NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 1/12/2025

NIFTY combined futures open interest rose by 3.45% with a strong volume increase of 60.44%, yet price dipped slightly (-0.1%), signaling fresh short positions emerging while market participants remain active and cautious.

December and January futures also show fresh short interest with premiums declining significantly, reflecting bearish sentiment on the near- and mid-term horizon.

Option market data shows put-call ratios declining for open interest but mixed for volume, max pain levels around 26,000–26,200 suggest a key support-resistance zone traders are focused on.

BANKNIFTY combined futures open interest dropped by 2.43% on rising volume, consistent with long position covering, while January futures hint at fresh short interest with substantial volume.

FINNIFTY’s combined OI rose modestly (+2.8%) but volume surged, dominated by fresh short positions in December futures, showing increased bearishness while January contracts show some covering.

MIDCPNIFTY shows overall short covering with decreasing OI, despite strong volume, indicating some trimming of longs amid market uncertainty.

SENSEX futures open interest rose 3.18% with nearly 50% volume gain, but sentiment remains cautious with fresh short positions dominating.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26175.75 (-0.104%)

Combined = December + January + February

Combined Fut Open Interest Change: 3.45%

Combined Fut Volume Change: 60.44%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 7% Previous 7%

NIFTY DECEMBER Future closed at: 26334.7 (-0.200%)

December Fut Premium 158.95 (Decreased by -25.5 points)

December Fut Open Interest Change: 3.36%

December Fut Volume Change: 59.83%

December Fut Open Interest Analysis: Fresh Short

NIFTY JANUARY Future closed at: 26503.1 (-0.177%)

January Fut Premium 327.35 (Decreased by -19.8 points)

January Fut Open Interest Change: 1.16%

January Fut Volume Change: 73.95%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.761 (Decreased from 1.123)

Put-Call Ratio (Volume): 1.094

Max Pain Level: 26200

Maximum CALL Open Interest: 26300

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26300

Highest PUT Addition: 26150

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

Put-Call Ratio (Open Interest): 1.186 (Decreased from 1.205)

Put-Call Ratio (Volume): 1.281

Max Pain Level: 26050

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26500

Highest PUT Addition: 26300

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59681.35 (-0.119%)

Combined = December + January + February

Combined Fut Open Interest Change: -2.43%

Combined Fut Volume Change: 93.67%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 10% Previous 9%

BANKNIFTY DECEMBER Future closed at: 59914 (-0.257%)

December Fut Premium232.65 (Decreased by -82.85 points)

December Fut Open Interest Change: -3.5%

December Fut Volume Change: 98.8%

December Fut Open Interest Analysis: Long Covering

BANKNIFTY JANUARY Future closed at: 60293.6 (-0.208%)

January Fut Premium612.25 (Decreased by -54.45 points)

January Fut Open Interest Change: 7.98%

January Fut Volume Change: 51.40%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 1.092 (Decreased from 1.178)

Put-Call Ratio (Volume): 0.971

Max Pain Level: 59300

Maximum CALL Open Interest: 58500

Maximum PUT Open Interest: 58500

Highest CALL Addition: 60000

Highest PUT Addition: 58400

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27814.5 (-0.272%)

Combined = December + January + February

Combined Fut Open Interest Change: 2.8%

Combined Fut Volume Change: 147.1%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 1% Previous 1%

FINNIFTY DECEMBER Future closed at: 27940.1 (-0.403%)

December Fut Premium 125.6 (Decreased by -37.25 points)

December Fut Open Interest Change: 2.79%

December Fut Volume Change: 147.95%

December Fut Open Interest Analysis: Fresh Short

FINNIFTY JANUARY Future closed at: 28065.4 (-0.319%)

January Fut Premium 250.9 (Decreased by -13.95 points)

January Fut Open Interest Change: 0.00%

January Fut Volume Change: 0.00%

January Fut Open Interest Analysis: Long Covering

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

Put-Call Ratio (Open Interest): 0.821 (Decreased from 0.847)

Put-Call Ratio (Volume): 0.932

Max Pain Level: 27950

Maximum CALL Open Interest: 28200

Maximum PUT Open Interest: 28000

Highest CALL Addition: 28300

Highest PUT Addition: 27900

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14046.45 (0.020%)

Combined = December + January + February

Combined Fut Open Interest Change: -1.66%

Combined Fut Volume Change: 71.96%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 2% Previous 2%

MIDCPNIFTY DECEMBER Future closed at: 14111.85 (-0.096%)

December Fut Premium 65.4 (Decreased by -16.25 points)

December Fut Open Interest Change: -1.70%

December Fut Volume Change: 69.81%

December Fut Open Interest Analysis: Long Covering

MIDCPNIFTY JANUARY Future closed at: 14179.8 (-0.109%)

January Fut Premium 133.35 (Decreased by -18.25 points)

January Fut Open Interest Change: 1.57%

January Fut Volume Change: 130.88%

January Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.964 (Decreased from 1.014)

Put-Call Ratio (Volume): 0.942

Max Pain Level: 14000

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 14900

Highest PUT Addition: 13500

SENSEX Monthly Expiry (24/12/2025) Future

SENSEX Spot closed at: 85,641.90 (-0.076%)

SENSEX Monthly Future closed at: 86,218.85 (-0.152%)

Premium: 576.95 (Decreased by -66.88 points)

Open Interest Change: 3.18%

Volume Change: 49.27%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (4/12/2025) Option Analysis

Put-Call Ratio (OI): 0.637 (Decreased from 0.902)

Put-Call Ratio (Volume): 1.122

Max Pain Level: 85700

Maximum CALL OI: 86000

Maximum PUT OI: 84000

Highest CALL Addition: 86000

Highest PUT Addition: 83500

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,171.31 Cr.
DIIs Net BUY: ₹ 2,558.93 Cr.

FII Derivatives Activity

FII Trading Stats	1.12.25	28.11.25	27.11.25
FII Cash (Provisional Data)	-1,171.31	-3,795.72	-1,255.20
Index Future Open Interest Long Ratio	18.84%	18.70%	18.56%
Index Future Volume Long Ratio	50.90%	48.99%	56.41%
Call Option Open Interest Long Ratio	49.43%	49.78%	51.28%
Call Option Volume Long Ratio	49.95%	49.73%	50.01%
Put Option Open Interest Long Ratio	61.44%	61.21%	60.29%
Put Option Volume Long Ratio	50.08%	50.42%	50.39%
Stock Future Open Interest Long Ratio	61.38%	61.48%	61.51%
Stock Future Volume Long Ratio	49.11%	49.69%	46.25%
Index Futures	Short Covering	Fresh Short	Fresh Long
Index Options	Fresh Long	Fresh Long	Fresh Long
Nifty Futures	Fresh Short	Long Covering	Fresh Short
Nifty Options	Fresh Long	Fresh Long	Fresh Long
BankNifty Futures	Short Covering	Fresh Long	Short Covering
BankNifty Options	Fresh Long	Fresh Long	Fresh Long
FinNifty Futures	Long Covering	Long Covering	Short Covering
FinNifty Options	Fresh Long	Fresh Long	Fresh Long
MidcpNifty Futures	Long Covering	Fresh Short	Fresh Short
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Long
NiftyNxt50 Futures	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Options	Fresh Long	Fresh Long	Fresh Long
Stock Futures	Fresh Short	Fresh Short	Fresh Short
Stock Options	Fresh Short	Fresh Short	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 (4/12/2025)

The SENSEX index closed at 85641.9. The SENSEX weekly expiry for DECEMBER 4, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.637 against previous 0.902. The 86000CE option holds the maximum open interest, followed by the 89000CE and 88000CE options. Market participants have shown increased interest with significant open interest additions in the 86000CE option, with open interest additions also seen in the 88000CE and 89000CE options. On the other hand, open interest reductions were prominent in the 88600CE, 81000PE, and 85800PE options. Trading volume was highest in the 86000CE option, followed by the 86000PE and 85700PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	04-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85641.9	0.637	0.902	1.122
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,65,93,280	96,06,260	69,87,020
PUT:	1,05,71,220	86,62,740	19,08,480
Top CALL Open Interest:
Strike	OI	OI Change	Volume
86000	12,68,340	7,21,660	2,78,07,880
89000	11,10,160	5,47,000	38,52,160
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
86000	12,68,340	7,21,660	2,78,07,880
88000	10,62,400	5,73,440	48,64,340
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
88600	36,460	-2,36,660	10,36,280
89500	2,28,420	-28,540	21,51,180
Top CALL Volume:
Strike	OI	OI Change	Volume
86000	12,68,340	7,21,660	2,78,07,880
86100	5,95,080	4,41,180	1,44,03,600
Top PUT Open Interest:
Strike	OI	OI Change	Volume
84000	7,49,760	2,23,300	69,72,320
85500	7,44,320	1,37,860	1,93,69,580
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
83500	5,26,240	3,03,560	43,85,400
84000	7,49,760	2,23,300	69,72,320
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
81000	2,30,980	-83,220	12,84,300
85800	2,70,760	-63,360	1,83,61,820
Top PUT Volume:
Strike	OI	OI Change	Volume
86000	4,10,160	1,01,180	2,30,50,180
85700	3,47,560	65,400	2,05,11,060

NIFTY Weekly Expiry (2/12/2025)

The NIFTY index closed at 26175.75. The NIFTY weekly expiry for DECEMBER 2, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.761 against previous 1.123. The 26300CE option holds the maximum open interest, followed by the 26500CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 26300CE option, with open interest additions also seen in the 26200CE and 26250CE options. On the other hand, open interest reductions were prominent in the 25000PE, 25400PE, and 25200PE options. Trading volume was highest in the 26200PE option, followed by the 26300CE and 26200CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	02-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,175.75	0.761	1.123	1.094
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	20,76,07,650	16,20,08,850	4,55,98,800
PUT:	15,80,08,725	18,18,78,600	-2,38,69,875
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,300	2,26,58,625	1,04,34,600	96,32,796
26,500	1,68,08,775	32,20,500	37,05,977
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,300	2,26,58,625	1,04,34,600	96,32,796
26,200	1,57,41,525	75,93,525	82,72,008
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,200	42,89,700	-11,66,175	5,40,084
27,300	21,83,100	-11,04,600	2,68,816
Top CALL Volume:
Strike	OI	OI Change	Volume
26,300	2,26,58,625	1,04,34,600	96,32,796
26,200	1,57,41,525	75,93,525	82,72,008
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,59,07,575	-10,95,825	51,29,073
26,100	1,12,35,000	1,98,150	63,68,462
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,150	77,33,700	19,44,075	69,25,021
26,050	60,47,775	10,28,625	33,62,512
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	65,11,125	-32,46,750	5,25,418
25,400	49,39,050	-23,76,075	7,37,747
Top PUT Volume:
Strike	OI	OI Change	Volume
26,200	94,50,750	-14,98,275	1,04,29,555
26,150	77,33,700	19,44,075	69,25,021

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 26175.75. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.186 against previous 1.205. The 27000CE option holds the maximum open interest, followed by the 26000PE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 26300PE option, with open interest additions also seen in the 26500CE and 26300CE options. On the other hand, open interest reductions were prominent in the 25200PE, 26000CE, and 24600PE options. Trading volume was highest in the 26000PE option, followed by the 27000CE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,175.75	1.186	1.205	1.281
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	5,07,73,625	4,86,60,000	21,13,625
PUT:	6,02,27,750	5,86,51,750	15,76,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	76,42,200	2,25,375	70,047
26,000	58,04,975	-1,08,925	25,356
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,500	37,27,275	3,22,500	53,740
26,300	14,94,225	2,89,800	42,453
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	58,04,975	-1,08,925	25,356
27,300	7,31,925	-32,175	14,554
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	76,42,200	2,25,375	70,047
26,500	37,27,275	3,22,500	53,740
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	73,26,600	1,94,225	75,850
25,000	47,12,175	56,075	34,815
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,300	13,89,000	3,29,925	46,136
26,000	73,26,600	1,94,225	75,850
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,200	9,80,925	-1,77,600	14,992
24,600	3,52,275	-58,800	7,751
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	73,26,600	1,94,225	75,850
26,300	13,89,000	3,29,925	46,136

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59681.35. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.092 against previous 1.178. The 58500PE option holds the maximum open interest, followed by the 58500CE and 60000CE options. Market participants have shown increased interest with significant open interest additions in the 60000CE option, with open interest additions also seen in the 58400PE and 61000CE options. On the other hand, open interest reductions were prominent in the 58200PE, 59000PE, and 59800PE options. Trading volume was highest in the 60000CE option, followed by the 60000PE and 60500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,681.35	1.092	1.178	0.971
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,23,78,930	1,13,33,550	10,45,380
PUT:	1,35,11,895	1,33,51,140	1,60,755
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,500	12,88,770	-2,310	2,281
60,000	12,61,085	1,76,295	1,76,502
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
60,000	12,61,085	1,76,295	1,76,502
61,000	6,48,690	98,630	52,811
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,500	4,35,750	-40,425	32,397
59,100	54,285	-31,640	3,696
Top CALL Volume:
Strike	OI	OI Change	Volume
60,000	12,61,085	1,76,295	1,76,502
60,500	3,87,975	80,815	83,738
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,500	21,12,390	50,645	37,713
59,000	12,32,630	-65,345	77,654
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
58,400	1,87,635	1,02,095	10,139
60,000	8,03,005	94,535	1,56,018
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
58,200	1,03,285	-92,190	10,275
59,000	12,32,630	-65,345	77,654
Top PUT Volume:
Strike	OI	OI Change	Volume
60,000	8,03,005	94,535	1,56,018
59,000	12,32,630	-65,345	77,654

FINNIFTY Monthly Expiry (30/12/2025)

The FINNIFTY index closed at 27814.5. The FINNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.821 against previous 0.847. The 28200CE option holds the maximum open interest, followed by the 28000CE and 28000PE options. Market participants have shown increased interest with significant open interest additions in the 28300CE option, with open interest additions also seen in the 29500CE and 27900PE options. On the other hand, open interest reductions were prominent in the 28200CE, 28500CE, and 27800PE options. Trading volume was highest in the 28000CE option, followed by the 28200CE and 28000PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,814.50	0.821	0.847	0.932
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,95,135	3,68,680	26,455
PUT:	3,24,480	3,12,455	12,025
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,200	73,580	-17,420	2,592
28,000	54,795	3,640	2,977
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
28,300	30,030	26,390	963
29,500	15,145	9,230	336
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
28,200	73,580	-17,420	2,592
28,500	12,545	-7,995	1,664
Top CALL Volume:
Strike	OI	OI Change	Volume
28,000	54,795	3,640	2,977
28,200	73,580	-17,420	2,592
Top PUT Open Interest:
Strike	OI	OI Change	Volume
28,000	40,495	975	2,044
27,500	29,835	1,560	599
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,900	23,270	5,980	1,976
26,000	12,675	4,160	124
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
27,800	26,130	-6,240	1,981
28,200	16,445	-3,640	441
Top PUT Volume:
Strike	OI	OI Change	Volume
28,000	40,495	975	2,044
27,800	26,130	-6,240	1,981

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 14046.45. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.964 against previous 1.014. The 15000CE 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 14900CE and 15000CE options. On the other hand, open interest reductions were prominent in the 70200CE, 69400CE, and 73400PE options. Trading volume was highest in the 14100PE option, followed by the 14000PE and 14100CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,046.45	0.964	1.014	0.942
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	41,09,140	36,85,080	4,24,060
PUT:	39,62,280	37,36,740	2,25,540
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	7,55,020	76,020	6,173
14,500	4,55,840	67,760	5,702
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
14,900	77,000	77,000	2,018
15,000	7,55,020	76,020	6,173
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,775	2,800	-1,120	8
13,950	21,700	-980	29
Top CALL Volume:
Strike	OI	OI Change	Volume
14,100	2,31,980	18,060	7,874
15,000	7,55,020	76,020	6,173
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	5,84,220	-5,320	2,598
13,500	5,10,300	1,08,640	5,002
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
13,500	5,10,300	1,08,640	5,002
14,200	78,540	33,040	2,541
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
14,050	38,920	-10,780	2,736
13,900	1,78,500	-6,580	2,366
Top PUT Volume:
Strike	OI	OI Change	Volume
14,100	1,80,740	16,660	12,006
14,000	4,78,100	-2,660	8,281

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

This Open Interest Volume Analysis points toward cautious bearishness with active short buildup across major indices and expiries, emphasizing close monitoring of 26,000 to 26,200 on NIFTY as critical support. Tactical traders could consider shorting on rallies with protective stops while watching option PCR dynamics for shifts in market positioning.

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