NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 12/09/2025

On 12th September 2025, the Indian derivatives market painted a decisive picture through its Open Interest Volume Analysis, signaling a strong influence of short covering across key indices like NIFTY, BANKNIFTY, and FINNIFTY. Nifty futures closed with a premium of 91 points even as open interest dropped by 2.5%, indicating that bearish hands were forced to exit positions.

Meanwhile, the weekly Nifty options showed a rising PCR (OI) at 1.331, hinting at supportive put-writing near 25,100 levels. What’s striking is the parallel movement in Bank Nifty and Finnifty, both showing similar short-covering trends, albeit with a cautious undertone in option activity. This synchronized derivatives move, as reflected in the Open Interest Volume Analysis, suggests a shift in sentiment from defensiveness to selective bullish undertones ahead of the weekly expiry.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,114.00 (0.43%)

NIFTY SEPTEMBER Future closed at: 25,205.00 (0.40%)

Premium: 91 (Decreased by -8 points)

Open Interest Change: -2.5%

Volume Change: 45.6%

Open Interest Analysis: Short Covering

NIFTY Weekly Expiry (16/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.331 (Increased from 1.157)

Put-Call Ratio (Volume): 0.923

Max Pain Level: 25100

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25150

Highest PUT Addition: 25100

NIFTY Monthly Expiry (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.118 (Increased from 1.107)

Put-Call Ratio (Volume): 1.169

Max Pain Level: 25000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25600

Highest PUT Addition: 24800

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 54,809.30 (0.26%)

BANKNIFTY SEPTEMBER Future closed at: 55,013.40 (0.25%)

Premium: 204.1 (Decreased by -1.3 points)

Open Interest Change: -4.6%

Volume Change: -9.8%

Open Interest Analysis: Short Covering

BANKNIFTY Monthly Expiry  (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.019 (Increased from 1.013)

Put-Call Ratio (Volume): 0.930

Max Pain Level: 55000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 55000

Highest PUT Addition: 55000

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,363.25 (0.70%)

FINNIFTY SEPTEMBER Future closed at: 26,456.10 (0.70%)

Premium:  92.85 (Decreased by -0.55 points)

Open Interest Change: -8.5%

Volume Change: 32.6%

Open Interest Analysis: Short Covering

FINNIFTY Monthly Expiry  (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.063 (Increased from 1.021)

Put-Call Ratio (Volume): 0.843

Max Pain Level: 26100

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26400

Highest PUT Addition: 26200

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,083.05 (0.35%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,112.70 (0.30%)

Premium: 29.65 (Decreased by -6.15 points)

Open Interest Change: 0.3%

Volume Change: -14.2%

Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry  (30/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.203 (Increased from 1.193)

Put-Call Ratio (Volume): 0.860

Max Pain Level: 13000

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13100

Highest PUT Addition: 12700

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 81,904.70 (0.44%)

SENSEX Monthly Future closed at: 82,143.45 (0.35%)

Premium: 238.75 (Decreased by -66.32 points)

Open Interest Change: 5.4%

Volume Change: -38.9%

Open Interest Analysis: Fresh Long

SENSEX Weekly Expiry (18/09/2025) Option Analysis

Put-Call Ratio (OI): 1.184 (Increased from 1.170)

Put-Call Ratio (Volume): 0.846

Max Pain Level: 81900

Maximum CALL OI: 84000

Maximum PUT OI: 81500

Highest CALL Addition: 84500

Highest PUT Addition: 82000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 129.58 Cr.
DIIs Net BUY: ₹ 1,556.02 Cr.

FII Derivatives Activity

FII Trading Stats	12.09.25	11.09.25	10.09.25
FII Cash (Provisional Data)	129.58	-3,472.37	-115.69
Index Future Open Interest Long Ratio	11.81%	10.78%	10.22%
Index Future Volume Long Ratio	77.28%	62.06%	56.31%
Call Option Open Interest Long Ratio	49.96%	48.06%	46.31%
Call Option Volume Long Ratio	50.35%	50.40%	49.56%
Put Option Open Interest Long Ratio	62.77%	64.09%	64.44%
Put Option Volume Long Ratio	50.19%	50.29%	49.49%
Stock Future Open Interest Long Ratio	62.28%	62.21%	62.60%
Stock Future Volume Long Ratio	51.09%	45.63%	50.83%
Index Futures	Short Covering	Short Covering	Fresh Long
Index Options	Fresh Long	Fresh Long	Fresh Short
Nifty Futures	Short Covering	Fresh Long	Fresh Long
Nifty Options	Fresh Long	Fresh Long	Fresh Short
BankNifty Futures	Short Covering	Short Covering	Short Covering
BankNifty Options	Fresh Short	Long Covering	Fresh Short
FinNifty Futures	Fresh Short	Long Covering	Fresh Short
FinNifty Options	Fresh Long	Fresh Short	Fresh Long
MidcpNifty Futures	Long Covering	Short Covering	Fresh Long
MidcpNifty Options	Short Covering	Fresh Long	Fresh Short
NiftyNxt50 Futures	Long Covering	Fresh Long	Long Covering
NiftyNxt50 Options	Short Covering	Fresh Short	Fresh Short
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Short	Fresh Short	Fresh Long

Fresh Long: Net Buy with Increase in Open Interest
Fresh Short: Net Sell with Increase in Open Interest
Short Covering: Net Buy with Decrease in Open Interest
Long Covering: Net Sell with Decrease in Open Interest

NSE & BSE Option market Trends : Options Insights

NIFTY Weekly Expiry (16/09/2025)

The NIFTY index closed at 25114. The NIFTY weekly expiry for SEPTEMBER 16, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.331 against previous 1.157. The 25000PE option holds the maximum open interest, followed by the 26000CE and 25100PE options. Market participants have shown increased interest with significant open interest additions in the 25100PE option, with open interest additions also seen in the 25050PE and 25150PE options. On the other hand, open interest reductions were prominent in the 25000CE, 25050CE, and 25700CE options. Trading volume was highest in the 25100CE option, followed by the 25100PE and 25200CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	16-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,114.00	1.331	1.157	0.923
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	15,29,44,425	14,51,79,450	77,64,975
PUT:	20,35,48,950	16,80,17,400	3,55,31,550
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,29,37,125	7,09,200	6,38,269
25,500	1,19,81,025	15,33,525	14,71,611
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,150	61,52,175	23,91,075	34,65,321
25,350	54,79,725	21,66,525	15,01,390
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	54,03,600	-44,46,075	20,27,598
25,050	21,70,200	-27,52,275	24,13,491
Top CALL Volume:
Strike	OI	OI Change	Volume
25,100	82,26,150	8,84,400	53,83,154
25,200	99,93,075	7,47,375	39,12,817
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,78,53,525	27,30,000	34,96,773
25,100	1,23,80,775	95,61,675	46,46,142
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,100	1,23,80,775	95,61,675	46,46,142
25,050	76,68,150	46,44,300	30,66,282
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,700	17,08,800	-13,12,125	1,62,826
23,500	57,98,550	-12,09,000	3,11,591
Top PUT Volume:
Strike	OI	OI Change	Volume
25,100	1,23,80,775	95,61,675	46,46,142
25,000	1,78,53,525	27,30,000	34,96,773

SENSEX Weekly Expiry (18/09/2025)

The SENSEX index closed at 81904.7. The SENSEX weekly expiry for SEPTEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.184 against previous 1.170. The 81500PE option holds the maximum open interest, followed by the 84000CE and 82000PE options. Market participants have shown increased interest with significant open interest additions in the 82000PE option, with open interest additions also seen in the 81700PE and 81900PE options. On the other hand, open interest reductions were prominent in the 78000PE, 81500CE, and 81600CE options. Trading volume was highest in the 82000CE option, followed by the 81800PE and 81700PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
81904.7	1.184	1.170	0.846
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	70,75,900	33,99,000	36,76,900
PUT:	83,77,100	39,76,740	44,00,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	5,53,640	1,68,040	33,86,140
82000	5,37,940	2,80,100	1,70,28,100
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84500	5,07,480	3,52,060	26,24,680
82000	5,37,940	2,80,100	1,70,28,100
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81500	2,10,200	-1,40,660	35,99,660
81600	64,200	-50,800	34,19,800
Top CALL Volume:
Strike	OI	OI Change	Volume
82000	5,37,940	2,80,100	1,70,28,100
81900	2,86,920	2,32,720	1,12,82,200
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81500	5,66,740	1,57,840	87,35,160
82000	5,50,540	4,58,420	1,09,07,420
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
82000	5,50,540	4,58,420	1,09,07,420
81700	4,70,480	3,92,120	1,13,96,820
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
78000	2,96,240	-1,47,420	22,92,520
79600	52,880	-14,080	5,38,180
Top PUT Volume:
Strike	OI	OI Change	Volume
81800	3,89,140	3,56,180	1,19,90,080
81700	4,70,480	3,92,120	1,13,96,820

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25114. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.118 against previous 1.107. The 25000PE option holds the maximum open interest, followed by the 26000CE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 25600CE option, with open interest additions also seen in the 24800PE and 25200PE options. On the other hand, open interest reductions were prominent in the 25000CE, 23500PE, and 25500CE options. Trading volume was highest in the 25000PE option, followed by the 25500CE and 25000CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,114.00	1.118	1.107	1.169
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,71,96,975	4,62,44,475	9,52,500
PUT:	5,27,89,575	5,12,09,775	15,79,800
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	48,25,275	69,000	41,924
25,000	46,44,150	-5,77,575	72,049
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	20,64,150	9,46,950	37,034
25,100	19,60,275	2,62,425	53,853
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	46,44,150	-5,77,575	72,049
25,500	44,81,550	-2,35,425	82,298
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	44,81,550	-2,35,425	82,298
25,000	46,44,150	-5,77,575	72,049
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	48,29,325	2,09,250	90,693
24,500	41,79,300	-2,07,975	60,469
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,800	27,14,175	6,60,675	46,158
25,200	12,19,125	5,60,625	34,761
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	16,77,975	-2,88,450	21,405
22,000	19,99,950	-2,17,275	10,120
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	48,29,325	2,09,250	90,693
24,500	41,79,300	-2,07,975	60,469

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 54809.3. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.019 against previous 1.013. The 57000CE option holds the maximum open interest, followed by the 54000PE and 55000CE options. Market participants have shown increased interest with significant open interest additions in the 55000PE option, with open interest additions also seen in the 54800PE and 55000CE options. On the other hand, open interest reductions were prominent in the 54600CE, 54500CE, and 52500PE options. Trading volume was highest in the 55000CE option, followed by the 54700CE and 54500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,809.30	1.019	1.013	0.930
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,56,48,695	1,57,52,940	-1,04,245
PUT:	1,59,40,970	1,59,62,650	-21,680
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	18,28,020	-36,925	37,806
55,000	13,17,470	1,03,215	1,60,677
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,000	13,17,470	1,03,215	1,60,677
60,000	4,50,205	51,450	8,188
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
54,600	1,88,685	-1,28,625	78,863
54,500	5,80,405	-1,13,295	70,343
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	13,17,470	1,03,215	1,60,677
54,700	2,22,320	-45,290	1,11,949
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	13,85,150	-23,760	65,255
57,000	10,48,735	6,265	886
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,000	9,67,330	1,19,805	92,341
54,800	2,94,595	1,16,095	96,855
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
52,500	5,56,555	-1,11,595	31,558
54,200	2,54,205	-80,990	22,280
Top PUT Volume:
Strike	OI	OI Change	Volume
54,500	9,83,535	-69,020	1,03,369
54,700	3,01,070	65,275	1,00,372

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26363.25. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.063 against previous 1.021. The 26500CE option holds the maximum open interest, followed by the 27000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26200PE option, with open interest additions also seen in the 26400CE and 26500PE options. On the other hand, open interest reductions were prominent in the 25900PE, 24500PE, and 26500CE options. Trading volume was highest in the 26500CE option, followed by the 27000CE and 26300PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,363.25	1.063	1.021	0.843
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,16,400	7,36,905	79,495
PUT:	8,67,490	7,52,635	1,14,855
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	1,16,610	-6,955	6,687
27,000	1,03,480	14,690	4,712
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,400	27,560	27,560	3,045
27,000	1,03,480	14,690	4,712
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	1,16,610	-6,955	6,687
30,500	13,390	-3,835	176
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	1,16,610	-6,955	6,687
27,000	1,03,480	14,690	4,712
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	86,645	-390	3,108
25,000	65,000	25,155	2,313
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,200	54,665	32,305	3,183
26,500	30,160	26,000	918
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,900	22,360	-29,120	810
24,500	52,975	-17,485	1,508
Top PUT Volume:
Strike	OI	OI Change	Volume
26,300	28,665	20,150	3,226
26,200	54,665	32,305	3,183

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13083.05. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.203 against previous 1.193. The 13500CE option holds the maximum open interest, followed by the 12000PE and 14000CE options. Market participants have shown increased interest with significant open interest additions in the 12700PE option, with open interest additions also seen in the 13100PE and 13100CE options. On the other hand, open interest reductions were prominent in the 67500PE, 66000PE, and 67800CE options. Trading volume was highest in the 13100CE option, followed by the 13400CE and 13100PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,083.05	1.203	1.193	0.860
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	64,75,140	64,37,200	37,940
PUT:	77,91,420	76,82,220	1,09,200
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	8,22,220	-1,43,780	10,221
14,000	7,02,660	-24,640	2,406
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,100	5,18,560	1,44,060	20,687
13,600	67,060	67,060	1,684
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,500	8,22,220	-1,43,780	10,221
13,050	1,47,140	-84,000	4,298
Top CALL Volume:
Strike	OI	OI Change	Volume
13,100	5,18,560	1,44,060	20,687
13,400	5,77,640	50,820	19,549
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	7,88,620	-10,780	3,429
12,500	6,71,300	-58,800	5,645
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,700	5,35,780	1,74,580	7,356
13,100	3,53,220	1,51,480	18,796
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,300	3,08,280	-95,900	2,531
13,000	6,09,140	-61,740	13,012
Top PUT Volume:
Strike	OI	OI Change	Volume
13,100	3,53,220	1,51,480	18,796
13,000	6,09,140	-61,740	13,012

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

The derivatives setup for 12th September 2025 reflects a market going through a tactical reset. Nifty’s max pain level at 25,100 aligns perfectly with the highest put additions, suggesting strong support for the short term. Bank Nifty, with both highest call and put additions at 55,000, highlights a possible make-or-break zone as traders prepare for upcoming volatility.

FINNIFTY’s heavy OI unwinding shows profit-taking, while MIDCPNIFTY is standing out with fresh long formations, pointing towards strength in midcaps. SENSEX futures, on the other hand, quietly built fresh long positions, reinforcing the broad-market resilience. Overall, the Open Interest Volume Analysis reveals that while the immediate momentum comes from short covering, the underlying structure is tilting towards a bullish bias—if global cues allow, a breakout could be on the cards before the next expiry.

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