NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 16/09/2025

On 16th September 2025, the Indian derivatives market witnessed a sharp comeback driven by short covering, as both Nifty and Bank Nifty futures rallied with volumes surging over 70%. Nifty futures closed higher at 25,331 with OI dropping by 3.4%, a clear indication of shorts being unwound, while the weekly option chain showed strong put additions at 25,200, shifting the max pain level higher.

Bank Nifty mirrored the same trend with aggressive short covering and fresh put build-up near 55,000, confirming trader confidence in defenses holding up. Interestingly, FINNIFTY too saw heavy unwinding in OI with price gains, but the real outlier was MIDCPNIFTY, where fresh long build-up pointed to sustained strength in midcaps. Meanwhile, SENSEX futures surged with an 8.3% OI build-up, signaling fresh long positions at higher levels, reinforcing bullish bets. This Open Interest Volume Analysis paints a picture of bears on the back foot and buyers regaining control ahead of expiry week.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,239.10 (0.68%)

NIFTY SEPTEMBER Future closed at: 25,331.40 (0.66%)

Premium: 92.3 (Decreased by -3.2 points)

Open Interest Change: -3.4%

Volume Change: 75.2%

Open Interest Analysis: Short Covering

NIFTY Weekly Expiry (23/09/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.310 (Increased from 0.949)

Put-Call Ratio (Volume): 0.982

Max Pain Level: 25200

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25200

Highest CALL Addition: 26000

Highest PUT Addition: 25200

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

Put-Call Ratio (Open Interest): 1.157 (Increased from 1.109)

Put-Call Ratio (Volume): 1.137

Max Pain Level: 25000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25600

Highest PUT Addition: 25000

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 55,147.60 (0.47%)

BANKNIFTY SEPTEMBER Future closed at: 55,339.60 (0.41%)

Premium: 192 (Decreased by -33.75 points)

Open Interest Change: -3.7%

Volume Change: 52.2%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.082 (Increased from 1.005)

Put-Call Ratio (Volume): 0.881

Max Pain Level: 55000

Maximum CALL Open Interest: 57000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 55200

Highest PUT Addition: 55000

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,495.30 (0.39%)

FINNIFTY SEPTEMBER Future closed at: 26,594.40 (0.35%)

Premium:  99.1 (Decreased by -9.35 points)

Open Interest Change: -5.2%

Volume Change: 74.5%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.073 (Increased from 1.063)

Put-Call Ratio (Volume): 0.890

Max Pain Level: 26200

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26900

Highest PUT Addition: 26500

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,146.55 (0.34%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,192.85 (0.37%)

Premium: 46.3 (Increased by 3.65 points)

Open Interest Change: 1.3%

Volume Change: 21.5%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.181 (Decreased from 1.271)

Put-Call Ratio (Volume): 0.818

Max Pain Level: 13000

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12000

Highest CALL Addition: 13500

Highest PUT Addition: 13200

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 82,380.69 (0.73%)

SENSEX Monthly Future closed at: 82,599.35 (0.68%)

Premium: 218.66 (Decreased by -36.6 points)

Open Interest Change: 8.3%

Volume Change: 73.9%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (OI): 1.451 (Increased from 0.912)

Put-Call Ratio (Volume): 0.862

Max Pain Level: 82300

Maximum CALL OI: 84000

Maximum PUT OI: 80000

Highest CALL Addition: 84000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 308.32 Cr.
DIIs Net BUY: ₹ 1,518.73 Cr.

FII Derivatives Activity

FII Trading Stats	16.09.25	15.09.25	12.09.25
FII Cash (Provisional Data)	308.32	-1,268.59	129.58
Index Future Open Interest Long Ratio	12.44%	11.85%	11.81%
Index Future Volume Long Ratio	67.04%	55.20%	77.28%
Call Option Open Interest Long Ratio	49.16%	48.24%	49.96%
Call Option Volume Long Ratio	50.77%	49.57%	50.35%
Put Option Open Interest Long Ratio	68.13%	62.51%	62.77%
Put Option Volume Long Ratio	50.20%	50.13%	50.19%
Stock Future Open Interest Long Ratio	62.07%	62.06%	62.28%
Stock Future Volume Long Ratio	51.14%	46.73%	51.09%
Index Futures	Short Covering	Short Covering	Short Covering
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Short Covering	Short Covering	Short Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Fresh Short
FinNifty Options	Fresh Short	Short Covering	Fresh Long
MidcpNifty Futures	Fresh Short	Fresh Long	Long Covering
MidcpNifty Options	Fresh Short	Fresh Long	Short Covering
NiftyNxt50 Futures	Short Covering	Fresh Long	Long Covering
NiftyNxt50 Options	Long Covering	Fresh Long	Short Covering
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Short	Fresh Short	Fresh Short

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 (23/09/2025)

The NIFTY index closed at 25239.1. The NIFTY weekly expiry for SEPTEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.310 against previous 0.949. The 26000CE option holds the maximum open interest, followed by the 25200PE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 25200PE option, with open interest additions also seen in the 26000CE and 25100PE options. On the other hand, open interest reductions were prominent in the 25100CE, 25050CE, and 25150CE options. Trading volume was highest in the 25200CE option, followed by the 25200PE and 25100PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,239.10	1.310	0.949	0.982
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,40,11,100	3,29,77,350	2,10,33,750
PUT:	7,07,75,400	3,13,01,625	3,94,73,775
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	70,70,550	32,52,825	2,34,884
25,200	38,02,350	15,41,625	5,43,013
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	70,70,550	32,52,825	2,34,884
25,200	38,02,350	15,41,625	5,43,013
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,100	14,65,575	-6,10,650	2,67,731
25,050	2,07,375	-1,39,575	38,797
Top CALL Volume:
Strike	OI	OI Change	Volume
25,200	38,02,350	15,41,625	5,43,013
25,300	27,97,950	14,13,300	3,87,169
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,200	56,43,225	48,26,700	4,74,655
25,000	50,74,875	23,74,500	3,30,178
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,200	56,43,225	48,26,700	4,74,655
25,100	42,73,950	26,58,000	3,91,914
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,550	49,575	-3,300	2,232
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
25,200	56,43,225	48,26,700	4,74,655
25,100	42,73,950	26,58,000	3,91,914

SENSEX Weekly Expiry (18/09/2025)

The SENSEX index closed at 82380.69. The SENSEX weekly expiry for SEPTEMBER 18, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.451 against previous 0.912. The 84000CE option holds the maximum open interest, followed by the 80000PE and 82000PE options. Market participants have shown increased interest with significant open interest additions in the 80000PE option, with open interest additions also seen in the 84000CE and 82000PE options. On the other hand, open interest reductions were prominent in the 82000CE, 81900CE, and 81800CE options. Trading volume was highest in the 82000PE option, followed by the 82200CE and 82500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	18-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82380.69	1.451	0.912	0.862
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,59,34,780	1,10,39,560	48,95,220
PUT:	2,31,22,160	1,00,72,820	1,30,49,340
Top CALL Open Interest:
Strike	OI	OI Change	Volume
84000	17,01,020	9,88,620	86,33,580
83500	11,48,580	5,90,140	80,60,360
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	17,01,020	9,88,620	86,33,580
83500	11,48,580	5,90,140	80,60,360
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82000	4,21,360	-5,10,220	1,81,89,260
81900	1,95,240	-3,16,100	84,18,820
Top CALL Volume:
Strike	OI	OI Change	Volume
82200	2,96,520	-50,540	1,90,46,780
82500	7,76,300	2,69,020	1,90,06,040
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	17,00,080	11,66,740	66,47,320
82000	14,80,800	8,75,280	2,32,16,500
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	17,00,080	11,66,740	66,47,320
82000	14,80,800	8,75,280	2,32,16,500
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
79900	1,45,200	-21,280	8,40,480
80100	86,480	-20,740	8,93,580
Top PUT Volume:
Strike	OI	OI Change	Volume
82000	14,80,800	8,75,280	2,32,16,500
82200	6,75,740	6,30,720	1,57,62,160

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25239.1. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.157 against previous 1.109. The 25000PE 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 25000PE option, with open interest additions also seen in the 25200PE and 24900PE options. On the other hand, open interest reductions were prominent in the 24700PE, 24800PE, and 24900CE options. Trading volume was highest in the 25000PE option, followed by the 25500CE and 25200CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,239.10	1.157	1.109	1.137
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,91,62,275	4,83,37,425	8,24,850
PUT:	5,69,04,450	5,36,12,175	32,92,275
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	52,22,175	1,15,500	69,968
25,500	45,79,800	-2,16,525	1,03,039
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,600	24,78,900	4,42,425	52,862
26,500	18,73,650	3,29,550	18,026
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,900	12,53,550	-2,34,075	12,614
25,500	45,79,800	-2,16,525	1,03,039
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	45,79,800	-2,16,525	1,03,039
25,200	24,42,225	-1,73,025	97,413
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	60,43,425	14,16,000	1,18,198
24,500	45,50,100	61,650	60,102
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,000	60,43,425	14,16,000	1,18,198
25,200	18,25,350	6,16,125	91,375
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,700	23,65,425	-4,33,725	45,517
24,800	23,87,625	-3,93,900	61,459
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	60,43,425	14,16,000	1,18,198
25,200	18,25,350	6,16,125	91,375

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 55147.6. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.082 against previous 1.005. The 54000PE option holds the maximum open interest, followed by the 57000CE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 55000PE option, with open interest additions also seen in the 54000PE and 55100PE options. On the other hand, open interest reductions were prominent in the 57000PE, 57000CE, and 55000CE options. Trading volume was highest in the 55000CE option, followed by the 55000PE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,147.60	1.082	1.005	0.881
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,56,08,635	1,61,22,170	-5,13,535
PUT:	1,68,86,255	1,62,04,900	6,81,355
Top CALL Open Interest:
Strike	OI	OI Change	Volume
57,000	14,52,765	-3,18,590	61,002
56,000	13,88,415	-44,870	1,17,070
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,200	3,23,190	1,06,155	93,896
55,300	2,56,935	75,250	57,365
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	14,52,765	-3,18,590	61,002
55,000	12,17,930	-1,66,425	1,89,331
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	12,17,930	-1,66,425	1,89,331
56,000	13,88,415	-44,870	1,17,070
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	15,19,620	1,77,555	67,158
55,000	13,63,740	3,12,830	1,69,581
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,000	13,63,740	3,12,830	1,69,581
54,000	15,19,620	1,77,555	67,158
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
57,000	6,16,920	-3,52,085	11,749
52,600	64,435	-42,665	6,885
Top PUT Volume:
Strike	OI	OI Change	Volume
55,000	13,63,740	3,12,830	1,69,581
55,100	2,52,945	1,21,135	90,192

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26495.3. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.073 against previous 1.063. 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 26500PE option, with open interest additions also seen in the 26900CE and 26400PE options. On the other hand, open interest reductions were prominent in the 24500PE, 24000PE, and 23000PE options. Trading volume was highest in the 26500CE option, followed by the 27000CE and 26500PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,495.30	1.073	1.063	0.890
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,58,130	8,66,710	-8,580
PUT:	9,20,595	9,21,635	-1,040
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	1,19,405	-6,305	5,454
27,000	95,810	-1,495	4,578
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,900	53,560	19,305	1,297
26,600	40,885	5,005	3,101
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	23,660	-11,440	2,383
26,500	1,19,405	-6,305	5,454
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	1,19,405	-6,305	5,454
27,000	95,810	-1,495	4,578
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	88,270	1,885	3,151
25,000	77,805	2,795	1,312
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,500	66,365	24,440	4,000
26,400	40,365	13,325	1,696
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	22,945	-29,900	1,681
24,000	34,970	-20,150	1,136
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	66,365	24,440	4,000
26,000	88,270	1,885	3,151

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13146.55. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.181 against previous 1.271. The 13500CE option holds the maximum open interest, followed by the 14000CE and 12000PE options. Market participants have shown increased interest with significant open interest additions in the 13500CE option, with open interest additions also seen in the 13200CE and 13200PE options. On the other hand, open interest reductions were prominent in the 68000CE, 67500CE, and 66000PE options. Trading volume was highest in the 13300CE option, followed by the 13100CE and 13100PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,146.55	1.181	1.271	0.818
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	67,64,940	64,65,200	2,99,740
PUT:	79,91,760	82,16,740	-2,24,980
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	9,68,800	1,85,080	9,379
14,000	7,37,660	3,920	1,818
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,500	9,68,800	1,85,080	9,379
13,200	5,39,280	1,44,340	12,169
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,100	3,82,620	-1,08,360	19,744
13,050	57,120	-35,980	1,141
Top CALL Volume:
Strike	OI	OI Change	Volume
13,300	4,33,160	13,440	21,616
13,100	3,82,620	-1,08,360	19,744
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	6,72,000	-59,220	2,789
13,000	6,71,580	24,920	9,477
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,200	2,40,240	1,26,140	4,360
12,800	6,32,660	86,660	6,126
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,100	4,24,480	-1,25,720	18,064
13,400	26,600	-74,340	915
Top PUT Volume:
Strike	OI	OI Change	Volume
13,100	4,24,480	-1,25,720	18,064
13,000	6,71,580	24,920	9,477

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

The derivatives positioning on 16th September 2025 highlights a market tilting in favor of the bulls. Nifty’s PCR (OI) rising sharply to 1.310 clearly shows put writers are regaining dominance, with strong support emerging at 25,200. Bank Nifty’s max pain level holding steady at 55,000 alongside rising call writing at 55,200 points to a consolidation zone before the next directional move.

FINNIFTY’s shifting buildup suggests cautious optimism, but MIDCPNIFTY stands out with fresh longs—an encouraging sign for broader market participation. The strongest signal comes from SENSEX futures, where steady fresh longs with volumes up nearly 74% suggest institutional flow supporting the uptrend. Overall, the Open Interest Volume Analysis underlines that short covering is fueling the present rally, but with simultaneous fresh longs appearing in midcaps and Sensex, this move could well extend into a more convincing bullish leg if global sentiment remains supportive.

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