NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 23/09/2025

On 23rd September 2025, the F&O landscape highlighted a clear market divergence as captured by the day’s Open Interest Volume Analysis. Nifty futures slipped marginally to 25,255 with OI down by 2.7%, signaling long covering, where traders offloaded bullish positions rather than carrying them forward. This caution was reflected in the monthly option chain, with PCR (OI) slipping below 0.85 and heavy call additions at 25,500, indicating overhead resistance.

In contrast, Bank Nifty stood firm, adding fresh longs with a 1.9% OI rise alongside gains in price, and the PCR (OI) jumped to 1.127, highlighting stronger support near 54,200–55,000 levels. FINNIFTY showed strength through short covering, while MIDCPNIFTY mirrored Nifty’s cautious tone with further long liquidation. The Sensex, however, turned slightly risk-off, with a 1.1% OI build-up showing fresh short positions creeping in. This mixed picture, as revealed by Open Interest Volume Analysis, indicates sectoral resilience in banking and financials but an overall cautious stance in the broader market ahead of expiry.

NSE & BSE F&O Market Signals

NIFTY SEPTEMBER Future

NIFTY Spot closed at: 25,169.50 (-0.13%)

NIFTY SEPTEMBER Future closed at: 25,255.80 (-0.09%)

Premium: 86.3 (Increased by 10.95 points)

Open Interest Change: -2.7%

Volume Change: 22.9%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.854 (Decreased from 0.870)

Put-Call Ratio (Volume): 0.828

Max Pain Level: 25200

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25000

Highest CALL Addition: 25500

Highest PUT Addition: 25200

BANKNIFTY SEPTEMBER Future

BANKNIFTY Spot closed at: 55,509.75 (0.41%)

BANKNIFTY SEPTEMBER Future closed at: 55,723.80 (0.45%)

Premium: 214.05 (Increased by 27 points)

Open Interest Change: 1.9%

Volume Change: 7.1%

Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.127 (Increased from 0.948)

Put-Call Ratio (Volume): 0.979

Max Pain Level: 55300

Maximum CALL Open Interest: 56000

Maximum PUT Open Interest: 54000

Highest CALL Addition: 57200

Highest PUT Addition: 54200

FINNIFTY SEPTEMBER Future

FINNIFTY Spot closed at: 26,559.50 (0.12%)

FINNIFTY SEPTEMBER Future closed at: 26,656.80 (0.17%)

Premium:  97.3 (Increased by 15.2 points)

Open Interest Change: -1.4%

Volume Change: 4.6%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (Open Interest): 1.074 (Increased from 1.015)

Put-Call Ratio (Volume): 0.939

Max Pain Level: 26500

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26450

Highest PUT Addition: 26500

MIDCPNIFTY SEPTEMBER Future

MIDCPNIFTY Spot closed at: 13,074.70 (-0.15%)

MIDCPNIFTY SEPTEMBER Future closed at: 13,118.25 (-0.07%)

Premium: 43.55 (Increased by 10.95 points)

Open Interest Change: -1.9%

Volume Change: -40.2%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.963 (Decreased from 0.965)

Put-Call Ratio (Volume): 0.783

Max Pain Level: 13100

Maximum CALL Open Interest: 13300

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13550

Highest PUT Addition: 13100

SENSEX Monthly Expiry (25/09/2025) Future

SENSEX Spot closed at: 82,102.10 (-0.07%)

SENSEX Monthly Future closed at: 82,308.75 (-0.04%)

Premium: 206.65 (Increased by 22.72 points)

Open Interest Change: 1.1%

Volume Change: 1.8%

Open Interest Analysis: Fresh Short

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

Put-Call Ratio (OI): 0.763 (Increased from 0.590)

Put-Call Ratio (Volume): 0.983

Max Pain Level: 82300

Maximum CALL OI: 85000

Maximum PUT OI: 80000

Highest CALL Addition: 84000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 3,551.19 Cr.
DIIs Net BUY: ₹ 2,670.87 Cr.

FII Derivatives Activity

FII Trading Stats	23.09.25	22.09.25	19.09.25
FII Cash (Provisional Data)	-3,551.19	-2,910.09	390.74
Index Future Open Interest Long Ratio	13.79%	13.27%	12.89%
Index Future Volume Long Ratio	53.68%	54.81%	45.66%
Call Option Open Interest Long Ratio	47.54%	48.57%	51.67%
Call Option Volume Long Ratio	50.05%	49.58%	50.17%
Put Option Open Interest Long Ratio	67.97%	63.62%	63.38%
Put Option Volume Long Ratio	50.06%	50.10%	49.95%
Stock Future Open Interest Long Ratio	61.65%	61.60%	61.79%
Stock Future Volume Long Ratio	50.94%	48.96%	49.63%
Index Futures	Short Covering	Short Covering	Long Covering
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Fresh Short	Short Covering	Long Covering
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Short Covering	Short Covering	Fresh Short
BankNifty Options	Fresh Short	Fresh Short	Fresh Short
FinNifty Futures	Long Covering	Fresh Long	Fresh Long
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Long Covering	Short Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Long
NiftyNxt50 Futures	Long Covering	Short Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Long	Long Covering	Fresh Short
Stock Options	Short Covering	Short Covering	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

SENSEX Weekly Expiry (25/09/2025)

The SENSEX index closed at 82102.1. The SENSEX weekly expiry for SEPTEMBER 11, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.763 against previous 0.590. The 85000CE option holds the maximum open interest, followed by the 80000PE and 84000CE 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 83500CE options. On the other hand, open interest reductions were prominent in the 84900CE, 82500PE, and 84200CE options. Trading volume was highest in the 82000PE option, followed by the 82200PE and 82500CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	25-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
82102.1	0.763	0.590	0.983
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,22,82,700	1,50,04,680	72,78,020
PUT:	1,69,95,220	88,55,620	81,39,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	17,58,320	7,62,840	76,50,680
84000	16,06,600	8,82,500	96,20,960
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84000	16,06,600	8,82,500	96,20,960
83500	13,92,520	8,09,800	1,19,25,820
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
84900	1,57,420	-1,39,080	9,30,440
84200	3,86,340	-54,400	24,67,280
Top CALL Volume:
Strike	OI	OI Change	Volume
82500	10,50,120	1,68,160	2,35,62,540
83000	15,99,880	5,27,440	2,10,92,560
Top PUT Open Interest:
Strike	OI	OI Change	Volume
80000	16,63,900	12,05,820	74,90,000
82000	11,47,020	5,62,100	3,61,59,520
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
80000	16,63,900	12,05,820	74,90,000
82000	11,47,020	5,62,100	3,61,59,520
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
82500	2,86,720	-1,04,960	94,13,680
82200	3,67,620	-41,000	2,42,45,220
Top PUT Volume:
Strike	OI	OI Change	Volume
82000	11,47,020	5,62,100	3,61,59,520
82200	3,67,620	-41,000	2,42,45,220

NIFTY Monthly Expiry (30/09/2025)

The NIFTY index closed at 25169.5. The NIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.854 against previous 0.870. 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 25500CE option, with open interest additions also seen in the 25200CE and 26000CE options. On the other hand, open interest reductions were prominent in the 27000CE, 25500PE, and 27000PE options. Trading volume was highest in the 25200PE option, followed by the 25200CE and 25500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,169.50	0.854	0.870	0.828
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,94,93,550	8,18,74,200	2,76,19,350
PUT:	9,35,38,350	7,12,13,100	2,23,25,250
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	1,03,44,075	19,64,925	3,57,339
25,500	94,18,500	27,68,175	6,31,922
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	94,18,500	27,68,175	6,31,922
25,200	53,59,950	25,97,100	6,73,723
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	39,89,175	-3,80,175	72,527
26,250	5,88,075	-67,200	27,085
Top CALL Volume:
Strike	OI	OI Change	Volume
25,200	53,59,950	25,97,100	6,73,723
25,500	94,18,500	27,68,175	6,31,922
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	82,12,275	15,38,625	5,95,352
24,500	66,15,900	6,18,375	1,84,276
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,200	43,46,550	16,82,175	7,49,014
25,000	82,12,275	15,38,625	5,95,352
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,500	23,76,450	-1,52,250	64,055
27,000	7,59,000	-71,700	1,501
Top PUT Volume:
Strike	OI	OI Change	Volume
25,200	43,46,550	16,82,175	7,49,014
25,000	82,12,275	15,38,625	5,95,352

BANKNIFTY Monthly Expiry (30/09/2025)

The BANKNIFTY index closed at 55509.75. The BANKNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.127 against previous 0.948. 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 54200PE option, with open interest additions also seen in the 57200CE and 55500PE options. On the other hand, open interest reductions were prominent in the 55600CE, 56000CE, and 55500CE options. Trading volume was highest in the 55500CE option, followed by the 55500PE and 55000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,509.75	1.127	0.948	0.979
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,84,30,695	1,86,54,865	-2,24,170
PUT:	2,07,75,165	1,76,84,385	30,90,780
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	13,79,280	-1,63,205	2,09,419
57,000	12,14,555	-26,075	94,874
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
57,200	4,12,335	2,69,255	27,046
56,700	4,10,165	2,01,285	35,468
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
55,600	5,11,665	-1,73,005	1,65,056
56,000	13,79,280	-1,63,205	2,09,419
Top CALL Volume:
Strike	OI	OI Change	Volume
55,500	9,60,695	-1,49,900	2,94,023
56,000	13,79,280	-1,63,205	2,09,419
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	16,40,970	1,88,650	80,103
55,000	16,03,350	1,40,280	2,50,330
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,200	5,96,750	3,73,555	40,274
55,500	9,41,940	2,48,435	2,66,921
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,200	1,26,875	-52,675	13,630
51,500	3,35,195	-46,760	19,109
Top PUT Volume:
Strike	OI	OI Change	Volume
55,500	9,41,940	2,48,435	2,66,921
55,000	16,03,350	1,40,280	2,50,330

FINNIFTY Monthly Expiry (30/09/2025)

The FINNIFTY index closed at 26559.5. The FINNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.074 against previous 1.015. The 27000CE option holds the maximum open interest, followed by the 26000PE and 26500PE options. Market participants have shown increased interest with significant open interest additions in the 26450CE option, with open interest additions also seen in the 26600CE and 26800CE options. On the other hand, open interest reductions were prominent in the 27000CE, 26900CE, and 27100CE 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
26,559.50	1.074	1.015	0.939
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	11,02,790	10,87,450	15,340
PUT:	11,84,690	11,03,505	81,185
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	1,71,730	-26,455	8,762
27,500	84,565	3,120	2,600
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,450	25,480	23,465	771
26,600	79,950	22,360	7,493
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	1,71,730	-26,455	8,762
26,900	44,460	-20,735	6,216
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	1,71,730	-26,455	8,762
26,600	79,950	22,360	7,493
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,56,325	1,755	3,455
26,500	92,300	12,545	10,708
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,500	92,300	12,545	10,708
26,400	55,445	11,245	4,954
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,300	12,285	-6,500	293
25,500	68,120	-4,745	1,609
Top PUT Volume:
Strike	OI	OI Change	Volume
26,500	92,300	12,545	10,708
26,600	89,895	-1,040	7,609

MIDCPNIFTY Monthly Expiry (30/09/2025)

The MIDCPNIFTY index closed at 13074.7. The MIDCPNIFTY monthly expiry for SEPTEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.963 against previous 0.965. The 13300CE option holds the maximum open interest, followed by the 13200CE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 13550CE option, with open interest additions also seen in the 13100PE and 13100CE options. On the other hand, open interest reductions were prominent in the 66000PE, 69900CE, and 69700PE options. Trading volume was highest in the 13200CE option, followed by the 13000PE and 13100CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-09-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,074.70	0.963	0.965	0.783
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	96,01,480	90,44,140	5,57,340
PUT:	92,47,140	87,27,880	5,19,260
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,300	11,33,720	1,16,480	23,566
13,200	8,74,440	-17,500	35,005
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,550	3,42,160	2,48,220	4,331
13,100	5,31,860	1,45,320	27,668
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,500	8,04,020	-1,19,560	13,289
13,600	4,55,700	-82,460	7,438
Top CALL Volume:
Strike	OI	OI Change	Volume
13,200	8,74,440	-17,500	35,005
13,100	5,31,860	1,45,320	27,668
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	7,78,540	96,600	28,519
12,500	7,56,140	-77,140	7,055
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,100	6,45,680	1,68,000	24,401
12,700	5,35,220	1,05,980	7,929
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,500	7,56,140	-77,140	7,055
13,200	6,41,340	-71,820	7,615
Top PUT Volume:
Strike	OI	OI Change	Volume
13,000	7,78,540	96,600	28,519
13,100	6,45,680	1,68,000	24,401

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

The derivatives setup for 23rd September 2025 shows that the market mood is cautious but not uniformly bearish. Nifty’s options data signals vulnerability, with put writers only holding ground at 25,200 while call writers aggressively cap upside near 25,500. Bank Nifty, on the other hand, is showing relative leadership with fresh longs and rising PCR, suggesting that traders continue to use dips to accumulate positions in banking names.

FINNIFTY’s short covering adds to the supportive undertone for financials, while MIDCPNIFTY and Sensex reflect a defensive shift through unwinding and new shorts respectively. Altogether, today’s Open Interest Volume Analysis showcases a market in transition, where banking strength is masking broader caution. Unless fresh longs spread beyond Bank Nifty into Nifty and midcaps, the index could struggle to find directional momentum in the days leading into expiry.

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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