NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 22/09/2025

On 22nd September 2025, the derivatives market reflected a clear sign of fatigue, with all major indices witnessing long covering. Nifty futures slipped to 25,277 with OI down 1.7% and premium narrowing, a classic indicator that longs were squared off rather than fresh shorts being added. The weekly option data underlined this nervousness – PCR (OI) plunged to 0.572, showcasing dominance of call writers, even as puts held firm at 25,200.

Similarly, Bank Nifty futures saw a 5.8% drop in OI with prices slipping, pointing to long liquidation. The option chain for Bank Nifty painted resistance at 56,000 and firm support at 55,000, but fresh call activity at 55,600 added a bearish undertone. FINNIFTY, MIDCPNIFTY, and Sensex also followed the same theme, with positions unwinding across the board. The day’s Open Interest Volume Analysis shows defensive repositioning by traders, indicating that the bulls have temporarily stepped aside before expiry week.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,202.35 (-0.49%)

NIFTY SEPTEMBER Future closed at: 25,277.70 (-0.53%)

Premium: 75.35 (Decreased by -8.8 points)

Open Interest Change: -1.7%

Volume Change: -18.6%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.572 (Decreased from 0.817)

Put-Call Ratio (Volume): 1.038

Max Pain Level: 25250

Maximum CALL Open Interest: 25500

Maximum PUT Open Interest: 25200

Highest CALL Addition: 25300

Highest PUT Addition: 25200

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

Put-Call Ratio (Open Interest): 0.870 (Decreased from 1.042)

Put-Call Ratio (Volume): 0.831

Max Pain Level: 25200

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 26000

Highest PUT Addition: 24500

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 55,284.75 (-0.31%)

BANKNIFTY SEPTEMBER Future closed at: 55,471.80 (-0.33%)

Premium: 187.05 (Decreased by -8.5 points)

Open Interest Change: -5.8%

Volume Change: 0.7%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.948 (Decreased from 1.025)

Put-Call Ratio (Volume): 0.919

Max Pain Level: 55300

Maximum CALL Open Interest: 56000

Maximum PUT Open Interest: 55000

Highest CALL Addition: 55600

Highest PUT Addition: 50000

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,528.40 (0.00%)

FINNIFTY SEPTEMBER Future closed at: 26,610.50 (-0.05%)

Premium:  82.1 (Decreased by -13.7 points)

Open Interest Change: -2.0%

Volume Change: -47.2%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 1.015 (Increased from 0.985)

Put-Call Ratio (Volume): 0.964

Max Pain Level: 26500

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 27000

Highest PUT Addition: 26000

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,094.90 (-1.10%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,127.50 (-1.16%)

Premium: 32.6 (Decreased by -8.9 points)

Open Interest Change: -2.5%

Volume Change: 124.1%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.965 (Decreased from 1.163)

Put-Call Ratio (Volume): 0.897

Max Pain Level: 13100

Maximum CALL Open Interest: 13300

Maximum PUT Open Interest: 12500

Highest CALL Addition: 13200

Highest PUT Addition: 12600

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 82,159.97 (-0.56%)

SENSEX Monthly Future closed at: 82,343.90 (-0.57%)

Premium: 183.93 (Decreased by -1.79 points)

Open Interest Change: -12.4%

Volume Change: 0.1%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.590 (Decreased from 0.708)

Put-Call Ratio (Volume): 1.099

Max Pain Level: 82400

Maximum CALL OI: 83000

Maximum PUT OI: 82000

Highest CALL Addition: 82500

Highest PUT Addition: 79000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 2,910.09 Cr.
DIIs Net BUY: ₹ 2,582.63 Cr.

FII Derivatives Activity

FII Trading Stats	22.09.25	19.09.25	18.09.25
FII Cash (Provisional Data)	-2,910.09	390.74	366.69
Index Future Open Interest Long Ratio	13.27%	12.89%	13.96%
Index Future Volume Long Ratio	54.81%	45.66%	59.59%
Call Option Open Interest Long Ratio	48.57%	51.67%	50.72%
Call Option Volume Long Ratio	49.58%	50.17%	50.27%
Put Option Open Interest Long Ratio	63.62%	63.38%	64.44%
Put Option Volume Long Ratio	50.10%	49.95%	50.30%
Stock Future Open Interest Long Ratio	61.60%	61.79%	61.95%
Stock Future Volume Long Ratio	48.96%	49.63%	50.05%
Index Futures	Short Covering	Long Covering	Short Covering
Index Options	Fresh Short	Fresh Long	Fresh Long
Nifty Futures	Short Covering	Long Covering	Short Covering
Nifty Options	Fresh Short	Fresh Long	Fresh Long
BankNifty Futures	Short Covering	Fresh Short	Short Covering
BankNifty Options	Fresh Short	Fresh Short	Fresh Long
FinNifty Futures	Fresh Long	Fresh Long	Fresh Long
FinNifty Options	Fresh Long	Fresh Long	Long Covering
MidcpNifty Futures	Short Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Long	Fresh Short
NiftyNxt50 Futures	Short Covering	Short Covering	Long Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Long Covering	Fresh Short	Fresh Long
Stock Options	Short Covering	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 (23/09/2025)

The NIFTY index closed at 25202.35. The NIFTY weekly expiry for SEPTEMBER 23, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.572 against previous 0.817. The 25500CE option holds the maximum open interest, followed by the 25300CE and 25400CE options. Market participants have shown increased interest with significant open interest additions in the 25300CE option, with open interest additions also seen in the 25200CE and 25500CE options. On the other hand, open interest reductions were prominent in the 25300PE, 25350PE, and 25400PE options. Trading volume was highest in the 25300PE option, followed by the 25300CE and 25200PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	23-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,202.35	0.572	0.817	1.038
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	23,06,00,850	17,72,46,000	5,33,54,850
PUT:	13,19,06,175	14,47,68,600	-1,28,62,425
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	2,28,57,450	83,47,425	44,11,769
25,300	1,97,04,450	1,33,16,775	94,41,369
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,300	1,97,04,450	1,33,16,775	94,41,369
25,200	1,09,95,900	84,38,250	34,13,171
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,600	14,61,825	-15,50,175	1,54,676
26,500	60,66,300	-15,27,300	5,61,739
Top CALL Volume:
Strike	OI	OI Change	Volume
25,300	1,97,04,450	1,33,16,775	94,41,369
25,350	1,35,13,725	70,68,375	66,85,511
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,200	1,35,40,650	47,47,575	87,36,041
25,000	1,02,22,425	8,00,700	24,75,736
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,200	1,35,40,650	47,47,575	87,36,041
25,150	66,70,200	31,70,850	44,30,747
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,300	46,80,975	-80,12,250	1,05,63,409
25,350	15,40,275	-39,42,150	40,70,324
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	46,80,975	-80,12,250	1,05,63,409
25,200	1,35,40,650	47,47,575	87,36,041

SENSEX Weekly Expiry (25/09/2025)

The SENSEX index closed at 82159.97. The SENSEX weekly expiry for SEPTEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.590 against previous 0.708. The 83000CE option holds the maximum open interest, followed by the 85000CE and 82500CE options. Market participants have shown increased interest with significant open interest additions in the 82500CE option, with open interest additions also seen in the 83000CE and 84200CE options. On the other hand, open interest reductions were prominent in the 85300CE, 82600PE, and 82700PE options. Trading volume was highest in the 82500PE option, followed by the 82000PE and 82500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	25-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82159.97	0.590	0.708	1.099
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,50,04,680	95,34,540	54,70,140
PUT:	88,55,620	67,45,760	21,09,860
Top CALL Open Interest:
Strike	OI	OI Change	Volume
83000	10,72,440	3,54,580	1,77,92,380
85000	9,95,480	1,23,460	49,81,900
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
82500	8,81,960	6,54,040	2,34,73,480
83000	10,72,440	3,54,580	1,77,92,380
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85300	73,420	-2,18,480	9,21,860
84800	59,440	-27,840	8,21,820
Top CALL Volume:
Strike	OI	OI Change	Volume
82500	8,81,960	6,54,040	2,34,73,480
83000	10,72,440	3,54,580	1,77,92,380
Top PUT Open Interest:
Strike	OI	OI Change	Volume
82000	5,84,920	1,79,940	2,40,60,300
79000	5,23,860	2,88,640	28,51,860
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
79000	5,23,860	2,88,640	28,51,860
82200	4,08,620	2,62,820	1,78,22,640
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82600	1,57,820	-1,86,000	1,43,71,160
82700	1,64,080	-1,38,940	77,59,500
Top PUT Volume:
Strike	OI	OI Change	Volume
82500	3,91,680	-18,120	2,72,37,580
82000	5,84,920	1,79,940	2,40,60,300

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25202.35. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.870 against previous 1.042. 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 26000CE option, with open interest additions also seen in the 26500CE and 26300CE options. On the other hand, open interest reductions were prominent in the 25400PE, 25500PE, and 25450PE options. Trading volume was highest in the 25300PE option, followed by the 25500CE and 25300CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,202.35	0.870	1.042	0.831
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,18,74,200	6,17,32,800	2,01,41,400
PUT:	7,12,13,100	6,43,32,075	68,81,025
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	83,79,150	20,54,550	1,96,102
25,500	66,50,325	10,23,825	3,26,417
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	83,79,150	20,54,550	1,96,102
26,500	46,07,700	16,50,675	1,16,132
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	7,59,225	-69,825	2,303
26,950	30,150	-62,100	3,617
Top CALL Volume:
Strike	OI	OI Change	Volume
25,500	66,50,325	10,23,825	3,26,417
25,300	36,50,775	15,01,125	2,75,814
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	66,73,650	8,97,675	2,33,906
24,500	59,97,525	15,08,100	1,17,970
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,500	59,97,525	15,08,100	1,17,970
25,000	66,73,650	8,97,675	2,33,906
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,400	17,35,800	-5,30,775	1,40,666
25,500	25,28,700	-3,04,275	83,594
Top PUT Volume:
Strike	OI	OI Change	Volume
25,300	30,03,450	1,65,075	3,34,905
25,200	26,64,375	65,025	2,59,391

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 55284.75. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.948 against previous 1.025. The 56000CE option holds the maximum open interest, followed by the 55000PE and 54000PE options. Market participants have shown increased interest with significant open interest additions in the 55600CE option, with open interest additions also seen in the 60000CE and 50000PE options. On the other hand, open interest reductions were prominent in the 51500PE, 59500CE, and 55500PE options. Trading volume was highest in the 55500CE option, followed by the 55500PE and 55600CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,284.75	0.948	1.025	0.919
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,86,54,865	1,76,10,955	10,43,910
PUT:	1,76,84,385	1,80,44,745	-3,60,360
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	15,42,485	64,260	2,05,381
57,000	12,40,630	84,525	71,457
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,600	6,84,670	2,06,220	2,23,347
60,000	6,83,025	1,66,600	19,452
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	1,75,175	-64,120	10,319
57,800	59,780	-51,765	9,680
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	11,10,595	76,180	3,01,050
55,600	6,84,670	2,06,220	2,23,347
Top PUT Open Interest:
Strike	OI	OI Change	Volume
55,000	14,63,070	12,635	1,52,917
54,000	14,52,320	-9,730	66,735
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
50,000	5,13,555	1,22,465	19,385
47,000	1,78,780	47,215	3,439
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
51,500	3,81,955	-66,920	14,915
55,500	6,93,505	-57,510	3,00,157
Top PUT Volume:
Strike	OI	OI Change	Volume
55,500	6,93,505	-57,510	3,00,157
55,600	2,50,530	14,000	1,72,182

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26528.4. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.015 against previous 0.985. The 27000CE option holds the maximum open interest, followed by the 26000PE and 26600PE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 26000PE and 26600PE options. On the other hand, open interest reductions were prominent in the 26600CE, 26500CE, and 25000PE options. Trading volume was highest in the 27000CE option, followed by the 26500PE and 26600PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,528.40	1.015	0.985	0.964
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,87,450	10,11,595	75,855
PUT:	11,03,505	9,96,840	1,06,665
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,98,185	92,625	14,424
27,500	81,445	-10,270	2,304
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	1,98,185	92,625	14,424
26,800	21,190	21,190	1,787
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,600	57,590	-29,835	7,758
26,500	67,340	-25,480	3,579
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,98,185	92,625	14,424
26,600	57,590	-29,835	7,758
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,54,570	47,710	3,193
26,600	90,935	25,935	8,592
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,54,570	47,710	3,193
26,600	90,935	25,935	8,592
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	29,640	-24,310	1,020
25,500	72,865	-13,910	1,579
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	79,755	-8,840	11,820
26,600	90,935	25,935	8,592

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13094.9. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.965 against previous 1.163. The 13300CE option holds the maximum open interest, followed by the 13500CE and 13200CE options. Market participants have shown increased interest with significant open interest additions in the 13200CE option, with open interest additions also seen in the 12600PE and 13600CE options. On the other hand, open interest reductions were prominent in the 67000PE, 56000PE, and 56000PE options. Trading volume was highest in the 13200CE option, followed by the 13200PE and 13300CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,094.90	0.965	1.163	0.897
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	90,44,140	79,27,780	11,16,360
PUT:	87,27,880	92,19,980	-4,92,100
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,300	10,17,240	48,300	31,628
13,500	9,23,580	-93,100	22,669
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,200	8,91,940	3,52,520	37,141
13,600	5,38,160	1,92,360	12,779
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,000	6,48,060	-1,12,420	10,312
13,500	9,23,580	-93,100	22,669
Top CALL Volume:
Strike	OI	OI Change	Volume
13,200	8,91,940	3,52,520	37,141
13,300	10,17,240	48,300	31,628
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,500	8,33,280	69,860	11,478
13,200	7,13,160	39,340	33,093
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,600	5,69,800	2,29,180	6,981
12,425	1,03,320	81,760	833
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,250	87,500	-1,57,640	6,488
12,700	4,29,240	-1,07,800	8,399
Top PUT Volume:
Strike	OI	OI Change	Volume
13,200	7,13,160	39,340	33,093
13,000	6,81,940	-74,760	24,141

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

The overall F&O data for 22nd September 2025 projects a market under consolidation pressure. Nifty’s max pain at 25,250 reflects expiry‑driven balancing, but the steep fall in PCR suggests downside risk if 25,200 breaks. Bank Nifty’s unwinding near 55,300 with OI falling confirms that traders are less willing to carry longs into expiry, while fresh call additions cap upside momentum.

FINNIFTY’s relatively balanced PCR above 1 indicates sectoral resilience, but broad-based long covering in MIDCPNIFTY and Sensex shows caution has spread across the market. In essence, today’s Open Interest Volume Analysis captures a tactical retreat—traders locking in gains and cutting exposures before expiry volatility sets in. Whether this is mere profit‑booking or a precursor to deeper weakness will depend on how global cues and domestic rollovers play out in the next two sessions.

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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