What’s Cooking in NIFTY Derivatives? A Powerful Look at derivative Trends – April 17, 2025

The NSE & BSE derivative Trends showed strong momentum on April 17, 2025, with NIFTY surging 1.77% and Futures closely tracking the spot with a negligible discount of -0.35, signaling trader confidence. However, a 4% drop in Open Interest hints at short-covering or profit booking, rather than fresh long build-up. The real signal came from the NIFTY OPTIONS, where the Put-Call Ratio (OI) rose to 1.126, indicating increasing PUT positions relative to CALLs—a sign of growing bullish sentiment. What’s even more critical is that Max Pain was at 23,500, aligned with the highest PUT OI and addition, revealing a strong support base. Paired with significant volume expansion (+89.8%), the data suggests that the bulls are gaining control, albeit cautiously. Let’s dive deeper across indices to understand what lies ahead.

derivative Trends | NSE & BSE

NIFTY Derivatives Data | April Future

NIFTY Spot closed at: 23,851.65 (1.77%)

NIFTY April Future closed at: 23,851.30 (1.78%)

Discount: -0.35 (Increased by 3.35 points)

Open Interest Change: -4.0%

Volume Change: 89.8%

NIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 1.126 (Increased from 1.045)

Put-Call Ratio (Volume): 0.835

Max Pain Level: 23500

Maximum CALL OI: 25500

Maximum PUT OI: 23500

Highest CALL Addition: 25500

Highest PUT Addition: 23500

BANKNIFTY April Future

BANKNIFTY Spot closed at: 54,290.20 (2.21%)

BANKNIFTY April Future closed at: 54,201.40 (2.11%)

Discount: -88.8 (Decreased by -53.85 points)

Open Interest Change: -6.6%

Volume Change: 28.3%

BANKNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 1.166 (Increased from 1.137)

Put-Call Ratio (Volume): 0.742

Max Pain Level: 52500

Maximum CALL OI: 55000

Maximum PUT OI: 50000

Highest CALL Addition: 55500

Highest PUT Addition: 54000

FINNIFTY April Future

FINNIFTY Spot closed at: 26,071.60 (2.27%)

FINNIFTY April Future closed at: 26,039.80 (2.17%)

Discount:  -31.8 (Decreased by -26.6 points)

Open Interest Change: -2.1%

Volume Change: 111.0%

FINNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 1.140 (Increased from 0.954)

Put-Call Ratio (Volume): 0.635

Max Pain Level: 25400

Maximum CALL OI: 28000

Maximum PUT OI: 25000

Highest CALL Addition: 26450

Highest PUT Addition: 25500

MIDCPNIFTY April Future

MIDCPNIFTY Spot closed at: 11,668.15 (0.88%)

MIDCPNIFTY April Future closed at: 11,684.75 (1.03%)

Premium: 16.6 (Increased by 17.7 points)

Open Interest Change: -3.5%

Volume Change: 64.5%

MIDCPNIFTY Monthly Expiry (24/04/2025) Option Analysis

Put-Call Ratio (OI): 0.885 (Increased from 0.841)

Put-Call Ratio (Volume): 0.797

Max Pain Level: 11500

Maximum CALL OI: 12500

Maximum PUT OI: 11500

Highest CALL Addition: 11700

Highest PUT Addition: 11700

SENSEX Weekly Expiry (22.04.25) Future

SENSEX Spot closed at: 78,553.20 (1.96%)

SENSEX Weekly Future closed at: 78,475.45 (1.96%)

Discount: -77.75 (Decreased by -0.41 points)

Open Interest Change: -9.3%

Volume Change: 86.5%

SENSEX Weekly Expiry (22/04/2025) Option Analysis

Put-Call Ratio (OI): 1.340 (Increased from 1.073)

Put-Call Ratio (Volume): 0.853

Max Pain Level: 77900

Maximum CALL OI: 80000

Maximum PUT OI: 75000

Highest CALL Addition: 84500

Highest PUT Addition: 75000

FII & DII Cash Market Activity:

FIIs Net Buy: ₹4,667.94 Cr
DIIs Net Sell: ₹2,006.15 Cr

FII Derivatives Activity

FII Trading Stats	17.04.25	16.04.25	15.04.25
FII Cash (Provisional Data)	4,667.94	3,936.42	6,065.78
Index Future Open Interest Long Ratio	29.52%	28.31%	28.15%
Index Future Volume Long Ratio	51.73%	51.56%	62.50%
Call Option Open Interest Long Ratio	59.84%	59.71%	56.16%
Call Option Volume Long Ratio	49.74%	50.54%	47.96%
Put Option Open Interest Long Ratio	60.72%	61.38%	57.88%
Put Option Volume Long Ratio	49.50%	50.46%	47.59%
Stock Future Open Interest Long Ratio	64.79%	64.46%	64.72%
Stock Future Volume Long Ratio	52.74%	48.55%	54.57%
Index Futures	Fresh Long	Short Covering	Short Covering
Index Options	Long Covering	Short Covering	Fresh Short
Nifty Futures	Fresh Short	Fresh Short	Short Covering
Nifty Options	Long Covering	Short Covering	Fresh Short
BankNifty Futures	Short Covering	Short Covering	Fresh Long
BankNifty Options	Fresh Short	Fresh Short	Long Covering
FinNifty Futures	Fresh Long	Fresh Long	Fresh Short
FinNifty Options	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Futures	Short Covering	Long Covering	Short Covering
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Long	Fresh Short	Fresh Short
NiftyNxt50 Options	Fresh Short	Fresh Short	Fresh Short
Stock Futures	Fresh Long	Fresh Short	Fresh Long
Stock Options	Fresh Long	Fresh Short	Fresh Short

NSE & BSE F&O Analysis | Options Insights

NIFTY Monthly Expiry (24.04.2025)

The NIFTY index closed at 23851.65. The NIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.126 against previous 1.045. The 25500CE option holds the maximum open interest, followed by the 23500PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 25500CE option, with open interest additions also seen in the 23500PE and 25000CE options. On the other hand, open interest reductions were prominent in the 23500CE, 23700CE, and 23300CE options. Trading volume was highest in the 24000CE option, followed by the 24500CE and 23500PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
23,851.65	1.126	1.045	0.835
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,61,48,950	7,27,74,675	2,33,74,275
PUT:	10,82,85,900	7,60,17,300	3,22,68,600
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	1,41,61,800	66,93,075	4,16,039
25,000	79,54,500	29,84,700	3,60,569
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	1,41,61,800	66,93,075	4,16,039
25,000	79,54,500	29,84,700	3,60,569
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	50,73,150	-5,25,150	4,40,720
23,700	19,50,300	-4,35,750	3,56,012
Top CALL Volume:
Strike	OI	OI Change	Volume
24,000	55,90,050	-3,49,575	7,14,799
24,500	55,22,175	20,01,300	4,90,154
Top PUT Open Interest:
Strike	OI	OI Change	Volume
23,500	83,91,750	36,49,275	4,77,176
22,000	71,53,500	22,14,300	2,58,845
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	83,91,750	36,49,275	4,77,176
22,000	71,53,500	22,14,300	2,58,845
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,900	13,97,550	-1,55,550	1,41,159
21,300	4,92,075	-1,09,125	30,771
Top PUT Volume:
Strike	OI	OI Change	Volume
23,500	83,91,750	36,49,275	4,77,176
23,000	69,77,850	13,03,875	4,33,617

SENSEX Weekly Expiry (22.04.2025)

The SENSEX index closed at 78553.2. The SENSEX weekly expiry for April 22, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.340 against previous 1.073. The 75000PE option holds the maximum open interest, followed by the 80000CE and 70000PE options. Market participants have shown increased interest with significant open interest additions in the 75000PE option, with open interest additions also seen in the 84500CE and 73000PE options. On the other hand, open interest reductions were prominent in the 77000CE, 72700PE, and 74200PE options. Trading volume was highest in the 80000CE option, followed by the 77000PE and 79000CE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	22-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
78553.2	1.340	1.073	0.853
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	83,45,540	45,46,620	37,98,920
PUT:	1,11,81,320	48,80,629	63,00,691
Top CALL Open Interest:
Strike	OI	OI Change	Volume
80000	7,05,380	2,34,080	1,16,95,720
84500	5,14,480	5,14,480	21,32,440
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
84500	5,14,480	5,14,480	21,32,440
81000	5,10,020	2,99,100	64,81,160
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
77000	1,58,460	-1,00,540	76,63,800
77100	43,560	-30,600	36,81,820
Top CALL Volume:
Strike	OI	OI Change	Volume
80000	7,05,380	2,34,080	1,16,95,720
79000	3,07,740	1,25,980	81,99,840
Top PUT Open Interest:
Strike	OI	OI Change	Volume
75000	7,51,420	5,67,340	50,77,860
70000	6,48,400	2,61,680	25,45,180
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
75000	7,51,420	5,67,340	50,77,860
73000	5,45,980	3,01,660	47,20,660
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
72700	25,240	-34,160	4,83,860
74200	60,660	-33,760	10,48,100
Top PUT Volume:
Strike	OI	OI Change	Volume
77000	4,24,720	1,90,620	99,36,500
76000	4,17,720	2,12,120	59,98,700

BANKNIFTY Monthly Expiry (24.04.2025)

The BANKNIFTY index closed at 54290.2. The BANKNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.166 against previous 1.137. The 55000CE option holds the maximum open interest, followed by the 50000PE and 51000PE options. Market participants have shown increased interest with significant open interest additions in the 54000PE option, with open interest additions also seen in the 53500PE and 55500CE options. On the other hand, open interest reductions were prominent in the 53000CE, 44000PE, and 54000CE options. Trading volume was highest in the 55000CE option, followed by the 54000CE and 56000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,290.20	1.166	1.137	0.742
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,30,91,360	2,13,95,490	16,95,870
PUT:	2,69,18,250	2,43,28,329	25,89,921
Top CALL Open Interest:
Strike	OI	OI Change	Volume
55,000	17,56,440	2,74,080	5,19,261
59,000	13,21,770	-2,34,030	1,24,136
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
55,500	8,17,500	3,76,980	3,11,828
60,000	4,45,470	3,37,110	70,261
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	10,42,470	-3,91,410	2,32,092
54,000	10,04,730	-2,48,850	5,07,526
Top CALL Volume:
Strike	OI	OI Change	Volume
55,000	17,56,440	2,74,080	5,19,261
54,000	10,04,730	-2,48,850	5,07,526
Top PUT Open Interest:
Strike	OI	OI Change	Volume
50,000	14,31,540	10,260	1,93,192
51,000	13,46,730	7,140	2,25,614
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,000	7,16,490	5,66,460	2,14,886
53,500	6,52,050	4,71,390	2,99,259
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
44,000	2,47,680	-2,56,080	37,478
50,500	7,02,390	-1,69,650	1,40,435
Top PUT Volume:
Strike	OI	OI Change	Volume
53,000	11,47,560	1,17,180	3,78,274
53,500	6,52,050	4,71,390	2,99,259

FINNIFTY Monthly Expiry (24.04.2025)

The FINNIFTY index closed at 26071.6. The FINNIFTY monthly expiry for April 24, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 1.140 against previous 0.954. The 28000CE option holds the maximum open interest, followed by the 25000PE and 24000PE options. Market participants have shown increased interest with significant open interest additions in the 25500PE option, with open interest additions also seen in the 26000PE and 24200PE options. On the other hand, open interest reductions were prominent in the 25700CE, 24300PE, and 25500CE options. Trading volume was highest in the 26000CE option, followed by the 26500CE and 25500PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,071.60	1.140	0.954	0.635
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	25,26,290	23,80,885	1,45,405
PUT:	28,80,215	22,71,880	6,08,335
Top CALL Open Interest:
Strike	OI	OI Change	Volume
28,000	2,74,235	7,930	9,252
26,000	1,86,420	11,440	59,213
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,450	62,855	62,855	1,698
26,200	85,605	50,310	15,180
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,700	66,560	-1,15,310	13,174
25,500	98,410	-44,850	10,640
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	1,86,420	11,440	59,213
26,500	1,81,480	-2,340	24,430
Top PUT Open Interest:
Strike	OI	OI Change	Volume
25,000	2,25,745	-9,620	15,289
24,000	1,87,720	17,420	6,792
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	1,29,545	85,280	17,924
26,000	90,870	83,135	8,256
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,300	33,475	-46,865	2,478
23,000	76,895	-12,350	2,752
Top PUT Volume:
Strike	OI	OI Change	Volume
25,500	1,29,545	85,280	17,924
25,000	2,25,745	-9,620	15,289

MIDCPNIFTY Monthly Expiry (24.04.2025)

The MIDCPNIFTY index closed at 11668.15. The MIDCPNIFTY monthly expiry for April 24, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.885 against previous 0.841. The 12500CE option holds the maximum open interest, followed by the 11600CE and 12000CE options. Market participants have shown increased interest with significant open interest additions in the 11700PE option, with open interest additions also seen in the 11700CE and 13000CE options. On the other hand, open interest reductions were prominent in the 65000CE, 60000PE, and 63500CE options. Trading volume was highest in the 11600CE option, followed by the 11700CE and 11500PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	24-04-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,668.15	0.885	0.841	0.797
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	97,48,200	87,98,400	9,49,800
PUT:	86,27,520	73,96,800	12,30,720
Top CALL Open Interest:
Strike	OI	OI Change	Volume
12,500	10,57,920	90,480	9,564
11,600	8,61,120	-24,600	45,058
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
11,700	4,62,120	2,11,920	41,278
13,000	6,01,800	1,94,760	7,014
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
11,500	4,05,480	-54,360	23,913
11,550	79,320	-36,480	11,561
Top CALL Volume:
Strike	OI	OI Change	Volume
11,600	8,61,120	-24,600	45,058
11,700	4,62,120	2,11,920	41,278
Top PUT Open Interest:
Strike	OI	OI Change	Volume
11,500	7,21,800	32,520	38,853
11,600	6,89,040	1,48,080	26,375
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,700	3,90,000	2,87,880	8,560
10,600	3,70,920	1,62,000	8,778
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
10,400	1,23,840	-40,440	1,944
11,200	3,05,280	-29,040	15,050
Top PUT Volume:
Strike	OI	OI Change	Volume
11,500	7,21,800	32,520	38,853
11,600	6,89,040	1,48,080	26,375

The Takeaway: Bulls Are in Charge, But Watch for Resistance Zones

The surge in all major indices on April 16, 2025, has ignited bullish sentiment across the board. However, OI drops indicate the move may be driven by short covering rather than fresh longs. The rise in Put-Call Ratios (OI) and the Max Pain levels—especially in NIFTY, FINNIFTY, and BANKNIFTY—signals that traders are now adjusting with the possibility of short-term correction with NIFTY downside capped at 23,500. Expect range-bound action with a bullish bias, as resistance starts building up near upper CALL OI zones (24,500 NIFTY, 55,500 BANKNIFTY). A clean break above these will require a fresh round of buying or a strong macro catalyst.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

Disclaimer

fnodata.com is a financial blog providing research-based data and analysis. The content on this blog is for informational purposes only and should not be considered as investment advice.