What’s Brewing in NSE Futures and Options? Derivatives Breakdown for 06 May 2025

NSE futures and options market action on 06 May 2025 revealed sharp undercurrents, with bearish pressure weighing heavily across key indices like BANKNIFTY, FINNIFTY, and MIDCPNIFTY. Despite low changes in open interest, futures premiums shrank significantly, indicating unwinding of long positions and rising caution. The drop in Put-Call Ratios (OI) for most indices, coupled with aggressive PUT writing near lower strikes, highlights a defensive stance ahead of the weekly expiry. Meanwhile, MIDCPNIFTY stood out with a surge in OI and volume, pointing to fresh short build-up. In this blog, we decode what these F&O signals mean for traders and investors eyeing short-term trends.

NSE futures and options Trends

NIFTY MAY Future

NIFTY Spot closed at: 24,379.60 (-0.33%)

NIFTY MAY Future closed at: 24,431.40 (-0.50%)

Premium: 51.8 (Decreased by -40.75 points)

Open Interest Change: 0.1%

Volume Change: -14.5%

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

Put-Call Ratio (OI): 0.784 (Decreased from 0.811)

Put-Call Ratio (Volume): 0.994

Max Pain Level: 24400

Maximum CALL OI: 24500

Maximum PUT OI: 24000

Highest CALL Addition: 24400

Highest PUT Addition: 23500

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

Put-Call Ratio (OI): 1.390 (Increased from 1.373)

Put-Call Ratio (Volume): 1.178

Max Pain Level: 24200

Maximum CALL OI: 24500

Maximum PUT OI: 24000

Highest CALL Addition: 26200

Highest PUT Addition: 24000

BANKNIFTY MAY Future

BANKNIFTY Spot closed at: 54,271.40 (-1.18%)

BANKNIFTY MAY Future closed at: 54,363.00 (-1.30%)

Premium: 91.6 (Decreased by -69.5 points)

Open Interest Change: -6.0%

Volume Change: 9.0%

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

Put-Call Ratio (OI): 0.825 (Decreased from 0.892)

Put-Call Ratio (Volume): 0.938

Max Pain Level: 54500

Maximum CALL OI: 63000

Maximum PUT OI: 53500

Highest CALL Addition: 54500

Highest PUT Addition: 53500

FINNIFTY MAY Future

FINNIFTY Spot closed at: 25,969.00 (-0.75%)

FINNIFTY MAY Future closed at: 25,994.60 (-0.96%)

Premium:  25.6 (Decreased by -56.1 points)

Open Interest Change: -0.9%

Volume Change: 35.8%

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

Put-Call Ratio (OI): 0.779 (Decreased from 0.786)

Put-Call Ratio (Volume): 1.201

Max Pain Level: 26200

Maximum CALL OI: 29500

Maximum PUT OI: 26000

Highest CALL Addition: 26000

Highest PUT Addition: 25500

MIDCPNIFTY MAY Future

MIDCPNIFTY Spot closed at: 11,985.90 (-2.09%)

MIDCPNIFTY MAY Future closed at: 11,997.20 (-2.40%)

Premium: 11.3 (Decreased by -38.2 points)

Open Interest Change: 6.4%

Volume Change: 44.1%

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

Put-Call Ratio (OI): 1.051 (Decreased from 1.073)

Put-Call Ratio (Volume): 1.018

Max Pain Level: 12100

Maximum CALL OI: 13000

Maximum PUT OI: 12000

Highest CALL Addition: 12000

Highest PUT Addition: 12000

FII & DII Cash Market Activity

FIIs Net Buy: ₹ 3,794.52 Cr
DIIs Net Sell: ₹ 1,397.68 Cr

FII Derivatives Activity

FII Trading Stats	6.05.25	5.05.25	2.05.25
FII Cash (Provisional Data)	3,794.52	497.79	2,769.81
Index Future Open Interest Long Ratio	49.23%	48.51%	47.37%
Index Future Volume Long Ratio	53.88%	53.49%	51.33%
Call Option Open Interest Long Ratio	51.28%	49.89%	53.21%
Call Option Volume Long Ratio	50.42%	49.25%	49.09%
Put Option Open Interest Long Ratio	50.18%	46.61%	51.65%
Put Option Volume Long Ratio	50.81%	48.91%	49.65%
Stock Future Open Interest Long Ratio	65.14%	65.26%	64.85%
Stock Future Volume Long Ratio	49.65%	53.96%	49.93%
Index Futures	Fresh Long	Fresh Long	Fresh Long
Index Options	Fresh Long	Fresh Short	Fresh Short
Nifty Futures	Fresh Long	Fresh Long	Fresh Long
Nifty Options	Fresh Long	Fresh Short	Fresh Short
BankNifty Futures	Long Covering	Long Covering	Long Covering
BankNifty Options	Fresh Long	Fresh Short	Fresh Short
FinNifty Futures	Short Covering	Fresh Short	Fresh Short
FinNifty Options	Short Covering	Long Covering	Fresh Short
MidcpNifty Futures	Fresh Long	Long Covering	Short Covering
MidcpNifty Options	Fresh Long	Fresh Short	Fresh Long
NiftyNxt50 Futures	Long Covering	Short Covering	Long Covering
NiftyNxt50 Options	Long Covering	Fresh Short	Fresh Long
Stock Futures	Short Covering	Fresh Long	Fresh Long
Stock Options	Fresh Short	Fresh Short	Fresh Short

NSE Options Analysis | Options Insights

NIFTY Weekly Expiry (8.05.2025)

The NIFTY index closed at 24379.6. The NIFTY weekly expiry for May 8, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.784 against previous 0.811. The 24500CE option holds the maximum open interest, followed by the 24400CE and 26100CE options. Market participants have shown increased interest with significant open interest additions in the 24400CE option, with open interest additions also seen in the 24500CE and 24450CE options. On the other hand, open interest reductions were prominent in the 26000CE, 24500PE, and 24800CE options. Trading volume was highest in the 24400PE option, followed by the 24400CE and 24500CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	08-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,379.60	0.784	0.811	0.994
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	18,81,25,350	17,39,44,650	1,41,80,700
PUT:	14,74,18,650	14,10,57,600	63,61,050
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	1,79,97,675	52,54,350	28,22,601
24,400	1,18,52,550	63,58,425	34,82,695
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,400	1,18,52,550	63,58,425	34,82,695
24,500	1,79,97,675	52,54,350	28,22,601
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	99,62,550	-30,16,425	6,65,949
24,800	68,09,850	-12,87,075	9,13,866
Top CALL Volume:
Strike	OI	OI Change	Volume
24,400	1,18,52,550	63,58,425	34,82,695
24,500	1,79,97,675	52,54,350	28,22,601
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	99,65,550	10,25,100	9,26,952
24,400	92,93,100	12,33,000	41,95,304
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
23,500	58,78,425	16,61,925	3,89,243
23,000	73,62,675	13,16,025	4,30,519
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	40,73,925	-23,88,375	20,67,543
21,500	37,51,725	-12,37,350	2,06,148
Top PUT Volume:
Strike	OI	OI Change	Volume
24,400	92,93,100	12,33,000	41,95,304
24,350	40,14,600	11,18,025	20,69,303

NIFTY Monthly Expiry (29.05.2025)

The NIFTY index closed at 24379.6. The NIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.390 against previous 1.373. 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 24000PE option, with open interest additions also seen in the 24500PE and 26200CE options. On the other hand, open interest reductions were prominent in the 23600PE, 25000PE, and 25600CE options. Trading volume was highest in the 24000PE option, followed by the 24500PE and 24500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,379.60	1.390	1.373	1.178
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	3,68,96,400	3,57,35,775	11,60,625
PUT:	5,12,86,275	4,90,62,975	22,23,300
Top CALL Open Interest:
Strike	OI	OI Change	Volume
24,500	44,44,350	1,35,675	50,758
25,000	41,23,275	1,33,875	46,641
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,200	2,30,250	2,30,250	4,522
24,400	10,10,625	1,68,075	18,602
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
25,600	4,00,800	-80,400	8,694
26,000	20,13,300	-65,550	22,169
Top CALL Volume:
Strike	OI	OI Change	Volume
24,500	44,44,350	1,35,675	50,758
25,000	41,23,275	1,33,875	46,641
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	72,43,125	10,39,200	61,559
23,000	41,56,500	-51,600	28,264
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	72,43,125	10,39,200	61,559
24,500	32,70,150	3,92,400	55,004
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,600	4,57,725	-2,09,925	9,370
25,000	12,79,575	-80,700	9,612
Top PUT Volume:
Strike	OI	OI Change	Volume
24,000	72,43,125	10,39,200	61,559
24,500	32,70,150	3,92,400	55,004

BANKNIFTY Monthly Expiry (29.05.2025)

The BANKNIFTY index closed at 54271.4. The BANKNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.825 against previous 0.892. The 63000CE option holds the maximum open interest, followed by the 53500PE and 53000PE options. Market participants have shown increased interest with significant open interest additions in the 53500PE option, with open interest additions also seen in the 54500CE and 63000CE options. On the other hand, open interest reductions were prominent in the 53000PE, 55000PE, and 53000CE options. Trading volume was highest in the 63000CE option, followed by the 54500PE and 54000PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
54,271.40	0.825	0.892	0.938
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,23,39,830	2,07,34,479	16,05,351
PUT:	1,84,33,020	1,84,92,480	-59,460
Top CALL Open Interest:
Strike	OI	OI Change	Volume
63,000	28,39,500	1,65,720	2,22,275
60,000	12,54,900	14,670	74,007
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
54,500	4,19,310	2,23,410	87,426
63,000	28,39,500	1,65,720	2,22,275
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	7,79,490	-1,03,500	9,857
59,500	3,63,090	-55,860	32,947
Top CALL Volume:
Strike	OI	OI Change	Volume
63,000	28,39,500	1,65,720	2,22,275
55,000	10,12,680	1,51,020	1,15,047
Top PUT Open Interest:
Strike	OI	OI Change	Volume
53,500	13,97,190	3,90,600	67,109
53,000	13,71,360	-2,64,870	1,02,018
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
53,500	13,97,190	3,90,600	67,109
50,000	11,37,330	1,46,550	61,103
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
53,000	13,71,360	-2,64,870	1,02,018
55,000	9,21,210	-1,84,560	1,17,318
Top PUT Volume:
Strike	OI	OI Change	Volume
54,500	5,26,200	41,580	1,46,628
54,000	11,05,020	-69,060	1,23,924

FINNIFTY Monthly Expiry (29.05.2025)

The FINNIFTY index closed at 25969. The FINNIFTY monthly expiry for MAY 29, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.779 against previous 0.786. 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 25500PE option, with open interest additions also seen in the 26000CE and 26100CE options. On the other hand, open interest reductions were prominent in the 27000CE, 25000PE, and 26200PE 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
25,969.00	0.779	0.786	1.201
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	9,93,980	9,76,235	17,745
PUT:	7,74,215	7,67,000	7,215
Top CALL Open Interest:
Strike	OI	OI Change	Volume
29,500	1,77,385	2,600	1,051
27,000	1,50,085	-9,100	1,992
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,000	70,525	10,335	2,391
26,100	25,220	6,500	600
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,000	1,50,085	-9,100	1,992
27,500	28,405	-3,510	481
Top CALL Volume:
Strike	OI	OI Change	Volume
26,000	70,525	10,335	2,391
27,000	1,50,085	-9,100	1,992
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,23,825	2,925	5,501
25,500	70,850	10,465	1,047
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
25,500	70,850	10,465	1,047
24,000	34,190	6,435	336
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	68,510	-7,865	1,273
26,200	37,635	-7,085	1,447
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,23,825	2,925	5,501
26,200	37,635	-7,085	1,447

MIDCPNIFTY Monthly Expiry (29.05.2025)

The MIDCPNIFTY index closed at 11985.9. The MIDCPNIFTY monthly expiry for MAY 29, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.051 against previous 1.073. 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 12000PE option, with open interest additions also seen in the 12000CE and 13500CE options. On the other hand, open interest reductions were prominent in the 63000PE, 66000CE, and 66000CE options. Trading volume was highest in the 12000PE option, followed by the 12200CE and 12200PE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	29-05-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
11,985.90	1.051	1.073	1.018
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	41,92,920	38,77,200	3,15,720
PUT:	44,08,320	41,59,320	2,49,000
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,000	4,25,400	-26,880	7,219
13,500	4,06,680	84,000	3,505
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,000	3,73,800	1,23,120	7,329
13,500	4,06,680	84,000	3,505
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,500	2,43,240	-51,000	8,414
12,300	1,86,840	-45,720	7,732
Top CALL Volume:
Strike	OI	OI Change	Volume
12,200	2,50,680	-11,640	12,273
12,500	2,43,240	-51,000	8,414
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	7,28,160	1,42,200	18,114
11,500	4,45,320	24,960	7,566
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,000	7,28,160	1,42,200	18,114
10,000	1,73,880	60,360	2,405
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
12,200	2,30,040	-57,840	11,415
12,300	1,27,920	-27,480	4,877
Top PUT Volume:
Strike	OI	OI Change	Volume
12,000	7,28,160	1,42,200	18,114
12,200	2,30,040	-57,840	11,415

Conclusion:

In conclusion, the derivatives setup for May 6, 2025, clearly reflects heightened market caution. The falling premiums in NIFTY, BANKNIFTY, and FINNIFTY futures alongside steady to falling PCR values underscore a risk-off mood. The sharp OI build-up in MIDCPNIFTY amid a steep price fall suggests bearish bets are gaining traction in the mid-cap segment. Even though Max Pain levels remain near spot zones, lack of aggressive long positioning signals a wait-and-watch approach from market participants. Aggressive PUT OI built-up at 23,500 in Weekly Option and suggests near-term bearish-bias. BANKNIFTY witnessed highest PUT addition at 53,500 level. Traders should brace for volatility in the coming sessions, especially with key strike additions pointing to shifting support and resistance zones.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

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