NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 20/11/2025

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Open Interest Volume Analysis

NIFTY’s Open Interest Volume Analysis signals powerful bullish intent: Combined open interest rises (+0.66%) alongside a sharp spike in volume (+70.53%) and the index up +0.54%, confirming aggressive fresh long additions as the market targets higher levels.

November expiry contracts reflect rapid short covering: November open interest drops (-13%) and volume rises, showing bears are rushing to exit positions while bulls drive prices toward new highs.

December futures show a massive influx of new longs: December OI surges (+88.2%) with towering volume (+242%), indicating big institutional bets are being built for the post-expiry trend.

Options landscape decisively bullish: Monthly PCR rockets from 1.28 to 1.52, with highest PUT additions near 26200, anchoring support and reflecting optimism for more gains.

Max pain rises to 26100, aligning with index momentum: Heavy open interest in call and put options at this strike builds a clear magnet for the expiry and gives traders a reference to manage risk.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26192.15 (0.535%)

Combined = November + December + January

Combined Fut Open Interest Change: 0.66%

Combined Fut Volume Change: 70.53%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 26% Previous 15%

NIFTY NOVEMBER Future closed at: 26220.8 (0.575%)

November Fut Premium 28.65 (Increased by 10.3 points)

November Fut Open Interest Change: -13.00%

November Fut Volume Change: 31.14%

November Fut Open Interest Analysis: Short Covering

NIFTY DECEMBER Future closed at: 26411.9 (0.603%)

December Fut Premium 219.75 (Increased by 18.7 points)

December Fut Open Interest Change: 88.21%

December Fut Volume Change: 242.34%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.518 (Increased from 1.281)

Put-Call Ratio (Volume): 0.956

Max Pain Level: 26100

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 27500

Highest PUT Addition: 26200

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59347.7 (0.222%)

Combined = November + December + January

Combined Fut Open Interest Change: 3.85%

Combined Fut Volume Change: -14.49%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 26% Previous 20%

BANKNIFTY NOVEMBER Future closed at: 59399 (0.290%)

November Fut Premium 51.3 (Increased by 39.95 points)

November Fut Open Interest Change: -3.8%

November Fut Volume Change: -21.9%

November Fut Open Interest Analysis: Short Covering

BANKNIFTY DECEMBER Future closed at: 59759 (0.292%)

December Fut Premium 411.3 (Increased by 42.15 points)

December Fut Open Interest Change: 38.07%

December Fut Volume Change: 8.13%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.232 (Increased from 1.196)

Put-Call Ratio (Volume): 0.991

Max Pain Level: 58900

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 59500

Highest PUT Addition: 59300

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27861.35 (0.787%)

Combined = November + December + January

Combined Fut Open Interest Change: 1.6%

Combined Fut Volume Change: 97.5%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 18% Previous 8%

FINNIFTY NOVEMBER Future closed at: 27885.6 (0.807%)

November Fut Premium 24.25 (Increased by 5.55 points)

November Fut Open Interest Change: -9.27%

November Fut Volume Change: 71.07%

November Fut Open Interest Analysis: Short Covering

FINNIFTY DECEMBER Future closed at: 28039.8 (0.795%)

December Fut Premium 178.45 (Increased by 3.55 points)

December Fut Open Interest Change: 123.53%

December Fut Volume Change: 208.51%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 1.330 (Increased from 1.075)

Put-Call Ratio (Volume): 0.819

Max Pain Level: 27700

Maximum CALL Open Interest: 27900

Maximum PUT Open Interest: 27500

Highest CALL Addition: 27900

Highest PUT Addition: 27900

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13992.2 (-0.060%)

Combined = November + December + January

Combined Fut Open Interest Change: -12.82%

Combined Fut Volume Change: 212.82%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 22% Previous 5%

MIDCPNIFTY NOVEMBER Future closed at: 14007.25 (-0.131%)

November Fut Premium 15.05 (Decreased by -10 points)

November Fut Open Interest Change: -28.49%

November Fut Volume Change: 140.92%

November Fut Open Interest Analysis: Long Covering

MIDCPNIFTY DECEMBER Future closed at: 14074.65 (-0.197%)

December Fut Premium 82.45 (Decreased by -19.45 points)

December Fut Open Interest Change: 321.02%

December Fut Volume Change: 697.17%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.102 (Decreased from 1.202)

Put-Call Ratio (Volume): 1.054

Max Pain Level: 13900

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 14200

Highest PUT Addition: 14050

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 85,632.68 (0.524%)

SENSEX Monthly Future closed at: 85,770.45 (0.613%)

Premium: 137.77 (Increased by 76.29 points)

Open Interest Change: -24.52%

Volume Change: 90.95%

Open Interest Analysis: Short Covering

SENSEX Weekly Expiry (27/11/2025) Option Analysis

Put-Call Ratio (OI): 1.453 (Increased from 1.085)

Put-Call Ratio (Volume): 1.144

Max Pain Level: 85000

Maximum CALL OI: 87000

Maximum PUT OI: 85000

Highest CALL Addition: 90000

Highest PUT Addition: 85500

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 283.65 Cr.
DIIs Net BUY: ₹ 824.46 Cr.

FII Derivatives Activity

FII Trading Stats20.11.2519.11.2518.11.25
FII Cash (Provisional Data)283.651,580.72-728.82
Index Future Open Interest Long Ratio12.36%12.24%12.16%
Index Future Volume Long Ratio51.80%52.35%50.97%
Call Option Open Interest Long Ratio52.91%51.30%49.05%
Call Option Volume Long Ratio50.35%50.40%49.62%
Put Option Open Interest Long Ratio57.95%57.49%63.67%
Put Option Volume Long Ratio50.24%49.31%50.47%
Stock Future Open Interest Long Ratio60.82%60.58%60.52%
Stock Future Volume Long Ratio50.09%51.05%46.60%
    
Index FuturesShort CoveringShort CoveringShort Covering
Index OptionsFresh LongFresh ShortShort Covering
    
Nifty FuturesShort CoveringShort CoveringLong Covering
Nifty OptionsFresh LongFresh ShortShort Covering
    
BankNifty FuturesFresh LongFresh LongFresh Long
BankNifty OptionsFresh ShortFresh ShortFresh Short
    
FinNifty FuturesFresh LongLong CoveringLong Covering
FinNifty OptionsLong CoveringFresh LongFresh Short
    
MidcpNifty FuturesLong CoveringLong CoveringLong Covering
MidcpNifty OptionsLong CoveringFresh LongShort Covering
    
NiftyNxt50 FuturesLong CoveringFresh ShortShort Covering
NiftyNxt50 OptionsFresh LongFresh ShortFresh Long
    
Stock FuturesShort CoveringFresh LongLong Covering
Stock OptionsShort CoveringShort CoveringFresh 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

SENSEX Weekly Expiry (27/11/2025)

The SENSEX index closed at 85632.68. The SENSEX weekly expiry for NOVEMBER 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.453 against previous 1.085. The 85000PE option holds the maximum open interest, followed by the 84000PE and 87000CE options. Market participants have shown increased interest with significant open interest additions in the 85500PE option, with open interest additions also seen in the 85000PE and 85700PE options. On the other hand, open interest reductions were prominent in the 85000CE, 84800CE, and 85200CE options. Trading volume was highest in the 85500PE option, followed by the 85500CE and 85000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:27-11-2025
Index SpotPCR OIPrev PCR OIPCR VOL
85632.681.4531.0851.144
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      32,12,380        16,54,240           15,58,140
PUT:      46,66,000        17,94,660           28,71,340
Top CALL Open Interest:
StrikeOIOI ChangeVolume
87000        2,93,120          1,28,400           10,93,260
89000        2,09,920          1,39,020              6,49,020
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
90000        2,00,280          1,77,080              5,36,560
89000        2,09,920          1,39,020              6,49,020
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
85000            87,180            -37,440              6,12,320
84800            31,120            -23,340                 71,800
Top CALL Volume:
StrikeOIOI ChangeVolume
85500        1,68,760              96,580           18,82,700
86000        1,81,980              75,140           14,81,080
Top PUT Open Interest:
StrikeOIOI ChangeVolume
85000        4,11,380          2,22,440           17,13,920
84000        2,95,340          1,58,720           13,88,640
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
85500        2,85,160          2,49,400           19,13,920
85000        4,11,380          2,22,440           17,13,920
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
82800            22,680            -10,020              1,11,700
73100                  140                    -20                       160
Top PUT Volume:
StrikeOIOI ChangeVolume
85500        2,85,160          2,49,400           19,13,920
85000        4,11,380          2,22,440           17,13,920

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 26192.15. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.518 against previous 1.281. The 26000PE option holds the maximum open interest, followed by the 25900PE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 26200PE option, with open interest additions also seen in the 26100PE and 26150PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25050PE, and 26100CE options. Trading volume was highest in the 26200CE option, followed by the 26100CE and 26100PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         26,192.15                1.518                  1.281               0.956
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 13,40,22,525   12,55,05,225       85,17,300
 PUT: 20,35,00,125   16,07,21,925   4,27,78,200
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,500    1,16,56,800         12,71,475       13,36,153
               27,000    1,12,92,750         16,42,425       10,16,556
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,500       90,79,575         19,21,425         5,07,002
               26,700       53,93,850         17,53,800         5,82,184
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,000       69,87,225        -44,86,575       10,10,188
               26,100       39,39,150        -17,88,900       25,16,582
 Top CALL Volume:
 Strike OI OI Change Volume
               26,200       75,60,000            5,01,375       26,14,422
               26,100       39,39,150        -17,88,900       25,16,582
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               26,000    1,48,37,400         25,34,025       18,71,326
               25,900    1,22,80,275            6,65,925       11,49,507
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               26,200       77,09,100         56,70,375       17,04,498
               26,100       85,16,625         54,95,700       22,61,009
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               25,050          7,63,800        -20,19,900         1,76,001
               24,300          9,65,250          -5,52,075         1,34,193
 Top PUT Volume: 
 Strike OI OI Change Volume
               26,100       85,16,625         54,95,700       22,61,009
               26,000    1,48,37,400         25,34,025       18,71,326

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 59347.7. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.232 against previous 1.196. The 58000PE option holds the maximum open interest, followed by the 59000PE and 57000PE options. Market participants have shown increased interest with significant open interest additions in the 59300PE option, with open interest additions also seen in the 59500PE and 59400PE options. On the other hand, open interest reductions were prominent in the 58500CE, 58500PE, and 58400PE options. Trading volume was highest in the 59200CE option, followed by the 59300CE and 59500CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         59,347.70                1.232                  1.196               0.991
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,53,95,170      1,57,56,510       -3,61,340
 PUT:    1,89,69,545      1,88,50,720         1,18,825
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       11,95,390               43,785         2,05,000
               59,000          9,12,415          -1,56,765         1,80,146
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,500          8,30,970            1,69,890         2,49,372
               59,400          3,49,265            1,66,845         1,69,781
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               58,500          8,28,065          -2,52,700             32,920
               59,000          9,12,415          -1,56,765         1,80,146
 Top CALL Volume:
 Strike OI OI Change Volume
               59,200          3,19,690              -76,860         2,65,817
               59,300          5,52,720               48,440         2,64,070
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               58,000       15,28,835              -58,590         1,22,783
               59,000       14,51,695               83,860         2,21,621
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               59,300          4,28,855            2,73,560         1,70,352
               59,500          4,39,950            2,43,075         1,05,073
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               58,500       13,47,850          -2,21,655         1,66,893
               58,400          2,21,655          -1,79,165             40,610
 Top PUT Volume: 
 Strike OI OI Change Volume
               59,000       14,51,695               83,860         2,21,621
               59,200          3,76,635               23,625         1,93,602

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27861.35. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.330 against previous 1.075. The 27900CE option holds the maximum open interest, followed by the 27500PE and 27000PE options. Market participants have shown increased interest with significant open interest additions in the 27900CE option, with open interest additions also seen in the 27900PE and 27500PE options. On the other hand, open interest reductions were prominent in the 27800CE, 28350CE, and 28200CE options. Trading volume was highest in the 27800CE option, followed by the 27900CE and 28000CE options, indicating active trading in these strikes.

FINNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         27,861.35                1.330                  1.075               0.819
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       10,98,630         13,13,975       -2,15,345
 PUT:       14,60,940         14,12,255             48,685
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,900          1,81,480            1,61,265             21,412
               29,000             86,060                  2,080               2,887
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,900          1,81,480            1,61,265             21,412
               28,500             70,200               31,785               1,984
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,800             83,135          -1,61,070             27,414
               28,350             14,690              -95,225               2,855
 Top CALL Volume:
 Strike OI OI Change Volume
               27,800             83,135          -1,61,070             27,414
               27,900          1,81,480            1,61,265             21,412
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               27,500          1,65,555               32,890               9,508
               27,000          1,07,510                  8,840               5,742
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               27,900             53,625               51,805               3,370
               27,500          1,65,555               32,890               9,508
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               27,100             41,860              -43,095               2,092
               26,500             74,295              -32,955               3,519
 Top PUT Volume:   
 Strike OI OI Change Volume
               27,500          1,65,555               32,890               9,508
               27,600             61,035               22,360               8,525

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 13992.2. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.102 against previous 1.202. The 14000CE option holds the maximum open interest, followed by the 13500PE and 13300PE options. Market participants have shown increased interest with significant open interest additions in the 14050PE option, with open interest additions also seen in the 14200CE and 13500PE options. On the other hand, open interest reductions were prominent in the 73000CE, 70000PE, and 69500CE options. Trading volume was highest in the 14200CE option, followed by the 14100CE and 14000PE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,992.20                1.102                  1.202               1.054
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,03,64,200      1,01,56,720         2,07,480
 PUT:    1,14,22,320      1,22,08,280       -7,85,960
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000       13,92,300              -52,220             38,244
               14,500          8,74,160            1,28,520             14,950
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,200          7,20,580            1,81,860             40,300
               14,050          2,67,260            1,51,760             18,673
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,400          5,58,460          -1,70,100             11,170
               13,500          2,27,500          -1,22,640               1,232
 Top CALL Volume:
 Strike OI OI Change Volume
               14,200          7,20,580            1,81,860             40,300
               14,100          6,31,540               51,380             38,532
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,500       12,26,540            1,78,220             14,735
               13,300       11,55,560            1,67,160               9,958
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               14,050          2,82,380            2,32,820             20,036
               13,500       12,26,540            1,78,220             14,735
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,800          7,74,760          -2,68,380             25,341
               13,000          6,00,740          -1,74,580               6,908
 Top PUT Volume: 
 Strike OI OI Change Volume
               14,000       10,53,640               80,360             38,319
               13,800          7,74,760          -2,68,380             25,341

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

Bulls tighten their grip as shorts exit rapidly and new longs pile into December series: Open Interest Volume Analysis shows strong conviction for upside, likely to drive a trending market if volume remains high.

Actionable feedback: Favor buying on dips toward 26100–26200; use max pain and fresh PUT additions as stop and re-entry zones for long trades.

Sector notes: FINNIFTY also participates in the long build-up, while a sharp rise in BankNIFTY OI suggests further strength in financials.

Stay alert for profit booking near expiry: With such rapid shifts, watch OI and PCR for signs of exhaustion—if December OI stops rising or PCR dips, lock in profits or tighten stops quickly.

Embrace momentum: The current Open Interest Volume Analysis supports riding the bullish wave, as long as contracts, PCR, and volume all point up.

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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