NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 25/11/2025

Open Interest Volume Analysis points to aggressive fresh short build: NIFTY 50 fell around 0.3% even as combined futures OI jumped by 24.37%, clearly signalling that traders are adding new bearish positions rather than exiting old ones.

Structure across DEC–JAN is uniformly bearish: Both December and January futures closed lower with strong OI additions (roughly 24–27%), showing that shorts are being built across multiple expiries and not just near-month noise.

Premiums cooling despite shorts rising: Futures premiums have fallen sharply across all three indices while OI rises, which typically reflects expectation of further downside or at least capped upside in the near term.

Options still anchor price around 26,000: Weekly and monthly option data show max pain parked at 26,000 with matching max call/put OI, so the market may oscillate around this zone while shorts try to push below support pockets.

Banking and financial indices echo the same message: BANKNIFTY, FINNIFTY and even SENSEX are showing fresh short build-ups on rising OI and volume, suggesting this is a broad, index-wide risk-off move rather than stock-specific weakness.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25884.8 (-0.288%)

Combined = November + December + January

Combined Fut Open Interest Change: 24.37%

Combined Fut Volume Change: -7.08%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 6% Previous 6%

NIFTY DECEMBER Future closed at: 26055.4 (-0.441%)

November Fut Premium 170.6 (Decreased by -40.6 points)

November Fut Open Interest Change: 24.22%

November Fut Volume Change: -9.89%

November Fut Open Interest Analysis: Fresh Short

NIFTY JANUARY Future closed at: 26234.6 (-0.470%)

December Fut Premium 349.8 (Decreased by -49.3 points)

December Fut Open Interest Change: 26.82%

December Fut Volume Change: 52.42%

December Fut Open Interest Analysis: Fresh Short

NIFTY Weekly Expiry (2/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.733 (Increased from 0.728)

Put-Call Ratio (Volume): 0.794

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26000

Highest PUT Addition: 25400

NIFTY Monthly Expiry (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.237 (Decreased from 1.291)

Put-Call Ratio (Volume): 0.850

Max Pain Level: 26000

Maximum CALL Open Interest: 26000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26000

Highest PUT Addition: 26000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58820.3 (-0.026%)

Combined = November + December + January

Combined Fut Open Interest Change: 30.92%

Combined Fut Volume Change: 26.98%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 9%

BANKNIFTY DECEMBER Future closed at: 59139.6 (-0.178%)

November Fut Premium 319.3 (Decreased by -90.15 points)

November Fut Open Interest Change: 33.4%

November Fut Volume Change: 29.2%

November Fut Open Interest Analysis: Fresh Short

BANKNIFTY JANUARY Future closed at: 59505.8 (-0.146%)

December Fut Premium 685.5 (Decreased by -71.75 points)

December Fut Open Interest Change: 6.61%

December Fut Volume Change: -5.70%

December Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.068 (Decreased from 1.163)

Put-Call Ratio (Volume): 0.968

Max Pain Level: 58500

Maximum CALL Open Interest: 58500

Maximum PUT Open Interest: 58500

Highest CALL Addition: 59000

Highest PUT Addition: 59000

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27409.4 (-0.325%)

Combined = November + December + January

Combined Fut Open Interest Change: 68.9%

Combined Fut Volume Change: 112.7%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 0% Previous 0%

FINNIFTY DECEMBER Future closed at: 27551.2 (-0.425%)

November Fut Premium 141.8 (Decreased by -28.35 points)

November Fut Open Interest Change: 69.12%

November Fut Volume Change: 113.68%

November Fut Open Interest Analysis: Fresh Short

FINNIFTY JANUARY Future closed at: 27682.8 (-0.340%)

December Fut Premium 273.4 (Decreased by -5.25 points)

December Fut Open Interest Change: 0.00%

December Fut Volume Change: -100.00%

December Fut Open Interest Analysis: Long Covering

FINNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.730 (Decreased from 1.047)

Put-Call Ratio (Volume): 0.943

Max Pain Level: 27500

Maximum CALL Open Interest: 27500

Maximum PUT Open Interest: 27500

Highest CALL Addition: 27500

Highest PUT Addition: 27500

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13806.7 (0.496%)

Combined = November + December + January

Combined Fut Open Interest Change: 28.14%

Combined Fut Volume Change: 95.84%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 1% Previous 1%

MIDCPNIFTY DECEMBER Future closed at: 13900 (0.431%)

November Fut Premium 93.3 (Decreased by -8.5 points)

November Fut Open Interest Change: 28.16%

November Fut Volume Change: 98.54%

November Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY JANUARY Future closed at: 13971.25 (0.404%)

December Fut Premium 164.55 (Decreased by -12 points)

December Fut Open Interest Change: 26.97%

December Fut Volume Change: -7.87%

December Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.928 (Increased from 0.925)

Put-Call Ratio (Volume): 0.949

Max Pain Level: 13900

Maximum CALL Open Interest: 14500

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14300

Highest PUT Addition: 13000

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 84,587.01 (-0.369%)

SENSEX Monthly Future closed at: 84,702.30 (-0.475%)

Premium: 115.29 (Decreased by -90.25 points)

Open Interest Change: -9.26%

Volume Change: 47.49%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.611 (Increased from 0.594)

Put-Call Ratio (Volume): 0.880

Max Pain Level: 85200

Maximum CALL OI: 85000

Maximum PUT OI: 84000

Highest CALL Addition: 85000

Highest PUT Addition: 84000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 785.32 Cr.
DIIs Net BUY: ₹ 3,912.47 Cr.

FII Derivatives Activity

FII Trading Stats	25.11.25	24.11.25	21.11.25
FII Cash (Provisional Data)	785.32	-4,171.75	-1,766.05
Index Future Open Interest Long Ratio	15.07%	14.48%	11.57%
Index Future Volume Long Ratio	43.58%	53.64%	48.00%
Call Option Open Interest Long Ratio	45.89%	50.18%	51.94%
Call Option Volume Long Ratio	49.93%	49.79%	49.91%
Put Option Open Interest Long Ratio	67.73%	62.02%	62.44%
Put Option Volume Long Ratio	50.09%	50.03%	50.55%
Stock Future Open Interest Long Ratio	61.58%	61.34%	60.64%
Stock Future Volume Long Ratio	50.14%	51.17%	49.82%
Index Futures	Long Covering	Fresh Long	Long Covering
Index Options	Short Covering	Fresh Short	Fresh Long
Nifty Futures	Long Covering	Fresh Long	Fresh Short
Nifty Options	Short Covering	Fresh Short	Fresh Long
BankNifty Futures	Long Covering	Short Covering	Long Covering
BankNifty Options	Long Covering	Fresh Long	Fresh Short
FinNifty Futures	Short Covering	Fresh Short	Short Covering
FinNifty Options	Short Covering	Fresh Short	Long Covering
MidcpNifty Futures	Long Covering	Fresh Long	Long Covering
MidcpNifty Options	Short Covering	Fresh Short	Fresh Long
NiftyNxt50 Futures	Long Covering	Short Covering	Fresh Short
NiftyNxt50 Options	Long Covering	Fresh Long	Fresh Long
Stock Futures	Short Covering	Short Covering	Long Covering
Stock Options	Long Covering	Long Covering	Short 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

NSE & BSE Option market Trends : Options Insights

SENSEX Weekly Expiry (27/11/2025)

The SENSEX index closed at 84587.01. The SENSEX weekly expiry for NOVEMBER 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.611 against previous 0.594. The 85000CE option holds the maximum open interest, followed by the 85500CE and 86000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 84000PE and 86000CE options. On the other hand, open interest reductions were prominent in the 85500PE, 90000CE, and 80000PE options. Trading volume was highest in the 85000CE option, followed by the 85000PE and 84900PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	27-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
84587.01	0.611	0.594	0.880
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,26,99,280	1,39,92,680	87,06,600
PUT:	1,38,78,500	83,12,860	55,65,640
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	15,44,400	11,58,840	2,87,77,540
85500	14,51,800	3,36,340	1,72,55,720
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85000	15,44,400	11,58,840	2,87,77,540
86000	13,84,800	7,67,920	1,37,96,340
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
90000	3,37,480	-1,23,000	25,80,040
91500	86,300	-84,380	4,65,220
Top CALL Volume:
Strike	OI	OI Change	Volume
85000	15,44,400	11,58,840	2,87,77,540
85500	14,51,800	3,36,340	1,72,55,720
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84000	13,66,060	9,05,220	1,42,67,880
83000	11,28,220	7,38,440	58,27,520
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
84000	13,66,060	9,05,220	1,42,67,880
83000	11,28,220	7,38,440	58,27,520
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
85500	1,61,920	-3,19,700	27,57,720
80000	2,97,380	-1,09,860	17,72,720
Top PUT Volume:
Strike	OI	OI Change	Volume
85000	5,24,840	3,420	2,77,97,600
84900	1,69,260	12,300	1,81,56,500

NIFTY Weekly Expiry (2/12/2025)

The NIFTY index closed at 25884.8. The NIFTY weekly expiry for DECEMBER 2, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.733 against previous 0.728. The 26000CE option holds the maximum open interest, followed by the 26500CE and 26200CE 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 25400PE options. On the other hand, open interest reductions were prominent in the 26200PE, 27600CE, and 26400PE options. Trading volume was highest in the 26000CE option, followed by the 26000PE and 26200CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	02-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,884.80	0.733	0.728	0.794
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	8,50,07,025	4,91,64,675	3,58,42,350
PUT:	6,23,27,475	3,58,05,300	2,65,22,175
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	71,30,250	41,13,750	6,75,031
26,500	60,66,225	33,59,250	3,70,748
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	71,30,250	41,13,750	6,75,031
26,500	60,66,225	33,59,250	3,70,748
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,600	14,27,775	-32,400	41,374
27,300	7,74,450	-975	38,578
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	71,30,250	41,13,750	6,75,031
26,200	58,58,250	25,54,575	4,51,057
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	49,69,725	18,69,300	6,53,946
25,500	46,08,450	23,33,400	2,58,675
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,400	39,81,600	28,10,100	1,79,408
25,500	46,08,450	23,33,400	2,58,675
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,200	12,42,000	-1,38,225	91,353
26,400	1,87,350	-30,900	9,175
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	49,69,725	18,69,300	6,53,946
25,900	27,33,900	14,34,525	4,12,388

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 25884.8. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.237 against previous 1.291. The 26000PE option holds the maximum open interest, followed by the 26000CE and 27000CE 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 26000PE options. On the other hand, open interest reductions were prominent in the 27000CE, 24000PE, and 27200CE options. Trading volume was highest in the 27000CE option, followed by the 26000PE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
25,884.80	1.237	1.291	0.850
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,29,27,450	3,86,99,725	42,27,725
PUT:	5,31,20,775	4,99,43,750	31,77,025
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	64,57,600	11,28,725	69,399
27,000	58,23,400	-6,66,425	89,621
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	64,57,600	11,28,725	69,399
26,500	41,07,975	10,50,525	73,371
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	58,23,400	-6,66,425	89,621
27,200	6,18,525	-62,325	16,601
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	58,23,400	-6,66,425	89,621
26,500	41,07,975	10,50,525	73,371
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	70,76,775	6,86,075	87,218
25,000	45,59,225	1,41,600	32,623
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	70,76,775	6,86,075	87,218
26,200	21,00,975	6,37,500	38,210
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	39,70,175	-1,79,025	17,658
24,500	15,55,275	-41,700	15,008
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	70,76,775	6,86,075	87,218
26,200	21,00,975	6,37,500	38,210

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 58820.3. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.068 against previous 1.163. The 58500PE option holds the maximum open interest, followed by the 58500CE and 59000CE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 59000PE and 60000CE options. On the other hand, open interest reductions were prominent in the 55200PE, 55200PE, and 64500PE options. Trading volume was highest in the 59000PE option, followed by the 59000CE and 60000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
58,820.30	1.068	1.163	0.968
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	80,20,870	60,05,045	20,15,825
PUT:	85,63,345	69,84,810	15,78,535
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,500	12,88,280	28,665	9,479
59,000	8,25,510	3,67,920	63,795
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
59,000	8,25,510	3,67,920	63,795
60,000	6,38,785	1,70,345	34,786
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
56,800	1,540	-315	22
56,400	805	-105	19
Top CALL Volume:
Strike	OI	OI Change	Volume
59,000	8,25,510	3,67,920	63,795
60,000	6,38,785	1,70,345	34,786
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,500	19,10,475	87,710	26,219
59,000	7,89,740	2,07,830	71,266
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,000	7,89,740	2,07,830	71,266
58,000	6,06,725	1,12,700	20,511
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
55,200	2,660	-665	65
55,200	2,660	-665	65
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	7,89,740	2,07,830	71,266
58,500	19,10,475	87,710	26,219

FINNIFTY Monthly Expiry (30/12/2025)

The FINNIFTY index closed at 27409.4. The FINNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.730 against previous 1.047. The 27500CE option holds the maximum open interest, followed by the 27500PE and 27600CE options. Market participants have shown increased interest with significant open interest additions in the 27500CE option, with open interest additions also seen in the 27500PE and 27600CE options. On the other hand, open interest reductions were prominent in the 25700CE, 25700CE, and 25700CE options. Trading volume was highest in the 27500PE option, followed by the 27500CE and 27600CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,409.40	0.730	1.047	0.943
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	31,265	13,975	17,290
PUT:	22,815	14,625	8,190
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,500	10,660	6,435	317
27,600	6,370	2,210	124
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,500	10,660	6,435	317
27,600	6,370	2,210	124
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
–	–	–	–
–	–	–	–
Top CALL Volume:
Strike	OI	OI Change	Volume
27,500	10,660	6,435	317
27,600	6,370	2,210	124
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,500	9,685	3,120	447
27,000	3,445	1,300	59
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,500	9,685	3,120	447
27,000	3,445	1,300	59
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
–	–	–	–
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
27,500	9,685	3,120	447
27,400	1,235	1,170	69

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 13806.7. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.928 against previous 0.925. The 13000PE option holds the maximum open interest, followed by the 14500CE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13000PE option, with open interest additions also seen in the 14300CE and 14000CE options. On the other hand, open interest reductions were prominent in the 72500PE, 72500PE, and 72500PE options. Trading volume was highest in the 13000PE option, followed by the 14500CE and 14000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
13,806.70	0.928	0.925	0.949
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	17,57,840	10,21,860	7,35,980
PUT:	16,31,420	9,45,280	6,86,140
Top CALL Open Interest:
Strike	OI	OI Change	Volume
14,500	3,44,400	99,260	3,947
14,000	3,11,220	1,16,340	3,401
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,300	1,97,260	1,53,580	1,672
14,000	3,11,220	1,16,340	3,401
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
14,100	64,120	-2,100	717
13,850	9,660	-700	64
Top CALL Volume:
Strike	OI	OI Change	Volume
14,500	3,44,400	99,260	3,947
14,000	3,11,220	1,16,340	3,401
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	4,68,440	2,33,940	4,523
13,500	3,15,140	58,800	2,368
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,000	4,68,440	2,33,940	4,523
14,000	2,14,060	73,500	2,267
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,500	5,740	-140	7
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
13,000	4,68,440	2,33,940	4,523
13,800	1,05,000	67,760	2,449

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

Bias is now clearly downside with room for tactical bounces only: Given the Open Interest Volume Analysis, treating every sharp intraday rise as a potential shorting opportunity rather than chasing longs is a more data-aligned approach.

Actionable feedback for index traders: Look to initiate or add to shorts closer to 26,000–26,100 on NIFTY futures with tight, pre-defined stops, and avoid naked bottom-fishing until combined OI starts to contract meaningfully with price stability.

Use options to define risk instead of leverage: Bear put spreads or call credit spreads around the 26,000–26,500 band can express a bearish view while capping risk if shorts are suddenly squeezed.

Watch for the first real sign of short-covering: A day where price closes flat-to-positive while combined OI drops notably (rather than rises) will be an early signal that the downside may be tiring out.

Stay flexible, not stubborn: As long as Open Interest Volume Analysis continues to show rising OI on down days, respect the short trend; when that pattern breaks, be ready to quickly lighten shorts and rotate towards range or reversal trades.

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