,57,380	4,32,24,740
82000	16,21,680	3,25,540	9,10,12,120
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82500	16,95,460	6,57,380	4,32,24,740
82600	8,25,380	4,00,220	1,66,91,060
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85000	5,37,860	-3,66,060	63,62,940
81500	7,34,600	-2,13,520	5,81,28,820
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	16,21,680	3,25,540	9,10,12,120
81700	7,67,800	1,45,240	6,58,26,640
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81500	15,39,320	8,44,880	10,64,17,340
81000	14,13,080	7,39,520	6,19,09,260
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81500	15,39,320	8,44,880	10,64,17,340
81600	10,03,280	7,63,880	7,40,78,600
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79000	8,43,400	-2,93,420	90,13,820
79800	2,39,800	-47,740	35,80,240
Top PUT Volume:
Strike	OI	OI Change	Volume
81500	15,39,320	8,44,880	10,64,17,340
81600	10,03,280	7,63,880	7,40,78,600

NIFTY Monthly Expiry (28/08/2025)

The NIFTY index closed at 24967.75. The NIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.773 against previous 0.610. The 25000CE option holds the maximum open interest, followed by the 26000CE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 25000PE option, with open interest additions also seen in the 24950PE and 24900PE options. On the other hand, open interest reductions were prominent in the 24900CE, 25000CE, and 25800CE options. Trading volume was highest in the 25000CE option, followed by the 25000PE and 24900PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,967.75	0.773	0.610	0.870
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,34,43,950	19,01,66,475	-1,67,22,525
PUT:	13,40,57,400	11,60,44,125	1,80,13,275
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,000	1,47,15,900	-26,60,925	50,81,630
26,000	1,43,13,975	-9,69,375	6,16,643
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,550	36,44,925	18,00,000	4,23,967
25,400	82,38,675	10,15,800	6,83,049
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,900	42,82,725	-32,92,500	26,32,464
25,000	1,47,15,900	-26,60,925	50,81,630
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	1,47,15,900	-26,60,925	50,81,630
24,950	34,06,950	-7,83,150	31,82,921
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,09,59,825	36,25,050	37,51,491
24,000	1,01,33,475	20,35,200	6,07,399
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	1,09,59,825	36,25,050	37,51,491
24,950	53,41,500	33,89,550	32,66,731
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,800	33,71,250	-18,49,125	3,61,474
23,600	7,02,150	-5,59,800	1,42,141
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	1,09,59,825	36,25,050	37,51,491
24,900	90,21,300	25,72,200	37,26,825

BANKNIFTY Monthly Expiry (28/08/2025)

The BANKNIFTY index closed at 55139.3. The BANKNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.494 against previous 0.522. The 57000CE option holds the maximum open interest, followed by the 56000CE and 55500CE options. Market participants have shown increased interest with significant open interest additions in the 55500CE option, with open interest additions also seen in the 55200CE and 55300CE options. On the other hand, open interest reductions were prominent in the 57000PE, 65000CE, and 59500CE options. Trading volume was highest in the 55000PE option, followed by the 55200PE and 55200CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,139.30	0.494	0.522	0.833
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,12,42,960	2,86,08,790	26,34,170
PUT:	1,54,21,980	1,49,34,115	4,87,865
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	27,25,135	1,21,835	1,76,650
56,000	26,22,060	26,530	3,12,719
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,500	21,96,320	5,48,835	4,08,014
55,200	7,84,560	3,76,880	4,45,570
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
65,000	9,94,945	-1,71,115	29,985
59,500	3,45,170	-94,290	20,902
Top CALL Volume:
Strike	OI	OI Change	Volume
55,200	7,84,560	3,76,880	4,45,570
55,500	21,96,320	5,48,835	4,08,014
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	12,90,205	2,05,415	5,31,009
54,000	10,34,075	32,235	1,33,289
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,000	12,90,205	2,05,415	5,31,009
55,100	3,95,500	2,04,400	3,33,255
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	9,48,710	-2,52,210	9,661
56,000	8,80,040	-90,510	23,359
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	12,90,205	2,05,415	5,31,009
55,200	4,89,405	1,65,235	4,67,690

FINNIFTY Monthly Expiry (28/08/2025)

The FINNIFTY index closed at 26306.9. The FINNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.756 against previous 0.674. The 26500CE option holds the maximum open interest, followed by the 26700CE and 27000CE options. Market participants have shown increased interest with significant open interest additions in the 26250PE option, with open interest additions also seen in the 26700CE and 26500CE options. On the other hand, open interest reductions were prominent in the 27500CE, 27900CE, and 25300PE options. Trading volume was highest in the 26300PE option, followed by the 26500CE and 26400CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,306.90	0.756	0.674	0.981
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	24,05,975	20,92,220	3,13,755
PUT:	18,18,505	14,10,370	4,08,135
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	2,88,405	50,375	19,705
26,700	2,45,830	68,250	16,401
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,700	2,45,830	68,250	16,401
26,500	2,88,405	50,375	19,705
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,500	80,210	-42,380	4,270
27,900	34,905	-31,265	1,534
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	2,88,405	50,375	19,705
26,400	1,50,865	46,345	18,620
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,500	1,48,980	-4,355	4,093
26,400	1,34,745	33,085	14,819
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,250	97,045	78,195	15,221
25,600	59,540	50,115	3,418
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,300	20,345	-25,025	2,310
25,000	54,665	-12,155	4,119
Top PUT Volume:
Strike	OI	OI Change	Volume
26,300	1,09,330	37,765	32,456
26,200	95,745	25,740	16,136

MIDCPNIFTY Monthly Expiry (28/08/2025)

The MIDCPNIFTY index closed at 12953.35. The MIDCPNIFTY monthly expiry for AUGUST 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.005 against previous 1.030. The 13000CE option holds the maximum open interest, followed by the 13500CE and 13100CE options. Market participants have shown increased interest with significant open interest additions in the 12650PE option, with open interest additions also seen in the 13050CE and 12600PE options. On the other hand, open interest reductions were prominent in the 68000CE, 67000CE, and 66500CE options. Trading volume was highest in the 13000CE option, followed by the 13000PE and 12900PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	28-08-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,953.35	1.005	1.030	1.000
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,01,22,840	1,02,17,620	-94,780
PUT:	1,01,69,600	1,05,20,160	-3,50,560
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	11,35,260	-1,64,360	1,15,415
13,500	8,85,220	53,760	16,251
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,050	3,96,620	1,15,080	47,646
13,150	2,82,800	1,10,320	14,425
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	11,35,260	-1,64,360	1,15,415
13,100	8,73,040	-1,08,500	41,700
Top CALL Volume:
Strike	OI	OI Change	Volume
13,000	11,35,260	-1,64,360	1,15,415
13,050	3,96,620	1,15,080	47,646
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,800	8,60,020	-2,16,580	46,125
12,900	8,57,080	34,440	49,222
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,650	3,78,840	1,40,560	11,832
12,600	5,98,080	1,13,400	21,671
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,800	8,60,020	-2,16,580	46,125
12,700	4,16,220	-2,08,320	23,896
Top PUT Volume:
Strike	OI	OI Change	Volume
13,000	7,92,120	-50,960	95,504
12,900	8,57,080	34,440	49,222

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

This day’s Open Interest Volume Analysis underscores a market that is digesting recent gains and falls into a well-defined range with key max pain levels holding firm. For Nifty traders, 25,000 remains the key expiry anchor, with the strike band around 25,000–25,550 providing strong resistance and support. Expect range-bound movement and favor options strategies like iron condors or calendar spreads for limited risk through expiry. BankNifty and other indices echo this consolidation, with bearish and bullish positions unwinding, meaning new direction cues may only emerge post-expiry.

Traders should focus on defensive positioning now—use premium decay and focused hedging to protect capital rather than chasing directional trades. Keep a close eye on sudden changes in open interest and volume as expiry nears, as these will be the first signs of the market’s next meaningful move. Let this Open Interest Volume Analysis inform tactical decisions, enhance risk management, and help navigate the delicate final days of August expiry.

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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