NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 3/11/2025

NIFTY’s combined open interest shrinks with prices edging up: Open Interest Volume Analysis shows a mild short covering phase as open interest dips by -0.5% and prices move higher—this signals bears are booking profits rather than adding new shorts.

November NIFTY futures in ‘long covering’ mode: Premium drops sharply and open interest decline supports the view that old longs are being squared off with little fresh buying.

December contract displays fresh short build-up: Increasing open interest but no price uptick reveals new bearish bets being placed further out, which may cap upside in the short term.

Option chain signals mixed sentiment: Put-call ratio rises to 0.664 for weekly from historic lows, suggesting sellers are stepping back and option writers expect sideways stability near max pain (25800–26000 zone).

Max pain levels cluster around current price: Option data supports ongoing consolidation, with major open interest at 26000 reflecting a market expecting range-bound action.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25763.35 (0.2%)

Combined = November + December + January

Combined Fut Open Interest Change: -0.5%

Combined Fut Volume Change: -27.5%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 7% Previous 7%

NIFTY NOVEMBER Future closed at: 25898.9 (0.0%)

November Fut Premium 135.55 (Decreased by -47.85 points)

November Fut Open Interest Change: -0.7%

November Fut Volume Change: -26.2%

November Fut Open Interest Analysis: Long Covering

NIFTY DECEMBER Future closed at: 26085.2 (0.0%)

December Fut Premium 321.85 (Decreased by -44.55 points)

December Fut Open Interest Change: 2.2%

December Fut Volume Change: -46.8%

December Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (4/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.664 (Increased from 0.501)

Put-Call Ratio (Volume): 0.922

Max Pain Level: 25800

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 25700

Highest CALL Addition: 25750

Highest PUT Addition: 25650

NIFTY Monthly Expiry (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.109 (Decreased from 1.110)

Put-Call Ratio (Volume): 0.950

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26400

Highest PUT Addition: 25300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58101.45 (0.6%)

Combined = November + December + January

Combined Fut Open Interest Change: 3.7%

Combined Fut Volume Change: -6.3%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 10% Previous 10%

BANKNIFTY NOVEMBER Future closed at: 58404.4 (0.4%)

November Fut Premium 302.95 (Decreased by -105.3 points)

November Fut Open Interest Change: 4.0%

November Fut Volume Change: -3.9%

November Fut Open Interest Analysis: Fresh Long

BANKNIFTY DECEMBER Future closed at: 58752.6 (0.4%)

December Fut Premium 651.15 (Decreased by -113.5 points)

December Fut Open Interest Change: -0.2%

December Fut Volume Change: -39.1%

December Fut Open Interest Analysis: Short Covering

BANKNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.928 (Increased from 0.851)

Put-Call Ratio (Volume): 0.860

Max Pain Level: 58000

Maximum CALL Open Interest: 58000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 61000

Highest PUT Addition: 58000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27306.15 (0.6%)

Combined = November + December + January

Combined Fut Open Interest Change: 7.9%

Combined Fut Volume Change: -28.1%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 2% Previous 1%

FINNIFTY NOVEMBER Future closed at: 27437 (0.4%)

November Fut Premium 130.85 (Decreased by -61.3 points)

November Fut Open Interest Change: 7.1%

November Fut Volume Change: -29.2%

November Fut Open Interest Analysis: Fresh Long

FINNIFTY DECEMBER Future closed at: 27625.5 (0.4%)

December Fut Premium 319.35 (Decreased by -68.6 points)

December Fut Open Interest Change: 71.4%

December Fut Volume Change: 42.9%

December Fut Open Interest Analysis: Fresh Long

FINNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.888 (Increased from 0.847)

Put-Call Ratio (Volume): 0.610

Max Pain Level: 27450

Maximum CALL Open Interest: 29000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 29000

Highest PUT Addition: 25500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13589.05 (0.9%)

Combined = November + December + January

Combined Fut Open Interest Change: 3.4%

Combined Fut Volume Change: -38.0%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 2% Previous 2%

MIDCPNIFTY NOVEMBER Future closed at: 13647.35 (1.0%)

November Fut Premium 58.3 (Increased by 7.65 points)

November Fut Open Interest Change: 3.4%

November Fut Volume Change: -39.6%

November Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY DECEMBER Future closed at: 13702.65 (0.9%)

December Fut Premium 113.6 (Decreased by -5.3 points)

December Fut Open Interest Change: 4.6%

December Fut Volume Change: 10.6%

December Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.017 (Increased from 0.930)

Put-Call Ratio (Volume): 0.923

Max Pain Level: 13500

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 13550

Highest PUT Addition: 13500

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 83,978.49 (0.05%)

SENSEX Monthly Future closed at: 84,553.35 (-0.08%)

Premium: 574.86 (Decreased by -111.03 points)

Open Interest Change: 2.8%

Volume Change: -43.7%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (6/11/2025) Option Analysis

Put-Call Ratio (OI): 0.711 (Increased from 0.516)

Put-Call Ratio (Volume): 0.962

Max Pain Level: 84100

Maximum CALL OI: 87000

Maximum PUT OI: 83000

Highest CALL Addition: 87000

Highest PUT Addition: 79000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,883.78 Cr.
DIIs Net BUY: ₹ 3,516.36 Cr.

FII Derivatives Activity

FII Trading Stats	3.11.25	31.10.25	30.10.25
FII Cash (Provisional Data)	-1,883.78	-6,769.34	-3,077.59
Index Future Open Interest Long Ratio	15.61%	16.01%	16.98%
Index Future Volume Long Ratio	37.90%	38.19%	28.58%
Call Option Open Interest Long Ratio	50.39%	50.41%	48.92%
Call Option Volume Long Ratio	49.99%	50.19%	49.74%
Put Option Open Interest Long Ratio	60.50%	62.53%	62.87%
Put Option Volume Long Ratio	49.87%	50.11%	50.70%
Stock Future Open Interest Long Ratio	61.57%	61.74%	61.95%
Stock Future Volume Long Ratio	48.43%	48.37%	44.82%
Index Futures	Fresh Short	Fresh Short	Fresh Short
Index Options	Long Covering	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Fresh Short	Fresh Short
Nifty Options	Long Covering	Fresh Long	Fresh Long
BankNifty Futures	Fresh Long	Long Covering	Long Covering
BankNifty Options	Fresh Short	Long Covering	Fresh Short
FinNifty Futures	Long Covering	Long Covering	Long Covering
FinNifty Options	Fresh Short	Fresh Long	Fresh Short
MidcpNifty Futures	Fresh Long	Fresh Short	Fresh Long
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Long
Stock Futures	Fresh Short	Long Covering	Long Covering
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

SENSEX Weekly Expiry (6/11/2025)

The SENSEX index closed at 83978.49. The SENSEX weekly expiry for NOVEMBER 6, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.711 against previous 0.516. The 87000CE option holds the maximum open interest, followed by the 88000CE and 85000CE options. Market participants have shown increased interest with significant open interest additions in the 87000CE option, with open interest additions also seen in the 79000PE and 81000PE options. On the other hand, open interest reductions were prominent in the 84500PE, 87500CE, and 87100CE options. Trading volume was highest in the 84000PE option, followed by the 84000CE and 83800PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	06-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
83978.49	0.711	0.516	0.962
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,68,44,780	1,29,57,120	38,87,660
PUT:	1,19,69,140	66,86,820	52,82,320
Top CALL Open Interest:
Strike	OI	OI Change	Volume
87000	11,60,640	5,72,540	56,87,480
88000	11,37,300	2,69,500	45,17,860
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
87000	11,60,640	5,72,540	56,87,480
84000	6,75,940	3,62,660	2,49,40,920
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
87500	4,48,500	-45,180	28,77,260
87100	2,64,500	-38,440	10,59,140
Top CALL Volume:
Strike	OI	OI Change	Volume
84000	6,75,940	3,62,660	2,49,40,920
84500	8,97,360	39,300	1,69,69,660
Top PUT Open Interest:
Strike	OI	OI Change	Volume
83000	7,08,440	3,66,380	1,70,95,040
81000	6,74,700	4,04,060	38,68,160
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
79000	5,82,800	4,26,780	23,44,600
81000	6,74,700	4,04,060	38,68,160
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
84500	3,63,280	-54,740	25,72,200
84800	73,080	-20,580	3,06,160
Top PUT Volume:
Strike	OI	OI Change	Volume
84000	6,37,460	2,54,680	2,60,89,160
83800	4,29,580	3,34,180	2,17,00,180

NIFTY Weekly Expiry (4/11/2025)

The NIFTY index closed at 25763.35. The NIFTY weekly expiry for NOVEMBER 4, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.664 against previous 0.501. The 26000CE option holds the maximum open interest, followed by the 25700PE and 26100CE options. Market participants have shown increased interest with significant open interest additions in the 25650PE option, with open interest additions also seen in the 25700PE and 25600PE options. On the other hand, open interest reductions were prominent in the 27000CE, 27200CE, and 27500CE options. Trading volume was highest in the 25700PE option, followed by the 25800CE and 25750PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	04-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,763.35	0.664	0.501	0.922
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	23,75,87,025	27,73,04,775	-3,97,17,750
PUT:	15,78,11,775	13,90,15,650	1,87,96,125
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	2,00,68,575	-12,63,825	46,65,702
26,100	1,34,87,475	2,96,775	26,06,926
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,750	54,68,175	29,29,350	63,61,365
25,700	44,53,425	16,38,525	55,75,893
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	1,01,78,100	-1,32,31,650	12,98,510
27,200	19,78,050	-41,75,850	3,07,034
Top CALL Volume:
Strike	OI	OI Change	Volume
25,800	1,17,74,700	15,94,575	85,50,945
25,750	54,68,175	29,29,350	63,61,365
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,700	1,35,37,425	54,10,500	98,95,732
25,000	1,09,49,700	-11,98,650	16,40,095
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,650	86,81,775	60,18,000	52,50,545
25,700	1,35,37,425	54,10,500	98,95,732
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,850	25,88,775	-16,62,225	92,987
24,000	38,40,150	-14,18,025	2,61,343
Top PUT Volume:
Strike	OI	OI Change	Volume
25,700	1,35,37,425	54,10,500	98,95,732
25,750	67,31,325	22,96,275	67,83,445

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 25763.35. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.109 against previous 1.110. The 26000CE option holds the maximum open interest, followed by the 26000PE and 25000PE options. Market participants have shown increased interest with significant open interest additions in the 26400CE option, with open interest additions also seen in the 26000CE and 25900CE options. On the other hand, open interest reductions were prominent in the 26600CE, 25000PE, and 27000CE options. Trading volume was highest in the 26000CE option, followed by the 25000PE and 25500PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,763.35	1.109	1.110	0.950
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,94,29,450	3,88,55,175	5,74,275
PUT:	4,37,41,050	4,31,40,750	6,00,300
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	55,44,300	2,20,725	71,964
27,000	38,14,125	-1,90,950	50,254
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,400	15,64,050	6,04,200	22,758
26,000	55,44,300	2,20,725	71,964
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,600	8,83,500	-3,90,150	22,105
27,000	38,14,125	-1,90,950	50,254
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	55,44,300	2,20,725	71,964
27,000	38,14,125	-1,90,950	50,254
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	47,83,575	-1,04,400	40,374
25,000	42,68,850	-2,38,950	59,717
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,300	13,12,950	1,76,250	15,642
24,900	7,02,150	1,12,050	9,787
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	42,68,850	-2,38,950	59,717
26,000	47,83,575	-1,04,400	40,374
Top PUT Volume:
Strike	OI	OI Change	Volume
25,000	42,68,850	-2,38,950	59,717
25,500	39,27,225	-71,625	57,720

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 58101.45. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.928 against previous 0.851. The 58000PE option holds the maximum open interest, followed by the 57000PE and 58000CE options. Market participants have shown increased interest with significant open interest additions in the 58000PE option, with open interest additions also seen in the 57000PE and 58100PE options. On the other hand, open interest reductions were prominent in the 60500CE, 60000CE, and 57000CE options. Trading volume was highest in the 58000PE option, followed by the 58000CE and 58500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,101.45	0.928	0.851	0.860
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,25,31,015	1,23,63,645	1,67,370
PUT:	1,16,32,495	1,05,27,580	11,04,915
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,000	10,76,355	8,225	1,27,456
57,000	10,42,895	-36,085	4,906
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
61,000	7,04,480	40,845	30,108
58,400	1,83,260	33,320	32,104
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
60,500	4,84,015	-45,640	23,662
60,000	9,81,995	-37,870	57,659
Top CALL Volume:
Strike	OI	OI Change	Volume
58,000	10,76,355	8,225	1,27,456
58,500	9,02,755	-27,475	81,071
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,000	18,49,295	1,33,280	1,61,207
57,000	12,85,165	94,150	65,488
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,000	18,49,295	1,33,280	1,61,207
57,000	12,85,165	94,150	65,488
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
52,000	1,08,850	-21,455	3,514
53,500	2,44,090	-7,630	6,653
Top PUT Volume:
Strike	OI	OI Change	Volume
58,000	18,49,295	1,33,280	1,61,207
58,100	1,87,425	84,350	66,371

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27306.15. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.888 against previous 0.847. The 29000CE option holds the maximum open interest, followed by the 27500CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 29000CE option, with open interest additions also seen in the 25500PE and 27400CE options. On the other hand, open interest reductions were prominent in the 30000CE, 27500CE, and 30500CE options. Trading volume was highest in the 27400CE option, followed by the 27500CE and 28000CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,306.15	0.888	0.847	0.610
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,91,335	3,82,525	1,08,810
PUT:	4,36,410	3,24,025	1,12,385
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,000	88,790	42,315	876
27,500	66,300	-4,290	2,302
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
29,000	88,790	42,315	876
27,400	29,640	15,925	6,251
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
30,000	13,130	-6,435	529
27,500	66,300	-4,290	2,302
Top CALL Volume:
Strike	OI	OI Change	Volume
27,400	29,640	15,925	6,251
27,500	66,300	-4,290	2,302
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	57,265	2,535	788
26,500	46,865	520	421
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	42,250	30,680	723
26,700	18,265	14,885	287
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
27,500	45,110	-2,535	516
25,000	20,150	-2,080	423
Top PUT Volume:
Strike	OI	OI Change	Volume
27,000	24,765	6,240	1,526
27,200	12,740	5,525	1,465

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 13589.05. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.017 against previous 0.930. The 14000CE option holds the maximum open interest, followed by the 13000PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13500PE option, with open interest additions also seen in the 13000PE and 13550CE options. On the other hand, open interest reductions were prominent in the 71000CE, 55500CE, and 55500CE options. Trading volume was highest in the 13500PE option, followed by the 14000CE and 13500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	25-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,589.05	1.017	0.930	0.923
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	60,95,740	52,16,960	8,78,780
PUT:	62,01,860	48,53,800	13,48,060
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,000	10,74,360	1,62,540	11,861
14,500	6,80,820	1,90,960	4,435
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,550	3,22,420	2,18,960	6,095
14,500	6,80,820	1,90,960	4,435
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,200	3,08,280	-1,52,880	8,381
13,800	2,57,180	-57,540	6,846
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	10,74,360	1,62,540	11,861
13,500	5,90,660	-38,780	10,300
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	7,73,360	2,35,900	8,183
13,500	7,36,820	2,91,620	14,573
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,500	7,36,820	2,91,620	14,573
13,000	7,73,360	2,35,900	8,183
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,100	2,59,280	-36,120	2,396
12,200	1,13,540	-5,460	430
Top PUT Volume:
Strike	OI	OI Change	Volume
13,500	7,36,820	2,91,620	14,573
13,000	7,73,360	2,35,900	8,183

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

Short covering is dominant but fresh shorts persist in out-month contracts: Open Interest Volume Analysis highlights a tactical retreat by bears but not outright bullishness; caution is still warranted.

Actionable feedback: Avoid aggressive long positions until December futures show short unwinding. Instead, consider range-trading setups near the max pain areas, using 25800–26000 as key boundaries.

Watch for breakout signals: If combined open interest rises with price, it will offer real confirmation of trend reversal—stay nimble for quick switches in sentiment.

Use option data to manage risk: Anchoring positions around 26000 (max pain) and following open interest shifts can improve trade accuracy this week.

Remain cautious: Open Interest Volume Analysis suggests the market is neutral to slightly bearish, so wait for clear momentum before positioning for the next big move.

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