Critical F&O Market Signals: Can Nifty Defend 24,600 Amid Expiry Shifts?

The F&O market signals on 4th June 2025 painted a cautious picture as Nifty futures inched up 0.22% to 24,729.40, clinging to the 24,600 support amid declining premiums (-23.6 points) and open interest (-1.9%). BankNifty futures struggled at 55,989.40 (+0.10%), with monthly PCR (OI) sliding to 0.778, reflecting relentless CALL writing at 56,000. Nifty’s weekly max pain held at 24,600, but aggressive call additions at 24,600 and put unwinding below 24,000 exposed vulnerability. MIDCPNIFTY surged 1.05%, fueled by a PCR (OI) spike to 1.157, while FIIs’ Index Future short positions and RBI policy uncertainty loomed. Let’s decode these critical F&O signals shaping June’s volatility.

NSE & BSE F&O Market Signals

NIFTY JUNE Future

NIFTY Spot closed at: 24,620.20 (0.32%)

NIFTY JUNE Future closed at: 24,729.40 (0.22%)

Premium: 109.2 (Decreased by -23.6 points)

Open Interest Change: -1.9%

Volume Change: -51.7%

NIFTY Weekly Expiry (05/06/2025) Option Analysis

Put-Call Ratio (OI): 0.601 (Increased from 0.497)

Put-Call Ratio (Volume): 0.790

Max Pain Level: 24600

Maximum CALL OI: 25500

Maximum PUT OI: 24000

Highest CALL Addition: 24600

Highest PUT Addition: 24600

NIFTY Monthly Expiry (26/06/2025) Option Analysis

Put-Call Ratio (OI): 1.061 (Increased from 1.043)

Put-Call Ratio (Volume): 0.905

Max Pain Level: 24800

Maximum CALL OI: 26000

Maximum PUT OI: 24000

Highest CALL Addition: 25500

Highest PUT Addition: 24000

BANKNIFTY JUNE Future

BANKNIFTY Spot closed at: 55,676.85 (0.14%)

BANKNIFTY JUNE Future closed at: 55,989.40 (0.10%)

Premium: 312.55 (Decreased by -18.5 points)

Open Interest Change: 0.6%

Volume Change: -43.2%

BANKNIFTY Monthly Expiry (26/06/2025) Option Analysis

Put-Call Ratio (OI): 0.778 (Decreased from 0.830)

Put-Call Ratio (Volume): 0.917

Max Pain Level: 55700

Maximum CALL OI: 56000

Maximum PUT OI: 56000

Highest CALL Addition: 63000

Highest PUT Addition: 55500

FINNIFTY JUNE Future

FINNIFTY Spot closed at: 26,264.55 (0.04%)

FINNIFTY JUNE Future closed at: 26,427.90 (0.02%)

Premium:  163.35 (Decreased by -5.5 points)

Open Interest Change: -17.7%

Volume Change: -7.1%

FINNIFTY Monthly Expiry (26/06/2025) Option Analysis

Put-Call Ratio (OI): 0.569 (Decreased from 0.636)

Put-Call Ratio (Volume): 0.641

Max Pain Level: 26400

Maximum CALL OI: 26500

Maximum PUT OI: 26500

Highest CALL Addition: 27000

Highest PUT Addition: 26300

MIDCPNIFTY JUNE Future

MIDCPNIFTY Spot closed at: 12,822.10 (1.05%)

MIDCPNIFTY JUNE Future closed at: 12,866.85 (1.00%)

Premium: 44.75 (Decreased by -6.6 points)

Open Interest Change: 0.5%

Volume Change: 15.2%

MIDCPNIFTY Monthly Expiry (26/06/2025) Option Analysis

Put-Call Ratio (OI): 1.157 (Increased from 1.014)

Put-Call Ratio (Volume): 1.079

Max Pain Level: 12750

Maximum CALL OI: 13500

Maximum PUT OI: 12000

Highest CALL Addition: 12800

Highest PUT Addition: 12000

SENSEX Weekly Expiry (10/06/2025) Future

SENSEX Spot closed at: 80,998.25 (0.32%)

SENSEX Weekly Future closed at: 81,092.55 (0.21%)

Premium: 94.3 (Decreased by -90.59 points)

Open Interest Change: -35.4%

Volume Change: -45.4%

SENSEX Weekly Expiry (10/06/2025) Option Analysis

Put-Call Ratio (OI): 0.551 (Decreased from 0.636)

Put-Call Ratio (Volume): 0.747

Max Pain Level: 81000

Maximum CALL OI: 85000

Maximum PUT OI: 81000

Highest CALL Addition: 85000

Highest PUT Addition: 81000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 1,076.18 Cr
DIIs Net Buy: ₹ 2,566.82 Cr

FII Derivatives Activity

FII Trading Stats	4.06.25	3.06.25	2.06.25
FII Cash (Provisional Data)	1,076.18	-2,853.83	-2,589.47
Index Future Open Interest Long Ratio	17.17%	16.67%	18.73%
Index Future Volume Long Ratio	50.43%	36.67%	43.93%
Call Option Open Interest Long Ratio	54.95%	56.27%	61.47%
Call Option Volume Long Ratio	49.72%	49.43%	50.71%
Put Option Open Interest Long Ratio	56.21%	59.43%	64.62%
Put Option Volume Long Ratio	49.33%	49.53%	51.03%
Stock Future Open Interest Long Ratio	63.57%	63.69%	64.11%
Stock Future Volume Long Ratio	49.20%	46.42%	50.59%
Index Futures	Fresh Long	Fresh Short	Fresh Short
Index Options	Long Covering	Fresh Short	Fresh Long
Nifty Futures	Fresh Long	Fresh Short	Fresh Short
Nifty Options	Long Covering	Fresh Short	Fresh Long
BankNifty Futures	Fresh Short	Fresh Short	Fresh Short
BankNifty Options	Fresh Long	Fresh Long	Fresh Short
FinNifty Futures	Long Covering	Fresh Long	Fresh Long
FinNifty Options	Fresh Long	Fresh Short	Fresh Short
MidcpNifty Futures	Fresh Short	Long Covering	Short Covering
MidcpNifty Options	Fresh Short	Fresh Short	Fresh Short
NiftyNxt50 Futures	Fresh Long	Long Covering	Fresh Long
NiftyNxt50 Options	Fresh Short	Fresh Long	Fresh Long
Stock Futures	Fresh Short	Long Covering	Short Covering
Stock Options	Fresh Short	Fresh Short	Fresh Long

NSE & BSE Option Chain Analysis : Options Insights

NIFTY Weekly Expiry (05/06/2025)

The NIFTY index closed at 24620.2. The NIFTY weekly expiry for JUNE 5, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.601 against previous 0.497. The 25500CE option holds the maximum open interest, followed by the 25000CE and 24600CE options. Market participants have shown increased interest with significant open interest additions in the 24600PE option, with open interest additions also seen in the 24500PE and 24600CE options. On the other hand, open interest reductions were prominent in the 26000CE, 26500CE, and 25800CE options. Trading volume was highest in the 24600CE option, followed by the 24600PE and 24500PE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	05-06-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,620.20	0.601	0.497	0.790
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	20,82,86,250	23,16,91,725	-2,34,05,475
PUT:	12,50,78,700	11,50,49,625	1,00,29,075
Top CALL Open Interest:
Strike	OI	OI Change	Volume
25,500	1,53,99,825	-7,61,475	12,96,157
25,000	1,38,53,925	6,07,050	23,04,071
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
24,600	1,03,98,975	28,39,800	51,25,367
24,700	89,35,650	16,75,425	27,33,203
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	81,94,500	-69,87,750	6,90,266
26,500	52,44,900	-43,90,200	3,48,145
Top CALL Volume:
Strike	OI	OI Change	Volume
24,600	1,03,98,975	28,39,800	51,25,367
24,700	89,35,650	16,75,425	27,33,203
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	98,12,850	22,06,125	12,88,597
24,600	96,26,100	39,74,850	44,72,872
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,600	96,26,100	39,74,850	44,72,872
24,500	87,89,625	33,59,850	33,14,505
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
23,500	36,29,325	-33,99,900	5,01,431
23,000	42,85,725	-19,69,950	2,42,026
Top PUT Volume:
Strike	OI	OI Change	Volume
24,600	96,26,100	39,74,850	44,72,872
24,500	87,89,625	33,59,850	33,14,505

SENSEX Weekly Expiry (10/06/2025)

The SENSEX index closed at 80998.25. The SENSEX weekly expiry for JUNE 10, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.551 against previous 0.636. The 85000CE option holds the maximum open interest, followed by the 81000CE and 84000CE options. Market participants have shown increased interest with significant open interest additions in the 85000CE option, with open interest additions also seen in the 84000CE and 86500CE options. On the other hand, open interest reductions were prominent in the 72000PE, 79000CE, and 80500CE options. Trading volume was highest in the 81000CE option, followed by the 81000PE and 80800PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	10-06-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
80998.25	0.551	0.636	0.747
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	79,34,880	31,02,129	48,32,751
PUT:	43,70,980	19,72,440	23,98,540
Top CALL Open Interest:
Strike	OI	OI Change	Volume
85000	7,49,000	4,29,000	43,78,340
81000	6,29,860	2,00,420	62,69,900
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
85000	7,49,000	4,29,000	43,78,340
84000	6,23,940	3,17,560	41,06,880
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
79000	48,020	-1,540	56,860
80500	54,220	-1,140	4,33,520
Top CALL Volume:
Strike	OI	OI Change	Volume
81000	6,29,860	2,00,420	62,69,900
85000	7,49,000	4,29,000	43,78,340
Top PUT Open Interest:
Strike	OI	OI Change	Volume
81000	5,70,140	2,47,740	50,33,620
78000	2,84,380	1,67,420	22,63,520
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
81000	5,70,140	2,47,740	50,33,620
78000	2,84,380	1,67,420	22,63,520
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
72000	62,340	-9,120	4,91,320
81900	2,340	-440	8,040
Top PUT Volume:
Strike	OI	OI Change	Volume
81000	5,70,140	2,47,740	50,33,620
80800	1,47,160	1,15,960	45,25,480

NIFTY Monthly Expiry (26/06/2025)

The NIFTY index closed at 24620.2. The NIFTY monthly expiry for JUNE 26, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.061 against previous 1.043. The 26000CE option holds the maximum open interest, followed by the 24000PE and 25000CE options. Market participants have shown increased interest with significant open interest additions in the 24000PE option, with open interest additions also seen in the 24700PE and 14000PE options. On the other hand, open interest reductions were prominent in the 26500CE, 25000CE, and 24500CE options. Trading volume was highest in the 25000CE option, followed by the 26000CE and 24500PE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	26-06-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
24,620.20	1.061	1.043	0.905
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,73,09,375	4,75,11,425	-2,02,050
PUT:	5,02,02,575	4,95,45,250	6,57,325
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,000	55,44,675	-54,475	44,593
25,000	52,07,425	-2,27,350	44,788
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
25,500	35,50,350	1,14,525	34,361
30,000	34,65,075	1,12,050	10,024
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	19,82,100	-2,55,375	19,113
25,000	52,07,425	-2,27,350	44,788
Top CALL Volume:
Strike	OI	OI Change	Volume
25,000	52,07,425	-2,27,350	44,788
26,000	55,44,675	-54,475	44,593
Top PUT Open Interest:
Strike	OI	OI Change	Volume
24,000	54,42,200	3,40,425	43,455
24,500	45,83,475	-1,21,350	44,487
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
24,000	54,42,200	3,40,425	43,455
24,700	12,16,650	1,39,500	19,269
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,500	45,83,475	-1,21,350	44,487
25,000	31,29,350	-89,250	18,598
Top PUT Volume:
Strike	OI	OI Change	Volume
24,500	45,83,475	-1,21,350	44,487
24,000	54,42,200	3,40,425	43,455

BANKNIFTY Monthly Expiry (26/06/2025)

The BANKNIFTY index closed at 55676.85. The BANKNIFTY monthly expiry for JUNE 26, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.778 against previous 0.830. The 56000CE option holds the maximum open interest, followed by the 63000CE and 56000PE options. Market participants have shown increased interest with significant open interest additions in the 63000CE option, with open interest additions also seen in the 62000CE and 62500CE options. On the other hand, open interest reductions were prominent in the 58000CE, 52600PE, and 57200CE options. Trading volume was highest in the 56000CE option, followed by the 55500PE and 63000CE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	26-06-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
55,676.85	0.778	0.830	0.917
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,75,96,830	1,52,70,579	23,26,251
PUT:	1,36,84,140	1,26,75,360	10,08,780
Top CALL Open Interest:
Strike	OI	OI Change	Volume
56,000	22,37,280	19,290	1,10,024
63,000	17,81,430	6,54,030	99,691
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
63,000	17,81,430	6,54,030	99,691
62,000	8,98,200	4,57,440	43,485
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
58,000	7,34,160	-49,200	54,076
57,200	58,860	-19,410	8,849
Top CALL Volume:
Strike	OI	OI Change	Volume
56,000	22,37,280	19,290	1,10,024
63,000	17,81,430	6,54,030	99,691
Top PUT Open Interest:
Strike	OI	OI Change	Volume
56,000	16,87,050	49,380	67,878
55,000	11,05,860	81,600	95,363
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
55,500	6,58,380	1,14,900	1,02,148
55,000	11,05,860	81,600	95,363
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
52,600	19,680	-23,670	3,632
50,500	1,94,190	-13,230	13,867
Top PUT Volume:
Strike	OI	OI Change	Volume
55,500	6,58,380	1,14,900	1,02,148
55,000	11,05,860	81,600	95,363

FINNIFTY Monthly Expiry (26/06/2025)

The FINNIFTY index closed at 26264.55. The FINNIFTY monthly expiry for JUNE 26, 2025, has revealed key trends in open interest. The current Put/Call Ratio is at 0.569 against previous 0.636. The 26500CE option holds the maximum open interest, followed by the 27000CE and 29500CE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 26500CE and 29500CE options. On the other hand, open interest reductions were prominent in the 27500CE, 27700CE, and 26500PE options. Trading volume was highest in the 26500CE option, followed by the 26300PE and 27500CE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	26-06-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,264.55	0.569	0.636	0.641
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	7,41,780	6,73,205	68,575
PUT:	4,22,305	4,27,830	-5,525
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	94,380	31,135	5,661
27,000	89,960	44,720	2,427
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	89,960	44,720	2,427
26,500	94,380	31,135	5,661
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,500	57,915	-59,475	2,643
27,700	9,750	-5,525	282
Top CALL Volume:
Strike	OI	OI Change	Volume
26,500	94,380	31,135	5,661
27,500	57,915	-59,475	2,643
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,500	65,065	-5,200	1,701
24,000	53,170	2,925	496
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,300	29,900	9,425	3,160
26,250	7,215	3,835	1,059
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	65,065	-5,200	1,701
26,500	65,065	-5,200	1,701
Top PUT Volume:
Strike	OI	OI Change	Volume
26,300	29,900	9,425	3,160
26,500	65,065	-5,200	1,701

MIDCPNIFTY Monthly Expiry (26/06/2025)

The MIDCPNIFTY index closed at 12822.1. The MIDCPNIFTY monthly expiry for JUNE 26, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.157 against previous 1.014. The 12000PE option holds the maximum open interest, followed by the 12500PE and 13500CE options. Market participants have shown increased interest with significant open interest additions in the 12000PE option, with open interest additions also seen in the 12800PE and 12400PE options. On the other hand, open interest reductions were prominent in the 60000CE, 60000CE, and 60000PE options. Trading volume was highest in the 12700PE option, followed by the 12800CE and 13000CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	26-06-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
12,822.10	1.157	1.014	1.079
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	27,58,320	24,32,760	3,25,560
PUT:	31,90,560	24,66,600	7,23,960
Top CALL Open Interest:
Strike	OI	OI Change	Volume
13,500	3,48,240	70,560	5,538
14,000	3,38,880	-1,320	2,122
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
12,800	2,72,520	71,040	10,498
13,500	3,48,240	70,560	5,538
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
12,700	1,31,640	-28,800	8,957
12,750	60,720	-21,120	5,446
Top CALL Volume:
Strike	OI	OI Change	Volume
12,800	2,72,520	71,040	10,498
13,000	2,83,680	9,600	10,082
Top PUT Open Interest:
Strike	OI	OI Change	Volume
12,000	4,65,840	1,14,600	4,995
12,500	3,60,360	74,760	5,711
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
12,000	4,65,840	1,14,600	4,995
12,800	1,52,640	95,400	7,212
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
11,500	2,16,480	-37,800	2,144
11,000	1,47,120	-24,720	1,667
Top PUT Volume:
Strike	OI	OI Change	Volume
12,700	2,05,680	19,680	11,085
12,750	1,51,680	82,680	7,632

Conclusion: What the Future & Option Chain Analysis Tells Us

The 4th June F&O data underscores a fragile equilibrium: Nifty’s 24,600 support faces a litmus test, with resistance at 24,800–25,000. BankNifty’s 55,700 max pain and 56,000 CALL wall suggest a “sell the rally” mindset unless it reclaims 56,000 . MIDCPNIFTY’s 12,750 max pain and FINNIFTY’s 26,400 support hint at midcap resilience, but SENSEX’s 81,000 PCR slump (0.551) signals broad-based caution. Traders should hedge with 24,500 puts and 55,500 BankNifty strikes. As global cues and RBI decisions loom (friday), F&O market signals—PCR swings, max pain shifts, and premium trends—will dictate whether bulls hold key supports or capitulate to bears.

Check Previous Day’s Nifty Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

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