NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 24/11/2025

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Open Interest Volume Analysis

NIFTY’s Open Interest Volume Analysis indicates fresh short positioning ahead: Combined futures open interest rises moderately (+1.89%) even as prices pull back (-0.42%), signaling that traders are increasingly building new short exposures as the month-end approaches.

November futures show sharp long unwinding: November open interest plunges (-24.91%) with declining volume, confirming that short covering is terminating while longs are exiting near expiry.

December futures display aggressive fresh short build-up: December contract OI surges +43.37% on rising volume, reflecting active bearish bets for the near to mid-term.

Options put-call ratio dips sharply: Monthly PCR drops from 0.963 to 0.65, indicating reduced put buying, though volume PCR remains above 1, suggesting notable futures and options activity but cautious sentiment.

Max pain stabilizes near current price at 26000–26050: High concentration of option OI and volume near this level is drawing price action, forming critical support-resistance balance for traders to monitor.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 25959.5 (-0.417%)

Combined = November + December + January

Combined Fut Open Interest Change: 1.89%

Combined Fut Volume Change: 5.30%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 56% Previous 40%

NIFTY NOVEMBER Future closed at: 25996.4 (-0.311%)

November Fut Premium 36.9 (Increased by 27.55 points)

November Fut Open Interest Change: -24.91%

November Fut Volume Change: -15.44%

November Fut Open Interest Analysis: Long Covering

NIFTY DECEMBER Future closed at: 26170.7 (-0.375%)

December Fut Premium 211.2 (Increased by 10.15 points)

December Fut Open Interest Change: 43.37%

December Fut Volume Change: 46.33%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.650 (Decreased from 0.963)

Put-Call Ratio (Volume): 1.081

Max Pain Level: 26000

Maximum CALL Open Interest: 26100

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26100

Highest PUT Addition: 25850

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 58835.35 (-0.055%)

Combined = November + December + January

Combined Fut Open Interest Change: -4.76%

Combined Fut Volume Change: -17.60%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 52% Previous 40%

BANKNIFTY NOVEMBER Future closed at: 58871.8 (0.005%)

November Fut Premium 36.45 (Increased by 35.15 points)

November Fut Open Interest Change: -23.9%

November Fut Volume Change: -33.9%

November Fut Open Interest Analysis: Short Covering

BANKNIFTY DECEMBER Future closed at: 59244.8 (0.020%)

December Fut Premium 409.45 (Increased by 43.95 points)

December Fut Open Interest Change: 24.70%

December Fut Volume Change: 13.12%

December Fut Open Interest Analysis: Fresh Long

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

Put-Call Ratio (Open Interest): 0.839 (Decreased from 0.870)

Put-Call Ratio (Volume): 1.008

Max Pain Level: 58800

Maximum CALL Open Interest: 60000

Maximum PUT Open Interest: 58000

Highest CALL Addition: 59300

Highest PUT Addition: 57900

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27498.65 (-0.245%)

Combined = November + December + January

Combined Fut Open Interest Change: 3.6%

Combined Fut Volume Change: -24.4%

Combined Fut Open Interest Analysis: Fresh Short

Rollover: 40% Previous 30%

FINNIFTY NOVEMBER Future closed at: 27525.9 (-0.224%)

November Fut Premium 27.25 (Increased by 5.8 points)

November Fut Open Interest Change: -10.68%

November Fut Volume Change: -33.40%

November Fut Open Interest Analysis: Long Covering

FINNIFTY DECEMBER Future closed at: 27668.8 (-0.225%)

December Fut Premium 170.15 (Increased by 5.2 points)

December Fut Open Interest Change: 36.00%

December Fut Volume Change: -4.07%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.766 (Increased from 0.752)

Put-Call Ratio (Volume): 0.954

Max Pain Level: 27600

Maximum CALL Open Interest: 27700

Maximum PUT Open Interest: 27700

Highest CALL Addition: 27700

Highest PUT Addition: 27700

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 13738.5 (-0.815%)

Combined = November + December + January

Combined Fut Open Interest Change: -0.77%

Combined Fut Volume Change: -56.47%

Combined Fut Open Interest Analysis: Long Covering

Rollover: 71% Previous 62%

MIDCPNIFTY NOVEMBER Future closed at: 13754.55 (-0.679%)

November Fut Premium 16.05 (Increased by 18.8 points)

November Fut Open Interest Change: -23.47%

November Fut Volume Change: -51.84%

November Fut Open Interest Analysis: Long Covering

MIDCPNIFTY DECEMBER Future closed at: 13840.3 (-0.734%)

December Fut Premium 101.8 (Increased by 10.45 points)

December Fut Open Interest Change: 12.66%

December Fut Volume Change: -62.63%

December Fut Open Interest Analysis: Fresh Short

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

Put-Call Ratio (Open Interest): 0.829 (Decreased from 0.849)

Put-Call Ratio (Volume): 1.047

Max Pain Level: 13800

Maximum CALL Open Interest: 14000

Maximum PUT Open Interest: 13500

Highest CALL Addition: 13800

Highest PUT Addition: 13650

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 84,900.71 (-0.389%)

SENSEX Monthly Future closed at: 85,106.25 (-0.300%)

Premium: 205.54 (Increased by 75.06 points)

Open Interest Change: -7.26%

Volume Change: -38.88%

Open Interest Analysis: Long Covering

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

Put-Call Ratio (OI): 0.594 (Decreased from 0.735)

Put-Call Ratio (Volume): 1.087

Max Pain Level: 85200

Maximum CALL OI: 85500

Maximum PUT OI: 85000

Highest CALL Addition: 85500

Highest PUT Addition: 84300

FII & DII Cash Market Activity

FIIs Net SELL: ₹ 4,171.75 Cr.
DIIs Net BUY: ₹ 4,512.87 Cr.

FII Derivatives Activity

FII Trading Stats24.11.2521.11.2520.11.25
FII Cash (Provisional Data)-4,171.75-1,766.05283.65
Index Future Open Interest Long Ratio14.48%11.57%12.36%
Index Future Volume Long Ratio53.64%48.00%51.80%
Call Option Open Interest Long Ratio50.18%51.94%52.91%
Call Option Volume Long Ratio49.79%49.91%50.35%
Put Option Open Interest Long Ratio62.02%62.44%57.95%
Put Option Volume Long Ratio50.03%50.55%50.24%
Stock Future Open Interest Long Ratio61.34%60.64%60.82%
Stock Future Volume Long Ratio51.17%49.82%50.09%
    
Index FuturesFresh LongLong CoveringShort Covering
Index OptionsFresh ShortFresh LongFresh Long
    
Nifty FuturesFresh LongFresh ShortShort Covering
Nifty OptionsFresh ShortFresh LongFresh Long
    
BankNifty FuturesShort CoveringLong CoveringFresh Long
BankNifty OptionsFresh LongFresh ShortFresh Short
    
FinNifty FuturesFresh ShortShort CoveringFresh Long
FinNifty OptionsFresh ShortLong CoveringLong Covering
    
MidcpNifty FuturesFresh LongLong CoveringLong Covering
MidcpNifty OptionsFresh ShortFresh LongLong Covering
    
NiftyNxt50 FuturesShort CoveringFresh ShortLong Covering
NiftyNxt50 OptionsFresh LongFresh LongFresh Long
    
Stock FuturesShort CoveringLong CoveringShort Covering
Stock OptionsLong 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 84900.71. The SENSEX weekly expiry for NOVEMBER 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.594 against previous 0.735. The 85500CE option holds the maximum open interest, followed by the 88000CE and 87500CE options. Market participants have shown increased interest with significant open interest additions in the 85500CE option, with open interest additions also seen in the 87500CE and 88000CE options. On the other hand, open interest reductions were prominent in the 88500CE, 80000PE, and 88100CE options. Trading volume was highest in the 85300PE option, followed by the 85500CE and 85000PE options, indicating active trading in these strikes.

SENSEXWeeklyExpiry:27-11-2025
Index SpotPCR OIPrev PCR OIPCR VOL
84900.710.5940.7351.087
Total Open Interest Change in all CALLs & PUTs:
 CurrentPriorNet Ch
CALL:  1,39,92,680        85,75,100           54,17,580
PUT:      83,12,860        63,00,280           20,12,580
Top CALL Open Interest:
StrikeOIOI ChangeVolume
85500      11,15,460          6,26,060        1,82,71,920
88000        8,25,240          3,72,280           41,89,920
Top CALL Open Interest addition:
StrikeOIOI ChangeVolume
85500      11,15,460          6,26,060        1,82,71,920
87500        7,17,620          4,02,740           40,07,700
Top CALL Open Interest reduction:
StrikeOIOI ChangeVolume
88500        3,58,380        -2,28,540           37,61,320
88100            46,320            -45,040              5,29,260
Top CALL Volume:
StrikeOIOI ChangeVolume
85500      11,15,460          6,26,060        1,82,71,920
85300        4,97,660          2,97,880        1,45,53,780
Top PUT Open Interest:
StrikeOIOI ChangeVolume
85000        5,21,420              83,260        1,60,25,840
85500        4,81,620          1,06,340        1,27,65,700
Top PUT Open Interest addition:
StrikeOIOI ChangeVolume
84300        2,49,280          1,86,560           39,61,780
83000        3,89,780          1,74,880           43,63,800
Top PUT Open Interest reduction:
StrikeOIOI ChangeVolume
80000        4,07,240            -48,460           15,70,140
79000            76,360            -33,340              3,83,200
Top PUT Volume:
StrikeOIOI ChangeVolume
85300        1,83,840              17,260        1,91,83,480
85000        5,21,420              83,260        1,60,25,840

NIFTY Monthly Expiry (25/11/2025)

The NIFTY index closed at 25959.5. The NIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.650 against previous 0.963. The 26100CE option holds the maximum open interest, followed by the 26200CE and 26500CE options. Market participants have shown increased interest with significant open interest additions in the 26100CE option, with open interest additions also seen in the 26150CE and 26300CE options. On the other hand, open interest reductions were prominent in the 24500PE, 27500CE, and 25000PE options. Trading volume was highest in the 26100PE option, followed by the 26100CE and 26000PE options, indicating active trading in these strikes.

NIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         25,959.50                0.650                  0.963               1.081
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL: 21,78,25,725   17,27,42,400   4,50,83,325
 PUT: 14,15,73,450   16,63,91,850 -2,48,18,400
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               26,100    2,08,73,550      1,17,28,950       89,73,294
               26,200    1,76,28,975         52,21,575       63,19,284
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               26,100    2,08,73,550      1,17,28,950       89,73,294
               26,150    1,19,54,175         61,89,600       57,38,847
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,500       62,84,925        -31,09,050         4,55,638
               27,000    1,22,12,475        -19,87,575       11,15,796
 Top CALL Volume:
 Strike OI OI Change Volume
               26,100    2,08,73,550      1,17,28,950       89,73,294
               26,200    1,76,28,975         52,21,575       63,19,284
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               26,000       99,39,525        -11,18,625       77,30,208
               25,500       98,69,100         13,08,225       11,64,052
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               25,850       55,02,900         15,41,325       24,04,356
               25,500       98,69,100         13,08,225       11,64,052
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               24,500       29,70,525        -32,87,400         2,50,216
               25,000       77,32,350        -27,24,150         8,06,828
 Top PUT Volume: 
 Strike OI OI Change Volume
               26,100       54,54,900        -11,81,550       91,82,469
               26,000       99,39,525        -11,18,625       77,30,208

BANKNIFTY Monthly Expiry (25/11/2025)

The BANKNIFTY index closed at 58835.35. The BANKNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.839 against previous 0.870. The 60000CE option holds the maximum open interest, followed by the 59000CE and 58000PE options. Market participants have shown increased interest with significant open interest additions in the 59300CE option, with open interest additions also seen in the 58800CE and 60200CE options. On the other hand, open interest reductions were prominent in the 61500CE, 62000CE, and 50000PE options. Trading volume was highest in the 59000PE option, followed by the 59200CE and 59000CE options, indicating active trading in these strikes.

BANKNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         58,835.35                0.839                  0.870               1.008
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,92,32,360      1,90,44,725         1,87,635
 PUT:    1,61,26,740      1,65,63,400       -4,36,660
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               60,000       13,89,045          -1,54,420         4,54,234
               59,000       13,63,390              -82,740         9,26,666
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               59,300       11,67,670            4,41,560         8,03,409
               58,800          5,14,290            3,09,890         2,00,473
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               61,500          6,48,970          -2,25,540             92,462
               62,000          7,43,960          -2,02,685             82,136
 Top CALL Volume:
 Strike OI OI Change Volume
               59,200          9,19,135            1,34,015       10,35,027
               59,000       13,63,390              -82,740         9,26,666
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               58,000       13,02,980               89,670         3,71,822
               58,500       12,74,945               78,330         5,82,828
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               57,900          3,01,735            1,20,890             95,328
               58,700          4,23,220            1,06,085         4,36,697
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               50,000          4,36,205          -1,61,700             11,455
               58,400          3,05,375          -1,24,950         2,26,900
 Top PUT Volume: 
 Strike OI OI Change Volume
               59,000       10,60,570               76,160       12,03,075
               59,200          2,54,030               50,400         7,64,892

FINNIFTY Monthly Expiry (25/11/2025)

The FINNIFTY index closed at 27498.65. The FINNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.766 against previous 0.752. The 27700CE option holds the maximum open interest, followed by the 27800CE and 27900CE options. Market participants have shown increased interest with significant open interest additions in the 27700CE option, with open interest additions also seen in the 27700PE and 27750CE options. On the other hand, open interest reductions were prominent in the 27800CE, 29000CE, and 26700PE options. Trading volume was highest in the 27700CE option, followed by the 27600PE and 27500PE options, indicating active trading in these strikes.

FINNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         27,498.65                0.766                  0.752               0.954
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:       18,14,280         17,18,275             96,005
 PUT:       13,90,025         12,91,810             98,215
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               27,700          2,01,630               91,975             95,311
               27,800          1,91,685              -65,780             52,177
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               27,700          2,01,630               91,975             95,311
               27,750          1,11,865               65,585             46,041
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               27,800          1,91,685              -65,780             52,177
               29,000             55,120              -37,505               2,494
 Top CALL Volume:
 Strike OI OI Change Volume
               27,700          2,01,630               91,975             95,311
               27,800          1,91,685              -65,780             52,177
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               27,700          1,21,160               79,365             41,446
               27,000          1,01,920               14,365             10,363
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               27,700          1,21,160               79,365             41,446
               27,100             66,950               45,110               6,271
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               26,700             28,925              -32,825               4,071
               25,500             38,285              -20,930               1,307
 Top PUT Volume:   
 Strike OI OI Change Volume
               27,600             67,925                  9,945             68,672
               27,500             72,475                  5,850             55,614

MIDCPNIFTY Monthly Expiry (25/11/2025)

The MIDCPNIFTY index closed at 13738.5. The MIDCPNIFTY monthly expiry for NOVEMBER 25, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 0.829 against previous 0.849. The 14000CE option holds the maximum open interest, followed by the 14100CE and 13500PE options. Market participants have shown increased interest with significant open interest additions in the 13800CE option, with open interest additions also seen in the 14100CE and 13850CE options. On the other hand, open interest reductions were prominent in the 68000PE, 71500CE, and 72000CE options. Trading volume was highest in the 13800PE option, followed by the 13900CE and 14000CE options, indicating active trading in these strikes.

MIDCPNIFTY Monthly Expiry:25-11-2025
 Index Spot PCR OI Prev PCR OI PCR VOL
         13,738.50                0.829                  0.849               1.047
 Total Open Interest Change in all CALLs & PUTs:
  Current Prior Net Ch
 CALL:    1,42,86,300      1,35,00,760         7,85,540
 PUT:    1,18,48,200      1,14,59,420         3,88,780
 Top CALL Open Interest: 
 Strike OI OI Change Volume
               14,000       14,09,240          -5,59,440         1,30,753
               14,100       11,82,720            4,04,040             48,701
 Top CALL Open Interest addition: 
 Strike OI OI Change Volume
               13,800       10,16,820            6,01,440             85,641
               14,100       11,82,720            4,04,040             48,701
 Top CALL Open Interest reduction: 
 Strike OI OI Change Volume
               14,000       14,09,240          -5,59,440         1,30,753
               14,150          1,74,580          -2,41,220             25,198
 Top CALL Volume:
 Strike OI OI Change Volume
               13,900          9,76,500            1,45,740         1,39,481
               14,000       14,09,240          -5,59,440         1,30,753
 Top PUT Open Interest: 
 Strike OI OI Change Volume
               13,500       11,25,460              -13,580             39,519
               13,300          9,78,600          -2,06,080             24,064
 Top PUT Open Interest addition: 
 Strike OI OI Change Volume
               13,650          4,61,440            2,52,980             41,047
               13,700          8,48,540            2,18,680         1,08,499
 Top PUT Open Interest reduction: 
 Strike OI OI Change Volume
               13,900          3,74,080          -2,16,440             75,181
               14,000          6,60,660          -2,13,640             14,962
 Top PUT Volume: 
 Strike OI OI Change Volume
               13,800          9,11,400            1,75,000         1,62,644
               13,700          8,48,540            2,18,680         1,08,499

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

Market is tactically shifting towards cautious bearishness: Open Interest Volume Analysis shows traders increasing short bets while clearing long positions, setting a risk-off tone for the immediate term.

Actionable strategy: Lean into short trades on rallies near 26000–26100 with protective stops; stay nimble given the high volatility context during expiry week.

Sector attention: BankNIFTY and FINNIFTY both mirror similar patterns of long covering and fresh shorts, implying wider market caution and potential sector rotations.

Monitor PCR and OI changes for reversal clues: An uptick in put-call ratio or decline in December open interest could signal the short-term bottom for a bounce.

Maintain disciplined risk management: Use max pain levels and option open interest concentration as your guideposts for stop loss and targets in volatile conditions.

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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