NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 19/09/2025

On 19th September 2025, the F&O market witnessed a pullback that was largely driven by long covering, marking a pause in the bullish streak of previous sessions. Nifty futures slipped to 25,411 with OI down by 3.3%, signaling that traders booked out of their longs instead of adding fresh directional bets. The weekly option chain painted a cautious tone as PCR (OI) fell sharply to 0.817 from 1.094, with puts concentrating at 25,300 while new call writing emerged at 25,400.

Bank Nifty also mirrored the same setup, closing lower as long positions were liquidated, reinforced by falling OI of 2.2%, though options data at 55,500 showed fresh activity on both sides, hinting at indecision. On the other hand, FINNIFTY diverged with fresh short build-up, suggesting selling pressure in financial heavyweights. MIDCPNIFTY and Sensex both displayed long covering, highlighting that the unwinding wasn’t index‑specific but a broad‑based cautionary move. The day’s Open Interest Volume Analysis clearly captured how the week’s bullish momentum eased into a defensive stance ahead of expiry.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,327.05 (-0.38%)

NIFTY SEPTEMBER Future closed at: 25,411.20 (-0.39%)

Premium: 84.15 (Decreased by -3.15 points)

Open Interest Change: -3.3%

Volume Change: 16.6%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.817 (Decreased from 1.094)

Put-Call Ratio (Volume): 1.125

Max Pain Level: 25350

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25300

Highest CALL Addition: 25400

Highest PUT Addition: 25300

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

Put-Call Ratio (Open Interest): 1.042 (Decreased from 1.132)

Put-Call Ratio (Volume): 0.970

Max Pain Level: 25200

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26500

Highest PUT Addition: 24900

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 55,458.85 (-0.48%)

BANKNIFTY SEPTEMBER Future closed at: 55,654.40 (-0.40%)

Premium: 195.55 (Increased by 43.4 points)

Open Interest Change: -2.2%

Volume Change: -26.3%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 1.025 (Decreased from 1.105)

Put-Call Ratio (Volume): 1.244

Max Pain Level: 55300

Maximum CALL Open Interest: 56000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 55500

Highest PUT Addition: 51000

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,527.60 (-0.64%)

FINNIFTY SEPTEMBER Future closed at: 26,623.40 (-0.48%)

Premium:  95.8 (Increased by 42.65 points)

Open Interest Change: 0.5%

Volume Change: -18.6%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.985 (Decreased from 1.081)

Put-Call Ratio (Volume): 1.066

Max Pain Level: 26400

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26600

Highest PUT Addition: 26600

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,240.50 (0.05%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,282.00 (0.00%)

Premium: 41.5 (Decreased by -6.8 points)

Open Interest Change: -2.5%

Volume Change: -58.1%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 1.163 (Decreased from 1.224)

Put-Call Ratio (Volume): 1.102

Max Pain Level: 13150

Maximum CALL Open Interest: 13500

Maximum PUT Open Interest: 12500

Highest CALL Addition: 13300

Highest PUT Addition: 13250

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 82,626.23 (-0.47%)

SENSEX Monthly Future closed at: 82,811.95 (-0.45%)

Premium: 185.72 (Increased by 14.08 points)

Open Interest Change: -2.0%

Volume Change: -39.8%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.708 (Decreased from 1.019)

Put-Call Ratio (Volume): 1.177

Max Pain Level: 82700

Maximum CALL OI: 85000

Maximum PUT OI: 80000

Highest CALL Addition: 85000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 390.74 Cr.
DIIs Net BUY: ₹ 2,105.22 Cr.

FII Derivatives Activity

FII Trading Stats	19.09.25	18.09.25	17.09.25
FII Cash (Provisional Data)	390.74	366.69	308.32
Index Future Open Interest Long Ratio	12.89%	13.96%	13.22%
Index Future Volume Long Ratio	45.66%	59.59%	69.77%
Call Option Open Interest Long Ratio	51.67%	50.72%	49.29%
Call Option Volume Long Ratio	50.17%	50.27%	49.99%
Put Option Open Interest Long Ratio	63.38%	64.44%	64.23%
Put Option Volume Long Ratio	49.95%	50.30%	49.76%
Stock Future Open Interest Long Ratio	61.79%	61.95%	62.01%
Stock Future Volume Long Ratio	49.63%	50.05%	49.67%
Index Futures	Long Covering	Short Covering	Short Covering
Index Options	Fresh Long	Fresh Long	Fresh Short
Nifty Futures	Long Covering	Short Covering	Short Covering
Nifty Options	Fresh Long	Fresh Long	Fresh Short
BankNifty Futures	Fresh Short	Short Covering	Short Covering
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Long	Fresh Long	Fresh Short
FinNifty Options	Fresh Long	Long Covering	Fresh Long
MidcpNifty Futures	Short Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Long	Fresh Short	Short Covering
NiftyNxt50 Futures	Short Covering	Long Covering	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Short
Stock Futures	Fresh Short	Fresh Long	Fresh Short
Stock Options	Fresh Short	Fresh Long	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 25327.05. The NIFTY weekly expiry for SEPTEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.817 against previous 1.094. The 26000CE option holds the maximum open interest, followed by the 25400CE and 25500CE options. Market participants have shown increased interest with significant open interest additions in the 25400CE option, with open interest additions also seen in the 25350CE and 26000CE options. On the other hand, open interest reductions were prominent in the 25400PE, 25450PE, and 24700PE options. Trading volume was highest in the 25300PE option, followed by the 25400CE and 25350PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,327.05	0.817	1.094	1.125
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,72,46,000	13,00,47,825	4,71,98,175
PUT:	14,47,68,600	14,22,92,850	24,75,750
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,58,43,150	43,83,675	11,12,358
25,400	1,53,95,100	81,09,075	58,88,951
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,400	1,53,95,100	81,09,075	58,88,951
25,350	64,45,350	44,93,475	47,32,249
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	28,78,275	-12,33,300	4,73,669
26,100	39,87,225	-6,96,150	6,43,980
Top CALL Volume:
Strike	OI	OI Change	Volume
25,400	1,53,95,100	81,09,075	58,88,951
25,350	64,45,350	44,93,475	47,32,249
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,300	1,26,93,225	36,90,300	78,56,235
25,000	94,21,725	-10,58,100	19,95,307
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,300	1,26,93,225	36,90,300	78,56,235
25,250	59,87,400	19,52,850	38,69,406
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	54,05,550	-36,10,575	47,60,679
25,450	12,36,525	-27,92,475	14,50,946
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	1,26,93,225	36,90,300	78,56,235
25,350	54,82,425	12,48,600	54,24,130

SENSEX Weekly Expiry (25/09/2025)

The SENSEX index closed at 82626.23. The SENSEX weekly expiry for SEPTEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.708 against previous 1.019. The 85000CE option holds the maximum open interest, followed by the 83000CE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 84000CE and 80000PE options. On the other hand, open interest reductions were prominent in the 83000PE, 83100PE, and 83200PE options. Trading volume was highest in the 82600PE option, followed by the 82700PE and 82500PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	25-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82626.23	0.708	1.019	1.177
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	95,34,540	39,27,260	56,07,280
PUT:	67,45,760	40,00,820	27,44,940
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	8,72,020	4,68,420	42,58,500
83000	7,17,860	2,63,440	1,68,28,640
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85000	8,72,020	4,68,420	42,58,500
84000	5,62,840	2,96,240	64,39,160
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
81800	10,640	-5,720	24,220
81000	20,120	-5,460	13,960
Top CALL Volume:
Strike	OI	OI Change	Volume
83000	7,17,860	2,63,440	1,68,28,640
82700	3,13,040	2,54,420	1,38,25,600
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	5,30,320	2,93,200	28,04,580
82500	4,09,800	1,99,960	1,84,16,320
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	5,30,320	2,93,200	28,04,580
82600	3,43,820	2,84,020	2,03,71,800
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
83000	2,85,580	-1,45,240	91,77,500
83100	67,260	-88,340	22,96,760
Top PUT Volume:
Strike	OI	OI Change	Volume
82600	3,43,820	2,84,020	2,03,71,800
82700	3,03,020	1,95,020	1,88,76,140

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25327.05. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.042 against previous 1.132. 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 26500CE option, with open interest additions also seen in the 25400CE and 25500CE options. On the other hand, open interest reductions were prominent in the 25200PE, 25800CE, and 25150PE options. Trading volume was highest in the 25500CE option, followed by the 25300PE and 25400CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,327.05	1.042	1.132	0.970
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	6,17,32,800	5,57,17,725	60,15,075
PUT:	6,43,32,075	6,30,86,700	12,45,375
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	63,24,600	5,76,825	1,15,385
25,500	56,26,500	5,79,000	2,42,928
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	29,57,025	7,55,775	58,689
25,400	24,97,650	6,34,875	1,88,858
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,800	24,70,725	-4,24,125	1,12,622
25,000	33,48,450	-1,95,825	33,621
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	56,26,500	5,79,000	2,42,928
25,400	24,97,650	6,34,875	1,88,858
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	57,75,975	28,650	1,73,128
24,500	44,89,425	2,35,125	62,230
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,900	26,91,450	3,94,800	66,774
25,100	28,32,750	3,70,200	1,42,096
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	25,99,350	-7,82,925	1,39,521
25,150	7,20,075	-2,93,325	67,229
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	28,38,375	2,76,975	2,09,032
25,400	22,66,575	1,08,825	1,74,345

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 55458.85. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.025 against previous 1.105. The 56000CE option holds the maximum open interest, followed by the 54000PE and 55000PE options. Market participants have shown increased interest with significant open interest additions in the 55500CE option, with open interest additions also seen in the 55600CE and 51000PE options. On the other hand, open interest reductions were prominent in the 54500PE, 53600PE, and 55700PE options. Trading volume was highest in the 55500PE option, followed by the 55500CE and 55600PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,458.85	1.025	1.105	1.244
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,76,10,955	1,63,17,270	12,93,685
PUT:	1,80,44,745	1,80,27,595	17,150
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	14,78,225	1,79,305	1,82,005
58,000	12,14,360	1,00,625	44,667
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,500	10,34,415	3,13,335	2,40,540
55,600	4,78,450	2,26,975	1,48,275
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	2,39,295	-62,650	12,979
54,900	1,06,365	-52,325	5,007
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	10,34,415	3,13,335	2,40,540
56,000	14,78,225	1,79,305	1,82,005
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	14,62,050	23,975	65,647
55,000	14,50,435	30,450	1,65,018
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
51,000	6,73,845	2,06,075	26,345
52,500	7,56,360	1,21,730	31,850
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
54,500	8,66,775	-1,06,890	71,730
53,600	1,81,685	-89,250	12,360
Top PUT Volume:
Strike	OI	OI Change	Volume
55,500	7,51,015	62,575	3,21,412
55,600	2,36,530	8,855	1,91,340

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26527.6. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.985 against previous 1.081. The 26000PE option holds the maximum open interest, followed by the 27000CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 26600CE option, with open interest additions also seen in the 26600PE and 26550CE options. On the other hand, open interest reductions were prominent in the 26000PE, 26650PE, and 26700PE options. Trading volume was highest in the 26500PE option, followed by the 27000CE and 26600PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,527.60	0.985	1.081	1.066
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,11,595	8,99,405	1,12,190
PUT:	9,96,840	9,72,010	24,830
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,05,560	10,465	9,470
26,500	92,820	12,155	3,823
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,600	87,425	55,705	5,298
26,550	18,330	13,520	1,628
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,400	17,030	-4,875	545
26,000	45,955	-3,965	83
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,05,560	10,465	9,470
26,600	87,425	55,705	5,298
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,06,860	-17,485	3,737
26,500	88,595	7,345	10,004
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,600	65,000	19,630	6,016
26,550	21,515	9,620	3,228
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	1,06,860	-17,485	3,737
26,650	7,345	-9,360	1,184
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	88,595	7,345	10,004
26,600	65,000	19,630	6,016

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13240.5. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.163 against previous 1.224. The 13500CE option holds the maximum open interest, followed by the 13300CE and 12500PE options. Market participants have shown increased interest with significant open interest additions in the 13300CE option, with open interest additions also seen in the 13250PE and 13000PE options. On the other hand, open interest reductions were prominent in the 69300CE, 67700CE, and 69700PE options. Trading volume was highest in the 13300CE option, followed by the 13200PE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,240.50	1.163	1.224	1.102
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	79,27,780	72,70,200	6,57,580
PUT:	92,19,980	88,98,680	3,21,300
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	10,16,680	-14,140	20,734
13,300	9,68,940	3,33,900	43,476
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,300	9,68,940	3,33,900	43,476
13,250	1,83,680	84,420	13,302
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,600	3,45,800	-33,040	10,362
13,225	57,120	-23,520	6,693
Top CALL Volume:
Strike	OI	OI Change	Volume
13,300	9,68,940	3,33,900	43,476
13,500	10,16,680	-14,140	20,734
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,500	7,63,420	91,420	7,346
13,000	7,56,700	1,37,200	18,166
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,250	2,45,140	1,40,140	17,760
13,000	7,56,700	1,37,200	18,166
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,800	5,25,980	-79,520	8,023
12,900	5,01,620	-77,000	8,660
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	6,73,820	6,720	26,522
13,000	7,56,700	1,37,200	18,166

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

The derivative setup on 19th September 2025 underscores a market entering a consolidation band after a week of steady gains. Nifty’s max pain shifted slightly higher to 25,350, but the falling PCR and fresh call build-up suggest upside resistance just ahead. Bank Nifty’s options at 55,500 showed a tug-of-war but with overall OI unwinding pointing to hesitation among participants. FINNIFTY’s fresh shorts serve as a tactical warning that financials may drag if the caution extends, while MIDCPNIFTY’s steady unwinding contrasts with earlier long accumulation, showing traders turning defensive in the broader market.

Even the Sensex saw consistent long covering, with max pain parked near 82,700, reinforcing the near‑term equilibrium. All in all, today’s Open Interest Volume Analysis reflects a market that hasn’t turned bearish but is entering a cooling phase where profit‑taking and lighter positioning dominate. The next decisive shift is likely tied to global cues and expiry‑week adjustments.

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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