NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 18/09/2025

The session on 18th September 2025 confirmed that the upward drift in the indices is still being powered by short covering, as Nifty, Bank Nifty, and Sensex futures all closed higher with falling open interest. Nifty futures ended at 25,510 with OI down 1.1%, while Bank Nifty mirrored the move with nearly a 7.4% drop in OI – clear signs that bears are steadily retreating. In the weekly Nifty options setup, PCR (OI) eased to 1.094 as fresh call writing appeared at 25,800, yet strong put additions at 25,400 reaffirmed support.

Interestingly, FINNIFTY showed similar short unwindings coupled with record jump in volumes, pointing to aggressive covering by traders. MIDCPNIFTY stood out, building fresh longs with a 3.6% OI rise alongside a 93% volume surge, reflecting real conviction in midcap momentum. Sensex too aligned with the short covering theme, with futures gaining over 0.3% and OI down 9.5%. The broader Open Interest Volume Analysis suggests markets are climbing a wall of worry, where unwinding pressure fuels the rally, but fresh long participation is still selective.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,423.60 (0.37%)

NIFTY SEPTEMBER Future closed at: 25,510.90 (0.34%)

Premium: 87.3 (Decreased by -5.85 points)

Open Interest Change: -1.1%

Volume Change: 21.1%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.094 (Decreased from 1.167)

Put-Call Ratio (Volume): 1.077

Max Pain Level: 25400

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25800

Highest PUT Addition: 25400

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

Put-Call Ratio (Open Interest): 1.132 (Decreased from 1.144)

Put-Call Ratio (Volume): 1.191

Max Pain Level: 25200

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 27000

Highest PUT Addition: 25200

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 55,727.45 (0.42%)

BANKNIFTY SEPTEMBER Future closed at: 55,879.60 (0.32%)

Premium: 152.15 (Decreased by -54.35 points)

Open Interest Change: -7.4%

Volume Change: 8.2%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.105 (Increased from 1.094)

Put-Call Ratio (Volume): 0.913

Max Pain Level: 55400

Maximum CALL Open Interest: 56000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 55800

Highest PUT Addition: 55700

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,698.65 (0.51%)

FINNIFTY SEPTEMBER Future closed at: 26,751.80 (0.31%)

Premium:  53.15 (Decreased by -52.3 points)

Open Interest Change: -6.6%

Volume Change: 122.6%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.081 (Increased from 1.028)

Put-Call Ratio (Volume): 0.918

Max Pain Level: 26400

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26700

Highest PUT Addition: 26700

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,234.25 (0.63%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,282.55 (0.66%)

Premium: 48.3 (Increased by 5.25 points)

Open Interest Change: 3.6%

Volume Change: 93.9%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.224 (Increased from 1.082)

Put-Call Ratio (Volume): 0.833

Max Pain Level: 13100

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12500

Highest CALL Addition: 13300

Highest PUT Addition: 13200

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 83,013.96 (0.39%)

SENSEX Monthly Future closed at: 83,185.60 (0.32%)

Premium: 171.64 (Decreased by -54.85 points)

Open Interest Change: -9.5%

Volume Change: 57.3%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (25/09/2025) Option Analysis

Put-Call Ratio (OI): 1.019 (Decreased from 1.054)

Put-Call Ratio (Volume): 0.984

Max Pain Level: 83000

Maximum CALL OI: 83000

Maximum PUT OI: 83000

Highest CALL Addition: 86000

Highest PUT Addition: 83000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 366.69 Cr.
DIIs Net BUY: ₹ 3,326.56 Cr.

FII Derivatives Activity

FII Trading Stats	18.09.25	17.09.25	16.09.25
FII Cash (Provisional Data)	366.69	308.32	308.32
Index Future Open Interest Long Ratio	13.96%	13.22%	12.44%
Index Future Volume Long Ratio	59.59%	69.77%	67.04%
Call Option Open Interest Long Ratio	50.72%	49.29%	49.16%
Call Option Volume Long Ratio	50.27%	49.99%	50.77%
Put Option Open Interest Long Ratio	64.44%	64.23%	68.13%
Put Option Volume Long Ratio	50.30%	49.76%	50.20%
Stock Future Open Interest Long Ratio	61.95%	62.01%	62.07%
Stock Future Volume Long Ratio	50.05%	49.67%	51.14%
Index Futures	Short Covering	Short Covering	Short Covering
Index Options	Fresh Long	Fresh Short	Short Covering
Nifty Futures	Short Covering	Short Covering	Short Covering
Nifty Options	Fresh Long	Fresh Short	Short Covering
BankNifty Futures	Short Covering	Short Covering	Short Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Short	Fresh Short
FinNifty Options	Long Covering	Fresh Long	Fresh Short
MidcpNifty Futures	Short Covering	Short Covering	Fresh Short
MidcpNifty Options	Fresh Short	Short Covering	Fresh Short
NiftyNxt50 Futures	Long Covering	Long Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Short	Long Covering
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Long	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 25423.6. The NIFTY weekly expiry for SEPTEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.094 against previous 1.167. The 26000CE option holds the maximum open interest, followed by the 25500CE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 25400PE option, with open interest additions also seen in the 25800CE and 25000PE options. On the other hand, open interest reductions were prominent in the 25300CE, 25350CE, and 24200PE options. Trading volume was highest in the 25400PE option, followed by the 25400CE and 25500CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,423.60	1.094	1.167	1.077
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	13,00,47,825	9,20,74,575	3,79,73,250
PUT:	14,22,92,850	10,74,35,475	3,48,57,375
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,14,59,475	28,57,125	8,97,349
25,500	1,11,12,300	38,88,675	30,05,470
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,800	86,08,125	48,06,225	9,91,686
25,500	1,11,12,300	38,88,675	30,05,470
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,300	30,33,600	-17,50,425	9,03,650
25,350	19,51,875	-11,34,825	10,73,893
Top CALL Volume:
Strike	OI	OI Change	Volume
25,400	72,86,025	20,92,650	33,46,918
25,500	1,11,12,300	38,88,675	30,05,470
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	1,04,79,825	42,60,450	8,99,355
25,400	90,16,125	58,72,050	38,25,627
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,400	90,16,125	58,72,050	38,25,627
25,000	1,04,79,825	42,60,450	8,99,355
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,200	34,94,925	-8,18,625	3,00,769
25,250	40,34,550	-7,65,150	10,89,446
Top PUT Volume:
Strike	OI	OI Change	Volume
25,400	90,16,125	58,72,050	38,25,627
25,300	90,02,925	20,81,400	22,54,692

SENSEX Weekly Expiry (25/09/2025)

The SENSEX index closed at 83013.96. The SENSEX weekly expiry for SEPTEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.019 against previous 1.054. The 83000CE option holds the maximum open interest, followed by the 83000PE and 85000CE options. Market participants have shown increased interest with significant open interest additions in the 83000PE option, with open interest additions also seen in the 86000CE and 83000CE options. On the other hand, open interest reductions were prominent in the 82600CE, 82700CE, and 82400CE options. Trading volume was highest in the 83000CE option, followed by the 83000PE and 84000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	25-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
83013.96	1.019	1.054	0.984
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	39,27,260	12,13,860	27,13,400
PUT:	40,00,820	12,79,280	27,21,540
Top CALL Open Interest:
Strike	OI	OI Change	Volume
83000	4,54,420	3,38,700	32,78,540
85000	4,03,600	3,17,400	14,71,180
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
86000	3,88,260	3,52,340	10,63,320
83000	4,54,420	3,38,700	32,78,540
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
82600	16,100	-10,540	1,25,620
82700	58,620	-7,280	3,02,460
Top CALL Volume:
Strike	OI	OI Change	Volume
83000	4,54,420	3,38,700	32,78,540
84000	2,66,600	1,48,100	15,21,800
Top PUT Open Interest:
Strike	OI	OI Change	Volume
83000	4,30,820	3,83,680	32,54,780
81000	2,87,980	2,07,660	8,75,260
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
83000	4,30,820	3,83,680	32,54,780
81000	2,87,980	2,07,660	8,75,260
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
80100	6,280	-1,180	21,060
78300	220	-260	1,480
Top PUT Volume:
Strike	OI	OI Change	Volume
83000	4,30,820	3,83,680	32,54,780
82500	2,09,840	1,09,880	13,72,080

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25423.6. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.132 against previous 1.144. The 26000CE option holds the maximum open interest, followed by the 25000PE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 25200PE option, with open interest additions also seen in the 25500PE and 27000CE options. On the other hand, open interest reductions were prominent in the 25100PE, 23500PE, and 25700CE options. Trading volume was highest in the 25500CE option, followed by the 25300PE and 25400PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,423.60	1.132	1.144	1.191
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,57,17,725	5,22,91,500	34,26,225
PUT:	6,30,86,700	5,98,43,775	32,42,925
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	57,47,775	1,89,225	1,19,865
25,500	50,47,500	6,19,425	1,86,151
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	39,62,175	11,15,025	33,751
25,800	28,94,850	8,97,000	1,04,409
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	23,48,550	-3,19,050	99,727
25,000	35,44,275	-2,22,525	21,025
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	50,47,500	6,19,425	1,86,151
26,000	57,47,775	1,89,225	1,19,865
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	57,47,325	75,750	1,18,260
24,000	45,58,875	5,27,775	51,956
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,200	33,82,275	13,36,425	1,10,313
25,500	30,44,250	11,23,950	1,30,182
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,100	24,62,550	-10,92,675	1,00,069
23,500	16,14,750	-4,72,500	25,359
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	25,61,400	4,64,175	1,44,235
25,400	21,57,750	7,81,050	1,40,687

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 55727.45. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.105 against previous 1.094. The 54000PE option holds the maximum open interest, followed by the 55000PE and 56000CE options. Market participants have shown increased interest with significant open interest additions in the 55800CE option, with open interest additions also seen in the 55700PE and 55700CE options. On the other hand, open interest reductions were prominent in the 55000CE, 53300PE, and 55500CE options. Trading volume was highest in the 56000CE option, followed by the 55800CE and 55700CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,727.45	1.105	1.094	0.913
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,63,17,270	1,56,02,075	7,15,195
PUT:	1,80,27,595	1,70,70,165	9,57,430
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	12,98,920	-63,595	2,48,783
57,000	11,15,785	-1,13,520	1,12,428
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,800	5,73,055	3,29,000	2,06,721
55,700	4,49,015	2,06,395	1,96,279
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,000	8,59,985	-1,48,190	36,308
55,500	7,21,080	-1,22,800	1,62,490
Top CALL Volume:
Strike	OI	OI Change	Volume
56,000	12,98,920	-63,595	2,48,783
55,800	5,73,055	3,29,000	2,06,721
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	14,38,075	-40,845	70,890
55,000	14,19,985	15,960	1,50,718
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,700	4,23,360	3,02,995	1,74,889
55,800	2,52,735	1,76,715	1,55,015
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,300	97,580	-1,43,745	13,984
51,500	3,62,915	-85,155	19,749
Top PUT Volume:
Strike	OI	OI Change	Volume
55,700	4,23,360	3,02,995	1,74,889
55,500	6,88,440	57,215	1,73,922

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26698.65. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.081 against previous 1.028. The 26000PE option holds the maximum open interest, followed by the 27000CE and 27500CE options. Market participants have shown increased interest with significant open interest additions in the 26700PE option, with open interest additions also seen in the 26000PE and 26700CE options. On the other hand, open interest reductions were prominent in the 26500CE, 25500PE, and 25000PE options. Trading volume was highest in the 27000CE option, followed by the 26700CE and 26500PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,698.65	1.081	1.028	0.918
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,99,405	9,14,225	-14,820
PUT:	9,72,010	9,39,640	32,370
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	95,095	-5,460	10,186
27,500	87,945	4,810	2,483
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,700	37,180	22,555	6,999
26,750	14,560	7,280	1,623
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	80,665	-30,810	1,497
26,600	31,720	-16,185	3,125
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	95,095	-5,460	10,186
26,700	37,180	22,555	6,999
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,24,345	27,365	3,419
26,500	81,250	3,380	6,554
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,700	40,300	29,445	6,309
26,000	1,24,345	27,365	3,419
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	78,390	-18,005	1,808
25,000	55,965	-17,420	536
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	81,250	3,380	6,554
26,700	40,300	29,445	6,309

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13234.25. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.224 against previous 1.082. The 13500CE option holds the maximum open interest, followed by the 14000CE and 12500PE options. Market participants have shown increased interest with significant open interest additions in the 13200PE option, with open interest additions also seen in the 12500PE and 13300CE options. On the other hand, open interest reductions were prominent in the 68000CE, 68000CE, and 67000CE options. Trading volume was highest in the 13300CE option, followed by the 13200CE and 13200PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,234.25	1.224	1.082	0.833
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	72,70,200	72,42,200	28,000
PUT:	88,98,680	78,39,160	10,59,520
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	10,30,820	96,320	19,849
14,000	7,00,280	-72,660	5,247
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,300	6,35,040	1,30,200	37,512
13,600	3,78,840	1,00,660	6,746
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,150	92,400	-1,51,480	7,050
13,100	2,67,260	-74,060	4,566
Top CALL Volume:
Strike	OI	OI Change	Volume
13,300	6,35,040	1,30,200	37,512
13,200	5,59,300	-28,840	29,631
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,500	6,72,000	1,46,160	6,171
13,200	6,67,100	3,56,580	27,022
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,200	6,67,100	3,56,580	27,022
12,500	6,72,000	1,46,160	6,171
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,150	93,100	-57,260	7,714
12,650	54,040	-30,940	508
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	6,67,100	3,56,580	27,022
13,000	6,19,500	-2,240	16,085

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

Derivative positioning on 18th September 2025 shows a market steadily unwinding shorts and shifting towards stability ahead of the next weekly expiry. Nifty’s max pain has shifted upward to 25,400, in line with heavy put build-up, reinforcing that downside protection is strong. Bank Nifty’s option setup reflects a similar theme with 55,700–55,800 becoming the balancing zone, where bears appear reluctant to add fresh positions.

FINNIFTY’s dual put and call additions at 26,700 highlight a potential consolidation pocket, while MIDCPNIFTY’s fresh long OI buildup near 13,200 signals real accumulation in the midcap space. Sensex, with its 9.5% OI drop and puts clustering at 83,000, reinforces bullish undercurrents from institutional players. Overall, the Open Interest Volume Analysis makes it evident that while the ongoing rally is still leaning heavily on short covering, the emergence of selective fresh long positions—especially in midcaps—could lay the groundwork for a broader bullish phase if global sentiment remains supportive.

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