NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/10/2025

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Open Interest Volume Analysis

Friday’s Open Interest Volume Analysis reveals a cooling-off phase across major indices as traders rolled their positions ahead of monthly expiry. Combined open interest data showed visible long covering in NIFTY, BANKNIFTY, and MIDCPNIFTY, marking a pause in bullish momentum built earlier in the week. Despite rising rollover percentages—an indication that positions are actively shifting into the next series—the tone has turned cautious.

The market seems to be moving from a “buy-the-dip” mentality toward preserving gains as short-term directional clarity fades. Notably, FINNIFTY’s marginal increase in combined OI with fresh shorts suggests that sector-specific pressure, likely from financial midcaps, is contributing to broader fatigue. Overall, the Open Interest Volume Analysis indicates that traders are lightening up ahead of expiry, preferring to stay nimble until the next trend emerges post-rollover.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25795.15 (-0.4%)

Combined = October + November + December

Combined Fut Open Interest Change: -5.0%

Combined Fut Volume Change: -8.8%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 33% Previous 22%

NIFTY OCTOBER Future closed at: 25814.8 (-0.6%)

October Fut Premium 19.65 (Decreased by -65.85 points)

October Fut Open Interest Change: -18.3%

October Fut Volume Change: -17.9%

October Fut Open Interest Analysis: Long Covering

NIFTY NOVEMBER Future closed at: 25952 (-0.6%)

November Fut Premium 156.85 (Decreased by -61.45 points)

November Fut Open Interest Change: 46.6%

November Fut Volume Change: 20.2%

November Fut Open Interest Analysis: Fresh Short

NIFTY Monthly Expiry (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.657 (Decreased from 0.859)

Put-Call Ratio (Volume): 1.094

Max Pain Level: 25800

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 25500

Highest CALL Addition: 26000

Highest PUT Addition: 25700

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 57699.6 (-0.7%)

Combined = October + November + December

Combined Fut Open Interest Change: -0.5%

Combined Fut Volume Change: 2.0%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 43% Previous 33%

BANKNIFTY OCTOBER Future closed at: 57703.2 (-0.7%)

October Fut Premium 3.6 (Decreased by -8.95 points)

October Fut Open Interest Change: -15.2%

October Fut Volume Change: -1.6%

October Fut Open Interest Analysis: Long Covering

BANKNIFTY NOVEMBER Future closed at: 58000.8 (-0.6%)

November Fut Premium 301.2 (Increased by 8.05 points)

November Fut Open Interest Change: 37.1%

November Fut Volume Change: 7.9%

November Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.836 (Decreased from 1.105)

Put-Call Ratio (Volume): 1.033

Max Pain Level: 57400

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 56000

Highest CALL Addition: 59500

Highest PUT Addition: 56000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27395.3 (-0.6%)

Combined = October + November + December

Combined Fut Open Interest Change: 0.9%

Combined Fut Volume Change: 5.2%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 19% Previous 15%

FINNIFTY OCTOBER Future closed at: 27400.6 (-0.7%)

October Fut Premium 5.3 (Decreased by -25.25 points)

October Fut Open Interest Change: -4.6%

October Fut Volume Change: -11.8%

October Fut Open Interest Analysis: Long Covering

FINNIFTY NOVEMBER Future closed at: 27528.4 (-0.6%)

November Fut Premium 133.1 (Increased by 4.85 points)

November Fut Open Interest Change: 33.3%

November Fut Volume Change: 64.7%

November Fut Open Interest Analysis: Fresh Short

FINNIFTY Monthly Expiry  (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.029 (Decreased from 1.387)

Put-Call Ratio (Volume): 1.013

Max Pain Level: 27300

Maximum CALL Open Interest: 27600

Maximum PUT Open Interest: 26500

Highest CALL Addition: 27600

Highest PUT Addition: 26000

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13164.85 (-0.3%)

Combined = October + November + December

Combined Fut Open Interest Change: -5.5%

Combined Fut Volume Change: 57.5%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 46% Previous 16%

MIDCPNIFTY OCTOBER Future closed at: 13168.35 (-0.4%)

October Fut Premium 3.5 (Decreased by -18.4 points)

October Fut Open Interest Change: -39.6%

October Fut Volume Change: 37.5%

October Fut Open Interest Analysis: Long Covering

MIDCPNIFTY NOVEMBER Future closed at: 13223.45 (-0.4%)

November Fut Premium 58.6 (Decreased by -16.35 points)

November Fut Open Interest Change: 175.2%

November Fut Volume Change: 107.6%

November Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry  (28/10/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.874 (Decreased from 0.995)

Put-Call Ratio (Volume): 1.001

Max Pain Level: 13200

Maximum CALL Open Interest: 13300

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13200

Highest PUT Addition: 13000

SENSEX Monthly Expiry (30/10/2025) Future

SENSEX Spot closed at: 84,211.88 (-0.41%)

SENSEX Monthly Future closed at: 84,283.75 (-0.67%)

Premium: 71.87 (Decreased by -227.73 points)

Open Interest Change: -21.3%

Volume Change: -58.3%

Open Interest Analysis: Long Covering

SENSEX Weekly Expiry (30/10/2025) Option Analysis

Put-Call Ratio (OI): 0.548 (Decreased from 0.723)

Put-Call Ratio (Volume): 1.172

Max Pain Level: 84300

Maximum CALL OI: 88000

Maximum PUT OI: 80000

Highest CALL Addition: 88000

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 621.51 Cr.
DIIs Net BUY: ₹ 173.13 Cr.

FII Derivatives Activity

FII Trading Stats24.10.2523.10.2520.10.25
FII Cash (Provisional Data)621.51-1,165.94790.45
Index Future Open Interest Long Ratio24.84%23.87%18.65%
Index Future Volume Long Ratio53.54%63.57%56.53%
Call Option Open Interest Long Ratio51.91%53.24%53.03%
Call Option Volume Long Ratio49.91%50.23%49.99%
Put Option Open Interest Long Ratio60.69%61.32%64.43%
Put Option Volume Long Ratio50.03%50.06%50.07%
Stock Future Open Interest Long Ratio61.48%61.63%60.58%
Stock Future Volume Long Ratio49.81%51.54%53.04%
    
Index FuturesShort CoveringShort CoveringShort Covering
Index OptionsFresh ShortFresh LongShort Covering
    
Nifty FuturesShort CoveringShort CoveringShort Covering
Nifty OptionsFresh ShortFresh LongShort Covering
    
BankNifty FuturesFresh LongFresh LongShort Covering
BankNifty OptionsFresh LongFresh ShortLong Covering
    
FinNifty FuturesFresh ShortFresh LongShort Covering
FinNifty OptionsFresh ShortShort CoveringShort Covering
    
MidcpNifty FuturesShort CoveringFresh LongShort Covering
MidcpNifty OptionsFresh ShortFresh ShortLong Covering
    
NiftyNxt50 FuturesShort CoveringShort CoveringLong Covering
NiftyNxt50 OptionsFresh LongFresh LongShort Covering
    
Stock FuturesLong CoveringFresh LongShort Covering
Stock OptionsShort CoveringFresh LongLong Covering

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

SENSEX Weekly Expiry (30/10/2025)

The SENSEX index closed at 84211.88. The SENSEX weekly expiry for OCTOBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.548 against previous 0.723. The 88000CE option holds the maximum open interest, followed by the 85000CE and 87500CE options. Market participants have shown increased interest with significant open interest additions in the 88000CE option, with open interest additions also seen in the 84500CE and 80000PE options. On the other hand, open interest reductions were prominent in the 85000PE, 84900PE, and 84800PE options. Trading volume was highest in the 84000PE option, followed by the 84500PE and 84300PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:30-10-2025
Index SpotPCR OIPrev PCR OIPCR VOL
84211.880.5480.7231.172
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,12,67,900        44,97,080           67,70,820
PUT:      61,72,220        32,50,380           29,21,840
Top CALL Open Interest:
StrikeOIOI ChangeVolume
88000        9,21,420          5,97,140           46,17,260
85000        7,03,460          2,52,980        1,31,11,840
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
88000        9,21,420          5,97,140           46,17,260
84500        5,70,720          4,26,080        1,61,19,180
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
83200              4,240              -2,460                    8,420
82500            65,120              -1,180                    7,320
Top CALL Volume:
StrikeOIOI ChangeVolume
84500        5,70,720          4,26,080        1,61,19,180
85000        7,03,460          2,52,980        1,31,11,840
Top PUT Open Interest:
StrikeOIOI ChangeVolume
80000        5,48,540          3,20,740           38,32,020
84000        3,39,640          1,17,000        2,02,46,040
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
80000        5,48,540          3,20,740           38,32,020
84100        1,77,140          1,40,760        1,03,60,060
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
85000        2,65,720            -56,300           28,79,260
84900            27,380            -37,740           12,13,060
Top PUT Volume:
StrikeOIOI ChangeVolume
84000        3,39,640          1,17,000        2,02,46,040
84500        2,45,720              58,020        1,81,86,800

NIFTY Monthly Expiry (28/10/2025)

The NIFTY index closed at 25795.15. The NIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.657 against previous 0.859. The 26500CE option holds the maximum open interest, followed by the 27000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 26000CE option, with open interest additions also seen in the 25900CE and 25800CE options. On the other hand, open interest reductions were prominent in the 25000PE, 26000PE, and 25900PE options. Trading volume was highest in the 25800PE option, followed by the 25900CE and 25700PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,795.15                0.657                  0.859               1.094
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 25,63,39,650   19,01,15,700   6,62,23,950
 PUT: 16,84,02,300   16,32,25,125       51,77,175
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,500    2,02,71,975         55,70,625       16,55,791
               27,000    1,86,55,125         19,31,250       12,28,798
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,000    1,78,44,600         63,91,875       57,98,524
               25,900    1,10,78,025         60,40,650       59,98,013
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               25,500       24,07,800          -7,98,750         1,37,833
               25,000       21,47,625          -3,69,150             13,668
 Top CALL Volume:
 Strike OI OI Change Volume
               25,900    1,10,78,025         60,40,650       59,98,013
               26,000    1,78,44,600         63,91,875       57,98,524
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               25,500    1,28,01,225         24,81,900       29,15,816
               25,000    1,08,54,900        -44,20,950       11,24,959
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,700       97,51,650         28,59,000       58,59,914
               25,500    1,28,01,225         24,81,900       29,15,816
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,000    1,08,54,900        -44,20,950       11,24,959
               26,000       40,02,000        -28,81,650       21,07,749
 Top PUT Volume: 
 Strike OI OI Change Volume
               25,800       73,07,625            8,58,600       91,24,604
               25,700       97,51,650         28,59,000       58,59,914

BANKNIFTY Monthly Expiry (28/10/2025)

The BANKNIFTY index closed at 57699.6. The BANKNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.836 against previous 1.105. The 58000CE option holds the maximum open interest, followed by the 56000PE and 58500CE options. Market participants have shown increased interest with significant open interest additions in the 59500CE option, with open interest additions also seen in the 58000CE and 59000CE options. On the other hand, open interest reductions were prominent in the 57000PE, 57000CE, and 58000PE options. Trading volume was highest in the 58000CE option, followed by the 57500PE and 58000PE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         57,699.60                0.836                  1.105               1.033
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    2,52,12,390      2,06,06,355       46,06,035
 PUT:    2,10,87,815      2,27,63,405     -16,75,590
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               58,000       16,81,085            3,99,630         8,20,639
               58,500       16,45,595            3,54,445         4,64,552
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,500       15,14,730            7,42,560         2,23,662
               58,000       16,81,085            3,99,630         8,20,639
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               57,000          8,71,815          -3,66,240             52,928
               58,800          4,11,985          -1,13,260         1,23,556
 Top CALL Volume:
 Strike OI OI Change Volume
               58,000       16,81,085            3,99,630         8,20,639
               58,500       16,45,595            3,54,445         4,64,552
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               56,000       16,62,745            2,15,810         1,89,401
               57,000       15,70,345          -3,95,045         5,05,878
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               56,000       16,62,745            2,15,810         1,89,401
               52,000          5,64,095            1,71,675             31,568
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               57,000       15,70,345          -3,95,045         5,05,878
               58,000          7,48,195          -2,73,910         6,45,489
 Top PUT Volume: 
 Strike OI OI Change Volume
               57,500          9,81,575               65,660         6,87,271
               58,000          7,48,195          -2,73,910         6,45,489

FINNIFTY Monthly Expiry (28/10/2025)

The FINNIFTY index closed at 27395.3. The FINNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.029 against previous 1.387. The 26500PE option holds the maximum open interest, followed by the 27600CE and 27700CE options. Market participants have shown increased interest with significant open interest additions in the 27600CE option, with open interest additions also seen in the 27800CE and 28000CE options. On the other hand, open interest reductions were prominent in the 26500PE, 27300PE, and 27000PE options. Trading volume was highest in the 27600CE option, followed by the 27500PE and 27500CE options, indicating active trading in these strikes.

FINNIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         27,395.30                1.029                  1.387               1.013
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       18,67,320         14,58,860         4,08,460
 PUT:       19,21,205         20,23,450       -1,02,245
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,600          1,58,665            1,02,570             54,319
               27,700          1,58,470               17,810             22,050
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,600          1,58,665            1,02,570             54,319
               27,800             99,515               56,940             10,971
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               28,100             64,545              -13,260               4,500
               28,300             48,035              -10,855               4,767
 Top CALL Volume:
 Strike OI OI Change Volume
               27,600          1,58,665            1,02,570             54,319
               27,500          1,06,405                  1,625             28,783
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               26,500          1,96,495              -60,190             11,952
               27,200          1,02,765                -9,750             14,355
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               26,000             91,000               20,670               3,061
               26,300             59,735               19,370               2,382
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,500          1,96,495              -60,190             11,952
               27,300             78,390              -50,440             22,739
 Top PUT Volume:   
 Strike OI OI Change Volume
               27,500             81,900                  3,055             31,355
               27,400             32,110              -31,720             25,175

MIDCPNIFTY Monthly Expiry (28/10/2025)

The MIDCPNIFTY index closed at 13164.85. The MIDCPNIFTY monthly expiry for OCTOBER 28, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.874 against previous 0.995. The 13300CE option holds the maximum open interest, followed by the 13000PE 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 13300CE and 13000PE options. On the other hand, open interest reductions were prominent in the 68500CE, 69000CE, and 69000CE options. Trading volume was highest in the 13200PE option, followed by the 13200CE and 13300CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:28-10-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,164.85                0.874                  0.995               1.001
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,31,05,120      1,06,31,320       24,73,800
 PUT:    1,14,47,940      1,05,82,460         8,65,480
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               13,300       22,70,520            7,28,840         1,42,869
               13,200       14,86,660            7,86,520         1,47,387
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,200       14,86,660            7,86,520         1,47,387
               13,300       22,70,520            7,28,840         1,42,869
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               13,700          2,52,840          -2,43,600             21,634
               13,800          4,88,460          -1,48,400             17,295
 Top CALL Volume:
 Strike OI OI Change Volume
               13,200       14,86,660            7,86,520         1,47,387
               13,300       22,70,520            7,28,840         1,42,869
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,000       16,70,900            5,75,820         1,40,968
               12,800          8,31,460            1,34,680             31,307
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,000       16,70,900            5,75,820         1,40,968
               12,950          2,97,920            2,08,180             24,861
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,200          6,95,800          -1,93,760         1,50,034
               12,600          6,79,980          -1,27,120             14,337
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,200          6,95,800          -1,93,760         1,50,034
               13,000       16,70,900            5,75,820         1,40,968

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

From a derivative strategist’s standpoint, today’s Open Interest Volume Analysis underscores a subtle shift in control from buyers to sellers as long positions were unwound across the board. The fall in combined OI confirms a de-leveraging phase rather than an outright bearish reversal—classic expiry-week dynamics when traders prefer rolling rather than re-building exposure.

With put-call ratios weakening sharply across NIFTY and BANKNIFTY, the setup suggests a consolidation zone forming around the current max pain areas (25800 for NIFTY and 57400 for BANKNIFTY).

The actionable takeaway is simple: avoid aggressive longs till combined open interest stabilizes and fresh build-up emerges in the November contracts. For now, this Open Interest Volume Analysis points toward a transition period in the market—less about chasing momentum and more about waiting for conviction trades to resurface next week.

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

Disclaimer

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