NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 21/11/2025

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Open Interest Volume Analysis

NIFTY’s Open Interest Volume Analysis shows a decisive fresh short build: Despite a modest price decline (-0.47%), combined open interest surged by +4.03% with increased volume, signaling aggressive positioning for downward moves in December contracts.

November futures exhibit clear long covering: November OI drops sharply (-15.51%) on rising volume, confirming bulls start booking profits near expiry.

December futures witness massive fresh short accumulation: December open interest rose +60.62% with volume up as well, indicating new aggressive short selling for the post-expiry period.

Options PCR gives cautious signals: Monthly put-call ratio eases from 1.518 down to 0.963, reflecting bearish option bets, while volume PCR rises to 1.067, indicating increased option market activity.

Max pain zone holds near 26050: Concentrated open interest in call and put options around this level points to a key support-resistance band, critical for positioning this week.

BankNIFTY and FINNIFTY mirror similar dynamics: Both indices see fresh shorts building in December and long covering in near months, confirming a broad-based short-term correction.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26068.15 (-0.473%)

Combined = November + December + January

Combined Fut Open Interest Change: 4.03%

Combined Fut Volume Change: 25.70%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 40% Previous 26%

NIFTY NOVEMBER Future closed at: 26077.5 (-0.547%)

November Fut Premium 9.35 (Decreased by -19.3 points)

November Fut Open Interest Change: -15.51%

November Fut Volume Change: 29.75%

November Fut Open Interest Analysis: Long Covering

NIFTY DECEMBER Future closed at: 26269.2 (-0.540%)

December Fut Premium 201.05 (Decreased by -18.7 points)

December Fut Open Interest Change: 60.62%

December Fut Volume Change: 18.38%

December Fut Open Interest Analysis: Fresh Short

NIFTY Monthly Expiry (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.963 (Decreased from 1.518)

Put-Call Ratio (Volume): 1.067

Max Pain Level: 26050

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26100

Highest PUT Addition: 22800

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58867.7 (-0.809%)

Combined = November + December + January

Combined Fut Open Interest Change: 0.60%

Combined Fut Volume Change: 129.86%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 40% Previous 26%

BANKNIFTY NOVEMBER Future closed at: 58869 (-0.892%)

November Fut Premium 1.3 (Decreased by -50 points)

November Fut Open Interest Change: -18.7%

November Fut Volume Change: 121.0%

November Fut Open Interest Analysis: Long Covering

BANKNIFTY DECEMBER Future closed at: 59233.2 (-0.880%)

December Fut Premium 365.5 (Decreased by -45.8 points)

December Fut Open Interest Change: 59.88%

December Fut Volume Change: 168.05%

December Fut Open Interest Analysis: Fresh Short

BANKNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.870 (Decreased from 1.232)

Put-Call Ratio (Volume): 1.016

Max Pain Level: 58800

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 57000

Highest CALL Addition: 59000

Highest PUT Addition: 58400

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27566.15 (-1.060%)

Combined = November + December + January

Combined Fut Open Interest Change: 4.1%

Combined Fut Volume Change: 52.1%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 30% Previous 18%

FINNIFTY NOVEMBER Future closed at: 27587.6 (-1.069%)

November Fut Premium 21.45 (Decreased by -2.8 points)

November Fut Open Interest Change: -11.56%

November Fut Volume Change: 51.93%

November Fut Open Interest Analysis: Long Covering

FINNIFTY DECEMBER Future closed at: 27731.1 (-1.101%)

December Fut Premium 164.95 (Decreased by -13.5 points)

December Fut Open Interest Change: 75.44%

December Fut Volume Change: 52.41%

December Fut Open Interest Analysis: Fresh Short

FINNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.752 (Decreased from 1.330)

Put-Call Ratio (Volume): 0.977

Max Pain Level: 27600

Maximum CALL Open Interest: 27800

Maximum PUT Open Interest: 27300

Highest CALL Addition: 27800

Highest PUT Addition: 27550

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13851.35 (-1.007%)

Combined = November + December + January

Combined Fut Open Interest Change: 0.52%

Combined Fut Volume Change: 99.17%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 62% Previous 22%

MIDCPNIFTY NOVEMBER Future closed at: 13848.6 (-1.133%)

November Fut Discount -2.75 (Decreased by -17.8 points)

November Fut Open Interest Change: -51.45%

November Fut Volume Change: 62.62%

November Fut Open Interest Analysis: Long Covering

MIDCPNIFTY DECEMBER Future closed at: 13942.7 (-0.938%)

December Fut Discount 91.35 (Increased by 8.9 points)

December Fut Open Interest Change: 190.23%

December Fut Volume Change: 172.34%

December Fut Open Interest Analysis: Fresh Short

MIDCPNIFTY Monthly Expiry  (25/11/2025) Option Analysis

Put-Call Ratio (Open Interest): 0.849 (Decreased from 1.102)

Put-Call Ratio (Volume): 0.932

Max Pain Level: 13850

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13300

Highest CALL Addition: 14000

Highest PUT Addition: 13600

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 85,231.92 (-0.468%)

SENSEX Monthly Future closed at: 85,362.40 (-0.476%)

Premium: 130.48 (Decreased by -7.29 points)

Open Interest Change: 8.79%

Volume Change: -44.15%

Open Interest Analysis: Fresh Short

SENSEX Weekly Expiry (27/11/2025) Option Analysis

Put-Call Ratio (OI): 0.735 (Decreased from 1.453)

Put-Call Ratio (Volume): 1.023

Max Pain Level: 85400

Maximum CALL OI: 88500

Maximum PUT OI: 80000

Highest CALL Addition: 88500

Highest PUT Addition: 80000

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 1,766.05 Cr.
DIIs Net BUY: ₹ 3,161.61 Cr.

FII Derivatives Activity

FII Trading Stats21.11.2520.11.2519.11.25
FII Cash (Provisional Data)-1,766.05283.651,580.72
Index Future Open Interest Long Ratio11.57%12.36%12.24%
Index Future Volume Long Ratio48.00%51.80%52.35%
Call Option Open Interest Long Ratio51.94%52.91%51.30%
Call Option Volume Long Ratio49.91%50.35%50.40%
Put Option Open Interest Long Ratio62.44%57.95%57.49%
Put Option Volume Long Ratio50.55%50.24%49.31%
Stock Future Open Interest Long Ratio60.64%60.82%60.58%
Stock Future Volume Long Ratio49.82%50.09%51.05%
    
Index FuturesLong CoveringShort CoveringShort Covering
Index OptionsFresh LongFresh LongFresh Short
    
Nifty FuturesFresh ShortShort CoveringShort Covering
Nifty OptionsFresh LongFresh LongFresh Short
    
BankNifty FuturesLong CoveringFresh LongFresh Long
BankNifty OptionsFresh ShortFresh ShortFresh Short
    
FinNifty FuturesShort CoveringFresh LongLong Covering
FinNifty OptionsLong CoveringLong CoveringFresh Long
    
MidcpNifty FuturesLong CoveringLong CoveringLong Covering
MidcpNifty OptionsFresh LongLong CoveringFresh Long
    
NiftyNxt50 FuturesFresh ShortLong CoveringFresh Short
NiftyNxt50 OptionsFresh LongFresh LongFresh Short
    
Stock FuturesLong CoveringShort CoveringFresh Long
Stock OptionsShort CoveringShort CoveringShort Covering

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

SENSEX Weekly Expiry (27/11/2025)

The SENSEX index closed at 85231.92. The SENSEX weekly expiry for NOVEMBER 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.735 against previous 1.453. The 88500CE option holds the maximum open interest, followed by the 87000CE and 85500CE options. Market participants have shown increased interest with significant open interest additions in the 88500CE option, with open interest additions also seen in the 85500CE and 89000CE options. On the other hand, open interest reductions were prominent in the 85700PE, 82500PE, and 81500PE options. Trading volume was highest in the 85500PE option, followed by the 85500CE and 85000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:27-11-2025
Index SpotPCR OIPrev PCR OIPCR VOL
85231.920.7351.4531.023
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:      85,75,100        32,12,380           53,62,720
PUT:      63,00,280        46,66,000           16,34,280
Top CALL Open Interest:
StrikeOIOI ChangeVolume
88500        5,86,920          4,92,660           42,96,260
87000        4,98,680          2,05,560           63,74,860
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
88500        5,86,920          4,92,660           42,96,260
85500        4,89,400          3,20,640        1,68,27,140
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
91700              7,440            -10,920                 63,480
84000            34,060              -5,820                 82,860
Top CALL Volume:
StrikeOIOI ChangeVolume
85500        4,89,400          3,20,640        1,68,27,140
85400        2,13,840          1,74,480        1,04,53,740
Top PUT Open Interest:
StrikeOIOI ChangeVolume
80000        4,55,700          2,33,500           19,62,120
85000        4,38,160              26,780        1,35,99,000
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
80000        4,55,700          2,33,500           19,62,120
85500        3,75,280              90,120        1,68,87,800
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
85700            71,280        -1,18,300           33,33,240
82500        1,85,840            -50,180           22,89,480
Top PUT Volume:
StrikeOIOI ChangeVolume
85500        3,75,280              90,120        1,68,87,800
85000        4,38,160              26,780        1,35,99,000

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 26068.15. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.963 against previous 1.518. The 27000CE option holds the maximum open interest, followed by the 26500CE and 26200CE options. Market participants have shown increased interest with significant open interest additions in the 26100CE option, with open interest additions also seen in the 26200CE and 26150CE options. On the other hand, open interest reductions were prominent in the 26200PE, 26000PE, and 25900PE options. Trading volume was highest in the 26100PE option, followed by the 26100CE and 26200CE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         26,068.15                0.963                  1.518               1.067
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 17,27,42,400   13,40,22,525   3,87,19,875
 PUT: 16,63,91,850   20,35,00,125 -3,71,08,275
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,000    1,42,00,050         29,07,300       11,04,327
               26,500    1,37,81,775         21,24,975       20,52,219
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,100       91,44,600         52,05,450       56,00,834
               26,200    1,24,07,400         48,47,400       55,46,486
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               26,850       13,30,950          -2,46,675         3,52,313
               25,000          9,40,875          -1,62,525               7,737
 Top CALL Volume:
 Strike OI OI Change Volume
               26,100       91,44,600         52,05,450       56,00,834
               26,200    1,24,07,400         48,47,400       55,46,486
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               26,000    1,10,58,150        -37,79,250       51,21,521
               25,000    1,04,56,500          -6,88,575       10,04,687
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               22,800       13,07,250            9,84,525             66,131
               25,700       87,44,925            7,76,400       13,08,283
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,200       37,05,225        -40,03,875       31,13,008
               26,000    1,10,58,150        -37,79,250       51,21,521
 Top PUT Volume: 
 Strike OI OI Change Volume
               26,100       66,36,450        -18,80,175       70,39,338
               26,000    1,10,58,150        -37,79,250       51,21,521

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 58867.7. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.870 against previous 1.232. The 60000CE option holds the maximum open interest, followed by the 59000CE and 57000PE options. Market participants have shown increased interest with significant open interest additions in the 59000CE option, with open interest additions also seen in the 59200CE and 59100CE options. On the other hand, open interest reductions were prominent in the 59000PE, 58000PE, and 59300PE options. Trading volume was highest in the 59000PE option, followed by the 59000CE and 59100CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         58,867.70                0.870                  1.232               1.016
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,90,44,725      1,53,95,170       36,49,555
 PUT:    1,65,63,400      1,89,69,545     -24,06,145
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       15,43,465            3,48,075         2,94,731
               59,000       14,46,130            5,33,715         6,84,378
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,000       14,46,130            5,33,715         6,84,378
               59,200          7,85,120            4,65,430         3,85,086
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               58,500          6,63,670          -1,64,395             68,654
               56,000          1,09,060              -54,600               1,967
 Top CALL Volume:
 Strike OI OI Change Volume
               59,000       14,46,130            5,33,715         6,84,378
               59,100          5,84,465            3,72,505         3,90,368
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               57,000       12,19,365          -1,54,910         1,18,049
               58,000       12,13,310          -3,15,525         2,48,951
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               58,400          4,30,325            2,08,670         1,39,410
               52,000          1,91,380            1,07,555             14,511
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               59,000          9,84,410          -4,67,285         7,31,188
               58,000       12,13,310          -3,15,525         2,48,951
 Top PUT Volume: 
 Strike OI OI Change Volume
               59,000          9,84,410          -4,67,285         7,31,188
               58,900          5,24,370              -45,115         3,71,323

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27566.15. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.752 against previous 1.330. The 27800CE option holds the maximum open interest, followed by the 27900CE and 27700CE options. Market participants have shown increased interest with significant open interest additions in the 27800CE option, with open interest additions also seen in the 27700CE and 27600CE options. On the other hand, open interest reductions were prominent in the 27500PE, 27100PE, and 27000PE options. Trading volume was highest in the 27800CE option, followed by the 27600PE and 27700CE options, indicating active trading in these strikes.

FINNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         27,566.15                0.752                  1.330               0.977
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       17,18,275         10,98,630         6,19,645
 PUT:       12,91,810         14,60,940       -1,69,130
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,800          2,57,465            1,74,330             48,929
               27,900          1,99,485               18,005             20,533
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,800          2,57,465            1,74,330             48,929
               27,700          1,09,655               77,545             20,846
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,500             55,965              -13,390               2,857
               28,700             23,530                -6,305               1,271
 Top CALL Volume:
 Strike OI OI Change Volume
               27,800          2,57,465            1,74,330             48,929
               27,700          1,09,655               77,545             20,846
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               27,300             93,535                  6,045               7,224
               27,000             87,555              -19,955               7,344
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               27,550             35,815               17,420             11,489
               26,600             40,105               15,730               3,139
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               27,500             66,625              -98,930             19,734
               27,100             21,840              -20,020               1,869
 Top PUT Volume:   
 Strike OI OI Change Volume
               27,600             57,980                -3,055             29,313
               27,500             66,625              -98,930             19,734

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 13851.35. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.849 against previous 1.102. The 14000CE option holds the maximum open interest, followed by the 13300PE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 14000CE option, with open interest additions also seen in the 13900CE and 14150CE options. On the other hand, open interest reductions were prominent in the 68500PE, 70000PE, and 72000PE options. Trading volume was highest in the 13900PE option, followed by the 14000CE and 13900CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,851.35                0.849                  1.102               0.932
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,35,00,760      1,03,64,200       31,36,560
 PUT:    1,14,59,420      1,14,22,320             37,100
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000       19,68,680            5,76,380             90,556
               14,200       10,01,420            2,80,840             45,430
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               14,000       19,68,680            5,76,380             90,556
               13,900          8,30,760            5,00,640             67,156
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,450          2,52,560              -55,020               3,887
               14,500          8,23,340              -50,820             19,140
 Top CALL Volume:
 Strike OI OI Change Volume
               14,000       19,68,680            5,76,380             90,556
               13,900          8,30,760            5,00,640             67,156
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,300       11,84,680               29,120             15,425
               13,500       11,39,040              -87,500             25,952
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,600          7,23,800            2,32,540             19,089
               13,700          6,29,860               84,980             40,648
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               14,000          8,74,300          -1,79,340             30,436
               14,050          1,40,700          -1,41,680               3,161
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,900          5,90,520               74,900             96,841
               13,800          7,36,400              -38,360             58,313

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

Market shifts toward cautious bearishness with heavy December short build: Open Interest Volume Analysis signals a tactical pause in the uptrend, with short-term traders aggressively building downside hedge positions.

Actionable trading strategy: Consider short-side trades near resistance levels around max pain (26050–26100). Avoid chasing breakouts upward unless strong volume and open interest confirm sustained momentum.

Sector rotation to watch: Banks and financials remain volatile but could offer swing trade opportunities as short-building intensifies.

Monitor option PCR and volume for early reversal signs: A rebound in PCR over 1 combined with OI decreases may hint at trend reversals.

Stay agile and protective: The Open Interest Volume Analysis suggests tactical reactions to market swings and prudent risk management during this expiry week.

Check Previous Day’s NSE & BSE Indices F&O Analysis

FII / FPI trading activity in Capital Market Segment

NSE Derivatives Raw Data

BSE Derivatives Raw Data

Disclaimer

fnodata.com is a financial blog providing research-based data and analysis. The content creator of the fnodata.com is not a SEBI registered Investment Advisor. The content on this blog is for informational purposes only and should not be considered as investment advice. You are responsible for your own investment decisions. You should consult with a financial advisor or conduct your own research before making any investment decisions.


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