In-depth Analysis on NSE Futures and Options for 07 May 2025

NSE Futures and Options market on 07 May 2025 offered a cautiously optimistic outlook, with slight gains in spot levels accompanied by falling open interest—indicating Short-Covering rather than fresh long build-up. NIFTY’s weekly PCR (OI) rose, suggesting increased PUT writing at higher levels, while the premium narrowed, hinting at cautious bullish conviction. BANKNIFTY displayed similar cues, with a drop in OI despite a price uptick, showing short-covering instead of new positions. MIDCPNIFTY stood out once again with rising prices, volume, and open interest—indicating fresh bullish interest. Let’s break down what these subtle but critical movements mean for your trading strategy ahead of expiry.

NSE futures and options Trends

NIFTY MAY Future

NIFTY Spot closed at: 24,414.40 (0.14%)

NIFTY MAY Future closed at: 24,461.40 (0.12%)

Premium: 47 (Decreased by -4.8 points)

Open Interest Change: -2.7%

Volume Change: 53.1%

NIFTY Weekly Expiry (8/05/2025) Option Analysis

Put-Call Ratio (OI): 0.872 (Increased from 0.784)

Put-Call Ratio (Volume): 0.814

Max Pain Level: 24400

Maximum CALL OI: 24500

Maximum PUT OI: 24300

Highest CALL Addition: 24400

Highest PUT Addition: 24300

NIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 1.343 (Decreased from 1.390)

Put-Call Ratio (Volume): 1.149

Max Pain Level: 24200

Maximum CALL OI: 24500

Maximum PUT OI: 24000

Highest CALL Addition: 26200

Highest PUT Addition: 21800

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 54,610.90 (0.63%)

BANKNIFTY MAY Future closed at: 54,671.00 (0.57%)

Premium: 60.1 (Decreased by -31.5 points)

Open Interest Change: -7.6%

Volume Change: 27.5%

BANKNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.826 (Increased from 0.816)

Put-Call Ratio (Volume): 0.825

Max Pain Level: 54500

Maximum CALL OI: 63000

Maximum PUT OI: 54000

Highest CALL Addition: 54000

Highest PUT Addition: 54000

FINNIFTY MAY Future

FINNIFTY Spot closed at: 26,165.65 (0.76%)

FINNIFTY MAY Future closed at: 26,198.30 (0.78%)

Premium:  32.65 (Increased by 7.05 points)

Open Interest Change: -1.6%

Volume Change: 14.6%

FINNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 0.761 (Decreased from 0.779)

Put-Call Ratio (Volume): 0.783

Max Pain Level: 26200

Maximum CALL OI: 29500

Maximum PUT OI: 26000

Highest CALL Addition: 28500

Highest PUT Addition: 26100

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 12,217.65 (1.93%)

MIDCPNIFTY MAY Future closed at: 12,249.80 (2.11%)

Premium: 32.15 (Increased by 20.85 points)

Open Interest Change: 3.5%

Volume Change: 22.0%

MIDCPNIFTY Monthly Expiry (29/05/2025) Option Analysis

Put-Call Ratio (OI): 1.085 (Increased from 1.051)

Put-Call Ratio (Volume): 0.963

Max Pain Level: 12150

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 13200

Highest PUT Addition: 11500

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 2,585.86 Cr
DIIs Net Buy: ₹ 2,378.49 Cr

FII Derivatives Activity

FII Trading Stats	7.05.25	6.05.25	5.05.25
FII Cash (Provisional Data)	2,585.86	3,794.52	497.79
Index Future Open Interest Long Ratio	50.14%	49.23%	48.51%
Index Future Volume Long Ratio	53.70%	53.88%	53.49%
Call Option Open Interest Long Ratio	50.98%	51.28%	49.89%
Call Option Volume Long Ratio	49.95%	50.42%	49.25%
Put Option Open Interest Long Ratio	49.56%	50.18%	46.61%
Put Option Volume Long Ratio	49.89%	50.81%	48.91%
Stock Future Open Interest Long Ratio	65.50%	65.14%	65.26%
Stock Future Volume Long Ratio	53.36%	49.65%	53.96%
Index Futures	Short Covering	Fresh Long	Fresh Long
Index Options	Fresh Short	Fresh Long	Fresh Short
Nifty Futures	Long Covering	Fresh Long	Fresh Long
Nifty Options	Fresh Short	Fresh Long	Fresh Short
BankNifty Futures	Fresh Long	Long Covering	Long Covering
BankNifty Options	Fresh Short	Fresh Long	Fresh Short
FinNifty Futures	Fresh Short	Short Covering	Fresh Short
FinNifty Options	Fresh Long	Short Covering	Long Covering
MidcpNifty Futures	Fresh Long	Fresh Long	Long Covering
MidcpNifty Options	Fresh Long	Fresh Long	Fresh Short
NiftyNxt50 Futures	Fresh Short	Long Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Long Covering	Fresh Short
Stock Futures	Fresh Long	Short Covering	Fresh Long
Stock Options	Fresh Long	Fresh Short	Fresh Short

NSE Options Analysis | Options Insights

NIFTY Weekly Expiry (8.05.2025)

The NIFTY index closed at 24414.4. The NIFTY weekly expiry for May 8, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.872 against previous 0.784. The 24500CE option holds the maximum open interest, followed by the 24400CE and 24300PE options. Market participants have shown increased interest with significant open interest additions in the 24300PE option, with open interest additions also seen in the 24350PE and 24400CE options. On the other hand, open interest reductions were prominent in the 26100CE, 25500CE, and 25800CE options. Trading volume was highest in the 24400CE option, followed by the 24500CE and 24400PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	08-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,414.40	0.872	0.784	0.814
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,96,54,000	18,81,25,350	15,28,650
PUT:	16,53,55,200	14,74,18,650	1,79,36,550
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	1,85,90,700	5,93,025	66,79,610
24,400	1,50,24,750	31,72,200	95,83,749
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,400	1,50,24,750	31,72,200	95,83,749
24,700	72,46,050	13,69,875	25,19,496
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,100	77,48,325	-35,07,000	4,80,391
25,500	72,49,800	-26,79,075	7,11,897
Top CALL Volume:
Strike	OI	OI Change	Volume
24,400	1,50,24,750	31,72,200	95,83,749
24,500	1,85,90,700	5,93,025	66,79,610
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,300	1,28,67,675	50,83,650	57,90,305
24,400	1,09,13,700	16,20,600	63,56,962
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,300	1,28,67,675	50,83,650	57,90,305
24,350	73,42,875	33,28,275	55,26,980
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
22,000	52,64,700	-14,45,550	7,31,869
20,500	23,14,050	-12,87,225	2,51,240
Top PUT Volume:
Strike	OI	OI Change	Volume
24,400	1,09,13,700	16,20,600	63,56,962
24,300	1,28,67,675	50,83,650	57,90,305

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 24414.4. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.343 against previous 1.390. The 24000PE option holds the maximum open interest, followed by the 24500CE and 23000PE options. Market participants have shown increased interest with significant open interest additions in the 26200CE option, with open interest additions also seen in the 26000CE and 26100CE options. On the other hand, open interest reductions were prominent in the 24000PE, 24500PE, and 24300PE options. Trading volume was highest in the 25000CE option, followed by the 24000PE and 24500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,414.40	1.343	1.390	1.149
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,80,56,125	3,68,96,400	11,59,725
PUT:	5,10,91,275	5,12,86,275	-1,95,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	43,14,375	-1,29,975	65,040
25,000	41,02,950	-20,325	77,374
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,200	6,56,550	4,26,300	14,249
26,000	24,31,800	4,18,500	35,954
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	43,14,375	-1,29,975	65,040
24,600	6,43,350	-85,575	11,559
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	41,02,950	-20,325	77,374
24,500	43,14,375	-1,29,975	65,040
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	68,84,175	-3,58,950	71,206
23,000	42,27,675	71,175	43,579
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
21,800	7,15,575	2,00,700	8,682
23,500	36,24,900	1,48,425	35,195
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,000	68,84,175	-3,58,950	71,206
24,500	30,45,150	-2,25,000	64,575
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	68,84,175	-3,58,950	71,206
24,500	30,45,150	-2,25,000	64,575

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 54610.9. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.826 against previous 0.816. The 63000CE option holds the maximum open interest, followed by the 54000PE and 53000PE options. Market participants have shown increased interest with significant open interest additions in the 54000PE option, with open interest additions also seen in the 54000CE and 63000CE options. On the other hand, open interest reductions were prominent in the 53500PE, 53000CE, and 55000PE options. Trading volume was highest in the 54000PE option, followed by the 54500PE and 54500CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,610.90	0.826	0.816	0.825
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,23,39,290	2,23,39,830	-540
PUT:	1,84,63,140	1,82,25,879	2,37,261
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	29,79,090	1,39,590	1,22,560
60,000	12,62,580	7,680	71,353
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,000	6,87,090	3,24,600	63,127
63,000	29,79,090	1,39,590	1,22,560
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	5,35,620	-2,43,870	19,951
59,000	8,33,790	-87,510	63,309
Top CALL Volume:
Strike	OI	OI Change	Volume
54,500	4,23,450	4,140	1,72,663
55,000	10,32,690	20,010	1,45,174
Top PUT Open Interest:
Strike	OI	OI Change	Volume
54,000	14,61,300	3,56,280	1,81,723
53,000	13,36,530	-34,830	1,05,303
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
54,000	14,61,300	3,56,280	1,81,723
54,500	6,23,670	97,470	1,78,338
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,500	10,57,770	-3,39,420	83,176
55,000	8,02,650	-1,18,560	58,290
Top PUT Volume:
Strike	OI	OI Change	Volume
54,000	14,61,300	3,56,280	1,81,723
54,500	6,23,670	97,470	1,78,338

FINNIFTY Monthly Expiry (29.05.2025)

The FINNIFTY index closed at 26165.65. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.761 against previous 0.779. The 29500CE option holds the maximum open interest, followed by the 27000CE and 26000PE options. Market participants have shown increased interest with significant open interest additions in the 28500CE option, with open interest additions also seen in the 27500CE and 26100PE options. On the other hand, open interest reductions were prominent in the 29500CE, 29500CE, and 26600PE options. Trading volume was highest in the 26000PE option, followed by the 26000CE and 27000CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,165.65	0.761	0.779	0.783
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,25,700	9,93,980	31,720
PUT:	7,80,975	7,74,215	6,760
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,500	1,61,850	-15,535	1,521
27,000	1,42,675	-7,410	3,224
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
28,500	63,570	30,030	1,893
27,500	55,510	27,105	1,501
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
29,500	1,61,850	-15,535	1,521
29,500	1,61,850	-15,535	1,521
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	54,990	-15,535	3,247
27,000	1,42,675	-7,410	3,224
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,27,400	3,575	4,252
25,500	60,710	-10,140	963
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,100	38,935	13,390	1,636
21,500	6,695	6,240	178
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,600	9,880	-13,390	421
25,500	60,710	-10,140	963
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,27,400	3,575	4,252
25,000	60,320	-8,190	1,704

MIDCPNIFTY Monthly Expiry (29.05.2025)

The MIDCPNIFTY index closed at 12217.65. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.085 against previous 1.051. The 12000PE option holds the maximum open interest, followed by the 11500PE and 13000CE options. Market participants have shown increased interest with significant open interest additions in the 11500PE option, with open interest additions also seen in the 12100PE and 12200PE options. On the other hand, open interest reductions were prominent in the 66100PE, 66500CE, and 66500PE options. Trading volume was highest in the 12000PE option, followed by the 12200CE and 12500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,217.65	1.085	1.051	0.963
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	44,05,440	41,92,920	2,12,520
PUT:	47,79,240	44,08,320	3,70,920
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	3,80,880	-44,520	10,333
13,500	3,73,920	-32,760	3,176
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
13,200	2,12,160	46,080	2,796
12,500	2,85,120	41,880	16,162
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	3,80,880	-44,520	10,333
12,000	3,32,400	-41,400	11,585
Top CALL Volume:
Strike	OI	OI Change	Volume
12,200	2,81,160	30,480	17,633
12,500	2,85,120	41,880	16,162
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	6,93,960	-34,200	23,764
11,500	5,35,800	90,480	10,265
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
11,500	5,35,800	90,480	10,265
12,100	2,42,040	65,400	12,088
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,000	6,93,960	-34,200	23,764
11,000	3,59,520	-19,440	10,217
Top PUT Volume:
Strike	OI	OI Change	Volume
12,000	6,93,960	-34,200	23,764
12,200	2,91,240	61,200	12,348

Conclusion : Key Takeaways from Today’s NIFTY Futures and Options

In summary, the F&O landscape for May 7 shows a market cautiously stepping forward. The contraction in futures premiums for NIFTY and BANKNIFTY, combined with falling OI, suggests that the upward movement is driven more by short-covering than conviction buying. NIFTY highest CALL-PUT open interest additions at 24,400 – 24,300 with Max-Pain at 24,400 suggesting tight range for today’s weekly expiry. Highest CALL open interest at 24,500 suggests absolute roof. Weakness below 24,300 should target 24,000; which is the max PUT open interest level for monthly expiry. Highest PUT addition in monthly expiry was at 21,800; which should be a cautious flag. For BANKNIFTY; 54,000 continues to be the most important levels with highest PUT open interest. With mixed signals in PCR and shifting Max Pain levels, traders should be alert to sudden shifts in sentiment—especially as expiry pressures begin to tighten. Keeping a close watch on strike-specific activity will be key in navigating the next move.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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