NSE & BSE Indices Futures and Options Open Interest Volume Analysis for 26/11/2025

NIFTY 50 had a classic “price up with OI up” day in the combined November–December–January pack, with spot gaining over 1.2% while combined futures open interest climbed 2.59% and volume rose nearly 19%. This Open Interest Volume Analysis points to genuine fresh long build-up rather than just a short-covering bounce.

Both December and January futures closed higher with positive OI change, confirming that new money is coming in on the long side across near and far expiries. Rising premiums with rising price and OI strengthen the case for a bullish continuation bias in the short term.

NSE & BSE F&O Market Signals

NIFTY Future analysis

NIFTY Spot closed at: 26205.3 (1.238%)

Combined = November + December + January

Combined Fut Open Interest Change: 2.59%

Combined Fut Volume Change: 18.53%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 6% Previous 6%

NIFTY DECEMBER Future closed at: 26381.2 (1.250%)

November Fut Premium 175.9 (Increased by 5.3 points)

November Fut Open Interest Change: 2.28%

November Fut Volume Change: 19.66%

November Fut Open Interest Analysis: Fresh Long

NIFTY JANUARY Future closed at: 26527.3 (1.116%)

December Fut Premium 322 (Decreased by -27.8 points)

December Fut Open Interest Change: 0.85%

December Fut Volume Change: -16.33%

December Fut Open Interest Analysis: Fresh Long

NIFTY Weekly Expiry (2/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.553 (Increased from 0.733)

Put-Call Ratio (Volume): 0.831

Max Pain Level: 26150

Maximum CALL Open Interest: 26500

Maximum PUT Open Interest: 26000

Highest CALL Addition: 26700

Highest PUT Addition: 26000

NIFTY Monthly Expiry (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.253 (Increased from 1.237)

Put-Call Ratio (Volume): 1.088

Max Pain Level: 26000

Maximum CALL Open Interest: 27000

Maximum PUT Open Interest: 26000

Highest CALL Addition: 27000

Highest PUT Addition: 26000

BANKNIFTY Future Analysis

BANKNIFTY Spot closed at: 59528.05 (1.203%)

Combined = November + December + January

Combined Fut Open Interest Change: 9.59%

Combined Fut Volume Change: 6.56%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 8% Previous 7%

BANKNIFTY DECEMBER Future closed at: 59817.2 (1.146%)

November Fut Premium 289.15 (Decreased by -30.15 points)

November Fut Open Interest Change: 8.5%

November Fut Volume Change: 0.5%

November Fut Open Interest Analysis: Fresh Long

BANKNIFTY JANUARY Future closed at: 60146.6 (1.077%)

December Fut Premium 618.55 (Decreased by -66.95 points)

December Fut Open Interest Change: 15.79%

December Fut Volume Change: 94.72%

December Fut Open Interest Analysis: Fresh Long

BANKNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.148 (Increased from 1.068)

Put-Call Ratio (Volume): 0.912

Max Pain Level: 59000

Maximum CALL Open Interest: 58500

Maximum PUT Open Interest: 58500

Highest CALL Addition: 62000

Highest PUT Addition: 59500

FINNIFTY Future Analysis

FINNIFTY Spot closed at: 27799.5 (1.423%)

Combined = November + December + January

Combined Fut Open Interest Change: 5.8%

Combined Fut Volume Change: -1.8%

Combined Fut Open Interest Analysis: Fresh Long

Rollover: 0% Previous 0%

FINNIFTY DECEMBER Future closed at: 27946 (1.433%)

November Fut Premium 146.5 (Increased by 4.7 points)

November Fut Open Interest Change: 5.65%

November Fut Volume Change: -1.99%

November Fut Open Interest Analysis: Fresh Long

FINNIFTY JANUARY Future closed at: 28072.3 (1.407%)

December Fut Premium 272.8 (Decreased by -0.6 points)

December Fut Open Interest Change: 100.00%

December Fut Volume Change: #DIV/0!

December Fut Open Interest Analysis: Fresh Long

FINNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.075 (Increased from 0.730)

Put-Call Ratio (Volume): 0.895

Max Pain Level: 27700

Maximum CALL Open Interest: 27500

Maximum PUT Open Interest: 27500

Highest CALL Addition: 27700

Highest PUT Addition: 27700

MIDCPNIFTY Future Analysis

MIDCPNIFTY Spot closed at: 14009.3 (1.467%)

Combined = November + December + January

Combined Fut Open Interest Change: -2.25%

Combined Fut Volume Change: -38.41%

Combined Fut Open Interest Analysis: Short Covering

Rollover: 1% Previous 1%

MIDCPNIFTY DECEMBER Future closed at: 14114.9 (1.546%)

November Fut Premium 105.6 (Increased by 12.3 points)

November Fut Open Interest Change: -2.37%

November Fut Volume Change: -40.02%

November Fut Open Interest Analysis: Short Covering

MIDCPNIFTY JANUARY Future closed at: 14174.15 (1.452%)

December Fut Premium 164.85 (Increased by 0.3 points)

December Fut Open Interest Change: 4.58%

December Fut Volume Change: 85.47%

December Fut Open Interest Analysis: Fresh Long

MIDCPNIFTY Monthly Expiry  (30/12/2025) Option Analysis

Put-Call Ratio (Open Interest): 1.055 (Increased from 0.928)

Put-Call Ratio (Volume): 0.847

Max Pain Level: 14000

Maximum CALL Open Interest: 15000

Maximum PUT Open Interest: 13000

Highest CALL Addition: 15000

Highest PUT Addition: 14000

SENSEX Monthly Expiry (27/11/2025) Future

SENSEX Spot closed at: 85,609.51 (1.209%)

SENSEX Monthly Future closed at: 85,601.95 (1.062%)

Discount: -7.56 (Decreased by -122.85 points)

Open Interest Change: -4.98%

Volume Change: 45.11%

Open Interest Analysis: Short Covering

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

Put-Call Ratio (OI): 1.691 (Increased from 0.611)

Put-Call Ratio (Volume): 0.881

Max Pain Level: 85500

Maximum CALL OI: 87000

Maximum PUT OI: 85000

Highest CALL Addition: 87000

Highest PUT Addition: 85000

FII & DII Cash Market Activity

FIIs Net BUY: ₹ 4,778.03 Cr.
DIIs Net BUY: ₹ 6,247.93 Cr.

FII Derivatives Activity

FII Trading Stats	26.11.25	25.11.25	24.11.25
FII Cash (Provisional Data)	4,778.03	785.32	-4,171.75
Index Future Open Interest Long Ratio	17.19%	15.07%	14.48%
Index Future Volume Long Ratio	55.12%	43.58%	53.64%
Call Option Open Interest Long Ratio	51.38%	45.89%	50.18%
Call Option Volume Long Ratio	50.86%	49.93%	49.79%
Put Option Open Interest Long Ratio	57.59%	67.73%	62.02%
Put Option Volume Long Ratio	48.93%	50.09%	50.03%
Stock Future Open Interest Long Ratio	61.88%	61.58%	61.34%
Stock Future Volume Long Ratio	53.23%	50.14%	51.17%
Index Futures	Fresh Long	Long Covering	Fresh Long
Index Options	Fresh Short	Short Covering	Fresh Short
Nifty Futures	Fresh Long	Long Covering	Fresh Long
Nifty Options	Fresh Short	Short Covering	Fresh Short
BankNifty Futures	Fresh Long	Long Covering	Short Covering
BankNifty Options	Fresh Short	Long Covering	Fresh Long
FinNifty Futures	Short Covering	Short Covering	Fresh Short
FinNifty Options	Fresh Long	Short Covering	Fresh Short
MidcpNifty Futures	Long Covering	Long Covering	Fresh Long
MidcpNifty Options	Fresh Short	Short Covering	Fresh Short
NiftyNxt50 Futures	Short Covering	Long Covering	Short Covering
NiftyNxt50 Options	Fresh Long	Long Covering	Fresh Long
Stock Futures	Fresh Long	Short Covering	Short Covering
Stock Options	Fresh Short	Long Covering	Long 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

NSE & BSE Option market Trends : Options Insights

SENSEX Weekly Expiry (27/11/2025)

The SENSEX index closed at 85609.51. The SENSEX weekly expiry for NOVEMBER 27, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.691 against previous 0.611. The 85000PE option holds the maximum open interest, followed by the 83000PE and 84000PE options. Market participants have shown increased interest with significant open interest additions in the 85000PE option, with open interest additions also seen in the 83000PE and 85500PE options. On the other hand, open interest reductions were prominent in the 85000CE, 84800CE, and 85200CE options. Trading volume was highest in the 86000CE option, followed by the 85500CE and 85000PE options, indicating active trading in these strikes.

SENSEX	Weekly	Expiry:	27-11-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
85609.51	1.691	0.611	0.881
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	2,41,63,000	2,26,99,280	14,63,720
PUT:	4,08,49,960	1,38,78,500	2,69,71,460
Top CALL Open Interest:
Strike	OI	OI Change	Volume
87000	21,93,120	8,88,740	2,03,31,100
86500	17,98,180	7,37,440	3,87,98,340
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
87000	21,93,120	8,88,740	2,03,31,100
86500	17,98,180	7,37,440	3,87,98,340
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
85000	3,92,820	-11,51,580	3,78,89,800
84800	1,16,320	-4,31,780	1,20,57,260
Top CALL Volume:
Strike	OI	OI Change	Volume
86000	17,68,380	3,83,580	11,72,53,880
85500	10,96,360	-3,55,440	11,28,43,460
Top PUT Open Interest:
Strike	OI	OI Change	Volume
85000	33,10,900	27,86,060	9,66,38,460
83000	26,46,300	15,18,080	2,16,73,220
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
85000	33,10,900	27,86,060	9,66,38,460
83000	26,46,300	15,18,080	2,16,73,220
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
86500	40,180	-20,760	2,57,700
79300	1,700	-1,340	18,720
Top PUT Volume:
Strike	OI	OI Change	Volume
85000	33,10,900	27,86,060	9,66,38,460
85500	16,57,600	14,95,680	7,22,40,780

NIFTY Weekly Expiry (2/12/2025)

The NIFTY index closed at 26205.3. The NIFTY weekly expiry for DECEMBER 2, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.553 against previous 0.733. The 26000PE option holds the maximum open interest, followed by the 25000PE and 26100PE options. Market participants have shown increased interest with significant open interest additions in the 26000PE option, with open interest additions also seen in the 26100PE and 26200PE options. On the other hand, open interest reductions were prominent in the 26000CE, 25900CE, and 25950CE options. Trading volume was highest in the 26200CE option, followed by the 26000PE and 26100CE options, indicating active trading in these strikes.

NIFTY	Weekly	Expiry:	02-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,205.30	1.553	0.733	0.831
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	10,44,56,625	8,50,07,025	1,94,49,600
PUT:	16,22,47,350	6,23,27,475	9,99,19,875
Top CALL Open Interest:
Strike	OI	OI Change	Volume
26,500	79,47,675	18,81,450	16,25,702
27,000	73,19,025	20,40,150	10,66,582
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
26,700	51,04,425	20,92,350	7,32,180
27,000	73,19,025	20,40,150	10,66,582
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,000	50,81,025	-20,49,225	15,20,172
25,900	9,86,475	-12,95,625	4,50,469
Top CALL Volume:
Strike	OI	OI Change	Volume
26,200	65,44,125	6,85,875	27,04,799
26,100	46,54,425	-1,70,400	21,37,509
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	1,68,71,700	1,19,01,975	24,00,390
25,000	1,03,03,125	59,13,375	5,46,913
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	1,68,71,700	1,19,01,975	24,00,390
26,100	98,72,325	77,99,325	20,18,320
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,300	4,87,875	-46,050	99,511
27,500	3,300	-225	32
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	1,68,71,700	1,19,01,975	24,00,390
26,100	98,72,325	77,99,325	20,18,320

NIFTY Monthly Expiry (30/12/2025)

The NIFTY index closed at 26205.3. The NIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.253 against previous 1.237. The 26000PE option holds the maximum open interest, followed by the 27000CE and 26000CE options. Market participants have shown increased interest with significant open interest additions in the 27000CE option, with open interest additions also seen in the 26000PE and 25700PE options. On the other hand, open interest reductions were prominent in the 26500CE, 24800PE, and 24000PE options. Trading volume was highest in the 26000PE option, followed by the 27000CE and 26500CE options, indicating active trading in these strikes.

NIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
26,205.30	1.253	1.237	1.088
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	4,60,53,475	4,29,27,450	31,26,025
PUT:	5,76,84,900	5,31,20,775	45,64,125
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,000	67,38,950	9,15,550	1,02,065
26,000	64,55,200	-2,400	75,254
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,000	67,38,950	9,15,550	1,02,065
28,000	31,68,725	4,01,825	24,881
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
26,500	32,39,325	-8,68,650	77,526
25,900	3,57,675	-1,06,800	11,359
Top CALL Volume:
Strike	OI	OI Change	Volume
27,000	67,38,950	9,15,550	1,02,065
26,500	32,39,325	-8,68,650	77,526
Top PUT Open Interest:
Strike	OI	OI Change	Volume
26,000	77,00,275	6,23,500	1,05,932
25,000	47,26,675	1,67,450	50,344
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
26,000	77,00,275	6,23,500	1,05,932
25,700	18,48,825	6,14,250	34,500
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
24,800	14,35,650	-2,68,200	24,952
24,000	38,43,675	-1,26,500	17,864
Top PUT Volume:
Strike	OI	OI Change	Volume
26,000	77,00,275	6,23,500	1,05,932
25,500	44,76,750	1,02,600	61,831

BANKNIFTY Monthly Expiry (30/12/2025)

The BANKNIFTY index closed at 59528.05. The BANKNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.148 against previous 1.068. The 58500PE option holds the maximum open interest, followed by the 58500CE and 59000PE options. Market participants have shown increased interest with significant open interest additions in the 59500PE option, with open interest additions also seen in the 59000PE and 59400PE options. On the other hand, open interest reductions were prominent in the 59000CE, 58900CE, and 59200CE options. Trading volume was highest in the 59500CE option, followed by the 59000PE and 59500PE options, indicating active trading in these strikes.

BANKNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
59,528.05	1.148	1.068	0.912
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,03,19,145	80,20,870	22,98,275
PUT:	1,18,46,840	85,63,345	32,83,495
Top CALL Open Interest:
Strike	OI	OI Change	Volume
58,500	13,06,970	18,690	13,688
60,000	7,83,370	1,44,585	93,804
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
62,000	6,95,450	1,84,800	59,777
59,500	5,56,325	1,60,650	1,09,915
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
59,000	7,22,855	-1,02,655	62,922
58,900	44,205	-30,835	8,948
Top CALL Volume:
Strike	OI	OI Change	Volume
59,500	5,56,325	1,60,650	1,09,915
60,000	7,83,370	1,44,585	93,804
Top PUT Open Interest:
Strike	OI	OI Change	Volume
58,500	20,11,695	1,01,220	56,864
59,000	11,51,255	3,61,515	1,08,579
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
59,500	7,01,645	3,95,500	1,06,506
59,000	11,51,255	3,61,515	1,08,579
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
54,900	8,750	-2,660	662
53,900	1,715	-1,575	100
Top PUT Volume:
Strike	OI	OI Change	Volume
59,000	11,51,255	3,61,515	1,08,579
59,500	7,01,645	3,95,500	1,06,506

FINNIFTY Monthly Expiry (30/12/2025)

The FINNIFTY index closed at 27799.5. The FINNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.075 against previous 0.730. The 27500PE option holds the maximum open interest, followed by the 27700PE and 27500CE options. Market participants have shown increased interest with significant open interest additions in the 27700PE option, with open interest additions also seen in the 27500PE and 27800PE options. On the other hand, open interest reductions were prominent in the 27600CE, 27400CE, and 25000PE options. Trading volume was highest in the 27700PE option, followed by the 27700CE and 27500PE options, indicating active trading in these strikes.

FINNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
27,799.50	1.075	0.730	0.895
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	1,27,530	31,265	96,265
PUT:	1,37,150	22,815	1,14,335
Top CALL Open Interest:
Strike	OI	OI Change	Volume
27,500	20,345	9,685	907
27,700	16,835	15,080	1,286
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
27,700	16,835	15,080	1,286
29,000	14,690	14,690	442
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
27,600	5,330	-1,040	677
27,400	910	-260	30
Top CALL Volume:
Strike	OI	OI Change	Volume
27,700	16,835	15,080	1,286
27,500	20,345	9,685	907
Top PUT Open Interest:
Strike	OI	OI Change	Volume
27,500	26,195	16,510	1,192
27,700	26,065	25,285	1,391
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
27,700	26,065	25,285	1,391
27,500	26,195	16,510	1,192
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
25,000	585	-130	30
–	–	–	–
Top PUT Volume:
Strike	OI	OI Change	Volume
27,700	26,065	25,285	1,391
27,500	26,195	16,510	1,192

MIDCPNIFTY Monthly Expiry (30/12/2025)

The MIDCPNIFTY index closed at 14009.3. The MIDCPNIFTY monthly expiry for DECEMBER 30, 2025 has revealed key trends in open interest. The current Put/Call Ratio is at 1.055 against previous 0.928. The 13000PE option holds the maximum open interest, followed by the 14000PE and 15000CE options. Market participants have shown increased interest with significant open interest additions in the 14000PE option, with open interest additions also seen in the 15000CE and 13200PE options. On the other hand, open interest reductions were prominent in the 63000PE, 63000PE, and 63000CE options. Trading volume was highest in the 14000CE option, followed by the 14000PE and 14500CE options, indicating active trading in these strikes.

MIDCPNIFTY	Monthly	Expiry:	30-12-2025
Index Spot	PCR OI	Prev PCR OI	PCR VOL
14,009.30	1.055	0.928	0.847
Total Open Interest Change in all CALLs & PUTs:
	Current	Prior	Net Ch
CALL:	27,18,940	17,57,840	9,61,100
PUT:	28,67,760	16,31,420	12,36,340
Top CALL Open Interest:
Strike	OI	OI Change	Volume
15,000	3,96,060	1,93,480	5,934
14,000	3,91,580	80,360	15,471
Top CALL Open Interest addition:
Strike	OI	OI Change	Volume
15,000	3,96,060	1,93,480	5,934
14,700	1,82,420	1,33,980	4,029
Top CALL Open Interest reduction:
Strike	OI	OI Change	Volume
13,500	1,05,000	-22,260	866
13,800	75,740	-20,160	1,647
Top CALL Volume:
Strike	OI	OI Change	Volume
14,000	3,91,580	80,360	15,471
14,500	3,48,740	4,340	8,926
Top PUT Open Interest:
Strike	OI	OI Change	Volume
13,000	4,22,100	-46,340	6,510
14,000	4,09,080	1,95,020	9,920
Top PUT Open Interest addition:
Strike	OI	OI Change	Volume
14,000	4,09,080	1,95,020	9,920
13,200	2,27,920	1,69,540	4,002
Top PUT Open Interest reduction:
Strike	OI	OI Change	Volume
13,000	4,22,100	-46,340	6,510
12,500	88,200	-9,660	1,187
Top PUT Volume:
Strike	OI	OI Change	Volume
14,000	4,09,080	1,95,020	9,920
13,900	2,05,380	1,16,620	6,816

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

Weekly and monthly options data further back the bulls: PCR (OI) has jumped to 1.553 for the weekly expiry and 1.253 for the monthly, with max pain sitting around 26,150–26,000. Heavy put writing at 26,000 suggests traders are now defending this zone as a key support.

BANKNIFTY and FINNIFTY are fully aligned with this risk-on tone, showing strong combined fresh long activity and higher prices, which adds breadth and credibility to the index-wide up-move. MIDCPNIFTY is seeing short covering in the combined book plus fresh longs in longer-dated contracts, hinting at improving risk appetite even in the broader market.

SENSEX futures are still in short-covering mode, not yet in outright long build-up, but the price jump with falling OI fits a “late-to-the-party” unwind that often accompanies the early phase of an up-leg. Overall, Open Interest Volume Analysis now favours a buy-on-dips approach, with 26,000 on NIFTY acting as a logical line in the sand for tight, tactical stop-loss placement.

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